10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended July 2, 2016

or

o 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)  

Delaware	36-3352497
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

1400 Toastmaster Drive, Elgin, Illinois	60120
(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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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 or a smaller reporting company. See the definitions of “accelerated filer, large accelerated filer and smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of August 5, 2016, there were 57,539,766 shares of the registrant's common stock outstanding.

THE MIDDLEBY CORPORATION AND SUBSIDIARIES

QUARTER ENDED JULY 2, 2016

INDEX

DESCRIPTION		PAGE
PART I.  FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (unaudited)
	CONDENSED CONSOLIDATED BALANCE SHEETS JULY 2, 2016 and JANUARY 2, 2016	1
	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME JULY 2, 2016 and JULY 4, 2015	2
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS JULY 2, 2016 and JULY 4, 2015	3
	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	4
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	45
PART II. OTHER INFORMATION
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 6.	Exhibits	47

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

THE MIDDLEBY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share Data)

(Unaudited)

ASSETS	Jul 2, 2016			Jan 2, 2016
Current assets:
Cash and cash equivalents	$	74,031		$	55,528
Accounts receivable, net of reserve for doubtful accounts of $9,350 and $8,839	316,797			282,534
Inventories, net	389,878			354,150
Prepaid expenses and other	46,009			39,801
Prepaid taxes	8,270			11,426
Current deferred taxes	—			51,723
Total current assets	834,985			795,162
Property, plant and equipment, net of accumulated depreciation of $102,138 and $100,345	216,097			199,750
Goodwill	1,051,954			983,339
Other intangibles, net of amortization of $157,306 and $139,279	792,945			749,430
Long-term deferred tax assets	11,341			11,438
Other assets	24,348			22,032
Total assets	$	2,931,670		$	2,761,151
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt	$	53,755		$	32,059
Accounts payable	158,115			157,758
Accrued expenses	305,522			320,154
Total current liabilities	517,392			509,971
Long-term debt	862,571			734,002
Long-term deferred tax liability	67,433			113,010
Accrued pension benefits	166,864			207,564
Other non-current liabilities	32,483			29,774
Stockholders' equity:
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	—			—
Common stock, $0.01 par value; 95,000,000 shares authorized; 62,445,315 and 62,168,346 shares issued in 2016 and 2015, respectively	144			144
Paid-in capital	339,014			328,686
Treasury stock, at cost; 4,905,549 and 4,862,264 shares in 2016 and 2015, respectively	(205,280		)	(200,862		)
Retained earnings	1,242,703			1,115,274
Accumulated other comprehensive loss	(91,654		)	(76,412		)
Total stockholders' equity	1,284,927			1,166,830
Total liabilities and stockholders' equity	$	2,931,670		$	2,761,151

See accompanying notes

1

THE MIDDLEBY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands, Except Per Share Data)

(Unaudited)

	Three Months Ended						Six Months Ended
	Jul 2, 2016			Jul 4, 2015			Jul 2, 2016			Jul 4, 2015
Net sales	$	580,456		$	436,291		$	1,096,811		$	842,887
Cost of sales	346,954			263,402			666,536			512,436
Gross profit	233,502			172,889			430,275			330,451
Selling and distribution expenses	58,025			45,332			111,714			92,441
General and administrative expenses	57,174			42,719			113,277			81,993
Restructuring expenses	6,390			1,478			6,996			6,077
Income from operations	111,913			83,360			198,288			149,940
Interest expense and deferred financing amortization, net	6,059			4,048			11,335			7,797
Other (income) expense, net	(3,838		)	(366		)	(4,638		)	4,195
Earnings before income taxes	109,692			79,678			191,591			137,948
Provision for income taxes	36,801			25,411			64,162			45,450
Net earnings	$	72,891		$	54,267		$	127,429		$	92,498
Net earnings per share:
Basic	$	1.28		$	0.95		$	2.23		$	1.62
Diluted	$	1.28		$	0.95		$	2.23		$	1.62
Weighted average number of shares
Basic	57,022			56,963			57,037			56,940
Dilutive common stock equivalents1	—			2			—			1
Diluted	57,022			56,965			57,037			56,941
Comprehensive income	$	54,388		$	61,149		$	112,187		$	83,231

¹There were no anti-dilutive equity awards excluded from common stock equivalents for any period presented.

See accompanying notes

2

THE MIDDLEBY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

	Six Months Ended
	Jul 2, 2016			Jul 4, 2015
Cash flows from operating activities--
Net earnings	$	127,429		$	92,498
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization	31,240			22,160
Non-cash share-based compensation	11,160			7,399
Deferred income taxes	8,593			(1,644		)
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	(16,745		)	(1,271		)
Inventories, net	(23,358		)	(26,702		)
Prepaid expenses and other assets	(8,575		)	14,947
Accounts payable	36			5,236
Accrued expenses and other liabilities	(34,098		)	(3,863		)
Net cash provided by operating activities	95,682			108,760
Cash flows from investing activities--
Additions to property and equipment	(13,108		)	(11,684		)
Acquisitions, net of cash acquired	(212,024		)	(76,192		)
Net cash used in investing activities	(225,132		)	(87,876		)
Cash flows from financing activities--
Net proceeds (repayments) under current revolving credit facilities	128,500			(24,500		)
Net proceeds under foreign bank loan	26,165			1,525
Net repayments under other debt arrangement	(17		)	(18		)
Repurchase of treasury stock	(4,418		)	(4,836		)
Excess tax (detriment) benefit related to share-based compensation	(833		)	2,400
Net cash provided by (used in) financing activities	149,397			(25,429		)
Effect of exchange rates on cash and cash equivalents	(1,444		)	(814		)
Changes in cash and cash equivalents--
Net increase in cash and cash equivalents	18,503			(5,359		)
Cash and cash equivalents at beginning of year	55,528			43,945
Cash and cash equivalents at end of period	$	74,031		$	38,586

See accompanying notes

3

THE MIDDLEBY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JULY 2, 2016

(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. 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 2015 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2016. 

In the opinion of management, the financial statements contain all adjustments necessary to present fairly the financial position of the company as of July 2, 2016 and January 2, 2016, the results of operations for the three and six months endedJuly 2, 2016 and July 4, 2015 and cash flows for the six months endedJuly 2, 2016 and July 4, 2015.

Use of Estimates

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

B) Non-Cash Share-Based Compensation

The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $6.2 million and $5.4 million for the second quarter periods ended July 2, 2016 and July 4, 2015, respectively. Non-cash share-based compensation expense was $11.2 million and $7.4 million for the six months endedJuly 2, 2016 and July 4, 2015, respectively.

During the first quarter ended April 4, 2015, the company issued restricted shares under its 2011 Stock Incentive Plan. These amounts are contingent on the attainment of certain performance objectives. The aggregate grant-date fair value of these awards was $31.0 million, based on the closing share price of the company's stock at the date of the grant.

C) Income Taxes

As of January 2, 2016, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $14.4 million (of which $14.1 million would impact the effective tax rate if recognized) plus approximately $1.9 million of accrued interest and $3.8 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of July 2, 2016, the company recognized a tax expense of $1.8 million for unrecognized tax benefits related to current year tax exposures.

It is reasonably possible that the amounts of unrecognized tax benefits associated with state, federal and foreign tax positions may decrease over the next twelve months due to expiration of a statute or completion of an audit. The company believes that it is reasonably possible that approximately $1.6 million of its remaining unrecognized tax benefits may be recognized over the next twelve months as a result of lapses of statutes of limitations.

4

A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: 

United States - federal	2012 – 2015
United States - states	2006 – 2015
Australia	2011 – 2015
Brazil	2011 – 2015
Canada	2009 – 2015
China	2006 – 2015
Czech Republic	2013 – 2015
Denmark	2013 – 2015
France	2013 – 2015
Germany	2013 – 2015
India	2013 – 2015
Ireland	2009 – 2015
Italy	2011 – 2015
Luxembourg	2011 – 2015
Mexico	2011 – 2015
Netherlands	2004 – 2015
Philippines	2013 – 2015
Poland	2010 – 2015
Romania	2006 – 2015
Scotland	2015
South Korea	2011
Spain	2011 – 2015
Sweden	2009 – 2015
Switzerland	2008 – 2015
Taiwan	2011 – 2012
United Kingdom	2014 – 2015

5

D) Fair Value Measures

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

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

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

Level 3 – Unobservable inputs based on our own assumptions.

The company’s financial 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 July 2, 2016
Financial Liabilities:
Interest rate swaps	$	—	$	610	$	—	$	610
Contingent consideration	$	—	$	—	$	8,446	$	8,446
As of January 2, 2016
Financial Liabilities:
Interest rate swaps	$	—	$	412	$	—	$	412
Contingent consideration	$	—	$	—	$	11,065	$	11,065

The contingent consideration as of July 2, 2016 relates to the earnout provisions recorded in conjunction with the acquisitions of PES, Concordia, Desmon, Goldstein Eswood and Induc.

The contingent consideration as of January 2, 2016 relates to the earnout provisions recorded in conjunction with the acquisitions of Spooner Vicars, PES, Concordia, Desmon, Goldstein Eswood and Induc.

The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreements. On a quarterly basis the company assesses the projected results for each of the acquired businesses in comparison to the earnout targets and adjusts the liability accordingly.

E)    Consolidated Statements of Cash Flows

Cash paid for interest was $10.3 million and $6.9 million for the six months endedJuly 2, 2016 and July 4, 2015, respectively. Cash payments totaling $53.6 million and $36.2 million were made for income taxes for the six months endedJuly 2, 2016 and July 4, 2015, respectively.

6

2) Acquisitions and Purchase Accounting

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

The company has accounted for all business combinations using the acquisition method to record a new cost basis for the assets acquired and liabilities assumed. The difference between the purchase price and the fair value of the assets acquired and liabilities assumed has been recorded as goodwill in the financial statements. The results of operations are reflected in the consolidated financial statements of the company from the dates of acquisition.

Market Forge

On January 7, 2014, the company completed its acquisition of certain assets of Market Forge Industries, Inc. (“Market Forge”), a leading manufacturer of steam cooking equipment for the commercial foodservice industry, for a purchase price of approximately $7.0 million. During the first quarter of 2014, the company finalized the working capital provision provided for by the purchase agreement resulting in an additional payment to the seller of $0.2 million. Additional deferred payments of $3.0 million in aggregate were paid to the seller during the second and third quarters of 2014. An additional contingent payment of $1.5 million was paid to the seller during the first quarter of 2015 upon the achievement of certain financial targets for the fiscal year 2014.

The final allocation of cash paid for the Market Forge acquisition is summarized as follows (in thousands):

	(as initially reported) Jan 7, 2014			Measurement Period Adjustments			(as adjusted) Jan 7, 2014
Current assets	$	2,051		$	(100	)	$	1,951
Property, plant and equipment	120			—			120
Goodwill	5,252			654			5,906
Other intangibles	4,191			—			4,191
Current liabilities	(4,374		)	(554		)	(4,928		)
Consideration paid at closing	$	7,240		$	—		$	7,240
Deferred payments	3,000			—			3,000
Contingent consideration	1,374			126			1,500
Net assets acquired and liabilities assumed	$	11,614		$	126		$	11,740

The goodwill and $2.9 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350 "Intangibles - Goodwill and Other." Other intangibles also includes $1.1 million allocated to customer relationships, $0.2 million allocated to developed technology and less than $0.1 million allocated to backlog, which are to be amortized over periods of 4 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Market Forge are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.

7

Viking Distributors 2014

The company, through Viking, purchased certain assets of two of Viking's former distributors ("Viking Distributors 2014"). The aggregate purchase price of these transactions as of January 31, 2014 was approximately $44.5 million. This included $6.0 million in forgiveness of liabilities owed to Viking resulting from pre-existing relationships with Viking.

The final allocation of cash paid for the Viking Distributors 2014 acquisition is summarized as follows (in thousands):

	(as initially reported) Jan 31, 2014			Measurement Period Adjustments			(as adjusted) Jan 31, 2014
Current assets	$	35,909		$	(8,101	)	$	27,808
Property, plant and equipment	2,000			(291		)	1,709
Goodwill	7,552			8,647			16,199
Current liabilities	(1,005		)	(255		)	(1,260		)
Net assets acquired and liabilities assumed	$	44,456		$	—		$	44,456
Forgiveness of liabilities owed to Viking	(5,971		)	—			(5,971		)
Consideration paid at closing	$	38,485		$	—		$	38,485

The goodwill is subject to the non-amortization provisions of ASC 350 and is allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.

8

Process Equipment Solutions

On March 31, 2014, the company completed its acquisition of substantially all of the assets of Processing Equipment Solutions, Inc. ("PES"), a leading manufacturer of water jet cutting equipment for the food processing industry, for a purchase price of approximately $15.0 million. An additional payment is also due upon the achievement of certain financial targets. During the third quarter of 2014, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the original purchase price.

The final allocation of cash paid for the PES acquisition is summarized as follows (in thousands):

	(as initially reported) Mar 31, 2014			Measurement Period Adjustments			(as adjusted) Mar 31, 2014
Current assets	$	2,211		$	(153	)	$	2,058
Property, plant and equipment	3,493			—			3,493
Goodwill	10,792			332			11,124
Other intangibles	1,600			18			1,618
Other assets	21			(21		)	—
Current liabilities	(816		)	—			(816		)
Other non-current liabilities	(2,301		)	(176		)	(2,477		)
Consideration paid at closing	$	15,000		$	—		$	15,000
Contingent consideration	2,301			176			2,477
Net assets acquired and liabilities assumed	$	17,301		$	176		$	17,477

The goodwill is subject to the non-amortization provisions of ASC 350. Other intangibles includes $1.0 million allocated to customer relationships, $0.6 million allocated to developed technology and less than $0.1 million allocated to backlog, which are being amortized over periods of 5 years, 5 years and 3 months, respectively. Goodwill and other intangibles of PES are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.

The PES purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2017, if PES exceeds certain sales targets for fiscal 2014, 2015 and 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $2.5 million.

9

Concordia

On September 8, 2014, the company completed its acquisition of all of the capital stock of Concordia Coffee Company, Inc. ("Concordia"), a leading manufacturer of automated and self-service coffee and espresso machines for the commercial foodservice industry, for a purchase price of approximately $12.5 million, net of cash acquired. An additional payment is also due upon the achievement of certain financial targets. During the first quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.1 million.

The final allocation of cash paid for the Concordia acquisition is summarized as follows (in thousands):

	(as initially reported) Sep 8, 2014			Measurement Period Adjustments			(as adjusted) Sep 8, 2014
Cash	$	345		$	—		$	345
Current deferred tax asset	—			726			726
Current assets	3,767			(497		)	3,270
Goodwill	11,255			(5,720		)	5,535
Other intangibles	4,500			(1,200		)	3,300
Long-term deferred tax asset	—			3,264			3,264
Current liabilities	(2,296		)	(842		)	(3,138		)
Other non-current liabilities	(4,710		)	4,189			(521		)
Consideration paid at closing	$	12,861		$	(80	)	$	12,781
Contingent consideration	4,710			(4,189		)	521
Net assets acquired and liabilities assumed	$	17,571		$	(4,269	)	$	13,302

The current and long term deferred tax assets amounted to $0.7 million and $3.3 million, respectively. These net assets are comprised of $4.1 million related to federal net operating loss carry forwards, $1.1 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $1.2 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Federal net operating loss carry forwards are subject to carry forward limitations for income tax purposes.

The goodwill and $1.1 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles include $2.2 million allocated to customer relationships, which is being amortized over a period of 10 years. Goodwill and other intangibles of Concordia are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes.

The Concordia purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2017 if Concordia exceeds certain sales targets for fiscal years 2015 and 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $0.5 million.

10

U-Line

On November 5, 2014, the company completed its acquisition of all of the capital stock of U-Line Corporation ("U-Line"), a leading manufacturer of premium residential built-in modular ice making, refrigeration and wine preservation products for the residential industry, for a purchase price of approximately $142.0 million, net of cash acquired. During the first quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.3 million.

The final allocation of cash paid for the U-Line acquisition is summarized as follows (in thousands):

	(as initially reported) Nov 5, 2014			Measurement Period Adjustments			(as adjusted) Nov 5, 2014
Cash	$	12,764		$	—		$	12,764
Current deferred tax asset	657			114			771
Current assets	12,237			—			12,237
Property, plant and equipment	3,376			—			3,376
Goodwill	89,501			(8,000		)	81,501
Other intangibles	57,500			17,700			75,200
Current liabilities	(6,032		)	(1,973		)	(8,005		)
Long-term deferred tax liability	(13,095		)	(4,657		)	(17,752		)
Other non-current liabilities	(2,111		)	(3,459		)	(5,570		)
Net assets acquired and liabilities assumed	$	154,797		$	(275	)	$	154,522

The current deferred tax assets and long term deferred tax liabilities amounted to $0.8 million and $17.8 million, respectively. These net assets are comprised of $5.7 million related to federal and state net operating loss carry forwards, $1.5 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $24.2 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Federal and state net operating loss carry forwards are subject to carry forward limitations for income tax purposes.

The goodwill and $52.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles includes $20.7 million allocated to customer relationships and $1.8 million allocated to backlog, which are being amortized over a period of 6 years and 5 months, respectively. Goodwill and other intangibles of U-Line are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes.

11

Desmon

On January 7, 2015, the company completed its acquisition of all of the capital stock of Desmon Food Service Equipment Company ("Desmon"), a leading manufacturer of blast chillers and refrigeration for the commercial foodservice industry located in Nusco, Italy, for a purchase price of approximately $13.5 million, net of cash acquired. An additional payment is also due upon the achievement of certain financial targets. During the fourth quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.4 million.

The final allocation of cash paid for the Desmon acquisition is summarized as follows (in thousands):

	(as initially reported) Jan 7, 2015			Measurement Period Adjustments			(as adjusted) Jan 7, 2015
Cash	$	441		$	(12	)	$	429
Current deferred tax asset	535			—			535
Current assets	8,639			(1,105		)	7,534
Property, plant and equipment	7,989			—			7,989
Goodwill	7,175			53			7,228
Other intangibles	3,129			(899		)	2,230
Current liabilities	(8,668		)	998			(7,670		)
Long-term deferred tax liability	(2,389		)	282			(2,107		)
Other non-current liabilities	(2,463		)	269			(2,194		)
Consideration paid at closing	$	14,388		$	(414	)	$	13,974
Contingent consideration	2,416			(269		)	2,147
Net assets acquired and liabilities assumed	$	16,804		$	(683	)	$	16,121

The current deferred tax assets and long term deferred tax liabilities amounted to $0.5 million and $2.1 million, respectively. These net liabilities are comprised of $0.7 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets, $1.1 million of liabilities arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $0.2 million of assets related to foreign net operating loss carry forwards.

The goodwill and $1.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.6 million allocated to customer relationships and $0.3 million allocated to developed technology, which are to be amortized over periods of 9 years and 7 years, respectively. Goodwill and other intangibles of Desmon are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes.

The Desmon purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the second quarter of each of the fiscal years 2016, 2017 and 2018, respectively, if Desmon exceeds certain sales targets for fiscal 2015, 2016 and 2017, respectively. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $2.1 million.

12

Goldstein Eswood

On January 30, 2015, the company completed its acquisition of substantially all of the assets of J. Goldstein & Co. Pty. Ltd. ("Goldstein") and Eswood Australia Pty. Ltd. ("Eswood" and together with Goldstein, "Goldstein Eswood") for a purchase price of approximately $27.4 million. Goldstein is a leading manufacturer of cooking equipment including ranges, ovens, griddles, fryers and warming equipment and Eswood is a leading manufacturer of dishwashing equipment, both for the commercial foodservice industry and located in Smithfield, Australia. An additional payment is also due upon the achievement of certain financial targets. During the third quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the original purchase price.

The final allocation of cash paid for the Goldstein acquisition is summarized as follows (in thousands):

	(as initially reported) Jan 30, 2015			Measurement Period Adjustments			(as adjusted) Jan 30, 2015
Current assets	$	8,036		$	—		$	8,036
Property, plant and equipment	8,690			—			8,690
Goodwill	8,493			(2,727		)	5,766
Other intangibles	5,648			3,113			8,761
Current liabilities	(1,806		)	(202		)	(2,008		)
Other non-current liabilities	(1,655		)	(184		)	(1,839		)
Consideration paid at closing	$	27,406		$	—		$	27,406
Contingent consideration	1,655			183			1,838
Net assets acquired and liabilities assumed	$	29,061		$	183		$	29,244

The goodwill and $2.8 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $5.9 million allocated to customer relationships and less than $0.1 million allocated to backlog, which are to be amortized over periods of 7 years and 3 months, respectively. Goodwill and other intangibles of Goldstein Eswood are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.

The Goldstein Eswood purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the second quarter of each of the fiscal years 2016 and 2017, respectively, if Goldstein Eswood exceeds certain sales targets for fiscal 2015 and 2016, respectively. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $1.8 million.

13

Marsal

On February 10, 2015, the company completed its acquisition of certain assets of Marsal & Sons, Inc. ("Marsal"), a leading manufacturer of deck ovens for the commercial foodservice industry, for a purchase price of approximately $5.5 million. During the second quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the purchase price.

The final allocation of cash paid for the Marsal acquisition is summarized as follows (in thousands):

	(as initially reported) Feb 10, 2015			Measurement Period Adjustments			(as adjusted) Feb 10, 2015
Current assets	$	455		$	—		$	455
Property, plant and equipment	201			(6		)	195
Goodwill	3,012			6			3,018
Other intangibles	2,027			—			2,027
Current liabilities	(195		)	—			(195		)
Net assets acquired and liabilities assumed	$	5,500		$	—		$	5,500

The goodwill and $1.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.5 million allocated to customer relationships, $0.1 million allocated to developed technology and less than $0.1 million allocated to backlog, which are to be amortized over periods of 4 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Marsal are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.

14

Thurne

On April 7, 2015, the company completed its acquisition of certain assets of the High Speed Slicing business unit of Marel ("Thurne"), a leading manufacturer of slicing equipment for the food processing industry located in Norwich, United Kingdom, for a purchase price of approximately $12.6 million. During the second quarter of 2015, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $2.7 million.

The final allocation of cash paid for the Thurne acquisition is summarized as follows (in thousands):

	(as initially reported) Apr 7, 2015			Measurement Period Adjustments			(as adjusted) Apr 7, 2015
Current assets	$	3,419		$	(275	)	$	3,144
Property, plant and equipment	3,334			—			3,334
Goodwill	609			2,378			2,987
Other intangibles	3,625			(2,024		)	1,601
Current liabilities	(1,115		)	—			(1,115		)
Net assets acquired and liabilities assumed	$	9,872		$	79		$	9,951

The goodwill and $0.4 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.6 million allocated to customer relationships, $0.6 million allocated to developed technology and $0.1 million allocated to backlog, which are to be amortized over periods of 9 years, 7 years, and 3 months, respectively. Goodwill and other intangibles of Thurne are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.

15

Induc

On May 30, 2015, the company completed its acquisition of certain assets of the Induc Commercial Electronics Co. Ltd. ("Induc"), a leading manufacturer of induction cooking equipment for the commercial foodservice industry located in Qingdao, China, for a purchase price of approximately $10.6 million. An additional deferred payment of approximately $1.5 million is also due to the seller on the second anniversary of the acquisition. An additional payment is also due upon the achievement of certain financial targets. During the second quarter of 2016, the company finalized the working capital provision provided for by the purchase agreement resulting in an additional payment to the seller of $0.2 million.

The final allocation of cash paid for the Induc acquisition is summarized as follows (in thousands):

	(as initially reported) May 30, 2015			Measurement Period Adjustments			(as adjusted) May 30, 2015
Current assets	$	1,705		$	(325	)	$	1,380
Property, plant and equipment	536			353			889
Goodwill	13,496			(979		)	12,517
Other intangibles	1,500			(300		)	1,200
Other assets	32			(32		)	—
Current liabilities	(854		)	854			—
Other non-current liabilities	(5,793		)	586			(5,207		)
Consideration paid at closing	$	10,622		$	157		$	10,779
Deferred payment	1,516			(44		)	1,472
Contingent consideration	4,276			(541		)	3,735
Net assets acquired and liabilities assumed	$	16,414		$	(428	)	$	15,986

The goodwill and $0.5 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.7 million allocated to customer relationships, which is to be amortized over a period of 9 years. Goodwill and other intangibles of Induc are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.

The Induc purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of each of the fiscal years 2018, 2019 and 2020, respectively, if Induc exceeds certain sales and earnings targets for fiscal 2017, 2018 and 2019, respectively. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $3.7 million.

16

AGA

On September 23, 2015, the company completed its acquisition of all of the capital stock of AGA Rangemaster Group plc ("AGA") a leading manufacturer of residential kitchen equipment including ranges, ovens and refrigeration for a purchase price of approximately $184.7 million, net of cash acquired. AGA is headquartered in Leamington Spa, United Kingdom. During the fourth quarter of 2015, the company completed the purchase of the minority interest of an AGA subsidiary for approximately $4.3 million.

The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands):

	(as initially reported) Sep 23, 2015			Preliminary Measurement Period Adjustments			(as adjusted) Sep 23, 2015
Cash	$	15,316		$	984		$	16,300
Current assets	163,216			(9,105		)	154,111
Property, plant and equipment	61,423			(210		)	61,213
Goodwill	144,645			(21,957		)	122,688
Other intangibles	190,000			30,000			220,000
Deferred tax asset	5,306			(5,306		)	—
Other assets	1,573			289			1,862
Current portion long-term debt	(30,703		)	—			(30,703		)
Current liabilities	(147,279		)	(7,237		)	(154,516		)
Long term debt	(138		)	—			(138		)
Long-term deferred tax liability	—			(143		)	(143		)
Other non-current liabilities	(202,312		)	12,685			(189,627		)
Net assets acquired and liabilities assumed	$	201,047		$	—		$	201,047

The long-term deferred tax asset amounted to $0.1 million. These net assets are comprised of $33.6 million of assets related to pension liabilities, $0.9 million of assets related to foreign net operating loss, $1.7 million of assets related to federal net operating loss carry forwards and $5.2 million of assets related to the difference between the book and tax basis of tangible assets and liability accounts, net of $41.5 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Net operating loss carryforwards are subject to carryforward limitations.

The goodwill and $145.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $75.0 million allocated to customer relationships, which is to be amortized over a period of 8 years. Goodwill and other intangibles of AGA are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes.

The company estimated the fair value of the assets and liabilities of AGA on a preliminary basis at the time of acquisition based on third-party estimates used to assist in determining the fair market value for acquired tangible and intangible assets.  Changes to these allocations will occur as additional information becomes available. The company is in the process of obtaining third-party valuations related to the fair value of tangible and intangible assets, in addition to determining and recording the tax effects of the transaction to include all assets/liabilities as those are recorded at fair value. Acquired goodwill represents the premium paid over the fair value of assets acquired and liabilities assumed.

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. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date.

17

Lynx

On December 15, 2015, the company completed its acquisition of all of the capital stock of Lynx Grills, Inc. ("Lynx"), a leading manufacturer of premium residential outdoor equipment located in Downey, California, for a purchase price of approximately $83.8 million, net of cash acquired. The purchase price is subject to adjustment based upon a working capital provision provided by the purchase agreement. The company expects to finalize this in the third quarter of 2016.

The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands):

	(as initially reported) Dec 15, 2015			Preliminary Measurement Period Adjustments			(as adjusted) Dec 15, 2015
Cash	$	276		$	—		$	276
Current deferred tax asset	467			—			467
Current assets	18,630			(296		)	18,334
Property, plant and equipment	1,690			—			1,690
Goodwill	42,502			1,526			44,028
Other intangibles	39,800			—			39,800
Other assets	130			—			130
Current liabilities	(6,208		)	—			(6,208		)
Long term deferred tax liability	(12,589		)	—			(12,589		)
Other non-current liabilities	(666		)	(1,230		)	(1,896		)
Net assets acquired and liabilities assumed	$	84,032		$	—		$	84,032

The current deferred tax assets and long term deferred tax liabilities amounted to $0.5 million and $12.6 million, respectively. These net liabilities are comprised of $14.0 million of deferred tax liabilities related to the difference between book and tax basis of identifiable intangible assets, net of $1.6 million related to federal and state net operating loss carryforwards and $0.3 million of assets arising from the difference between the book and tax basis of tangible assets and liability accounts. Federal and state net operating loss carryforwards are subject to carryforward limitations.

The goodwill and $30.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $9.0 million allocated to customer relationships and $0.8 million allocated to backlog, which is to be amortized over a period of 5 years and 3 months respectively. Goodwill and other intangibles of Lynx are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes.

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. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date.

18

Emico

On May 20, 2016, the company completed its acquisition of certain assets of Emico Automated Bakery Equipment Solutions ("Emico"), manufacturer of high speed dough make-up bakery equipment located in Sante Fe Springs, California, for a purchase price of approximately $1.0 million. Additional deferred payments of approximately $1.6 million in aggregate are also due to the seller during the two year period subsequent to the acquisition.

The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands):

	(as initially reported) May 20, 2016
Current assets	$	746
Goodwill	1,816
Current liabilities	(934		)
Other non-current liabilities	(628		)
Consideration paid at closing	$	1,000
Deferred payments	1,559
Net assets acquired and liabilities assumed	$	2,559

The goodwill is subject to the non-amortization provisions of ASC 350 and is expected to be deductible for tax purposes.

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. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date.

19

Follett

On May 31, 2016, the company completed its acquisition of substantially all of the assets of of Follett Corporation ("Follett"), a leading manufacturer of ice machines, ice and water dispensing equipment, ice storage and transport products and medical grade refrigeration products for the foodservice and healthcare industries headquartered in Easton, Pennsylvania, for a purchase price of approximately $209.1 million, net of cash acquired. The purchase price is subject to adjustment based upon a working capital provision provided by the purchase agreement. The company expects to finalize this in the fourth quarter of 2016.

The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands):

	(as initially reported) May 31, 2016
Cash	$	22,620
Current assets	41,602
Property, plant and equipment	19,868
Goodwill	76,220
Other intangibles	82,450
Other assets	1,358
Current liabilities	(11,779		)
Other non-current liabilities	(616		)
Net assets acquired and liabilities assumed	$	231,723

The goodwill and $55.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $22.5 million allocated to customer relationships, $4.5 million allocated to developed technology and $0.5 million allocated to backlog, which are to be amortized over periods of 6 years, 6 years, and 3 months, respectively. These assets are expected to be deductible for tax purposes.

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. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date.

20

Pro Forma Financial Information

In accordance with ASC 805 “Business Combinations”, the following unaudited pro forma results of operations for the six months ended July 2, 2016 and July 4, 2015, assumes the 2015 acquisitions of Desmon, Goldstein Eswood, Marsal, Thurne, Induc, AGA and Lynx and the 2016 acquisition of Follett were completed on January 4, 2015 (first day of fiscal year 2015). The following pro forma results include adjustments to reflect additional interest expense to fund the acquisitions, amortization of intangibles associated with the acquisitions, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data):

	Six Months Ended
	July 2, 2016		July 4, 2015
Net sales	$	1,164,311	$	1,142,066
Net earnings	132,088		89,456
Net earnings per share:
Basic	2.32		1.57
Diluted	2.32		1.57

The supplemental pro forma financial information presented above has been prepared for comparative purposes and is not necessarily indicative of either the results of operations that would have occurred had the acquisitions of these companies been effective on January 4, 2015 nor are they indicative of any future results. Also, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate Desmon, Goldstein Eswood, Marsal, Thurne, Induc, AGA, Lynx and Follett.

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.

4) Recently Issued Accounting Standards

In May 2014, the Financial Accounts Standards Board ("FASB") issued ASU No. 2014-09, “Revenue from Contracts with Customers”. This update amends the current guidance on revenue recognition related to contracts with customers. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In early 2016, the FASB issued additional updates: ASU No. 2016-10, 2016-11 and 2016-12. These updates provide further guidance and clarification on specific items within the previously issued update. In July 2015, the FASB decided to delay the effective date of the new revenue standard to be effective for interim and annual periods beginning on or after December 15, 2017 for public companies. Companies may elect to adopt the standard at the original effective date which, for the company is, for interim and annual periods beginning on or after December 15, 2016, but not earlier. The guidance can be applied using one of two retrospective application methods. The company is evaluating the impact the application of these ASU's will have, if any, on the company's financial position, results of operations or cash flows.

21

In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation”. This update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update is effective for annual and corresponding interim reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items". This update eliminates the concept of extraordinary items from the current guidance. This update is effective for annual and corresponding interim reporting periods beginning after December 15, 2015. Retrospective application is encouraged for all prior periods presented in the financial statements. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs", which requires debt issuance costs to be recorded as a direct reduction of the debt liability on the balance sheet rather than as an asset. The standard is effective for fiscal years beginning after December 15, 2015. The new guidance will be applied retrospectively to each prior period presented. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In April 2015, the FASB issued ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets". This ASU is intended to provide a practical expedient for the measurement date of defined benefit plan assets and obligations. The practical expedient allows employers with fiscal year-end dates that do not fall on a calendar month-end (e.g., companies with a 52/53-week fiscal year) to measure pension and post-retirement benefit plan assets and obligations as of the calendar month-end date closest to the fiscal year-end. The FASB also provided a similar practical expedient for interim remeasurements for significant events. This ASU requires perspective application and is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest” which relates to the presentation of debt issuance costs. This standard clarifies the guidance set forth in FASB ASU 2015-03, which required that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The new pronouncement clarifies that debt issuance costs related to line-of-credit arrangements could continue to be presented as an asset and be subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the arrangement. The adoption of this guidance did not have a material impact on its consolidated balance sheets.

In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which is intended to simplify the subsequent measurement of inventories by replacing the current lower of cost or market test with a lower of cost and net realizable value test. The guidance applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. Application of the standard, which should be applied prospectively, is required for the annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The company is evaluating the impact the application of this ASU will have, if any, on the company's financial position, results of operations or cash flows.

In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”, which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively.  Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date.  The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

22

In November 2015, the FASB issued ASU 2015-17 "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". The amendments in ASU 2015-17 simplify the accounting for, and presentation of, deferred taxes by eliminating the need to separately classify the current amount of deferred tax assets or liabilities. Instead, aggregated deferred tax assets and liabilities are classified and reported as non-current assets or liabilities. The update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been issued. The company early adopted ASU 2015-17 effective April 3, 2016 on a prospective basis. Adoption of this ASU resulted in a reclassification of the company's net current deferred tax asset to the net non-current deferred tax liability in the company's Consolidated Balance Sheet as of July 2, 2016. No prior periods were retrospectively adjusted.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". The amendments under this pronouncement will change the way all leases with a duration of one year of more are treated. Under this guidance, lessees will be required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or capital lease liability. The right-of-use asset represents the lessee’s right to use, or control the use of, a specified asset for the specified lease term. The lease liability represents the lessee’s obligation to make lease payments arising from the lease, measured on a discounted basis. Based on certain characteristics, leases are classified as financing leases or operating leases. Financing lease liabilities, those that contain provisions similar to capitalized leases, are amortized like capital leases are under current accounting, as amortization expense and interest expense in the statement of operations. Operating lease liabilities are amortized on a straight-line basis over the life of the lease as lease expense in the statement of operations. This update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2018. The company is currently evaluating the impact this standard will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and on the company's financial position, results of operations or cash flows.

In March 2016, the FASB issued ASU No. 2016-05, "Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships". The amendments in ASU 2016-05 clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of the hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments in this update may be applied on either a prospective basis or a modified retrospective basis. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2016. The company is evaluating the impact the application of this ASU will have, if any, on the company's financial position, results of operations or cash flows.

In March 2016, the FASB issues ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718)". The amendments in ASU-09 simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2016. The company is evaluating the impact the application of this ASU will have, if any, on the company's financial position, results of operations or cash flows.

23

5) Other Comprehensive Income

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

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

	Currency Translation Adjustment			Pension Benefit Costs			Unrealized Gain/(Loss) Interest Rate Swap			Total
Balance as of January 2, 2016	$	(52,842	)	$	(23,579	)	$	9		$	(76,412	)
Other comprehensive income before reclassification	(19,975		)	4,856			76			(15,043		)
Amounts reclassified from accumulated other comprehensive income	—			—			(199		)	(199		)
Net current-period other comprehensive income	$	(19,975	)	$	4,856		$	(123	)	$	(15,242	)
Balance as of July 2, 2016	$	(72,817	)	$	(18,723	)	$	(114	)	$	(91,654	)

(1) Pension and interest rate swap amounts are net of tax.

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

	Three Months Ended						Six Months Ended
	Jul 2, 2016			Jul 4, 2015			Jul 2, 2016			Jul 4, 2015
Net earnings	$	72,891		$	54,267		$	127,429		$	92,498
Currency translation adjustment	(19,579		)	6,669			(19,975		)	(9,122		)
Pension liability adjustment, net of tax	1,078			(89		)	4,856			25
Unrealized gain on interest rate swaps, net of tax	(2		)	302			(123		)	(170		)
Comprehensive income	$	54,388		$	61,149		$	112,187		$	83,231

6) Inventories

Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventories at two of the company's manufacturing facilities have been determined using the last-in, first-out ("LIFO") method. These inventories under the LIFO method amounted to $41.4 million at July 2, 2016 and $35.6 million at January 2, 2016 and represented approximately 10.6% and 10.1% of the total inventory at each respective period. The amount of LIFO reserve at July 2, 2016 and January 2, 2016 was not material. Costs for all other 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 July 2, 2016 and January 2, 2016 are as follows: 

	Jul 2, 2016		Jan 2, 2016
	(in thousands)
Raw materials and parts	$	163,630	$	139,117
Work-in-process	34,024		34,771
Finished goods	192,224		180,262
	$	389,878	$	354,150

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7) Goodwill

Changes in the carrying amount of goodwill for the six months endedJuly 2, 2016 are as follows (in thousands):

	Commercial Foodservice			Food Processing		Residential Kitchen			Total
Balance as of January 2, 2016	$	473,127		$	134,092	$	376,120		$	983,339
Goodwill acquired during the year	76,220			1,816		—			78,036
Measurement period adjustments to goodwill acquired in prior year	(503		)	—		(58		)	(561		)
Exchange effect	(3,339		)	337		(5,858		)	(8,860		)
Balance as of July 2, 2016	$	545,505		$	136,245	$	370,204		$	1,051,954

8) Accrued Expenses

Accrued expenses consist of the following:

	Jul 2, 2016		Jan 2, 2016
	(in thousands)
Accrued payroll and related expenses	$	67,090	$	65,623
Advanced customer deposits	60,663		57,595
Accrued warranty	37,048		37,901
Accrued customer rebates	33,351		45,154
Accrued agent commission	11,633		9,948
Accrued product liability and workers compensation	11,632		11,635
Accrued sales and other tax	10,048		13,537
Accrued professional fees	8,046		7,019
Product recall	6,718		7,786
Restructuring	3,319		6,266
Other accrued expenses	55,974		57,690
	$	305,522	$	320,154

9) 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:

	Six Months Ended
	Jul 2, 2016
	(in thousands)
Balance as of January 2, 2016	$	37,901
Warranty reserve related to acquisitions	—
Warranty expense	22,868
Warranty claims	(23,721		)
Balance as of July 2, 2016	$	37,048

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10) Financing Arrangements

	Jul 2, 2016		Jan 2, 2016
	(in thousands)
Senior secured revolving credit line	$	861,500	$	733,000
Foreign loans	54,596		32,813
Other debt arrangement	230		248
Total debt	$	916,326	$	766,061
Less:  Current maturities of long-term debt	53,755		32,059
Long-term debt	$	862,571	$	734,002

On August 7, 2012, the company entered into a senior secured multi-currency credit facility. Terms of the company’s senior credit agreement provide for a total of $1.25 billion of availability under a revolving credit line. As of July 2, 2016, the company had $861.5 million of borrowings outstanding under this facility. The company also had $6.3 million in outstanding letters of credit as of July 2, 2016, which reduces the borrowing availability under the revolving credit line. Remaining borrowing availability under this facility was $382.2 million at July 2, 2016.

At July 2, 2016, borrowings under the senior secured credit facility were assessed at an interest rate of 1.50% above LIBOR for long-term borrowings or at the higher of the Prime rate and the Federal Funds Rate. The average interest rate on the senior debt amounted to 2.07%. The interest rates on borrowings under the senior secured credit facility may be adjusted quarterly based on the company’s indebtedness ratio on a rolling four-quarter basis. Additionally, a commitment fee based upon the indebtedness ratio is charged on the unused portion of the revolving credit line. This variable commitment fee amounted to 0.25% as of July 2, 2016.

In September 2015, the company completed its acquisition of Aga Rangemaster Group plc in the United Kingdom. At the time of acquisition, credit facilities denominated in British Pounds, Euro and U.S. dollars, had been established to fund local working capital needs. At July 2, 2016, these facilities amounted to $47.0 million in U.S. dollars. The average interest rate assessed on these facilities was approximately 2.46%.

In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At July 2, 2016, these foreign credit facilities amounted to $7.6 million in U.S. dollars with a weighted average interest rate of approximately 9.99%.

The company’s debt is reflected on the balance sheet at cost. Based on current market conditions, the company believes its interest rate margins on its existing debt are consistent with current market conditions and therefore the carrying value of debt reflects the fair value. However, the interest rate margin is based upon numerous factors, including but not limited to the credit rating of the borrower, the duration of the loan, the structure and restrictions under the debt agreement, current lending policies of the counterparty, and the company’s relationships with its lenders.

The company estimated the fair value of its loans by calculating the upfront cash payment a market participant would require to assume the company’s obligations. The upfront cash payment is the amount that a market participant would be able to lend to achieve sufficient cash inflows to cover the cash outflows under the company’s senior revolving credit facility assuming the facility was outstanding in its entirety until maturity. Since the company maintains its borrowings under a revolving credit facility and there is no predetermined borrowing or repayment schedule, for purposes of this calculation the company calculated the fair value of its obligations assuming the current amount of debt at the end of the period was outstanding until the maturity of the company’s senior revolving credit facility in August 2017. Although borrowings could be materially greater or less than the current amount of borrowings outstanding at the end of the period, it is not practical to estimate the amounts that may be outstanding during future periods. The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands):

	Jul 2, 2016				Jan 2, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt	$	916,326	$	916,326	$	766,061	$	766,061

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The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the revolving credit line. At July 2, 2016, the company had outstanding floating-to-fixed interest rate swaps totaling $90.0 million notional amount carrying an average interest rate of 0.82% maturing in less than 12 months and $85.0 million notional amount carrying an average interest rate of 0.98% that mature in more than 12 months but less than 24 months.

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.

The terms of the senior secured credit facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; enter into certain transactions with affiliates; and require, among other things, a maximum ratio of indebtedness to EBITDA of 3.5 and a fixed charge coverage ratio (as defined in the senior secured credit facility) of 1.25. The senior secured credit facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material domestic subsidiaries. The senior secured credit facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the company guarantee or any subsidiary guaranty; and a change of control of the company. The credit agreement also provides that if a material adverse change in the company’s business operations or conditions occurs, the lender could declare an event of default. Under terms of the agreement, a material adverse effect is defined as (a) a material adverse change in, or a material adverse effect upon, the operations, business properties, condition (financial and otherwise) or prospects of the company and its subsidiaries taken as a whole; (b) a material impairment of the ability of the company to perform under the loan agreements and to avoid any event of default; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the company of any loan document. A material adverse effect is determined on a subjective basis by the company's creditors. At July 2, 2016, the company was in compliance with all covenants pursuant to its borrowing agreements.

Subsequent to the end of the second quarter, the company entered into an amended senior secured multi-currency credit facility. See Note 15 of the Notes to the Condensed Consolidated Financial Statements for further information.

11) Financial Instruments

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

Foreign Exchange: The company uses foreign currency forward and option purchase and sales 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 fair value of the forward and option contracts was a gain of $3.1 million at the end of the second quarter of 2016.

Interest Rate: The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of July 2, 2016, the fair value of these instruments was a liability of $0.6 million. The change in fair value of these swap agreements in the first six months of 2016 was a loss of less than $0.1 million, net of taxes.

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

	Condensed Consolidated Balance Sheet Presentation	Jul 2, 2016			Jan 2, 2016
Fair value	Other non-current liabilities	$	(610	)	$	(412	)

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

		Three Months Ended						Six Months Ended
	Presentation of Gain/(loss)	Jul 2, 2016			Jul 4, 2015			Jul 2, 2016			Jul 4, 2015
Gain/(loss) recognized in accumulated other comprehensive income	Other comprehensive income	$	(211	)	$	(4	)	$	(730	)	$	(1,301	)
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense	$	(208	)	$	(489	)	$	(525	)	$	(974	)
Gain/(loss) recognized in income (ineffective portion)	Other expense	$	(4	)	$	2		$	7		$	15

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 and assesses its creditworthiness prior to entering into the interest rate swap agreements. 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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12) Segment Information

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

The Commercial Foodservice Equipment Group manufactures, sells, and distributes cooking equipment for the restaurant and institutional kitchen industry. This business segment has manufacturing facilities in California, Illinois, Michigan, New Hampshire, North Carolina, Pennsylvania, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Italy, the Philippines, Poland and the United Kingdom. Principal product lines of this group include conveyor ovens, ranges, steamers, convection ovens, combi-ovens, broilers and steam cooking equipment, induction cooking systems, baking and proofing ovens, charbroilers, catering equipment, fryers, toasters, hot food servers, food warming equipment, griddles, coffee and beverage dispensing equipment, professional refrigerators, coldrooms, ice machines, freezers and kitchen processing and ventilation equipment. These products are sold and marketed under the brand names: Anets, Beech, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Desmon, Doyon, Eswood, Follett, Frifri, Giga, Goldstein, Holman, Houno, IMC, Induc, Jade, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, Southbend, Star, Toastmaster, TurboChef, Wells and Wunder-Bar.

The Food Processing Equipment Group manufactures preparation, cooking, packaging, food handling and food safety equipment for the food processing industry. This business segment has manufacturing operations in Georgia, Illinois, Iowa, North Carolina, Texas, Virginia, Wisconsin, France, Germany and the United Kingdom. Principal product lines of this group include batch ovens, belt ovens, continuous processing ovens, frying systems, automated thermal processing systems, automated loading and unloading systems, meat presses, breading, battering, mixing, water cutting systems, forming, grinding and slicing equipment, food suspension, reduction and emulsion systems, defrosting equipment, packaging and food safety equipment. These products are sold and marketed under the brand names: Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Cozzini, Danfotech, Drake, Maurer-Atmos, MP Equipment, RapidPak, Spooner Vicars, Stewart Systems and Thurne.

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

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

Net Sales Summary

(dollars in thousands)

	Three Months Ended								Six Months Ended
	Jul 2, 2016				Jul 4, 2015				Jul 2, 2016				Jul 4, 2015
	Sales		Percent		Sales		Percent		Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice	$	321,028	55.3	%	$	288,831	66.2	%	$	600,014	54.7	%	$	551,047	65.4	%
Food Processing	83,475		14.4		71,913		16.5		162,111		14.8		141,732		16.8
Residential Kitchen	175,953		30.3		75,547		17.3		334,686		30.5		150,108		17.8
Total	$	580,456	100.0	%	$	436,291	100.0	%	$	1,096,811	100.0	%	$	842,887	100.0	%

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

	Commercial  Foodservice		Food Processing		Residential Kitchen		Corporate and Other(2)			Total
Three Months Ended July 2, 2016
Net sales	$	321,028	$	83,475	$	175,953	$	—		$	580,456
Income (loss) from operations	93,732		19,186		22,364		(23,369		)	111,913
Depreciation and amortization expense	5,575		1,520		8,238		977			16,310
Net capital expenditures	3,322		884		1,078		131			5,415
Six Months Ended July 2, 2016
Net sales	$	600,014	$	162,111	$	334,686	$	—		$	1,096,811
Income (loss) from operations	170,301		37,049		32,215		(41,277		)	198,288
Depreciation and amortization expense	9,946		2,958		16,942		1,394			31,240
Net capital expenditures	7,506		2,682		2,789		131			13,108
Total assets	$	1,367,664	$	321,694	$	1,195,379	$	46,933		$	2,931,670
Three Months Ended July 4, 2015
Net sales	$	288,831	$	71,913	$	75,547	$	—		$	436,291
Income (loss) from operations	77,616		14,176		9,101		(17,533		)	83,360
Depreciation and amortization expense	5,027		3,545		2,260		96			10,928
Net capital expenditures	3,296		1,782		309		180			5,567
Six Months Ended July 4, 2015
Net sales	$	551,047	$	141,732	$	150,108	$	—		$	842,887
Income (loss) from operations	141,342		27,486		14,042		(32,930		)	149,940
Depreciation and amortization expense	10,293		4,982		6,389		496			22,160
Net capital expenditures	7,920		2,137		1,369		258			11,684
Total assets	$	1,159,298	$	314,282	$	629,210	$	53,158		$	2,155,948

(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.

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Geographic Information

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

	Jul 2, 2016		Jul 4, 2015
United States and Canada	$	170,854	$	106,208
Asia	15,582		20,835
Europe and Middle East	64,199		46,165
Latin America	1,151		1,401
Total international	$	80,932	$	68,401
	$	251,786	$	174,609

Net sales (in thousands):

	Three Months Ended				Six Months Ended
	Jul 2, 2016		Jul 4, 2015		Jul 2, 2016		Jul 4, 2015
United States and Canada	$	381,369	$	327,539	$	707,310	$	624,023
Asia	43,796		36,383		81,590		84,912
Europe and Middle East	134,484		57,140		271,088		100,124
Latin America	20,807		15,229		36,823		33,828
Total international	$	199,087	$	108,752	$	389,501	$	218,864
	$	580,456	$	436,291	$	1,096,811	$	842,887

13) Employee Retirement Plans

(a) Pension Plans

U.S. Plans:

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

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

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

Non-U.S. Plans:

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

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

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

During the six months period ended July 2, 2016, the company recorded net periodic pension cost related to the AGA Group pension plans of $12.1 million which includes; an expected return on plan assets of $35.2 million, interest cost of $21.3 million and a service cost of $1.8 million. The pension costs for all other plans of the company were not material during the six months period ended July 2, 2016 and six months period ended July 4, 2015, respectively.

(b) Defined Contribution Plans

The company maintains two separate defined contribution 401K savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. The company also maintains defined contribution plans for its U.K. based employees.

14) Restructuring

Residential Kitchen Equipment Group:

During fiscal year 2015, the company took actions to improve the operations of Viking and undertook acquisition integration initiatives related to AGA within the Residential Kitchen Equipment Group. These initiatives included organizational restructuring and headcount reductions, consolidation and disposition of certain facilities and business operations. The company recorded additional expense of $7.0 million in the six months period ended July 2, 2016. This expense is reflected in restructuring expenses in the consolidated statements of comprehensive income. The cumulative expenses incurred to date for these initiatives is approximately $27.5 million. The company estimates that these restructuring initiatives will result in future cost savings of approximately $24.1 million annually, beginning in fiscal year 2016, primarily related to compensation and facility costs. The company anticipates that all severance obligations for the Residential Kitchen Equipment Group will be satisfied by the end of fiscal of 2016. The lease obligations extend through July 2020.

	Severance/Benefits			Facilities/Operations			Other			Total
Balance as of January 2, 2016	$	15,661		$	4,642		$	120		$	20,423
Expenses	6,194			787			(21		)	6,960
Exchange	(376		)	(26		)	(26		)	(428		)
Payments	(13,377		)	(2,822		)	26			(16,173		)
Balance as of July 2, 2016	$	8,102		$	2,581		$	99		$	10,782

15) Subsequent Event

On July 28, 2016, the company entered into an amended five-year $2.5 billion multi-currency senior revolving credit agreement, with the potential under certain circumstances to increase to $3.0 billion. This facility replaces the company’s pre-existing $1.25 billion senior revolving credit facility, which had an original maturity of August 2017. At inception, the amended facility bears an interest rate of LIBOR plus a margin of 1.50%, which is adjusted quarterly based upon the company’s leverage ratio. The amended facility provides for availability to provide working capital, fund acquisitions and share repurchases so long as the company maintains certain financial ratios.

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

Informational Notes

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; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; ability to protect trademarks, copyrights and other intellectual property; changing market conditions; 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; and other risks detailed herein and from time-to-time in the company’s Securities and Exchange Commission (“SEC”) filings, including the company’s 2015 Annual Report on Form 10-K.

Net Sales Summary

(dollars in thousands)

	Three Months Ended								Six Months Ended
	Jul 2, 2016				Jul 4, 2015				Jul 2, 2016				Jul 4, 2015
	Sales		Percent		Sales		Percent		Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice	$	321,028	55.3	%	$	288,831	66.2	%	$	600,014	54.7	%	$	551,047	65.4	%
Food Processing	83,475		14.4		71,913		16.5		162,111		14.8		141,732		16.8
Residential Kitchen	175,953		30.3		75,547		17.3		334,686		30.5		150,108		17.8
Total	$	580,456	100.0	%	$	436,291	100.0	%	$	1,096,811	100.0	%	$	842,887	100.0	%

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				Six Months Ended
	Jul 2, 2016		Jul 4, 2015		Jul 2, 2016		Jul 4, 2015
Net sales	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales	59.8		60.4		60.8		60.8
Gross profit	40.2		39.6		39.2		39.2
Selling, general and administrative expenses	19.8		20.2		20.5		20.7
Restructuring expenses	1.1		0.3		0.7		0.7
Income from operations	19.3		19.1		18.0		17.8
Interest expense and deferred financing amortization, net	1.0		0.9		1.0		0.9
Other (income) expense, net	(0.6	)	—		(0.4	)	0.5
Earnings before income taxes	18.9		18.2		17.4		16.4
Provision for income taxes	6.3		5.8		5.8		5.4
Net earnings	12.6	%	12.4	%	11.6	%	11.0	%

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Three Months EndedJuly 2, 2016 as compared to Three Months EndedJuly 4, 2015

NET SALES. Net sales for the second quarter of fiscal 2016 increased 33.1% to $580.5 million as compared to $436.3 million in the second quarter of 2015. Of the $144.2 million increase in net sales, $127.1 million, or 29.1%, was attributable to acquisition growth, resulting from the fiscal 2015 acquisitions of Induc, AGA and Lynx and the fiscal 2016 acquisition of Follett. Excluding acquisitions, net sales increased $17.1 million, or 3.9%, from the prior year. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars for the second quarter reduced net sales by approximately $4.9 million or 1.1%. Excluding the impact of foreign exchange, organic sales growth was 5.1% for the quarter, including a net sales increase of 6.9% at the Commercial Foodservice Equipment Group, 16.3% increase at the Food Processing Equipment Group and a 12.2% decrease at the Residential Equipment Group.

• Net sales of the Commercial Foodservice Equipment Group increased by $32.2 million, or 11.1%, to $321.0 million in the second quarter of 2016, as compared to $288.8 million in the prior year quarter. Net sales resulting from the acquisitions of Induc and Follett, which were acquired on May 30, 2015 and May 31, 2016 respectively, accounted for an increase of $17.1 million during the second quarter of 2016. Excluding the impact of these acquisitions, net sales of the Commercial Foodservice Equipment Group increased $15.1 million, or 5.2%, as compared to the prior year quarter. Excluding the impact of foreign exchange, organic net sales increased 6.9% at the Commercial Foodservice Group. Domestically, the company realized a sales increase of $11.6 million, or 5.6%, to $217.5 million, as compared to $205.9 million in the prior year quarter. This includes an increase of $14.0 million from the recent acquisitions. Excluding the acquisitions, the net decrease of $2.4 million, or 1.2%, in domestic sales includes continued growth with customer initiatives to improve efficiencies in restaurant operations by adopting new cooking and warming technologies offset by the impact of several large product rollouts with major restaurant chain customers in the prior year quarter. International sales increased $20.4 million, or 24.5%, to $103.5 million, as compared to $83.1 million in the prior year quarter. This includes an increase of $3.1 million from the recent acquisitions offset by a reduction of $4.7 million due to the unfavorable impact of exchange rates. Strong international growth continued in all regions due to more favorable market conditions than in the prior year quarter.

• Net sales of the Food Processing Equipment Group increased by $11.6 million, or 16.1%, to $83.5 million in the second quarter of 2016, as compared to $71.9 million in the prior year quarter. Excluding the impact of foreign exchange, organic net sales increased 16.3% at the Food Processing Equipment Group. Domestically, the company realized a sales increase of $14.9 million, or 30.3%, to $64.0 million, as compared to $49.1 million in the prior year quarter. International sales decreased $3.2 million, or 14.1%, to $19.5 million, as compared to $22.7 million in the prior year quarter. The net sales for the Food Processing Equipment Group reflected revenue recognized from a strong backlog and continued strong incoming order levels as customers continue to upgrade facilities to new technologies and expand capacity to meet growing demand. The growth rates for domestic and international sales also reflects the shift in mix related to the timing of certain larger projects in differing geographic regions that may occur between comparative periods on a normalized basis.

• Net sales of the Residential Kitchen Equipment Group increased by $100.5 million, or 133.1%, to $176.0 million in the second quarter of 2016, as compared to $75.5 million in the prior year quarter. Net sales resulting from the acquisitions of AGA and Lynx, which were acquired on September 23, 2015, and December 15, 2015 respectively, accounted for an increase of $110.0 million during the second quarter of 2016. Excluding the impact of these acquisitions, net sales of the Residential Kitchen Equipment Group decreased $9.5 million, or 12.6%, as compared to the prior year quarter. Excluding the impact of foreign exchange, organic net sales of the Residential Kitchen Equipment Group decreased 12.2%, as compared to the prior year quarter. Domestically, the company realized a sales increase of $27.4 million, or 37.8%, to $99.9 million, as compared to $72.5 million in the prior year quarter. This includes an increase of $36.4 million from the recent acquisitions. International sales increased $73.0 million to $76.0 million, as compared to $3.0 million in the prior year quarter. This includes an increase of $73.5 million from the recent acquisitions. Organic sales growth for the quarter was adversely impacted by lower sales at U-Line due to a prior year new product launch resulting in higher sales to dealers for new product showroom displays. Additionally, sales continued to be affected by the 2015 recall of certain Viking products manufactured prior to 2013 and Middleby's acquisition of Viking. The net organic decrease in sales is net of price increases, which are estimated to have added approximately 3% to net sales in comparison to the prior year.

GROSS PROFIT. Gross profit increased to $233.5 million in the second quarter of 2016 from $172.9 million in the prior year period, reflecting the impact of higher sales volumes. The increase in the gross profit reflects the impact of increased sales from acquisitions, offset by the impact of foreign exchange rates, which reduced gross profit by $1.4 million. The gross margin rate increased from 39.6% in the second quarter of 2015 to 40.2% in the second quarter of 2016.

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• Gross profit at the Commercial Foodservice Equipment Group increased by $21.1 million, or 17.7%, to $140.4 million in the second quarter of 2016, as compared to $119.3 million in the prior year quarter. Gross profit from the acquisitions of Induc and Follett accounted for approximately $6.7 million of the increase in gross profit during the period. Excluding the recent acquisitions, gross profit increase by approximately $14.4 million on higher sales volume. The impact of foreign exchange rates reduced gross profit by approximately $1.2 million. The gross margin rate increased to 43.7% as compared to 41.3% in the prior year quarter, reflecting favorable sales mix in comparison to the prior year.

• Gross profit at the Food Processing Equipment Group increased by $5.1 million, or 18.9%, to $32.1 million in the second quarter of 2016, as compared to $27.0 million in the prior year quarter. The gross margin rate increased to 38.4% as compared to 37.6% in the prior year quarter. The increase in the gross margin rate reflects a higher sales volume and efficiency improvements.

• Gross profit at the Residential Kitchen Equipment Group increased by $35.2 million, or 128.9%, to $62.5 million in the second quarter of 2016, as compared to $27.3 million in the prior year quarter. Gross profit from the acquisitions of AGA and Lynx accounted for approximately $36.6 million of the increase in gross profit during the period. The impact of foreign exchange rates reduced gross profit by approximately $0.1 million. The gross margin rate decreased to 35.5% as compared to 36.2% in the prior year quarter, due to the impact of lower gross margins at the recent acquisitions of AGA and Lynx, offset by improved margins at Viking as a result of cost reduction initiatives.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Combined selling, general and administrative expenses increased from $89.5 million in the second quarter of 2015 to $121.6 million in the second quarter of 2016. As a percentage of net sales, operating expenses were 20.5% in the second quarter of 2015, as compared to 20.9% in the second quarter of 2016.

Selling expenses increased from $45.3 million in the second quarter of 2015 to $58.0 million in the second quarter of 2016. Selling expenses reflect increased costs of $12.5 million associated with the Induc, AGA, Lynx and Follett acquisitions. Additionally, selling expenses increased $1.6 million related to trade show and advertising costs and $0.9 million related to commissions due to increased sales volume. The favorable impact of foreign exchange rates, reduced selling expenses by approximately $0.5 million.

General and administrative expenses increased from $42.7 million in the second quarter of 2015 to $57.2 million in the second quarter of 2016. General and administrative expenses reflect $11.9 million of increased costs associated with the Induc, AGA, Lynx and Follett acquisitions, including $3.9 million of non-cash intangible amortization expense. Additionally, general and administrative expenses increased $0.8 million related to non-cash share-based compensation. The favorable impact of foreign exchange rates, reduced general and administrative expenses by approximately $0.4 million.

Restructuring expenses increased $4.9 million from $1.5 million in the second quarter of 2015 to $6.4 million in the second quarter of 2016 related to acquisition integration initiatives at AGA.

NON-OPERATING EXPENSES. Interest and deferred financing amortization costs increased to $6.1 million in the second quarter of 2016 as compared to $4.0 million in the second quarter of 2015, reflecting increased interest due to higher debt balances related to the funding of acquisitions. Other income was $3.8 million in the second quarter of 2016, as compared to $0.4 million in the prior year second quarter and consists mainly of foreign exchange gains.

INCOME TAXES. A tax provision of $36.8 million, at an effective rate of 33.5%, was recorded during the second quarter of 2016, as compared to a $25.4 million provision at a 31.9% effective rate in the prior year quarter. In comparison to the prior year, the tax provision reflects a higher effective tax rate attributable to the prior year U.S. tax benefit related to foreign earnings.

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Six Months Ended July 2, 2016 as compared to Six Months Ended July 4, 2015

NET SALES. Net sales for the six months period ended July 2, 2016 increased 30.1% to $1,096.8 million as compared to $842.9 million in the six months period ended July 4, 2015. Of the $253.9 million increase in net sales, $233.7 million or 27.7%, was attributable to acquisition growth, resulting from the fiscal 2015 acquisitions of Goldstein Eswood, Marsal, Induc, Thurne, AGA and Lynx and the fiscal 2016 acquisition of Follett. Excluding acquisitions, net sales increased $20.2 million or 2.4%, from the prior year. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars for the six months period ended July 2, 2016 reduced net sales by approximately $11.5 million or 1.4%. Excluding the impact of foreign exchange, organic sales growth was 3.8% for the year, including a net sales increase of 7.2% at the Commercial Foodservice Equipment Group, a net sales increase of 11.2% at the Food Processing Equipment Group and a net sales decrease of 15.7% at the Residential Kitchen Equipment Group.

• Net sales of the Commercial Foodservice Equipment Group increased by $49.0 million or 8.9%, to $600.0 million in the six months period ended July 2, 2016, as compared to $551.0 million in the prior year period. Net sales resulting from the acquisitions of Goldstein Eswood, Marsal, Induc and Follett which were acquired on January 30, 2015, February 10, 2015, May 30, 2015 and May 31, 2016, respectively, accounted for an increase of $19.3 million during the six months period ended July 2, 2016. Excluding the impact of acquisitions, net sales of the Commercial Foodservice Equipment Group increased $29.7 million, or 5.4%, as compared to the prior year period. Excluding the impact of foreign exchange, organic net sales increased 7.2% at the Commercial Foodservice Equipment Group. Domestically, the company realized a sales increase of $10.6 million, or 2.7%, to $402.1 million, as compared to $391.5 million in the prior year period. This includes an increase of $14.6 million from recent acquisitions. Excluding the acquisitions, the net decrease was $4.0 million, or 1.0%. Domestic sales reflect continued growth with customer initiatives to improve efficiencies in restaurant operations by adopting new cooking and warming technologies, offset by the impact of several large rollouts with major restaurant chain customers in the prior year period. International sales increased $38.4 million, or 24.1%, to $197.9 million, as compared to $159.5 million in the prior year period. This includes an increase of $4.8 million from the recent acquisitions, offset by $9.8 million related to the unfavorable impact of exchange rates. Strong international growth continued in all regions due to more favorable market conditions than in the prior year quarter.

• Net sales of the Food Processing Equipment Group increased by $20.4 million or 14.4%, to $162.1 million in the six months period ended July 2, 2016, as compared to $141.7 million in the prior year period.  Net sales from the acquisition of Thurne, which was acquired on April 7, 2015, accounted for an increase of $5.6 million during the six months period ended July 2, 2016.  Excluding the impact of this acquisition, net sales of the Food Processing Equipment Group increased $14.8 million, or 10.4%. Excluding the impact of foreign exchange, organic net sales increased 11.2% at the Food Processing Equipment Group. Domestically, the company realized a sales increase of $34.3 million, or 38.9%, to $122.5 million, as compared to $88.2 million in the prior year period. This includes an increase of $5.3 million from the recent acquisition. International sales decreased $13.9 million, or 26.0%, to $39.6 million, as compared to $53.5 million in the prior year period. This includes of $0.3 million from the recent acquisition offset by $1.0 million related to the unfavorable impact of exchange rates. The variability between domestic and international sales reflects the nature of the large projects at this business segment, which may occur in different geographic segments in comparative periods. The net sales for the Food Processing Equipment Group reflected revenue recognized from a strong backlog and continued strong incoming order levels as customers continue to upgrade facilities to new technologies and expand capacity to meet growing demand. The growth rates for domestic and international sales also reflects the shift in mix related to the timing of certain larger projects in differing geographic regions that may occur between comparative periods on a normalized basis.

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• Net sales of the Residential Kitchen Equipment Group increased by $184.6 million or 123.0%, to $334.7 million in the six months period ended July 2, 2016, as compared to $150.1 million in the prior year period. Net sales from the acquisitions of AGA and Lynx, which were acquired on September 23, 2015, and December 15, 2015, respectively, accounted for an increase of $208.8 million during the six months period ended July 2, 2016. Excluding the impact of these acquisitions, net sales of the Residential Kitchen Equipment Group decreased $24.2 million, or 16.1%. Excluding the impact of foreign exchange, organic net sales decreased 15.7% at the Residential Kitchen Equipment Group. Domestically, the company realized a sales increase of $38.4 million, or 26.6%, to $182.7 million, as compared to $144.3 million in the prior year period. This includes an increase of $61.5 million from the recent acquisitions. International sales increased $146.2 million to $152.0 million, as compared to $5.8 million in the prior year quarter, including a reduction of $0.7 million related to the unfavorable impact of exchange rates. Organic sales growth for the quarter was adversely impacted by lower sales at U-Line due to a prior year new product launch resulting in higher sales to dealers for new product showroom displays. Additionally, sales continued to be affected by the 2015 recall of certain Viking products manufactured prior to 2013 and Middleby's acquisition of Viking. The net organic decrease in sales is net of price increases, which are estimated to have added approximately 3.0% to net sales in comparison to the prior year.

GROSS PROFIT. Gross profit increased to $430.3 million in the six months period ended July 2, 2016 from $330.5 million in the prior year period. The increase in the gross profit reflects the impact of increased sales from revenue growth and acquisitions, offset by the impact of foreign exchange rates, which reduced gross profit by $3.4 million. The gross margin rate was 39.2% in the six months period ended July 4, 2015 as compared to 39.2% in the current year period.

• Gross profit at the Commercial Foodservice Equipment Group increased by $31.8 million, or 14.2%, to $256.3 million in the six months period ended July 2, 2016, as compared to $224.5 million in the prior year period. Gross profit from the acquisitions of Goldstein Eswood, Marsal, Induc and Follett accounted for approximately $7.5 million of the increase in gross profit during the period. Excluding the recent acquisitions, gross profit increased by approximately $24.3 million on higher sales volumes. The impact of foreign exchange rates reduced gross profit by approximately $2.5 million. The gross margin rate increased to 42.7%, as compared to 40.7% in the prior year period, due primarily to changes in sales mix, as compared to the prior year period.

• Gross profit at the Food Processing Equipment Group increased by $10.5 million, or 19.8%, to $63.6 million in the six months period ended July 2, 2016, as compared to $53.1 million in the prior year period.  Gross profit from the acquisition of Thurne accounted for approximately $3.0 million of the increase in gross profit during the period. The impact of foreign exchange rates reduced gross profit by approximately $0.7 million. Excluding the recent acquisitions, the gross profit increased by approximately $7.5 million on higher sales volume. The gross profit margin rate increased to 39.2%, as compared to 37.5% in the prior year period. The increase in the gross margin rate reflects the favorable impact of ongoing cost efficiency initiatives related to recent acquisitions and favorable sales mix.

• Gross profit at the Residential Kitchen Equipment Group increased by $57.0 million, or 103.8%, to $111.9 million in the six months period ended July 2, 2016, as compared to $54.9 million in the prior year period. Gross profit from the acquisitions of AGA and Lynx accounted for approximately $64.2 million of the increase in gross profit during the period. The impact of foreign exchange rates reduced gross profit by approximately $0.2 million. The gross margin rate decreased to 33.4%, as compared to 36.6% in the prior year period, due to the impact of lower gross margins at the recent acquisitions of AGA and Lynx, offset by improved margins at Viking as a result of cost reduction initiatives.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Combined selling, general and administrative expenses increased from $180.5 million in the six months period ended July 4, 2015 to $232.0 million in the six months period ended July 2, 2016.  As a percentage of net sales, operating expenses were 21.4% in the six months period ended July 4, 2015, as compared to 21.2% in the six months period ended July 2, 2016.

Selling expenses increased from $92.4 million in the six months period ended July 4, 2015 to $111.7 million in the six months period ended July 2, 2016. Selling expenses reflected increased costs of $24.4 million associated with the Goldstein Eswood, Thurne, Induc, AGA, Lynx and Follett acquisitions. These expenses were offset by a $1.2 million reduction in employee compensation and $1.3 million of lower trade show and advertising costs. The favorable impact of foreign exchange rates, reduced selling expenses by approximately $1.4 million.

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General and administrative expenses increased from $82.0 million in the six months period ended July 4, 2015 to $113.3 million in the six months period ended July 2, 2016. General and administrative expenses reflect $25.6 million of increased costs associated with the Goldstein Eswood, Thurne, Induc, AGA, Lynx and Follett acquisitions, including $7.5 million of non-cash intangible amortization expense. Additionally, general and administrative expenses increased $3.8 million related to non-cash share-based compensation. The favorable impact of foreign exchange rates, reduced general and administrative expenses by approximately $1.0 million.

Restructuring expenses increased $0.9 million from $6.1 million in the six months period ended July 4, 2015 to $7.0 million in the six months period ended July 2, 2016. Restructuring expenses reported in the six months period ended July 2, 2016 related to acquisition integration initiatives to reduce costs related to AGA.

NON-OPERATING EXPENSES. Interest and deferred financing amortization costs were $11.3 million in the six months period ended July 2, 2016, as compared to $7.8 million in the prior year period, reflecting increased interest due to higher debt balances related to the funding of acquisitions. Other income was $4.6 million in the six months period ended July 2, 2016, as compared to other expense of $4.2 million in the prior year period, and consists mainly of net foreign exchange gains and losses. In the prior year period foreign exchange losses were attributable to the strengthening of the U.S. Dollar.

INCOME TAXES. A tax provision of $64.2 million, at an effective rate of 33.5%, was recorded during the six months period ended July 2, 2016, as compared to $45.5 million at an effective rate of 32.9%, in the prior year period. In comparison to the prior year, the tax provision reflects a higher effective tax rate attributable to the prior year U.S. tax benefit related to foreign earnings.

Financial Condition and Liquidity

During the six months endedJuly 2, 2016, cash and cash equivalents increased by $18.5 million to $74.0 million at July 2, 2016 from $55.5 million at January 2, 2016. Net borrowings increased from $766.1 million at January 2, 2016 to $916.3 million at July 2, 2016.

OPERATING ACTIVITIES. Net cash provided by operating activities was $95.7 million for the six months endedJuly 2, 2016, compared to $108.8 million for the six months endedJuly 4, 2015.

During the six months endedJuly 2, 2016, increased working capital levels reduced operating cash flows by $82.7 million. These changes in working capital levels included a $16.7 millionincrease in accounts receivable on increased sales. Inventory increased$23.4 million due to timing of large orders for the Food Processing Equipment Group and cyclical working capital requirements for the Commercial Foodservice Equipment Group. Changes in working capital also included a $34.1 milliondecrease in accrued expenses and other non-current liabilities primarily related to the $14.4 million funding payment for the AGA pension plan, funding of severance obligations associated with AGA restructuring initiatives and the payment of 2015 annual rebate programs at the Commercial Foodservice Equipment Group.

INVESTING ACTIVITIES. During the six months endedJuly 2, 2016, net cash used for investing activities amounted to $225.1 million. This included $210.1 million of the 2016 acquisitions of Emico and Follett, $1.9 million related to contingent consideration payments from previous years' acquisitions and $13.1 million of additions and upgrades of production equipment and manufacturing facilities.

FINANCING ACTIVITIES. Net cash flows provided by financing activities were $149.4 million during the six months endedJuly 2, 2016. The company’s borrowing activities included $128.5 million of net proceeds under its $1.25 billion revolving credit facility and $26.2 million of net borrowings under its foreign banking facilities.

The company repurchased $4.4 million of Middleby common shares during the six months endedJuly 2, 2016. This was comprised of $3.9 million used to repurchase 38,011 that were surrendered to the company by employees in lieu of cash for payment for withholding taxes related to restricted stock vestings that occurred during the six months endedJuly 2, 2016 and $0.5 million used to repurchase 5,274 shares of its common stock under a stock repurchase program.

At July 2, 2016, 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 generated from operations, funds available from its revolving credit facility and access to the credit and capital markets will be sufficient to finance its operations, debt service obligations, capital expenditures, acquisitions, product development and integration expenditures for the foreseeable future.

Subsequent to the end of the second quarter, the company entered into an amended senior secured multi-currency credit facility. See Note 15 of the Notes to the Condensed Consolidated Financial Statements for further information.

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Recently Issued Accounting Standards

In May 2014, the Financial Accounts Standards Board ("FASB") issued ASU No. 2014-09, “Revenue from Contracts with Customers”. This update amends the current guidance on revenue recognition related to contracts with customers. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In early 2016, the FASB issued additional updates: ASU No. 2016-10, 2016-11 and 2016-12. These updates provide further guidance and clarification on specific items within the previously issued update. In July 2015, the FASB decided to delay the effective date of the new revenue standard to be effective for interim and annual periods beginning on or after December 15, 2017 for public companies. Companies may elect to adopt the standard at the original effective date which, for the company is, for interim and annual periods beginning on or after December 15, 2016, but not earlier. The guidance can be applied using one of two retrospective application methods. The company is evaluating the impact the application of these ASU's will have, if any, on the company's financial position, results of operations or cash flows.

In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation”. This update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update is effective for annual and corresponding interim reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items". This update eliminates the concept of extraordinary items from the current guidance. This update is effective for annual and corresponding interim reporting periods beginning after December 15, 2015. Retrospective application is encouraged for all prior periods presented in the financial statements. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs", which requires debt issuance costs to be recorded as a direct reduction of the debt liability on the balance sheet rather than as an asset. The standard is effective for fiscal years beginning after December 15, 2015. The new guidance will be applied retrospectively to each prior period presented. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In April 2015, the FASB issued ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets". This ASU is intended to provide a practical expedient for the measurement date of defined benefit plan assets and obligations. The practical expedient allows employers with fiscal year-end dates that do not fall on a calendar month-end (e.g., companies with a 52/53-week fiscal year) to measure pension and post-retirement benefit plan assets and obligations as of the calendar month-end date closest to the fiscal year-end. The FASB also provided a similar practical expedient for interim remeasurements for significant events. This ASU requires perspective application and is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest” which relates to the presentation of debt issuance costs. This standard clarifies the guidance set forth in FASB ASU 2015-03, which required that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The new pronouncement clarifies that debt issuance costs related to line-of-credit arrangements could continue to be presented as an asset and be subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the arrangement. The adoption of this guidance did not have a material impact on its consolidated balance sheets.

In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which is intended to simplify the subsequent measurement of inventories by replacing the current lower of cost or market test with a lower of cost and net realizable value test. The guidance applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. Application of the standard, which should be applied prospectively, is required for the annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The company is evaluating the impact the application of this ASU will have, if any, on the company's financial position, results of operations or cash flows.

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In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”, which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively.  Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date.  The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In November 2015, the FASB issued ASU 2015-17 "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". The amendments in ASU 2015-17 simplify the accounting for, and presentation of, deferred taxes by eliminating the need to separately classify the current amount of deferred tax assets or liabilities. Instead, aggregated deferred tax assets and liabilities are classified and reported as non-current assets or liabilities. The update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been issued. The company early adopted ASU 2015-17 effective April 3, 2016 on a prospective basis. Adoption of this ASU resulted in a reclassification of the company's net current deferred tax asset to the net non-current deferred tax liability in the company's Consolidated Balance Sheet as of July 2, 2016. No prior periods were retrospectively adjusted.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". The amendments under this pronouncement will change the way all leases with a duration of one year of more are treated. Under this guidance, lessees will be required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or capital lease liability. The right-of-use asset represents the lessee’s right to use, or control the use of, a specified asset for the specified lease term. The lease liability represents the lessee’s obligation to make lease payments arising from the lease, measured on a discounted basis. Based on certain characteristics, leases are classified as financing leases or operating leases. Financing lease liabilities, those that contain provisions similar to capitalized leases, are amortized like capital leases are under current accounting, as amortization expense and interest expense in the statement of operations. Operating lease liabilities are amortized on a straight-line basis over the life of the lease as lease expense in the statement of operations. This update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2018. The company is currently evaluating the impact this standard will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and on the company's financial position, results of operations or cash flows.

In March 2016, the FASB issued ASU No. 2016-05, "Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships". The amendments in ASU 2016-05 clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of the hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments in this update may be applied on either a prospective basis or a modified retrospective basis. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2016. The company is evaluating the impact the application of this ASU will have, if any, on the company's financial position, results of operations or cash flows.

In March 2016, the FASB issues ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718)". The amendments in ASU-09 simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2016. The company is evaluating the impact the application of this ASU will have, if any, on the company's financial position, results of operations or cash flows.

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 our consolidated financial statements. 

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Revenue Recognition. At the Commercial Foodservice Group and the Residential Kitchen Equipment Group, the company recognizes revenue on the sale of its products where title transfers and when risk of loss has passed to the customer, which occurs at the time of shipment, and collectability is reasonably assured. The sale prices of the products sold are fixed and determinable at the time of shipment. Sales are reported net of sales returns, sales incentives and cash discounts based on prior experience and other quantitative and qualitative factors.

At the Food Processing Equipment Group, the company enters into long-term sales contracts for certain products that are often significant relative to the business. Revenue under these long-term sales contracts is recognized using the percentage of completion method defined within ASC 605-35 “Construction-Type and Production-Type Contracts” due to the length of time to fully manufacture and assemble the equipment. The company measures revenue recognized based on the ratio of actual labor hours incurred in relation to the total estimated labor hours to be incurred related to the contract. Because estimated labor hours to complete a project are based upon forecasts using the best available information, the actual hours may differ from original estimates. The percentage of completion method of accounting for these contracts most accurately reflects the status of these uncompleted contracts in the company's financial statements and most accurately measures the matching of revenues with expenses. At the time a loss on a contract becomes known, the amount of the estimated loss is recognized in the consolidated financial statements. Revenue for sales of products and services not covered by long-term sales contracts is recognized when risk of loss has passed to the customer, which occurs at the time of shipment and collectability is reasonably assured. The sale prices of the products sold are fixed and determinable at the time of shipment. Sales are reported net of sales returns, sales incentives and cash discounts based on prior experience and other quantitative and qualitative factors.

Inventories. Inventories are stated at the lower of cost or market using the first-in, first-out method for the majority of the company’s inventories.  The company evaluates the need to record valuation adjustments for inventory on a regular basis.  The company’s policy is to evaluate all inventories including raw material, work-in-process, finished goods, and spare parts.  Inventory in excess of estimated usage requirements is written down to its estimated net realizable value.  Inherent in the estimates of net realizable value are estimates related to our future manufacturing schedules, customer demand, possible alternative uses, and ultimate realization of potentially excess inventory. 

Goodwill and Other Intangibles. The company’s business acquisitions result in the recognition of goodwill and other intangible assets, which are a significant portion of the company’s total assets. The company recognizes goodwill and other intangible assets under the guidance of ASC Topic 350-10, “Intangibles — Goodwill and Other”.  Goodwill represents the excess of acquisition costs over the fair value of the net tangible assets and identifiable intangible assets acquired in a business combination. Identifiable intangible assets are recognized separately from goodwill and include trademarks and trade names, technology, customer relationships and other specifically identifiable assets.  Trademarks and trade names are deemed to be indefinite-lived. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing. On an annual basis, or more frequently if triggering events occur, the company compares the estimated fair value to the carrying value to determine if a potential goodwill impairment exists. If the fair value is less than its carrying value, an impairment loss, if any, is recorded for the difference between the implied fair value and the carrying value of goodwill. In estimating the fair value of specific intangible assets, management relies on a number of factors, including operating results, business plans, economic projections, anticipated future cash flows, comparable transactions and other market data. There are inherent uncertainties related to these factors and management’s judgment in applying them in the impairment tests of goodwill and other intangible assets. 

Pension Benefits.The company provides pension benefits to certain employees and accounts for these benefits in accordance with ASC 715, Compensation-Retirement Benefits. For financial reporting purposes, long-term assumptions are developed through consultations with actuaries. Such assumptions include the expected long-term rate of return on plan assets, discount rates.

The amount of unrecognized actuarial gains and losses recognized in the current year’s operations is based on amortizing the unrecognized gains or losses for each plan that exceed the larger of 10% of the projected benefit obligation or the fair value of plan assets, also known as the corridor. The amount of unrecognized gain or loss that exceeds the corridor is amortized over the average future service of the plan participants or the average life expectancy of inactive plan participants for plans where all or almost all of the plan participants are inactive. While we believe that our assumptions are appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our pension obligations and our future expense.

41

Income Taxes. The company provides deferred income tax assets and liabilities based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities based on currently enacted tax laws. The company’s deferred and other tax balances are based on management’s interpretation of the tax regulations and rulings in numerous taxing jurisdictions. Income tax expense and liabilities recognized by the company also reflect its best estimates and assumptions regarding, among other things, the level of future taxable income, the effect of the company’s various tax planning strategies and uncertain tax positions. Future tax authority rulings and changes in tax laws, changes in projected levels of taxable income and future tax planning strategies could affect the actual effective tax rate and tax balances recorded by the company. The company follows the provisions under ASC 740-10-25 that provides a recognition threshold and measurement criteria for the financial statement recognition of a tax benefit taken or expected to be taken in a tax return. Tax benefits are recognized only when it is more likely than not, based on the technical merits, that the benefits will be sustained on examination. Tax benefits that meet the more-likely-than-not recognition threshold are measured using a probability weighting of the largest amount of tax benefit that has greater than 50% likelihood of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a particular tax benefit is a matter of judgment based on the individual facts and circumstances evaluated in light of all available evidence as of the balance sheet date.

42

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 Ending	Variable Rate Debt
July 2, 2017	$	53,755
July 2, 2018	861,800
July 2, 2019	104
July 2, 2020	104
July 2, 2021 and thereafter	563
	$	916,326

On August 7, 2012, the company entered into a senior secured multi-currency credit facility. Terms of the company’s senior credit agreement provide for $1.25 billion of availability under a revolving credit line. As of July 2, 2016, the company had $861.5 million of borrowings outstanding under this facility. The company also had $6.3 million in outstanding letters of credit as of July 2, 2016, which reduces the borrowing availability under the revolving credit line. Remaining borrowing availability under this facility was $382.2 million at July 2, 2016.

At July 2, 2016, borrowings under the senior secured credit facility were assessed at an interest rate of 1.50% above LIBOR for long-term borrowings or at the higher of the Prime rate and the Federal Funds Rate. The average interest rate on the senior debt amounted to 2.07%. The interest rates on borrowings under the senior secured credit facility may be adjusted quarterly based on the company’s indebtedness ratio on a rolling four-quarter basis. Additionally, a commitment fee based upon the indebtedness ratio is charged on the unused portion of the revolving credit line. This variable commitment fee amounted to 0.25% as of July 2, 2016.

In September 2015, the company completed its acquisition of AGA Rangemaster Group plc in the United Kingdom. At the time of acquisition, credit facilities denominated in British Pounds, Euro and U.S. dollars, had been established to fund local working capital needs. At July 2, 2016, these facilities amounted to $47.0 million in U.S. dollars. The average interest rate assessed on these facilities was approximately 2.46%.

In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At July 2, 2016, these foreign credit facilities amounted to $7.6 million in U.S. dollars with a weighted average interest rate of approximately 9.99%.

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.

The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the revolving credit line. At July 2, 2016, the company had outstanding floating-to-fixed interest rate swaps totaling $90.0 million notional amount carrying an average interest rate of 0.82% maturing in less than 12 months and $85.0 million notional amount carrying an average interest rate of 0.98% that mature in more than 12 months but less than 24 months.

43

The terms of the senior secured credit facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; enter into certain transactions with affiliates; and require, among other things, a maximum ratio of indebtedness to EBITDA of 3.5 and a fixed charge coverage ratio (as defined in the senior secured credit facility) of 1.25. The senior secured credit facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material domestic subsidiaries. The senior secured credit facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the company guarantee or any subsidiary guaranty; and a change of control of the company. The credit agreement also provides that if a material adverse change in the company’s business operations or conditions occurs, the lender could declare an event of default. Under terms of the agreement, a material adverse effect is defined as (a) a material adverse change in, or a material adverse effect upon, the operations, business properties, condition (financial and otherwise) or prospects of the company and its subsidiaries taken as a whole; (b) a material impairment of the ability of the company to perform under the loan agreements and to avoid any event of default; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the company of any loan document. A material adverse effect is determined on a subjective basis by the company's creditors. The potential loss on fair value for the company's debt obligations 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. At July 2, 2016, the company was in compliance with all covenants pursuant to its borrowing agreements.

Subsequent to the end of the second quarter, the company entered into an amended senior secured multi-currency credit facility. See Note 15 of the Notes to the Condensed Consolidated Financial Statements for further information.

Financing Derivative Instruments

The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of July 2, 2016, the fair value of these instruments was a liability of $0.6 million. The change in fair value of these swap agreements in the first six months of 2016 was a loss of less than $0.1 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.

Foreign Exchange Derivative Financial Instruments

The company uses foreign currency forward and option purchase and sales 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 gain of $3.1 million at the end of the second quarter of 2016.

44

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 July 2, 2016, 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 July 2, 2016, 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.

45

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 six months endedJuly 2, 2016, 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)
April 3 to April 30, 2016	—	$	—	—	2,610,047
May 1 to May 28, 2016	—	—		—	2,610,047
May 28 to July 2, 2016	—	—		—	2,610,047
Quarter ended July 2, 2016	—	$	—	—	2,610,047

(1) In July 1998, the company's Board of Directors adopted a stock repurchase program and subsequently authorized the purchase of common shares in open market purchases. During 2013, the company's Board of Directors authorized the purchase of additional common shares in open market purchases. As of July 2, 2016, the total number of shares authorized for repurchase under the program is 4,570,266. As of July 2, 2016, 2,003,504 shares had been purchased under the 1998 stock repurchase program.   

46

Item 6. Exhibits

Exhibits – The following exhibits are filed herewith:
Exhibit 31.1 –	Rule 13a-14(a)/15d -14(a) Certification of the Chief Executive Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 31.2 –	Rule 13a-14(a)/15d -14(a) Certification of the Chief Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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).
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).
Exhibit 101 –	Financial statements on Form 10-Q for the quarter ended July 2, 2016, filed on August 11, 2016, formatted in Extensive Business Reporting Language (XBRL); (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.

47

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:	August 11, 2016	By:	/s/  Timothy J. FitzGerald
			Timothy J. FitzGerald
			Vice President,
			Chief Financial Officer

48

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Selim A. Bassoul, 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: August 11, 2016

/s/ Selim A. Bassoul

Selim A. Bassoul

Chairman, President and

Chief Executive Officer of The Middleby Corporation

EX-31.2

EXHIBIT 31.2

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: August 11, 2016

/s/ Timothy J. FitzGerald

Timothy J. FitzGerald

Chief Financial Officer of The Middleby Corporation

EX-32.1

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, Selim A. Bassoul, Chairman, President and 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 July 2, 2016 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: August 11, 2016

/s/ Selim A. Bassoul

Selim A. Bassoul

EX-32.2

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, Timothy J. FitzGerald, Vice President and 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 July 2, 2016 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: August 11, 2016

/s/ Timothy J. FitzGerald

Timothy J. FitzGerald

XML

Document and Entity Information - shares	6 Months Ended
	Jul. 02, 2016	Aug. 05, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 02, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Entity Registrant Name	Middleby Corp
Entity Central Index Key	0000769520
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		57,539,766

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Current assets:
Cash and cash equivalents	$ 74,031	$ 55,528
Accounts receivable, net of reserve for doubtful accounts of $9,350 and $8,839	316,797	282,534
Inventories, net	389,878	354,150
Prepaid expenses and other	46,009	39,801
Prepaid Taxes	8,270	11,426
Current deferred taxes	0	51,723
Total current assets	834,985	795,162
Property, plant and equipment, net of accumulated depreciation of $102,138 and $100,345	216,097	199,750
Goodwill	1,051,954	983,339
Other intangibles	792,945	749,430
Long-term deferred tax assets	11,341	11,438
Other assets	24,348	22,032
Total assets	2,931,670	2,761,151
Current liabilities:
Current maturities of long-term debt	53,755	32,059
Accounts payable	158,115	157,758
Accrued expenses	305,522	320,154
Total current liabilities	517,392	509,971
Long-term debt	862,571	734,002
Long-term deferred tax liability	67,433	113,010
Defined Benefit Pension Plan, Liabilities, Noncurrent	166,864	207,564
Other non-current liabilities	32,483	29,774
Stockholders' equity:
Common stock, $0.01 par value; 95,000,000 shares authorized; 62,445,315 and 62,168,346 shares issued in 2016 and 2015, respectively	144	144
Paid-in capital	339,014	328,686
Treasury stock, at cost; 4,905,549 and 4,862,264 shares in 2016 and 2015, respectively	(205,280)	(200,862)
Retained earnings	1,242,703	1,115,274
Accumulated other comprehensive loss	(91,654)	(76,412)
Total stockholders' equity	1,284,927	1,166,830
Total liabilities and stockholders' equity	$ 2,931,670	$ 2,761,151

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Accounts receivable, reserve for doubtful accounts	$ 9,175	$ 9,091
Property, plant and equipment, accumulated depreciation	$ 85,836	$ 82,998
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
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	95,000,000	95,000,000
Common stock, shares issued	62,189,296	62,088,592
Treasury stock, shares	4,862,264	4,816,912

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands		3 Months Ended				6 Months Ended
		Jul. 02, 2016		Jul. 04, 2015		Jul. 02, 2016	Jul. 04, 2015
Net sales	[1]	$ 580,456		$ 436,291		$ 1,096,811	$ 842,887
Cost of sales		346,954		263,402		666,536	512,436
Gross profit		233,502		172,889		430,275	330,451
Selling and distribution expenses		58,025		45,332		111,714	92,441
General and administrative expenses		57,174		42,719		113,277	81,993
Restructuring Charges						6,996	6,077
Income from operations		111,913	[1]	83,360	[1]	198,288	149,940
Net interest expense and deferred financing amortization, net		6,059		4,048		11,335	7,797
Other (income) expense, net		(3,838)		(366)		(4,638)	4,195
Earnings before income taxes		109,692		79,678		191,591	137,948
Provision for income taxes		36,801		25,411		64,162	45,450
Net earnings		$ 72,891		$ 54,267		$ 127,429	$ 92,498
Net earnings per share:
Basic (in usd per share)		$ 1.28		$ 0.95		$ 2.23	$ 1.62
Diluted (in usd per share)		$ 1.28		$ 0.95		$ 2.23	$ 1.62
Weighted average number of shares
Basic (in shares)		57,022		56,963		57,037	56,940
Dilutive common stock equivalents (in shares)		0	[2]	2	[2]	0	1
Diluted (in shares)		57,022		56,965		57,037	56,941
Comprehensive income		$ 54,388		$ 61,149		$ 112,187	$ 83,231

[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] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjdlMjMyYTNkYzZkMzQyNmRiNmUzMDQzMWE4OGI1OWNifFRleHRTZWxlY3Rpb246MUY2Q0QxNTgwRTRFNUNFRDkzN0FDMDhBRjhFOUUwMzIM}

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015
Cash flows from operating activities--
Net earnings	$ 127,429	$ 92,498
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization	31,240	22,160
Non-cash share-based compensation	11,160	7,399
Deferred taxes	8,593	(1,644)
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	(16,745)	(1,271)
Inventories, net	(23,358)	(26,702)
Prepaid expenses and other assets	(8,575)	14,947
Accounts payable	36	5,236
Accrued expenses and other liabilities	(34,098)	(3,863)
Net cash provided by operating activities	95,682	108,760
Cash flows from investing activities--
Additions to property and equipment	(13,108)	(11,684)
Payments to Acquire Businesses, Net of Cash Acquired	(212,024)	(76,192)
Net cash (used in) investing activities	(225,132)	(87,876)
Cash flows from financing activities--
Net (repayments) proceeds under current revolving credit facilities	128,500	(24,500)
Net (repayments) proceeds under foreign bank loan	26,165	1,525
Proceeds from (Repayments of) Notes Payable	(17)	(18)
Repurchase of treasury stock	(4,418)	(4,836)
Excess tax benefit related to share-based compensation		2,400
ExcessTaxDetrimentShareBasedCompensationFinancingActivities	(833)
Net cash (used in) provided by financing activities	149,397	(25,429)
Effect of exchange rates on cash and cash equivalents	(1,444)	(814)
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	18,503	(5,359)
Cash and cash equivalents at beginning of year	55,528	43,945
Cash and cash equivalents at end of quarter	$ 74,031	$ 38,586

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Summary of Significant Accounting Policies

6 Months Ended

Jul. 02, 2016

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. 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 2015 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2016. 

In the opinion of management, the financial statements contain all adjustments necessary to present fairly the financial position of the company as of July 2, 2016 and January 2, 2016, the results of operations for the three and six months endedJuly 2, 2016 and July 4, 2015 and cash flows for the six months endedJuly 2, 2016 and July 4, 2015.

Use of Estimates

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

B) Non-Cash Share-Based Compensation

The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $6.2 million and $5.4 million for the second quarter periods ended July 2, 2016 and July 4, 2015, respectively. Non-cash share-based compensation expense was $11.2 million and $7.4 million for the six months endedJuly 2, 2016 and July 4, 2015, respectively.

During the first quarter ended April 4, 2015, the company issued restricted shares under its 2011 Stock Incentive Plan. These amounts are contingent on the attainment of certain performance objectives. The aggregate grant-date fair value of these awards was $31.0 million, based on the closing share price of the company's stock at the date of the grant.

C) Income Taxes

As of January 2, 2016, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $14.4 million (of which $14.1 million would impact the effective tax rate if recognized) plus approximately $1.9 million of accrued interest and $3.8 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of July 2, 2016, the company recognized a tax expense of $1.8 million for unrecognized tax benefits related to current year tax exposures.

It is reasonably possible that the amounts of unrecognized tax benefits associated with state, federal and foreign tax positions may decrease over the next twelve months due to expiration of a statute or completion of an audit. The company believes that it is reasonably possible that approximately $1.6 million of its remaining unrecognized tax benefits may be recognized over the next twelve months as a result of lapses of statutes of limitations.

A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: 

United States - federal	2012 – 2015
United States - states	2006 – 2015
Australia	2011 – 2015
Brazil	2011 – 2015
Canada	2009 – 2015
China	2006 – 2015
Czech Republic	2013 – 2015
Denmark	2013 – 2015
France	2013 – 2015
Germany	2013 – 2015
India	2013 – 2015
Ireland	2009 – 2015
Italy	2011 – 2015
Luxembourg	2011 – 2015
Mexico	2011 – 2015
Netherlands	2004 – 2015
Philippines	2013 – 2015
Poland	2010 – 2015
Romania	2006 – 2015
Scotland	2015
South Korea	2011
Spain	2011 – 2015
Sweden	2009 – 2015
Switzerland	2008 – 2015
Taiwan	2011 – 2012
United Kingdom	2014 – 2015

D) Fair Value Measures

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

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

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

Level 3 – Unobservable inputs based on our own assumptions.

The company’s financial 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 July 2, 2016
Financial Liabilities:
Interest rate swaps	$	—	$	610	$	—	$	610
Contingent consideration	$	—	$	—	$	8,446	$	8,446
As of January 2, 2016
Financial Liabilities:
Interest rate swaps	$	—	$	412	$	—	$	412
Contingent consideration	$	—	$	—	$	11,065	$	11,065

The contingent consideration as of July 2, 2016 relates to the earnout provisions recorded in conjunction with the acquisitions of PES, Concordia, Desmon, Goldstein Eswood and Induc.

The contingent consideration as of January 2, 2016 relates to the earnout provisions recorded in conjunction with the acquisitions of Spooner Vicars, PES, Concordia, Desmon, Goldstein Eswood and Induc.

The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreements. On a quarterly basis the company assesses the projected results for each of the acquired businesses in comparison to the earnout targets and adjusts the liability accordingly.

E)    Consolidated Statements of Cash Flows

Cash paid for interest was $10.3 million and $6.9 million for the six months endedJuly 2, 2016 and July 4, 2015, respectively. Cash payments totaling $53.6 million and $36.2 million were made for income taxes for the six months endedJuly 2, 2016 and July 4, 2015, respectively.

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Litigation Matters

6 Months Ended

Jul. 02, 2016

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

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Recently Issued Accounting Standards

Recently Issued Accounting Standards

In May 2014, the Financial Accounts Standards Board ("FASB") issued ASU No. 2014-09, “Revenue from Contracts with Customers”. This update amends the current guidance on revenue recognition related to contracts with customers. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In early 2016, the FASB issued additional updates: ASU No. 2016-10, 2016-11 and 2016-12. These updates provide further guidance and clarification on specific items within the previously issued update. In July 2015, the FASB decided to delay the effective date of the new revenue standard to be effective for interim and annual periods beginning on or after December 15, 2017 for public companies. Companies may elect to adopt the standard at the original effective date which, for the company is, for interim and annual periods beginning on or after December 15, 2016, but not earlier. The guidance can be applied using one of two retrospective application methods. The company is evaluating the impact the application of these ASU's will have, if any, on the company's financial position, results of operations or cash flows.

In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation”. This update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update is effective for annual and corresponding interim reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items". This update eliminates the concept of extraordinary items from the current guidance. This update is effective for annual and corresponding interim reporting periods beginning after December 15, 2015. Retrospective application is encouraged for all prior periods presented in the financial statements. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs", which requires debt issuance costs to be recorded as a direct reduction of the debt liability on the balance sheet rather than as an asset. The standard is effective for fiscal years beginning after December 15, 2015. The new guidance will be applied retrospectively to each prior period presented. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In April 2015, the FASB issued ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets". This ASU is intended to provide a practical expedient for the measurement date of defined benefit plan assets and obligations. The practical expedient allows employers with fiscal year-end dates that do not fall on a calendar month-end (e.g., companies with a 52/53-week fiscal year) to measure pension and post-retirement benefit plan assets and obligations as of the calendar month-end date closest to the fiscal year-end. The FASB also provided a similar practical expedient for interim remeasurements for significant events. This ASU requires perspective application and is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest” which relates to the presentation of debt issuance costs. This standard clarifies the guidance set forth in FASB ASU 2015-03, which required that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The new pronouncement clarifies that debt issuance costs related to line-of-credit arrangements could continue to be presented as an asset and be subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the arrangement. The adoption of this guidance did not have a material impact on its consolidated balance sheets.

In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which is intended to simplify the subsequent measurement of inventories by replacing the current lower of cost or market test with a lower of cost and net realizable value test. The guidance applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. Application of the standard, which should be applied prospectively, is required for the annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The company is evaluating the impact the application of this ASU will have, if any, on the company's financial position, results of operations or cash flows.

In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”, which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively.  Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date.  The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows.

In November 2015, the FASB issued ASU 2015-17 "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". The amendments in ASU 2015-17 simplify the accounting for, and presentation of, deferred taxes by eliminating the need to separately classify the current amount of deferred tax assets or liabilities. Instead, aggregated deferred tax assets and liabilities are classified and reported as non-current assets or liabilities. The update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been issued. The company early adopted ASU 2015-17 effective April 3, 2016 on a prospective basis. Adoption of this ASU resulted in a reclassification of the company's net current deferred tax asset to the net non-current deferred tax liability in the company's Consolidated Balance Sheet as of July 2, 2016. No prior periods were retrospectively adjusted.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". The amendments under this pronouncement will change the way all leases with a duration of one year of more are treated. Under this guidance, lessees will be required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or capital lease liability. The right-of-use asset represents the lessee’s right to use, or control the use of, a specified asset for the specified lease term. The lease liability represents the lessee’s obligation to make lease payments arising from the lease, measured on a discounted basis. Based on certain characteristics, leases are classified as financing leases or operating leases. Financing lease liabilities, those that contain provisions similar to capitalized leases, are amortized like capital leases are under current accounting, as amortization expense and interest expense in the statement of operations. Operating lease liabilities are amortized on a straight-line basis over the life of the lease as lease expense in the statement of operations. This update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2018. The company is currently evaluating the impact this standard will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and on the company's financial position, results of operations or cash flows.

In March 2016, the FASB issued ASU No. 2016-05, "Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships". The amendments in ASU 2016-05 clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of the hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments in this update may be applied on either a prospective basis or a modified retrospective basis. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2016. The company is evaluating the impact the application of this ASU will have, if any, on the company's financial position, results of operations or cash flows.

In March 2016, the FASB issues ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718)". The amendments in ASU-09 simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2016. The company is evaluating the impact the application of this ASU will have, if any, on the company's financial position, results of operations or cash flows.

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Other Comprehensive Income

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Other Comprehensive Income

) Other Comprehensive Income

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

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

	Currency Translation Adjustment			Pension Benefit Costs			Unrealized Gain/(Loss) Interest Rate Swap			Total
Balance as of January 2, 2016	$	(52,842	)	$	(23,579	)	$	9		$	(76,412	)
Other comprehensive income before reclassification	(19,975		)	4,856			76			(15,043		)
Amounts reclassified from accumulated other comprehensive income	—			—			(199		)	(199		)
Net current-period other comprehensive income	$	(19,975	)	$	4,856		$	(123	)	$	(15,242	)
Balance as of July 2, 2016	$	(72,817	)	$	(18,723	)	$	(114	)	$	(91,654	)

(1) Pension and interest rate swap amounts are net of tax.

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

	Three Months Ended						Six Months Ended
	Jul 2, 2016			Jul 4, 2015			Jul 2, 2016			Jul 4, 2015
Net earnings	$	72,891		$	54,267		$	127,429		$	92,498
Currency translation adjustment	(19,579		)	6,669			(19,975		)	(9,122		)
Pension liability adjustment, net of tax	1,078			(89		)	4,856			25
Unrealized gain on interest rate swaps, net of tax	(2		)	302			(123		)	(170		)
Comprehensive income	$	54,388		$	61,149		$	112,187		$	83,231

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Inventories

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Inventories

Inventories

Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventories at two of the company's manufacturing facilities have been determined using the last-in, first-out ("LIFO") method. These inventories under the LIFO method amounted to $41.4 million at July 2, 2016 and $35.6 million at January 2, 2016 and represented approximately 10.6% and 10.1% of the total inventory at each respective period. The amount of LIFO reserve at July 2, 2016 and January 2, 2016 was not material. Costs for all other 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 July 2, 2016 and January 2, 2016 are as follows: 

	Jul 2, 2016		Jan 2, 2016
	(in thousands)
Raw materials and parts	$	163,630	$	139,117
Work-in-process	34,024		34,771
Finished goods	192,224		180,262
	$	389,878	$	354,150

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Goodwill

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Goodwill

Goodwill

Changes in the carrying amount of goodwill for the six months endedJuly 2, 2016 are as follows (in thousands):

	Commercial Foodservice			Food Processing		Residential Kitchen			Total
Balance as of January 2, 2016	$	473,127		$	134,092	$	376,120		$	983,339
Goodwill acquired during the year	76,220			1,816		—			78,036
Measurement period adjustments to goodwill acquired in prior year	(503		)	—		(58		)	(561		)
Exchange effect	(3,339		)	337		(5,858		)	(8,860		)
Balance as of July 2, 2016	$	545,505		$	136,245	$	370,204		$	1,051,954

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Accrued Expenses

6 Months Ended

Jul. 02, 2016

Disclosure Accrued Expenses [Abstract]

Accrued Expenses

Accrued Expenses

Accrued expenses consist of the following:

	Jul 2, 2016		Jan 2, 2016
	(in thousands)
Accrued payroll and related expenses	$	67,090	$	65,623
Advanced customer deposits	60,663		57,595
Accrued warranty	37,048		37,901
Accrued customer rebates	33,351		45,154
Accrued agent commission	11,633		9,948
Accrued product liability and workers compensation	11,632		11,635
Accrued sales and other tax	10,048		13,537
Accrued professional fees	8,046		7,019
Product recall	6,718		7,786
Restructuring	3,319		6,266
Other accrued expenses	55,974		57,690
	$	305,522	$	320,154

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Warranty Costs

6 Months Ended

Jul. 02, 2016

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:

	Six Months Ended
	Jul 2, 2016
	(in thousands)
Balance as of January 2, 2016	$	37,901
Warranty reserve related to acquisitions	—
Warranty expense	22,868
Warranty claims	(23,721		)
Balance as of July 2, 2016	$	37,048

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Financing Arrangements

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Financing Arrangements

Financing Arrangements

	Jul 2, 2016		Jan 2, 2016
	(in thousands)
Senior secured revolving credit line	$	861,500	$	733,000
Foreign loans	54,596		32,813
Other debt arrangement	230		248
Total debt	$	916,326	$	766,061
Less:  Current maturities of long-term debt	53,755		32,059
Long-term debt	$	862,571	$	734,002

On August 7, 2012, the company entered into a senior secured multi-currency credit facility. Terms of the company’s senior credit agreement provide for a total of $1.25 billion of availability under a revolving credit line. As of July 2, 2016, the company had $861.5 million of borrowings outstanding under this facility. The company also had $6.3 million in outstanding letters of credit as of July 2, 2016, which reduces the borrowing availability under the revolving credit line. Remaining borrowing availability under this facility was $382.2 million at July 2, 2016.

At July 2, 2016, borrowings under the senior secured credit facility were assessed at an interest rate of 1.50% above LIBOR for long-term borrowings or at the higher of the Prime rate and the Federal Funds Rate. The average interest rate on the senior debt amounted to 2.07%. The interest rates on borrowings under the senior secured credit facility may be adjusted quarterly based on the company’s indebtedness ratio on a rolling four-quarter basis. Additionally, a commitment fee based upon the indebtedness ratio is charged on the unused portion of the revolving credit line. This variable commitment fee amounted to 0.25% as of July 2, 2016.

In September 2015, the company completed its acquisition of Aga Rangemaster Group plc in the United Kingdom. At the time of acquisition, credit facilities denominated in British Pounds, Euro and U.S. dollars, had been established to fund local working capital needs. At July 2, 2016, these facilities amounted to $47.0 million in U.S. dollars. The average interest rate assessed on these facilities was approximately 2.46%.

In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At July 2, 2016, these foreign credit facilities amounted to $7.6 million in U.S. dollars with a weighted average interest rate of approximately 9.99%.

The company’s debt is reflected on the balance sheet at cost. Based on current market conditions, the company believes its interest rate margins on its existing debt are consistent with current market conditions and therefore the carrying value of debt reflects the fair value. However, the interest rate margin is based upon numerous factors, including but not limited to the credit rating of the borrower, the duration of the loan, the structure and restrictions under the debt agreement, current lending policies of the counterparty, and the company’s relationships with its lenders.

The company estimated the fair value of its loans by calculating the upfront cash payment a market participant would require to assume the company’s obligations. The upfront cash payment is the amount that a market participant would be able to lend to achieve sufficient cash inflows to cover the cash outflows under the company’s senior revolving credit facility assuming the facility was outstanding in its entirety until maturity. Since the company maintains its borrowings under a revolving credit facility and there is no predetermined borrowing or repayment schedule, for purposes of this calculation the company calculated the fair value of its obligations assuming the current amount of debt at the end of the period was outstanding until the maturity of the company’s senior revolving credit facility in August 2017. Although borrowings could be materially greater or less than the current amount of borrowings outstanding at the end of the period, it is not practical to estimate the amounts that may be outstanding during future periods. The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands):

	Jul 2, 2016				Jan 2, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt	$	916,326	$	916,326	$	766,061	$	766,061

The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the revolving credit line. At July 2, 2016, the company had outstanding floating-to-fixed interest rate swaps totaling $90.0 million notional amount carrying an average interest rate of 0.82% maturing in less than 12 months and $85.0 million notional amount carrying an average interest rate of 0.98% that mature in more than 12 months but less than 24 months.

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.

The terms of the senior secured credit facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; enter into certain transactions with affiliates; and require, among other things, a maximum ratio of indebtedness to EBITDA of 3.5 and a fixed charge coverage ratio (as defined in the senior secured credit facility) of 1.25. The senior secured credit facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material domestic subsidiaries. The senior secured credit facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the company guarantee or any subsidiary guaranty; and a change of control of the company. The credit agreement also provides that if a material adverse change in the company’s business operations or conditions occurs, the lender could declare an event of default. Under terms of the agreement, a material adverse effect is defined as (a) a material adverse change in, or a material adverse effect upon, the operations, business properties, condition (financial and otherwise) or prospects of the company and its subsidiaries taken as a whole; (b) a material impairment of the ability of the company to perform under the loan agreements and to avoid any event of default; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the company of any loan document. A material adverse effect is determined on a subjective basis by the company's creditors. At July 2, 2016, the company was in compliance with all covenants pursuant to its borrowing agreements.

Subsequent to the end of the second quarter, the company entered into an amended senior secured multi-currency credit facility. See Note 15 of the Notes to the Condensed Consolidated Financial Statements for further information.

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Financial Instruments

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Financial Instruments

Financial Instruments

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

Foreign Exchange: The company uses foreign currency forward and option purchase and sales 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 fair value of the forward and option contracts was a gain of $3.1 million at the end of the second quarter of 2016.

Interest Rate: The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of July 2, 2016, the fair value of these instruments was a liability of $0.6 million. The change in fair value of these swap agreements in the first six months of 2016 was a loss of less than $0.1 million, net of taxes.

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

	Condensed Consolidated Balance Sheet Presentation	Jul 2, 2016			Jan 2, 2016
Fair value	Other non-current liabilities	$	(610	)	$	(412	)

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

		Three Months Ended						Six Months Ended
	Presentation of Gain/(loss)	Jul 2, 2016			Jul 4, 2015			Jul 2, 2016			Jul 4, 2015
Gain/(loss) recognized in accumulated other comprehensive income	Other comprehensive income	$	(211	)	$	(4	)	$	(730	)	$	(1,301	)
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense	$	(208	)	$	(489	)	$	(525	)	$	(974	)
Gain/(loss) recognized in income (ineffective portion)	Other expense	$	(4	)	$	2		$	7		$	15

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 and assesses its creditworthiness prior to entering into the interest rate swap agreements. 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

6 Months Ended

Jul. 02, 2016

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 manufactures, sells, and distributes cooking equipment for the restaurant and institutional kitchen industry. This business segment has manufacturing facilities in California, Illinois, Michigan, New Hampshire, North Carolina, Pennsylvania, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Italy, the Philippines, Poland and the United Kingdom. Principal product lines of this group include conveyor ovens, ranges, steamers, convection ovens, combi-ovens, broilers and steam cooking equipment, induction cooking systems, baking and proofing ovens, charbroilers, catering equipment, fryers, toasters, hot food servers, food warming equipment, griddles, coffee and beverage dispensing equipment, professional refrigerators, coldrooms, ice machines, freezers and kitchen processing and ventilation equipment. These products are sold and marketed under the brand names: Anets, Beech, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Desmon, Doyon, Eswood, Follett, Frifri, Giga, Goldstein, Holman, Houno, IMC, Induc, Jade, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, Southbend, Star, Toastmaster, TurboChef, Wells and Wunder-Bar.

The Food Processing Equipment Group manufactures preparation, cooking, packaging, food handling and food safety equipment for the food processing industry. This business segment has manufacturing operations in Georgia, Illinois, Iowa, North Carolina, Texas, Virginia, Wisconsin, France, Germany and the United Kingdom. Principal product lines of this group include batch ovens, belt ovens, continuous processing ovens, frying systems, automated thermal processing systems, automated loading and unloading systems, meat presses, breading, battering, mixing, water cutting systems, forming, grinding and slicing equipment, food suspension, reduction and emulsion systems, defrosting equipment, packaging and food safety equipment. These products are sold and marketed under the brand names: Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Cozzini, Danfotech, Drake, Maurer-Atmos, MP Equipment, RapidPak, Spooner Vicars, Stewart Systems and Thurne.

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

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

Net Sales Summary

(dollars in thousands)

	Three Months Ended								Six Months Ended
	Jul 2, 2016				Jul 4, 2015				Jul 2, 2016				Jul 4, 2015
	Sales		Percent		Sales		Percent		Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice	$	321,028	55.3	%	$	288,831	66.2	%	$	600,014	54.7	%	$	551,047	65.4	%
Food Processing	83,475		14.4		71,913		16.5		162,111		14.8		141,732		16.8
Residential Kitchen	175,953		30.3		75,547		17.3		334,686		30.5		150,108		17.8
Total	$	580,456	100.0	%	$	436,291	100.0	%	$	1,096,811	100.0	%	$	842,887	100.0	%

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

	Commercial  Foodservice		Food Processing		Residential Kitchen		Corporate and Other(2)			Total
Three Months Ended July 2, 2016
Net sales	$	321,028	$	83,475	$	175,953	$	—		$	580,456
Income (loss) from operations	93,732		19,186		22,364		(23,369		)	111,913
Depreciation and amortization expense	5,575		1,520		8,238		977			16,310
Net capital expenditures	3,322		884		1,078		131			5,415
Six Months Ended July 2, 2016
Net sales	$	600,014	$	162,111	$	334,686	$	—		$	1,096,811
Income (loss) from operations	170,301		37,049		32,215		(41,277		)	198,288
Depreciation and amortization expense	9,946		2,958		16,942		1,394			31,240
Net capital expenditures	7,506		2,682		2,789		131			13,108
Total assets	$	1,367,664	$	321,694	$	1,195,379	$	46,933		$	2,931,670
Three Months Ended July 4, 2015
Net sales	$	288,831	$	71,913	$	75,547	$	—		$	436,291
Income (loss) from operations	77,616		14,176		9,101		(17,533		)	83,360
Depreciation and amortization expense	5,027		3,545		2,260		96			10,928
Net capital expenditures	3,296		1,782		309		180			5,567
Six Months Ended July 4, 2015
Net sales	$	551,047	$	141,732	$	150,108	$	—		$	842,887
Income (loss) from operations	141,342		27,486		14,042		(32,930		)	149,940
Depreciation and amortization expense	10,293		4,982		6,389		496			22,160
Net capital expenditures	7,920		2,137		1,369		258			11,684
Total assets	$	1,159,298	$	314,282	$	629,210	$	53,158		$	2,155,948

(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.

Geographic Information

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

	Jul 2, 2016		Jul 4, 2015
United States and Canada	$	170,854	$	106,208
Asia	15,582		20,835
Europe and Middle East	64,199		46,165
Latin America	1,151		1,401
Total international	$	80,932	$	68,401
	$	251,786	$	174,609

Net sales (in thousands):

	Three Months Ended				Six Months Ended
	Jul 2, 2016		Jul 4, 2015		Jul 2, 2016		Jul 4, 2015
United States and Canada	$	381,369	$	327,539	$	707,310	$	624,023
Asia	43,796		36,383		81,590		84,912
Europe and Middle East	134,484		57,140		271,088		100,124
Latin America	20,807		15,229		36,823		33,828
Total international	$	199,087	$	108,752	$	389,501	$	218,864
	$	580,456	$	436,291	$	1,096,811	$	842,887

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Employee Retirement Plans

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Employee Retirement Plans

Employee Retirement Plans

(a) Pension Plans

U.S. Plans:

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

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

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

Non-U.S. Plans:

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

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

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

During the six months period ended July 2, 2016, the company recorded net periodic pension cost related to the AGA Group pension plans of $12.1 million which includes; an expected return on plan assets of $35.2 million, interest cost of $21.3 million and a service cost of $1.8 million. The pension costs for all other plans of the company were not material during the six months period ended July 2, 2016 and six months period ended July 4, 2015, respectively.

(b) Defined Contribution Plans

The company maintains two separate defined contribution 401K savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. The company also maintains defined contribution plans for its U.K. based employees.

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Acquisition Integration Initiatives

6 Months Ended

Jul. 02, 2016

Subsequent Events [Abstract]

Acquisition Integration Initiatives

14) Restructuring

Residential Kitchen Equipment Group:

During fiscal year 2015, the company took actions to improve the operations of Viking and undertook acquisition integration initiatives related to AGA within the Residential Kitchen Equipment Group. These initiatives included organizational restructuring and headcount reductions, consolidation and disposition of certain facilities and business operations. The company recorded additional expense of $7.0 million in the six months period ended July 2, 2016. This expense is reflected in restructuring expenses in the consolidated statements of comprehensive income. The cumulative expenses incurred to date for these initiatives is approximately $27.5 million. The company estimates that these restructuring initiatives will result in future cost savings of approximately $24.1 million annually, beginning in fiscal year 2016, primarily related to compensation and facility costs. The company anticipates that all severance obligations for the Residential Kitchen Equipment Group will be satisfied by the end of fiscal of 2016. The lease obligations extend through July 2020.

	Severance/Benefits			Facilities/Operations			Other			Total
Balance as of January 2, 2016	$	15,661		$	4,642		$	120		$	20,423
Expenses	6,194			787			(21		)	6,960
Exchange	(376		)	(26		)	(26		)	(428		)
Payments	(13,377		)	(2,822		)	26			(16,173		)
Balance as of July 2, 2016	$	8,102		$	2,581		$	99		$	10,782

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jul. 02, 2016

Accounting Policies [Abstract]

Basis of Presentation

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. 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 2015 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2016. 

In the opinion of management, the financial statements contain all adjustments necessary to present fairly the financial position of the company as of July 2, 2016 and January 2, 2016, the results of operations for the three and six months endedJuly 2, 2016 and July 4, 2015 and cash flows for the six months endedJuly 2, 2016 and July 4, 2015.

Use of Estimates

Use of Estimates

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

Non-Cash Share-Based Compensation

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 $6.2 million and $5.4 million for the second quarter periods ended July 2, 2016 and July 4, 2015, respectively.

Income Tax Contingencies

C) Income Taxes

As of January 2, 2016, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $14.4 million (of which $14.1 million would impact the effective tax rate if recognized) plus approximately $1.9 million of accrued interest and $3.8 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of July 2, 2016, the company recognized a tax expense of $1.8 million for unrecognized tax benefits related to current year tax exposures.

It is reasonably possible that the amounts of unrecognized tax benefits associated with state, federal and foreign tax positions may decrease over the next twelve months due to expiration of a statute or completion of an audit. The company believes that it is reasonably possible that approximately $1.6 million of its remaining unrecognized tax benefits may be recognized over the next twelve months as a result of lapses of statutes of limitations.

A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: 

United States - federal	2012 – 2015
United States - states	2006 – 2015
Australia	2011 – 2015
Brazil	2011 – 2015
Canada	2009 – 2015
China	2006 – 2015
Czech Republic	2013 – 2015
Denmark	2013 – 2015
France	2013 – 2015
Germany	2013 – 2015
India	2013 – 2015
Ireland	2009 – 2015
Italy	2011 – 2015
Luxembourg	2011 – 2015
Mexico	2011 – 2015
Netherlands	2004 – 2015
Philippines	2013 – 2015
Poland	2010 – 2015
Romania	2006 – 2015
Scotland	2015
South Korea	2011
Spain	2011 – 2015
Sweden	2009 – 2015
Switzerland	2008 – 2015
Taiwan	2011 – 2012
United Kingdom	2014 – 2015

Fair Value Measures

D) Fair Value Measures

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

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

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

Level 3 – Unobservable inputs based on our own assumptions.

The company’s financial 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 July 2, 2016
Financial Liabilities:
Interest rate swaps	$	—	$	610	$	—	$	610
Contingent consideration	$	—	$	—	$	8,446	$	8,446
As of January 2, 2016
Financial Liabilities:
Interest rate swaps	$	—	$	412	$	—	$	412
Contingent consideration	$	—	$	—	$	11,065	$	11,065

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Acquisitions and Purchase Accounting (Tables)

6 Months Ended

Jul. 02, 2016

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

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

	Six Months Ended
	July 2, 2016		July 4, 2015
Net sales	$	1,164,311	$	1,142,066
Net earnings	132,088		89,456
Net earnings per share:
Basic	2.32		1.57
Diluted	2.32		1.57

Follett [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands):

	(as initially reported) May 31, 2016
Cash	$	22,620
Current assets	41,602
Property, plant and equipment	19,868
Goodwill	76,220
Other intangibles	82,450
Other assets	1,358
Current liabilities	(11,779		)
Other non-current liabilities	(616		)
Net assets acquired and liabilities assumed	$	231,723

Thurne [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The final allocation of cash paid for the Thurne acquisition is summarized as follows (in thousands):

	(as initially reported) Apr 7, 2015			Measurement Period Adjustments			(as adjusted) Apr 7, 2015
Current assets	$	3,419		$	(275	)	$	3,144
Property, plant and equipment	3,334			—			3,334
Goodwill	609			2,378			2,987
Other intangibles	3,625			(2,024		)	1,601
Current liabilities	(1,115		)	—			(1,115		)
Net assets acquired and liabilities assumed	$	9,872		$	79		$	9,951

Desmon [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The final allocation of cash paid for the Desmon acquisition is summarized as follows (in thousands):

	(as initially reported) Jan 7, 2015			Measurement Period Adjustments			(as adjusted) Jan 7, 2015
Cash	$	441		$	(12	)	$	429
Current deferred tax asset	535			—			535
Current assets	8,639			(1,105		)	7,534
Property, plant and equipment	7,989			—			7,989
Goodwill	7,175			53			7,228
Other intangibles	3,129			(899		)	2,230
Current liabilities	(8,668		)	998			(7,670		)
Long-term deferred tax liability	(2,389		)	282			(2,107		)
Other non-current liabilities	(2,463		)	269			(2,194		)
Consideration paid at closing	$	14,388		$	(414	)	$	13,974
Contingent consideration	2,416			(269		)	2,147
Net assets acquired and liabilities assumed	$	16,804		$	(683	)	$	16,121

PES [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The final allocation of cash paid for the PES acquisition is summarized as follows (in thousands):

	(as initially reported) Mar 31, 2014			Measurement Period Adjustments			(as adjusted) Mar 31, 2014
Current assets	$	2,211		$	(153	)	$	2,058
Property, plant and equipment	3,493			—			3,493
Goodwill	10,792			332			11,124
Other intangibles	1,600			18			1,618
Other assets	21			(21		)	—
Current liabilities	(816		)	—			(816		)
Other non-current liabilities	(2,301		)	(176		)	(2,477		)
Consideration paid at closing	$	15,000		$	—		$	15,000
Contingent consideration	2,301			176			2,477
Net assets acquired and liabilities assumed	$	17,301		$	176		$	17,477

Market Forge [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The final allocation of cash paid for the Market Forge acquisition is summarized as follows (in thousands):

	(as initially reported) Jan 7, 2014			Measurement Period Adjustments			(as adjusted) Jan 7, 2014
Current assets	$	2,051		$	(100	)	$	1,951
Property, plant and equipment	120			—			120
Goodwill	5,252			654			5,906
Other intangibles	4,191			—			4,191
Current liabilities	(4,374		)	(554		)	(4,928		)
Consideration paid at closing	$	7,240		$	—		$	7,240
Deferred payments	3,000			—			3,000
Contingent consideration	1,374			126			1,500
Net assets acquired and liabilities assumed	$	11,614		$	126		$	11,740

Distributors 2014 [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The final allocation of cash paid for the Viking Distributors 2014 acquisition is summarized as follows (in thousands):

	(as initially reported) Jan 31, 2014			Measurement Period Adjustments			(as adjusted) Jan 31, 2014
Current assets	$	35,909		$	(8,101	)	$	27,808
Property, plant and equipment	2,000			(291		)	1,709
Goodwill	7,552			8,647			16,199
Current liabilities	(1,005		)	(255		)	(1,260		)
Net assets acquired and liabilities assumed	$	44,456		$	—		$	44,456
Forgiveness of liabilities owed to Viking	(5,971		)	—			(5,971		)
Consideration paid at closing	$	38,485		$	—		$	38,485

Concordia [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

:

	(as initially reported) Sep 8, 2014			Measurement Period Adjustments			(as adjusted) Sep 8, 2014
Cash	$	345		$	—		$	345
Current deferred tax asset	—			726			726
Current assets	3,767			(497		)	3,270
Goodwill	11,255			(5,720		)	5,535
Other intangibles	4,500			(1,200		)	3,300
Long-term deferred tax asset	—			3,264			3,264
Current liabilities	(2,296		)	(842		)	(3,138		)
Other non-current liabilities	(4,710		)	4,189			(521		)
Consideration paid at closing	$	12,861		$	(80	)	$	12,781
Contingent consideration	4,710			(4,189		)	521
Net assets acquired and liabilities assumed	$	17,571		$	(4,269	)	$	13,302

ULine [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The final allocation of cash paid for the U-Line acquisition is summarized as follows (in thousands):

	(as initially reported) Nov 5, 2014			Measurement Period Adjustments			(as adjusted) Nov 5, 2014
Cash	$	12,764		$	—		$	12,764
Current deferred tax asset	657			114			771
Current assets	12,237			—			12,237
Property, plant and equipment	3,376			—			3,376
Goodwill	89,501			(8,000		)	81,501
Other intangibles	57,500			17,700			75,200
Current liabilities	(6,032		)	(1,973		)	(8,005		)
Long-term deferred tax liability	(13,095		)	(4,657		)	(17,752		)
Other non-current liabilities	(2,111		)	(3,459		)	(5,570		)
Net assets acquired and liabilities assumed	$	154,797		$	(275	)	$	154,522

GoldsteinEswood [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The final allocation of cash paid for the Goldstein acquisition is summarized as follows (in thousands):

	(as initially reported) Jan 30, 2015			Measurement Period Adjustments			(as adjusted) Jan 30, 2015
Current assets	$	8,036		$	—		$	8,036
Property, plant and equipment	8,690			—			8,690
Goodwill	8,493			(2,727		)	5,766
Other intangibles	5,648			3,113			8,761
Current liabilities	(1,806		)	(202		)	(2,008		)
Other non-current liabilities	(1,655		)	(184		)	(1,839		)
Consideration paid at closing	$	27,406		$	—		$	27,406
Contingent consideration	1,655			183			1,838
Net assets acquired and liabilities assumed	$	29,061		$	183		$	29,244

Marsal [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The final allocation of cash paid for the Marsal acquisition is summarized as follows (in thousands):

	(as initially reported) Feb 10, 2015			Measurement Period Adjustments			(as adjusted) Feb 10, 2015
Current assets	$	455		$	—		$	455
Property, plant and equipment	201			(6		)	195
Goodwill	3,012			6			3,018
Other intangibles	2,027			—			2,027
Current liabilities	(195		)	—			(195		)
Net assets acquired and liabilities assumed	$	5,500		$	—		$	5,500

Induc [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

acquisition is summarized as follows (in thousands):

	(as initially reported) May 30, 2015			Measurement Period Adjustments			(as adjusted) May 30, 2015
Current assets	$	1,705		$	(325	)	$	1,380
Property, plant and equipment	536			353			889
Goodwill	13,496			(979		)	12,517
Other intangibles	1,500			(300		)	1,200
Other assets	32			(32		)	—
Current liabilities	(854		)	854			—
Other non-current liabilities	(5,793		)	586			(5,207		)
Consideration paid at closing	$	10,622		$	157		$	10,779
Deferred payment	1,516			(44		)	1,472
Contingent consideration	4,276			(541		)	3,735
Net assets acquired and liabilities assumed	$	16,414		$	(428	)	$	15,986

Aga [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands):

	(as initially reported) Sep 23, 2015			Preliminary Measurement Period Adjustments			(as adjusted) Sep 23, 2015
Cash	$	15,316		$	984		$	16,300
Current assets	163,216			(9,105		)	154,111
Property, plant and equipment	61,423			(210		)	61,213
Goodwill	144,645			(21,957		)	122,688
Other intangibles	190,000			30,000			220,000
Deferred tax asset	5,306			(5,306		)	—
Other assets	1,573			289			1,862
Current portion long-term debt	(30,703		)	—			(30,703		)
Current liabilities	(147,279		)	(7,237		)	(154,516		)
Long term debt	(138		)	—			(138		)
Long-term deferred tax liability	—			(143		)	(143		)
Other non-current liabilities	(202,312		)	12,685			(189,627		)
Net assets acquired and liabilities assumed	$	201,047		$	—		$	201,047

Lynx [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

he following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands):

	(as initially reported) Dec 15, 2015			Preliminary Measurement Period Adjustments			(as adjusted) Dec 15, 2015
Cash	$	276		$	—		$	276
Current deferred tax asset	467			—			467
Current assets	18,630			(296		)	18,334
Property, plant and equipment	1,690			—			1,690
Goodwill	42,502			1,526			44,028
Other intangibles	39,800			—			39,800
Other assets	130			—			130
Current liabilities	(6,208		)	—			(6,208		)
Long term deferred tax liability	(12,589		)	—			(12,589		)
Other non-current liabilities	(666		)	(1,230		)	(1,896		)
Net assets acquired and liabilities assumed	$	84,032		$	—		$	84,032

Emico [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands):

	(as initially reported) May 20, 2016
Current assets	$	746
Goodwill	1,816
Current liabilities	(934		)
Other non-current liabilities	(628		)
Consideration paid at closing	$	1,000
Deferred payments	1,559
Net assets acquired and liabilities assumed	$	2,559

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jul. 02, 2016

Accounting Policies [Abstract]

Summary of Income Tax Examinations

A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: 

United States - federal	2012 – 2015
United States - states	2006 – 2015
Australia	2011 – 2015
Brazil	2011 – 2015
Canada	2009 – 2015
China	2006 – 2015
Czech Republic	2013 – 2015
Denmark	2013 – 2015
France	2013 – 2015
Germany	2013 – 2015
India	2013 – 2015
Ireland	2009 – 2015
Italy	2011 – 2015
Luxembourg	2011 – 2015
Mexico	2011 – 2015
Netherlands	2004 – 2015
Philippines	2013 – 2015
Poland	2010 – 2015
Romania	2006 – 2015
Scotland	2015
South Korea	2011
Spain	2011 – 2015
Sweden	2009 – 2015
Switzerland	2008 – 2015
Taiwan	2011 – 2012
United Kingdom	2014 – 2015

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

The company’s financial 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 July 2, 2016
Financial Liabilities:
Interest rate swaps	$	—	$	610	$	—	$	610
Contingent consideration	$	—	$	—	$	8,446	$	8,446
As of January 2, 2016
Financial Liabilities:
Interest rate swaps	$	—	$	412	$	—	$	412
Contingent consideration	$	—	$	—	$	11,065	$	11,065

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Other Comprehensive Income (Tables)

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

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

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

	Currency Translation Adjustment			Pension Benefit Costs			Unrealized Gain/(Loss) Interest Rate Swap			Total
Balance as of January 2, 2016	$	(52,842	)	$	(23,579	)	$	9		$	(76,412	)
Other comprehensive income before reclassification	(19,975		)	4,856			76			(15,043		)
Amounts reclassified from accumulated other comprehensive income	—			—			(199		)	(199		)
Net current-period other comprehensive income	$	(19,975	)	$	4,856		$	(123	)	$	(15,242	)
Balance as of July 2, 2016	$	(72,817	)	$	(18,723	)	$	(114	)	$	(91,654	)

Schedule of Comprehensive Income (Loss)

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

	Three Months Ended						Six Months Ended
	Jul 2, 2016			Jul 4, 2015			Jul 2, 2016			Jul 4, 2015
Net earnings	$	72,891		$	54,267		$	127,429		$	92,498
Currency translation adjustment	(19,579		)	6,669			(19,975		)	(9,122		)
Pension liability adjustment, net of tax	1,078			(89		)	4,856			25
Unrealized gain on interest rate swaps, net of tax	(2		)	302			(123		)	(170		)
Comprehensive income	$	54,388		$	61,149		$	112,187		$	83,231

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Inventories (Tables)

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Schedule of Inventory, Current

Inventories at July 2, 2016 and January 2, 2016 are as follows: 

	Jul 2, 2016		Jan 2, 2016
	(in thousands)
Raw materials and parts	$	163,630	$	139,117
Work-in-process	34,024		34,771
Finished goods	192,224		180,262
	$	389,878	$	354,150

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Goodwill (Tables)

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the six months endedJuly 2, 2016 are as follows (in thousands):

	Commercial Foodservice			Food Processing		Residential Kitchen			Total
Balance as of January 2, 2016	$	473,127		$	134,092	$	376,120		$	983,339
Goodwill acquired during the year	76,220			1,816		—			78,036
Measurement period adjustments to goodwill acquired in prior year	(503		)	—		(58		)	(561		)
Exchange effect	(3,339		)	337		(5,858		)	(8,860		)
Balance as of July 2, 2016	$	545,505		$	136,245	$	370,204		$	1,051,954

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Accrued Expenses (Tables)

6 Months Ended

Jul. 02, 2016

Disclosure Accrued Expenses [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consist of the following:

	Jul 2, 2016		Jan 2, 2016
	(in thousands)
Accrued payroll and related expenses	$	67,090	$	65,623
Advanced customer deposits	60,663		57,595
Accrued warranty	37,048		37,901
Accrued customer rebates	33,351		45,154
Accrued agent commission	11,633		9,948
Accrued product liability and workers compensation	11,632		11,635
Accrued sales and other tax	10,048		13,537
Accrued professional fees	8,046		7,019
Product recall	6,718		7,786
Restructuring	3,319		6,266
Other accrued expenses	55,974		57,690
	$	305,522	$	320,154

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Warranty Costs (Tables)

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Product Warranty Table Disclosure

A rollforward of the warranty reserve is as follows:

	Six Months Ended
	Jul 2, 2016
	(in thousands)
Balance as of January 2, 2016	$	37,901
Warranty reserve related to acquisitions	—
Warranty expense	22,868
Warranty claims	(23,721		)
Balance as of July 2, 2016	$	37,048

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Financing Arrangements (Tables)

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Schedule of Long-term Debt Instruments

	Jul 2, 2016		Jan 2, 2016
	(in thousands)
Senior secured revolving credit line	$	861,500	$	733,000
Foreign loans	54,596		32,813
Other debt arrangement	230		248
Total debt	$	916,326	$	766,061
Less:  Current maturities of long-term debt	53,755		32,059
Long-term debt	$	862,571	$	734,002

Carrying Value And Fair Value Of Long Term Debt, Disclosure

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

	Jul 2, 2016				Jan 2, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt	$	916,326	$	916,326	$	766,061	$	766,061

Schedule of Interest Rate Derivatives

, the company had outstanding floating-to-fixed interest rate swaps totaling $90.0 million notional amount carrying an average interest rate of 0.82% maturing in less than 12 months and $85.0 million notional amount carrying an average interest rate of 0.98% that mature in more than 12 months but less than 24 months.

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Financial Instruments (Tables)

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Foreign Exchange Transaction

The fair value of the forward and option contracts was a gain of $3.1 million at the end of the second quarter of 2016.

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

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

	Condensed Consolidated Balance Sheet Presentation	Jul 2, 2016			Jan 2, 2016
Fair value	Other non-current liabilities	$	(610	)	$	(412	)

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						Six Months Ended
	Presentation of Gain/(loss)	Jul 2, 2016			Jul 4, 2015			Jul 2, 2016			Jul 4, 2015
Gain/(loss) recognized in accumulated other comprehensive income	Other comprehensive income	$	(211	)	$	(4	)	$	(730	)	$	(1,301	)
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense	$	(208	)	$	(489	)	$	(525	)	$	(974	)
Gain/(loss) recognized in income (ineffective portion)	Other expense	$	(4	)	$	2		$	7		$	15

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Segment Information (Tables)

6 Months Ended

Jul. 02, 2016

Notes To Financial Statements [Abstract]

Net Sales Summary By Segment

Net Sales Summary

(dollars in thousands)

	Three Months Ended								Six Months Ended
	Jul 2, 2016				Jul 4, 2015				Jul 2, 2016				Jul 4, 2015
	Sales		Percent		Sales		Percent		Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice	$	321,028	55.3	%	$	288,831	66.2	%	$	600,014	54.7	%	$	551,047	65.4	%
Food Processing	83,475		14.4		71,913		16.5		162,111		14.8		141,732		16.8
Residential Kitchen	175,953		30.3		75,547		17.3		334,686		30.5		150,108		17.8
Total	$	580,456	100.0	%	$	436,291	100.0	%	$	1,096,811	100.0	%	$	842,887	100.0	%

Schedule of Segment Reporting Information, by Segment

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

	Commercial  Foodservice		Food Processing		Residential Kitchen		Corporate and Other(2)			Total
Three Months Ended July 2, 2016
Net sales	$	321,028	$	83,475	$	175,953	$	—		$	580,456
Income (loss) from operations	93,732		19,186		22,364		(23,369		)	111,913
Depreciation and amortization expense	5,575		1,520		8,238		977			16,310
Net capital expenditures	3,322		884		1,078		131			5,415
Six Months Ended July 2, 2016
Net sales	$	600,014	$	162,111	$	334,686	$	—		$	1,096,811
Income (loss) from operations	170,301		37,049		32,215		(41,277		)	198,288
Depreciation and amortization expense	9,946		2,958		16,942		1,394			31,240
Net capital expenditures	7,506		2,682		2,789		131			13,108
Total assets	$	1,367,664	$	321,694	$	1,195,379	$	46,933		$	2,931,670
Three Months Ended July 4, 2015
Net sales	$	288,831	$	71,913	$	75,547	$	—		$	436,291
Income (loss) from operations	77,616		14,176		9,101		(17,533		)	83,360
Depreciation and amortization expense	5,027		3,545		2,260		96			10,928
Net capital expenditures	3,296		1,782		309		180			5,567
Six Months Ended July 4, 2015
Net sales	$	551,047	$	141,732	$	150,108	$	—		$	842,887
Income (loss) from operations	141,342		27,486		14,042		(32,930		)	149,940
Depreciation and amortization expense	10,293		4,982		6,389		496			22,160
Net capital expenditures	7,920		2,137		1,369		258			11,684
Total assets	$	1,159,298	$	314,282	$	629,210	$	53,158		$	2,155,948

(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.

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):

	Jul 2, 2016		Jul 4, 2015
United States and Canada	$	170,854	$	106,208
Asia	15,582		20,835
Europe and Middle East	64,199		46,165
Latin America	1,151		1,401
Total international	$	80,932	$	68,401
	$	251,786	$	174,609

Schedule of Entity-Wide Information, Revenue from External Customers by Products and Services

Net sales (in thousands):

	Three Months Ended				Six Months Ended
	Jul 2, 2016		Jul 4, 2015		Jul 2, 2016		Jul 4, 2015
United States and Canada	$	381,369	$	327,539	$	707,310	$	624,023
Asia	43,796		36,383		81,590		84,912
Europe and Middle East	134,484		57,140		271,088		100,124
Latin America	20,807		15,229		36,823		33,828
Total international	$	199,087	$	108,752	$	389,501	$	218,864
	$	580,456	$	436,291	$	1,096,811	$	842,887

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Acquisition Integration Initiatives Acquisition Integration Initiatives (Tables)

6 Months Ended

Jul. 02, 2016

Residential Kitchen [Member]

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Activities Disclosure [Text Block]

	Severance/Benefits			Facilities/Operations			Other			Total
Balance as of January 2, 2016	$	15,661		$	4,642		$	120		$	20,423
Expenses	6,194			787			(21		)	6,960
Exchange	(376		)	(26		)	(26		)	(428		)
Payments	(13,377		)	(2,822		)	26			(16,173		)
Balance as of July 2, 2016	$	8,102		$	2,581		$	99		$	10,782

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Acquisitions and Purchase Accounting Additional Information (Details) - USD ($) $ in Thousands													6 Months Ended
	May 31, 2016	May 20, 2016	May 31, 2015	Apr. 07, 2015	Feb. 10, 2015	Jan. 30, 2015	Jan. 07, 2015	Nov. 05, 2014	Sep. 08, 2014	Mar. 31, 2014	Jan. 31, 2014	Jan. 07, 2014	Jul. 02, 2016	Jul. 04, 2015	Dec. 15, 2015	May 30, 2015
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 209,100	$ 1,000											$ 212,024	$ 76,192
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 2,559
Measurement Period Adjustments
Business Acquisition [Line Items]
Long-term deferred tax liability															$ 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill															0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net															$ 0
Concordia [Member]
Business Acquisition [Line Items]
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards									$ 4,100
Payments to Acquire Businesses, Net of Cash Acquired									12,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent									3,264
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill									3,300
Business Combination, Contingent Consideration, Liability									500
Business Combination, Provisional Information Adjustment, Working Capital									100
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net									13,302
Concordia [Member] | Measurement Period Adjustments
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill									(1,200)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net									(4,269)
Concordia [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent									0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill									4,500
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net									17,571
Concordia [Member] | Book And Tax Basis Difference [Member] | Intangible Assets [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net									1,200
Concordia [Member] | Book And Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net									1,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current									700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent									3,300
Concordia [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill									$ 2,200
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life									10 years
Concordia [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill									$ 1,100
ULine [Member]
Business Acquisition [Line Items]
Long-term deferred tax liability								$ 17,752
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards								5,700
Payments to Acquire Businesses, Net of Cash Acquired								142,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill								75,200
Business Combination, Provisional Information Adjustment, Working Capital								300
ULine [Member] | Measurement Period Adjustments
Business Acquisition [Line Items]
Long-term deferred tax liability								(4,657)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill								17,700
ULine [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Long-term deferred tax liability								13,095
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill								57,500
ULine [Member] | Book And Tax Basis Difference [Member] | Intangible Assets [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net								24,200
ULine [Member] | Book And Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member]
Business Acquisition [Line Items]
Long-term deferred tax liability								17,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net								1,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current								800
ULine [Member] | Backlog [Member] | Residential Kitchen [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill								1,800
ULine [Member] | Customer Relationships [Member] | Residential Kitchen [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill								$ 20,700
ULine [Member] | Backlog [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life								5 months
ULine [Member] | Trade Names [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life								6 years
ULine [Member] | Trade Names [Member] | Residential Kitchen [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill								$ 52,700
Desmon [Member]
Business Acquisition [Line Items]
Long-term deferred tax liability							$ 2,107
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards							200
Payments to Acquire Businesses, Net of Cash Acquired							13,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							2,230
Business Combination, Contingent Consideration, Liability							2,100
Business Combination, Provisional Information Adjustment, Working Capital							400
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net							16,121
Desmon [Member] | Measurement Period Adjustments
Business Acquisition [Line Items]
Long-term deferred tax liability							(282)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							(899)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net							(683)
Desmon [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Long-term deferred tax liability							2,389
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							3,129
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net							16,804
Desmon [Member] | Book And Tax Basis Difference [Member] | Intangible Assets [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net							700
Desmon [Member] | Book And Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member]
Business Acquisition [Line Items]
Long-term deferred tax liability							2,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net							1,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current							500
Desmon [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							$ 600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life							9 years
Desmon [Member] | Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							$ 300
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life							7 years
Desmon [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							$ 1,300
GoldsteinEswood [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired						$ 27,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						8,761
Business Combination, Contingent Consideration, Liability						1,800
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net						29,244
GoldsteinEswood [Member] | Measurement Period Adjustments
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						3,113
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net						183
GoldsteinEswood [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						5,648
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net						29,061
GoldsteinEswood [Member] | Backlog [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						$ 100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life						3 months
GoldsteinEswood [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						$ 5,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life						7 years
GoldsteinEswood [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						$ 2,800
Market Forge [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired												$ 7,000
Business Acquisition, Additional Payment Due												200
Business Combination, Contingent Consideration, Liability												1,500
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net												11,740
Payments for Previous Acquisition												3,000
Market Forge [Member] | Measurement Period Adjustments
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net												126
Market Forge [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net												11,614
Market Forge [Member] | Backlog [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill												$ 100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life												3 months
Market Forge [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill												$ 1,100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life												4 years
Market Forge [Member] | Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill												$ 200
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life												5 years
Market Forge [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill												$ 2,900
Distributors 2014 [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired											$ 44,500
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net											44,456
Business Combinations, Preexisting Relationship, Liability Forgiveness											(5,971)
Distributors 2014 [Member] | Measurement Period Adjustments
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net											0
Business Combinations, Preexisting Relationship, Liability Forgiveness											0
Distributors 2014 [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net											44,456
Business Combinations, Preexisting Relationship, Liability Forgiveness											$ (5,971)
PES [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired										$ 15,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill										1,618
Business Combination, Contingent Consideration, Liability										2,500
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net										17,477
PES [Member] | Measurement Period Adjustments
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill										18
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net										176
PES [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill										1,600
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net										17,301
PES [Member] | Backlog [Member] | Food Processing Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill										$ 100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life										3 months
PES [Member] | Customer Relationships [Member] | Food Processing Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill										$ 1,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life										5 years
PES [Member] | Developed Technology Rights [Member] | Food Processing Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill										$ 600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life										5 years
Marsal [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired					$ 5,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					2,027
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					5,500
Marsal [Member] | Measurement Period Adjustments
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					0
Marsal [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					2,027
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					5,500
Marsal [Member] | Backlog [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					$ 100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					3 months
Marsal [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					$ 500
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					4 years
Marsal [Member] | Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					$ 100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					5 years
Marsal [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					$ 1,300
Thurne [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired				$ 12,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				1,601
Business Combination, Provisional Information Adjustment, Working Capital				2,700
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net				9,951
Thurne [Member] | Measurement Period Adjustments
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				(2,024)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net				79
Thurne [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				3,625
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net				9,872
Thurne [Member] | Customer Relationships [Member] | Food Processing Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				$ 600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				9 years
Thurne [Member] | Backlog [Member] | Food Processing Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				$ 100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				3 months
Thurne [Member] | Developed Technology Rights [Member] | Food Processing Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				$ 600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				7 years
Thurne [Member] | Trade Names [Member] | Food Processing Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				$ 400
Induc [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired			$ 10,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill																$ 1,200
Business Combination, Contingent Consideration, Liability																3,700
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net																15,986
AdditonalPaymentstoAcquireBusinessses			$ 1,500
Induc [Member] | Measurement Period Adjustments
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill																(300)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net																(428)
Induc [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill																1,500
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net																16,414
Induc [Member] | Customer Lists [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			9 years
Induc [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill																700
Induc [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill																$ 500

XML

Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015	Jan. 02, 2016
Significant Accounting Policies [Line Items]
Non-cash share-based compensation expense	$ 6,202	$ 5,370	$ 11,160	$ 7,399
Unrecognized tax benefits related to federal, state and foreign taxes					$ 14,400
Unrecognized tax benefits related to federal, state and foreign taxes of which would impact the effective tax rate if recognized					14,100
Unrecognized tax benefits, accrued interest					1,900
Unrecognized tax benefits, penalties					$ 3,800
Recognized Tax Expense	1,800
Amount of unrecognized tax benefits that may be recognized over the next twelve months	1,600		1,600
Interest paid			10,300	6,900
Income tax payments			$ 53,600	$ 36,200
Restricted Stock [Member]
Significant Accounting Policies [Line Items]
Grant date fair value	$ 31,000
UNITED STATES | Internal Revenue Service (IRS) [Member]
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2012 – 2015
UNITED STATES | State and Local Jurisdiction [Member]
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2006 – 2015
AUSTRALIA
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2011 – 2015
BRAZIL
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2011 – 2015
CANADA
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2009 – 2015
CHINA
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2006 – 2015
Czech Republic, Koruny
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2013 – 2015
DENMARK
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2013 – 2015
FRANCE
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2013 – 2015
GERMANY
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2013 – 2015
INDIA
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2013 – 2015
IRELAND
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2009 – 2015
ITALY
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2011 – 2015
LUXEMBOURG
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2011 – 2015
MEXICO
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2011 – 2015
NETHERLANDS
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2004 – 2015
PHILIPPINES
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2013 – 2015
ROMANIA
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2006 – 2015
South Korea [Member]
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2011
SPAIN
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2011 – 2015
SWEDEN
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2009 – 2015
SWITZERLAND
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2008 – 2015
TAIWAN, PROVINCE OF CHINA
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2011 – 2012
UNITED KINGDOM
Significant Accounting Policies [Line Items]
Income Tax Examination Years Subject To Examination			2014 – 2015

XML

Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	$ 610	$ 412
Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	8,446	11,065
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 1 [Member] | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	610	412
Fair Value, Inputs, Level 2 [Member] | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	$ 8,446	$ 11,065

XML

Estimated Fair Values of Assets Acquired and Liabilities Assumed for Wunder Bar Acquisition (Details) - USD ($) $ in Thousands	Jul. 02, 2016	May 20, 2016	Jan. 02, 2016	Dec. 15, 2015
Business Acquisition [Line Items]
Goodwill	$ 1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 2,559
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents				$ 0
Current deferred tax asset				0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets				(296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				0
Goodwill				1,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets				0
Current liabilities				0
Long-term deferred tax liability				0
Other non-current liabilities				1,230
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net				$ 0

XML

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Market Forge Acquisition (Details) - USD ($) $ in Thousands	Jan. 07, 2014	Jul. 02, 2016	May 20, 2016	Jan. 02, 2016	Dec. 15, 2015
Business Acquisition [Line Items]
Goodwill		$ 1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			$ 2,559
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					$ (296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					0
Goodwill					1,526
Current liabilities					0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					$ 0
Market Forge [Member]
Business Acquisition [Line Items]
Business Acquisition, Additional Payment Due	$ 200
Payments for Previous Acquisition	3,000
Business Combination, Contingent Consideration, Liability	1,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	1,951
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	120
Goodwill	5,906
Other intangibles	4,191
Current liabilities	(4,928)
Consideration paid at closing	7,240
Business Acquisition, Deferred Payments	3,000
Business Combination, Contingent Consideration	1,500
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	11,740
Market Forge [Member] | Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	2,051
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	120
Goodwill	5,252
Other intangibles	4,191
Current liabilities	(4,374)
Consideration paid at closing	7,240
Business Acquisition, Deferred Payments	3,000
Business Combination, Contingent Consideration	1,374
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	11,614
Market Forge [Member] | Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(100)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	0
Goodwill	654
Other intangibles	0
Current liabilities	(554)
Consideration paid at closing	0
Business Acquisition, Deferred Payments	0
Business Combination, Contingent Consideration	126
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 126

XML

Estimated Fair Values of Assets Acquired and Liabilities Assumed for Distributors 2014 Acquisition (Details) - USD ($) $ in Thousands	May 20, 2016	Dec. 15, 2015	Jan. 31, 2014
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 2,559
Distributors 2014 [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			$ 27,808
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			1,709
Goodwill			16,199
Current liabilities			(1,260)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			44,456
Business Combinations, Preexisting Relationship, Liability Forgiveness			(5,971)
Consideration paid at closing			38,485
Scenario, Previously Reported [Member] | Distributors 2014 [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			35,909
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			2,000
Goodwill			7,552
Current liabilities			(1,005)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			44,456
Business Combinations, Preexisting Relationship, Liability Forgiveness			(5,971)
Consideration paid at closing			38,485
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets		$ (296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		0
Current liabilities		0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 0
Scenario, Adjustment [Member] | Distributors 2014 [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			(8,101)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			(291)
Goodwill			8,647
Current liabilities			(255)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			0
Business Combinations, Preexisting Relationship, Liability Forgiveness			0
Consideration paid at closing			$ 0

XML

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for PES Acquisition (Details) - USD ($) $ in Thousands	May 20, 2016	Dec. 15, 2015	Mar. 31, 2014
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 2,559
PES [Member]
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability			$ 2,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			2,058
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			3,493
Goodwill			11,124
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			1,618
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			0
Current liabilities			(816)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			(2,477)
Consideration paid at closing			15,000
Business Combination, Contingent Consideration			2,477
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			17,477
Scenario, Previously Reported [Member] | PES [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			2,211
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			3,493
Goodwill			10,792
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			1,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			21
Current liabilities			(816)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			(2,301)
Consideration paid at closing			15,000
Business Combination, Contingent Consideration			2,301
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			17,301
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets		$ (296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets		0
Current liabilities		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other		1,230
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 0
Scenario, Adjustment [Member] | PES [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			(153)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			0
Goodwill			332
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			18
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			(21)
Current liabilities			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			(176)
Consideration paid at closing			0
Business Combination, Contingent Consideration			176
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			$ 176

XML

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Concordia Acquisition (Details) - USD ($) $ in Thousands	Sep. 08, 2014	May 20, 2016	Dec. 15, 2015
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 2,559
Concordia [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information Adjustment, Working Capital	$ 100
Business Combination, Contingent Consideration, Liability	500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	345
Current deferred tax asset	726
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	3,270
Goodwill	5,535
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	3,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent	3,264
Current liabilities	(3,138)
Other non-current liabilities	(521)
Consideration paid at closing	12,781
Business Combination, Contingent Consideration	521
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	13,302
Scenario, Previously Reported [Member] | Concordia [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	345
Current deferred tax asset	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	3,767
Goodwill	11,255
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	4,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent	0
Current liabilities	(2,296)
Other non-current liabilities	(4,710)
Consideration paid at closing	12,861
Business Combination, Contingent Consideration	4,710
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	17,571
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			$ 0
Current deferred tax asset			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			(296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			0
Current liabilities			0
Other non-current liabilities			1,230
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			$ 0
Scenario, Adjustment [Member] | Concordia [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	0
Current deferred tax asset	726
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(497)
Goodwill	(5,720)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	(1,200)
Current liabilities	(842)
Other non-current liabilities	4,189
Consideration paid at closing	(80)
Business Combination, Contingent Consideration	(4,189)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ (4,269)

XML

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for U-Line Acquisition (Details) - USD ($) $ in Thousands	Nov. 05, 2014	Jul. 02, 2016	Jan. 02, 2016	Dec. 15, 2015
Business Acquisition [Line Items]
Goodwill		$ 1,051,954	$ 983,339
ULine [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information Adjustment, Working Capital	$ 300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	12,764
Current deferred tax asset	771
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	12,237
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	3,376
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	75,200
Goodwill	81,501
Current liabilities	(8,005)
Long-term deferred tax liability	(17,752)
Other non-current liabilities	(5,570)
Consideration paid at closing	154,522
Scenario, Previously Reported [Member] | ULine [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	12,764
Current deferred tax asset	657
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	12,237
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	3,376
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	57,500
Goodwill	89,501
Current liabilities	(6,032)
Long-term deferred tax liability	(13,095)
Other non-current liabilities	(2,111)
Consideration paid at closing	154,797
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents				$ 0
Current deferred tax asset				0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets				(296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				0
Goodwill				1,526
Current liabilities				0
Long-term deferred tax liability				0
Other non-current liabilities				$ 1,230
Scenario, Adjustment [Member] | ULine [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	0
Current deferred tax asset	114
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	17,700
Goodwill	(8,000)
Current liabilities	1,973
Long-term deferred tax liability	4,657
Other non-current liabilities	3,459
Consideration paid at closing	$ (275)
Backlog [Member] | ULine [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 months
Residential Kitchen [Member]
Business Acquisition [Line Items]
Goodwill		$ 370,204	$ 376,120
Residential Kitchen [Member] | Backlog [Member] | ULine [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 1,800

XML

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Desmon Acquisition (Details) - USD ($) $ in Thousands	Jul. 02, 2016	May 20, 2016	Jan. 02, 2016	Dec. 15, 2015	Jan. 07, 2015
Business Acquisition [Line Items]
Goodwill	$ 1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 2,559
Desmon [Member]
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability					$ 2,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents					429
Current deferred tax asset					535
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					7,534
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					7,989
Goodwill					7,228
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					2,230
Current liabilities					(7,670)
Long-term deferred tax liability					(2,107)
Other non-current liabilities					(2,194)
Consideration paid at closing					13,974
Business Combination, Contingent Consideration					2,147
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					16,121
Scenario, Previously Reported [Member] | Desmon [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents					441
Current deferred tax asset					535
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					8,639
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					7,989
Goodwill					7,175
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					3,129
Current liabilities					(8,668)
Long-term deferred tax liability					(2,389)
Other non-current liabilities					(2,463)
Consideration paid at closing					14,388
Business Combination, Contingent Consideration					2,416
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					16,804
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents				$ 0
Current deferred tax asset				0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets				(296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				0
Goodwill				1,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				0
Current liabilities				0
Long-term deferred tax liability				0
Other non-current liabilities				1,230
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net				$ 0
Scenario, Adjustment [Member] | Desmon [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents					(12)
Current deferred tax asset					0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					(1,105)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					0
Goodwill					53
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					(899)
Current liabilities					998
Long-term deferred tax liability					282
Other non-current liabilities					269
Consideration paid at closing					(414)
Business Combination, Contingent Consideration					(269)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					$ (683)

XML

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Goldstein Eswood Acquisition (Details) - USD ($) $ in Thousands				6 Months Ended
	May 31, 2016	May 20, 2016	Jan. 30, 2015	Jul. 02, 2016	Jul. 04, 2015	Jan. 02, 2016	Dec. 15, 2015
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 209,100	$ 1,000		$ 212,024	$ 76,192
Goodwill				$ 1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 2,559
GoldsteinEswood [Member]
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability			$ 1,800
Payments to Acquire Businesses, Net of Cash Acquired			27,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			8,036
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			8,690
Goodwill			5,766
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			8,761
Current liabilities			(2,008)
Other non-current liabilities			(1,839)
Consideration paid at closing			27,406
Business Combination, Contingent Consideration			1,838
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			29,244
Scenario, Previously Reported [Member] | GoldsteinEswood [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			8,036
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			8,690
Goodwill			8,493
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			5,648
Current liabilities			(1,806)
Other non-current liabilities			(1,655)
Consideration paid at closing			27,406
Business Combination, Contingent Consideration			1,655
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			29,061
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets							$ (296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							0
Goodwill							1,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							0
Current liabilities							0
Other non-current liabilities							1,230
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net							$ 0
Scenario, Adjustment [Member] | GoldsteinEswood [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			0
Goodwill			(2,727)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			3,113
Current liabilities			(202)
Other non-current liabilities			(184)
Consideration paid at closing			0
Business Combination, Contingent Consideration			183
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			$ 183

XML

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Marsal Acquisition (Details) - USD ($) $ in Thousands	Jul. 02, 2016	May 20, 2016	Jan. 02, 2016	Dec. 15, 2015	Feb. 10, 2015
Business Acquisition [Line Items]
Goodwill	$ 1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 2,559
Marsal [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					$ 455
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					195
Goodwill					3,018
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					2,027
Current liabilities					(195)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					5,500
Scenario, Previously Reported [Member] | Marsal [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					455
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					201
Goodwill					3,012
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					2,027
Current liabilities					(195)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					5,500
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets				$ (296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				0
Goodwill				1,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				0
Current liabilities				0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net				$ 0
Scenario, Adjustment [Member] | Marsal [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					(6)
Goodwill					6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					0
Current liabilities					0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					$ 0

XML

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Thurne Acquisition (Details) - USD ($) $ in Thousands	Apr. 07, 2015	Jul. 02, 2016	May 20, 2016	Jan. 02, 2016	Dec. 15, 2015
Business Acquisition [Line Items]
Goodwill		$ 1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			$ 2,559
Thurne [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information Adjustment, Working Capital	$ 2,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	3,144
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	3,334
Goodwill	2,987
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	1,601
Current liabilities	(1,115)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	9,951
Scenario, Previously Reported [Member] | Thurne [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	3,419
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	3,334
Goodwill	609
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	3,625
Current liabilities	(1,115)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	9,872
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					$ (296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					0
Goodwill					1,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					0
Current liabilities					0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					$ 0
Scenario, Adjustment [Member] | Thurne [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(275)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	0
Goodwill	2,378
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	(2,024)
Current liabilities	0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 79

XML

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Induc Acquisition (Details) - USD ($) $ in Thousands	May 31, 2015	Jul. 02, 2016	May 20, 2016	Jan. 02, 2016	Dec. 15, 2015	May 30, 2015
Business Acquisition [Line Items]
Goodwill		$ 1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			$ 2,559
Induc [Member]
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability						$ 3,700
AdditonalPaymentstoAcquireBusinessses	$ 1,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets						1,380
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						889
Goodwill						12,517
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						1,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets						0
Current liabilities						0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other						(5,207)
Consideration paid at closing						10,779
Business Acquisition, Deferred Payments						1,472
Business Combination, Contingent Consideration						3,735
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net						15,986
Scenario, Previously Reported [Member] | Induc [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets						1,705
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						536
Goodwill						13,496
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						1,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets						32
Current liabilities						(854)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other						(5,793)
Consideration paid at closing						10,622
Business Acquisition, Deferred Payments						1,516
Business Combination, Contingent Consideration						4,276
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net						16,414
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					$ (296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					0
Goodwill					1,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets					0
Current liabilities					0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other					1,230
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					$ 0
Scenario, Adjustment [Member] | Induc [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets						(325)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						353
Goodwill						(979)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						(300)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets						(32)
Current liabilities						854
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other						586
Consideration paid at closing						157
Business Acquisition, Deferred Payments						(44)
Business Combination, Contingent Consideration						(541)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net						$ (428)

XML

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Aga Acquisition (Details) - USD ($) $ in Thousands				6 Months Ended
	May 31, 2016	May 20, 2016	Sep. 23, 2015	Jul. 02, 2016	Jul. 04, 2015	Jan. 02, 2016	Dec. 15, 2015
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 209,100	$ 1,000		$ 212,024	$ 76,192
Goodwill				1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 2,559
Aga [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			$ 16,300
Payments to Acquire Businesses, Net of Cash Acquired			184,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			154,111
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			61,213
Goodwill			122,688
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			220,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent			0
Business Combination, Deferred Tax Asset, Pension Liability			33,600
Deferred Tax Assets, Operating Loss Carryforwards, Foreign			900
Deferred Tax Assets, Operating Loss Carryforwards, Domestic			1,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net			5,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			1,862
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt			30,703
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			(154,516)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			138
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			(189,627)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			201,047
BusinessCombinationsAdditionalAssetsPurchased			4,300
Scenario, Previously Reported [Member] | Aga [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			15,316
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			163,216
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			61,423
Goodwill			144,645
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			190,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent			5,306
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			1,573
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt			30,703
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			(147,279)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			138
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			(202,312)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			201,047
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Long-term deferred tax liability							$ 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents							0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets							(296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							0
Goodwill							1,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets							0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities							0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other							1,230
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net							$ 0
Scenario, Adjustment [Member] | Aga [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			984
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			(9,105)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			(210)
Goodwill			(21,957)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			30,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent			(5,306)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			289
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			(7,237)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			12,685
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			0
Residential Kitchen [Member]
Business Acquisition [Line Items]
Goodwill				$ 370,204		$ 376,120
Residential Kitchen [Member] | Trade Names [Member] | Aga [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			145,000
Residential Kitchen [Member] | Customer Relationships [Member] | Aga [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			$ 75,000
Residential Kitchen [Member] | Customer Lists [Member] | Aga [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			8 years
Book And Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member] | Aga [Member]
Business Acquisition [Line Items]
Long-term deferred tax liability			$ (100)
Book And Tax Basis Difference [Member] | Intangible Assets [Member] | Aga [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net			$ 41,500

XML

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Lynx (Details) - USD ($) $ in Thousands				6 Months Ended
	May 31, 2016	May 20, 2016	Dec. 15, 2015	Jul. 02, 2016	Jul. 04, 2015	Jan. 02, 2016
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 209,100	$ 1,000		$ 212,024	$ 76,192
Goodwill				1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 2,559
Lynx [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired			$ 83,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			276
Current deferred tax asset			467
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			18,334
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			1,690
Goodwill			44,028
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			39,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			130
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			(6,208)
Long-term deferred tax liability			(12,589)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			(1,896)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			84,032
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current			500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net			14,000
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards			1,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Differences Between Book and Tax Basis			300
Residential Kitchen [Member]
Business Acquisition [Line Items]
Goodwill				$ 370,204		$ 376,120
Residential Kitchen [Member] | Customer Relationships [Member] | Lynx [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			$ 9,000
Residential Kitchen [Member] | Customer Lists [Member] | Lynx [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			5 years
Residential Kitchen [Member] | Trade Names [Member] | Lynx [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			$ 30,000
Residential Kitchen [Member] | Backlog [Member] | Lynx [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			$ 800
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			3 months
Scenario, Previously Reported [Member] | Lynx [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			$ 276
Current deferred tax asset			467
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			18,630
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			1,690
Goodwill			42,502
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			39,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			130
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			(6,208)
Long-term deferred tax liability			(12,589)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			(666)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			84,032
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			0
Current deferred tax asset			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			(296)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			0
Goodwill			1,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			0
Long-term deferred tax liability			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			1,230
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			$ 0

XML

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 1,164,311	$ 1,142,066
Business Acquisition, Pro Forma Net Income (Loss)	$ 132,088	$ 89,456
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 2.32	$ 1.57
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 2.32	$ 1.57

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Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Emico Acquisition (Details) - USD ($) $ in Thousands	Jul. 02, 2016	May 20, 2016	Jan. 02, 2016
Business Acquisition [Line Items]
Goodwill	$ 1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 2,559
Emico [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets		746
Goodwill		1,816
Current liabilities		(934)
Other non-current liabilities		(628)
Consideration paid at closing		1,000
Business Acquisition, Deferred Payments		$ 1,559

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Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Follett Acquisition (Details) - USD ($) $ in Thousands			6 Months Ended
	May 31, 2016	May 20, 2016	Jul. 02, 2016	Jul. 04, 2015	Jan. 02, 2016
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 209,100	$ 1,000	$ 212,024	$ 76,192
Goodwill			1,051,954		$ 983,339
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 2,559
Follett [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	22,620
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	41,602
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	19,868
Goodwill	76,220
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	82,450
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,358
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(11,779)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(616)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	231,723
Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Goodwill			$ 545,505		$ 473,127
Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | Follett [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 22,500
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years
Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member] | Follett [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 4,500
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years
Backlog [Member] | Commercial Foodservice Equipment Group [Member] | Follett [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 500
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months
Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | Follett [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 55,000

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Other Comprehensive Income Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015
Accumulated Other Comprehensive Income/(Loss) [Line Items]
Currency Translation Adjustment	$ (19,579)	$ 6,669	$ (19,975)	$ (9,122)
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax			(76,412)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax			(15,043)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(1,078)	$ 89	4,856	$ (25)
Reclassification from accumulated other comprehensive income, current period, net of tax			(199)
Other Comprehensive Income (Loss), before Reclassifications, before Tax			(15,242)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(91,654)		(91,654)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income/(Loss) [Line Items]
Currency Translation Adjustment			(19,975)
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax			(52,842)
Reclassification from accumulated other comprehensive income, current period, net of tax			0
Other Comprehensive Income (Loss), before Reclassifications, before Tax			(19,975)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(72,817)		(72,817)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax			(23,579)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax			(4,856)
Reclassification from accumulated other comprehensive income, current period, net of tax			0
Other Comprehensive Income (Loss), before Reclassifications, before Tax			4,856
Accumulated Other Comprehensive Income (Loss), Net of Tax	(18,723)		(18,723)
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax			9
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax			76
Reclassification from accumulated other comprehensive income, current period, net of tax			(199)
Other Comprehensive Income (Loss), before Reclassifications, before Tax			(123)
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (114)		$ (114)

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Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015
Net earnings	$ 72,891	$ 54,267	$ 127,429	$ 92,498
Currency Translation Adjustment	(19,579)	6,669	(19,975)	(9,122)
Pension liability adjustment, net of tax	1,078	(89)	(4,856)	25
Unrealized gain on interest rate swaps, net of tax	(2)	302	(123)	(170)
Comprehensive income	$ 54,388	$ 61,149	$ 112,187	$ 83,231

XML

Inventories Additional Information (Details) - USD ($) $ in Millions	Jul. 02, 2016	Jan. 02, 2016
LIFO Method Related Items [Abstract]
Inventory under the LIFO method	$ 41.4	$ 35.6
Percentage of LIFO inventory to total inventory	10.60%	10.10%

XML

Inventories Inventories (Details) - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Inventory Disclosure [Abstract]
Raw materials and parts	$ 163,630	$ 139,117
Work-in-process	34,024	34,771
Finished goods	192,224	180,262
Inventory, Gross, Total	$ 389,878	$ 354,150

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Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jul. 02, 2016 USD ($)
Goodwill [Line Items]
Balance beginning of period	$ 983,339
Goodwill acquired during the year	78,036
Measurement period adjustments to goodwill acquired in prior year	(561)
Exchange effect	(8,860)
Balance end of period	1,051,954
Commercial Foodservice Equipment Group [Member]
Goodwill [Line Items]
Balance beginning of period	473,127
Goodwill acquired during the year	76,220
Measurement period adjustments to goodwill acquired in prior year	(503)
Exchange effect	(3,339)
Balance end of period	545,505
Food Processing Group [Member]
Goodwill [Line Items]
Balance beginning of period	134,092
Goodwill acquired during the year	1,816
Measurement period adjustments to goodwill acquired in prior year	0
Exchange effect	337
Balance end of period	136,245
Residential Kitchen [Member]
Goodwill [Line Items]
Balance beginning of period	376,120
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	(58)
Exchange effect	(5,858)
Balance end of period	$ 370,204

XML

Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Disclosure Accrued Expenses [Abstract]
Accrued payroll and related expenses	$ 67,090	$ 65,623
Standard Product Warranty Accrual, Current	37,048	37,901
Advanced customer deposits	60,663	57,595
Accrued warranty	37,048	37,901
Product Liability Contingency, Loss Exposure in Excess of Accrual, High Estimate	6,718	7,786
Accured Restructuring Liabilities, Current	3,319	6,266
Accrued customer rebates	33,351	45,154
Accrued Product Liability And Workers Compensation Liability Current	11,632	11,635
Accrued agent commission	11,633	9,948
Accrued professional services	8,046	7,019
Sales and Excise Tax Payable, Current	10,048	13,537
Other accrued expenses	55,974	57,690
Accrued expenses	$ 305,522	$ 320,154

XML

Rollforward of Warranty Reserve (Details) $ in Thousands	6 Months Ended
	Jul. 02, 2016 USD ($)
Disclosure Rollforward Of Warranty Reserve [Abstract]
Beginning balance	$ 37,901
Warranty reserve related to acquisitions	0
Warranty expense	22,868
Warranty claims	(23,721)
Ending balance	$ 37,048

XML

Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Debt Disclosure [Line Items]
Senior secured revolving credit line	$ 861,500	$ 733,000
Other Long-term Debt	230	248
Total debt	916,326	766,061
Less: Current maturities of long-term debt	53,755	32,059
Long-term debt	862,571	734,002
Foreign
Debt Disclosure [Line Items]
Foreign loans	$ 54,596	$ 32,813

XML

Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Disclosure Carrying Value And Estimated Aggregate Fair Value Of Debt [Abstract]
Carrying Value	$ 916,326	$ 766,061
Fair Value	$ 916,326	$ 766,061

XML

Interest Rate Swaps in Effect (Details) $ in Millions	Jul. 02, 2016 USD ($)
Debt Disclosure [Line Items]
Derivative Notional Amount, Current	$ 90.0
Derivative Fixed Interest Rate, Current	0.82%
Fixed Interest Rate	0.98%
Derivative, Notional Amount	$ 85.0

XML

Financing Arrangements Additional Information (Details) $ in Thousands	6 Months Ended
	Jul. 02, 2016 USD ($)	Jan. 02, 2016 USD ($)
Debt Disclosure [Line Items]
Credit facility, amount	$ 1,250,000
Credit facility, outstanding	861,500	$ 733,000
Letter of credit, outstanding	6,300
Credit facility, remaining	$ 382,200
Credit facility, additional interest rate above LIBOR	1.50%
Credit facility, average interest rate	2.07%
Variable commitment fee	0.25%
Term loan, amount	$ 916,326	$ 766,061
Credit facility, interest rate	9.99%
Line of credit, Current and Noncurrent, Foreign	$ 7,600
Indebtedness to EBITDA ratio	0
EBITDA to fixed charges ratio	0
Aga [Member]
Debt Disclosure [Line Items]
Line of Credit, Current	$ 47,000
Credit facility, interest rate	2.46%

XML

Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Interest Rate Swap [Member] | Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Fair value	$ (610)	$ (412)

XML

Impact on Earnings from Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015
Other Comprehensive Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in accumulated other comprehensive income	$ (211)	$ (4)	$ (730)	$ (1,301)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	(208)	(489)	(525)	(974)
Other Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in income (ineffective portion)	$ (4)	$ 2	$ 7	$ 15

XML

Financial Instruments Additional Information (Details) $ in Millions	6 Months Ended
	Jul. 02, 2016 USD ($)
Derivative [Line Items]
Fair value of interest rate swaps liability	$ 0.6
Maximum
Derivative [Line Items]
Loss in fair value of interest rate swaps	0.1
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Fair Value, Net	$ (3.1)

XML

Net Sales Summary (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jul. 02, 2016		Jul. 04, 2015		Jul. 02, 2016	Jul. 04, 2015
Segment Reporting Information [Line Items]
Net sales	[1]	$ 580,456		$ 436,291		$ 1,096,811	$ 842,887
Percent		100.00%		100.00%		100.00%	100.00%
Commercial Foodservice Equipment Group [Member]
Segment Reporting Information [Line Items]
Net sales		$ 321,028	[1]	$ 288,831	[1]	$ 600,014	$ 551,047
Percent		55.30%		66.20%		54.70%	65.40%
Food Processing Group [Member]
Segment Reporting Information [Line Items]
Net sales		$ 83,475	[1]	$ 71,913	[1]	$ 162,111	$ 141,732
Percent		14.40%		16.50%		14.80%	16.80%
Residential Kitchen [Member]
Segment Reporting Information [Line Items]
Net sales		$ 175,953	[1]	$ 75,547	[1]	$ 334,686	$ 150,108
Percent		30.30%		17.30%		30.50%	17.80%

[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.

XML

Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jul. 02, 2016		Jul. 04, 2015		Jul. 02, 2016	Jul. 04, 2015	Jan. 02, 2016	Sep. 27, 2014
Segment Reporting Information [Line Items]
Net sales	[1]	$ 580,456		$ 436,291		$ 1,096,811	$ 842,887
Income from operations		111,913	[1]	83,360	[1]	198,288	149,940
Depreciation and amortization expense		16,310	[1]	10,928	[1]	31,240	22,160
Net capital expenditures		5,415	[1]	5,567	[1]	13,108	11,684
Total assets		2,931,670				2,931,670		$ 2,761,151	$ 2,155,948
Commercial Foodservice Equipment Group [Member]
Segment Reporting Information [Line Items]
Net sales		321,028	[1]	288,831	[1]	600,014	551,047
Income from operations		93,732	[1]	77,616	[1]	170,301	141,342
Depreciation and amortization expense		5,575	[1]	5,027	[1]	9,946	10,293
Net capital expenditures		3,322	[1]	3,296	[1]	7,506	7,920
Total assets		1,367,664				1,367,664			1,159,298
Food Processing Group [Member]
Segment Reporting Information [Line Items]
Net sales		83,475	[1]	71,913	[1]	162,111	141,732
Income from operations		19,186	[1]	14,176	[1]	37,049	27,486
Depreciation and amortization expense		1,520	[1]	3,545	[1]	2,958	4,982
Net capital expenditures		884	[1]	1,782	[1]	2,682	2,137
Total assets		321,694				321,694			314,282
Residential Kitchen [Member]
Segment Reporting Information [Line Items]
Net sales		175,953	[1]	75,547	[1]	334,686	150,108
Income from operations		22,364	[1]	9,101	[1]	32,215	14,042
Depreciation and amortization expense		8,238	[1]	2,260	[1]	16,942	6,389
Net capital expenditures		1,078	[1]	309	[1]	2,789	1,369
Total assets		1,195,379				1,195,379			629,210
Corporate and Other
Segment Reporting Information [Line Items]
Net sales		0	[1],[2]	0	[1],[2]	0	0
Income from operations		(23,369)	[1],[2]	(17,533)	[1],[2]	(41,277)	(32,930)
Depreciation and amortization expense		977	[1],[2]	96	[1],[2]	1,394	496
Net capital expenditures		131	[1],[2]	$ 180	[1],[2]	131	$ 258
Total assets		$ 46,933				$ 46,933			$ 53,158

[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.

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Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands	Jul. 02, 2016	Apr. 04, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 251,786	$ 174,609
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	170,854	106,208
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	15,582	20,835
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	64,199	46,165
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,151	1,401
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 80,932	$ 68,401

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Net Sales by Major Geographic Region (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	[1]	$ 580,456	$ 436,291	$ 1,096,811	$ 842,887
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales		381,369	327,539	707,310	624,023
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales		43,796	36,383	81,590	84,912
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales		134,484	57,140	271,088	100,124
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales		20,807	15,229	36,823	33,828
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales		$ 199,087	$ 108,752	$ 389,501	$ 218,864

[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.

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Employee Retirement Plans Additional Information (Details) $ in Millions	6 Months Ended
	Jul. 02, 2016 USD ($) plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost	$ 12.1
Number of defined contribution 401K savings plans | plan	2
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Expected Return on Plan Assets	$ 35.2
Defined Benefit Plan, Service Cost	1.8
Defined Benefit Plan, Interest Cost	$ 21.3

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Acquisition Integration Initiatives (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jan. 02, 2016
Restructuring Reserve [Roll Forward]
Expenses	$ 6,996	$ 6,077
Residential Kitchen [Member]
Restructuring Reserve [Roll Forward]
Expenses	7,000
Restructuring Charges, Cumulative	27,500
Effects on Future Earnings, Restructuring			$ 24,100
Residential Kitchen [Member] | Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Balance as of January 3, 2015	15,661
Expenses	6,194
Restructuring Reserve, Translation Adjustment	(376)
Payments	(13,377)
Balance as of October 3, 2015	8,102
Residential Kitchen [Member] | Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Balance as of January 3, 2015	4,642
Expenses	787
Restructuring Reserve, Translation Adjustment	(26)
Payments	(2,822)
Balance as of October 3, 2015	2,581
Residential Kitchen [Member] | Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Balance as of January 3, 2015	120
Expenses	(21)
Restructuring Reserve, Translation Adjustment	(26)
Payments	26
Balance as of October 3, 2015	99
Residential Kitchen [Member] | Restructuring Charges [Member]
Restructuring Reserve [Roll Forward]
Balance as of January 3, 2015	20,423
Expenses	6,960
Restructuring Reserve, Translation Adjustment	(428)
Payments	(16,173)
Balance as of October 3, 2015	$ 10,782

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Sub Event (Details) - USD ($) $ in Millions		6 Months Ended
	Jul. 28, 2016	Jul. 02, 2016
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,250
Credit facility, additional interest rate above LIBOR		1.50%
Amended Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,500
LineofCreditFacilityMaximumBorrowingWithRestriction	$ 3,000
Credit facility, additional interest rate above LIBOR	1.50%