10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ý Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the Fiscal Year Ended December 30, 2017

or

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Commission File No. 1-9973

THE MIDDLEBY CORPORATION

(Exact name of Registrant as specified in its charter)

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common stock, par value $0.01 per share	The NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes ý    No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.    

Yes ¨    No ý

 Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.

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 ý     No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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 ý    No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

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 definition 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 Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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

The aggregate market value of the voting stock held by nonaffiliates of the Registrant as of June 30, 2017 was approximately $6,845,527,947.

The number of shares outstanding of the Registrant’s class of common stock, as of February 26, 2018, was 55,730,624 shares. 

Documents Incorporated by Reference

Part III of Form 10-K incorporates by reference the Registrant’s definitive proxy statement to be filed pursuant to Regulation 14A in connection with the 2018 annual meeting of stockholders.

THE MIDDLEBY CORPORATION

DECEMBER 30, 2017

FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS

		Page
	PART I
Item 1.	Business	1
Item 1A.	Risk Factors	10
Item 1B.	Unresolved Staff Comments	18
Item 2.	Properties	19
Item 3.	Legal Proceedings	20
Item 4.	Mine Safety Issues	20
	PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and  Issuer Purchases of Equity Securities	21
Item 6.	Selected Financial Data	22
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23
Item 7A.	Quantitative and Qualitative Disclosure about  Market Risk	36
Item 8.	Financial Statements and Supplementary Data	38
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	85
Item 9A.	Controls and Procedures	85
Item 9B.	Other Information	87
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	88
Item 11.	Executive Compensation	88
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	88
Item 13.	Certain Relationships and Related Transactions, and Director Independence	88
Item 14.	Principal Accountant Fees and Services	88
	PART IV
Item 15.	Exhibits and Financial Statement Schedule	89
Item 16.	Form 10-K Summary	90

PART I

Item 1.      Business

General

The Middleby Corporation (“Middleby” or the “company”), through its operating subsidiary Middleby Marshall Inc. (“Middleby Marshall”) and its subsidiaries, is a leader in the design, manufacture, marketing, distribution, and service of a broad line of (i) foodservice equipment used in all types of commercial restaurants and institutional kitchens, (ii) food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and (iii) premium kitchen equipment including ranges, ovens, refrigerators, ventilation and dishwashers primarily used in the residential market.

Founded in 1888 as a manufacturer of baking ovens, Middleby Marshall Oven Company was acquired in 1983 by TMC Industries Ltd., a publicly traded company that changed its name in 1985 to The Middleby Corporation. The company has established itself as a leading provider of (i) commercial restaurant equipment, (ii) food processing equipment and (iii) residential kitchen equipment as a result of its acquisition of industry leading brands and through the introduction of innovative products within each of these segments.

The company's annual reports on Form 10-K, including this Form 10-K, as well as the company's quarterly reports on Form

10-Q, current reports on Form 8-K and amendments to such reports are available, free of charge, on the company's internet website, www.middleby.com. These reports are available as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”).

Business Segments and Products

The company conducts its business through three principal business segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. See Note 9 to the Consolidated Financial Statements for further information on the company's business segments.

Commercial Foodservice Equipment Group

The Commercial Foodservice Equipment Group has a broad portfolio of foodservice equipment, which enable it to serve virtually any cooking or warming application within a commercial kitchen or foodservice operation. This cooking and warming equipment is used across all types of foodservice operations, including quick-service restaurants, full-service restaurants, convenience stores, retail outlets, hotels and other institutions.

This commercial foodservice equipment is marketed under a portfolio of forty-six brands, including Anets, Bear Varimixer, Beech, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Desmon, Doyon, Eswood, Follett, Frifri, Giga, Globe, Goldstein, Holman, Houno, IMC, Induc, Jade, L2F, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, Southbend, Star, Sveba Dahlen, Toastmaster, TurboChef, Wells and Wunder-Bar.

The products offered by this group include conveyor ovens, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, food warming equipment, catering equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, griddles, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers and coffee and beverage dispensing equipment.

Food Processing Equipment Group

The Food Processing Equipment Group offers a broad portfolio of processing solutions for customers producing pre-cooked meat products, such as hot dogs, dinner sausages, poultry and lunchmeats and baked goods such as muffins, cookies and bread. Through its broad line of products, the company is able to deliver a wide array of cooking solutions to service a variety of food processing requirements demanded by its customers. The company can offer highly integrated solutions that provide a food processing operation a uniquely integrated solution providing for the highest level of food quality, product consistency, and reduced operating costs resulting from increased product yields, increased capacity, greater throughput and reduced labor costs though automation.

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This food processing equipment is marketed under a portfolio of eighteen brands, including Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Burford, Cozzini, CVP Systems, Danfotech, Drake, Emico, Glimek, Maurer-Atmos, MP Equipment, RapidPak, Scanico, Spooner Vicars, Stewart Systems and Thurne.

The products offered by this group include a wide array of cooking and baking solutions, including batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems. The company also provides a comprehensive portfolio of complementary food preparation equipment such as grinders, slicers, reduction and emulsion systems, mixers, blenders, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment and forming equipment, as well as a variety of automated loading and unloading systems, food safety, food handling, freezing, defrosting and packaging equipment. This portfolio of equipment can be integrated to provide customers a highly efficient and customized solution.

Residential Kitchen Equipment Group

The Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market. Principal product lines of this group are ranges, cookers, stoves, ovens, refrigerators, dishwashers, microwaves, cooktops, refrigerators, wine coolers, ice machines, ventilation equipment and outdoor equipment. These products are sold and marketed under a portfolio of nineteen brands, including AGA, AGA Cookshop, Brigade, Fired Earth, Grange, Heartland, La Cornue, Leisure Sinks, Lynx, Marvel, Mercury, Rangemaster, Rayburn, Redfyre, Sedona, Stanley, TurboChef, U-Line and Viking.

Acquisition Strategy

The company has pursued a strategy to acquire and assemble a leading portfolio of brands and technologies for each of its three business segments. Over the past two years, the company has completed nine acquisitions to add to its portfolio of brands and technologies of the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. These acquisitions have added eleven brands to the Middleby portfolio and positioned the company as a leading provider of equipment in each respective industry.

Commercial Foodservice Equipment Group

• May 2016: The company acquired substantially all of the assets 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 $206.9 million, net of cash acquired.

• June 2017: The company completed its acquisition of all of the capital stock of Sveba Dahlen Group ("Sveba Dahlen"), a developer and manufacturer of ovens and baking equipment for the commercial foodservice and industrial baking industries headquartered in Fristad, Sweden, for a purchase price of $81.4 million, net of cash acquired.

• August 2017: The company completed its acquisition of substantially all of the assets of QualServ Solutions LLC ("QualServ"), a global commercial kitchen design, manufacturing, engineering, project management and equipment solutions provider located in Fort Smith, Arkansas, for a purchase price of $40.2 million, net of cash acquired.

• October 2017: The company completed its acquisition of all of the capital stock of Globe Food Equipment Company ("Globe"), a leading brand in slicers and mixers for the commercial foodservice industry located in Dayton, Ohio, for a purchase price of $104.6 million, net of cash acquired.

• October 2017: The company completed its acquisition of all of the capital stock of L2F Inc. ("L2F"), an integrator of robotics and automation systems, located in Fremont, California for a purchase price of $7.5 million, net of cash acquired.

Food Processing Equipment Group

• May 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.

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• May 2017: The company completed its acquisition of all of the capital stock of Burford Corp. ("Burford"). Burford is a leading manufacturer of industrial baking equipment for the food processing industry located in Maysville, Oklahoma, for a purchase price of approximately $14.8 million, net of cash acquired.

• June 2017: the company completed its acquisition of all of the capital stock of CVP Systems, Inc. ("CVP Systems"), a leading manufacturer of high-speed packaging systems for the meat processing industry located in Downers Grove, Illinois, for a purchase price of approximately $30.3 million, net of cash acquired.

• December 2017: the company completed its acquisition of all of the capital stock of Scanico A/S ("Scanico"), a leading manufacturer of industrial cooling and freezing equipment for the food processing industry located in Aalborg, Denmark, for a purchase price of $34.9 million, net of cash acquired.

The Customers and Market

Commercial Foodservice Equipment Industry

The company's end-user customers include: (i) fast food, fast casual and quick-service restaurants, (ii) full-service restaurants, including casual-theme restaurants, (iii) retail outlets, such as convenience stores, supermarkets and department stores and (iv) public and private institutions, such as hotels, resorts, schools, hospitals, long-term care facilities, correctional facilities, stadiums, airports, corporate cafeterias, military facilities and government agencies. The company's domestic sales are primarily through independent dealers and distributors and are marketed by the company's sales personnel and network of independent manufacturers' representatives. Many of the dealers in the U.S. belong to buying groups that negotiate sales terms with the company. Certain large multi-national restaurant and hotel chain customers have purchasing organizations that manage product procurement for their systems. Included in these customers are several large multi-national restaurant chains, which account for a meaningful portion of the company's business, although no single customer accounts for more than 10% of net sales.

Over the past several decades, the commercial foodservice equipment industry has enjoyed steady growth in the United States due to the development of new quick-service and casual-theme restaurant chain concepts, the expansion of foodservice into nontraditional locations such as convenience stores and store equipment modernization driven by efforts to improve efficiencies within foodservice operations. In the international markets, foodservice equipment manufacturers have been experiencing stronger growth than the U.S. market due to expanding international economies and increased opportunity for expansion by U.S. chains into developing regions.

The company believes that the worldwide commercial foodservice equipment market has sales in excess of $20.0 billion. The cooking, warming and beverage dispensing equipment segment of this market is estimated by management to exceed $3.0 billion in North America and $5.0 billion worldwide. The company believes that continuing growth in demand for foodservice equipment will result from the development of new restaurant concepts in the U.S. and the expansion of U.S. and foreign chains into international markets, the replacement and upgrade of existing equipment and new equipment requirements resulting from menu changes.

Food Processing Equipment Industry

The company's customers include a diversified base of leading food processors. Customers include several large international food processing companies, which account for a significant portion of the revenues of this business segment, although none of which is greater than 10% of net sales. A large portion of the company's revenues have been generated from producers of pre-cooked meat products such as hot dogs, dinner sausages, poultry, and lunchmeats and producers of baked goods such as muffins, cookies and bread; however, the company believes that it can leverage its expertise and product development capabilities in thermal processing to organically grow into new end markets.

Food processing has quickly become a highly competitive landscape dominated by a few large conglomerates that possess a variety of food brands. The consolidation of food processing plants associated with industry consolidation drives a need for more flexible and efficient equipment that is capable of processing large volumes in quicker cycle times. In recent years, food processors have had to conform to the demands of “big-box” retailers and the restaurant industry, including, most importantly, greater product consistency and exact package weights. Food processors are beginning to realize that their old equipment is no longer capable of efficiently producing adequate uniformity in the large product volumes required, and they are turning to equipment manufacturers that offer product consistency, innovative packaging designs and other solutions. To protect their own brands and reputations, retailers and large restaurant chains are also dictating food safety standards that are often more strict than government regulations.

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A number of factors, including raw material prices, labor and health care costs, are driving food processors to focus on ways to improve their generally thin profitability margins. In order to increase the profitability and efficiency in processing plants, food processors pay increasingly more attention to the performance of their machinery and the flexibility in the functionality of the equipment. Food processors are continuously looking for ways to make their plants safer and reduce labor-intensive activities. Food processors have begun to recognize the value of new technology as an important vehicle to drive productivity and profitability in their plants. Due to customer requirements, food processors are expected to continue to demand new and innovative equipment that addresses food safety, food quality, automation and flexibility.

Improving living standards in developing countries is spurring increased worldwide demand for pre-cooked and convenience food products. As industrializing countries create more jobs, consumers in these countries will have the means to buy pre-cooked food products. In industrialized regions, such as Western Europe and the U.S., consumers are demanding more pre-cooked and convenience food products, such as deli tray variety packs, frozen food products and ready-to-eat varieties of ethnic foods.

The global food processing equipment industry is highly fragmented, large and growing. The company estimates demand for food processing equipment is approximately $5.0 billion in North America and $40.0 billion worldwide. The company’s product offerings compete in a subsegment of the total industry, and the relevant market size for its products is estimated by management to exceed $3.0 billion in North America and $5.0 billion worldwide.

Residential Kitchen Equipment Industry

The company’s end-user include customers with high-end residential kitchens.  The premium segment of the residential kitchen equipment industry is estimated to be in excess of $1.0 billion annually in North America and $3.0 billion worldwide.  The market potential for such equipment has continued to broaden due to an increase in interest from the consumer to have professional style higher performing appliances in their home.  The kitchen has been an area in which consumers have invested over the past several decades to increase the personal satisfaction and the value of their home.  Other important factors which affect the market size and growth include the level of new home starts, home remodels and general macro-economic factors. Macro-economic factors such as GDP growth, employment rates, inflation and consumer confidence, which impact the overall economy, impact the residential kitchen equipment industry and cause variability in the revenues at this segment.

Backlog

Commercial Foodservice Equipment Group

The backlog of orders for the Commercial Foodservice Equipment Group was $105.2 million at December 30, 2017, all of which is expected to be filled during 2018. The acquired Sveba Dahlen, Qualserv, Globe and L2F businesses accounted for $27.2 million of the backlog. The Commercial Foodservice Equipment Group's backlog was $77.7 million at December 31, 2016. The backlog is not necessarily indicative of the level of business expected for the year, as there is generally a short time between order receipt and shipment for the majority of this segment's products.

Food Processing Equipment Group

The backlog of orders for the Food Processing Equipment Group was $61.6 million at December 30, 2017, all of which is expected to be filled during 2018. The acquired Burford, CVP Systems and Scanico accounted for $11.5 million of the backlog. The Food Processing Equipment Group's backlog was $115.9 million at December 31, 2016.

Residential Kitchen Equipment Group

The backlog of orders for the Residential Kitchen Equipment Group was $35.0 million at December 30, 2017, all of which is expected to be filled during 2018. The Residential Kitchen Equipment Group's backlog was $44.2 million at December 31, 2016. The backlog is not necessarily indicative of the level of business expected for the year, as there is generally a short time between order receipt and shipment for the majority of this segment's products.

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Marketing and Distribution

Commercial Foodservice Equipment Group

Middleby's products and services are marketed in the U.S. and in over 100 countries through a combination of the company's sales and marketing personnel, together with an extensive network of independent dealers, distributors, consultants, sales representatives and agents.

In the United States, the company distributes its products to independent end-users primarily through a network of non-exclusive dealers nationwide, who are supported by manufacturers' marketing representatives. Sales are made direct to certain large restaurant chains that have established their own procurement and distribution organization for their franchise system. The company's relationships with major restaurant chains are primarily handled through an integrated effort of top-level executive and sales management at the corporate and business division levels to best serve each customer's needs. International sales are primarily made through a network of company owned and local independent distributors and dealers.

Food Processing Equipment Group

The company maintains a direct sales force to market the brands and maintain direct relationships with each of its customers. In North America, the company employs regional sales managers, each with responsibility for a group of customers and a particular region. This sales force is complimented with involvement of executive management to maintain relationships with customer executives and facilitate coordination amongst the brands for the key global accounts. Internationally, the company maintains sales and distribution offices along with global sales managers supported by a network of independent sales representatives.

The company’s sale process is highly consultative due to the highly technical nature of the equipment. During a typical sales process, a salesperson makes several visits to the customer’s facility to conceptually discuss the production requirements, footprint and configuration of the proposed equipment. The company employs a technically proficient sales force, many of whom have previous technical experience with the company as well as education backgrounds in food science.

Residential Kitchen Equipment Group

The company’s products are marketed through a network of distributors, dealers, designers, and home builders to the residential customers. The company markets and sells its products to these channels through a company-employed sales force. The company’s products are distributed through a combination of an independent network of distributors and its wholly owned distribution operations. The company's wholly owned distribution operations were established in connection with the Viking and related Viking Distributors' acquisitions and include two primary customer support centers and regional warehouse and logistic operations, which stock products and service parts for the respective region.

Marketing support is provided to and coordinated with its network of dealers, designers, and home builders sales partners to allow for coordinated efforts to market jointly to the end-user customers. The company in certain cases offers incentive based financial programs to invest in local marketing activities with these sales partners.

Services and Product Warranty

The company is an industry leader in equipment installation programs and after-sales support and service. The company provides a warranty on its products typically for a one year period and in certain instances greater periods. The emphasis on global service increases the likelihood of repeat business and enhances Middleby's image as a partner and provider of quality products and services.

Commercial Foodservice Equipment Group

The company's domestic service network consists of over 100 authorized service parts distributors and 3,000 independent certified technicians who have been formally trained and certified by the company through its factory training school and on-site installation training programs. Technicians work through service parts distributors, which are required to provide around-the-clock service. The company provides real-time technical support to the technicians in the field through factory-based technical service engineers. The company maintains sufficient service parts inventory to ensure short lead times for service calls.

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It is critical to major foodservice chains that equipment providers be capable of supporting equipment on a worldwide basis. The company's international service network covers over 100 countries with thousands of service technicians trained in the installation and service of the company's products and supported by internationally-based service managers along with the factory-based technical service engineers.

Food Processing Equipment Group

The company maintains a technical service group of employees that oversees and performs installation and startup of equipment and completes warranty and repair work. This technical service group provides services for customers both domestically and internationally. Service technicians are trained regularly on new equipment to ensure the customer receives a high level of customer service. From time to time the company utilizes trained third party technicians supervised by company employees to supplement company employees on large projects.

Residential Kitchen Equipment Group

The company maintains a network of independent authorized service agents throughout North America. Authorized service agents are supported and trained by regional factory-support centers of the company. Trained technical support personnel are available to support independent service agents with technical information and assist in repair issues. The factory-support centers also dispatch service technicians to the customer and provide follow-up and monitoring to ensure field issues are resolved. The company's independent service agents maintain a stock of factory-supplied parts to allow for a high first-call completion rate for service and warranty repairs. The company maintains a substantial amount of service parts at each of its manufacturing operations and distribution operations to provide for quick ship of parts to service agents and end-user customers when necessary.

Internationally, the company has a network of company owned and independent distributors that provide sales and technical service support in their respective markets. These distributors are required to have a team of factory-trained service technicians and maintain a required stock of service parts to support the equipment in the market. The factory supports the international distributors with technical trainers which travel to the various markets to provide on-hands training and monitoring of the distributor service operations.

Competition

The commercial foodservice, food processing and residential kitchen equipment industries are highly competitive and fragmented. Within a given product line the company may compete with a variety of companies, including companies that manufacture a broad line of products and those that specialize in a particular product category. Competition is based upon many factors, including brand recognition, product features, reliability, quality, price, delivery lead times, serviceability and after-sale service. The company believes that its ability to compete depends on strong brand equity, exceptional product performance, short lead-times and timely delivery, competitive pricing and superior customer service support. In the international markets, the company competes with U.S. manufacturers and numerous global and local competitors.

The company believes that it is one of the largest multiple-line manufacturers ofcommercial kitchen, food processing and residential kitchen equipment in the U.S. and worldwide although some of its competitors are units of operations that are larger than the company and possess greater financial and personnel resources. Among the company's major competitors to the Commercial Foodservice Equipment Group are: Welbilt, Inc.; Vulcan-Hart and Hobart Corporation, subsidiaries of Illinois Tool Works Inc.; Electrolux; Groen, a subsidiary of Dover Corporation; Rational AG; and the Ali Group. Major competitors to the Food Processing Equipment Group include AMF Bakery Systems, The GEA Group, JBT Technologies, Marel, and Provisur. The residential kitchen appliance sector is highly competitive and includes a number of large global competitors including, Whirlpool Corporation, Electrolux, GE Appliances, LG Corporation, Panasonic Corporation and Samsung Group. However, within the premium segment of this kitchen equipment market, there are fewer competitors and the company’s competition includes Wolf and Sub-Zero, subsidiaries of Sub-Zero Group, Inc.; Thermador, Bosch and Gaggenau, subsidiaries of Bosch Siemens; Dacor, subsidiary of Samsung Electronics America; and Miele.

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Manufacturing and Quality Control

The company’s manufacturing operations provide for an expertise in the design and production of specific products for each of the three business segments. The company has from time to time either consolidated manufacturing facilities producing similar product or transferred production of certain products to another existing operation with a higher level of expertise or efficiency.

The Commercial Foodservice Equipment Group manufactures its products in sixteen domestic and twelve international production facilities. These production facilities are located in Fort Smith, Arkansas; Brea, California; Vacaville, California; Windsor, California; Elgin, Illinois; Mundelein, Illinois; Menominee, Michigan; Bow, New Hampshire; Fuquay-Varina, North Carolina; Dayton, Ohio; Bethlehem, Pennsylvania; Easton, Pennsylvania; Smithville, Tennessee; Carrollton, Texas; Essex Junction, Vermont; Redmond, Washington; New South Wales, Australia; Shanghai, China; Brondby, Denmark; Randers, Denmark; Viljandi, Estonia; Nusco, Italy; Scandicci, Italy; Laguna, the Philippines; Wislina, Poland; Fristad, Sweden; Lincoln, the United Kingdom; and Wrexham, the United Kingdom.

The Food Processing Equipment Group manufactures its products in nine domestic and five international production facilities. These production facilities are located in Gainesville, Georgia; Chicago, Illinois; Downers Grove, Illinois; Algona, Iowa; Clayton, North Carolina; Maysville, Oklahoma; Plano, Texas; Waynesboro, Virginia; Lodi, Wisconsin; Aalborg, Denmark; Mauron, France; Reichenau, Germany; Bangalore, India and Norwich, the United Kingdom.

The Residential Kitchen Equipment Group manufactures its products in six domestic and nine international production facilities. These production facilities are located in Downey, California; Greenville, Michigan; Greenwood, Mississippi (three separate facilities); Brown Deer, Wisconsin; Rosyl St. Pierre, France; Saint Ouen L'aumone, France; Saint Symhorien, France; Waterford, Ireland; Gee Targu Mures, Romania; Coalbrookdale, the United Kingdom; Ketley, the United Kingdom; Leamington Spa, the United Kingdom and Nottingham, the United Kingdom.

Metal fabrication, finishing, sub-assembly and assembly operations are conducted at each manufacturing facility. Equipment installed at individual manufacturing facilities includes numerically controlled turret presses and machine centers, shears, press brakes, welding equipment, polishing equipment, CAD/CAM systems and product testing and quality assurance measurement devices. The company's CAD/CAM systems enable virtual electronic prototypes to be created, reviewed and refined before the first physical prototype is built.

Detailed manufacturing drawings are quickly and accurately derived from the model and passed electronically to manufacturing for programming and optimal parts nesting on various numerically controlled punching cells. The company believes that this integrated product development and manufacturing process is critical to assuring product performance, customer service and competitive pricing.

The company has established comprehensive programs to ensure the quality of products, to analyze potential product failures and to certify vendors for continuous improvement. Products manufactured by the company are tested prior to shipment to ensure compliance with company standards.

Sources of Supply

The company purchases its raw materials and component parts from a number of suppliers. The majority of the company’s material purchases are standard commodity-type materials, such as stainless steel, electrical components and hardware. These materials and parts generally are available in adequate quantities from numerous suppliers. Some component parts are obtained from sole sources of supply. In such instances, management believes it can substitute other suppliers as required. The majority of fabrication is done internally through the use of automated equipment. Certain equipment and accessories are manufactured by other suppliers for sale by the company. The company believes it enjoys good relationships with its suppliers and considers the present sources of supply to be adequate for its present and anticipated future requirements.

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Research and Development

The company believes its future success will depend in part on its ability to develop new products and to improve existing products. Much of the company's research and development efforts at the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group are directed to the development and improvement of products designed to reduce cooking and processing time, increase capacity or throughput, reduce energy consumption, minimize labor costs, improve product yield and improve safety, while maintaining consistency and quality of cooking production and food preparation. The company has identified these issues as key concerns for most of its customers. The company often identifies product improvement opportunities by working closely with customers on specific applications. Most research and development activities are performed by the company's technical service and engineering staff located at each manufacturing location. On occasion, the company will contract outside engineering firms to assist with the development of certain technical concepts and applications. See Note 3(o) to the Consolidated Financial Statements for further information on the company's research and development activities.

Trademarks, Patents and Licenses

The company has developed, acquired and assembled a leading portfolio of trademarks and trade names. The company believes that these trademarks and trade names provide for a significant competitive advantage due to a long-standing recognition in the marketplace with customers, restaurant operators, distribution partners, sales and service agents, and foodservice consultants that specify foodservice equipment. The company has historically maintained a high level of market share of products sold with these trademarks and trade names.

The company's leading portfolio of trade names of its Commercial Foodservice Equipment Group include Anets, Bear Varimixer, Beech, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Desmon, Doyon, Eswood, Follett, Frifri, Giga, Globe, Goldstein, Holman, Houno, IMC, Induc, Jade, L2F, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, Southbend, Star, Sveba Dahlen, Toastmaster, TurboChef, Wells and Wunder-Bar.

The company’s leading portfolio of trade names of its Food Processing Equipment Group include Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Burford, Cozzini, CVP Systems, Danfotech, Drake, Emico, Glimek, Maurer-Atmos, MP Equipment, RapidPak, Scanico, Spooner Vicars, Stewart Systems and Thurne.

The company’s leading portfolio of trade names of its Residential Kitchen Equipment Group include AGA, AGA Cookshop, Brigade, Fired Earth, Grange, Heartland, La Cornue, Leisure Sinks, Lynx, Marvel, Mercury, Rangemaster, Rayburn, Redfyre, Sedona, Stanley, TurboChef, U-Line and Viking.

The company holds a broad portfolio of patents and licenses covering technology and applications related to various products, equipment and systems. Management believes the expiration of any one of these patents would not have a material adverse effect on the overall operations or profitability of the company.

Employees

Commercial Foodservice Equipment Group

As of December 30, 2017, 4,496 persons were employed within the Commercial Foodservice Equipment Group. Of this amount, 1,827 were management, administrative, sales, engineering and supervisory personnel; 2,245 were hourly production non-union workers; and 424 were hourly production union members. Included in these totals were 1,741 individuals employed outside of the United States, of which 909 were management, sales, administrative and engineering personnel, 757 were hourly production non-union workers and 75 were hourly production union workers, who participate in an employee cooperative. At its Windsor, California facility, the company has a union contract with the Sheet Metal Workers International Association that expires on December 31, 2020. At its Elgin, Illinois facility, the company has a union contract with the International Brotherhood of Teamsters that expires on July 31, 2022. At its Easton, Pennsylvania facility, the company has a union contract with the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union that expires on May 4, 2019. The company also has a union workforce at its manufacturing facility in the Philippines, under a contract that expires on June 30, 2021. Management believes that the relationships between employees, unions and management are good.

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Food Processing Equipment Group

As of December 30, 2017, 1,248 persons were employed within the Food Processing Equipment Group. Of this amount, 599 were management, administrative, sales, engineering and supervisory personnel; 523 were hourly production non-union workers; and 126 were hourly production union members. Included in these totals were 479 individuals employed outside of the United States, of which 244 were management, sales, administrative and engineering personnel and 235 were hourly production non-union workers. At its Lodi, Wisconsin facility, the company has a contract with the International Association of Bridge, Structural, Ornamental and Reinforcing Ironworkers that expires on December 31, 2018. At its Algona, Iowa facility, the company has a union contract with the United Food and Commercial Workers that expires on December 31, 2018. Management believes that the relationships between employees, unions and management are good.

Residential Kitchen Equipment Group

As of December 30, 2017, 2,719 persons were employed within the Residential Kitchen Equipment Group. Of this amount, 1,307 were management, administrative, sales, engineering and supervisory personnel and 1,412 were hourly production workers. Included in these totals were 1,594 individuals employed outside of the United States, of which 900 were management, sales, administrative and engineering personnel and 694 were hourly non-union production workers. Management believes that the relationships between employees and management are good.

Corporate

As of December 30, 2017, 30 persons were employed at the corporate office.

Seasonality

The company’s revenues at the Commercial Foodservice Equipment Group historically have been slightly stronger in the second and third quarters due to increased purchases from customers involved with the catering business and institutional customers, particularly schools, during the summer months. Revenues at the Residential Kitchen Equipment Group are historically stronger in the second and third quarters, due to increased purchases of outdoor cooking equipment and greater new home construction and remodels during the summer months, and the fourth quarter, due to increased holiday purchases in the European markets.

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Item 1A.      Risk Factors

The company’s business, results of operations, cash flows and financial condition are subject to various risks, including, but not limited to those set forth below. If any of the following risks actually occurs, the company’s business, results of operations, cash flows and financial condition could be materially adversely affected. These risk factors should be carefully considered together with the other information in this Annual Report on Form 10-K, including the risks and uncertainties described under the heading “Special Note Regarding Forward-Looking Statements".

Economic conditions may cause a decline in business and consumer spending which could adversely affect the company’s business and financial performance.

The company’s operating results are impacted by the health of the North American, European, Asian and Latin American economies. The company’s business and financial performance, including collection of its accounts receivable, may be adversely affected by the current and future economic conditions that caused, and may cause in the future, a decline in business and consumer spending, a reduction in the availability of credit and decreased growth by its existing customers, resulting in customers electing to delay the replacement of aging equipment. Higher energy costs, rising interest rates, weakness in the residential construction, housing and home improvement markets, financial market volatility, recession and acts of terrorism may also adversely affect the company’s business and financial performance. Additionally, the company may experience difficulties in scaling its operations due to economic pressures in the U.S. and International markets.

The company’s level of indebtedness could adversely affect its business, results of operations and growth strategy.

The company now has and may continue to have a significant amount of indebtedness. At December 30, 2017, the company had $1,028.9 million of borrowings and $7.5 million in letters of credit outstanding. To the extent the company requires additional capital resources, there can be no assurance that such funds will be available on favorable terms, or at all. The unavailability of funds could have a material adverse effect on the company’s financial condition, results of operations and ability to expand the company’s operations.

The company’s level of indebtedness could adversely affect it in a number of ways, including the following:

• the company may be unable to obtain additional financing for working capital, capital expenditures, acquisitions and other general corporate purposes;

• a significant portion of the company’s cash flow from operations must be dedicated to debt service, which reduces the amount of cash the company has available for other purposes;

• the company may be more vulnerable in the event of a downturn in the company’s business or general economic and industry conditions;

• the company may be disadvantaged competitively by its potential inability to adjust to changing market conditions, as a result of its significant level of indebtedness; and

• the company may be restricted in its ability to make strategic acquisitions and to pursue new business opportunities.

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The company’s current credit agreement limits its ability to conduct business, which could negatively affect the company’s ability to finance future capital needs and engage in other business activities.

The covenants in the company’s existing credit agreement contain a number of significant limitations on its ability to, among other things:

• pay dividends;

• incur additional indebtedness;

• create liens on the company’s assets;

• engage in new lines of business;

• make investments;

• make capital expenditures and enter into leases; and

• acquire or dispose of assets.

These restrictive covenants, among others, could negatively affect the company’s ability to finance its future capital needs, engage in other business activities or withstand a future downturn in the company’s business or the economy.

Under the company’s current credit agreement, the company is required to maintain certain specified financial ratios and meet financial tests, including certain ratios of leverage and fixed charge coverage. The company’s ability to comply with these requirements may be affected by matters beyond its control, and, as a result, there can be no assurance that the company will be able to meet these ratios and tests. A breach of any of these covenants would prevent the company from being able to draw under the company's revolver and would result in a default under the company’s current credit agreement. In the event of a default under the company’s current credit agreement, the lenders could terminate their commitments and declare all amounts borrowed, together with accrued interest and other fees, to be immediately due and payable. Borrowings under other debt instruments that contain cross-acceleration or cross-default provisions may also be accelerated and become due and payable at such time. The company may be unable to pay these debts in these circumstances.

The company has a significant amount of goodwill and could suffer losses due to asset impairment charges.

The company’s balance sheet includes a significant amount of goodwill, which represents approximately 38% of its total assets as of December 30, 2017. The excess of the purchase price over the fair value of assets acquired, including identifiable intangible assets, and liabilities assumed in conjunction with acquisitions is recorded as goodwill. In accordance with Accounting Standards Codification (“ASC”) 350 “Intangibles-Goodwill and Other”, the company’s long-lived assets (including goodwill and other intangibles) are reviewed for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of long-lived assets, the company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors. Various uncertainties, including continued adverse conditions in the capital markets or changes in general economic conditions, could impact the future operating performance at one or more of the company’s businesses, which could significantly affect the company’s valuations and could result in additional future impairments. Also, estimates of future cash flows are judgments based on the company’s experience and knowledge of operations. These estimates can be significantly impacted by many factors, including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends. If the company’s estimates or the underlying assumptions change in the future, the company may be required to record impairment charges. Any such charge could have a material adverse effect on the company’s reported net earnings.

The company's defined benefit pension plans are subject to financial market risks that could adversely affect the company's financial statements.

The performance of the financial markets and interest rates impact our defined benefit pension plan expenses and funding obligations. Significant changes in market interest rates, decreases in fair value of plan assets, investment losses on plan assets and changes in discount rates may increase the company's funding obligations and adversely impact our financial statements. In addition, upward pressure on the cost of providing healthcare coverage to current employees and retirees may increase our future funding obligations and adversely affect our financial statements.

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Competition in the commercial foodservice, food processing, and residential kitchen equipment industries is intense and could impact the company’s results of operations and cash flows.

The company operates in highly competitive industries. In each of the company’s three business segments, competition is based on a variety of factors including product features and design, brand recognition, reliability, durability, technology, energy efficiency, breadth of product offerings, price, customer relationships, delivery lead-times, serviceability and after-sale service. The company has numerous competitors in each business segment. Many of the company’s competitors are substantially larger and enjoy substantially greater financial, marketing, technological and personnel resources. These factors may enable them to develop similar or superior products, to provide lower cost products and to carry out their business strategies more quickly and efficiently than the company can. In addition, some competitors focus on particular product lines or geographic regions or emphasize their local manufacturing presence or local market knowledge. Some competitors have different pricing structures and may be able to deliver their products at lower prices. Although the company believes that the performance and price characteristics of its products will provide competitive solutions for its customers’ needs, there can be no assurance that the company’s customers will continue to choose the company’s products over products offered by its competitors.

 Further, the markets for the company’s products are characterized by changing technology and evolving industry standards. The company’s ability to compete in the past has depended in part on the company’s ability to develop innovative new products and bring them to market more quickly than the company’s competitors. The company’s ability to compete successfully will depend, in large part, on its ability to enhance and improve its existing products, to continue to bring innovative products to market in a timely fashion, to adapt the company’s products to the needs and standards of its current and potential customers and to continue to improve operating efficiencies and lower manufacturing costs. Moreover, competitors may develop technologies or products that render the company’s products obsolete or less marketable. If the company’s products, markets and services are not competitive, the company’s business, financial condition and operating results will be materially harmed.

The company is subject to risks associated with developing products and technologies, which could delay product introductions and result in significant expenditures.

The product, program and service needs of the company’s customers change and evolve regularly, and the company invests substantial amounts in research and development efforts to pursue advancements in a wide range of technologies, products and services. Also, the company continually seeks to refine and improve upon the performance, utility and physical attributes of its existing products and to develop new products. As a result, the company’s business is subject to risks associated with new product and technological development, including unanticipated technical or other problems, meeting development, production, certification and regulatory approval schedules, execution of internal and external performance plans, availability of supplier- and internally-produced parts and materials, performance of suppliers and subcontractors, hiring and training of qualified personnel, achieving cost and production efficiencies, identification of emerging technological trends in the company’s target end-markets, validation of innovative technologies, the level of customer interest in new technologies and products, and customer acceptance of the company’s products and products that incorporate technologies that the company develops. These factors involve significant risks and uncertainties. Also, any development efforts divert resources from other potential investments in the company’s businesses, and these efforts may not lead to the development of new technologies or products on a timely basis or meet the needs of the company’s customers as fully as competitive offerings. In addition, the markets for the company’s products or products that incorporate the company’s technologies may not develop or grow as the company anticipates. The company or its suppliers and subcontractors may encounter difficulties in developing and producing these new products and services, and may not realize the degree or timing of benefits initially anticipated. Due to the design complexity of the company's products, the company may in the future experience delays in completing the development and introduction of new products. Any delays could result in increased development costs or deflect resources from other projects. The occurrence of any of these risks could cause a substantial change in the design, delay in the development, or abandonment of new technologies and products. Consequently, there can be no assurance that the company will develop new technologies superior to the company’s current technologies or successfully bring new products to market.

Additionally, there can be no assurance that new technologies or products, if developed, will meet the company’s current price or performance objectives, be developed on a timely basis, or prove to be as effective as products based on other technologies. The inability to successfully complete the development of a product, or a determination by the company, for financial, technical or other reasons, not to complete development of a product, particularly in instances in which the company has made significant expenditures, could have a material adverse effect on the company’s financial condition and operating results.

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The company has depended, and will continue to depend, on key customers for a material portion of its revenues. As a result, changes in the purchasing patterns of such key customers could adversely impact the company’s operating results.

Many of the company’s key customers are large restaurant chains and major food processing companies. The demand for the company’s equipment can vary from quarter to quarter depending on the company’s customers’ internal growth plans, construction, seasonality and other factors. In addition, during an economic downturn, key customers could both open fewer facilities and defer purchases of new equipment for existing operations. Either of these conditions could have a material adverse effect on the company’s financial condition and results of operations.

Price changes in some materials and disruptions in supply could affect the company’s profitability.

The company uses large amounts of stainless steel, aluminized steel and other commodities in the manufacture of its products. A significant increase in the price of steel or any other commodity that the company is not able to pass on to its customers would adversely affect the company’s operating results. In addition, an unanticipated delay in delivery of raw materials and component inventories by suppliers—including a delay due to capacity constraints, labor disputes, the financial condition of suppliers, weather emergencies, or other natural disasters—may impair the ability of the company to satisfy customer demand. An interruption in or the cessation of an important supply by any third party and the company’s inability to make alternative arrangements in a timely manner, or at all, could have a material adverse effect on the company’s business, financial condition and operating results.

The company’s acquisition, investment and alliance strategy involves risks. If the company is unable to effectively manage these risks, its business will be materially harmed.

To achieve the company’s strategic objectives, the company has pursued and may continue to pursue strategic acquisitions and investments or invest in other companies, businesses or technologies. Acquisitions entail numerous risks, including the following:

•     difficulties in the assimilation of acquired businesses or technologies;

• inability to operate acquired businesses or utilize acquired technologies profitably;

• diversion of management’s attention from other business concerns;

• potential assumption of unknown material liabilities;

• failure to achieve financial or operating objectives;

•      unanticipated costs relating to acquisitions or to the integration of the acquired businesses;

• loss of customers, suppliers, or key employees; and

• the impact on the company's internal controls and compliance with the regulatory requirements under the Sarbanes-Oxley Act of 2002.

The company may not be able to successfully integrate any operations, personnel, services or products that it has acquired or may acquire in the future.

The company may seek to expand or enhance some of its operations by forming joint ventures or alliances with various strategic partners throughout the world. Entering into joint ventures and alliances also entails risks, including difficulties in developing and expanding the businesses of newly formed joint ventures, exercising influence over the activities of joint ventures in which the company does not have a controlling interest and potential conflicts with the company’s joint venture or alliance partners.

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An inability to identify or complete future acquisitions could adversely affect future growth.

The company has historically followed a strategy of identifying and acquiring businesses with complementary products and services. As part of its growth strategy, the company intends to pursue acquisitions that provide opportunities for profitable growth and which enable it to leverage its competitive strengths. While the company continues to evaluate potential acquisitions, it may not be able to identify and successfully negotiate suitable acquisitions, obtain financing for future acquisitions on satisfactory terms, obtain regulatory approval for certain acquisitions, or otherwise complete acquisitions in the future. An inability to identify or complete future acquisitions could limit the company’s growth.

Expansion of the company’s operations internationally involves special challenges that it may not be able to meet. The company’s failure to meet these challenges could adversely affect its business, financial condition and operating results.

The company plans to continue to expand its operations internationally. The company faces certain risks inherent in doing business in international markets. These risks include:

• extensive regulations and oversight, tariffs and other trade barriers;

•      reduced protection for intellectual property rights;

• difficulties in staffing and managing foreign operations;

• potentially adverse tax consequences;

• limitations on ownership and on repatriation of earnings;

• transportation delays and interruptions;

• political, social, and economic instability and disruptions;

• labor unrests;

•      potential for nationalization of enterprises; and

•      limitations on the company’s ability to enforce legal rights and remedies.

In addition, the company is and will be required to comply with the laws and regulations of foreign governmental and regulatory authorities of each country in which the company conducts business.

There can be no assurance that the company will be able to succeed in marketing its products and services in international markets. The company may also experience difficulty in managing its international operations because of, among other things, competitive conditions overseas, management of foreign exchange risk, established domestic markets, language and cultural differences and economic or political instability. Any of these factors could have a material adverse effect on the success of the company’s international operations and, consequently, on the company’s business, financial condition and operating results.

The company is subject to currency fluctuations and other risks from its operations outside the United States.

The company has manufacturing and distribution operations located in Asia, Europe and Latin America. The company’s operations are subject to the impact of economic downturns, political instability and foreign trade restrictions, which may adversely affect the company’s business, financial condition and operating results. The company anticipates that international sales will continue to account for a significant portion of consolidated net sales in the foreseeable future. Some sales and operating costs of the company’s foreign operations are realized in local currencies, and an increase in the relative value of the U.S. dollar against such currencies would lead to a reduction in consolidated sales and earnings. Additionally, foreign currency exposures are not fully hedged, and there can be no assurances that the company’s future results of operations will not be adversely affected by currency fluctuations. Furthermore, currency fluctuations may affect the prices paid to the company’s suppliers for materials the company uses in production. As a result, operating margins may also be negatively impacted by worldwide currency fluctuations that result in higher costs for certain cross-border transactions.

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The company may not be able to adequately protect its intellectual property rights, and this inability may materially harm its business.

The company relies primarily on trade secret, copyright, service mark, trademark and patent law and contractual protections to protect the company’s proprietary technology and other proprietary rights. The company has filed numerous patent applications covering the company’s technology. Notwithstanding the precautions the company takes to protect its intellectual property rights, it is possible that third parties may copy or otherwise obtain and use the company’s proprietary technology without authorization or may otherwise infringe on the company’s rights. In some cases, including with respect to a number of the company’s most important products, there may be no effective legal recourse against duplication by competitors. In the future, the company may have to rely on litigation to enforce its intellectual property rights, protect its trade secrets, determine the validity and scope of the proprietary rights of others or defend against claims of infringement or invalidity. Any such litigation, whether successful or unsuccessful, could result in substantial costs to the company and diversions of the company’s resources, either of which could adversely affect the company’s business.

Any infringement by the company on patent rights of others could result in litigation and adversely affect its ability to continue to provide, or could increase the cost of providing, the company’s products and services.

Patents of third parties may have an important bearing on the company’s ability to offer some of its products and services. The company’s competitors, as well as other companies and individuals, may obtain patents related to the types of products and services the company offers or plans to offer. There can be no assurance that the company is or will be aware of all patents containing claims that may pose a risk of infringement by its products and services. In addition, some patent applications in the United States are confidential until a patent is issued and, therefore, the company cannot evaluate the extent to which its products and services may be covered or asserted to be covered by claims contained in pending patent applications. In general, if one or more of the company’s products or services were to infringe patents held by others, the company may be required to stop developing or marketing the products or services, to obtain licenses from the holders of the patents to develop and market the services, or to redesign the products or services in such a way as to avoid infringing on the patent claims. The company cannot assess the extent to which it may be required in the future to obtain licenses with respect to patents held by others, whether such licenses would be available or, if available, whether it would be able to obtain such licenses on commercially reasonable terms. If the company were unable to obtain such licenses, it also may not be able to redesign the company’s products or services to avoid infringement, which could materially adversely affect the company’s business, financial condition and operating results.

The company may be the subject of product liability claims or product recalls, and it may be unable to obtain or maintain insurance adequate to cover potential liabilities.

Product liability is a significant commercial risk to the company. The company’s business exposes it to potential liability risks that arise from the manufacture, marketing and sale of the company’s products. In addition to direct expenditures for damages, settlement and defense costs, there is a possibility of adverse publicity as a result of product liability claims. Some plaintiffs in some jurisdictions have received substantial damage awards against companies based upon claims for injuries allegedly caused by the use of their products. In addition, it may be necessary for the company to recall products that do not meet approved specifications, which could result in adverse publicity as well as costs connected to the recall and loss of revenue.

The company cannot be certain that a product liability claim or series of claims brought against it would not have an adverse effect on the company’s business, financial condition or results of operations. If any claim is brought against the company, regardless of the success or failure of the claim, the company cannot assure you that it will be able to obtain or maintain product liability insurance in the future on acceptable terms or with adequate coverage against potential liabilities or the cost of a recall. The company currently maintains insurance programs consisting of self-insurance up to certain limits and excess insurance coverage for claims over established limits. There can be no assurance that the company will be able to obtain insurance on acceptable terms or that its insurance programs will provide adequate protection against actual losses. In addition, the company is subject to the risk that one or more of its insurers may become insolvent or become unable to pay claims that may be made in the future.

An increase in warranty expenses could adversely affect the company’s financial performance.

The company offers purchasers of its products warranties covering workmanship and materials typically for one year and, in certain circumstances, for periods of up to ten years, during which periods the company or an authorized service representative will make repairs and replace parts that have become defective in the course of normal use. The company estimates and records its future warranty costs based upon past experience. These warranty expenses may increase in the future and may exceed the company’s warranty reserves, which, in turn, could adversely affect the company’s financial performance.

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The company may be subject to litigation, environmental, and other legal compliance risks.

In addition to product liability claims, the company is subject to a variety of litigation, tax, and legal compliance risks. These risks include, among other things, possible liability relating to personal injuries, intellectual property rights, contract-related claims, taxes, environmental matters, and compliance with U.S. and foreign export laws, competition laws, and laws governing improper business practices. The company or one of its business units could be charged with wrongdoing as a result of such matters. If convicted or found liable, the company could be subject to significant fines, penalties, repayments, or other damages.

The company is subject to potential liability under environmental laws.

The company’s operations are regulated under a number of federal, state and local environmental laws and regulations that govern, among other things, the discharge of hazardous materials into the air and water as well as the handling, storage and disposal of these materials. Compliance with these environmental laws and regulations is a significant consideration for the company because it uses hazardous materials in its manufacturing processes. In addition, because the company is a generator of hazardous wastes, even if it fully complies with applicable environmental laws, it may be subject to financial exposure for costs associated with an investigation and remediation of sites at which it has arranged for the disposal of hazardous wastes if these sites become contaminated. In the event of a violation of environmental laws, the company could be held liable for damages and for the costs of remedial actions. Environmental laws could also become more stringent over time, imposing greater compliance costs and increasing risks and penalties associated with any violation, which could negatively affect the company’s operating results. There can be no assurance that identification of presently unidentified environmental conditions, more vigorous enforcement by regulatory authorities, or other unanticipated events will not arise in the future and give rise to additional environmental liabilities, compliance costs, and penalties that could be material. Environmental laws and regulations are constantly evolving, and it is impossible to predict accurately the effect they may have upon the financial condition, results of operations, or cash flows of the company.

Unfavorable tax law changes and tax authority rulings may adversely affect results.

The company is subject to income taxes in the United States and in various foreign jurisdictions. Domestic and international tax liabilities are based on the income and expenses in various tax jurisdictions. The amount of the company’s income and other tax liability is subject to ongoing audits by U.S. federal, state and local tax authorities and by non-U.S. authorities. If these audits result in assessments different from amounts recorded, future financial results may include unfavorable tax adjustments.

The company’s reputation, ability to do business, and results of operations may be impaired by improper conduct by any of its employees, agents, or business partners.

While the company strives to maintain high standards, the company cannot provide assurance that its internal controls and compliance systems will always protect it from acts committed by its employees, agents, or business partners that would violate U.S. and/or foreign laws or fail to protect the company’s confidential information, including the laws governing payments to government officials, bribery, fraud, anti-kickback and false claims rules, competition, export and import compliance, money laundering, and data privacy laws, as well as the improper use of proprietary information or social media. Any such violations of law or improper actions could subject the company to civil or criminal investigations in the U.S. and in other jurisdictions, could lead to substantial civil or criminal, monetary and non-monetary penalties, and related shareholder lawsuits, could lead to increased costs of compliance and could damage the company’s reputation.

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The company’s financial performance is subject to significant fluctuations.

The company’s financial performance is subject to quarterly and annual fluctuations due to a number of factors, including:

•      general economic conditions;

• the lengthy, unpredictable sales cycle for commercial foodservice equipment, food processing equipment and residential kitchen equipment group;

•      the gain or loss of significant customers;

•      unexpected delays in new product introductions;

• the level of market acceptance of new or enhanced versions of the company’s products;

•      unexpected changes in the levels of the company’s operating expenses; and

•      competitive product offerings and pricing actions.

Each of these factors could result in a material and adverse change in the company’s business, financial condition and results of operations.

The company may be unable to manage its growth.

The company has recently experienced rapid growth in business. Continued growth could place a strain on the company’s management, operations and financial resources. There also will be additional demands on the company’s sales, marketing and information systems and on the company’s administrative infrastructure as it develops and offers additional products and enters new markets. The company cannot be certain that the company’s operating and financial control systems, administrative infrastructure, outsourced and internal production capacity, facilities and personnel will be adequate to support the company’s future operations or to effectively adapt to future growth. If the company cannot manage the company’s growth effectively, the company’s business may be harmed.

The company’s business could suffer in the event of a work stoppage by its unionized labor force.

Because the company has a significant number of workers whose employment is subject to collective bargaining agreements and labor union representation, the company is vulnerable to possible organized work stoppages and similar actions. Unionized employees accounted for approximately 6% of the company’s workforce as of December 30, 2017. The company has union contracts with employees at its facilities in Windsor, California; Algona, Iowa; Elgin, Illinois; Easton, Pennsylvania and Lodi, Wisconsin that extend through December 2020, December 2018, July 2022, May 2019 and December 2018, respectively. The company also has a union workforce at its manufacturing facility in the Philippines under a contract that extends through June 2021. Approximately 2% of the company's workforce is covered by collective bargaining agreements that expire within one year. Any future strikes, employee slowdowns or similar actions by one or more unions, in connection with labor contract negotiations or otherwise, could have a material adverse effect on the company’s ability to operate the company’s business.

The company depends significantly on its key personnel.

The company depends significantly on the company’s executive officers and certain other key personnel, whom could be difficult to replace. While the company has employment agreements with certain key executives, the company cannot be certain that it will succeed in retaining this personnel or their services under existing agreements. The incapacity, inability or unwillingness of certain of these people to perform their services may have a material adverse effect on the company. There is intense competition for qualified personnel within the company’s industry, and there can be no assurance that the company will be able to continue to attract, motivate and retain personnel with the skills and experience needed to successfully manage the company's business and operations.

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The company may be subject to information technology system failures, network disruptions, cybersecurity attacks and breaches in data security, which may materially adversely affect the company’s operations, financial condition and operating results.

The company depends on information technology as an enabler to improve the effectiveness of its operations and to interface with its customers, as well as to maintain financial accuracy and efficiency. Information technology system failures, including suppliers’ or vendors’ system failures, could disrupt the company’s operations by causing transaction errors, processing inefficiencies, delays or cancellation of customer orders, the loss of customers, impediments to the manufacture or shipment of products, other business disruptions, or the loss of or damage to intellectual property through security breach.

The company’s information systems, or those of its third-party service providers, could also be penetrated by outside parties intent on extracting information, corrupting information or disrupting business processes. Such unauthorized access could disrupt the company’s business and could result in the loss of assets. Cybersecurity attacks are becoming more sophisticated and include, but are not limited to, malicious software, attempts to gain unauthorized access to data, and other electronic security breaches that could lead to disruptions in critical systems, unauthorized release of confidential or otherwise protected information, and corruption of data. These events could impact the company’s customers and reputation and lead to financial losses from remediation actions, loss of business or potential liability or an increase in expense, all of which may have a material adverse effect on the company’s business.

The impact of future transactions on the company’s common stock is uncertain.

The company periodically reviews potential transactions related to products or product rights and businesses complementary to the company’s business. Such transactions could include mergers, acquisitions, joint ventures, alliances or licensing agreements. In the future, the company may choose to enter into such transactions at any time. The impact of transactions on the market price of a company’s stock is often uncertain, but it may cause substantial fluctuations to the market price. Consequently, any announcement of any such transaction could have a material adverse effect upon the market price of the company’s common stock. Moreover, depending upon the nature of any transaction, the company may experience a charge to earnings, which could be material and could possibly have an adverse impact upon the market price of the company’s common stock.

The trading price of the company's common stock has been volatile, and investors in the company's common stock may experience substantial losses.

The trading price of the company's common stock has been volatile and may become volatile again in the future. The trading price of the company's common stock could decline or fluctuate in response to a variety of factors, including:

• the company's failure to meet the performance estimates of securities analysts;

• changes in buy/sell recommendations by securities analysts;

• fluctuations in our operating results;

• substantial sales of the company's common stock

• general stock market conditions; or

• other economic or external factors.

Item 1B.      Unresolved Staff Comments

Not applicable.

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Item 2.      Properties

The company's principal executive offices are located in Elgin, Illinois. The company operates thirty-one manufacturing facilities in the U.S. and twenty-six manufacturing facilities internationally.

The principal properties of the company used to conduct business operations are listed below:

Location	Principal Function	Square Footage	Owned/ Leased	Lease Expiration
Commercial Foodservice:
Fort Smith, AR	Manufacturing, Warehousing and Offices	30,000	Leased	August 2024
Brea, CA	Manufacturing, Warehousing and Offices	80,700	Leased	September 2020
Vacaville, CA	Manufacturing, Warehousing and Offices	81,200	Leased	May 2027
Windsor, CA	Manufacturing, Warehousing and Offices	75,000	Leased	October 2022
Elgin, IL	Manufacturing, Warehousing and Offices	207,000	Owned	N/A
Mundelein, IL	Manufacturing, Warehousing and Offices	70,000	Owned	N/A
Menominee, MI	Manufacturing, Warehousing and Offices	60,000	Owned	N/A
Bow, NH	Manufacturing, Warehousing and Offices	100,000	Owned	N/A
Pembroke, NH	Warehousing	111,900	Leased	July 2024
Fuquay-Varina, NC	Manufacturing, Warehousing and Offices	138,900	Owned	N/A
Dayton, OH	Manufacturing, Warehousing and Offices	37,700	Owned	N/A
Bethlehem, PA	Manufacturing, Warehousing and Offices	71,700	Leased	December 2024
Easton, PA	Manufacturing, Warehousing and Offices	156,700	Owned	N/A
Smithville, TN	Manufacturing, Warehousing and Offices	268,000	Owned	N/A
Carrollton, TX	Manufacturing, Warehousing and Offices	132,400	Leased	August 2022
Essex Junction, VT	Manufacturing, Warehousing and Offices	180,000	Owned	N/A
Redmond, WA	Manufacturing, Warehousing and Offices	42,400	Leased	May 2022
New South Wales, Australia	Manufacturing, Warehousing and Offices	204,900	Owned	N/A
Shanghai, China	Manufacturing, Warehousing and Offices	74,000	Leased	April 2020
Brøndby, Denmark	Manufacturing, Warehousing and Offices	50,900	Owned	N/A
Randers, Denmark	Manufacturing, Warehousing and Offices	78,500	Owned	N/A
Viljandi, Estonia	Manufacturing, Warehousing and Offices	47,000	Owned	N/A
Nusco, Italy	Manufacturing, Warehousing and Offices	24,200	Owned	N/A
Scandicci, Italy	Manufacturing, Warehousing and Offices	37,600	Leased	April 2025
Laguna, the Philippines	Manufacturing, Warehousing and Offices	115,200	Owned	N/A
Wiślina, Poland	Manufacturing, Warehousing and Offices	77,500	Owned	N/A
Fristad, Sweden	Manufacturing, Warehousing and Offices	158,100	Owned	N/A
Lincoln, the United Kingdom	Manufacturing, Warehousing and Offices	100,000	Owned	N/A
Wrexham, the United Kingdom	Manufacturing, Warehousing and Offices	62,600	Owned	N/A
Food Processing:
Gainesville, GA	Manufacturing, Warehousing and Offices	107,000	Owned	N/A
Chicago, IL	Manufacturing, Warehousing and Offices	64,400	Leased	March 2019
Downers Grove, IL	Manufacturing, Warehousing and Offices	18,000	Leased	April 2020
Algona, IA	Manufacturing, Warehousing and Offices	70,100	Owned	N/A
Clayton, NC	Manufacturing, Warehousing and Offices	65,300	Leased	October 2019
Maysville, OK	Manufacturing, Warehousing and Offices	36,700	Leased	December 2018
Plano, TX	Manufacturing, Warehousing and Offices	339,100	Leased	April 2022
Waynesboro, VA	Manufacturing, Warehousing and Offices	26,400	Owned	N/A
Lodi, WI	Manufacturing, Warehousing and Offices	114,600	Owned	N/A
Aalborg, Denmark	Manufacturing, Warehousing and Offices	64,000	Leased	December 2022
Mauron, France	Manufacturing, Warehousing and Offices	98,000	Leased	January 2023
Reichenau, Germany	Manufacturing, Warehousing and Offices	57,900	Owed	N/A
Bangalore, India	Manufacturing, Warehousing and Offices	75,000	Leased	February 2022
Norwich, the United Kingdom	Manufacturing, Warehousing and Offices	39,200	Owned	N/A

19

Location	Principal Function	Square Footage	Owned/ Leased	Lease Expiration
Residential Kitchen:
Chino, CA	Warehousing and Offices	100,000	Leased	April 2021
Downey, CA	Manufacturing, Warehousing and Offices	122,500	Leased	December 2019
Burford, GA	Warehousing and Offices	178,000	Leased	June 2022
Suwanee, GA	Warehousing and Offices	142,000	Leased	January 2018
Greenville, MI	Manufacturing, Warehousing and Offices	225,000	Owned	N/A
Greenwood, MS	Manufacturing, Warehousing and Offices *	738,000	Owned	N/A
Brown Deer, WI	Manufacturing, Warehousing and Offices	165,400	Leased	May 2022
Rosyl St Pierre, France	Manufacturing and Warehousing	40,900	Owned	N/A
Saint Ouen L'aumone, France	Manufacturing and Warehousing	30,400	Leased	April 2021
Saint Symphorien, France	Manufacturing and Warehousing	138,000	Owned	N/A
Waterford, Ireland	Manufacturing, Warehousing and Offices	73,000	Leased	July 2027
Gee Targu Mures, Romania	Manufacturing and Warehousing	48,000	Owned	N/A
Adderbury, the United Kingdom	Warehousing and Offices	82,500	Leased	August 2020
Coalbrookdale, the United Kingdom	Manufacturing and Offices	153,100	Owned	N/A
Ketley, the United Kingdom	Manufacturing and Offices	217,300	Owned	N/A
Leamington Spa, the United Kingdom	Manufacturing and Offices	270,200	Owned	N/A
Leamington Spa, the United Kingdom	Warehousing and Offices	100,300	Leased	August 2019
Nottingham, the United Kingdom	Manufacturing and Offices	153,100	Owned	N/A

 * Contains three separate manufacturing facilities.

At various other locations the company leases small amounts of space for administrative, manufacturing, distribution and sales functions, and in certain instances limited short-term inventory storage. These locations are in Australia, Brazil, Canada, China, Czech Republic, Denmark, Dubai, France, India, Italy, Mexico, Russia, Spain, the United Kingdom and various locations in the United States.

Management believes that these facilities are adequate for the operation of the company's business as presently conducted.

Item 3.      Legal Proceedings

The company is routinely involved in litigation incidental to its business, including product liability claims, which are partially covered by insurance or in certain cases by indemnification provisions under purchase agreements for recently acquired companies. Such routine claims are vigorously contested and management does not believe that the outcome of any such pending litigation will have a material effect upon the financial condition, results of operations or cash flows of the company.

Item 4. Mine Safety Issues

Not applicable.

20

PART II

Item 5.      Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Principal Market

The company's Common Stock trades on the Nasdaq Global Market under the symbol "MIDD". The following table sets forth, for the periods indicated, the high and low closing sale prices per share of Common Stock, as reported by the Nasdaq Global Market. 

	Closing Share Price
	High		Low
Fiscal 2017
First quarter	$	141.74	$	128.59
Second quarter	141.07		120.04
Third quarter	131.74		115.72
Fourth quarter	134.95		108.72
Fiscal 2016
First quarter	$	108.38	$	80.62
Second quarter	126.52		103.39
Third quarter	132.17		112.94
Fourth quarter	142.38		109.23

Shareholders

The company estimates there were approximately 68,714 record holders of the company's common stock as of February 26, 2018.

Dividends

The company does not currently pay cash dividends on its common stock. Any future payment of cash dividends on the company’s common stock will be at the discretion of the company’s Board of Directors and will depend upon the company’s results of operations, earnings, capital requirements, contractual restrictions and other factors deemed relevant by the Board of Directors. The company’s Board of Directors currently intends to retain any future earnings to support its operations and to finance the growth and development of the company’s business and does not intend to declare or pay cash dividends on its common stock for the foreseeable future. In addition, the company’s revolving credit facility limits its ability to declare or pay dividends on its common stock.

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)
October 1 to October 28, 2017	—	$	—	—	709,270
October 29 to November 25, 2017	20,000	116.40		20,000	2,480,000
November 26 to December 30, 2017	106,200	117.84		106,200	2,373,800
Quarter ended December 30, 2017	126,200	$	117.61	126,200	2,373,800

(1) On November 7, 2017, the company's Board of Directors resolved to terminate the company's existing share repurchase program, effective as of such date, which was originally adopted in 1998, and approved a new stock repurchase program. This program authorizes the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. As of December 30, 2017, 126,200 shares had been purchased under the 2017 stock repurchase program. At December 30, 2017, the company had a total of 6,889,241 shares in treasury amounting to $445.1 million.

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Item 6. Selected Financial Data

(amounts in thousands, except per share data)

Fiscal Year Ended(1, 2)

	2017			2016		2015		2014			2013
Income Statement Data:
Net sales	$	2,335,542		$	2,267,852	$	1,826,598	$	1,636,538		$	1,428,685
Cost of sales	1,422,801			1,366,672		1,120,093		995,953			878,674
Gross profit	912,741			901,180		706,505		640,585			550,011
Selling, general, and administrative expenses	436,491			444,431		375,148		339,594			296,448
Restructuring expenses	19,951			10,524		28,754		7,078			9,101
Gain on litigation settlement	—			—		—		(6,519		)	—
Gain on sale of plant	(12,042		)	—		—		—			—
Impairment of intangible asset	58,000			—		—		—			—
Income from operations	410,341			446,225		302,603		300,432			244,462
Net interest expense and deferred financing amortization, net	25,983			23,880		16,967		15,592			15,901
Other expense, net	829			1,040		4,469		4,050			2,780
Earnings before income taxes	383,529			421,305		281,167		280,790			225,781
Provision for income taxes	85,401			137,089		89,557		87,478			71,853
Net earnings	$	298,128		$	284,216	$	191,610	$	193,312		$	153,928
Net earnings per share:
Basic	$	5.26		$	4.98	$	3.36	$	3.41		$	2.76
Diluted	$	5.26		$	4.98	$	3.36	$	3.40		$	2.74
Weighted average number of shares outstanding:
Basic	56,715			57,030		56,951		56,764			55,831
Diluted	56,719			57,085		56,973		56,784			56,148
Balance Sheet Data:
Working capital	$	458,236		$	323,290	$	285,191	$	285,817		$	234,349
Total assets	3,339,713			2,917,136		2,761,151		2,066,131			1,819,206
Total debt	1,028,881			732,126		766,061		598,167			571,598
Stockholders' equity	1,361,148			1,265,318		1,166,830		1,006,760			838,347

(1) The company's fiscal year ends on the Saturday nearest to December 31.

(2) The company has acquired numerous businesses in the periods presented. Please see Note 2 in the Notes to Consolidated Financial Statements for further information.

22

Item 7.      Management’s Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This report contains "forward-looking statements" subject to the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause the company's actual results, performance or outcomes to differ materially from those expressed or implied in the forward-looking statements. The following are some of the important factors that could cause the company's actual results, performance or outcomes to differ materially from those discussed in the forward-looking statements:

• changing market conditions;

• 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;

• risks associated with the company's foreign operations, including market acceptance and demand for the company's products and the company's ability to manage the risk associated with the exposure to foreign currency exchange rate fluctuations;

• the company's ability to protect its trademarks, copyrights and other intellectual property;

• the impact of competitive products and pricing;

• the state of the residential construction, housing and home improvement markets;

• the state of the credit markets, including mortgages, home equity loans and consumer credit;

• the company's ability to maintain and grow the Viking reputation and brand image;

• intense competition in the company's business segments including the impact of both new and established global competitors;

• unfavorable tax law changes and tax authority rulings;

• cybersecurity attacks and other breaches in security;

• the continued ability to realize profitable growth through the sourcing and completion of strategic acquisitions;

• the timely development and market acceptance of the company's products; and

• the availability and cost of raw materials.

The company cautions readers to carefully consider the statements set forth in the section entitled "Item 1A. Risk Factors" of this filing and discussion of risks included in the company's SEC filings.

23

NET SALES SUMMARY

(dollars in thousands)

Fiscal Year Ended(1)
	2017				2016				2015
	Sales		Percent		Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice	$	1,382,108	59.2	%	$	1,266,955	55.9	%	$	1,121,046	61.4	%
Food Processing	352,717		15.1		342,235		15.1		297,712		16.3
Residential Kitchen	600,717		25.7		658,662		29.0		407,840		22.3
Total	$	2,335,542	100.0	%	$	2,267,852	100.0	%	$	1,826,598	100.0	%

(1) The company's fiscal year ends on the Saturday nearest to December 31.

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Results of Operations

The following table sets forth certain items in the consolidated statements of earnings as a percentage of net sales for the periods presented:

	Fiscal Year Ended(1)
	2017		2016		2015
Net sales	100.0	%	100.0	%	100.0	%
Cost of sales	60.9		60.3		61.3
Gross profit	39.1		39.7		38.7
Selling, general and administrative expenses	18.7		19.6		20.6
Restructuring expenses	0.9		0.5		1.6
Gain on sale of plant	(0.5	)	—		—
Impairment of intangible asset	2.5		—		—
Income from operations	17.5		19.6		16.5
Interest expense and deferred financing amortization, net	1.1		1.1		0.9
Other expense, net	—		—		0.2
Earnings before income taxes	16.4		18.5		15.4
Provision for income taxes	3.7		6.0		4.9
Net earnings	12.7	%	12.5	%	10.5	%

(1) The company's fiscal year ends on the Saturday nearest to December 31.

25

Fiscal Year Ended December 30, 2017 as Compared to December 31, 2016

Net sales. Net sales in fiscal 2017 increased by $67.6 million or 3.0% to $2,335.5 million as compared to $2,267.9 million in fiscal 2016. The increase in net sales of $161.9 million, or 7.1%, was attributable to acquisition growth, resulting from the fiscal 2016 acquisition of Follett and the fiscal 2017 acquisitions of Burford, CVP Systems, Sveba Dahlen, QualServ, L2F, Globe and Scanico.  Excluding acquisitions, net sales decreased $94.3 million, or 4.2%, from the prior year. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars for fiscal 2017 reduced net sales by approximately $12.0 million or 0.5%. Excluding the impact of foreign exchange and acquisitions, sales decreased 3.6% for the year, including a net sales decrease of 1.8% at the Commercial Foodservice Equipment Group, a net sales decrease of 3.5% at the Food Processing Equipment Group and a net sales decrease of 7.2% at the Residential Kitchen Equipment Group.

• Net sales of the Commercial Foodservice Equipment Group increased by $115.1 million or 9.1% to $1,382.1 million in fiscal 2017, as compared to $1,267.0 million in fiscal 2016. Net sales from the acquisitions of Follett, Sveba Dahlen, QualServ, L2F and Globe, which were acquired on May 31, 2016, June 30, 2017, August 31, 2017, October 6, 2017 and October 17, 2017, respectively, accounted for an increase of $140.2 million during fiscal 2017. Excluding the impact of acquisitions, net sales of the Commercial Foodservice Equipment Group decreased $25.1 million, or 2.0%, as compared to the prior year. Excluding the impact of foreign exchange and acquisitions, net sales decreased $22.5 million, or 1.8% at the Commercial Foodservice Equipment Group. Domestically, the company realized a sales increase of $85.3 million, or 10.0%, to $939.2 million, as compared to $853.9 million in the prior year. This includes an increase of $102.5 million from recent acquisitions. Excluding acquisitions, net sales decreased $17.2 million, or 2.0%. The domestic sales decrease reflects slower purchases from major restaurant chains as equipment upgrade and replacement purchases were delayed. International sales increased $29.8 million, or 7.2%, to $442.9 million, as compared to $413.1 million in the prior year. This includes the increase of $37.7 million from the recent acquisitions, offset by $2.6 million related to the unfavorable impact of exchange rates. Excluding acquisitions and foreign exchange, the net sales decrease in international sales was $5.3 million, or 1.3%. The decline in international sales reflects strong chain rollouts in the prior year that were not repeated and disruption in the Latin America market due in part to natural disasters in the region.

• Net sales of the Food Processing Equipment Group increased by $10.5 million or 3.1% to $352.7 million in fiscal 2017, as compared to $342.2 million in fiscal 2016. Net sales from the acquisitions of Burford, CVP Systems and Scanico, which were acquired on May 1, 2017, June 30, 2017, and December 7, 2017, respectively, accounted for an increase of $21.7 million. Excluding the impact of these acquisitions, net sales of the Food Processing Equipment Group decreased $11.2 million, or 3.3%. Excluding the impact of foreign exchange and acquisitions, net sales decreased $12.1 million, or 3.5% at the Food Processing Equipment Group. Domestically, the company realized a sales increase of $8.0 million, or 3.1%, to $262.4 million, as compared to $254.4 million in the prior year. This includes an increase of $14.9 million from recent acquisitions. Excluding acquisitions, net sales decreased $6.9 million, or 2.7%. International sales increased $2.5 million, or 2.8%, to $90.3 million, as compared to $87.8 million in the prior year. This includes the increase of $6.8 million from the recent acquisitions and $0.9 million related to the favorable impact of exchange rates.

• Net sales of the Residential Kitchen Equipment Group decreased by $58.0 million or 8.8% to $600.7 million in fiscal 2017, as compared to $658.7 million in fiscal 2016. Excluding the impact of foreign currency, net sales decreased $47.7 million, or 7.2% at the Residential Kitchen Equipment Group. Domestically, the company realized a sales decrease of $15.6 million, or 4.3%, to $346.7 million, as compared to $362.3 million in the prior year. Domestic sales declined primarily due to lower sales of Viking products, reflecting the residual impact of a product recall. International sales decreased $42.4 million, or 14.3% to $254.0 million, as compared to $296.4 million in the prior year, including a reduction of $10.3 million related to the unfavorable impact of exchange rates. Excluding foreign exchange, the net sales decrease in international sales was $32.1 million, or 10.8%. The sales decrease reflects the impact of product rationalization at the AGA Group in conjunction with acquisition integration initiatives and restructuring actions impacting sales related to non-core businesses within that group.

26

Gross profit. Gross profit increased by $11.5 million to $912.7 million in fiscal 2017 from $901.2 million in fiscal 2016. 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 $4.5 million. The gross margin rate decreased from 39.7% in 2016 to 39.1% in 2017.

• Gross profit at the Commercial Foodservice Equipment Group increased by $19.0 million, or 3.6%, to $551.9 million in fiscal 2017 as compared to $532.9 million in fiscal 2016. Gross profit from the acquisitions of Follett, Sveba Dahlen, QualServ, L2F, and Globe accounted for approximately $38.0 million of the increase in gross profit during fiscal 2017. Excluding the recent acquisitions, the gross profit decreased by approximately $19.0 million due to lower sales volume and product mix in comparison to the prior year. The impact of foreign exchange rates reduced gross profit by approximately $0.6 million. The gross profit margin rate decreased to 39.9% as compared to 42.1% in the prior year, primarily due to lower margins at recent acquisitions.

• Gross profit at the Food Processing Equipment Group increased by $5.4 million, or 3.9%, to $143.1 million in fiscal 2017 as compared to $137.7 million in fiscal 2016. Gross profit from the acquisitions of Burford, CVP Systems, and Scanico accounted for approximately $8.9 million of the increase in gross profit during fiscal 2017. Excluding the recent acquisitions, the gross profit decreased by approximately $3.5 million based on lower sales volumes. The impact of foreign exchange rates increased gross profit by approximately $0.1 million. The gross profit margin rate increased to 40.6% in fiscal 2017 as compared to 40.2% in fiscal 2016. The increase in the gross margin rate reflects the favorable impact of ongoing cost efficiency initiatives.

• Gross profit at the Residential Kitchen Equipment Group decreased by $9.8 million, or 4.2%, to $222.9 million in fiscal 2017 as compared to $232.7 million in fiscal 2016. The impact of foreign exchange rates reduced gross profit by approximately $4.0 million. The gross margin rate increased to 37.1% in fiscal 2017 as compared to 35.3% in fiscal 2016, due to the impact of improved margins at the AGA Group, U-Line and Lynx as a result of cost reduction and acquisition integration initiatives.

Selling, general and administrative expenses. Combined selling, general, and administrative expenses decreased by $7.9 million to $436.5 million in fiscal 2017 from $444.4 million in 2016. As a percentage of net sales, selling, general and administrative expenses amounted to 18.7% in fiscal 2017 and 19.6% in fiscal 2016.

Selling, general and administrative expenses reflect increased costs of $36.3 million associated with the Follett, Burford, CVP Systems, Sveba Dahlen, QualServ, L2F, Globe and Scanico acquisitions, including $8.3 million of non-cash intangible amortization expense. The unfavorable impact of foreign exchange rates increased selling, general and administrative expenses by approximately $1.0 million. Selling, general and administrative expenses decreased $3.9 million related to net periodic pension benefit and $3.1 million related to trade advertising, offset by an increase of $6.9 million related to strategic expenses associated with acquisition activities. Additionally, selling, general and administrative expenses decreased $19.8 million related to lower salaries and bonuses due to reorganization activities and $21.7 million related to lower non-cash share based compensation.

Restructuring expenses. Restructuring expenses increased $9.5 million to $20.0 million from $10.5 million in the prior year period. Restructuring expenses during fiscal 2017 included cost reduction initiatives primarily related to headcount reductions at the Commercial Foodservice Equipment Group, Food Processing Equipment Group and Residential Kitchen Equipment Group. Restructuring expenses during fiscal 2016 were primarily associated with acquisition integration initiatives at AGA.

Gain on sale of plant. Gain on sale of plant in the amount of $12.0 million was related to the sale of a manufacturing facility, proceeds of which were used to purchase a larger manufacturing facility to gain efficiencies in workflow and allow for future manufacturing consolidation efforts.

Impairment of intangible asset. The impairment of intangible asset in the amount of $58.0 million was recognized related to the Viking tradename within the company's annual impairment assessment of goodwill and indefinite-lived assets. The impairment resulted from weaker than expected revenue performance in the current year and a corresponding reduction in the future revenue expectations. The decline in revenues was attributable, in part, to the product recall announced in 2015 related to products manufactured prior to the acquisition of Viking.

27

Income from operations. Income from operations decreased $35.9 million to $410.3 million in fiscal 2017 from $446.2 million in fiscal 2016. The decrease in operating income resulted from the increased restructuring expenses and the impairment of intangible assets, offset by the increase in net sales, gross profit and the gain on sale of plant. Operating income as a percentage of net sales amounted to 17.5% in 2017 as compared to 19.6% in 2016. Excluding the impact of restructuring expenses, gain on sale of plant and impairment of intangible assets operating income increased $19.6 million to $476.3 million in fiscal 2017 from $456.7 million in fiscal 2016. Operating income as a percentage of net sales, excluding those items, amounted to 20.4% in 2017 in comparison to 20.1% in 2016, reflecting an increase in the net periodic pension benefit and ongoing cost reduction initiatives.

Income from operations in 2017 included $74.5 million of non-cash expenses, including $29.7 million of depreciation expense, $38.6 million of intangible amortization related to acquisitions and $6.2 million of stock based compensation. This compares to $84.0 million of non-cash expenses in the prior year, including $26.2 million of depreciation expense, $29.9 million of intangible amortization related to acquisitions, and $27.9 million of stock based compensation costs.

Non-operating expenses. Non-operating expenses increased $1.9 million to $26.8 million in fiscal 2017 from $24.9 million in fiscal 2016. Net interest expense and deferred financing increased $2.1 million from $23.9 million in fiscal 2016 to $26.0 million in fiscal 2017 reflecting increased interest due to higher debt balances related to the funding of acquisitions. Other expense was $0.8 million in fiscal 2017 as compared to $1.0 million in fiscal 2016 and consists mainly of net foreign exchange gains and losses.

Income taxes. A tax provision of $85.4 million, at an effective rate of 22.3%, was recorded for fiscal 2017 as compared to $137.1 million at an effective rate of 32.5%, in fiscal 2016. The effective tax rate for 2017 is lower than the statutory tax rate of 35% primarily due to the impact of complying with the Tax Cuts and Job Act of 2017. The Tax Cuts and Job Act of 2017 includes a tax benefit for revaluing the U.S. deferred taxes based on the 2018 enacted corporate income tax rate of 21%, partially offset by additional taxes related to the transition tax for the move from a worldwide tax system to a territorial tax system. Additionally, the effective tax rate was impacted by excess stock compensation tax benefits from the adoption of Accounting Standards Update ("ASU") 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share Based Accounting." The effective tax rates for both 2017 and 2016 similarly benefited from the U.S. domestic manufacturers deduction, permanent tax deductions and favorable foreign rate differentials.

28

Fiscal Year Ended December 31, 2016 as Compared to January 2, 2016

Net sales. Net sales in fiscal 2016 increased by $441.3 million or 24.2% to $2,267.9 million as compared to $1,826.6 million in fiscal 2015. The increase in net sales of $409.6 million, or 22.4%, 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 $31.7 million, or 1.7%, from the prior year. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars for fiscal 2016 reduced net sales by approximately $39.9 million or 2.2%. Excluding the impact of foreign exchange, organic sales growth amount to 3.9% for the year, including a net sales increase of 5.5% at the Commercial Foodservice Equipment Group, a net sales increase of 13.7% at the Food Processing Equipment Group and a net sales decrease of 7.7% at the Residential Kitchen Equipment Group.

• Net sales of the Commercial Foodservice Equipment Group increased by $146.0 million or 13.0% to $1,267.0 million in fiscal 2016, as compared to $1,121.0 million in fiscal 2015. Net sales 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 $106.0 million during fiscal 2016. Excluding the impact of acquisitions, net sales of the Commercial Foodservice Equipment Group increased $40.0 million, or 3.6%, as compared to the prior year. Excluding the impact of foreign exchange, organic net sales increased $62.2 million, or 5.5% at the Commercial Foodservice Equipment Group. Domestically, the company realized a sales increase of $70.1 million, or 8.9%, to $853.9 million, as compared to $783.8 million in the prior year. This includes an increase of $90.4 million from recent acquisitions. Excluding acquisitions, net sales decreased $20.3 million, or 2.6%. The decline in domestic sales reflect the impact of several large rollouts with major restaurant chain customers in the prior year period. International sales increased $75.9 million, or 22.5%, to $413.1 million, as compared to $337.2 million in the prior year. This includes the increase of $15.6 million from the recent acquisitions, offset by $22.2 million related to the unfavorable impact of exchange rates. Excluding acquisitions and exchange effect, net sales increased $82.5 million, or 24.5%. Strong international growth continued in all regions due to more favorable market conditions than in the prior year and growth with local restaurant chain concepts.

• Net sales of the Food Processing Equipment Group increased by $44.5 million or 14.9% to $342.2 million in fiscal 2016, as compared to $297.7 million in fiscal 2015. Net sales from the acquisition of Thurne which was acquired on April 7, 2015, accounted for an increase of $5.6 million. Excluding the impact of this acquisition, net sales of the Food Processing Equipment Group increased $38.9 million, or 13.1%. Excluding the impact of foreign exchange, organic net sales increased $40.7 million, or 13.7% at the Food Processing Equipment Group. Domestically, the company realized a sales increase of $58.0 million, or 29.5%, to $254.4 million, as compared to $196.4 million in the prior year. This includes an increase of $5.3 million from the recent acquisition. Excluding this acquisition, net sales increased $52.7 million, or 26.8%. International sales decreased $13.5 million, or 13.3%, to $87.8 million, as compared to $101.3 million in the prior year. This includes the increase of $0.3 million from the recent acquisition, offset by $1.8 million related to the unfavorable impact of exchange rates. The overall net sales growth at the Food Processing Equipment Group reflects 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 variability in growth rates for domestic and international sales reflects the shift in mix related to the timing of certain larger projects in differing geographic regions that regularly occur between comparative periods.

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• Net sales of the Residential Kitchen Equipment Group increased by $250.9 million or 61.5% to $658.7 million in fiscal 2016, as compared to $407.8 million in fiscal 2015. 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 $298.0 million. Excluding the impact of these acquisitions, net sales of the Residential Kitchen Equipment Group decreased $47.1 million, or 11.5%. Excluding the impact of foreign currency, organic net sales decreased $31.2 million, or 7.7% at the Residential Kitchen Equipment Group. This decrease is net of price increases, which are estimated to have added 2.0% to net sales in comparison to the prior year. Domestically, the company realized a sales increase of $67.7 million, or 23.0%, to $362.3 million, as compared to $294.6 million in the prior year. This includes an increase of $93.0 million from recent acquisitions. Excluding acquisitions, net sales decreased $25.3 million, or 8.6%. International sales increased $183.2 million, or 161.8% to $296.4 million, as compared to $113.2 million in the prior year. This includes an increase of $205.0 million from recent acquisitions and a reduction of $15.9 million related to the unfavorable impact of exchange rates. Excluding acquisitions and exchange effect, net sales decreased $5.9 million, or 5.2%. Organic sales growth for the year was adversely impacted by lower sales at U-Line due to a prior year new product launch resulting in higher sales to dealers. Additionally, sales continued to be affected by the 2015 recall of certain Viking products manufactured prior to 2013 and Middleby's acquisition of Viking.

Gross profit. Gross profit increased by $194.7 million to $901.2 million in fiscal 2016 from $706.5 million in fiscal 2015. The increase in the gross profit reflects the impact of increased sales from revenue growth and acquisition sales, offset by the impact of foreign exchange rates, which reduced gross profit by $13.2 million. The gross margin rate increased from 38.7% in 2015 to 39.7% in 2016.

• Gross profit at the Commercial Foodservice Equipment Group increased by $75.0 million, or 16.4%, to $532.9 million in fiscal 2016 as compared to $457.9 million in fiscal 2015. Gross profit from the acquisitions of Goldstein Eswood, Marsal, Induc, and Follett accounted for approximately $36.9 million of the increase in gross profit during fiscal 2016. Excluding the recent acquisitions, the gross profit increased by approximately $38.1 million on the higher sales volumes. The impact of foreign exchange rates reduced gross profit by approximately $5.8 million. The gross profit margin rate increased to 42.1% as compared to 40.8% in the prior year, due primarily to changes in sales mix and efficiency gains, as compared to the prior year period.

• Gross profit at the Food Processing Equipment Group increased by $21.6 million, or 18.6%, to $137.7 million in fiscal 2016 as compared to $116.1 million in fiscal 2015. Gross profit from the acquisition of Thurne accounted for approximately $3.0 million of the increase in gross profit during fiscal 2016. Excluding the recent acquisition, the gross profit increased by approximately $18.6 million on higher sales volumes. The impact of foreign exchange rates reduced gross profit by approximately $1.6 million. The gross profit margin rate increased to 40.2% in fiscal 2016 as compared to 39.0% in fiscal 2015. 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 $101.8 million, or 77.8%, to $232.7 million in fiscal 2016 as compared to $130.9 million in fiscal 2015. Gross profit from the acquisitions of AGA and Lynx accounted for approximately $96.3 million of the increase in gross profit during fiscal 2016. Excluding the recent acquisitions, the gross profit increased by approximately $5.5 million on lower sales volumes offsetting price increases. The impact of foreign exchange rates reduced gross profit by approximately $5.8 million. The gross margin rate increased to 35.3% in fiscal 2016 as compared to 32.1% in fiscal 2015, due to improved margins at Viking as a result of continued efficiency gains and AGA profitability improvements recognized in connection with ongoing integration initiatives.

Selling, general and administrative expenses. Combined selling, general, and administrative expenses increased by $69.3 million to $444.4 million in fiscal 2016 from $375.1 million in 2015. As a percentage of net sales, operating expenses amounted to 19.6% in fiscal 2016 and 20.5% in fiscal 2015, excluding restructuring charges.

Selling, general and administrative expenses increased $80.0 million associated with the Goldstein Eswood, Thurne, Induc, AGA, Lynx, and Follett acquisitions, including $8.8 million of non-cash intangible amortization expense. This increase was offset by the favorable impact of foreign exchange rates of $3.4 million, reduced compensation and commissions of $2.5 million, lower trade advertising expense of $2.1 million and the net periodic pension benefit related to the AGA pension plans which amount to $24.5 million.

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Restructuring expenses. Restructuring expenses decreased $18.3 million to $10.5 million from $28.8 million in the prior year period. Restructuring expenses during fiscal 2016 are related to acquisition integration initiatives to reduce costs related to AGA. Restructuring expenses during fiscal 2015 were associated with cost reductions initiatives related to AGA, the closure and consolidation of distribution facilities at the Residential Kitchen Equipment Group and the consolidation of two production facilities at the Food Processing and Commercial Foodservice Equipment Groups.

Income from operations. Income from operations increased $143.6 million to $446.2 million in fiscal 2016 from $302.6 million in fiscal 2015. The increase in operating income resulted from the increase in net sales and gross profit, offset in part by increased operating and restructuring expenses. Operating income as a percentage of net sales amounted to 19.6% in 2016 as compared to 16.5% in 2015. Excluding the impact of restructuring expenses, operating income as a percentage of net sales amounted to 20.1% in 2016 in comparison to 18.1% in 2015, reflecting an increase in the net periodic pension benefit and ongoing cost reduction initiatives.

Income from operations in 2016 included $84.0 million of non-cash expenses, including $26.2 million of depreciation expense, $29.9 million of intangible amortization related to acquisitions and $27.9 million of stock based compensation. This compares to $68.8 million of non-cash expenses in the prior year, including $25.5 million of depreciation expense, $27.4 million of intangible amortization related to acquisitions, and $15.9 million of stock based compensation costs.

Non-operating expenses. Non-operating expenses increased $3.4 million to $24.9 million in fiscal 2016 from $21.5 million in fiscal 2015. Net interest expense increased $6.9 million from $17.0 million in fiscal 2015 to $23.9 million in fiscal 2016 reflecting increased interest due to higher debt balances related to the funding of acquisitions. Other expense was $1.0 million in fiscal 2016 as compared to $4.5 million in fiscal 2015 and consists mainly of net foreign exchange losses attributable to the strengthening of the U.S. Dollar.

Income taxes. A tax provision of $137.1 million, at an effective rate of 32.5%, was recorded for fiscal 2016 as compared to $89.6 million at an effective rate of 31.9%, in fiscal 2015. The effective tax rates for both years were lower than the statutory tax rate of 35.0% primarily due to tax benefits from the U.S. domestic manufacturers deduction, permanent tax deductions and favorable foreign rate differentials.

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Financial Condition and Liquidity

Total cash and cash equivalents increased by $21.2 million to $89.7 million at December 30, 2017 from $68.5 million at December 31, 2016. Net borrowings increased to $1,028.9 million at December 30, 2017, from $732.1 million at December 31, 2016.

Operating activities. Net cash provided by operating activities before changes in assets and liabilities amounted to $408.7 million as compared to $391.7 million in the prior year. Adjustments to reconcile 2017 net earnings to operating cash flows before changes in assets and liabilities included $29.7 million of depreciation expense and $40.1 million of amortization expense, $6.2 million of non-cash stock compensation expense, $58.0 million of impairment of intangible asset, $3.1 million of impairment of equipment, $12.0 million of gain on sale of plant and $14.5 million of deferred tax benefit.

Net cash provided by operating activities after changes in assets and liabilities amounted to $304.5 million as compared to $294.1 million in the prior year.

During fiscal 2017, net cash used to fund changes in assets and liabilities amounted to $104.2 million. These changes included a $26.2 million decrease in accounts receivable due to the impact of lower sales volumes and due to the impact of lower receivable balances at the Food Processing Equipment Group due to the timing of projects which are often paid in advance. Inventory increased $9.7 million and accounts payables decreased by $21.6 million due to several factors including normal business seasonality affecting working capital, the timing of large orders for the Food Processing Equipment Group and lower sales volumes. Prepaid expenses and other assets increased $34.1 million primarily due to an increase in prepaid taxes. Accrued expenses and other non-current liabilities decreased by $65.0 million due in part to reduced customer deposits due to timing of projects related to the Food Processing Equipment Group, reduced incentive compensation in comparison to the prior year and payments related to restructuring initiatives.

In connection with the company’s acquisition activities during the year, the company added assets and liabilities from the opening balance sheets of the acquired businesses in its consolidated balance sheets and accordingly these amounts are not reflected in the net change in working capital.

Investing activities. During 2017, net cash used for investing activities amounted to $345.5 million. This included $300.2 million of the 2017 acquisitions of Burford, CVP Systems, Sveba Dahlen, QualServ, Globe, L2F, and Scanico, $5.9 million related to deferred and contingent consideration payments from previous years' acquisitions and $54.5 million primarily associated with additions and upgrades of production equipment and the purchase of a manufacturing facility. During 2017, the company completed the sale of an existing manufacturing facility. The $14.3 million proceeds from the sale were used to purchase a larger facility to gain efficiencies in workflow and allow for future manufacturing consolidation efforts.

Financing activities. Net cash flows provided by financing activities amounted to $55.8 million in 2017. The company borrowed $296.8 million under its $2.5 billion Credit Facility and repaid $1.1 million under foreign borrowing facilities.

The company repurchased $239.8 million of Middleby common shares during 2017. This was comprised of $24.6 million used to repurchase 177,097 shares of its common stock 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 2017 and $215.2 million used to repurchase 1,806,595 shares of its common stock under a stock repurchase program. See Part 1, Notes to Condensed Consolidated Financial Statements, Note 13 - Share Repurchases for further details.

At December 30, 2017, the company was in compliance with all covenants pursuant to its borrowing agreements. Management believes that future cash flows from operating activities and borrowings from current lenders will provide the company with sufficient financial resources to meet its anticipated requirements for working capital, capital expenditures and debt amortization for the foreseeable future.

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Contractual Obligations

The company's contractual cash payment obligations are set forth below (dollars in thousands):

	Amounts Due Sellers From Acquisition		Debt		Estimated Interest on Debt		Operating Leases		Total Contractual Cash Obligations
Less than 1 year	$	2,020	$	5,149	$	31,575	$	25,689	$	64,433
1-3 years	—		501		63,046		37,946		101,493
4-5 years	—		1,023,231		19,192		26,428		1,068,851
After 5 years	—		—		721		19,815		20,536
	$	2,020	$	1,028,881	$	114,534	$	109,878	$	1,255,313

The company has obligations to make $2.0 million of estimated contingent purchase price payments to the sellers of Desmon, Emico and Scanico that were deferred in conjunction with the acquisitions.

As of December 30, 2017, the company had $1,022.9 million outstanding under its Credit Facility. The average interest rate on this debt amounted to 2.72% at December 30, 2017. This facility matures on July 28, 2021. As of December 30, 2017, the company also has $5.8 million of debt outstanding under various foreign credit facilities. The estimated interest payments reflected in the table above assume that the level of debt and average interest rate on the company’s revolving credit line under its senior credit agreement does not change until the facility reaches maturity in July 2021. The estimated payments also assume that relative to the company’s foreign borrowings: all scheduled term loan payments are made; the level of borrowings does not change; and the average interest rates remain at their December 30, 2017 rates. Also reflected in the table above is $0.1 million of payments to be made related to the company’s interest rate swap agreements in 2018.

As indicated in Note 10 to the consolidated financial statements, the company’s projected benefit obligation under its defined benefit plans exceeded the plans’ assets by $334.5 million at the end of 2017 as compared to $323.0 million at the end of 2016. The unfunded benefit obligations were comprised of a $15.8 million underfunding of the company's U.S. Plans and $318.7 million underfunding of the company’s Non-U.S. Plans. The company made minimum contributions required by the Employee Retirement Income Security Act of 1974 (“ERISA”) of $1.5 million and $0.8 million in 2017 and 2016, respectively, to the company’s U.S. Plans. The company expects to continue to make minimum contributions to the U.S. Plans as required by ERISA, of $0.9 million in 2018. The company expects to contribute $5.4 million to the Non-U.S. Plans in 2018.

The company places purchase orders with its suppliers in the ordinary course of business. These purchase orders are generally to fulfill short-term manufacturing requirements of less than 90 days and most are cancelable with a restocking penalty. The company has no long-term purchase contracts or minimum purchase obligations with any supplier.

The company has no activities, obligations or exposures associated with off-balance sheet arrangements.

Related Party Transactions

From January 1, 2017 through the date hereof, there were no transactions between the company, its directors and executive officers that are required to be disclosed pursuant to Item 404 of Regulation S-K, promulgated under the Securities and Exchange Act of 1934, as amended.

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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. 

Revenue Recognition. At the Commercial Foodservice Equipment 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 collectibility 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 collectibility 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 and discount rates.

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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.

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.

New Accounting Pronouncements

See Note 3 to the Consolidated Financial Statements for further information on the new accounting pronouncements.

Certain Risk Factors That May Affect Future Results

An investment in shares of the company's common stock involves risks. The company believes the risks and uncertainties described in "Item 1A. Risk Factors" and in "Special Note Regarding Forward-Looking Statements" are the material risks it faces. Additional risks and uncertainties not currently known to the company or that it currently deems immaterial may impair its business operations. If any of the risks identified in "Item 1A. Risk Factors" actually occurs, the company's business, results of operations and financial condition could be materially adversely affected, and the trading price of the company's common stock could decline.

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Item 7A.          Quantitative and Qualitative Disclosure 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:

	Variable Rate Debt
2018	$	5,149
2019	338
2020	163
2021	1,023,098
2022 and thereafter	133
	$	1,028,881

On July 28, 2016, the company entered into an amended and restated five-year $2.5 billion multi-currency senior secured revolving credit agreement (the "Credit Facility"), with the potential under certain circumstances to increase the amount of the Credit Facility to $3.0 billion. As of December 30, 2017, the company had $1,022.9 million of borrowings outstanding under the Credit Facility, including $1,015.5 million of borrowings in U.S. Dollars and $7.4 million of borrowings denominated in British Pounds. The company also has $7.5 million in outstanding letters of credit as of December 30, 2017, which reduces the borrowing availability under the Credit Facility. Remaining borrowing availability under the Credit Facility was $1.5 billion at December 30, 2017.

At December 30, 2017, borrowings under the Credit Facility accrued interest at a rate of 1.25% above LIBOR per annum or 0.25% above the highest of the prime rate, the federal funds rate plus 0.50% and one month LIBOR plus 1.00%. The average interest rate per annum on the debt under the Credit Facility was equal to 2.72% for the period. The interest rates on borrowings under the Credit Facility may be adjusted quarterly based on the company’s Funded Debt Less Unrestricted Cash to Pro Forma EBITDA (the "Leverage Ratio") on a rolling four-quarter basis. Additionally, a commitment fee based upon the Leverage Ratio is charged on the unused portion of the commitments under the Credit Facility. This variable commitment fee was equal to 0.20% per annum as of December 30, 2017.

In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At December 30, 2017, these foreign credit facilities amounted to $5.8 million in U.S. Dollars with a weighted average per annum interest rate of approximately 6.06%.

The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At December 30, 2017, the company had outstanding floating-to-fixed interest rate swaps totaling $399.0 million notional amount carrying an average interest rate of 1.47% that mature in more than 12 months but less than 84 months.

The Credit Facility matures on July 28, 2021, and accordingly has been classified as a long-term liability on the consolidated balance sheet.

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The terms of the Credit Facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; enter into certain transactions with affiliates; and requires, among other things, the company to satisfy certain financial covenants: (i) a minimum Interest Coverage Ratio (as defined in the Credit Facility) of 3.00 to 1.00 and (ii) a maximum Leverage Ratio of Funded Debt less Unrestricted Cash to Pro Forma EBITDA (each as defined in the Credit Facility) of 3.50 to 1.00, which may be adjusted to 4.00 to 1.00 for a four consecutive fiscal quarter period in connection with certain qualified acquisitions, subject to the terms and conditions contained in the Credit Facility. The Credit Facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material foreign and domestic subsidiaries. The Credit Facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the company guarantee or any subsidiary guaranty; and a change of control of the company. At December 30, 2017, the company was in compliance with all covenants pursuant to its borrowing agreements.

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 December 30, 2017, the fair value of these instruments was an asset of $10.3 million. The change in fair value of these swap agreements in fiscal 2017 was a gain of $1.5 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 derivative financial instruments, principally foreign currency forward purchase and sale contracts with terms of less than one year, to hedge its exposure to changes in foreign currency exchange rates. The company’s primary hedging activities are to mitigate its exposure to changes in exchange rates on intercompany and third party trade receivables and payables. The company does not currently enter into derivative financial instruments for speculative purposes. In managing its foreign currency exposures, the company identifies and aggregates naturally occurring offsetting positions and then hedges residual balance sheet exposures. The potential 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 company accounts for its derivative financial instruments in accordance with ASC 815, "Derivatives and Hedging." In accordance with ASC 815, these instruments are recognized on the balance sheet as either an asset or a liability measured at fair value. Changes in the market value and the related foreign exchange gains and losses are recorded in the statement of earnings.

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Item 8.      Financial Statements and Supplementary Data

	Page
Reports of Independent Registered Public Accounting Firm	39
Consolidated Balance Sheets	41
Consolidated Statements of Earnings	42
Consolidated Statements of Comprehensive Income	43
Consolidated Statements of Changes in Stockholders’ Equity	44
Consolidated Statements of Cash Flows	45
Notes to Consolidated Financial Statements	46
The following consolidated financial statement schedule is included in response to Item 15
Schedule II - Valuation and Qualifying Accounts and Reserves	84

All other schedules for which provision is made to applicable regulation of the Securities and Exchange Commission are not required under the related instruction or are inapplicable and, therefore, have been omitted.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of The Middleby Corporation

Opinion on Internal Control over Financial Reporting

We have audited The Middleby Corporation's internal control over financial reporting as of December 30, 2017, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework), (the COSO criteria). In our opinion, The Middleby Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 30, 2017, based on the COSO criteria.

As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Globe, Qualserv, L2F, Burford, Sveba Dahlen, Scanico, and CVP Systems which are included in the 2017 consolidated financial statements of the Company and constituted 11.9% and 0.1% of total and net assets, respectively, as of December 30, 2017 and 3.9% and (0.7%) of revenues and net income, respectively, for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Globe, Qualserv, L2F, Burford, Sveba Dahlen, Scanico, and CVP Systems.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Companyas of December 30, 2017 and December 31, 2016, the related consolidated statements of earnings, comprehensive income, changes in shareholders' equity and cash flows for each of the three years in the period ended December 30, 2017, and the related notes and financial statement schedule and our report dated February 28, 2018 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Controls over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Chicago, Illinois

February 28, 2018

39

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of The Middleby Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of The Middleby Corporation (the Company) as of December 30, 2017 and December 31, 2016, the related consolidated statements of earnings, comprehensive income, changes in shareholders' equity and cash flows for each of the three years in the period ended December 30, 2017, and the related notes and financial statement schedule listed in the Index at Item 8, (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company at December 30, 2017 and December 31, 2016, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 30, 2017, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 30, 2017, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 28, 2018 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2012.

Chicago, Illinois

February 28, 2018

40

THE MIDDLEBY CORPORATION

CONSOLIDATED BALANCE SHEETS

DECEMBER 30, 2017 AND DECEMBER 31, 2016

(amounts in thousands, except share data)

	2017			2016
ASSETS
Current assets:
Cash and cash equivalents	$	89,654		$	68,485
Accounts receivable, net of reserve of doubtful accounts of $13,182 and $12,600	328,421			325,868
Inventories, net	424,639			368,243
Prepaid expenses and other	55,427			42,704
Prepaid taxes	33,748			6,399
Total current assets	931,889			811,699
Property, plant and equipment, net of accumulated depreciation of $142,278 and $119,435	281,915			221,571
Goodwill	1,264,810			1,092,722
Other intangibles, net of amortization of $207,334 and $168,369	780,426			696,171
Long-term deferred tax assets	44,565			51,699
Other assets	36,108			43,274
Total assets	$	3,339,713		$	2,917,136
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt	$	5,149		$	5,883
Accounts payable	146,333			146,921
Accrued expenses	322,171			335,605
Total current liabilities	473,653			488,409
Long-term debt	1,023,732			726,243
Long-term deferred tax liability	87,815			77,760
Accrued pension benefits	334,511			322,988
Other non-current liabilities	58,854			36,418
Stockholders' equity:
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	—			—
Common stock, $0.01 par value, 62,619,865 and 62,445,315 shares issued in 2017 and 2016, respectively	145			144
Paid-in capital	374,922			355,287
Treasury stock at cost; 6,889,241 and 4,905,549 shares in 2017 and 2016, respectively	(445,118		)	(205,280		)
Retained earnings	1,697,618			1,399,490
Accumulated other comprehensive loss	(266,419		)	(284,323		)
Total stockholders' equity	1,361,148			1,265,318
Total liabilities and stockholders' equity	$	3,339,713		$	2,917,136

The accompanying Notes to Consolidated Financial Statements

are an integral part of these consolidated financial statements.

41

THE MIDDLEBY CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE FISCAL YEARS ENDED DECEMBER 30, 2017, DECEMBER 31, 2016

AND JANUARY 2, 2016

(amounts in thousands, except per share data)

	2017			2016		2015
Net sales	$	2,335,542		$	2,267,852	$	1,826,598
Cost of sales	1,422,801			1,366,672		1,120,093
Gross profit	912,741			901,180		706,505
Selling, general, and administrative expenses	436,491			444,431		375,148
Restructuring expenses	19,951			10,524		28,754
Gain on sale of plant	(12,042		)	—		—
Impairment of intangible asset	58,000			—		—
Income from operations	410,341			446,225		302,603
Interest expense and deferred financing amortization, net	25,983			23,880		16,967
Other expense, net	829			1,040		4,469
Earnings before income taxes	383,529			421,305		281,167
Provision for income taxes	85,401			137,089		89,557
Net earnings	$	298,128		$	284,216	$	191,610
Net earnings per share:
Basic	$	5.26		$	4.98	$	3.36
Diluted	$	5.26		$	4.98	$	3.36
Weighted average number of shares
Basic	56,715			57,030		56,951
Dilutive common stock equivalents	4			55		22
Diluted	56,719			57,085		56,973

The accompanying Notes to Consolidated Financial Statements

are an integral part of these consolidated financial statements.

42

THE MIDDLEBY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE FISCAL YEARS ENDED DECEMBER 30, 2017, DECEMBER 31, 2016

AND JANUARY 2, 2016

(amounts in thousands)

	2017			2016			2015
Net earnings	$	298,128		$	284,216		$	191,610
Other comprehensive income:
Foreign currency translation adjustments	46,690			(63,569		)	(28,187		)
Pension liability adjustment, net of tax	(29,669		)	(149,815		)	(17,039		)
Unrealized gain on interest rate swaps, net of tax	883			5,473			245
Comprehensive income	$	316,032		$	76,305		$	146,629

The accompanying Notes to Consolidated Financial Statements

are an integral part of these consolidated financial statements.

43

THE MIDDLEBY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

FOR THE FISCAL YEARS ENDED DECEMBER 30, 2017, DECEMBER 31, 2016

AND JANUARY 2, 2016

(amounts in thousands)

	Common Stock		Paid-in Capital			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income/(loss)			Total Stockholders' Equity
Balance, January 3, 2015	$	144	$	310,409		$	(196,026	)	$	923,664	$	(31,431	)	$	1,006,760
Net earnings	—		—			—			191,610		—			191,610
Currency translation adjustments	—		—			—			—		(28,187		)	(28,187		)
Change in unrecognized pension benefit costs, net of tax of $(3,740)	—		—			—			—		(17,039		)	(17,039		)
Unrealized gain on interest rate swap, net of tax of $163	—		—			—			—		245			245
Stock compensation	—		15,863			—			—		—			15,863
Tax benefit on stock compensation	—		2,414			—			—		—			2,414
Purchase of treasury stock	—		—			(4,836		)	—		—			(4,836		)
Balance, January 2, 2016	$	144	$	328,686		$	(200,862	)	$	1,115,274	$	(76,412	)	$	1,166,830
Net earnings	—		—			—			284,216		—			284,216
Currency translation adjustments	—		—			—			—		(63,569		)	(63,569		)
Change in unrecognized pension benefit costs, net of tax of $(30,717)	—		—			—			—		(149,815		)	(149,815		)
Unrealized gain on interest rate swap, net of tax of $3,649	—		—			—			—		5,473			5,473
Stock compensation	—		27,905			—			—		—			27,905
Tax benefit on stock compensation	—		(1,304		)				—		—			(1,304		)
Purchase of treasury stock	—		—			(4,418		)	—		—			(4,418		)
Balance, December 31, 2016	$	144	$	355,287		$	(205,280	)	$	1,399,490	$	(284,323	)	$	1,265,318
Net earnings	—		—			—			298,128		—			298,128
Currency translation adjustments	—		—			—			—		46,690			46,690
Change in unrecognized pension benefit costs, net of tax of $(5,588)	—		—			—			—		(29,669		)	(29,669		)
Unrealized gain on interest rate swap, net of tax of $588	—		—			—			—		883			883
Stock compensation	—		6,237			—			—		—			6,237
Stock issuance	1		13,398			—			—		—			13,399
Purchase of treasury stock	—		—			(239,838		)	—		—			(239,838		)
Balance, December 30, 2017	$	145	$	374,922		$	(445,118	)	$	1,697,618	$	(266,419	)	$	1,361,148

The accompanying Notes to Consolidated Financial Statements

are an integral part of these consolidated financial statements.

44

THE MIDDLEBY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE FISCAL YEARS ENDED DECEMBER 30, 2017, DECEMBER 31, 2016

AND JANUARY 2, 2016

(amounts in thousands)

	2017			2016			2015
Cash flows from operating activities—
Net earnings	$	298,128		$	284,216		$	191,610
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	69,774			58,234			54,074
Non-cash share-based compensation	6,237			27,905			15,864
Deferred income taxes	(14,492		)	21,363			1,919
Gain on sale of plant	(12,042		)	—			—
Impairment of equipment	3,114			—			—
Impairment of intangible asset	58,000			—			—
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	26,180			(33,908		)	17,112
Inventories, net	(9,744		)	(22,246		)	7,826
Prepaid expenses and other assets	(34,122		)	(11,550		)	(5,685		)
Accounts payable	(21,631		)	(7,730		)	(18,036		)
Accrued expenses and other liabilities	(64,947		)	(22,174		)	(15,092		)
Net cash provided by operating activities	304,455			294,110			249,592
Cash flows from investing activities—
Additions to property and equipment	(54,493		)	(24,817		)	(22,362		)
Proceeds on sale of plant	14,278			—			—
Acquisitions, net of cash acquired	(305,251		)	(210,921		)	(348,625		)
Net cash used in investing activities	(345,466		)	(235,738		)	(370,987		)
Cash flows from financing activities—
Net proceeds (repayments) under revolving credit facilities	296,771			(2,482		)	145,500
Net repayments under foreign bank loan	(1,062		)	(26,821		)	(6,058		)
Net repayments under other debt arrangement	(35		)	(35		)	(262		)
Repurchase of treasury stock	(239,838		)	(4,418		)	(4,836		)
Debt issuance costs	—			(6,310		)	—
Excess tax benefit related to share-based compensation	—			(1,304		)	2,414
Net cash provided by (used in) financing activities	55,836			(41,370		)	136,758
Effect of exchange rates on cash and cash equivalents	6,344			(4,045		)	(3,780		)
Changes in cash and cash equivalents—
Net increase in cash and cash equivalents	21,169			12,957			11,583
Cash and cash equivalents at beginning of year	68,485			55,528			43,945
Cash and cash equivalents at end of year	$	89,654		$	68,485		$	55,528
Non-cash investing and financing activities:
Stock issuance related to acquisitions	$	13,399		$	—		$	—

The accompanying Notes to Consolidated Financial Statements

are an integral part of these consolidated financial statements.

45

THE MIDDLEBY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FISCAL YEARS ENDED DECEMBER 30, 2017, DECEMBER 31, 2016

AND JANUARY 2, 2016

(1) NATURE OF OPERATIONS

The Middleby Corporation (the "company") is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The company manufactures and assembles this equipment at thirty-one U.S. and twenty-six international manufacturing facilities. The company operates in three business segments: 1) the Commercial Foodservice Equipment Group, 2) the Food Processing Equipment Group and 3) the Residential Kitchen Equipment Group.

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

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

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

46

(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.

The following represents the company's more significant acquisitions in 2017 and 2016. The company also made smaller acquisitions not listed below which are individually and collectively immaterial.

Follett

On May 31, 2016, the company completed its acquisition of substantially all of the assets 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 $206.9 million, net of cash acquired. During the first quarter of 2017, the company finalized the working capital provision provided for by the purchase agreement resulting in an additional payment to the seller of $0.7 million.

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

	(as initially reported) May 31, 2016			Measurement Period Adjustments			(as adjusted) May 31, 2016
Cash	$	22,620		$	2,888		$	25,508
Current assets	41,602			(2,249		)	39,353
Property, plant and equipment	19,868			8,598			28,466
Goodwill	76,220			(35,656		)	40,564
Other intangibles	82,450			41,810			124,260
Other assets	1,358			170			1,528
Current liabilities	(11,779		)	(10,801		)	(22,580		)
Other non-current liabilities	(616		)	(4,064		)	(4,680		)
Net assets acquired and liabilities assumed	$	231,723		$	696		$	232,419

The goodwill and $67.8 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 $55.2 million allocated to customer relationships and $1.3 million allocated to backlog, which are to be amortized over periods of 8 years and 3 months, respectively. Goodwill and other intangibles of Follett are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.

47

Burford

On May 1, 2017, the company completed its acquisition of all of the capital stock of Burford Corp. ("Burford"). Burford is a leading manufacturer of industrial baking equipment for the food processing industry located in Maysville, Oklahoma, for a purchase price of approximately $14.8 million, net of cash acquired. During the fourth quarter of 2017, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $0.3 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) May 1, 2017			Preliminary Measurement Period Adjustments			(as adjusted) May 1, 2017
Cash	$	2,514		$	—		$	2,514
Current assets	6,424			126			6,550
Property, plant and equipment	656			(13		)	643
Goodwill	7,289			808			8,097
Other intangibles	4,900			1,840			6,740
Current liabilities	(2,254		)	(961		)	(3,215		)
Long term deferred tax liability	(1,840		)	612			(1,228		)
Other non-current liabilities	—			(2,761		)	(2,761		)
Net assets acquired and liabilities assumed	$	17,689		$	(349	)	$	17,340

The long term deferred tax liability amounted to $1.2 million. The net deferred tax liability is comprised of $2.7 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets, net of $0.7 million related to federal and state net operating loss carryforwards and $0.8 million of deferred tax asset arising from the difference between the book and tax basis of identifiable tangible asset and liability accounts.

The goodwill and $2.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $3.1 million allocated to customer relationships, $0.7 million allocated to developed technology and $0.3 million allocated to backlog, which are to be amortized over periods of 6 years, 7 years and 3 months, respectively. Goodwill and other intangibles of Burford are allocated to the Food Processing 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.

48

CVP Systems

On June 30, 2017, the company completed its acquisition of all of the capital stock of CVP Systems, Inc. ("CVP Systems"), a leading manufacturer of high-speed packaging systems for the meat processing industry located in Downers Grove, Illinois, for a purchase price of approximately $30.3 million, net of cash acquired. The purchase price included $17.9 million in cash and 106,254 shares of Middleby common stock valued at $12.3 million. The purchase price is subject to adjustment based upon a working capital provision provided for by the purchase agreement. The company expects to finalize this in the first quarter of 2018.

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) June 30, 2017			Preliminary Measurement Period Adjustments			(as adjusted) June 30, 2017
Cash	$	621		$	—		$	621
Current assets	5,973			(1,435		)	4,538
Property, plant and equipment	238			(91		)	147
Goodwill	20,297			432			20,729
Other intangibles	8,700			4,350			13,050
Current liabilities	(1,532		)	(514		)	(2,046		)
Long term deferred tax liability	(3,168		)	(633		)	(3,801		)
Other non-current liabilities	—			(2,362		)	(2,362		)
Net assets acquired and liabilities assumed	$	31,129		$	(253	)	$	30,876

The long term deferred tax liability amounted to $3.8 million. The net liability is comprised of $5.0 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets, net of $0.4 million related to federal and state net operating loss carryforwards and $0.8 million of deferred tax assets arising from the difference between the book and tax basis of identifiable tangible asset and liability accounts.

The goodwill and $6.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $5.7 million allocated to customer relationships, $0.8 million allocated to developed technology and $0.3 million allocated to backlog, which are to be amortized over periods of 5 years, 7 years and 3 months, respectively. Goodwill and other intangibles of CVP Systems are allocated to the Food Processing 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.

49

Sveba Dahlen

On June 30, 2017, the company completed its acquisition of all of the capital stock of Sveba Dahlen Group ("Sveba Dahlen"), a developer and manufacturer of ovens and baking equipment for the commercial foodservice and industrial baking industries headquartered in Fristad, Sweden, for a purchase price of $81.4 million, net of cash acquired.

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) June 30, 2017			Preliminary Measurement Period Adjustments			(as adjusted) June 30, 2017
Cash	$	4,569		$	—		$	4,569
Current assets	22,686			(767		)	21,919
Property, plant and equipment	9,128			(332		)	8,796
Goodwill	33,785			(2,843		)	30,942
Other intangibles	34,175			7,775			41,950
Other assets	1,170			(3		)	1,167
Current portion of long-term debt	—			(14		)	(14		)
Current liabilities	(11,782		)	649			(11,133		)
Long term debt	—			(140		)	(140		)
Long term deferred tax liability	(7,751		)	(2,600		)	(10,351		)
Other non-current liabilities	(42		)	(1,725		)	(1,767		)
Net assets acquired and liabilities assumed	$	85,938		$	—		$	85,938

The long term deferred tax liability amounted to $10.4 million. The liability is comprised of $9.2 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $1.2 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $22.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $18.1 million allocated to customer relationships and $1.6 million allocated to backlog, which are to be amortized over periods of 6 years and 3 months, respectively. Goodwill and other intangibles of Sveba Dahlen are allocated to the Commercial Foodservice 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.

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QualServ

On August 31, 2017, the company completed its acquisition of substantially all of the assets of QualServ Solutions LLC ("QualServ"), a global commercial kitchen design, manufacturing, engineering, project management and equipment solutions provider located in Fort Smith, Arkansas, for a purchase price of $40.2 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 first quarter of 2018.

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) August 31, 2017			Preliminary Measurement Period Adjustments			(as adjusted) August 31, 2017
Cash	$	1,130		$	—		$	1,130
Current assets	18,031			(64		)	17,967
Property, plant and equipment	4,785			—			4,785
Goodwill	14,590			195			14,785
Other intangibles	9,600			—			9,600
Current liabilities	(6,810		)	(131		)	(6,941		)
Net assets acquired and liabilities assumed	$	41,326		$	—		$	41,326

The goodwill and $6.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $3.3 million allocated to customer relationships and $0.1 million allocated to backlog, which are to be amortized over periods of 6 years and 3 months, respectively. Goodwill and other intangibles of QualServ are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. 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.

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Globe

On October 17, 2017, the company completed its acquisition of all of the capital stock of Globe Food Equipment Company ("Globe"), a leading brand in slicers and mixers for the commercial foodservice industry located in Dayton, Ohio, for a purchase price of $104.6 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 first quarter of 2018.

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) October 17, 2017
Cash	$	3,420
Current assets	17,197
Property, plant and equipment	1,120
Goodwill	67,176
Other intangibles	43,444
Current liabilities	(5,994		)
Long term deferred tax liability	(16,456		)
Other non-current liabilities	(1,907		)
Net assets acquired and liabilities assumed	$	108,000

The long term deferred tax liability amounted to $16.5 million. The net liability is comprised of $16.3 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.2 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $28.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $14.9 million allocated to customer relationships and $0.3 million allocated to backlog, which are to be amortized over periods of 5 years and 3 months, respectively. Goodwill and other intangibles of Globe are allocated to the Commercial Foodservice 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.

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Scanico

On December 7, 2017, the company completed its acquisition of all of the capital stock of Scanico A/S ("Scanico"), a leading manufacturer of industrial cooling and freezing equipment for the food processing industry located in Aalborg, Denmark, for a purchase price of $34.9 million, net of cash acquired. The purchase price is subject to adjustment based upon a working capital provision provided for by the purchase agreement. The company expects to finalize this in the first quarter of 2018. An additional payment is also due upon the achievement of certain financial targets.

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) December 7, 2017
Cash	$	6,766
Current assets	3,428
Property, plant and equipment	447
Goodwill	30,072
Other intangibles	11,491
Current liabilities	(7,236		)
Long term deferred tax liability	(3,305		)
Consideration paid at closing	$	41,663
Contingent consideration	(751		)
Net assets acquired and liabilities assumed	$	40,912

The long term deferred tax liability amounted to $3.3 million. The net liability is comprised of $2.5 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.8 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $6.6 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $2.0 million allocated to customer relationships, $0.9 million allocated to developed technology and $2.0 million allocated to backlog, which are to be amortized over periods of 5 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Scanico are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes.

The Scanico 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 during the third quarter of 2018, if Scanico exceeds certain sales and earnings targets for the twelve months ended June 30, 2018. The contractual obligation associated with this contingent earnout provision recognized on the acquisition date is $0.8 million.

The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. 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.

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Pro forma financial information

In accordance with ASC 805 “Business Combinations”, the following unaudited pro forma results of operations for the years ended December 30, 2017 and December 31, 2016, assumes the 2016 acquisition of Follett and the 2017 acquisitions of Burford, CVP Systems, Sveba Dahlen, QualServ, L2F, Globe and Scanico were completed on January 3, 2016 (first day of fiscal 2016). The following pro forma results include adjustments to reflect additional interest expense to fund the acquisition, amortization of intangibles associated with the acquisition, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data):

	December 30, 2017		December 31, 2016
Net sales	$	2,500,434	$	2,606,379
Net earnings	305,770		281,680
Net earnings per share:
Basic	5.39		4.94
Diluted	5.39		4.93

The historical consolidated financial information of the Company and the acquisitions have been adjusted in the pro forma information to give effect to pro forma events that are (1) directly attributable to the transactions, (2) factually supportable and (3) expected to have a continuing impact on the combined results. Pro forma data may not be indicative of the results that would have been obtained had these acquisitions occurred at the beginning of the periods presented, nor is it intended to be a projection of future results. Additionally, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate Follett, Burford, CVP Systems, Sveba Dahlen, QualServ, L2F, Globe and Scanico.

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(3)    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

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

The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2017, 2016, and 2015 ended on December 30, 2017, December 31, 2016 and January 2, 2016, respectively, with each year including 52 weeks.

Certain prior year amounts have been reclassified to be consistent with current year presentation, including combining selling and distribution expenses with general and administrative expenses.

(b) Cash and Cash Equivalents

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

(c) Accounts Receivable

Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $13.2 million and $12.6 million at December 30, 2017 and December 31, 2016, respectively. At December 30, 2017, all accounts receivable are expected to be collected within one year.

(d) Inventories

Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventory have been determined using the first-in, first-out ("FIFO") method. The company estimates reserves for inventory obsolescence and shrinkage based on its judgment of future realization. Inventories at December 30, 2017 and December 31, 2016 are as follows:

	2017		2016
	(dollars in thousands)
Raw materials and parts	$	180,559	$	154,647
Work in process	38,917		35,975
Finished goods	205,163		177,621
	$	424,639	$	368,243

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(e) Property, Plant and Equipment

Property, plant and equipment are carried at cost as follows:

	2017			2016
	(dollars in thousands)
Land	$	28,996		$	21,309
Building and improvements	175,678			134,158
Furniture and fixtures	54,362			56,851
Machinery and equipment	165,157			128,688
	424,193			341,006
Less accumulated depreciation	(142,278		)	(119,435		)
	$	281,915		$	221,571

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

Following is a summary of the estimated useful lives:

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

Depreciation expense amounted to $29.7 million, $26.2 million and $25.5 million in fiscal 2017, 2016 and 2015, respectively.

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

(f) Goodwill and Other Intangibles

In accordance with ASC 350 “Goodwill-Intangibles and Other”, the company’s goodwill and other indefinite lived intangibles are reviewed for impairment annually on the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of goodwill and other indefinite lived intangibles, the company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors. Estimates of future cash flows are judgments based on the company’s experience and knowledge of operations. These estimates can be significantly impacted by many factors including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends. If the company’s estimates or the underlying assumptions change in the future, the company may be required to record impairment charges. Any such charge could have a material adverse effect on the company’s reported net earnings.

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Goodwill is allocated to the business segments 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	76,972			1,958			—			78,930
Measurement period adjustments to goodwill acquired in prior year	(503		)	—			86,822			86,319
Exchange effect	(7,506		)	(1,370		)	(46,990		)	(55,866		)
Balance as of December 31, 2016	$	542,090		$	134,680		$	415,952		$	1,092,722
Goodwill acquired during the year	118,419			58,899			—			177,318
Measurement period adjustments to goodwill acquired in prior year	(36,408		)	41			—			(36,367		)
Exchange effect	7,350			4,658			19,129			31,137
Balance as of December 30, 2017	$	631,451		$	198,278		$	435,081		$	1,264,810

The company has not recognized any goodwill impairments and therefore no accumulated impairment loss.

Intangible assets consist of the following (in thousands):

	December 30, 2017						December 31, 2016
	Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization			Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer lists	5.2	$	330,496	$	(171,005	)	5.5	$	251,025	$	(136,895	)
Backlog	0.8	19,689		(18,081		)	0.0	13,550		(13,550		)
Developed technology	4.2	22,485		(18,248		)	4.8	24,874		(17,924		)
		$	372,670	$	(207,334	)		$	289,449	$	(168,369	)
Indefinite-lived assets:
Trademarks and tradenames		$	615,090					$	575,091

The company performed its annual impairment for trademarks and tradenames (indefinite-lived intangible assets) on the first day of the fourth quarter and based on the results the company determined that the Viking tradename within the Residential Kitchen Equipment Group was impaired. The company estimated the fair value of tradenames using a relief from royalty method under the income approach. The decline in fair value of the Viking tradename was primarily the result of weaker than expected revenue performance in the current year and a corresponding reduction of future revenue expectations. The impairment resulted from the decline in revenues attributable, in part, to the product recall announced in 2015 related to products manufactured prior to the acquisition of Viking. The fair value of the Viking tradename was estimated to be $93.0 million as compared to the carrying value of $151.0 million and resulted in a $58.0 million indefinite-lived intangible asset impairment charge.

The aggregate intangible amortization expense was $38.6 million, $29.9 million and $27.4 million in 2017, 2016 and 2015, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):

2018	$	39,017
2019	29,423
2020	28,560
2021	25,153
2022	21,056
2023 and thereafter	22,127
	$	165,336

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(g) Accrued Expenses

Accrued expenses consist of the following at December 30, 2017 and December 31, 2016, respectively:

	2017		2016
	(dollars in thousands)
Accrued payroll and related expenses	$	67,935	$	74,505
Accrued warranty	52,834		40,851
Accrued customer rebates	48,590		49,923
Advanced customer deposits	31,069		41,735
Accrued sales and other tax	20,881		13,565
Accrued professional fees	18,250		16,605
Accrued product liability and workers compensation	11,976		11,417
Accrued agent commission	11,035		12,834
Product recall	6,068		7,003
Restructuring	1,715		2,295
Other accrued expenses	51,818		64,872
	$	322,171	$	335,605

(h) Litigation Matters

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

(i) Accumulated Other Comprehensive Income (Loss)

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

	2017			2016
	(dollars in thousands)
Unrecognized pension benefit costs, net of tax of ($43,592) and ($38,004)	$	(203,063	)	$	(173,394	)
Unrealized gain on interest rate swap, net of tax of $4,243 and $3,655	6,365			5,482
Currency translation adjustments	(69,721		)	(116,411		)
	$	(266,419	)	$	(284,323	)

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

	Currency Translation Adjustment			Pension Benefit Costs(1)			Unrealized Gain/(Loss) Interest Rate Swap(1)			Total
Balance as of January 2, 2016	$	(52,842	)	$	(23,579	)	$	9		$	(76,412	)
Other comprehensive income before reclassification	(63,569		)	(149,907		)	6,703			(206,773		)
Amounts reclassified from accumulated other comprehensive income	—			92			(1,230		)	(1,138		)
Net current-period other comprehensive income	$	(63,569	)	$	(149,815	)	$	5,473		$	(207,911	)
Balance as of December 31, 2016	$	(116,411	)	$	(173,394	)	$	5,482		$	(284,323	)
Other comprehensive income before reclassification	46,690			(31,683		)	1,822			16,829
Amounts reclassified from accumulated other comprehensive income	—			2,014			(939		)	1,075
Net current-period other comprehensive income	$	46,690		$	(29,669	)	$	883		$	17,904
Balance as of December 30, 2017	$	(69,721	)	$	(203,063	)	$	6,365		$	(266,419	)

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

(j) Fair ValueMeasures

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 assets and liabilities that are measured at fair value are categorized using the fair value hierarchy at December 30, 2017 and December 31, 2016 are as follows (in thousands):

	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of December 30, 2017
Financial Assets:
Interest rate swaps	$	—	$	10,266	$	—	$	10,266
Financial Liabilities:
Interest rate swaps	$	—	$	—	$	—	$	—
Contingent consideration	$	—	$	—	$	1,780	$	1,780
As of December 31, 2016
Financial Assets:
Interest rate swaps	$	—	$	8,842	$	—	$	8,842
Financial Liabilities:
Interest rate swaps	$	—	$	100	$	—	$	100
Contingent consideration	$	—	$	—	$	6,612	$	6,612

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The contingent consideration as of December 30, 2017 relates to the earnout provisions recorded in conjunction with the acquisitions of Desmon and Scanico. The contingent consideration as of December 31, 2016 relates to the earnout provisions recorded in conjunction with the acquisitions of PES, 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 acquisitions in comparison to the earnout targets and adjusts the liability accordingly.

(k) Foreign Currency

Foreign currency transactions are accounted for in accordance with ASC 830 “Foreign Currency Translation”. The income statements of the company’s foreign operations are translated at the monthly average rates. Assets and liabilities of the company’s foreign operations are translated at exchange rates at the balance sheet date. These translation adjustments are not included in determining net income for the period but are disclosed and accumulated in a separate component of stockholders’ equity. Exchange gains and losses on foreign currency transactions are included in determining net income for the period in which they occur. These transactions amounted to a loss of $2.4 million, $1.9 million and $6.8 million in 2017, 2016 and 2015, respectively, and are included in other expense on the statements of earnings.

(l) Revenue Recognition

At the Commercial Foodservice Equipment Group and 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 collectibility 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. 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. Under ASC 605, the company records the asset for revenue recognized but not yet billed on contracts accounted for under the percentage of completion method in Prepaid Expenses and Other on the consolidated balance sheets. For 2017 and 2016, the amount of this asset was $19.5 million and $12.2 million, respectively. 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.

(m) Shipping and Handling Costs

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

(n) Warranty Costs

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

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A rollforward of the warranty reserve for the fiscal years 2017 and 2016 are as follows:

	2017			2016
	(dollars in thousands)
Beginning balance	$	40,851		$	37,901
Warranty reserve related to acquisitions	7,769			2,446
Warranty expense	58,398			48,975
Warranty claims paid	(54,184		)	(48,471		)
Ending balance	$	52,834		$	40,851

(o) Research and Development Costs

Research and development costs, included in cost of sales in the consolidated statements of earnings, are charged to expense when incurred. These costs were $29.1 million, $26.3 million and $22.4 million in fiscal 2017, 2016 and 2015, respectively.

(p)    Non-Cash Share-Based Compensation

The company estimates the fair value of restricted share grants and stock options at the time of grant and recognizes compensation costs over the vesting period of the awards and options. Non-cash share-based compensation expense of $6.2 million, $27.9 million and $15.9 million was recognized for fiscal 2017, 2016 and 2015, respectively, associated with restricted share grants. The company recorded a related tax benefit of $2.4 million, $10.5 million and $6.0 million in fiscal 2017, 2016 and 2015, respectively.

As of December 30, 2017, there was $6.8 million of total unrecognized compensation cost related to nonvested restricted share grant compensation arrangements, which will be recognized over a weighted average life of 1.2 years.

Share grant awards not subject to market conditions for vesting are valued at the closing share price of the company’s stock as of the date of the grant. The company issued 76,788 and 382,125 restricted share grant awards in 2017 and 2016, respectively with a fair value of $10.5 million and $36.0 million, respectively. Share grant awards issued in 2017 and 2016 are performance based and were not subject to market conditions. The fair value of $136.29 and $94.19 per share for the awards for 2017 and 2016, respectively, represent the closing share price of the company’s stock as of the date of grant.

(q) Earnings Per Share

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

The company’s potentially dilutive securities consist of shares issuable on exercise of outstanding options and vesting of restricted stock grants computed using the treasury method and amounted to 4,000, 55,000, and 22,000 for fiscal 2017, 2016 and 2015, respectively. There were no anti-dilutive equity awards excluded from common stock equivalents for 2017, 2016 or 2015.

(r) Consolidated Statements of Cash Flows

Cash paid for interest was $25.9 million, $21.0 million and $14.8 million in fiscal 2017, 2016 and 2015, respectively. Cash payments totaling $123.3 million, $89.0 million, and $94.6 million were made for income taxes during fiscal 2017, 2016 and 2015, respectively.

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(s) New Accounting Pronouncements

Accounting Pronouncements - Recently Adopted

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 was permitted. We adopted this guidance on January 1, 2017 and it 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. 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.

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. We adopted this guidance on January 1, 2017 and it did not have an impact on the company's financial position, results of operations or cash flows.

In March 2016, the FASB issued 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 adopted ASU No. 2016-09 effective January 1, 2017 on a prospective basis. The adoption of this guidance resulted in the recognition of excess tax benefits in the company's provision for income taxes within the Condensed Consolidated Statements of Comprehensive Income rather than paid-in-capital of approximately $8.1 million for the twelve months period ended December 30, 2017. Additionally, the company's Condensed Consolidated Statement of Cash Flows now presents excess tax benefits as an operating activity rather than a financing activity.

Accounting Pronouncements - To be adopted

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. The guidance can be applied using one of two retrospective application methods.

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The company has substantially completed its evaluation of significant contracts and the review of its current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to the company's revenue contracts. The company has also identified and implemented appropriate changes to business processes, systems and controls to support recognition and disclosure under the new standard. While the company continues to assess all potential impacts of the new standard, the company will adopt the new revenue standard in the first quarter of 2018 applying the modified retrospective transition method. Under the modified retrospective method, we will recognize the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The company estimates this adjustments to be approximately $4.0 million to $6.0 million. The main impact is related to the deferral of equipment revenue associated with long term contracts for the Food Processing Equipment Group when the contract does not specifically provide for an enforceable right to payment for performance completed to date. We do not expect other significant changes to our business processes, systems or internal controls as a result of the standard. The company is finalizing updates to the accounting policies and processes to address the variations from current practices, inclusive of the required additional disclosures in the period subsequent to adoption.

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 operating 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 ASU requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial adoption. The company is currently in process of identifying the population of leases, evaluating technology solutions and collecting lease data. We expect most of our operating lease commitments as disclosed in Note 8 Lease Commitments will be subject to the new standard and recognized as lease liabilities and right-of-use assets upon adoption, increasing our total assets and liabilities reported. The company is evaluating the overall impact this standard will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and the company's financial position, results of operations and cash flows.

In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments". The amendments in ASU-15 address eight specific cash flow classification issues to reduce current and potential future diversity in practice. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2017. The company is evaluating the impact the application of this ASU will have, if any, on the company's cash flows.

In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory". The amendments in ASU-16 prohibit the recognition of current and deferred income taxes for an intra-entity asset transfer other than inventory until the asset has been sold to an outside party. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2017. 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 January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business". The amendments in ASU-01 clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December15, 2017. The company is evaluating the impact the application of this ASU. The company does not expect the adoption of this ASU to have a material impact on its financial position, results of operations or cash flows.

In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in ASU-04 simplify the subsequent measurement of goodwill, by removing the second step of the goodwill impairment test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This ASU is effective for annual reporting periods, and interim reporting periods, beginning after December 15, 2019. Early adoption is permitted for testing dates after January 1, 2017. The company is evaluating the application of this ASU on the company's annual impairment test. The company does not expect the adoption of this ASU to have a material impact on its financial position, results of operations or cash flows.

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In March 2017, the FASB issued ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". The amendments in ASU-07 require that an employer report the service costs component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net periodic pension cost and net periodic postretirement benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. In addition, the new standard will allow only the service cost component to be eligible for capitalization, when applicable. Application of the standard, which should be applied retrospectively for the income statement presentation changes and prospectively for the capitalization changes, is required for the annual and interim reporting periods beginning after December 15, 2017. As reported in Note 10 - Employee Retirement Plans the 2017 and 2016 net periodic pension benefit were $27.3 million and $23.4 million, respectively, and the 2015 net periodic pension costs were $1.5 million. The service cost component of these amounts in 2017, 2016 and 2015, which will remain as a component of operating profit, was $4.4 million, $3.8 million and $1.7 million, respectively. Net income will not change as a result of the adoption of this standard. The company will adopt the standard in the first quarter of 2018.

In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities". The amendments in ASU-12 provide new guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments included in the effectiveness will be recorded in other comprehensive income (OCI) and amounts deferred in OCI will be reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2018 with early adoption permitted. The company is currently evaluating the impacts the ASU will have on its condensed consolidated financial statements.

In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in ASU-02 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act and require certain disclosures about stranded tax effects. This ASU is effective for annual reporting periods, and interim periods with those reporting periods beginning after December 15, 2018 with early adoption permitted. The company will be adopting the standard in fiscal 2018 retrospectively for the effects recognized in 2017 related to the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act.

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(4) FINANCING ARRANGEMENTS

The following is a summary of long-term debt at December 30, 2017 and December 31, 2016:

	2017		2016
	(dollars in thousands)
Senior secured revolving credit line	$	1,022,935	$	725,500
Foreign loans	5,768		6,413
Other debt arrangement	178		213
Total debt	$	1,028,881	$	732,126
Less current maturities of long-term debt	5,149		5,883
Long-term debt	$	1,023,732	$	726,243

On July 28, 2016, the company entered into an amended and restated five year $2.5 billion multi-currency senior secured revolving credit agreement (the "Credit Facility"), with the potential under certain circumstances to increase the amount of the Credit Facility to $3.0 billion. As of December 30, 2017, the company had $1,022.9 million of borrowings outstanding under the Credit Facility, including $1,015.5 million of borrowings in U.S. Dollars and $7.4 million of borrowings denominated in British Pounds. The company also has $7.5 million in outstanding letters of credit as of December 30, 2017, which reduces the borrowing availability under the Credit Facility. Remaining borrowing availability under this facility was $1.5 billion at December 30, 2017.

At December 30, 2017, borrowings under the Credit Facility accrued interest at a rate of 1.25% above LIBOR per annum or 0.25% above the highest of the prime rate, the federal funds rate plus 0.50% and one month LIBOR plus 1.00%. The average interest rate per annum on the debt under the Credit Facility was equal to 2.72% for the period. The interest rates on borrowings under the Credit Facility may be adjusted quarterly based on the company’s Funded Debt Less Unrestricted Cash to Pro Forma EBITDA (the "Leverage Ratio") on a rolling four-quarter basis. Additionally, a commitment fee based upon the Leverage Ratio is charged on the unused portion of the commitments under the Credit Facility. This variable commitment fee was equal to 0.20% per annum as of December 30, 2017.

In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At December 30, 2017, these foreign credit facilities amounted to $5.8 million in U.S. Dollars with a weighted average per annum interest rate of approximately 6.06%.

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

The company estimated the fair value of its loans by calculating the upfront cash payment a market participant would require to assume the company’s obligations. The upfront cash payment is the amount that a market participant would be able to lend to achieve sufficient cash inflows to cover the cash outflows under the company’s senior secured revolving credit facility assuming the facility was outstanding in its entirety until maturity. Since the company maintains its borrowings under a revolving credit facility and there is no predetermined borrowing or repayment schedule, for purposes of this calculation the company calculated the fair value of its obligations assuming the current amount of debt at the end of the period was outstanding until the maturity of the company’s Credit Facility in July 2021. 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): 

	December 30, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt	$	1,028,881	$	1,028,881	$	732,126	$	732,126

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The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At December 30, 2017, the company had outstanding floating-to-fixed interest rate swaps totaling $399.0 million notional amount carrying an average interest rate of 1.47% that mature in more than 12 months but less than 84 months.

The terms of the Credit Facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; enter into certain transactions with affiliates; and requires, among other things, the company to satisfy certain financial covenants: (i) a minimum Interest Coverage Ratio (as defined in the Credit Facility) of 3.00 to 1.00 and (ii) a maximum Leverage Ratio of Funded Debt less Unrestricted Cash to Pro Forma EBITDA (each as defined in the Credit Facility) of 3.50 to 1.00, which may be adjusted to 4.00 to 1.00 for a four consecutive fiscal quarter period in connection with certain qualified acquisitions, subject to the terms and conditions contained in the Credit Facility. The Credit Facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material foreign and domestic subsidiaries. The Credit Facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the company guarantee or any subsidiary guaranty; and a change of control of the company. At December 30, 2017, the company was in compliance with all covenants pursuant to its borrowing agreements.

The aggregate amount of debt payable during each of the next five years is as follows (in thousands):

2018	$	5,149
2019	338
2020	163
2021	1,023,098
2022 and thereafter	133
	$	1,028,881

(5)    COMMON AND PREFERRED STOCK

(a)    Shares Authorized and Issued

At December 30, 2017 and December 31, 2016, the company had 95,000,000 authorized shares of common stock and 2,000,000 authorized shares of non-voting preferred stock. At December 30, 2017 and December 31, 2016, there were 55,730,624 and 57,539,766, respectively, issued and outstanding shares of common stock.

(b)    Treasury Stock

On November 7, 2017, the company's Board of Directors resolved to terminate the company's existing share repurchase program, effective as of such date, which was originally approved in 1998, and approved a new stock repurchase program. This program authorizes the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. During fiscal year 2017, the company repurchased 1,680,395 shares of its common stock under the 1998 program for $200.4 million, including applicable commissions, which represented an average price of $119.23. Additionally, during fiscal year 2017, the company repurchased 126,200 shares of its common stock under the 2017 program for $14.8 million, including applicable commissions, which represented an average price of $117.61. As of December 30, 2017, 126,200 shares had been purchased under the 2017 stock repurchase program and 2,373,800 remain authorized for repurchase.

At December 30, 2017, the company had a total of 6,889,241 shares in treasury amounting to $445.1 million.

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(c)    Share-Based Awards

The company maintains several stock incentive plans under which the company's Board of Directors issues stock options and makes restricted share grants to key employees. Stock options issued under the plans provided key employees with rights to purchase shares of common stock at specified exercise prices. Options were exercised upon certain vesting requirements being met, but expired to the extent unexercised within a maximum of ten years from the date of grant. Restricted share grants issued to employees are transferable upon certain vesting requirements being met.

• 2007 Stock Incentive Plan (the "2007 Plan"), as amended on May 7, 2009. Effective August 11, 2011 and in accordance with plan parameters, the company is no longer permitted to make grants under the 2007 Plan. Accordingly, zero additional shares are available for issuance under the 2007 Plan.

As of December 30, 2017, a total of 2,683,554 share-based awards have been issued under the 2007 Plan. This includes 2,672,667 restricted share grants, all of which have vested. This also includes 10,887 stock options, of which 2,124 have been exercised, 7,791 have been forfeited and zero remain outstanding.

• 2011 Stock Incentive Plan (the "2011 Plan"), was adopted on April 1, 2011, under which the company's Board of Directors issues stock grants to key employees. On July 11, 2017 the company increased the maximum amount of shares reserved for issuance under the 2011 Plan by 1,000,000. A maximum amount of 2,650,000 shares can be issued under the 2011 Plan. Stock grants issued to employees are transferable upon certain vesting requirements.

As of December 30, 2017, a total of 929,424 share-based awards have been issued under the 2011 Plan. This includes 929,424 restricted share grants, of which 159,203 remain outstanding and unvested.

A summary of the company’s nonvested restricted share grant activity for fiscal years ended December 30, 2017 and December 31, 2016 is as follows:

	Shares		Weighted Average Grant-Date Fair Value
Nonvested shares at January 2, 2016	340,904		$	94.86
Granted	382,125		94.19
Vested	(100,511	)	101.17
Forfeited	(6,393	)	107.81
Nonvested shares at December 31, 2016	616,125		$	91.76
Granted	76,788		136.29
Vested	(418,125	)	86.70
Forfeited	(115,585	)	121.65
Nonvested shares at December 30, 2017	159,203		$	104.44

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(6)     INCOME TAXES

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

	2017		2016		2015
Domestic	$	290,866	$	336,625	$	266,831
Foreign	92,663		84,680		14,336
Total	$	383,529	$	421,305	$	281,167

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

	2017			2016		2015
Federal	$	48,688		$	94,621	$	78,617
State and local	9,076			13,107		9,515
Foreign	27,637			29,361		1,425
Total	$	85,401		$	137,089	$	89,557
Current	$	99,893		$	115,726	$	87,638
Deferred	(14,492		)	21,363		1,919
Total	$	85,401		$	137,089	$	89,557

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

	2017		2016		2015
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
State taxes, net of federal benefit	1.5		2.3		2.1
U.S. domestic manufacturers deduction	(2.1	)	(2.4	)	(2.6	)
Permanent differences	(0.7	)	(1.6	)	(1.1	)
Foreign income tax rate at rates other than 35%	(1.6	)	(1.1	)	(2.1	)
Tax Cuts and Jobs Act of 2017 deferred tax changes	(10.0	)	—		—
Tax Cuts and Jobs Act of 2017 transition tax	2.0		—		—
Change in valuation allowances	(2.0	)	—		—
Tax on unremitted earnings	1.5		—		—
Other	(1.3	)	0.3		0.6
Consolidated effective tax	22.3	%	32.5	%	31.9	%

The company’s effective tax rate for 2017 was 22.3% as compared to 32.5% in 2016. The effective tax rate for 2017 reflects the impact of complying with the Tax Cuts and Job Act of 2017 (the Tax Act or tax reform), signed into law on December 22, 2017 and the adoption of ASU 2016-09 "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" on January 1, 2017. The tax impact of these items in addition to the reversal of a valuation allowance are the primary causes of the 2017 tax rate being lower than the federal statutory tax rate of 35.0% and lower than the effective tax rate for 2016.

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The company is still evaluating the impact of the Tax Act and how it will affect the company’s capital structure and permanent reinvestment assertions for its foreign subsidiaries as the United States international taxation moves from a worldwide tax system to a territorial tax system. Prior to the Tax Act the company largely asserted its foreign earnings where permanently reinvested, while there were several entities whose earnings were only partially reinvested. As result of the Tax Act and the transition tax the foreign earnings are being currently taxed, resulting in a net transition tax liability of approximately $7.5 million. The company has accordingly modified its partial reinvestment assertions for several foreign subsidiaries to provide funds to help cover the transition tax liability. This is reflected as an increase in tax on unremitted earnings in the effective tax rate reconciliation and increase in other deferred tax liabilities as shown in the components of deferred taxes. The company’s impact of tax reform is based on current information and guidance available at this time and reflects our best provisional estimates in accordance with Staff Accounting Bulletin No. 118. The provisional estimates will be subject to refinement in 2018.

At December 30, 2017 and December 31, 2016, the company had recorded the following deferred tax assets and liabilities:

	2017			2016
	(dollars in thousands)
Deferred tax assets:
Compensation related	3,129			25,650
Pension and post-retirement benefits	56,502			60,986
Inventory reserves	11,342			14,379
Accrued liabilities and reserves	9,813			4,550
Warranty reserves	7,232			10,141
Net operating loss carryforwards	37,911			35,591
Other	19,826			41,198
Gross deferred tax assets	145,755			192,495
Valuation allowance	(23,190		)	(29,893		)
Deferred tax assets	$	122,565		$	162,602
Deferred tax liabilities:
Intangible assets	$	(137,871	)	$	(173,673	)
Depreciable assets	(10,426		)	(2,957		)
Other	(17,518		)	(12,033		)
Deferred tax liabilities	$	(165,815	)	$	(188,663	)
Net deferred tax assets (liabilities)	$	(43,250	)	$	(26,061	)
Long-term deferred asset	44,565			51,699
Long-term deferred liability	(87,815		)	(77,760		)
Net deferred tax assets (liabilities)	$	(43,250	)	$	(26,061	)

The company recorded a transition tax on undistributed foreign earnings as required by the Tax Act. Additional the company provided $3.9 million on undistributed earnings not permanently reinvested. No further provisions were made for income taxes that may result from future remittances of undistributed earnings of foreign subsidiaries that are determined to be permanently reinvested, which were $197.0 million on December 30, 2017. Determination of the total amount of unrecognized deferred income taxes on undistributed earnings net of foreign subsidiaries is not practicable.

The company has a deferred tax asset on net operating loss carryforwards totaling $37.9 million as of December 30, 2017. These net operating losses are available to reduce future taxable earnings of certain domestic and foreign subsidiaries. United States federal loss carryforwards total $37.9 million and expire through 2037, state loss carryforwards total $124.2 million and expire through 2037 and international loss carryforwards total $86.1 million and expire through 2030; however, some have no expiration date. Of these carryforwards, $80.4 million is subject to full valuation allowance. 

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As of December 30, 2017, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $29.9 million (of which $29.5 million would impact the effective tax rate if recognized) plus approximately $4.5 million of accrued interest and $7.5 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. Interest recognized in fiscal years 2017, 2016 and 2015 was $0.7 million, $0.3 million and $0.3 million, respectively. Penalties recognized in fiscal years 2017, 2016 and 2015 was $1.3 million, $1.0 million and $0.8 million, respectively.

Although the company believes its tax returns are correct, the final determination of tax examinations may be different than what was reported on the tax returns. In the opinion of management, adequate tax provisions have been made for the years subject to examination.

The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended January 2, 2016, December 31, 2016 and December 30, 2017 (in thousands):

Balance at January 2, 2016	$	14,419
Increases to current year tax positions	6,367
Increase to prior year tax positions	601
Decrease to prior year tax positions	(233		)
Settlements	—
Lapse of statute of limitations	(865		)
Balance at December 31, 2016	$	20,289
Increases to current year tax positions	11,843
Increase to prior year tax positions	201
Decrease to prior year tax positions	(9		)
Settlements	(439		)
Lapse of statute of limitations	(1,955		)
Balance at December 30, 2017	$	29,930

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 $4.3 million of its remaining unrecognized tax benefits may be recognized by the end of 2018 as a result of settlements with taxing authorities or lapses of statutes of limitations.

In the normal course of business, income tax authorities in various income tax jurisdictions both in the United States and internationally conduct routine audits of our income tax returns filed in prior years. These audits are generally designed to determine if individual income tax authorities are in agreement with our interpretations of complex tax regulations regarding the allocation of income to the various income tax jurisdictions. Income tax years are open from 2014 through the current year for the United States federal jurisdiction. Income tax years open for our other major jurisdictions range from 2013 through the current year.

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(7) 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 the derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in fair value of the hedged assets, liabilities or firm commitments or recognized in other accumulated other 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.

(a) Foreign Exchange

The company periodically enters into derivative instruments, principally forward contracts to reduce exposures pertaining to fluctuations in foreign exchange rates. The fair value of these forward contracts was an unrealized loss of $0.5 million at the end of the year.

(b) Interest Rate

The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. 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 December 30, 2017, the fair value of these instruments was an asset of $10.3 million. The change in fair value of these swap agreements in 2017 was a gain of $1.5 million, net of taxes.

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

		Twelve Months Ended
	Location	Dec 30, 2017			Dec 31, 2016
Fair value	Other assets	$	10,266		$	8,842
Fair value	Other liabilities	$	—		$	(100	)
Amount of gain/(loss) recognized in other comprehensive income	Other comprehensive income	$	531		$	7,892
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense	$	(939	)	$	(1,230	)
Gain/(loss) recognized in income (ineffective portion)	Other expense	$	54		$	32

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

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(8) LEASE COMMITMENTS

The company leases warehouse space, office facilities and equipment under operating leases, which expire in fiscal 2018 and thereafter. Future minimum payment obligations under these leases are as follows:

	Total Operating Lease Commitments
2018	$	25,689
2019	20,953
2020	16,993
2021	14,828
2022	11,600
2023 and thereafter	19,815
	$	109,878

Rental expense pertaining to the operating leases was $27.1 million, $23.5 million and $17.6 million in fiscal 2017, 2016 and 2015 respectively.

(9)    SEGMENT INFORMATION

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

The Commercial Foodservice Equipment Group manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry. This business segment has manufacturing facilities in Arkansas, California, Illinois, Michigan, New Hampshire, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Estonia, Italy, the Philippines, Poland, Sweden and the United Kingdom. Principal product lines of this group include conveyor ovens, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, food warming equipment, catering equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, griddles, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers and coffee and beverage dispensing equipment. These products are sold and marketed under the brand names: Anets, Bear Varimixer, Beech, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Desmon, Doyon, Eswood, Follett, Frifri, Giga, Globe, Goldstein, Holman, Houno, IMC, Induc, Jade, L2F, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, Southbend, Star, Sveba Dahlen, 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, Oklahoma, Texas, Virginia, Wisconsin, Denmark, France, Germany, India and the United Kingdom. Principal product lines of this group include batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems, grinders, slicers, reduction and emulsion systems, mixers, blenders, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment, forming equipment,automated loading and unloading systems, food safety, food handling, freezing, defrosting and packaging equipment. These products are sold and marketed under the brand names: Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Burford, Cozzini, CVP Systems, Danfotech, Drake, Emico, Glimek, Maurer-Atmos, MP Equipment, RapidPak, Scanico, Spooner Vicars, Stewart Systems and Thurne.

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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 are ranges, cookers, stoves, ovens, refrigerators, dishwashers, microwaves, cooktops, refrigerators, wine coolers, ice machines, ventilation equipment and outdoor equipment. These products are sold and marketed under the brand names: AGA, AGA Cookshop, Brigade, 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. Management believes that intersegment sales are made at established arm's length transfer prices.

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

	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other(3)			Total
2017
Net sales	$	1,382,108	$	352,717	$	600,717	$	—		$	2,335,542
Operating income (4,5,6)	356,776		88,121		30,972		(65,528		)	410,341
Depreciation and amortization expense	29,981		7,357		30,551		1,885			69,774
Net capital expenditures	41,457		5,519		7,637		(120		)	54,493
Total assets	1,693,820		450,932		1,140,668		54,293			3,339,713
Long-lived assets (2)	148,565		25,346		167,486		21,191			362,588
2016
Net sales	$	1,266,955	$	342,235	$	658,662	$	—		$	2,267,852
Operating income (4)	350,315		87,039		89,435		(80,564		)	446,225
Depreciation and amortization expense	19,548		5,696		29,897		3,093			58,234
Net capital expenditures	11,958		5,667		6,961		231			24,817
Total assets	1,347,441		340,088		1,179,640		49,967			2,917,136
Long-lived assets (2)	84,475		21,763		175,206		35,100			316,544
2015
Net sales	$	1,121,046	$	297,712	$	407,840	$	—		$	1,826,598
Operating income (4)	296,061		64,650		4,653		(62,761		)	302,603
Depreciation and amortization expense	17,117		5,839		29,515		1,603			54,074
Net capital expenditures	12,123		2,164		7,935		140			22,362
Total assets	1,115,840		308,677		1,250,503		86,131			2,761,151
Long-lived assets (2)	61,835		20,307		129,751		21,327			233,220

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

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

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

(4) Restructuring expenses are allocated in operating income by segment. See note 12 for further details.

(5) Gain on sale of plant allocated to Commercial Foodservice.

(6) Impairment of intangible assets allocated to Residential Kitchen.

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Geographic Information

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

	2017		2016		2015
United States and Canada	$	221,479	$	181,317	$	149,299
Asia	14,033		14,729		17,336
Europe and Middle East	126,264		119,511		65,581
Latin America	812		987		1,004
Total international	141,109		135,227		83,921
	$	362,588	$	316,544	$	233,220

Net sales (in thousands):

	2017		2016		2015
United States and Canada	$	1,549,876	$	1,470,566	$	1,274,907
Asia	192,638		190,548		165,541
Europe and Middle East	501,247		522,819		319,387
Latin America	91,781		83,919		66,763
Total international	785,666		797,286		551,691
	$	2,335,542	$	2,267,852	$	1,826,598

(10)    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 with no expected future increase in compensation.

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.

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

	Fiscal 2017						Fiscal 2016
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Net Periodic Pension Benefit:
Service cost	$	402		$	4,013		$	456		$	3,364
Interest cost	1,240			32,748			1,280			41,606
Expected return on assets	(821		)	(70,630		)	(777		)	(68,845		)
Amortization of net (gain) loss	(330		)	3,073			126			35
Curtailment loss (gain)	—			3,305			—			(632		)
Pension settlement gain	—			(313		)	—			—
	$	491		$	(27,804	)	$	1,085		$	(24,472	)
Change in Benefit Obligation:
Benefit obligation – beginning of year	$	31,949		$	1,478,493		$	31,830		$	1,476,370
Service cost	402			4,013			456			3,364
Interest on benefit obligations	1,240			32,748			1,280			41,606
Employee contributions	—			345			—			404
Actuarial (gain) loss	(760		)	21,058			(722		)	297,754
Pension settlement gain	—			(4,017		)	—			—
Net benefit payments	(923		)	(65,160		)	(895		)	(64,466		)
Curtailment loss (gain)	—			3,305			—			(706		)
Exchange effect	—			144,459			—			(275,833		)
Benefit obligation – end of year	$	31,908		$	1,615,244		$	31,949		$	1,478,493
Change in Plan Assets:
Plan assets at fair value – beginning of year	$	13,589		$	1,173,865		$	12,987		$	1,287,723
Company contributions	1,476			3,062			754			17,758
Investment gain	1,960			72,342			743			161,405
Employee contributions	—			345			—			404
Pension settlement loss	—			(3,254		)	—			—
Benefit payments and plan expenses	(923		)	(65,160		)	(895		)	(64,466		)
Exchange effect	—			115,339			—			(228,959		)
Plan assets at fair value – end of year	$	16,102		$	1,296,539		$	13,589		$	1,173,865
Funded Status:
Unfunded benefit obligation	$	(15,806	)	$	(318,705	)	$	(18,360	)	$	(304,628	)
Amounts recognized in balance sheet at year end:
Accrued pension benefits	$	(15,806	)	$	(318,705	)	$	(18,360	)	$	(304,628	)
Pre-tax components in accumulated other comprehensive income at period end:
Net actuarial loss	$	3,340		$	243,315		$	4,908		$	206,490
Pre-tax components in recognized in other comprehensive income for the period:
Current year actuarial (gain) loss	$	(1,898	)	$	44,316		$	(691	)	$	181,384
Actuarial gain (loss) recognized	330			(7,041		)	(126		)	(35		)
Pension settlement gain	—			(763		)	—			—
Pension settlement gain recognized	—			313			—			—
Total amount recognized	$	(1,568	)	$	36,825		$	(817	)	$	181,349
Accumulated Benefit Obligation	$	31,908		$	1,615,157		$	31,041		$	1,478,435
Salary growth rate	n/a			0.6		%	n/a			1.6		%
Assumed discount rate	3.5		%	2.3		%	3.9		%	2.5		%
Expected return on assets	6.0		%	6.2		%	6.0		%	6.2		%

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

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

U.S. Plans:

	Target Allocation		Percentage of Plan Assets
			2017		2016
Equity	48	%	55	%	51	%
Fixed income	40		35		39
Money market	4		3		3
Other (real estate investment trusts & commodities contracts)	8		7		7
	100	%	100	%	100	%

Non-U.S. Plans:

	Target Allocation		Percentage of Plan Assets
			2017		2016
Equity	17	%	26	%	20	%
Fixed income	38		48		55
Alternatives/Other	32		12		8
Real Estate	13		11		12
Cash and cash equivalents	—		3		5
	100	%	100	%	100	%

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In accordance with ASC 820 “Fair Value Measurements and Disclosures”, the company has measured its defined benefit pension plans at fair value. The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 30, 2017 and December 31, 2016 (in thousands):

U.S. Plans:

	Fiscal 2017						Fiscal 2016
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value
Short Term Investment Fund (a)	$	486	$	—	$	486	$	368	$	—	$	368
Equity Securities:
Large Cap	3,485		3,485		—		3,055		3,055		—
Mid Cap	474		474		—		512		512		—
Small Cap	475		475		—		455		455		—
International	4,507		4,507		—		2,917		2,917		—
Fixed Income:
Government/Corporate	4,744		4,744		—		4,367		4,367		—
High Yield	809		809		—		971		971		—
Alternative:
Global Real Estate Investment Trust	469		469		—		539		539		—
Commodities Contracts	653		653		—		405		405		—
Total	$	16,102	$	15,616	$	486	$	13,589	$	13,221	$	368

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

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Non-U.S. Plans:

	Fiscal 2017
Asset Category	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value
Cash and cash equivalents	$	42,857		$	8,135		$	15,851	$	—	$	18,871
Equity Securities:
UK	178,093			98,408			—		—		79,685
International:
Developed	145,295			16,627			—		—		128,668
Emerging	7,261			385			—		—		6,876
Unquoted/Private Equity	3,687			—			—		—		3,687
Fixed Income:
Government/Corporate:
UK	347,840			12,247			14,417		—		321,176
International	46,065			—			—		—		46,065
Index Linked	228,699			4,055			—		—		224,644
Other	3,750			—			—		—		3,750
Convertible Bonds	187			—			—		—		187
Real Estate:
Direct	135,238			—			135,238		—		—
Indirect	11,128			191			—		—		10,937
Hedge Fund Strategy:
Equity Long/Short	79,035			—			—		—		79,035
Arbitrage & Event	83,814			—			—		—		83,814
Directional Trading & Fixed Income	34,107			—			—		—		34,107
Cash & Other	48,440			—			—		—		48,440
Direct Sourcing	1,675			—			—		—		1,675
Leveraged Loans	30,755			—			—		—		30,755
Alternative/Other	(131,387		)	(4		)	—		101		(131,484		)
Total	$	1,296,539		$	140,044		$	165,506	$	101	$	990,888

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	Fiscal 2016
Asset Category	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value
Cash and cash equivalents	$	58,131		$	4,730	$	2,886	$	—	$	50,515
Equity Securities:
UK	87,828			2,098		—		—		85,730
International:
Developed	135,186			3,547		—		—		131,639
Emerging	6,803			79		—		—		6,724
Unquoted/Private Equity	3,189			—		—		—		3,189
Fixed Income:
Government/Corporate:
UK	317,621			11,203		14,009		—		292,409
International	107,882			—		103		—		107,779
Index Linked	212,327			4,205		—		—		208,122
Other	3,812			—		—		—		3,812
Convertible Bonds	160			—		—		—		160
Real Estate:
Direct	121,612			—		121,612		—		—
Indirect	10,693			138		—		—		10,555
Hedge Fund Strategy:
Equity Long/Short	61,612			—		—		—		61,612
Arbitrage & Event	64,961			—		—		—		64,961
Directional Trading & Fixed Income	30,430			—		—		—		30,430
Cash & Other	38,099			—		—		—		38,099
Direct Sourcing	1,379			—		—		—		1,379
Leveraged Loans	11,025			—		—		—		11,025
Alternative/Other	(98,885		)	—		—		95		(98,980		)
Total	$	1,173,865		$	26,000	$	138,610	$	95	$	1,009,160

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

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

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

	U.S. Plans		Non-U.S. Plans
2018	$	998	$	63,250
2019	1,003		63,197
2020	1,023		65,375
2021	1,685		66,161
2022 through 2027	10,574		411,011

Expected contributions to the U.S. Plans and Non-U.S. Plans to be made in 2018 are $0.9 million and $5.4 million, respectively.

(b) Defined Contribution Plans

As of December 30, 2017, the company maintained 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 maintained defined contribution plans for its UK based employees.

(11)         QUARTERLY DATA (UNAUDITED)

	1st		2nd		3rd		4th		Total Year
	(dollars in thousands, except per share data)
2017
Net sales	$	530,297	$	579,343	$	593,043	$	632,859	$	2,335,542
Gross profit	209,450		234,608		228,519		240,164		912,741
Income from operations	101,079		122,136		118,257		68,869		410,341
Net earnings	$	70,702	$	77,569	$	74,671	$	75,186	$	298,128
Basic earnings per share (1)	$	1.24	$	1.35	$	1.31	$	1.35	$	5.26
Diluted earnings per share (1)	$	1.24	$	1.35	$	1.31	$	1.35	$	5.26
2016
Net sales	$	516,355	$	580,456	$	574,224	$	596,817	$	2,267,852
Gross profit	196,773		233,502		231,728		239,177		901,180
Income from operations	86,375		111,913		121,439		126,498		446,225
Net earnings	$	54,538	$	72,891	$	75,851	$	80,936	$	284,216
Basic earnings per share (1)	$	0.96	$	1.28	$	1.33	$	1.42	$	4.98
Diluted earnings per share (1)	$	0.96	$	1.28	$	1.33	$	1.41	$	4.98

(1) Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year.

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(12)    RESTRUCTURING AND ACQUISITION INTEGRATION INITIATIVES

During the fiscal year 2017, the company incurred restructuring charges relative to each of its business segments. The costs and corresponding reserve balances (by segment) are summarized as follows (in thousands):

Commercial Foodservice Equipment Group:

During the fiscal year 2017, the company undertook cost reduction initiatives related to the entire Commercial Foodservice Equipment Group. This action, which is not material to the company's operations, resulted in a charge of $6.2 million in the twelve months endedDecember 30, 2017, primarily for severance related to headcount reductions and consolidation of manufacturing operations. These expenses are reflected in restructuring expenses in the consolidated statements of earnings. The company estimates that these 2017 restructuring initiatives will result in future cost savings of approximately $10.0 million annually. The realization of the saving began in 2017 and will continue into the first six months of fiscal year 2018 and the restructuring costs in the future are not expected to be significant related to these actions.

Food Processing Equipment Group:

During the fiscal year 2017, the company undertook cost reduction initiatives related to the entire Food Processing Equipment Group. This action, which is not material to the company's operations, resulted in a charge of $0.6 million in the twelve months endedDecember 30, 2017, primarily for severance related to headcount reductions and is reflected in restructuring expenses in the consolidated statements of earnings. The company estimates that these 2017 restructuring initiatives will result in future cost savings of approximately $4.0 million annually. The realization of the savings began in 2017 and will continue into the first six months of fiscal year 2018 and no significant future costs related to this action are expected.

Residential Kitchen Equipment Group:

During the fiscal years 2016 and 2015, the company undertook acquisition integration initiatives primarily 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. During fiscal year 2017, the company continued initiatives, primarily related the AGA Group, including additional headcount reductions and the impairment of equipment in conjunction of the disposition of certain facilities and business operations. The company recorded expense in the amount of $13.1 million, $11.0 million and $25.5 million, respectively in the years ended December 30, 2017, December 31, 2016 and January 2, 2016, respectively. This expense is reflected in restructuring expenses in the consolidated statements of earnings for such periods. The cumulative expenses incurred to date for these initiatives is approximately $40.6 million. The company estimated that these restructuring initiatives in 2017 would result in future cost savings of approximately $20.0 million annually. The realization of the savings began in 2017 and will continue into the first six months of fiscal year 2018, primarily related to compensation and facility costs. The company anticipates that all severance obligations for the Residential Kitchen Equipment Group will be paid by the end of fiscal of 2018. The lease obligations extend through December 2019.

The costs and corresponding reserve balances for the Residential Kitchen Equipment Group are summarized as follows (in thousands):

	Severance/Benefits			Facilities/Operations			Other			Total
Balance as of January 3, 2015	$	147		$	—		$	37		$	184
Expenses	18,142			7,248			108			25,498
Payments	(2,628		)	(2,606		)	(25		)	(5,259		)
Balance as of January 2, 2016	$	15,661		$	4,642		$	120		$	20,423
Expenses	9,816			1,160			10			10,986
Exchange Effect	(749		)	(73		)	(32		)	(854		)
Payments	(19,583		)	(3,697		)	(29		)	(23,309		)
Balance as of December 31, 2016	$	5,145		$	2,032		$	69		$	7,246
Expenses	8,662			3,872			601			13,135
Exchange Effect	533			358			11			902
Payments/Utilization	(10,642		)	(4,795		)	(524		)	(15,961		)
Balance as of December 30, 2017	$	3,698		$	1,467		$	157		$	5,322

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(13)    SUBSEQUENT EVENT

On February 16, 2018, subsequent to the company's fiscal 2017 year end, the company completed its acquisition of the stock of Hinds-Bock Corporation ("Hinds-Bock"), a leading manufacturer of solutions for filling and depositing bakery and food product for the food processing industry for a purchase price of approximately $26.5 million. The product offerings of Hinds-Bock include depositing and filling machines. Hinds-Bock is located in Bothell, Washington and has annual revenues of approximately $15.0 million.

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THE MIDDLEBY CORPORATION

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

FOR THE FISCAL YEARS ENDED DECEMBER 30, 2017, DECEMBER 31, 2016

AND JANUARY 2, 2016

	Balance Beginning Of Period		Additions/ (Recoveries) Charged to Expense		Other Adjustments (1)		Write-Offs During the the Period			Balance At End Of Period
Allowance for doubtful accounts; deducted from accounts receivable on the balance sheets-
2017	$	12,600,200	$	2,083,500	$	478,000	$	(1,979,400	)	$	13,182,300
2016	$	8,838,500	$	45,900	$	4,886,500	$	(1,170,700	)	$	12,600,200
2015	$	9,091,000	$	121,800	$	1,103,400	$	(1,477,700	)	$	8,838,500

(1) Amounts consist primarily of valuation allowances assumed from acquired companies.

	Balance Beginning Of Period		Additions/ (Recoveries) Charged to Expense			Write-Offs During the the Period		Balance At End Of Period
Valuation allowance - Deferred tax assets
2017	$	29,893,000	$	(6,703,000	)	$	—	$	23,190,000
2016	$	20,395,200	$	9,497,800		$	—	$	29,893,000
2015	$	—	$	20,395,200		$	—	$	20,395,200

84

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None

Item 9A. Controls and Procedures

Disclosure Controls and Procedures

The company maintains disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this report 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.

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 design and operation of the company's disclosure controls and procedures as of December 30, 2017. 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.

Changes in Internal Control Over Financial Reporting

During the quarter ended December 30, 2017, there have been no changes in the company's internal controls over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting.

85

Management's Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed 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. Our internal control over financial reporting includes those policies and procedures that:

(i) pertain to the maintenance of records that in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of our management and directors; and

(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (COSO). Our assessment of the internal control structure excluded Burford (acquired May 1, 2017) CVP Systems (acquired June 30, 2017), Sveba Dahlen (acquired June 30, 2017), QualServ (acquired August 31, 2017), L2F (acquired October 6, 2017), Globe (acquired October 17, 2017), and Scanico (acquired December 7, 2017).

These acquisitions constitute 0.1% and 11.9% of net and total assets, respectively, 3.9% of net sales and (0.7)% of net income of the consolidated financial statements of the Company as of and for the year ended December 30, 2017. These acquisitions are included in the consolidated financial statements of the company as of and for the year ended December 30, 2017. Under guidelines established by the Securities Exchange Commission, companies are allowed to exclude acquisitions from their assessment of internal control over financial reporting during the first year of an acquisition while integrating the acquired companies.

Based on our evaluation under the framework in Internal Control - Integrated Framework, our management concluded that our internal control over financial reporting was effective as of December 30, 2017.

Ernst & Young LLP, independent registered public accounting firm, who audited and reported on the consolidated financial statements of the company included in this report, has issued an attestation report on the effectiveness of the company's internal control over financial reporting as of December 30, 2017.

The Middleby Corporation

February 28, 2018

86

Item 9B. Other Information

Not applicable.

87

PART III

Pursuant to General Instruction G (3), of Form 10-K, the information called for by Part III (Item 10 (Directors, Executive Officers and Corporate Governance), Item 11 (Executive Compensation), Item 12 (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters), Item 13 (Certain Relationships and Related Transactions, and Director Independence) and Item 14 (Principal Accountant Fees and Services), is incorporated herein by reference from the registrant’s definitive proxy statement filed with the Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Form 10-K.

88

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) 1.    Financial Statements

The financial statements listed on Page 48 are filed as part of this Form 10-K.

3. Exhibits

3.1 Restated Certificate of Incorporation of The Middleby Corporation (effective as of May 13, 2005), incorporated by reference to the company's Form 8-K, Exhibit 3.1, dated April 29, 2005, filed on May 17, 2005.

3.2 Third Amended and Restated Bylaws of The Middleby Corporation (effective as of May 14, 2013), incorporated by reference to the company's Form 8-K, Exhibit 3.1, dated May 14, 2013, filed on May 17, 2013.

3.3 Certificate of Amendment to the Restated Certificate of Incorporation of The Middleby Corporation (effective as of May 3, 2007), incorporated by reference to the company’s Form 8-K, Exhibit 3.1, dated May 3, 2007, filed on May 3, 2007.

3.4 Certificate of Amendment to the Restated Certificate of Incorporation of The Middleby Corporation (effective as of May 8, 2014), incorporated by reference to the company's Form 8-K, Exhibit 3.1, dated May 6, 2014, filed on May 8, 2014.

4.1 Certificate of Designations dated October 30, 1987, and specimen stock certificate relating to the company Preferred Stock, incorporated by reference from the company’s Form 10-K, Exhibit (4), for the fiscal year ended December 31, 1988, filed on March 15, 1989.

10.1 Sixth Amended and Restated Credit Agreement, dated as of July 28, 2016, among Middleby Marshall Inc, The Middleby Corporation, the Initial Subsidiary Borrowers named therein, the lenders named therein and Bank of America, N.A., as administrative agent for the lenders, incorporated by reference to Middleby's Form 8-K, Exhibit 10.1, filed on August 3, 2016.

10.2* Amended 1998 Stock Incentive Plan, dated December 15, 2003, incorporated by reference to the company’s Form 10-K, Exhibit 10.21, for the fiscal year ended January 3, 2004, filed on April 2, 2004.

10.3* Employment Agreement of Selim A. Bassoul dated December 23, 2004, incorporated by reference to the company's Form 8-K Exhibit 10.1, dated December 23, 2004, filed on December 28, 2004.

10.4* Employment Agreement by and between The Middleby Corporation and Timothy J. FitzGerald, dated March 21, 2013, incorporated by reference to the company's Form 8-K Exhibit 10.1, dated March 21, 2013, filed on March 25, 2013.

10.5* Form of The Middleby Corporation 1998 Stock Incentive Plan Restricted Stock Agreement, incorporated by reference to the company's Form 8-K Exhibit 10.2, dated March 7, 2005, filed on March 8, 2005.

10.6* Amendment to The Middleby Corporation 1998 Stock Incentive Plan, effective as of January 1, 2005, incorporated by reference to the company's Form 8-K Exhibit 10.2, dated April 29, 2005, filed on May 17, 2005.

10.7* Revised Form of Restricted Stock Agreement for The Middleby Corporation 1998 Stock Incentive Plan, , incorporated by reference to the company’s Form 8-K, Exhibit 10.1, dated March 8, 2007, filed on March 14, 2007.

89

10.8* Employment Agreement by and between The Middleby Corporation and Selim A. Bassoul, dated as of January 25, 2013, incorporated by reference to the company's Form 8-K Exhibit 10.1, dated January 25, 2013, filed on January 28, 2013.

10.9* The Middleby Corporation 2011 Long-Term Incentive Plan, incorporated by reference to Appendix A to the company’s definitive proxy statement filed with the Securities and Exchange Commission on April 1, 2011.

10.10* The Middleby Corporation Value Creation Incentive Plan, incorporated by reference to Appendix B to the company’s definitive proxy statement filed with the Securities and Exchange Commission on April 1, 2011.

10.11* Form of Restricted Performance Stock Agreement for The Middleby Corporation 2011 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 to the company's Form 8-K, dated February 24, 2014, filed on March 3, 2014.

21 List of subsidiaries.

23.1 Consent of Ernst & Young LLP.

31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.

31.2 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.

32.1 Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 Certification of Principal Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101 Financial statements on Form 10-K for the year ended December 30, 2017, filed on February 28, 2018, formatted in Extensive Business Reporting Language (XBRL); (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of earnings, (iii) consolidated statements of cash flows, (iv) notes to the consolidated financial statements.

* Designates management contract or compensation plan.

(c) See the financial statement schedule included under Item 8.

Item 16. Form 10-K Summary

None

90

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) 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, on the 1st day of March 2017.

THE MIDDLEBY CORPORATION

BY:	/s/ Timothy J. FitzGerald
	Timothy J. FitzGerald
	Vice President,
	Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on February 28, 2018.

Signatures	Title
PRINCIPAL EXECUTIVE OFFICER
/s/  Selim A. Bassoul	Chairman of the Board, President,
Selim A. Bassoul	Chief Executive Officer and Director
PRINCIPAL FINANCIAL AND
ACCOUNTING OFFICER
/s/  Timothy J. FitzGerald	Vice President, Chief Financial
Timothy J. FitzGerald	Officer, Principal Financial Officer and Principal
	Accounting Officer
DIRECTORS
/s/  Robert Lamb	Director
Robert Lamb
/s/  John R. Miller, III	Director
John R. Miller, III
/s/  Gordon O'Brien	Director
Gordon O'Brien
/s/  Nassem Ziyad	Director
Nassem Ziyad
/s/  Cathy L. McCarthy	Director
Cathy L. McCarthy
/s/  Sarah Palisi Chapin	Director
Sarah Palisi Chapin

91

EX-21

EXHIBIT 21

Subsidiaries of The Middleby Corporation(1)
	State/Country of
Name of Subsidiary	Incorporation/Organization
AGA Rangemaster Group PLC	United Kingdom
AGA Rangemaster Ltd	United Kingdom
AGA Rangemaster Properties Ltd	United Kingdom
AGA Rayburn Ltd	United Kingdom
Alkar Holdings, Inc.	Wisconsin
Alkar-RapidPak, Inc.	Wisconsin
Anetsberger, LLC	Delaware
ARG Corporate Services Ltd	United Kingdom
Armor Inox Holding France S.A.S.	France
Armor Inox Production S.a.r.l.	France
Armor Inox S.A.	France
Armor Inox Services S.A.S.	France
Armor Inox UK Ltd	United Kingdom
Armor Inox USA LLC	Delaware
A/S Wodschow & Co.	Denmark
Auto-Bake Acquisition Pty. Ltd	Australia
Auto-Bake Pty Ltd	Australia
Automatic Bar Controls, Inc.	Delaware
Baker Thermal Solutions LLC	Delaware
Beech Ovens LLC	Delaware
Beech Ovens Pty Ltd	Australia
Blodgett Holdings, Inc.	Delaware
Britannia Kitchen Ventilation	United Kingdom
Burford Bakery Solutions Limited	United Kingdom
Burford Corp	Oklahoma
Carter-Hoffmann LLC	Delaware
Catering Equipment Industry srl	Italy
Cloverleaf Properties, Inc.	Vermont
Concordia Coffee Company, Inc.	Washington
CookTek Induction Systems, LLC	Delaware
Cozzini do Brasil Ltda	Brazil
Cozzini Middleby de Mexico, S. de R.L.de C.V.	Mexico
Cozzini Middleby Europe, S.r.l.	Italy
Cozzini, LLC	Delaware
Cranmore Property Ltd	United Kingdom
CVP Systems LLC	Illinois
Danfotech Holdings, LLC	Delaware
Danfotech Inc.	Missouri
Desmon S.p.A.	Italy

Doyon Acquisition Company, LLC	Delaware
Doyon Equipment Inc.	Canada
Eswood Australia Pty Ltd	Australia
F.R. Drake Company	Delaware
Fab-Asia Inc.	Philippines
Field Service Solutions	Arkansas
Fired Earth Ltd	United Kingdom
Follett Europe Polska sp. z.o.o.	Poland
Follett International sp. z.o.o.	Poland
Follett LLC	Pennsylvania
G.S. Blodgett Corporation	Vermont
Giga Grandi Cucine S.r.l.	Italy
Globe Food Equipment Company	Ohio
Globe Food Equipment Holding Company	Delaware
Goldstein Eswood Commercial Cooking Pty Ltd	Australia
Goldstein Properties Pty Ltd	Australia
Grange Eastern Europe Inc.	Romania
Grange Furniture Canada (1989) Ltd	Canada
Grange Furniture Inc.	Delaware
Grange Luxembourg SARL	Luxembourg
Grange SAS	France
Heartland Appliances Inc.	Canada
Holman Cooking Equipment Inc.	Delaware
Houno A/S	Denmark
Houno Holdings LLC	Delaware
Imperial Machine Company Ltd	United Kingdom
J. Goldstein & Co. Pty Ltd	Australia
Jade Range LLC	Delaware
Johs. Lassen Fjellebroen A/S	Denmark
L2F Inc.	Delaware
LA Cornue SAS	France
Lincat Group PLC	United Kingdom
Lincat Limited.	United Kingdom
Lynx Grills Inc	Delaware
Lynx Holdco Inc	Delaware
MagiKitch'n Inc.	Pennsylvania
Maurer-Atmos Middleby GmbH	Germany
Middleby Advantage, LLC	Delaware
Middleby Asia Ltd	Hong Kong
Middleby Australia Pty Ltd	Australia
Middleby Canada Company	Canada
Middleby Celfrost Innovations Pvt Ltd	India
Middleby China Corporation	Peoples Republic of China
Middleby Cooking System Manufacturing (Shanghai) Corporation	Peoples Republic of China
Middleby Cozzini Brasil Equipamentos, Ltda	Brazil
Middleby Denmark Holdings ApS	Denmark

Middleby Espana SLU	Spain
Middleby Europe SL	Spain
Middleby Holding UK Ltd	United Kingdom
Middleby India Engineering Pvt Ltd	India
Middleby Induction China Corporation	Peoples Republic of China
Middleby Lux Holdings SCS	Luxembourg
Middleby Luxembourg S.a.r.l.	Luxembourg
Middleby Marshall Holding, LLC	Delaware
Middleby Marshall, Inc.	Delaware
Middleby Nationals Sales LLC	Delaware
Middleby Philippines Corporation	Philippines
Middleby Sweden Holdings SB	Sweden
Middleby UK Ltd	United Kingdom
Middleby UK Residential Holdings	United Kingdom
Middleby Worldwide Mexico SA de CV	Mexico
Middleby Worldwide Philippines	Philippines
Middleby Worldwide Services SA de CV	Mexico
Middleby Worldwide, Inc.	Florida
Middleby XME S.L.U.	Spain
MP Equipment LLC	Delaware
New Star International Holdings, Inc.	Delaware
Nieco Corporation	California
Northland Corporation	Michigan
Peak Drink Dispense Ltd	United Kingdom
Perfect Fry LLC	Delaware
Pitco Frialator, Inc.	New Hampshire
QualServ Solutions LLC	Delaware
Scanico A/S	Denmark
SD Asia Pacific Ltd	Hong Kong
SD Group Intressenter (SDGI)	Sweden
SDG Russia AB	Sweden
Star International Holdings, Inc.	Delaware
Star Manufacturing International Inc.	Delaware
Stewart Systems Baking, LLC	Delaware
Sveba Dahlen Rus. Ltd.	Russia
Sveba-Dahlen Aktiebolag	Sweden
SvebaDahlen Baltic OÜ	Estonia
Sveba-Dahlen España	Spain
Sveba-Dahlen Group AB	Sweden
The Alluvian Spa, LLC	Mississippi
The Alluvian, LLC	Mississippi
The Piper Doyon Group, Inc.	Wisconsin
Thurne-Middleby Ltd	United Kingdom
TMC Lux Holdings Sarl	Luxembourg
TMC Lux Sarl	Luxembourg
TMC Scots Holdings LP	United Kingdom

TMC Scottish Private Ltd	United Kingdom
TurboChef Technologies Europe, Ltd	United Kingdom
TurboChef Technologies Inc.	Delaware
ULC Holding Company	Delaware
U-Line Corporation	Wisconsin
Viking Cooking Schools, LLC	Mississippi
Viking Culinary Group, LLC	Mississippi
Viking Range Brasil Participacoes Ltda	Brazil
Viking Range Corporation do Brasil Importacao e Comercio Ltda	Brazil
Viking Range, LLC	Delaware
Waterford Stanley Ltd	Ireland
Wells Bloomfield LLC	Delaware
Wunder-Bar Europe S.r.o.	Czech Republic
Wunder-Bar Holdings, Inc.	Delaware
Wunder-Bar International, Inc.	California
(1) Certain subsidiaries have been omitted as allowed.

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement (Form S-8 No. 333-176233) pertaining to the 2011 Long-Term Incentive Plan of The Middleby Corporation,

(2) Registration Statement (Form S-8 No. 333-162957) pertaining to the Turbochef Technologies 1994 Stock Option Plan,

(3) Registration Statement (Form S-8 No. 333-142588) pertaining to the 2007 Stock Incentive Plan of The Middleby Corporation and

(4) Registration Statement (Form S-8 No. 333-128304) pertaining to the 1998 Stock Incentive Plan, 1989 Stock Incentive Plan, 2003 Directors’ Option Plan, 2000 Directors Option Plan, and 1996 Directors’ Option Plan of The Middleby Corporation;

of our reports dated February 28, 2018, with respect to the consolidated financial statements and schedule of the The Middleby Corporation and the effectiveness of internal control over financial reporting of the The Middleby Corporation, included in this Annual Report on Form 10-K of The Middleby Corporation for the year ended December 30, 2017.

/s/ Ernst & Young LLP

Chicago, Illinois

February 28, 2018

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Selim A. Bassoul, certify that:

1. I have reviewed this Annual Report on Form 10-K 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: February 28, 2018

/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 Annual Report on Form 10-K 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: February 28, 2018

/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 Annual Report on Form 10-K for the period ended December 30, 2017 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: February 28, 2018

/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 Annual Report on Form 10-K for the period ended December 30, 2017 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: February 28, 2018

/s/ Timothy J. FitzGerald

Timothy J. FitzGerald

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 30, 2017	Feb. 26, 2018	Jun. 30, 2016
Document Documentand Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Trading Symbol	MIDD
Entity Registrant Name	MIDDLEBY CORP
Entity Central Index Key	0000769520
Current Fiscal Year End Date	--12-30
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		55,730,624
Entity Public Float			$ 6,845,527,947

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Common Stock, Value, Issued	$ 145	$ 144
Current assets:
Cash and cash equivalents	89,654	68,485
Accounts Receivable, Net, Current	328,421	325,868
Inventory, Net	424,639	368,243
Prepaid expenses and other	55,427	42,704
Prepaid Taxes	33,748	6,399
Total current assets	931,889	811,699
Property, Plant and Equipment, Net	281,915	221,571
Goodwill	1,264,810	1,092,722
Other intangibles	780,426	696,171
Deferred Income Tax Assets, Net	44,565	51,699
Long-term deferred liability	44,565	51,699
Other assets	36,108	43,274
Total Assets	3,339,713	2,917,136
Current liabilities:
Current maturities of long-term debt	5,149	5,883
Accounts payable	146,333	146,921
Accrued expenses	322,171	335,605
Total current liabilities	473,653	488,409
Long-term debt	1,023,732	726,243
Long-term deferred tax liability	87,815	77,760
Liability, Defined Benefit Pension Plan, Noncurrent	334,511	322,988
Other non-current liabilities	58,854	36,418
Stockholders' equity:
Common Stock, Value, Issued	145	144
Paid-in capital	374,922	355,287
Treasury Stock, Value	445,118	205,280
Retained earnings	1,697,618	1,399,490
Accumulated other comprehensive loss	(266,419)	(284,323)
Total stockholders' equity	1,361,148	1,265,318
Total liabilities and stockholders' equity	$ 3,339,713	$ 2,917,136

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Allowance for Doubtful Accounts Receivable, Current	$ 13,182	$ 12,600
Less accumulated depreciation	(142,278)	(119,435)
Finite-Lived Intangible Assets, Accumulated Amortization	$ (207,334)	$ (168,369)
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Common Stock, Shares Authorized	95,000,000	95,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares issued	62,685,450	62,445,315
Treasury Stock, Shares	6,889,241	4,905,549

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CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016		Jan. 02, 2016
Net sales	$ 2,335,542	$ 2,267,852		$ 1,826,598
Cost of Sales	1,422,801	1,366,672		1,120,093
Gross profit	912,741	901,180		706,505
Selling, General and Administrative Expense	436,491	444,431		375,148
Restructuring Charges	19,951	10,524		28,754
Gain (Loss) on Disposition of Assets	(12,042)	0		0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	58,000	0		0
Income from operations	410,341	446,225		302,603	[1]
Net interest expense and deferred financing amortization, net	25,983	23,880		16,967
Other expense, net	829	1,040		4,469
Earnings before income taxes	383,529	421,305		281,167
Provision for income taxes	85,401	137,089		89,557
Net earnings	$ 298,128	$ 284,216		$ 191,610
Net earnings per share:
Basic (in usd per share)		$ 4.98	[2]	$ 3.36
Diluted (in usd per share)	$ 5.26	$ 4.98	[2]	$ 3.36
Weighted average number of shares
Basic (in shares)	56,715,000	57,030,000		56,951,000
Dilutive common stock equivalents (in shares)	4,000	55,000		22,000
Diluted (in shares)	56,719,000	57,085,000		56,973,000

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

[2] Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Statement of Comprehensive Income [Abstract]
Net earnings	$ 298,128	$ 284,216	$ 191,610
Other comprehensive income:
Foreign currency translation adjustments	46,690	(63,569)	(28,187)
Pension liability adjustment, net of tax	(29,669)	(149,815)	(17,039)
Unrealized gain on interest rate swaps, net of tax	883	5,473	245
Comprehensive income	$ 316,032	$ 76,305	$ 146,629

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Accumulated Other Comprehensive Income (loss) [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Paid-in Capital [Member]	Common Stock [Member]
Balance, Beginning at Jan. 03, 2015	$ 1,006,760	$ (31,431)	$ 923,664	$ (196,026)	$ 310,409	$ 144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	191,610	0	191,610	0	0	0
Currency translation adjustments	(28,187)	(28,187)	0	0	0	0
Change in unrecognized pension benefit costs, net of tax of 2010: $105, 2011: $3,200, 2012: $(137)	(17,039)	(17,039)	0	0	0	0
Unrealized gain on interest rate swap, net of tax of 2010: $(342), 2011: $437, 2012: $(149)	245	245	0	0	0	0
Stock compensation	15,863	0	0	0	15,863	0
Tax benefit on stock compensation	2,414	0	0	0	2,414	0
Purchase of treasury stock	(4,836)	0	0	(4,836)	0	0
Balance, Ending at Jan. 02, 2016	1,166,830	(76,412)	1,115,274	(200,862)	328,686	144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	284,216	0	284,216	0	0	0
Currency translation adjustments	(63,569)	(63,569)	0	0	0	0
Change in unrecognized pension benefit costs, net of tax of 2010: $105, 2011: $3,200, 2012: $(137)	(149,815)	(149,815)	0	0	0	0
Unrealized gain on interest rate swap, net of tax of 2010: $(342), 2011: $437, 2012: $(149)	5,473	5,473	0	0	0	0
Stock compensation	27,905	0	0	0	27,905	0
Tax benefit on stock compensation		0	0			0
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation	1,304				1,304
Purchase of treasury stock	(4,418)	0	0	(4,418)	0	0
Balance, Ending at Dec. 31, 2016	1,265,318	(284,323)	1,399,490	(205,280)	355,287	144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	298,128	0	298,128	0	0	0
Currency translation adjustments	46,690	46,690	0	0	0	0
Change in unrecognized pension benefit costs, net of tax of 2010: $105, 2011: $3,200, 2012: $(137)	(29,669)	(29,669)	0	0	0	0
Unrealized gain on interest rate swap, net of tax of 2010: $(342), 2011: $437, 2012: $(149)	883	883	0	0	0	0
Stock compensation	6,237	0	0	0	6,237	0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	13,399	0	0	0	13,398	1
Purchase of treasury stock	(239,838)	0	0	(239,838)	0	0
Balance, Ending at Dec. 30, 2017	$ 1,361,148	$ (266,419)	$ 1,697,618	$ (445,118)	$ 374,922	$ 145

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ (5,588)	$ (30,717)	$ (3,740)
Unrealized (loss) gain on interest rate swap, tax	$ 588	$ 3,649	$ 163

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Cash flows from operating activities--
Net earnings	$ 298,128	$ 284,216	$ 191,610
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	69,774	58,234	54,074
Non-cash share-based compensation	6,237	27,905	15,864
Deferred income taxes	(14,492)	21,363	1,919
Gain (Loss) on Disposition of Assets	(12,042)	0	0
Gain (Loss) on Sale of Assets and Asset Impairment Charges	3,114	0	0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	58,000	0	0
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	26,180	(33,908)	17,112
Inventories, net	(9,744)	(22,246)	7,826
Prepaid expenses and other assets	(34,122)	(11,550)	(5,685)
Accounts payable	(21,631)	(7,730)	(18,036)
Accrued expenses and other liabilities	(64,947)	(22,174)	(15,092)
Net cash provided by operating activities	304,455	294,110	249,592
Cash flows from investing activities--
Additions to property and equipment	(54,493)	(24,817)	(22,362)
Proceeds from Sale of Property Held-for-sale	14,278	0	0
Payments to Acquire Businesses, Net of Cash Acquired	(305,251)	(210,921)	(348,625)
Net cash (used in) investing activities	(345,466)	(235,738)	(370,987)
Proceeds from (Repayments of) Lines of Credit	296,771	(2,482)	145,500
Cash flows from financing activities--
Net (repayments) proceeds under foreign bank loan	(1,062)	(26,821)	(6,058)
Repayments of Notes Payable	(35)	(35)	(262)
Repurchase of treasury stock	(239,838)	(4,418)	(4,836)
Payments of Debt Issuance Costs	0	(6,310)	0
Excess tax benefit related to share-based compensation	0	(1,304)	2,414
Net cash (used in) provided by financing activities	55,836	(41,370)	136,758
Effect of exchange rates on cash and cash equivalents	6,344	(4,045)	(3,780)
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	21,169	12,957	11,583
Cash and cash equivalents at beginning of year	68,485	55,528
Cash and cash equivalents at end of quarter	89,654	68,485	55,528
CVP Systems [Member]
Stock Issued During Period, Value, Acquisitions	$ 13,399	$ 0	$ 0

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Nature of Operations

12 Months Ended

Dec. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

NATURE OF OPERATIONS

The Middleby Corporation (the "company") is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The company manufactures and assembles this equipment at thirty-one U.S. and twenty-six international manufacturing facilities. The company operates in three business segments: 1) the Commercial Foodservice Equipment Group, 2) the Food Processing Equipment Group and 3) the Residential Kitchen Equipment Group.

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

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

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

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Acquisitions and Purchase Accounting Acquisition and Purchase Accounting (Notes)

12 Months Ended

Dec. 30, 2017

Business Acquisition [Line Items]

Business Combination Disclosure [Text Block]

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.

The following represents the company's more significant acquisitions in 2017 and 2016. The company also made smaller acquisitions not listed below which are individually and collectively immaterial.

Follett

On May 31, 2016, the company completed its acquisition of substantially all of the assets 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 $206.9 million, net of cash acquired. During the first quarter of 2017, the company finalized the working capital provision provided for by the purchase agreement resulting in an additional payment to the seller of $0.7 million.

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

	(as initially reported) May 31, 2016			Measurement Period Adjustments			(as adjusted) May 31, 2016
Cash	$	22,620		$	2,888		$	25,508
Current assets	41,602			(2,249		)	39,353
Property, plant and equipment	19,868			8,598			28,466
Goodwill	76,220			(35,656		)	40,564
Other intangibles	82,450			41,810			124,260
Other assets	1,358			170			1,528
Current liabilities	(11,779		)	(10,801		)	(22,580		)
Other non-current liabilities	(616		)	(4,064		)	(4,680		)
Net assets acquired and liabilities assumed	$	231,723		$	696		$	232,419

The goodwill and $67.8 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 $55.2 million allocated to customer relationships and $1.3 million allocated to backlog, which are to be amortized over periods of 8 years and 3 months, respectively. Goodwill and other intangibles of Follett are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.

Burford

On May 1, 2017, the company completed its acquisition of all of the capital stock of Burford Corp. ("Burford"). Burford is a leading manufacturer of industrial baking equipment for the food processing industry located in Maysville, Oklahoma, for a purchase price of approximately $14.8 million, net of cash acquired. During the fourth quarter of 2017, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $0.3 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) May 1, 2017			Preliminary Measurement Period Adjustments			(as adjusted) May 1, 2017
Cash	$	2,514		$	—		$	2,514
Current assets	6,424			126			6,550
Property, plant and equipment	656			(13		)	643
Goodwill	7,289			808			8,097
Other intangibles	4,900			1,840			6,740
Current liabilities	(2,254		)	(961		)	(3,215		)
Long term deferred tax liability	(1,840		)	612			(1,228		)
Other non-current liabilities	—			(2,761		)	(2,761		)
Net assets acquired and liabilities assumed	$	17,689		$	(349	)	$	17,340

The long term deferred tax liability amounted to $1.2 million. The net deferred tax liability is comprised of $2.7 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets, net of $0.7 million related to federal and state net operating loss carryforwards and $0.8 million of deferred tax asset arising from the difference between the book and tax basis of identifiable tangible asset and liability accounts.

The goodwill and $2.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $3.1 million allocated to customer relationships, $0.7 million allocated to developed technology and $0.3 million allocated to backlog, which are to be amortized over periods of 6 years, 7 years and 3 months, respectively. Goodwill and other intangibles of Burford are allocated to the Food Processing 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.

CVP Systems

On June 30, 2017, the company completed its acquisition of all of the capital stock of CVP Systems, Inc. ("CVP Systems"), a leading manufacturer of high-speed packaging systems for the meat processing industry located in Downers Grove, Illinois, for a purchase price of approximately $30.3 million, net of cash acquired. The purchase price included $17.9 million in cash and 106,254 shares of Middleby common stock valued at $12.3 million. The purchase price is subject to adjustment based upon a working capital provision provided for by the purchase agreement. The company expects to finalize this in the first quarter of 2018.

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) June 30, 2017			Preliminary Measurement Period Adjustments			(as adjusted) June 30, 2017
Cash	$	621		$	—		$	621
Current assets	5,973			(1,435		)	4,538
Property, plant and equipment	238			(91		)	147
Goodwill	20,297			432			20,729
Other intangibles	8,700			4,350			13,050
Current liabilities	(1,532		)	(514		)	(2,046		)
Long term deferred tax liability	(3,168		)	(633		)	(3,801		)
Other non-current liabilities	—			(2,362		)	(2,362		)
Net assets acquired and liabilities assumed	$	31,129		$	(253	)	$	30,876

The long term deferred tax liability amounted to $3.8 million. The net liability is comprised of $5.0 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets, net of $0.4 million related to federal and state net operating loss carryforwards and $0.8 million of deferred tax assets arising from the difference between the book and tax basis of identifiable tangible asset and liability accounts.

The goodwill and $6.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $5.7 million allocated to customer relationships, $0.8 million allocated to developed technology and $0.3 million allocated to backlog, which are to be amortized over periods of 5 years, 7 years and 3 months, respectively. Goodwill and other intangibles of CVP Systems are allocated to the Food Processing 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.

Sveba Dahlen

On June 30, 2017, the company completed its acquisition of all of the capital stock of Sveba Dahlen Group ("Sveba Dahlen"), a developer and manufacturer of ovens and baking equipment for the commercial foodservice and industrial baking industries headquartered in Fristad, Sweden, for a purchase price of $81.4 million, net of cash acquired.

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) June 30, 2017			Preliminary Measurement Period Adjustments			(as adjusted) June 30, 2017
Cash	$	4,569		$	—		$	4,569
Current assets	22,686			(767		)	21,919
Property, plant and equipment	9,128			(332		)	8,796
Goodwill	33,785			(2,843		)	30,942
Other intangibles	34,175			7,775			41,950
Other assets	1,170			(3		)	1,167
Current portion of long-term debt	—			(14		)	(14		)
Current liabilities	(11,782		)	649			(11,133		)
Long term debt	—			(140		)	(140		)
Long term deferred tax liability	(7,751		)	(2,600		)	(10,351		)
Other non-current liabilities	(42		)	(1,725		)	(1,767		)
Net assets acquired and liabilities assumed	$	85,938		$	—		$	85,938

The long term deferred tax liability amounted to $10.4 million. The liability is comprised of $9.2 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $1.2 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $22.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $18.1 million allocated to customer relationships and $1.6 million allocated to backlog, which are to be amortized over periods of 6 years and 3 months, respectively. Goodwill and other intangibles of Sveba Dahlen are allocated to the Commercial Foodservice 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.

QualServ

On August 31, 2017, the company completed its acquisition of substantially all of the assets of QualServ Solutions LLC ("QualServ"), a global commercial kitchen design, manufacturing, engineering, project management and equipment solutions provider located in Fort Smith, Arkansas, for a purchase price of $40.2 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 first quarter of 2018.

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) August 31, 2017			Preliminary Measurement Period Adjustments			(as adjusted) August 31, 2017
Cash	$	1,130		$	—		$	1,130
Current assets	18,031			(64		)	17,967
Property, plant and equipment	4,785			—			4,785
Goodwill	14,590			195			14,785
Other intangibles	9,600			—			9,600
Current liabilities	(6,810		)	(131		)	(6,941		)
Net assets acquired and liabilities assumed	$	41,326		$	—		$	41,326

The goodwill and $6.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $3.3 million allocated to customer relationships and $0.1 million allocated to backlog, which are to be amortized over periods of 6 years and 3 months, respectively. Goodwill and other intangibles of QualServ are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. 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.

Globe

On October 17, 2017, the company completed its acquisition of all of the capital stock of Globe Food Equipment Company ("Globe"), a leading brand in slicers and mixers for the commercial foodservice industry located in Dayton, Ohio, for a purchase price of $104.6 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 first quarter of 2018.

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) October 17, 2017
Cash	$	3,420
Current assets	17,197
Property, plant and equipment	1,120
Goodwill	67,176
Other intangibles	43,444
Current liabilities	(5,994		)
Long term deferred tax liability	(16,456		)
Other non-current liabilities	(1,907		)
Net assets acquired and liabilities assumed	$	108,000

The long term deferred tax liability amounted to $16.5 million. The net liability is comprised of $16.3 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.2 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $28.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $14.9 million allocated to customer relationships and $0.3 million allocated to backlog, which are to be amortized over periods of 5 years and 3 months, respectively. Goodwill and other intangibles of Globe are allocated to the Commercial Foodservice 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.

Scanico

On December 7, 2017, the company completed its acquisition of all of the capital stock of Scanico A/S ("Scanico"), a leading manufacturer of industrial cooling and freezing equipment for the food processing industry located in Aalborg, Denmark, for a purchase price of $34.9 million, net of cash acquired. The purchase price is subject to adjustment based upon a working capital provision provided for by the purchase agreement. The company expects to finalize this in the first quarter of 2018. An additional payment is also due upon the achievement of certain financial targets.

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) December 7, 2017
Cash	$	6,766
Current assets	3,428
Property, plant and equipment	447
Goodwill	30,072
Other intangibles	11,491
Current liabilities	(7,236		)
Long term deferred tax liability	(3,305		)
Consideration paid at closing	$	41,663
Contingent consideration	(751		)
Net assets acquired and liabilities assumed	$	40,912

The long term deferred tax liability amounted to $3.3 million. The net liability is comprised of $2.5 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.8 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $6.6 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $2.0 million allocated to customer relationships, $0.9 million allocated to developed technology and $2.0 million allocated to backlog, which are to be amortized over periods of 5 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Scanico are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes.

The Scanico 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 during the third quarter of 2018, if Scanico exceeds certain sales and earnings targets for the twelve months ended June 30, 2018. The contractual obligation associated with this contingent earnout provision recognized on the acquisition date is $0.8 million.

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

Pro forma financial information

In accordance with ASC 805 “Business Combinations”, the following unaudited pro forma results of operations for the years ended December 30, 2017 and December 31, 2016, assumes the 2016 acquisition of Follett and the 2017 acquisitions of Burford, CVP Systems, Sveba Dahlen, QualServ, L2F, Globe and Scanico were completed on January 3, 2016 (first day of fiscal 2016). The following pro forma results include adjustments to reflect additional interest expense to fund the acquisition, amortization of intangibles associated with the acquisition, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data):

	December 30, 2017		December 31, 2016
Net sales	$	2,500,434	$	2,606,379
Net earnings	305,770		281,680
Net earnings per share:
Basic	5.39		4.94
Diluted	5.39		4.93

The historical consolidated financial information of the Company and the acquisitions have been adjusted in the pro forma information to give effect to pro forma events that are (1) directly attributable to the transactions, (2) factually supportable and (3) expected to have a continuing impact on the combined results. Pro forma data may not be indicative of the results that would have been obtained had these acquisitions occurred at the beginning of the periods presented, nor is it intended to be a projection of future results. Additionally, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate Follett, Burford, CVP Systems, Sveba Dahlen, QualServ, L2F, Globe and Scanico.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 30, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

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

The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2017, 2016, and 2015 ended on December 30, 2017, December 31, 2016 and January 2, 2016, respectively, with each year including 52 weeks.

Certain prior year amounts have been reclassified to be consistent with current year presentation, including combining selling and distribution expenses with general and administrative expenses.

(b) Cash and Cash Equivalents

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

(c) Accounts Receivable

Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $13.2 million and $12.6 million at December 30, 2017 and December 31, 2016, respectively. At December 30, 2017, all accounts receivable are expected to be collected within one year.

(d) Inventories

Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventory have been determined using the first-in, first-out ("FIFO") method. The company estimates reserves for inventory obsolescence and shrinkage based on its judgment of future realization. Inventories at December 30, 2017 and December 31, 2016 are as follows:

	2017		2016
	(dollars in thousands)
Raw materials and parts	$	180,559	$	154,647
Work in process	38,917		35,975
Finished goods	205,163		177,621
	$	424,639	$	368,243

(e) Property, Plant and Equipment

Property, plant and equipment are carried at cost as follows:

	2017			2016
	(dollars in thousands)
Land	$	28,996		$	21,309
Building and improvements	175,678			134,158
Furniture and fixtures	54,362			56,851
Machinery and equipment	165,157			128,688
	424,193			341,006
Less accumulated depreciation	(142,278		)	(119,435		)
	$	281,915		$	221,571

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

Following is a summary of the estimated useful lives:

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

Depreciation expense amounted to $29.7 million, $26.2 million and $25.5 million in fiscal 2017, 2016 and 2015, respectively.

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

(f) Goodwill and Other Intangibles

In accordance with ASC 350 “Goodwill-Intangibles and Other”, the company’s goodwill and other indefinite lived intangibles are reviewed for impairment annually on the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of goodwill and other indefinite lived intangibles, the company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors. Estimates of future cash flows are judgments based on the company’s experience and knowledge of operations. These estimates can be significantly impacted by many factors including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends. If the company’s estimates or the underlying assumptions change in the future, the company may be required to record impairment charges. Any such charge could have a material adverse effect on the company’s reported net earnings.

Goodwill is allocated to the business segments 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	76,972			1,958			—			78,930
Measurement period adjustments to goodwill acquired in prior year	(503		)	—			86,822			86,319
Exchange effect	(7,506		)	(1,370		)	(46,990		)	(55,866		)
Balance as of December 31, 2016	$	542,090		$	134,680		$	415,952		$	1,092,722
Goodwill acquired during the year	118,419			58,899			—			177,318
Measurement period adjustments to goodwill acquired in prior year	(36,408		)	41			—			(36,367		)
Exchange effect	7,350			4,658			19,129			31,137
Balance as of December 30, 2017	$	631,451		$	198,278		$	435,081		$	1,264,810

The company has not recognized any goodwill impairments and therefore no accumulated impairment loss.

Intangible assets consist of the following (in thousands):

	December 30, 2017						December 31, 2016
	Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization			Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer lists	5.2	$	330,496	$	(171,005	)	5.5	$	251,025	$	(136,895	)
Backlog	0.8	19,689		(18,081		)	0.0	13,550		(13,550		)
Developed technology	4.2	22,485		(18,248		)	4.8	24,874		(17,924		)
		$	372,670	$	(207,334	)		$	289,449	$	(168,369	)
Indefinite-lived assets:
Trademarks and tradenames		$	615,090					$	575,091

The company performed its annual impairment for trademarks and tradenames (indefinite-lived intangible assets) on the first day of the fourth quarter and based on the results the company determined that the Viking tradename within the Residential Kitchen Equipment Group was impaired. The company estimated the fair value of tradenames using a relief from royalty method under the income approach. The decline in fair value of the Viking tradename was primarily the result of weaker than expected revenue performance in the current year and a corresponding reduction of future revenue expectations. The impairment resulted from the decline in revenues attributable, in part, to the product recall announced in 2015 related to products manufactured prior to the acquisition of Viking. The fair value of the Viking tradename was estimated to be $93.0 million as compared to the carrying value of $151.0 million and resulted in a $58.0 million indefinite-lived intangible asset impairment charge.

The aggregate intangible amortization expense was $38.6 million, $29.9 million and $27.4 million in 2017, 2016 and 2015, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):

2018	$	39,017
2019	29,423
2020	28,560
2021	25,153
2022	21,056
2023 and thereafter	22,127
	$	165,336

(g) Accrued Expenses

Accrued expenses consist of the following at December 30, 2017 and December 31, 2016, respectively:

	2017		2016
	(dollars in thousands)
Accrued payroll and related expenses	$	67,935	$	74,505
Accrued warranty	52,834		40,851
Accrued customer rebates	48,590		49,923
Advanced customer deposits	31,069		41,735
Accrued sales and other tax	20,881		13,565
Accrued professional fees	18,250		16,605
Accrued product liability and workers compensation	11,976		11,417
Accrued agent commission	11,035		12,834
Product recall	6,068		7,003
Restructuring	1,715		2,295
Other accrued expenses	51,818		64,872
	$	322,171	$	335,605

(h) Litigation Matters

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

(i) Accumulated Other Comprehensive Income (Loss)

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

	2017			2016
	(dollars in thousands)
Unrecognized pension benefit costs, net of tax of ($43,592) and ($38,004)	$	(203,063	)	$	(173,394	)
Unrealized gain on interest rate swap, net of tax of $4,243 and $3,655	6,365			5,482
Currency translation adjustments	(69,721		)	(116,411		)
	$	(266,419	)	$	(284,323	)

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

	Currency Translation Adjustment			Pension Benefit Costs(1)			Unrealized Gain/(Loss) Interest Rate Swap(1)			Total
Balance as of January 2, 2016	$	(52,842	)	$	(23,579	)	$	9		$	(76,412	)
Other comprehensive income before reclassification	(63,569		)	(149,907		)	6,703			(206,773		)
Amounts reclassified from accumulated other comprehensive income	—			92			(1,230		)	(1,138		)
Net current-period other comprehensive income	$	(63,569	)	$	(149,815	)	$	5,473		$	(207,911	)
Balance as of December 31, 2016	$	(116,411	)	$	(173,394	)	$	5,482		$	(284,323	)
Other comprehensive income before reclassification	46,690			(31,683		)	1,822			16,829
Amounts reclassified from accumulated other comprehensive income	—			2,014			(939		)	1,075
Net current-period other comprehensive income	$	46,690		$	(29,669	)	$	883		$	17,904
Balance as of December 30, 2017	$	(69,721	)	$	(203,063	)	$	6,365		$	(266,419	)

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

(j) Fair ValueMeasures

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 assets and liabilities that are measured at fair value are categorized using the fair value hierarchy at December 30, 2017 and December 31, 2016 are as follows (in thousands):

	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of December 30, 2017
Financial Assets:
Interest rate swaps	$	—	$	10,266	$	—	$	10,266
Financial Liabilities:
Interest rate swaps	$	—	$	—	$	—	$	—
Contingent consideration	$	—	$	—	$	1,780	$	1,780
As of December 31, 2016
Financial Assets:
Interest rate swaps	$	—	$	8,842	$	—	$	8,842
Financial Liabilities:
Interest rate swaps	$	—	$	100	$	—	$	100
Contingent consideration	$	—	$	—	$	6,612	$	6,612

The contingent consideration as of December 30, 2017 relates to the earnout provisions recorded in conjunction with the acquisitions of Desmon and Scanico. The contingent consideration as of December 31, 2016 relates to the earnout provisions recorded in conjunction with the acquisitions of PES, 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 acquisitions in comparison to the earnout targets and adjusts the liability accordingly.

(k) Foreign Currency

Foreign currency transactions are accounted for in accordance with ASC 830 “Foreign Currency Translation”. The income statements of the company’s foreign operations are translated at the monthly average rates. Assets and liabilities of the company’s foreign operations are translated at exchange rates at the balance sheet date. These translation adjustments are not included in determining net income for the period but are disclosed and accumulated in a separate component of stockholders’ equity. Exchange gains and losses on foreign currency transactions are included in determining net income for the period in which they occur. These transactions amounted to a loss of $2.4 million, $1.9 million and $6.8 million in 2017, 2016 and 2015, respectively, and are included in other expense on the statements of earnings.

(l) Revenue Recognition

At the Commercial Foodservice Equipment Group and 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 collectibility 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. 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. Under ASC 605, the company records the asset for revenue recognized but not yet billed on contracts accounted for under the percentage of completion method in Prepaid Expenses and Other on the consolidated balance sheets. For 2017 and 2016, the amount of this asset was $19.5 million and $12.2 million, respectively. 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.

(m) Shipping and Handling Costs

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

(n) Warranty Costs

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

A rollforward of the warranty reserve for the fiscal years 2017 and 2016 are as follows:

	2017			2016
	(dollars in thousands)
Beginning balance	$	40,851		$	37,901
Warranty reserve related to acquisitions	7,769			2,446
Warranty expense	58,398			48,975
Warranty claims paid	(54,184		)	(48,471		)
Ending balance	$	52,834		$	40,851

(o) Research and Development Costs

Research and development costs, included in cost of sales in the consolidated statements of earnings, are charged to expense when incurred. These costs were $29.1 million, $26.3 million and $22.4 million in fiscal 2017, 2016 and 2015, respectively.

(p)    Non-Cash Share-Based Compensation

The company estimates the fair value of restricted share grants and stock options at the time of grant and recognizes compensation costs over the vesting period of the awards and options. Non-cash share-based compensation expense of $6.2 million, $27.9 million and $15.9 million was recognized for fiscal 2017, 2016 and 2015, respectively, associated with restricted share grants. The company recorded a related tax benefit of $2.4 million, $10.5 million and $6.0 million in fiscal 2017, 2016 and 2015, respectively.

As of December 30, 2017, there was $6.8 million of total unrecognized compensation cost related to nonvested restricted share grant compensation arrangements, which will be recognized over a weighted average life of 1.2 years.

Share grant awards not subject to market conditions for vesting are valued at the closing share price of the company’s stock as of the date of the grant. The company issued 76,788 and 382,125 restricted share grant awards in 2017 and 2016, respectively with a fair value of $10.5 million and $36.0 million, respectively. Share grant awards issued in 2017 and 2016 are performance based and were not subject to market conditions. The fair value of $136.29 and $94.19 per share for the awards for 2017 and 2016, respectively, represent the closing share price of the company’s stock as of the date of grant.

(q) Earnings Per Share

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

The company’s potentially dilutive securities consist of shares issuable on exercise of outstanding options and vesting of restricted stock grants computed using the treasury method and amounted to 4,000, 55,000, and 22,000 for fiscal 2017, 2016 and 2015, respectively. There were no anti-dilutive equity awards excluded from common stock equivalents for 2017, 2016 or 2015.

(r) Consolidated Statements of Cash Flows

Cash paid for interest was $25.9 million, $21.0 million and $14.8 million in fiscal 2017, 2016 and 2015, respectively. Cash payments totaling $123.3 million, $89.0 million, and $94.6 million were made for income taxes during fiscal 2017, 2016 and 2015, respectively.

(s) New Accounting Pronouncements

Accounting Pronouncements - Recently Adopted

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 was permitted. We adopted this guidance on January 1, 2017 and it 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. 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.

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. We adopted this guidance on January 1, 2017 and it did not have an impact on the company's financial position, results of operations or cash flows.

In March 2016, the FASB issued 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 adopted ASU No. 2016-09 effective January 1, 2017 on a prospective basis. The adoption of this guidance resulted in the recognition of excess tax benefits in the company's provision for income taxes within the Condensed Consolidated Statements of Comprehensive Income rather than paid-in-capital of approximately $8.1 million for the twelve months period ended December 30, 2017. Additionally, the company's Condensed Consolidated Statement of Cash Flows now presents excess tax benefits as an operating activity rather than a financing activity.

Accounting Pronouncements - To be adopted

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. The guidance can be applied using one of two retrospective application methods.

The company has substantially completed its evaluation of significant contracts and the review of its current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to the company's revenue contracts. The company has also identified and implemented appropriate changes to business processes, systems and controls to support recognition and disclosure under the new standard. While the company continues to assess all potential impacts of the new standard, the company will adopt the new revenue standard in the first quarter of 2018 applying the modified retrospective transition method. Under the modified retrospective method, we will recognize the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The company estimates this adjustments to be approximately $4.0 million to $6.0 million. The main impact is related to the deferral of equipment revenue associated with long term contracts for the Food Processing Equipment Group when the contract does not specifically provide for an enforceable right to payment for performance completed to date. We do not expect other significant changes to our business processes, systems or internal controls as a result of the standard. The company is finalizing updates to the accounting policies and processes to address the variations from current practices, inclusive of the required additional disclosures in the period subsequent to adoption.

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 operating 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 ASU requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial adoption. The company is currently in process of identifying the population of leases, evaluating technology solutions and collecting lease data. We expect most of our operating lease commitments as disclosed in Note 8 Lease Commitments will be subject to the new standard and recognized as lease liabilities and right-of-use assets upon adoption, increasing our total assets and liabilities reported. The company is evaluating the overall impact this standard will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and the company's financial position, results of operations and cash flows.

In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments". The amendments in ASU-15 address eight specific cash flow classification issues to reduce current and potential future diversity in practice. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2017. The company is evaluating the impact the application of this ASU will have, if any, on the company's cash flows.

In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory". The amendments in ASU-16 prohibit the recognition of current and deferred income taxes for an intra-entity asset transfer other than inventory until the asset has been sold to an outside party. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2017. 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 January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business". The amendments in ASU-01 clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December15, 2017. The company is evaluating the impact the application of this ASU. The company does not expect the adoption of this ASU to have a material impact on its financial position, results of operations or cash flows.

In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in ASU-04 simplify the subsequent measurement of goodwill, by removing the second step of the goodwill impairment test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This ASU is effective for annual reporting periods, and interim reporting periods, beginning after December 15, 2019. Early adoption is permitted for testing dates after January 1, 2017. The company is evaluating the application of this ASU on the company's annual impairment test. The company does not expect the adoption of this ASU to have a material impact on its financial position, results of operations or cash flows.

In March 2017, the FASB issued ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". The amendments in ASU-07 require that an employer report the service costs component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net periodic pension cost and net periodic postretirement benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. In addition, the new standard will allow only the service cost component to be eligible for capitalization, when applicable. Application of the standard, which should be applied retrospectively for the income statement presentation changes and prospectively for the capitalization changes, is required for the annual and interim reporting periods beginning after December 15, 2017. As reported in Note 10 - Employee Retirement Plans the 2017 and 2016 net periodic pension benefit were $27.3 million and $23.4 million, respectively, and the 2015 net periodic pension costs were $1.5 million. The service cost component of these amounts in 2017, 2016 and 2015, which will remain as a component of operating profit, was $4.4 million, $3.8 million and $1.7 million, respectively. Net income will not change as a result of the adoption of this standard. The company will adopt the standard in the first quarter of 2018.

In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities". The amendments in ASU-12 provide new guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments included in the effectiveness will be recorded in other comprehensive income (OCI) and amounts deferred in OCI will be reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2018 with early adoption permitted. The company is currently evaluating the impacts the ASU will have on its condensed consolidated financial statements.

In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in ASU-02 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act and require certain disclosures about stranded tax effects. This ASU is effective for annual reporting periods, and interim periods with those reporting periods beginning after December 15, 2018 with early adoption permitted. The company will be adopting the standard in fiscal 2018 retrospectively for the effects recognized in 2017 related to the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act.

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Financing Arrangements

12 Months Ended

Dec. 30, 2017

Debt Disclosure [Abstract]

Financing Arrangements

FINANCING ARRANGEMENTS

The following is a summary of long-term debt at December 30, 2017 and December 31, 2016:

	2017		2016
	(dollars in thousands)
Senior secured revolving credit line	$	1,022,935	$	725,500
Foreign loans	5,768		6,413
Other debt arrangement	178		213
Total debt	$	1,028,881	$	732,126
Less current maturities of long-term debt	5,149		5,883
Long-term debt	$	1,023,732	$	726,243

On July 28, 2016, the company entered into an amended and restated five year $2.5 billion multi-currency senior secured revolving credit agreement (the "Credit Facility"), with the potential under certain circumstances to increase the amount of the Credit Facility to $3.0 billion. As of December 30, 2017, the company had $1,022.9 million of borrowings outstanding under the Credit Facility, including $1,015.5 million of borrowings in U.S. Dollars and $7.4 million of borrowings denominated in British Pounds. The company also has $7.5 million in outstanding letters of credit as of December 30, 2017, which reduces the borrowing availability under the Credit Facility. Remaining borrowing availability under this facility was $1.5 billion at December 30, 2017.

At December 30, 2017, borrowings under the Credit Facility accrued interest at a rate of 1.25% above LIBOR per annum or 0.25% above the highest of the prime rate, the federal funds rate plus 0.50% and one month LIBOR plus 1.00%. The average interest rate per annum on the debt under the Credit Facility was equal to 2.72% for the period. The interest rates on borrowings under the Credit Facility may be adjusted quarterly based on the company’s Funded Debt Less Unrestricted Cash to Pro Forma EBITDA (the "Leverage Ratio") on a rolling four-quarter basis. Additionally, a commitment fee based upon the Leverage Ratio is charged on the unused portion of the commitments under the Credit Facility. This variable commitment fee was equal to 0.20% per annum as of December 30, 2017.

In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At December 30, 2017, these foreign credit facilities amounted to $5.8 million in U.S. Dollars with a weighted average per annum interest rate of approximately 6.06%.

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

The company estimated the fair value of its loans by calculating the upfront cash payment a market participant would require to assume the company’s obligations. The upfront cash payment is the amount that a market participant would be able to lend to achieve sufficient cash inflows to cover the cash outflows under the company’s senior secured revolving credit facility assuming the facility was outstanding in its entirety until maturity. Since the company maintains its borrowings under a revolving credit facility and there is no predetermined borrowing or repayment schedule, for purposes of this calculation the company calculated the fair value of its obligations assuming the current amount of debt at the end of the period was outstanding until the maturity of the company’s Credit Facility in July 2021. 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): 

	December 30, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt	$	1,028,881	$	1,028,881	$	732,126	$	732,126

The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At December 30, 2017, the company had outstanding floating-to-fixed interest rate swaps totaling $399.0 million notional amount carrying an average interest rate of 1.47% that mature in more than 12 months but less than 84 months.

The terms of the Credit Facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; enter into certain transactions with affiliates; and requires, among other things, the company to satisfy certain financial covenants: (i) a minimum Interest Coverage Ratio (as defined in the Credit Facility) of 3.00 to 1.00 and (ii) a maximum Leverage Ratio of Funded Debt less Unrestricted Cash to Pro Forma EBITDA (each as defined in the Credit Facility) of 3.50 to 1.00, which may be adjusted to 4.00 to 1.00 for a four consecutive fiscal quarter period in connection with certain qualified acquisitions, subject to the terms and conditions contained in the Credit Facility. The Credit Facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material foreign and domestic subsidiaries. The Credit Facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the company guarantee or any subsidiary guaranty; and a change of control of the company. At December 30, 2017, the company was in compliance with all covenants pursuant to its borrowing agreements.

The aggregate amount of debt payable during each of the next five years is as follows (in thousands):

2018	$	5,149
2019	338
2020	163
2021	1,023,098
2022 and thereafter	133
	$	1,028,881

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Common and Preferred Stock (Notes)

12 Months Ended

Dec. 30, 2017

Stockholders' Equity Note [Abstract]

Common and Preferred Stock

COMMON AND PREFERRED STOCK

(a)    Shares Authorized and Issued

At December 30, 2017 and December 31, 2016, the company had 95,000,000 authorized shares of common stock and 2,000,000 authorized shares of non-voting preferred stock. At December 30, 2017 and December 31, 2016, there were 55,730,624 and 57,539,766, respectively, issued and outstanding shares of common stock.

(b)    Treasury Stock

On November 7, 2017, the company's Board of Directors resolved to terminate the company's existing share repurchase program, effective as of such date, which was originally approved in 1998, and approved a new stock repurchase program. This program authorizes the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. During fiscal year 2017, the company repurchased 1,680,395 shares of its common stock under the 1998 program for $200.4 million, including applicable commissions, which represented an average price of $119.23. Additionally, during fiscal year 2017, the company repurchased 126,200 shares of its common stock under the 2017 program for $14.8 million, including applicable commissions, which represented an average price of $117.61. As of December 30, 2017, 126,200 shares had been purchased under the 2017 stock repurchase program and 2,373,800 remain authorized for repurchase.

At December 30, 2017, the company had a total of 6,889,241 shares in treasury amounting to $445.1 million.

(c)    Share-Based Awards

The company maintains several stock incentive plans under which the company's Board of Directors issues stock options and makes restricted share grants to key employees. Stock options issued under the plans provided key employees with rights to purchase shares of common stock at specified exercise prices. Options were exercised upon certain vesting requirements being met, but expired to the extent unexercised within a maximum of ten years from the date of grant. Restricted share grants issued to employees are transferable upon certain vesting requirements being met.

• 2007 Stock Incentive Plan (the "2007 Plan"), as amended on May 7, 2009. Effective August 11, 2011 and in accordance with plan parameters, the company is no longer permitted to make grants under the 2007 Plan. Accordingly, zero additional shares are available for issuance under the 2007 Plan.

As of December 30, 2017, a total of 2,683,554 share-based awards have been issued under the 2007 Plan. This includes 2,672,667 restricted share grants, all of which have vested. This also includes 10,887 stock options, of which 2,124 have been exercised, 7,791 have been forfeited and zero remain outstanding.

• 2011 Stock Incentive Plan (the "2011 Plan"), was adopted on April 1, 2011, under which the company's Board of Directors issues stock grants to key employees. On July 11, 2017 the company increased the maximum amount of shares reserved for issuance under the 2011 Plan by 1,000,000. A maximum amount of 2,650,000 shares can be issued under the 2011 Plan. Stock grants issued to employees are transferable upon certain vesting requirements.

As of December 30, 2017, a total of 929,424 share-based awards have been issued under the 2011 Plan. This includes 929,424 restricted share grants, of which 159,203 remain outstanding and unvested.

A summary of the company’s nonvested restricted share grant activity for fiscal years ended December 30, 2017 and December 31, 2016 is as follows:

	Shares		Weighted Average Grant-Date Fair Value
Nonvested shares at January 2, 2016	340,904		$	94.86
Granted	382,125		94.19
Vested	(100,511	)	101.17
Forfeited	(6,393	)	107.81
Nonvested shares at December 31, 2016	616,125		$	91.76
Granted	76,788		136.29
Vested	(418,125	)	86.70
Forfeited	(115,585	)	121.65
Nonvested shares at December 30, 2017	159,203		$	104.44

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Income Taxes

12 Months Ended

Dec. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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

	2017		2016		2015
Domestic	$	290,866	$	336,625	$	266,831
Foreign	92,663		84,680		14,336
Total	$	383,529	$	421,305	$	281,167

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

	2017			2016		2015
Federal	$	48,688		$	94,621	$	78,617
State and local	9,076			13,107		9,515
Foreign	27,637			29,361		1,425
Total	$	85,401		$	137,089	$	89,557
Current	$	99,893		$	115,726	$	87,638
Deferred	(14,492		)	21,363		1,919
Total	$	85,401		$	137,089	$	89,557

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

	2017		2016		2015
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
State taxes, net of federal benefit	1.5		2.3		2.1
U.S. domestic manufacturers deduction	(2.1	)	(2.4	)	(2.6	)
Permanent differences	(0.7	)	(1.6	)	(1.1	)
Foreign income tax rate at rates other than 35%	(1.6	)	(1.1	)	(2.1	)
Tax Cuts and Jobs Act of 2017 deferred tax changes	(10.0	)	—		—
Tax Cuts and Jobs Act of 2017 transition tax	2.0		—		—
Change in valuation allowances	(2.0	)	—		—
Tax on unremitted earnings	1.5		—		—
Other	(1.3	)	0.3		0.6
Consolidated effective tax	22.3	%	32.5	%	31.9	%

The company’s effective tax rate for 2017 was 22.3% as compared to 32.5% in 2016. The effective tax rate for 2017 reflects the impact of complying with the Tax Cuts and Job Act of 2017 (the Tax Act or tax reform), signed into law on December 22, 2017 and the adoption of ASU 2016-09 "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" on January 1, 2017. The tax impact of these items in addition to the reversal of a valuation allowance are the primary causes of the 2017 tax rate being lower than the federal statutory tax rate of 35.0% and lower than the effective tax rate for 2016.

The company is still evaluating the impact of the Tax Act and how it will affect the company’s capital structure and permanent reinvestment assertions for its foreign subsidiaries as the United States international taxation moves from a worldwide tax system to a territorial tax system. Prior to the Tax Act the company largely asserted its foreign earnings where permanently reinvested, while there were several entities whose earnings were only partially reinvested. As result of the Tax Act and the transition tax the foreign earnings are being currently taxed, resulting in a net transition tax liability of approximately $7.5 million. The company has accordingly modified its partial reinvestment assertions for several foreign subsidiaries to provide funds to help cover the transition tax liability. This is reflected as an increase in tax on unremitted earnings in the effective tax rate reconciliation and increase in other deferred tax liabilities as shown in the components of deferred taxes. The company’s impact of tax reform is based on current information and guidance available at this time and reflects our best provisional estimates in accordance with Staff Accounting Bulletin No. 118. The provisional estimates will be subject to refinement in 2018.

At December 30, 2017 and December 31, 2016, the company had recorded the following deferred tax assets and liabilities:

	2017			2016
	(dollars in thousands)
Deferred tax assets:
Compensation related	3,129			25,650
Pension and post-retirement benefits	56,502			60,986
Inventory reserves	11,342			14,379
Accrued liabilities and reserves	9,813			4,550
Warranty reserves	7,232			10,141
Net operating loss carryforwards	37,911			35,591
Other	19,826			41,198
Gross deferred tax assets	145,755			192,495
Valuation allowance	(23,190		)	(29,893		)
Deferred tax assets	$	122,565		$	162,602
Deferred tax liabilities:
Intangible assets	$	(137,871	)	$	(173,673	)
Depreciable assets	(10,426		)	(2,957		)
Other	(17,518		)	(12,033		)
Deferred tax liabilities	$	(165,815	)	$	(188,663	)
Net deferred tax assets (liabilities)	$	(43,250	)	$	(26,061	)
Long-term deferred asset	44,565			51,699
Long-term deferred liability	(87,815		)	(77,760		)
Net deferred tax assets (liabilities)	$	(43,250	)	$	(26,061	)

The company recorded a transition tax on undistributed foreign earnings as required by the Tax Act. Additional the company provided $3.9 million on undistributed earnings not permanently reinvested. No further provisions were made for income taxes that may result from future remittances of undistributed earnings of foreign subsidiaries that are determined to be permanently reinvested, which were $197.0 million on December 30, 2017. Determination of the total amount of unrecognized deferred income taxes on undistributed earnings net of foreign subsidiaries is not practicable.

The company has a deferred tax asset on net operating loss carryforwards totaling $37.9 million as of December 30, 2017. These net operating losses are available to reduce future taxable earnings of certain domestic and foreign subsidiaries. United States federal loss carryforwards total $37.9 million and expire through 2037, state loss carryforwards total $124.2 million and expire through 2037 and international loss carryforwards total $86.1 million and expire through 2030; however, some have no expiration date. Of these carryforwards, $80.4 million is subject to full valuation allowance. 

As of December 30, 2017, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $29.9 million (of which $29.5 million would impact the effective tax rate if recognized) plus approximately $4.5 million of accrued interest and $7.5 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. Interest recognized in fiscal years 2017, 2016 and 2015 was $0.7 million, $0.3 million and $0.3 million, respectively. Penalties recognized in fiscal years 2017, 2016 and 2015 was $1.3 million, $1.0 million and $0.8 million, respectively.

Although the company believes its tax returns are correct, the final determination of tax examinations may be different than what was reported on the tax returns. In the opinion of management, adequate tax provisions have been made for the years subject to examination.

The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended January 2, 2016, December 31, 2016 and December 30, 2017 (in thousands):

Balance at January 2, 2016	$	14,419
Increases to current year tax positions	6,367
Increase to prior year tax positions	601
Decrease to prior year tax positions	(233		)
Settlements	—
Lapse of statute of limitations	(865		)
Balance at December 31, 2016	$	20,289
Increases to current year tax positions	11,843
Increase to prior year tax positions	201
Decrease to prior year tax positions	(9		)
Settlements	(439		)
Lapse of statute of limitations	(1,955		)
Balance at December 30, 2017	$	29,930

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 $4.3 million of its remaining unrecognized tax benefits may be recognized by the end of 2018 as a result of settlements with taxing authorities or lapses of statutes of limitations.

In the normal course of business, income tax authorities in various income tax jurisdictions both in the United States and internationally conduct routine audits of our income tax returns filed in prior years. These audits are generally designed to determine if individual income tax authorities are in agreement with our interpretations of complex tax regulations regarding the allocation of income to the various income tax jurisdictions. Income tax years are open from 2014 through the current year for the United States federal jurisdiction. Income tax years open for our other major jurisdictions range from 2013 through the current year.

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Financial Instruments

12 Months Ended

Dec. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [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 the derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in fair value of the hedged assets, liabilities or firm commitments or recognized in other accumulated other 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.

(a) Foreign Exchange

The company periodically enters into derivative instruments, principally forward contracts to reduce exposures pertaining to fluctuations in foreign exchange rates. The fair value of these forward contracts was an unrealized loss of $0.5 million at the end of the year.

(b) Interest Rate

The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. 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 December 30, 2017, the fair value of these instruments was an asset of $10.3 million. The change in fair value of these swap agreements in 2017 was a gain of $1.5 million, net of taxes.

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

		Twelve Months Ended
	Location	Dec 30, 2017			Dec 31, 2016
Fair value	Other assets	$	10,266		$	8,842
Fair value	Other liabilities	$	—		$	(100	)
Amount of gain/(loss) recognized in other comprehensive income	Other comprehensive income	$	531		$	7,892
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense	$	(939	)	$	(1,230	)
Gain/(loss) recognized in income (ineffective portion)	Other expense	$	54		$	32

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

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Lease Commitments

12 Months Ended

Dec. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Lease Commitments

LEASE COMMITMENTS

The company leases warehouse space, office facilities and equipment under operating leases, which expire in fiscal 2018 and thereafter. Future minimum payment obligations under these leases are as follows:

	Total Operating Lease Commitments
2018	$	25,689
2019	20,953
2020	16,993
2021	14,828
2022	11,600
2023 and thereafter	19,815
	$	109,878

Rental expense pertaining to the operating leases was $27.1 million, $23.5 million and $17.6 million in fiscal 2017, 2016 and 2015 respectively.

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Segment Information

12 Months Ended

Dec. 30, 2017

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

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

The Commercial Foodservice Equipment Group manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry. This business segment has manufacturing facilities in Arkansas, California, Illinois, Michigan, New Hampshire, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Estonia, Italy, the Philippines, Poland, Sweden and the United Kingdom. Principal product lines of this group include conveyor ovens, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, food warming equipment, catering equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, griddles, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers and coffee and beverage dispensing equipment. These products are sold and marketed under the brand names: Anets, Bear Varimixer, Beech, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Desmon, Doyon, Eswood, Follett, Frifri, Giga, Globe, Goldstein, Holman, Houno, IMC, Induc, Jade, L2F, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, Southbend, Star, Sveba Dahlen, 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, Oklahoma, Texas, Virginia, Wisconsin, Denmark, France, Germany, India and the United Kingdom. Principal product lines of this group include batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems, grinders, slicers, reduction and emulsion systems, mixers, blenders, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment, forming equipment,automated loading and unloading systems, food safety, food handling, freezing, defrosting and packaging equipment. These products are sold and marketed under the brand names: Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Burford, Cozzini, CVP Systems, Danfotech, Drake, Emico, Glimek, Maurer-Atmos, MP Equipment, RapidPak, Scanico, 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 are ranges, cookers, stoves, ovens, refrigerators, dishwashers, microwaves, cooktops, refrigerators, wine coolers, ice machines, ventilation equipment and outdoor equipment. These products are sold and marketed under the brand names: AGA, AGA Cookshop, Brigade, 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. Management believes that intersegment sales are made at established arm's length transfer prices.

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

	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other(3)			Total
2017
Net sales	$	1,382,108	$	352,717	$	600,717	$	—		$	2,335,542
Operating income (4,5,6)	356,776		88,121		30,972		(65,528		)	410,341
Depreciation and amortization expense	29,981		7,357		30,551		1,885			69,774
Net capital expenditures	41,457		5,519		7,637		(120		)	54,493
Total assets	1,693,820		450,932		1,140,668		54,293			3,339,713
Long-lived assets (2)	148,565		25,346		167,486		21,191			362,588
2016
Net sales	$	1,266,955	$	342,235	$	658,662	$	—		$	2,267,852
Operating income (4)	350,315		87,039		89,435		(80,564		)	446,225
Depreciation and amortization expense	19,548		5,696		29,897		3,093			58,234
Net capital expenditures	11,958		5,667		6,961		231			24,817
Total assets	1,347,441		340,088		1,179,640		49,967			2,917,136
Long-lived assets (2)	84,475		21,763		175,206		35,100			316,544
2015
Net sales	$	1,121,046	$	297,712	$	407,840	$	—		$	1,826,598
Operating income (4)	296,061		64,650		4,653		(62,761		)	302,603
Depreciation and amortization expense	17,117		5,839		29,515		1,603			54,074
Net capital expenditures	12,123		2,164		7,935		140			22,362
Total assets	1,115,840		308,677		1,250,503		86,131			2,761,151
Long-lived assets (2)	61,835		20,307		129,751		21,327			233,220

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

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

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

(4) Restructuring expenses are allocated in operating income by segment. See note 12 for further details.

(5) Gain on sale of plant allocated to Commercial Foodservice.

(6) Impairment of intangible assets allocated to Residential Kitchen.

Geographic Information

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

	2017		2016		2015
United States and Canada	$	221,479	$	181,317	$	149,299
Asia	14,033		14,729		17,336
Europe and Middle East	126,264		119,511		65,581
Latin America	812		987		1,004
Total international	141,109		135,227		83,921
	$	362,588	$	316,544	$	233,220

Net sales (in thousands):

	2017		2016		2015
United States and Canada	$	1,549,876	$	1,470,566	$	1,274,907
Asia	192,638		190,548		165,541
Europe and Middle East	501,247		522,819		319,387
Latin America	91,781		83,919		66,763
Total international	785,666		797,286		551,691
	$	2,335,542	$	2,267,852	$	1,826,598

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Employee Retirement Plans

12 Months Ended

Dec. 30, 2017

Retirement Benefits [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 with no expected future increase in compensation.

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.

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

	Fiscal 2017						Fiscal 2016
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Net Periodic Pension Benefit:
Service cost	$	402		$	4,013		$	456		$	3,364
Interest cost	1,240			32,748			1,280			41,606
Expected return on assets	(821		)	(70,630		)	(777		)	(68,845		)
Amortization of net (gain) loss	(330		)	3,073			126			35
Curtailment loss (gain)	—			3,305			—			(632		)
Pension settlement gain	—			(313		)	—			—
	$	491		$	(27,804	)	$	1,085		$	(24,472	)
Change in Benefit Obligation:
Benefit obligation – beginning of year	$	31,949		$	1,478,493		$	31,830		$	1,476,370
Service cost	402			4,013			456			3,364
Interest on benefit obligations	1,240			32,748			1,280			41,606
Employee contributions	—			345			—			404
Actuarial (gain) loss	(760		)	21,058			(722		)	297,754
Pension settlement gain	—			(4,017		)	—			—
Net benefit payments	(923		)	(65,160		)	(895		)	(64,466		)
Curtailment loss (gain)	—			3,305			—			(706		)
Exchange effect	—			144,459			—			(275,833		)
Benefit obligation – end of year	$	31,908		$	1,615,244		$	31,949		$	1,478,493
Change in Plan Assets:
Plan assets at fair value – beginning of year	$	13,589		$	1,173,865		$	12,987		$	1,287,723
Company contributions	1,476			3,062			754			17,758
Investment gain	1,960			72,342			743			161,405
Employee contributions	—			345			—			404
Pension settlement loss	—			(3,254		)	—			—
Benefit payments and plan expenses	(923		)	(65,160		)	(895		)	(64,466		)
Exchange effect	—			115,339			—			(228,959		)
Plan assets at fair value – end of year	$	16,102		$	1,296,539		$	13,589		$	1,173,865
Funded Status:
Unfunded benefit obligation	$	(15,806	)	$	(318,705	)	$	(18,360	)	$	(304,628	)
Amounts recognized in balance sheet at year end:
Accrued pension benefits	$	(15,806	)	$	(318,705	)	$	(18,360	)	$	(304,628	)
Pre-tax components in accumulated other comprehensive income at period end:
Net actuarial loss	$	3,340		$	243,315		$	4,908		$	206,490
Pre-tax components in recognized in other comprehensive income for the period:
Current year actuarial (gain) loss	$	(1,898	)	$	44,316		$	(691	)	$	181,384
Actuarial gain (loss) recognized	330			(7,041		)	(126		)	(35		)
Pension settlement gain	—			(763		)	—			—
Pension settlement gain recognized	—			313			—			—
Total amount recognized	$	(1,568	)	$	36,825		$	(817	)	$	181,349
Accumulated Benefit Obligation	$	31,908		$	1,615,157		$	31,041		$	1,478,435
Salary growth rate	n/a			0.6		%	n/a			1.6		%
Assumed discount rate	3.5		%	2.3		%	3.9		%	2.5		%
Expected return on assets	6.0		%	6.2		%	6.0		%	6.2		%

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

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

U.S. Plans:

	Target Allocation		Percentage of Plan Assets
			2017		2016
Equity	48	%	55	%	51	%
Fixed income	40		35		39
Money market	4		3		3
Other (real estate investment trusts & commodities contracts)	8		7		7
	100	%	100	%	100	%

Non-U.S. Plans:

	Target Allocation		Percentage of Plan Assets
			2017		2016
Equity	17	%	26	%	20	%
Fixed income	38		48		55
Alternatives/Other	32		12		8
Real Estate	13		11		12
Cash and cash equivalents	—		3		5
	100	%	100	%	100	%

In accordance with ASC 820 “Fair Value Measurements and Disclosures”, the company has measured its defined benefit pension plans at fair value. The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 30, 2017 and December 31, 2016 (in thousands):

U.S. Plans:

	Fiscal 2017						Fiscal 2016
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value
Short Term Investment Fund (a)	$	486	$	—	$	486	$	368	$	—	$	368
Equity Securities:
Large Cap	3,485		3,485		—		3,055		3,055		—
Mid Cap	474		474		—		512		512		—
Small Cap	475		475		—		455		455		—
International	4,507		4,507		—		2,917		2,917		—
Fixed Income:
Government/Corporate	4,744		4,744		—		4,367		4,367		—
High Yield	809		809		—		971		971		—
Alternative:
Global Real Estate Investment Trust	469		469		—		539		539		—
Commodities Contracts	653		653		—		405		405		—
Total	$	16,102	$	15,616	$	486	$	13,589	$	13,221	$	368

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

Non-U.S. Plans:

	Fiscal 2017
Asset Category	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value
Cash and cash equivalents	$	42,857		$	8,135		$	15,851	$	—	$	18,871
Equity Securities:
UK	178,093			98,408			—		—		79,685
International:
Developed	145,295			16,627			—		—		128,668
Emerging	7,261			385			—		—		6,876
Unquoted/Private Equity	3,687			—			—		—		3,687
Fixed Income:
Government/Corporate:
UK	347,840			12,247			14,417		—		321,176
International	46,065			—			—		—		46,065
Index Linked	228,699			4,055			—		—		224,644
Other	3,750			—			—		—		3,750
Convertible Bonds	187			—			—		—		187
Real Estate:
Direct	135,238			—			135,238		—		—
Indirect	11,128			191			—		—		10,937
Hedge Fund Strategy:
Equity Long/Short	79,035			—			—		—		79,035
Arbitrage & Event	83,814			—			—		—		83,814
Directional Trading & Fixed Income	34,107			—			—		—		34,107
Cash & Other	48,440			—			—		—		48,440
Direct Sourcing	1,675			—			—		—		1,675
Leveraged Loans	30,755			—			—		—		30,755
Alternative/Other	(131,387		)	(4		)	—		101		(131,484		)
Total	$	1,296,539		$	140,044		$	165,506	$	101	$	990,888

	Fiscal 2016
Asset Category	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value
Cash and cash equivalents	$	58,131		$	4,730	$	2,886	$	—	$	50,515
Equity Securities:
UK	87,828			2,098		—		—		85,730
International:
Developed	135,186			3,547		—		—		131,639
Emerging	6,803			79		—		—		6,724
Unquoted/Private Equity	3,189			—		—		—		3,189
Fixed Income:
Government/Corporate:
UK	317,621			11,203		14,009		—		292,409
International	107,882			—		103		—		107,779
Index Linked	212,327			4,205		—		—		208,122
Other	3,812			—		—		—		3,812
Convertible Bonds	160			—		—		—		160
Real Estate:
Direct	121,612			—		121,612		—		—
Indirect	10,693			138		—		—		10,555
Hedge Fund Strategy:
Equity Long/Short	61,612			—		—		—		61,612
Arbitrage & Event	64,961			—		—		—		64,961
Directional Trading & Fixed Income	30,430			—		—		—		30,430
Cash & Other	38,099			—		—		—		38,099
Direct Sourcing	1,379			—		—		—		1,379
Leveraged Loans	11,025			—		—		—		11,025
Alternative/Other	(98,885		)	—		—		95		(98,980		)
Total	$	1,173,865		$	26,000	$	138,610	$	95	$	1,009,160

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

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

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

	U.S. Plans		Non-U.S. Plans
2018	$	998	$	63,250
2019	1,003		63,197
2020	1,023		65,375
2021	1,685		66,161
2022 through 2027	10,574		411,011

Expected contributions to the U.S. Plans and Non-U.S. Plans to be made in 2018 are $0.9 million and $5.4 million, respectively.

(b) Defined Contribution Plans

As of December 30, 2017, the company maintained 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 maintained defined contribution plans for its UK based employees.

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Quarterly Data (Unaudited)

12 Months Ended

Dec. 30, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Data (Unaudited)

QUARTERLY DATA (UNAUDITED)

	1st		2nd		3rd		4th		Total Year
	(dollars in thousands, except per share data)
2017
Net sales	$	530,297	$	579,343	$	593,043	$	632,859	$	2,335,542
Gross profit	209,450		234,608		228,519		240,164		912,741
Income from operations	101,079		122,136		118,257		68,869		410,341
Net earnings	$	70,702	$	77,569	$	74,671	$	75,186	$	298,128
Basic earnings per share (1)	$	1.24	$	1.35	$	1.31	$	1.35	$	5.26
Diluted earnings per share (1)	$	1.24	$	1.35	$	1.31	$	1.35	$	5.26
2016
Net sales	$	516,355	$	580,456	$	574,224	$	596,817	$	2,267,852
Gross profit	196,773		233,502		231,728		239,177		901,180
Income from operations	86,375		111,913		121,439		126,498		446,225
Net earnings	$	54,538	$	72,891	$	75,851	$	80,936	$	284,216
Basic earnings per share (1)	$	0.96	$	1.28	$	1.33	$	1.42	$	4.98
Diluted earnings per share (1)	$	0.96	$	1.28	$	1.33	$	1.41	$	4.98

(1) Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year.

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Acquisition Integration Initiatives (Notes)

12 Months Ended

Dec. 30, 2017

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

During the fiscal year 2017, the company incurred restructuring charges relative to each of its business segments. The costs and corresponding reserve balances (by segment) are summarized as follows (in thousands):

Commercial Foodservice Equipment Group:

During the fiscal year 2017, the company undertook cost reduction initiatives related to the entire Commercial Foodservice Equipment Group. This action, which is not material to the company's operations, resulted in a charge of $6.2 million in the twelve months endedDecember 30, 2017, primarily for severance related to headcount reductions and consolidation of manufacturing operations. These expenses are reflected in restructuring expenses in the consolidated statements of earnings. The company estimates that these 2017 restructuring initiatives will result in future cost savings of approximately $10.0 million annually. The realization of the saving began in 2017 and will continue into the first six months of fiscal year 2018 and the restructuring costs in the future are not expected to be significant related to these actions.

Food Processing Equipment Group:

During the fiscal year 2017, the company undertook cost reduction initiatives related to the entire Food Processing Equipment Group. This action, which is not material to the company's operations, resulted in a charge of $0.6 million in the twelve months endedDecember 30, 2017, primarily for severance related to headcount reductions and is reflected in restructuring expenses in the consolidated statements of earnings. The company estimates that these 2017 restructuring initiatives will result in future cost savings of approximately $4.0 million annually. The realization of the savings began in 2017 and will continue into the first six months of fiscal year 2018 and no significant future costs related to this action are expected.

Residential Kitchen Equipment Group:

During the fiscal years 2016 and 2015, the company undertook acquisition integration initiatives primarily 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. During fiscal year 2017, the company continued initiatives, primarily related the AGA Group, including additional headcount reductions and the impairment of equipment in conjunction of the disposition of certain facilities and business operations. The company recorded expense in the amount of $13.1 million, $11.0 million and $25.5 million, respectively in the years ended December 30, 2017, December 31, 2016 and January 2, 2016, respectively. This expense is reflected in restructuring expenses in the consolidated statements of earnings for such periods. The cumulative expenses incurred to date for these initiatives is approximately $40.6 million. The company estimated that these restructuring initiatives in 2017 would result in future cost savings of approximately $20.0 million annually. The realization of the savings began in 2017 and will continue into the first six months of fiscal year 2018, primarily related to compensation and facility costs. The company anticipates that all severance obligations for the Residential Kitchen Equipment Group will be paid by the end of fiscal of 2018. The lease obligations extend through December 2019.

The costs and corresponding reserve balances for the Residential Kitchen Equipment Group are summarized as follows (in thousands):

	Severance/Benefits			Facilities/Operations			Other			Total
Balance as of January 3, 2015	$	147		$	—		$	37		$	184
Expenses	18,142			7,248			108			25,498
Payments	(2,628		)	(2,606		)	(25		)	(5,259		)
Balance as of January 2, 2016	$	15,661		$	4,642		$	120		$	20,423
Expenses	9,816			1,160			10			10,986
Exchange Effect	(749		)	(73		)	(32		)	(854		)
Payments	(19,583		)	(3,697		)	(29		)	(23,309		)
Balance as of December 31, 2016	$	5,145		$	2,032		$	69		$	7,246
Expenses	8,662			3,872			601			13,135
Exchange Effect	533			358			11			902
Payments/Utilization	(10,642		)	(4,795		)	(524		)	(15,961		)
Balance as of December 30, 2017	$	3,698		$	1,467		$	157		$	5,322

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Schedule II - Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 30, 2017

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts and Reserves

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

FOR THE FISCAL YEARS ENDED DECEMBER 30, 2017, DECEMBER 31, 2016

AND JANUARY 2, 2016

	Balance Beginning Of Period		Additions/ (Recoveries) Charged to Expense		Other Adjustments (1)		Write-Offs During the the Period			Balance At End Of Period
Allowance for doubtful accounts; deducted from accounts receivable on the balance sheets-
2017	$	12,600,200	$	2,083,500	$	478,000	$	(1,979,400	)	$	13,182,300
2016	$	8,838,500	$	45,900	$	4,886,500	$	(1,170,700	)	$	12,600,200
2015	$	9,091,000	$	121,800	$	1,103,400	$	(1,477,700	)	$	8,838,500

(1) Amounts consist primarily of valuation allowances assumed from acquired companies.

	Balance Beginning Of Period		Additions/ (Recoveries) Charged to Expense			Write-Offs During the the Period		Balance At End Of Period
Valuation allowance - Deferred tax assets
2017	$	29,893,000	$	(6,703,000	)	$	—	$	23,190,000
2016	$	20,395,200	$	9,497,800		$	—	$	29,893,000
2015	$	—	$	20,395,200		$	—	$	20,395,200

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

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

Fiscal Period

The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2017, 2016, and 2015 ended on December 30, 2017, December 31, 2016 and January 2, 2016, respectively, with each year including 52 weeks.

Certain prior year amounts have been reclassified to be consistent with current year presentation, including combining selling and distribution expenses with general and administrative expenses.

Cash and Cash Equivalents

Cash and Cash Equivalents

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

Accounts Receivable

Accounts Receivable

Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $13.2 million and $12.6 million at December 30, 2017 and December 31, 2016, respectively. At December 30, 2017, all accounts receivable are expected to be collected within one year.

Inventories

Inventories

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

Property, Plant and Equipment

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

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

Following is a summary of the estimated useful lives:

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

Goodwill and Other Intangibles

Goodwill and Other Intangibles

In accordance with ASC 350 “Goodwill-Intangibles and Other”, the company’s goodwill and other indefinite lived intangibles are reviewed for impairment annually on the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of goodwill and other indefinite lived intangibles, the company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors. Estimates of future cash flows are judgments based on the company’s experience and knowledge of operations. These estimates can be significantly impacted by many factors including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends. If the company’s estimates or the underlying assumptions change in the future, the company may be required to record impairment charges. Any such charge could have a material adverse effect on the company’s reported net earnings.

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

Fair Value Measures

Fair ValueMeasures

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

Foreign Currency

Foreign Currency

Foreign currency transactions are accounted for in accordance with ASC 830 “Foreign Currency Translation”. The income statements of the company’s foreign operations are translated at the monthly average rates. Assets and liabilities of the company’s foreign operations are translated at exchange rates at the balance sheet date. These translation adjustments are not included in determining net income for the period but are disclosed and accumulated in a separate component of stockholders’ equity. Exchange gains and losses on foreign currency transactions are included in determining net income for the period in which they occur.

Revenue Recognition

Revenue Recognition

At the Commercial Foodservice Equipment Group and 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 collectibility 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. 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. Under ASC 605, the company records the asset for revenue recognized but not yet billed on contracts accounted for under the percentage of completion method in Prepaid Expenses and Other on the consolidated balance sheets. For 2017 and 2016, the amount of this asset was $19.5 million and $12.2 million, respectively. 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.

Shipping and Handling Costs

Shipping and Handling Costs

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

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

Research and Development Costs

Research and Development Costs

Research and development costs, included in cost of sales in the consolidated statements of earnings, are charged to expense when incurred.

Non-Cash Share-Based Compensation

Non-Cash Share-Based Compensation

The company estimates the fair value of restricted share grants and stock options at the time of grant and recognizes compensation costs over the vesting period of the awards and options.

Share grant awards not subject to market conditions for vesting are valued at the closing share price of the company’s stock as of the date of the grant.

Earnings Per Share

Earnings Per Share

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

New Accounting Pronouncements

New Accounting Pronouncements

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Aqcuisitions and Purchase Accounting (Tables)

12 Months Ended

Dec. 30, 2017

Business Acquisition [Line Items]

Schedule of Business Acquisition Pro Forma Information

Follett

On May 31, 2016, the company completed its acquisition of substantially all of the assets 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 $206.9 million, net of cash acquired. During the first quarter of 2017, the company finalized the working capital provision provided for by the purchase agreement resulting in an additional payment to the seller of $0.7 million.

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

	(as initially reported) May 31, 2016			Measurement Period Adjustments			(as adjusted) May 31, 2016
Cash	$	22,620		$	2,888		$	25,508
Current assets	41,602			(2,249		)	39,353
Property, plant and equipment	19,868			8,598			28,466
Goodwill	76,220			(35,656		)	40,564
Other intangibles	82,450			41,810			124,260
Other assets	1,358			170			1,528
Current liabilities	(11,779		)	(10,801		)	(22,580		)
Other non-current liabilities	(616		)	(4,064		)	(4,680		)
Net assets acquired and liabilities assumed	$	231,723		$	696		$	232,419

The goodwill and $67.8 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 $55.2 million allocated to customer relationships and $1.3 million allocated to backlog, which are to be amortized over periods of 8 years and 3 months, respectively. Goodwill and other intangibles of Follett are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.

Burford

On May 1, 2017, the company completed its acquisition of all of the capital stock of Burford Corp. ("Burford"). Burford is a leading manufacturer of industrial baking equipment for the food processing industry located in Maysville, Oklahoma, for a purchase price of approximately $14.8 million, net of cash acquired. During the fourth quarter of 2017, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $0.3 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) May 1, 2017			Preliminary Measurement Period Adjustments			(as adjusted) May 1, 2017
Cash	$	2,514		$	—		$	2,514
Current assets	6,424			126			6,550
Property, plant and equipment	656			(13		)	643
Goodwill	7,289			808			8,097
Other intangibles	4,900			1,840			6,740
Current liabilities	(2,254		)	(961		)	(3,215		)
Long term deferred tax liability	(1,840		)	612			(1,228		)
Other non-current liabilities	—			(2,761		)	(2,761		)
Net assets acquired and liabilities assumed	$	17,689		$	(349	)	$	17,340

The long term deferred tax liability amounted to $1.2 million. The net deferred tax liability is comprised of $2.7 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets, net of $0.7 million related to federal and state net operating loss carryforwards and $0.8 million of deferred tax asset arising from the difference between the book and tax basis of identifiable tangible asset and liability accounts.

The goodwill and $2.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $3.1 million allocated to customer relationships, $0.7 million allocated to developed technology and $0.3 million allocated to backlog, which are to be amortized over periods of 6 years, 7 years and 3 months, respectively. Goodwill and other intangibles of Burford are allocated to the Food Processing 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.

CVP Systems

On June 30, 2017, the company completed its acquisition of all of the capital stock of CVP Systems, Inc. ("CVP Systems"), a leading manufacturer of high-speed packaging systems for the meat processing industry located in Downers Grove, Illinois, for a purchase price of approximately $30.3 million, net of cash acquired. The purchase price included $17.9 million in cash and 106,254 shares of Middleby common stock valued at $12.3 million. The purchase price is subject to adjustment based upon a working capital provision provided for by the purchase agreement. The company expects to finalize this in the first quarter of 2018.

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) June 30, 2017			Preliminary Measurement Period Adjustments			(as adjusted) June 30, 2017
Cash	$	621		$	—		$	621
Current assets	5,973			(1,435		)	4,538
Property, plant and equipment	238			(91		)	147
Goodwill	20,297			432			20,729
Other intangibles	8,700			4,350			13,050
Current liabilities	(1,532		)	(514		)	(2,046		)
Long term deferred tax liability	(3,168		)	(633		)	(3,801		)
Other non-current liabilities	—			(2,362		)	(2,362		)
Net assets acquired and liabilities assumed	$	31,129		$	(253	)	$	30,876

The long term deferred tax liability amounted to $3.8 million. The net liability is comprised of $5.0 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets, net of $0.4 million related to federal and state net operating loss carryforwards and $0.8 million of deferred tax assets arising from the difference between the book and tax basis of identifiable tangible asset and liability accounts.

The goodwill and $6.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $5.7 million allocated to customer relationships, $0.8 million allocated to developed technology and $0.3 million allocated to backlog, which are to be amortized over periods of 5 years, 7 years and 3 months, respectively. Goodwill and other intangibles of CVP Systems are allocated to the Food Processing 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.

Sveba Dahlen

On June 30, 2017, the company completed its acquisition of all of the capital stock of Sveba Dahlen Group ("Sveba Dahlen"), a developer and manufacturer of ovens and baking equipment for the commercial foodservice and industrial baking industries headquartered in Fristad, Sweden, for a purchase price of $81.4 million, net of cash acquired.

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) June 30, 2017			Preliminary Measurement Period Adjustments			(as adjusted) June 30, 2017
Cash	$	4,569		$	—		$	4,569
Current assets	22,686			(767		)	21,919
Property, plant and equipment	9,128			(332		)	8,796
Goodwill	33,785			(2,843		)	30,942
Other intangibles	34,175			7,775			41,950
Other assets	1,170			(3		)	1,167
Current portion of long-term debt	—			(14		)	(14		)
Current liabilities	(11,782		)	649			(11,133		)
Long term debt	—			(140		)	(140		)
Long term deferred tax liability	(7,751		)	(2,600		)	(10,351		)
Other non-current liabilities	(42		)	(1,725		)	(1,767		)
Net assets acquired and liabilities assumed	$	85,938		$	—		$	85,938

The long term deferred tax liability amounted to $10.4 million. The liability is comprised of $9.2 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $1.2 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $22.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $18.1 million allocated to customer relationships and $1.6 million allocated to backlog, which are to be amortized over periods of 6 years and 3 months, respectively. Goodwill and other intangibles of Sveba Dahlen are allocated to the Commercial Foodservice 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.

QualServ

On August 31, 2017, the company completed its acquisition of substantially all of the assets of QualServ Solutions LLC ("QualServ"), a global commercial kitchen design, manufacturing, engineering, project management and equipment solutions provider located in Fort Smith, Arkansas, for a purchase price of $40.2 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 first quarter of 2018.

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) August 31, 2017			Preliminary Measurement Period Adjustments			(as adjusted) August 31, 2017
Cash	$	1,130		$	—		$	1,130
Current assets	18,031			(64		)	17,967
Property, plant and equipment	4,785			—			4,785
Goodwill	14,590			195			14,785
Other intangibles	9,600			—			9,600
Current liabilities	(6,810		)	(131		)	(6,941		)
Net assets acquired and liabilities assumed	$	41,326		$	—		$	41,326

The goodwill and $6.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $3.3 million allocated to customer relationships and $0.1 million allocated to backlog, which are to be amortized over periods of 6 years and 3 months, respectively. Goodwill and other intangibles of QualServ are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. 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.

Globe

On October 17, 2017, the company completed its acquisition of all of the capital stock of Globe Food Equipment Company ("Globe"), a leading brand in slicers and mixers for the commercial foodservice industry located in Dayton, Ohio, for a purchase price of $104.6 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 first quarter of 2018.

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) October 17, 2017
Cash	$	3,420
Current assets	17,197
Property, plant and equipment	1,120
Goodwill	67,176
Other intangibles	43,444
Current liabilities	(5,994		)
Long term deferred tax liability	(16,456		)
Other non-current liabilities	(1,907		)
Net assets acquired and liabilities assumed	$	108,000

The long term deferred tax liability amounted to $16.5 million. The net liability is comprised of $16.3 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.2 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $28.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $14.9 million allocated to customer relationships and $0.3 million allocated to backlog, which are to be amortized over periods of 5 years and 3 months, respectively. Goodwill and other intangibles of Globe are allocated to the Commercial Foodservice 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.

Scanico

On December 7, 2017, the company completed its acquisition of all of the capital stock of Scanico A/S ("Scanico"), a leading manufacturer of industrial cooling and freezing equipment for the food processing industry located in Aalborg, Denmark, for a purchase price of $34.9 million, net of cash acquired. The purchase price is subject to adjustment based upon a working capital provision provided for by the purchase agreement. The company expects to finalize this in the first quarter of 2018. An additional payment is also due upon the achievement of certain financial targets.

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) December 7, 2017
Cash	$	6,766
Current assets	3,428
Property, plant and equipment	447
Goodwill	30,072
Other intangibles	11,491
Current liabilities	(7,236		)
Long term deferred tax liability	(3,305		)
Consideration paid at closing	$	41,663
Contingent consideration	(751		)
Net assets acquired and liabilities assumed	$	40,912

The long term deferred tax liability amounted to $3.3 million. The net liability is comprised of $2.5 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.8 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $6.6 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $2.0 million allocated to customer relationships, $0.9 million allocated to developed technology and $2.0 million allocated to backlog, which are to be amortized over periods of 5 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Scanico are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes.

The Scanico 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 during the third quarter of 2018, if Scanico exceeds certain sales and earnings targets for the twelve months ended June 30, 2018. The contractual obligation associated with this contingent earnout provision recognized on the acquisition date is $0.8 million.

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

Pro forma financial information

In accordance with ASC 805 “Business Combinations”, the following unaudited pro forma results of operations for the years ended December 30, 2017 and December 31, 2016, assumes the 2016 acquisition of Follett and the 2017 acquisitions of Burford, CVP Systems, Sveba Dahlen, QualServ, L2F, Globe and Scanico were completed on January 3, 2016 (first day of fiscal 2016). The following pro forma results include adjustments to reflect additional interest expense to fund the acquisition, amortization of intangibles associated with the acquisition, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data):

Globe [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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) October 17, 2017
Cash	$	3,420
Current assets	17,197
Property, plant and equipment	1,120
Goodwill	67,176
Other intangibles	43,444
Current liabilities	(5,994		)
Long term deferred tax liability	(16,456		)
Other non-current liabilities	(1,907		)
Net assets acquired and liabilities assumed	$	108,000

QualServ [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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) August 31, 2017			Preliminary Measurement Period Adjustments			(as adjusted) August 31, 2017
Cash	$	1,130		$	—		$	1,130
Current assets	18,031			(64		)	17,967
Property, plant and equipment	4,785			—			4,785
Goodwill	14,590			195			14,785
Other intangibles	9,600			—			9,600
Current liabilities	(6,810		)	(131		)	(6,941		)
Net assets acquired and liabilities assumed	$	41,326		$	—		$	41,326

Follett [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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

	(as initially reported) May 31, 2016			Measurement Period Adjustments			(as adjusted) May 31, 2016
Cash	$	22,620		$	2,888		$	25,508
Current assets	41,602			(2,249		)	39,353
Property, plant and equipment	19,868			8,598			28,466
Goodwill	76,220			(35,656		)	40,564
Other intangibles	82,450			41,810			124,260
Other assets	1,358			170			1,528
Current liabilities	(11,779		)	(10,801		)	(22,580		)
Other non-current liabilities	(616		)	(4,064		)	(4,680		)
Net assets acquired and liabilities assumed	$	231,723		$	696		$	232,419

Burford [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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 1, 2017			Preliminary Measurement Period Adjustments			(as adjusted) May 1, 2017
Cash	$	2,514		$	—		$	2,514
Current assets	6,424			126			6,550
Property, plant and equipment	656			(13		)	643
Goodwill	7,289			808			8,097
Other intangibles	4,900			1,840			6,740
Current liabilities	(2,254		)	(961		)	(3,215		)
Long term deferred tax liability	(1,840		)	612			(1,228		)
Other non-current liabilities	—			(2,761		)	(2,761		)
Net assets acquired and liabilities assumed	$	17,689		$	(349	)	$	17,340

CVP Systems [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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) June 30, 2017			Preliminary Measurement Period Adjustments			(as adjusted) June 30, 2017
Cash	$	621		$	—		$	621
Current assets	5,973			(1,435		)	4,538
Property, plant and equipment	238			(91		)	147
Goodwill	20,297			432			20,729
Other intangibles	8,700			4,350			13,050
Current liabilities	(1,532		)	(514		)	(2,046		)
Long term deferred tax liability	(3,168		)	(633		)	(3,801		)
Other non-current liabilities	—			(2,362		)	(2,362		)
Net assets acquired and liabilities assumed	$	31,129		$	(253	)	$	30,876

Sveba Dahlen [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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) June 30, 2017			Preliminary Measurement Period Adjustments			(as adjusted) June 30, 2017
Cash	$	4,569		$	—		$	4,569
Current assets	22,686			(767		)	21,919
Property, plant and equipment	9,128			(332		)	8,796
Goodwill	33,785			(2,843		)	30,942
Other intangibles	34,175			7,775			41,950
Other assets	1,170			(3		)	1,167
Current portion of long-term debt	—			(14		)	(14		)
Current liabilities	(11,782		)	649			(11,133		)
Long term debt	—			(140		)	(140		)
Long term deferred tax liability	(7,751		)	(2,600		)	(10,351		)
Other non-current liabilities	(42		)	(1,725		)	(1,767		)
Net assets acquired and liabilities assumed	$	85,938		$	—		$	85,938

Scanico [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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) December 7, 2017
Cash	$	6,766
Current assets	3,428
Property, plant and equipment	447
Goodwill	30,072
Other intangibles	11,491
Current liabilities	(7,236		)
Long term deferred tax liability	(3,305		)
Consideration paid at closing	$	41,663
Contingent consideration	(751		)
Net assets acquired and liabilities assumed	$	40,912

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 30, 2017

Accounting Policies [Abstract]

Schedule of Inventory, Current

Inventories at December 30, 2017 and December 31, 2016 are as follows:

	2017		2016
	(dollars in thousands)
Raw materials and parts	$	180,559	$	154,647
Work in process	38,917		35,975
Finished goods	205,163		177,621
	$	424,639	$	368,243

Property, Plant and Equipment

Property, plant and equipment are carried at cost as follows:

	2017			2016
	(dollars in thousands)
Land	$	28,996		$	21,309
Building and improvements	175,678			134,158
Furniture and fixtures	54,362			56,851
Machinery and equipment	165,157			128,688
	424,193			341,006
Less accumulated depreciation	(142,278		)	(119,435		)
	$	281,915		$	221,571

Schedule Of Useful Lives For Property Plant Equipment

Following is a summary of the estimated useful lives:

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

Schedule of Goodwill

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

	Commercial Foodservice			Food Processing			Residential Kitchen			Total
Balance as of January 2, 2016	$	473,127		$	134,092		$	376,120		$	983,339
Goodwill acquired during the year	76,972			1,958			—			78,930
Measurement period adjustments to goodwill acquired in prior year	(503		)	—			86,822			86,319
Exchange effect	(7,506		)	(1,370		)	(46,990		)	(55,866		)
Balance as of December 31, 2016	$	542,090		$	134,680		$	415,952		$	1,092,722
Goodwill acquired during the year	118,419			58,899			—			177,318
Measurement period adjustments to goodwill acquired in prior year	(36,408		)	41			—			(36,367		)
Exchange effect	7,350			4,658			19,129			31,137
Balance as of December 30, 2017	$	631,451		$	198,278		$	435,081		$	1,264,810

Schedule Of Intangible Assets By Major Class

Intangible assets consist of the following (in thousands):

	December 30, 2017						December 31, 2016
	Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization			Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer lists	5.2	$	330,496	$	(171,005	)	5.5	$	251,025	$	(136,895	)
Backlog	0.8	19,689		(18,081		)	0.0	13,550		(13,550		)
Developed technology	4.2	22,485		(18,248		)	4.8	24,874		(17,924		)
		$	372,670	$	(207,334	)		$	289,449	$	(168,369	)
Indefinite-lived assets:
Trademarks and tradenames		$	615,090					$	575,091

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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

2018	$	39,017
2019	29,423
2020	28,560
2021	25,153
2022	21,056
2023 and thereafter	22,127
	$	165,336

Schedule of Accrued Liabilities

Accrued expenses consist of the following at December 30, 2017 and December 31, 2016, respectively:

	2017		2016
	(dollars in thousands)
Accrued payroll and related expenses	$	67,935	$	74,505
Accrued warranty	52,834		40,851
Accrued customer rebates	48,590		49,923
Advanced customer deposits	31,069		41,735
Accrued sales and other tax	20,881		13,565
Accrued professional fees	18,250		16,605
Accrued product liability and workers compensation	11,976		11,417
Accrued agent commission	11,035		12,834
Product recall	6,068		7,003
Restructuring	1,715		2,295
Other accrued expenses	51,818		64,872
	$	322,171	$	335,605

Schedule of Accumulated Other Comprehensive Income (Loss)

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

	2017			2016
	(dollars in thousands)
Unrecognized pension benefit costs, net of tax of ($43,592) and ($38,004)	$	(203,063	)	$	(173,394	)
Unrealized gain on interest rate swap, net of tax of $4,243 and $3,655	6,365			5,482
Currency translation adjustments	(69,721		)	(116,411		)
	$	(266,419	)	$	(284,323	)

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

The company’s financial assets and liabilities that are measured at fair value are categorized using the fair value hierarchy at December 30, 2017 and December 31, 2016 are as follows (in thousands):

	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of December 30, 2017
Financial Assets:
Interest rate swaps	$	—	$	10,266	$	—	$	10,266
Financial Liabilities:
Interest rate swaps	$	—	$	—	$	—	$	—
Contingent consideration	$	—	$	—	$	1,780	$	1,780
As of December 31, 2016
Financial Assets:
Interest rate swaps	$	—	$	8,842	$	—	$	8,842
Financial Liabilities:
Interest rate swaps	$	—	$	100	$	—	$	100
Contingent consideration	$	—	$	—	$	6,612	$	6,612

Schedule of Product Warranty Liability

A rollforward of the warranty reserve for the fiscal years 2017 and 2016 are as follows:

	2017			2016
	(dollars in thousands)
Beginning balance	$	40,851		$	37,901
Warranty reserve related to acquisitions	7,769			2,446
Warranty expense	58,398			48,975
Warranty claims paid	(54,184		)	(48,471		)
Ending balance	$	52,834		$	40,851

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Financing Arrangements (Tables)

12 Months Ended

Dec. 30, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following is a summary of long-term debt at December 30, 2017 and December 31, 2016:

	2017		2016
	(dollars in thousands)
Senior secured revolving credit line	$	1,022,935	$	725,500
Foreign loans	5,768		6,413
Other debt arrangement	178		213
Total debt	$	1,028,881	$	732,126
Less current maturities of long-term debt	5,149		5,883
Long-term debt	$	1,023,732	$	726,243

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): 

	December 30, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt	$	1,028,881	$	1,028,881	$	732,126	$	732,126

Schedule of Maturities of Long-term Debt

The aggregate amount of debt payable during each of the next five years is as follows (in thousands):

2018	$	5,149
2019	338
2020	163
2021	1,023,098
2022 and thereafter	133
	$	1,028,881

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Common and Preferred Stock (Tables)

12 Months Ended

Dec. 30, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the company’s nonvested restricted share grant activity for fiscal years ended December 30, 2017 and December 31, 2016 is as follows:

	Shares		Weighted Average Grant-Date Fair Value
Nonvested shares at January 2, 2016	340,904		$	94.86
Granted	382,125		94.19
Vested	(100,511	)	101.17
Forfeited	(6,393	)	107.81
Nonvested shares at December 31, 2016	616,125		$	91.76
Granted	76,788		136.29
Vested	(418,125	)	86.70
Forfeited	(115,585	)	121.65
Nonvested shares at December 30, 2017	159,203		$	104.44

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Income Taxes (Tables)

12 Months Ended

Dec. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Taxes

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

	2017		2016		2015
Domestic	$	290,866	$	336,625	$	266,831
Foreign	92,663		84,680		14,336
Total	$	383,529	$	421,305	$	281,167

Schedule of Provision of Taxes

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

	2017			2016		2015
Federal	$	48,688		$	94,621	$	78,617
State and local	9,076			13,107		9,515
Foreign	27,637			29,361		1,425
Total	$	85,401		$	137,089	$	89,557
Current	$	99,893		$	115,726	$	87,638
Deferred	(14,492		)	21,363		1,919
Total	$	85,401		$	137,089	$	89,557

Schedule of Effective Income Tax Reconciliation

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

	2017		2016		2015
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
State taxes, net of federal benefit	1.5		2.3		2.1
U.S. domestic manufacturers deduction	(2.1	)	(2.4	)	(2.6	)
Permanent differences	(0.7	)	(1.6	)	(1.1	)
Foreign income tax rate at rates other than 35%	(1.6	)	(1.1	)	(2.1	)
Tax Cuts and Jobs Act of 2017 deferred tax changes	(10.0	)	—		—
Tax Cuts and Jobs Act of 2017 transition tax	2.0		—		—
Change in valuation allowances	(2.0	)	—		—
Tax on unremitted earnings	1.5		—		—
Other	(1.3	)	0.3		0.6
Consolidated effective tax	22.3	%	32.5	%	31.9	%

Schedule of Deferred Assets and Liabilities

At December 30, 2017 and December 31, 2016, the company had recorded the following deferred tax assets and liabilities:

	2017			2016
	(dollars in thousands)
Deferred tax assets:
Compensation related	3,129			25,650
Pension and post-retirement benefits	56,502			60,986
Inventory reserves	11,342			14,379
Accrued liabilities and reserves	9,813			4,550
Warranty reserves	7,232			10,141
Net operating loss carryforwards	37,911			35,591
Other	19,826			41,198
Gross deferred tax assets	145,755			192,495
Valuation allowance	(23,190		)	(29,893		)
Deferred tax assets	$	122,565		$	162,602
Deferred tax liabilities:
Intangible assets	$	(137,871	)	$	(173,673	)
Depreciable assets	(10,426		)	(2,957		)
Other	(17,518		)	(12,033		)
Deferred tax liabilities	$	(165,815	)	$	(188,663	)
Net deferred tax assets (liabilities)	$	(43,250	)	$	(26,061	)
Long-term deferred asset	44,565			51,699
Long-term deferred liability	(87,815		)	(77,760		)
Net deferred tax assets (liabilities)	$	(43,250	)	$	(26,061	)

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended January 2, 2016, December 31, 2016 and December 30, 2017 (in thousands):

Balance at January 2, 2016	$	14,419
Increases to current year tax positions	6,367
Increase to prior year tax positions	601
Decrease to prior year tax positions	(233		)
Settlements	—
Lapse of statute of limitations	(865		)
Balance at December 31, 2016	$	20,289
Increases to current year tax positions	11,843
Increase to prior year tax positions	201
Decrease to prior year tax positions	(9		)
Settlements	(439		)
Lapse of statute of limitations	(1,955		)
Balance at December 30, 2017	$	29,930

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Financial Instruments (Tables)

12 Months Ended

Dec. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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

		Twelve Months Ended
	Location	Dec 30, 2017			Dec 31, 2016
Fair value	Other assets	$	10,266		$	8,842
Fair value	Other liabilities	$	—		$	(100	)
Amount of gain/(loss) recognized in other comprehensive income	Other comprehensive income	$	531		$	7,892
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense	$	(939	)	$	(1,230	)
Gain/(loss) recognized in income (ineffective portion)	Other expense	$	54		$	32

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Lease Commitments (Tables)

12 Months Ended

Dec. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum payment obligations under these leases are as follows:

	Total Operating Lease Commitments
2018	$	25,689
2019	20,953
2020	16,993
2021	14,828
2022	11,600
2023 and thereafter	19,815
	$	109,878

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Segment Information (Tables)

12 Months Ended

Dec. 30, 2017

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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

	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other(3)			Total
2017
Net sales	$	1,382,108	$	352,717	$	600,717	$	—		$	2,335,542
Operating income (4,5,6)	356,776		88,121		30,972		(65,528		)	410,341
Depreciation and amortization expense	29,981		7,357		30,551		1,885			69,774
Net capital expenditures	41,457		5,519		7,637		(120		)	54,493
Total assets	1,693,820		450,932		1,140,668		54,293			3,339,713
Long-lived assets (2)	148,565		25,346		167,486		21,191			362,588
2016
Net sales	$	1,266,955	$	342,235	$	658,662	$	—		$	2,267,852
Operating income (4)	350,315		87,039		89,435		(80,564		)	446,225
Depreciation and amortization expense	19,548		5,696		29,897		3,093			58,234
Net capital expenditures	11,958		5,667		6,961		231			24,817
Total assets	1,347,441		340,088		1,179,640		49,967			2,917,136
Long-lived assets (2)	84,475		21,763		175,206		35,100			316,544
2015
Net sales	$	1,121,046	$	297,712	$	407,840	$	—		$	1,826,598
Operating income (4)	296,061		64,650		4,653		(62,761		)	302,603
Depreciation and amortization expense	17,117		5,839		29,515		1,603			54,074
Net capital expenditures	12,123		2,164		7,935		140			22,362
Total assets	1,115,840		308,677		1,250,503		86,131			2,761,151
Long-lived assets (2)	61,835		20,307		129,751		21,327			233,220

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

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

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

(4)

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):

	2017		2016		2015
United States and Canada	$	221,479	$	181,317	$	149,299
Asia	14,033		14,729		17,336
Europe and Middle East	126,264		119,511		65,581
Latin America	812		987		1,004
Total international	141,109		135,227		83,921
	$	362,588	$	316,544	$	233,220

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

Net sales (in thousands):

	2017		2016		2015
United States and Canada	$	1,549,876	$	1,470,566	$	1,274,907
Asia	192,638		190,548		165,541
Europe and Middle East	501,247		522,819		319,387
Latin America	91,781		83,919		66,763
Total international	785,666		797,286		551,691
	$	2,335,542	$	2,267,852	$	1,826,598

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Employee Retirement Plans (Tables)

12 Months Ended

Dec. 30, 2017

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

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

	Fiscal 2017						Fiscal 2016
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Net Periodic Pension Benefit:
Service cost	$	402		$	4,013		$	456		$	3,364
Interest cost	1,240			32,748			1,280			41,606
Expected return on assets	(821		)	(70,630		)	(777		)	(68,845		)
Amortization of net (gain) loss	(330		)	3,073			126			35
Curtailment loss (gain)	—			3,305			—			(632		)
Pension settlement gain	—			(313		)	—			—
	$	491		$	(27,804	)	$	1,085		$	(24,472	)
Change in Benefit Obligation:
Benefit obligation – beginning of year	$	31,949		$	1,478,493		$	31,830		$	1,476,370
Service cost	402			4,013			456			3,364
Interest on benefit obligations	1,240			32,748			1,280			41,606
Employee contributions	—			345			—			404
Actuarial (gain) loss	(760		)	21,058			(722		)	297,754
Pension settlement gain	—			(4,017		)	—			—
Net benefit payments	(923		)	(65,160		)	(895		)	(64,466		)
Curtailment loss (gain)	—			3,305			—			(706		)
Exchange effect	—			144,459			—			(275,833		)
Benefit obligation – end of year	$	31,908		$	1,615,244		$	31,949		$	1,478,493
Change in Plan Assets:
Plan assets at fair value – beginning of year	$	13,589		$	1,173,865		$	12,987		$	1,287,723
Company contributions	1,476			3,062			754			17,758
Investment gain	1,960			72,342			743			161,405
Employee contributions	—			345			—			404
Pension settlement loss	—			(3,254		)	—			—
Benefit payments and plan expenses	(923		)	(65,160		)	(895		)	(64,466		)
Exchange effect	—			115,339			—			(228,959		)
Plan assets at fair value – end of year	$	16,102		$	1,296,539		$	13,589		$	1,173,865
Funded Status:
Unfunded benefit obligation	$	(15,806	)	$	(318,705	)	$	(18,360	)	$	(304,628	)
Amounts recognized in balance sheet at year end:
Accrued pension benefits	$	(15,806	)	$	(318,705	)	$	(18,360	)	$	(304,628	)
Pre-tax components in accumulated other comprehensive income at period end:
Net actuarial loss	$	3,340		$	243,315		$	4,908		$	206,490
Pre-tax components in recognized in other comprehensive income for the period:
Current year actuarial (gain) loss	$	(1,898	)	$	44,316		$	(691	)	$	181,384
Actuarial gain (loss) recognized	330			(7,041		)	(126		)	(35		)
Pension settlement gain	—			(763		)	—			—
Pension settlement gain recognized	—			313			—			—
Total amount recognized	$	(1,568	)	$	36,825		$	(817	)	$	181,349
Accumulated Benefit Obligation	$	31,908		$	1,615,157		$	31,041		$	1,478,435
Salary growth rate	n/a			0.6		%	n/a			1.6		%
Assumed discount rate	3.5		%	2.3		%	3.9		%	2.5		%
Expected return on assets	6.0		%	6.2		%	6.0		%	6.2		%

Schedule of Allocation of Plan Assets

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

U.S. Plans:

	Target Allocation		Percentage of Plan Assets
			2017		2016
Equity	48	%	55	%	51	%
Fixed income	40		35		39
Money market	4		3		3
Other (real estate investment trusts & commodities contracts)	8		7		7
	100	%	100	%	100	%

Non-U.S. Plans:

	Target Allocation		Percentage of Plan Assets
			2017		2016
Equity	17	%	26	%	20	%
Fixed income	38		48		55
Alternatives/Other	32		12		8
Real Estate	13		11		12
Cash and cash equivalents	—		3		5
	100	%	100	%	100	%

Pension Plans Fair Value Of Investments

The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 30, 2017 and December 31, 2016 (in thousands):

U.S. Plans:

	Fiscal 2017						Fiscal 2016
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value
Short Term Investment Fund (a)	$	486	$	—	$	486	$	368	$	—	$	368
Equity Securities:
Large Cap	3,485		3,485		—		3,055		3,055		—
Mid Cap	474		474		—		512		512		—
Small Cap	475		475		—		455		455		—
International	4,507		4,507		—		2,917		2,917		—
Fixed Income:
Government/Corporate	4,744		4,744		—		4,367		4,367		—
High Yield	809		809		—		971		971		—
Alternative:
Global Real Estate Investment Trust	469		469		—		539		539		—
Commodities Contracts	653		653		—		405		405		—
Total	$	16,102	$	15,616	$	486	$	13,589	$	13,221	$	368

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

Non-U.S. Plans:

	Fiscal 2017
Asset Category	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value
Cash and cash equivalents	$	42,857		$	8,135		$	15,851	$	—	$	18,871
Equity Securities:
UK	178,093			98,408			—		—		79,685
International:
Developed	145,295			16,627			—		—		128,668
Emerging	7,261			385			—		—		6,876
Unquoted/Private Equity	3,687			—			—		—		3,687
Fixed Income:
Government/Corporate:
UK	347,840			12,247			14,417		—		321,176
International	46,065			—			—		—		46,065
Index Linked	228,699			4,055			—		—		224,644
Other	3,750			—			—		—		3,750
Convertible Bonds	187			—			—		—		187
Real Estate:
Direct	135,238			—			135,238		—		—
Indirect	11,128			191			—		—		10,937
Hedge Fund Strategy:
Equity Long/Short	79,035			—			—		—		79,035
Arbitrage & Event	83,814			—			—		—		83,814
Directional Trading & Fixed Income	34,107			—			—		—		34,107
Cash & Other	48,440			—			—		—		48,440
Direct Sourcing	1,675			—			—		—		1,675
Leveraged Loans	30,755			—			—		—		30,755
Alternative/Other	(131,387		)	(4		)	—		101		(131,484		)
Total	$	1,296,539		$	140,044		$	165,506	$	101	$	990,888

	Fiscal 2016
Asset Category	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value
Cash and cash equivalents	$	58,131		$	4,730	$	2,886	$	—	$	50,515
Equity Securities:
UK	87,828			2,098		—		—		85,730
International:
Developed	135,186			3,547		—		—		131,639
Emerging	6,803			79		—		—		6,724
Unquoted/Private Equity	3,189			—		—		—		3,189
Fixed Income:
Government/Corporate:
UK	317,621			11,203		14,009		—		292,409
International	107,882			—		103		—		107,779
Index Linked	212,327			4,205		—		—		208,122
Other	3,812			—		—		—		3,812
Convertible Bonds	160			—		—		—		160
Real Estate:
Direct	121,612			—		121,612		—		—
Indirect	10,693			138		—		—		10,555
Hedge Fund Strategy:
Equity Long/Short	61,612			—		—		—		61,612
Arbitrage & Event	64,961			—		—		—		64,961
Directional Trading & Fixed Income	30,430			—		—		—		30,430
Cash & Other	38,099			—		—		—		38,099
Direct Sourcing	1,379			—		—		—		1,379
Leveraged Loans	11,025			—		—		—		11,025
Alternative/Other	(98,885		)	—		—		95		(98,980		)
Total	$	1,173,865		$	26,000	$	138,610	$	95	$	1,009,160

Schedule of Expected Benefit Payments

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

	U.S. Plans		Non-U.S. Plans
2018	$	998	$	63,250
2019	1,003		63,197
2020	1,023		65,375
2021	1,685		66,161
2022 through 2027	10,574		411,011

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Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 30, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

	1st		2nd		3rd		4th		Total Year
	(dollars in thousands, except per share data)
2017
Net sales	$	530,297	$	579,343	$	593,043	$	632,859	$	2,335,542
Gross profit	209,450		234,608		228,519		240,164		912,741
Income from operations	101,079		122,136		118,257		68,869		410,341
Net earnings	$	70,702	$	77,569	$	74,671	$	75,186	$	298,128
Basic earnings per share (1)	$	1.24	$	1.35	$	1.31	$	1.35	$	5.26
Diluted earnings per share (1)	$	1.24	$	1.35	$	1.31	$	1.35	$	5.26
2016
Net sales	$	516,355	$	580,456	$	574,224	$	596,817	$	2,267,852
Gross profit	196,773		233,502		231,728		239,177		901,180
Income from operations	86,375		111,913		121,439		126,498		446,225
Net earnings	$	54,538	$	72,891	$	75,851	$	80,936	$	284,216
Basic earnings per share (1)	$	0.96	$	1.28	$	1.33	$	1.42	$	4.98
Diluted earnings per share (1)	$	0.96	$	1.28	$	1.33	$	1.41	$	4.98

(1) Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year.

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Acquisition Integration Initiatives (Tables)

12 Months Ended

Dec. 30, 2017

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs [Table Text Block]

Commercial Foodservice Equipment Group:

During the fiscal year 2017, the company undertook cost reduction initiatives related to the entire Commercial Foodservice Equipment Group. This action, which is not material to the company's operations, resulted in a charge of $6.2 million in the twelve months endedDecember 30, 2017, primarily for severance related to headcount reductions and consolidation of manufacturing operations. These expenses are reflected in restructuring expenses in the consolidated statements of earnings. The company estimates that these 2017 restructuring initiatives will result in future cost savings of approximately $10.0 million annually. The realization of the saving began in 2017 and will continue into the first six months of fiscal year 2018 and the restructuring costs in the future are not expected to be significant related to these actions.

Food Processing Equipment Group:

During the fiscal year 2017, the company undertook cost reduction initiatives related to the entire Food Processing Equipment Group. This action, which is not material to the company's operations, resulted in a charge of $0.6 million in the twelve months endedDecember 30, 2017, primarily for severance related to headcount reductions and is reflected in restructuring expenses in the consolidated statements of earnings. The company estimates that these 2017 restructuring initiatives will result in future cost savings of approximately $4.0 million annually. The realization of the savings began in 2017 and will continue into the first six months of fiscal year 2018 and no significant future costs related to this action are expected.

Residential Kitchen Equipment Group:

During the fiscal years 2016 and 2015, the company undertook acquisition integration initiatives primarily 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. During fiscal year 2017, the company continued initiatives, primarily related the AGA Group, including additional headcount reductions and the impairment of equipment in conjunction of the disposition of certain facilities and business operations. The company recorded expense in the amount of $13.1 million, $11.0 million and $25.5 million, respectively in the years ended December 30, 2017, December 31, 2016 and January 2, 2016, respectively. This expense is reflected in restructuring expenses in the consolidated statements of earnings for such periods. The cumulative expenses incurred to date for these initiatives is approximately $40.6 million. The company estimated that these restructuring initiatives in 2017 would result in future cost savings of approximately $20.0 million annually. The realization of the savings began in 2017 and will continue into the first six months of fiscal year 2018, primarily related to compensation and facility costs. The company anticipates that all severance obligations for the Residential Kitchen Equipment Group will be paid by the end of fiscal of 2018. The lease obligations extend through December 2019.

The costs and corresponding reserve balances for the Residential Kitchen Equipment Group are summarized as follows (in thousands):

	Severance/Benefits			Facilities/Operations			Other			Total
Balance as of January 3, 2015	$	147		$	—		$	37		$	184
Expenses	18,142			7,248			108			25,498
Payments	(2,628		)	(2,606		)	(25		)	(5,259		)
Balance as of January 2, 2016	$	15,661		$	4,642		$	120		$	20,423
Expenses	9,816			1,160			10			10,986
Exchange Effect	(749		)	(73		)	(32		)	(854		)
Payments	(19,583		)	(3,697		)	(29		)	(23,309		)
Balance as of December 31, 2016	$	5,145		$	2,032		$	69		$	7,246
Expenses	8,662			3,872			601			13,135
Exchange Effect	533			358			11			902
Payments/Utilization	(10,642		)	(4,795		)	(524		)	(15,961		)
Balance as of December 30, 2017	$	3,698		$	1,467		$	157		$	5,322

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Nature of Operations (Details)	12 Months Ended
	Dec. 30, 2017 segment
Regulatory Assets [Line Items]
Number of operating segments	3
United States [Member]
Regulatory Assets [Line Items]
Number of manufacturing plants	31
International [Member]
Regulatory Assets [Line Items]
Number of manufacturing plants	26

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Acquisitions and Purchase Accounting - Follett (Details) - USD ($) $ in Thousands		12 Months Ended
	May 31, 2016	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 305,251	$ 210,921	$ 348,625
Goodwill		1,264,810	1,092,722	983,339
Follett [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 206,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	25,508
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(39,353)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	28,466
Goodwill	40,564
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	124,260
Other assets	1,528
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	22,580
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	4,680
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	232,419
Business Combination, Provisional Information Adjustment, Working Capital	700
Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Goodwill		$ 631,451	$ 542,090	$ 473,127
Commercial Foodservice Equipment Group [Member] | Trade Names [Member] | Follett [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	67,800
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	$ 55,200
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	8 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	$ 1,300
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months
Scenario, Previously Reported [Member] | 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
Other 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
Scenario, Adjustment [Member] | Follett [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	2,888
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(2,249)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	8,598
Goodwill	(35,656)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	41,810
Other assets	170
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	10,801
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	4,064
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 696

XML

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Burford (Details) - USD ($) $ in Thousands		12 Months Ended
	May 01, 2017	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Business Acquisition [Line Items]
Goodwill		$ 1,264,810	$ 1,092,722	$ 983,339
Payments to Acquire Businesses, Net of Cash Acquired		305,251	210,921	348,625
Burford [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information Adjustment, Working Capital	$ 300
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards	700
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	2,514
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	6,550
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	643
Goodwill	8,097
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	6,740
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	3,215
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	1,228
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent	2,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	2,761
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	17,340
Payments to Acquire Businesses, Net of Cash Acquired	14,800
Scenario, Previously Reported [Member] | Burford [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	2,514
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	6,424
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	656
Goodwill	7,289
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	4,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	2,254
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	1,840
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	17,689
Scenario, Adjustment [Member] | Burford [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	126
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(13)
Goodwill	808
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	1,840
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	961
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(612)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	2,761
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	(349)
Food Processing Group [Member]
Business Acquisition [Line Items]
Goodwill		$ 198,278	$ 134,680	$ 134,092
Customer Relationships [Member] | Burford [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 3,100
Customer Relationships [Member] | Food Processing Group [Member] | Burford [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years
Developed Technology Rights [Member] | Burford [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 700
Developed Technology Rights [Member] | Food Processing Group [Member] | Burford [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Backlog [Member] | Burford [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 300
Backlog [Member] | Food Processing Group [Member] | Burford [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months
Trade Names [Member] | Food Processing Group [Member] | Burford [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 2,700

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Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - CVP Systems (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 30, 2017	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 305,251	$ 210,921	$ 348,625
Goodwill		1,264,810	1,092,722	983,339
Stock Issued During Period, Shares, Acquisitions	106,254
CVP Systems [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 30,300
Payments to Acquire Businesses, Gross	17,900
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards	400
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	621
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	4,538
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	147
Goodwill	20,729
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	13,050
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	2,046
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(3,801)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent	5,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	2,362
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	30,876
Scenario, Adjustment [Member] | CVP Systems [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(1,435)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(91)
Goodwill	432
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	4,350
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	514
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(633)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	2,362
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	(253)
Scenario, Previously Reported [Member] | CVP Systems [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	621
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	5,973
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	238
Goodwill	20,297
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	8,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	1,532
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(3,168)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	31,129
Food Processing Group [Member]
Business Acquisition [Line Items]
Goodwill		$ 198,278	$ 134,680	$ 134,092
Customer Relationships [Member] | CVP Systems [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 5,700
Customer Relationships [Member] | Food Processing Group [Member] | CVP Systems [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Developed Technology Rights [Member] | CVP Systems [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 800
Developed Technology Rights [Member] | Food Processing Group [Member] | CVP Systems [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Backlog [Member] | CVP Systems [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 300
Backlog [Member] | Food Processing Group [Member] | CVP Systems [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months
Trade Names [Member] | Food Processing Group [Member] | CVP Systems [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 6,200

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Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Sveba Dahlen (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 30, 2017	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Business Acquisition [Line Items]
Goodwill		$ 1,264,810	$ 1,092,722	$ 983,339
Payments to Acquire Businesses, Net of Cash Acquired		305,251	210,921	348,625
Sveba Dahlen [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 4,569
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	21,919
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	8,796
Goodwill	30,942
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	41,950
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,167
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt	(14)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(11,133)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	(140)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(10,351)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(1,767)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	85,938
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent	9,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	1,200
Payments to Acquire Businesses, Net of Cash Acquired	81,400
Scenario, Previously Reported [Member] | Sveba Dahlen [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	4,569
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	22,686
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	9,128
Goodwill	33,785
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	34,175
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,170
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	(11,782)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(7,751)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(42)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	85,938
Scenario, Adjustment [Member] | Sveba Dahlen [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(767)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(332)
Goodwill	(2,843)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,775
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	(3)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt	(14)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	649
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	(140)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(2,600)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(1,725)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	0
Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Goodwill		$ 631,451	$ 542,090	$ 473,127
Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | Sveba Dahlen [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	22,200
Customer Relationships [Member] | Sveba Dahlen [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 18,100
Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | Sveba Dahlen [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years
Backlog [Member] | Sveba Dahlen [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 1,600
Backlog [Member] | Commercial Foodservice Equipment Group [Member] | Sveba Dahlen [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months

XML

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - QualServ (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 31, 2017	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Business Acquisition [Line Items]
Goodwill		$ 1,264,810	$ 1,092,722	$ 983,339
Payments to Acquire Businesses, Net of Cash Acquired		305,251	210,921	348,625
QualServ [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	$ 4,785
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	1,130
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	17,967
Goodwill	14,785
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	9,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(6,941)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	41,326
Payments to Acquire Businesses, Net of Cash Acquired	40,200
Scenario, Previously Reported [Member] | QualServ [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	4,785
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	1,130
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	18,031
Goodwill	14,590
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	9,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(6,810)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	41,326
Scenario, Adjustment [Member] | QualServ [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	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	(64)
Goodwill	195
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(131)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	0
Customer Relationships [Member] | QualServ [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 3,300
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years
Backlog [Member] | QualServ [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
Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Goodwill		$ 631,451	$ 542,090	$ 473,127
Commercial Foodservice Equipment Group [Member] | Trade Names [Member] | QualServ [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 6,200

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Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Globe (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 17, 2017	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 305,251	$ 210,921	$ 348,625
Goodwill		1,264,810	1,092,722	983,339
Globe [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 3,420
Payments to Acquire Businesses, Net of Cash Acquired	104,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	17,197
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	1,120
Goodwill	67,176
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	43,444
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	5,994
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	16,456
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(1,907)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	108,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent	16,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	200
Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Goodwill		$ 631,451	$ 542,090	$ 473,127
Commercial Foodservice Equipment Group [Member] | Trade Names [Member] | Globe [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	28,200
Backlog [Member] | Globe [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	3 months
Customer Relationships [Member] | Globe [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 14,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years

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Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Scanico (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 07, 2017	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 305,251	$ 210,921	$ 348,625
Goodwill		1,264,810	1,092,722	983,339
Scanico [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 6,766
Payments to Acquire Businesses, Net of Cash Acquired	34,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	3,428
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	447
Goodwill	30,072
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	11,491
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(7,236)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(3,305)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	41,663
Business Combination, Contingent Consideration, Liability	(751)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	40,912
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent	2,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	800
Commercial Foodservice Equipment Group [Member]
Business Acquisition [Line Items]
Goodwill		631,451	542,090	473,127
Food Processing Group [Member]
Business Acquisition [Line Items]
Goodwill		$ 198,278	$ 134,680	$ 134,092
Food Processing Group [Member] | Trade Names [Member] | Scanico [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	6,600
Developed Technology Rights [Member] | Scanico [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 900
Developed Technology Rights [Member] | Food Processing Group [Member] | Scanico [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Customer Relationships [Member] | Scanico [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 2,000
Customer Relationships [Member] | Food Processing Group [Member] | Scanico [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Backlog [Member] | Scanico [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 2,000
Backlog [Member] | Food Processing Group [Member] | Scanico [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months

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Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting L2F (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 06, 2017	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 305,251	$ 210,921	$ 348,625
L2F [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 7,500

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Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting Emico (Details) - USD ($) $ in Thousands		12 Months Ended
	May 20, 2016	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 305,251	$ 210,921	$ 348,625
Emico [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 1,000

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Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Business Combinations [Abstract]
Net sales	$ 2,500,434	$ 2,606,379
Net earnings	$ 305,770	$ 281,680
Basic	$ 5.39	$ 4.94
Diluted	$ 5.39	$ 4.93

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Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Significant Accounting Policies [Line Items]
Allowance for Doubtful Accounts Receivable, Current	$ 13,182	$ 12,600	$ 13,182	$ 12,600
Depreciation			29,700	26,200	$ 25,500
Finite-Lived Intangible Assets, Amortization Expense	38,600	29,900			27,400
Foreign Currency Transaction Gain (Loss), before Tax			2,400	1,900	(6,800)
Costs in Excess of Billings on Uncompleted Contracts or Programs	19,500	$ 12,200	19,500	12,200
Research and Development Expense			29,100	26,300	22,400
Share-based Compensation			6,237	27,905	15,864
Tax benefit			2,400	$ 10,500	$ 6,000
Total unrecognized compensation	$ 6,800		$ 6,800
Weighted average life			1 year 73 days
Weighted average number diluted shares outstanding (shares)			4,000	55,000	22,000
Interest Paid			$ 25,900	$ 21,000	$ 14,800
Income Taxes Paid			$ 123,300	$ 89,000	$ 94,600
Restricted Stock [Member]
Significant Accounting Policies [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross			76,788	382,125
Fair value of grants issued during the period			$ 10,500	$ 36,000
Grant awards issued (shares)			76,788	382,125
Grant awards, fair value per share at date of grant (usd per share)			$ 136.29	$ 94.19

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Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 180,559	$ 154,647
Inventory, Work in Process, Net of Reserves	38,917	35,975
Inventory, Finished Goods, Net of Reserves	205,163	177,621
Inventory, Net	$ 424,639	$ 368,243

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Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Land	$ 28,996	$ 21,309
Building and improvements	175,678	134,158
Furniture and fixtures	54,362	56,851
Machinery and equipment	165,157	128,688
Property, pland and equipment, gross	424,193	341,006
Less accumulated depreciation	(142,278)	(119,435)
Property, plant and equipment, net	$ 281,915	$ 221,571

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Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details)	12 Months Ended
	Dec. 30, 2017
Minimum [Member] | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Minimum [Member] | Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Minimum [Member] | Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Maximum [Member] | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Maximum [Member] | Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Maximum [Member] | Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

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Summary of Significant Accounting Policies - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Balance beginning of period	$ 1,092,722	$ 983,339
Goodwill, Acquired During Period	177,318	78,930
Measurement period adjustments to goodwill acquired in prior year	(36,367)	86,319
Goodwill Translation Accounting Adjustments	(31,137)	55,866
Balance end of period	1,264,810	1,092,722
Commercial Foodservice Equipment Group [Member]
Goodwill [Roll Forward]
Balance beginning of period	542,090	473,127
Goodwill, Acquired During Period	118,419	76,972
Measurement period adjustments to goodwill acquired in prior year	(36,408)	(503)
Goodwill Translation Accounting Adjustments	(7,350)	7,506
Balance end of period	631,451	542,090
Food Processing Group [Member]
Goodwill [Roll Forward]
Balance beginning of period	134,680	134,092
Goodwill, Acquired During Period	58,899	1,958
Measurement period adjustments to goodwill acquired in prior year	41	0
Goodwill Translation Accounting Adjustments	(4,658)	1,370
Balance end of period	198,278	134,680
Residential Kitchen [Member]
Goodwill [Roll Forward]
Balance beginning of period	415,952	376,120
Goodwill, Acquired During Period	0	0
Measurement period adjustments to goodwill acquired in prior year	0	86,822
Goodwill Translation Accounting Adjustments	(19,129)	46,990
Balance end of period	$ 435,081	$ 415,952

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Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets, Fair Value	$ 93,000
Indefinite-Lived Intangible Assets, Carrying Value	151,000
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	8,100
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	58,000	$ 0	$ 0
Gross Carrying amount	372,670	289,449
Finite-Lived Intangible Assets, Accumulated Amortization	$ (207,334)	$ (168,369)
Customer Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Avg Remaining LIfe	5 years 2 months	5 years 6 months
Gross Carrying amount	$ 330,496	$ 251,025
Finite-Lived Intangible Assets, Accumulated Amortization	$ (171,005)	$ (136,895)
Backlog [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Avg Remaining LIfe	9 months	0 months
Gross Carrying amount	$ 19,689	$ 13,550
Finite-Lived Intangible Assets, Accumulated Amortization	$ (18,081)	$ (13,550)
Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Avg Remaining LIfe	4 years 2 months	4 years 9 months
Gross Carrying amount	$ 22,485	$ 24,874
Finite-Lived Intangible Assets, Accumulated Amortization	(18,248)	(17,924)
Tradenames And Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 615,090	$ 575,091

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Summary of Significant Accounting Policies - Estimated Future Amortization Expense of Intagible Assets (Details) $ in Thousands	Dec. 30, 2017 USD ($)
Accounting Policies [Abstract]
2013	$ 39,017
2014	29,423
2015	28,560
2016	25,153
2017	21,056
Thereafter	22,127
Future amortization expense, net	$ 165,336

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Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Accounting Policies [Abstract]
Accrued payroll and related expenses	$ 67,935	$ 74,505
Accrued customer rebates	48,590	49,923
Customer Deposits, Current	31,069	41,735
Accrued warranty	52,834	40,851
Accrued Professional Fees, Current	18,250	16,605
Accrued product liability and workers compensation	11,976	11,417
Accrued Sales Commission, Current	11,035	12,834
midd_AccruedProductRecall	6,068	7,003
Accured Restructuring Liabilities, Current	1,715	2,295
Restructuring Charges	19,951	10,524	$ 28,754
Sales and Excise Tax Payable, Current	20,881	13,565
Other accrued expenses	51,818	64,872
Accrued expenses	$ 322,171	$ 335,605

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Summary of Significant Accounting Policies - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$ 203,063	$ 173,394
Accumulated Other Comprehensive Income (Loss), Net of Tax	(266,419)	(284,323)	$ (76,412)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	16,829	(206,773)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1,075	(1,138)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	17,904	(207,911)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	6,365	5,482
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	(69,721)	(116,411)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(69,721)	(116,411)	(52,842)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	46,690	(63,569)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Other Comprehensive Income (Loss), before Reclassifications, before Tax	46,690	(63,569)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(203,063)	(173,394)	(23,579)
Pension liability adjustment, net of tax	(31,683)	(149,907)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	2,014	92
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(29,669)	(149,815)
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	6,365	5,482	$ 9
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	1,822	6,703
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(939)	(1,230)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ 883	$ 5,473

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Summary of Significant Accounting Policies - Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Heirarchy (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Dec. 30, 2017	Dec. 31, 2016
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	$ 10,266,000	$ 8,842,000
Financial Liabilities	0	100,000
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Financial Liabilities	0	0
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	10,266,000	8,842,000
Financial Liabilities	0	100,000
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	0	0
Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	1,780,000	6,612,000
Contingent Consideration [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	0	0
Contingent Consideration [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	0	0
Contingent Consideration [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 1,780,000	$ 6,612,000

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Summary of Significant Accounting Policies - Rollforward of the Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 40,851	$ 37,901
Warranty reserve related to acquisitions	7,769	2,446
Warranty expense	58,398	48,975
Warranty claims paid	(54,184)	(48,471)
Ending balance	$ 52,834	$ 40,851

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Summary of Significant Accounting Policies Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost	$ 27.3	$ 23.4	$ 1.5
Service cost	4.4	$ 3.8	$ 1.7
Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	4.0
Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 6.0

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Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Parenth) - USD ($)	Dec. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax	$ 43,592	$ 38,004
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	(203,063,000)	(173,394,000)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax	4,243	3,655
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	$ 6,365,000	$ 5,482,000

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Financing Arrangements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Line of Credit Facility, Outstanding Amount, USD Borrowings	$ 1,015,500
Line of Credit Facility, Amount Outstanding, GBP Borrowings	$ 7,400
Debt Instrument, Interest Coverage Ratio Range, Low	300.00%
Debt Instrument, Interest Coverage Ratio Range, High	100.00%
Debt Instrument, Leverage Ratio Range, Low	350.00%
Debt Instrument, Leverage Ratio Range, High	100.00%
Maximum borrowing capacity	$ 2,500,000
Senior secured revolving credit line	1,022,935	$ 725,500
Letters of credit outstanding	7,500
Remaining borrowing capacity	$ 1,500,000
Credit facility, average interest rate	2.72%
Variable commitment fee	0.20%
Long-term line of credit	$ 1,022,935	725,500
Carrying Value	$ 1,028,881	$ 732,126
Credit facility, additional interest rate above LIBOR	1.25%
Interest rate at period end	6.06%
Line of credit, Current and Noncurrent, Foreign	$ 5,800
Line of Credit Facility, Potential Additional Borrowing Capacity	$ 3,000,000
Debt Instrument, Qualified Leverage Ratio Range, Low	400.00%
Debt Instrument, Qualified Leverage Ratio Range, High	100.00%
Debt Instrument Interest Additional Interest Above Fed Funds Rate	0.50%
Debt Instrument, Interest Rate, Increase (Decrease)	1.00%
Derivative Notional Amount, NonCurrent	$ 399,000
Derivative Fixed Interest Rate, NonCurrent	1.47%

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Financing Arrangements - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Interest rate at period end	6.06%
Senior secured revolving credit line	$ 1,022,935	$ 725,500
Other debt arrangement	178	213
Total debt	1,028,881	732,126
Less: Current maturities of long-term debt	5,149	5,883
Long-term debt	1,023,732	726,243
Foreign loans [Member]
Debt Instrument [Line Items]
Foreign loans	$ 5,768	$ 6,413

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Financing Arrangements - Level 2 Measurements (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Total debt	$ 1,028,881	$ 732,126
Total debt, fair value	$ 1,028,881	$ 732,126

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Financing Arrangements - Schedule of Future Aggregate Debt Payable (Details) $ in Thousands	Dec. 30, 2017 USD ($)
Debt Disclosure [Abstract]
2013	$ 5,149
2014	338
2015	163
2016	1,023,098
2017 and thereafter	133
Total Debt Payable	$ 1,028,881

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Common and Preferred Stock - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Common Stock, Shares Authorized	95,000,000	95,000,000
Preferred Stock, Shares Authorized	2,000,000	2,000,000
Common stock outstanding (shares)	55,730,624	57,539,766
Remaining number of shares authorized to be repurchased (shares)	2,373,800
Treasury Stock, Shares	6,889,241	4,905,549
Treasury Stock, Value	$ 445,118	$ 205,280
Expiration term	10 years
Shares forfeited (shares)	7,791
Restricted Stock [Member]
Nonvested number of shares (shares)	159,203	616,125	340,904
Stock Incentive Plan 2007 [Member]
Number of shares authorized (shares)	0
Number of shares granted, cumulative (shares)	2,683,554
Stock Incentive Plan 2007 [Member] | Restricted Stock [Member]
Number of shares granted, cumulative (shares)	2,672,667
Stock Incentive Plan 2007 [Member] | Stock Options [Member]
Number of shares granted, cumulative (shares)	10,887
Shares exercised, cumulative number (shares)	2,124
Outstanding number of options (shares)	0
Stock Incentive Plan 2011 [Member]
Number of shares authorized (shares)	2,650,000
Number of shares granted, cumulative (shares)	929,424
Nonvested number of shares (shares)	159,203
IncreaseInAuthSharesDuring2017 [Member] | Stock Incentive Plan 2011 [Member]
Number of shares authorized (shares)	1,000,000

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Common and Preferred Stock - Summary of Nonvested Restricted Share Grant Activity Under 1998 and 2007 Stock Incentive Plans and Related Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 30, 2017	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016	Dec. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for Repurchase of Common Stock		$ 239,838	$ 4,418	$ 4,836
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Nonvested shares, beginning balance (shares)		616,125	340,904
Granted (shares)		76,788	382,125
Vested (shares)		(418,125)	(100,511)
Forfeited (shares)		(115,585)	(6,393)
Nonvested shares, ending balance (shares)	159,203	159,203	616,125	340,904
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Nonvested shares, beginning balance (usd per share)	$ 104.44	$ 104.44	$ 91.76	$ 94.86	$ 104.44
Granted (usd per share)		136.29	94.19
Vested (usd per share)		86.70	101.17
Forfeited (usd per share)		121.65	107.81
Nonvested shares, ending balance (usd per share)	104.44	$ 104.44	$ 91.76	$ 94.86
2017 Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock Acquired, Average Cost Per Share	$ 117.61
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					2,500,000
Stock Repurchased During Period, Shares		126,200
Payments for Repurchase of Common Stock	$ 14,800
1998 Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock Acquired, Average Cost Per Share	$ 119.23
Stock Repurchased During Period, Shares		1,680,395
Payments for Repurchase of Common Stock	$ 200,400

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Income Taxes - Summary of Earnings Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Income Tax Disclosure [Abstract]
Domestic	$ 290,866	$ 336,625	$ 266,831
Foreign	92,663	84,680	14,336
Total	$ 383,529	$ 421,305	$ 281,167

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Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Income Tax Disclosure [Abstract]
Federal	$ 48,688	$ 94,621	$ 78,617
State and local	9,076	13,107	9,515
Foreign	27,637	29,361	1,425
Total	85,401	137,089	89,557
Current	99,893	115,726	87,638
Deferred	$ (14,492)	$ 21,363	$ 1,919

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Income Taxes - Reconciliation of Differences Between Income Taxes Computed at the Federal Statutory Rate to the Effective Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	35.00%	35.00%	35.00%
State taxes, net of federal benefit	1.50%	2.30%	2.10%
U.S. domestic manufacturers deduction	(2.10%)	(2.40%)	(2.60%)
Permanent differences	(0.70%)	(1.60%)	(1.10%)
Foreign income tax rate at rates other than 35%	(1.60%)	(1.10%)	(2.10%)
Effective Income Tax Rate Reconciliation, Tax Cuts and Job Act of 2017 deferred tax changes	(10.00%)	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017 transition tax	2.00%	0.00%	0.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(2.00%)	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent	1.50%	0.00%	0.00%
Other	(1.30%)	0.30%	0.60%
Consolidated effective tax	22.30%	32.50%	31.90%
Other	$ 7.5

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Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Tax Credit Carryforward [Line Items]
Permanently Reinvested Foreign Earnings	$ 3,900
Deferred Tax Liabilities, Undistributed Foreign Earnings	197,000
Deferred Tax Assets, Operating Loss Carryforwards	37,900
Deferred tax assets:
Compensation related	3,129	$ 25,650
Pension and post-retirement benefits	56,502	60,986
Inventory reserves	11,342	14,379
Accrued liabilities and reserves	9,813	4,550
Warranty reserves	7,232	10,141
Operating Loss Carryforwards	37,911	35,591
Net operating loss carryforwards	124,200
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	86,100
Other	19,826	41,198
Gross deferred tax assets	145,755	192,495
Valuation allowance	(23,190)	(29,893)
Deferred tax assets	122,565	162,602
Deferred tax liabilities:
Transition Tax Liability	(7,500)
Intangible assets	(137,871)	(173,673)
Depreciable assets	(10,426)	(2,957)
Other	(17,518)	(12,033)
Deferred tax liabilities	(165,815)	(188,663)
Deferred Income Tax Liabilities, Net	(43,250)	(26,061)
Long-term deferred liability	44,565	51,699
Deferred Tax Liabilities, Net, Noncurrent	$ (87,815)	$ (77,760)

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Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 4,300
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, Beginning Period	20,289	$ 14,419
Increases to current year tax positions	11,843	6,367
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	201	601
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	9	233
Lapse of statute of limitations	(439)	0
Lapse of statute of limitations	1,955	865
Balance, Ending Period	$ 29,930	$ 20,289

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Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 80,400
Permanently Reinvested Foreign Earnings	3,900
Unrecognized tax benefits rleated to federal, state and foreign taxes	29,930	$ 20,289	$ 14,419
Unrecognized tax benefits related to federal, state and foreign taxes that would impact the effective tax rate if recognized	29,500
Unrecognized tax benefits, accured interest	4,500
Unrecognized tax benefits, penalties	7,500
Unrecognized tax benefits, interest recognized	700	300	300
Unrecognized tax benefits, penalties recognized	$ 1,300	$ 1,000	$ 800

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Income Taxes - Net Operating Losses (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 37,911	$ 35,591

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Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Credit facility, additional interest rate above LIBOR	1.25%
Credit facility, average interest rate	2.72%
Variable commitment fee	0.20%
Maximum borrowing capacity	$ 2,500,000
Interest rate derivative liabilities, at fair value	10,300
Interest Rate Swap [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	10,266	$ 8,842
Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Fair value of forward contracts	(500)
Maximum [Member]
Derivatives, Fair Value [Line Items]
Increase (decrease) in fair value of interest rate fair value jedging instruments	$ (1,500)

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Financial Instruments - Schedule of Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Other Comprehensive Income (Loss) [Member]
Derivative [Line Items]
Gain/(loss) recognized in accumulated other comprehensive income	$ 531	$ 7,892
Interest Expense [Member]
Derivative [Line Items]
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	(939)	(1,230)
Other Expense [Member]
Derivative [Line Items]
Gain/(loss) recognized in income (ineffective portion)	54	32
Other Noncurrent Assets [Member]
Derivative [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	10,266	8,842
Other Noncurrent Liabilities [Member]
Derivative [Line Items]
Fair value	$ 0	$ (100)

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Lease Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Commitments and Contingencies Disclosure [Abstract]
2013	$ 25,689
2014	20,953
2015	16,993
2016	14,828
2017	11,600
2018 and thereafter	19,815
Future minimum payments due	109,878
Operating Leases, Rent Expense, Net	$ 27,100	$ 23,500	$ 17,600

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Segment Information - Results of Business Segments (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 30, 2017	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Dec. 31, 2016	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016		Sep. 27, 2014	Dec. 29, 2012	Jan. 01, 2011
Segment Reporting Information [Line Items]
Net sales		$ 632,859	$ 593,043	$ 579,343	$ 530,297	$ 596,817	$ 574,224	$ 580,456	$ 516,355	$ 2,335,542	$ 2,267,852	$ 1,826,598
Operating Income (Loss)		68,869	$ 118,257	$ 122,136	$ 101,079	126,498	$ 121,439	$ 111,913	$ 86,375	410,341	446,225	302,603	[1]
Depreciation and amortization										69,774	58,234	54,074
Net capital expenditures										54,493	24,817	22,362
Total assets		3,339,713				2,917,136				3,339,713	2,917,136			$ 2,917,136		$ 2,761,151
Long-lived assets	[2]					362,588					362,588	316,544				233,220
Commercial Foodservice Equipment Group [Member]
Segment Reporting Information [Line Items]
Net sales										1,382,108	1,266,955	1,121,046
Operating Income (Loss)										356,776	350,315	296,061
Depreciation and amortization										29,981	19,548	17,117
Net capital expenditures										41,457	11,958	12,123
Total assets		1,693,820								1,693,820				1,347,441		1,115,840
Long-lived assets	[2]					148,565					148,565	84,475				61,835
Food Processing Group [Member]
Segment Reporting Information [Line Items]
Net sales										352,717	342,235	297,712
Operating Income (Loss)										88,121	87,039	64,650
Depreciation and amortization										7,357	5,696	5,839
Net capital expenditures										5,519	5,667	2,164
Total assets		450,932								450,932				340,088		308,677
Long-lived assets	[2]					25,346					25,346	21,763				20,307
Residential Kitchen [Member]
Segment Reporting Information [Line Items]
Net sales										600,717	658,662	407,840
Operating Income (Loss)										30,972	89,435	4,653
Depreciation and amortization										30,551	29,897	29,515
Net capital expenditures										7,637	6,961	7,935
Total assets		1,140,668								1,140,668				1,179,640	$ 1,250,503
Long-lived assets						167,486					167,486	175,206			$ 129,751
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net sales										0	0	0	[3]
Operating Income (Loss)										(65,528)	(80,564)	(62,761)	[3]
Depreciation and amortization										1,885	3,093	1,603	[3]
Net capital expenditures										(120)	231	140	[3]
Total assets		$ 54,293								$ 54,293				$ 49,967		86,131	[3]
Long-lived assets	[2],[3]					$ 21,191					$ 21,191	$ 35,100				$ 21,327

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

[2] .

[3] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjY0ZDdkMjliNzM5YjQxNDA5NzZlNDIyNGExOWU3ZTM4fFRleHRTZWxlY3Rpb246Rjc4NTgzMDY2MEZENTU0N0E1NDNCMjBCQjY0ODZDMUYM}

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Segment Information - Long-lived assets (Details) - USD ($) $ in Thousands		Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016	Apr. 04, 2015
Segment Reporting Information [Line Items]
Long-lived assets	[1]	$ 362,588	$ 316,544	$ 233,220
United States And Canada [Member]
Segment Reporting Information [Line Items]
Long-lived assets	[1]			149,299
Asia [Member]
Segment Reporting Information [Line Items]
Long-lived assets	[1]			17,336
Europe And Middle East [Member]
Segment Reporting Information [Line Items]
Long-lived assets	[1]			65,581
Latin America [Member]
Segment Reporting Information [Line Items]
Long-lived assets	[1]			1,004
Total International [Member]
Segment Reporting Information [Line Items]
Long-lived assets	[1]	141,109	$ 135,227	$ 83,921
Asia [Member]
Segment Reporting Information [Line Items]
Long-lived assets		14,033			$ 14,729
United States And Canada [Member]
Segment Reporting Information [Line Items]
Long-lived assets		221,479			181,317
Latin America [Member]
Segment Reporting Information [Line Items]
Long-lived assets		812			987
Europe And Middle East [Member]
Segment Reporting Information [Line Items]
Long-lived assets		$ 126,264			$ 119,511

[1] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjY0ZDdkMjliNzM5YjQxNDA5NzZlNDIyNGExOWU3ZTM4fFRleHRTZWxlY3Rpb246Q0Y1OEJCMDM1RDJDNThDMUJGRkY4NUE2NkZCQTU5OTQM}

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Segment Information - Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 30, 2017	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Dec. 31, 2016	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016	Mar. 29, 2014	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Segment Reporting Information [Line Items]
Net sales	$ 632,859	$ 593,043	$ 579,343	$ 530,297	$ 596,817	$ 574,224	$ 580,456	$ 516,355		$ 2,335,542	$ 2,267,852	$ 1,826,598
United States And Canada [Member]
Segment Reporting Information [Line Items]
Net sales									$ 1,274,907
Asia [Member]
Segment Reporting Information [Line Items]
Net sales									165,541
Europe And Middle East [Member]
Segment Reporting Information [Line Items]
Net sales									319,387
Latin America [Member]
Segment Reporting Information [Line Items]
Net sales									66,763
Total International [Member]
Segment Reporting Information [Line Items]
Net sales									$ 551,691	785,666	797,286
Europe And Middle East [Member]
Segment Reporting Information [Line Items]
Net sales										501,247	522,819
Asia [Member]
Segment Reporting Information [Line Items]
Net sales										192,638	190,548
United States And Canada [Member]
Segment Reporting Information [Line Items]
Net sales										1,549,876	1,470,566
Latin America [Member]
Segment Reporting Information [Line Items]
Net sales										$ 91,781	$ 83,919

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Segment Information Segment Information - Narrative (Details)	12 Months Ended
	Dec. 30, 2017 segment
Segment Reporting [Abstract]
Number of operating segments	3

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Employee Retirement Plans Summary of the Plans' Net Periodic Pension Cost, Benefit Obligations, Funded Status, and Net Balance Sheet Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Net Periodic Pension Cost:
Service cost	$ 4,400	$ 3,800	$ 1,700
Defined Benefit Plan, Net Periodic Benefit Cost	27,300	23,400	1,500
Change in Benefit Obligation:
Service cost	4,400	3,800	1,700
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment	3,305
Amounts recognized in balance sheet at year end:
Accrued pension benefits	$ (334,511)	$ (322,988)
Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	0.60%	1.60%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100.00%
Defined Benefit Plan, Actual Plan Asset Allocations	100.00%	100.00%
Net Periodic Pension Cost:
Service cost	$ 4,013	$ 3,364
Interest cost	32,748	41,606
Expected return on assets	(70,630)	(68,845)
Amortization of net (gain) loss	(3,073)	(35)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	(3,305)	632
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	(313)	0
Defined Benefit Plan, Net Periodic Benefit Cost	(27,804)	(24,472)
Change in Benefit Obligation:
Benefit obligation – beginning of year	1,478,493	1,476,370
Service cost	4,013	3,364
Interest cost	32,748	41,606
Employee contributions	345	404
Actuarial (gain) loss	21,058	297,754
Pension settlement gain	(4,017)	0
Defined Benefit Plan, Plan Assets, Payment for Settlement	(3,254)	0
Net benefit payments	(65,160)	(64,466)
Benefit obligation – end of year	1,615,244	1,478,493	1,476,370
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment		(706)
Change in Plan Assets:
Plan assets at fair value – beginning of year	1,173,865	1,287,723
Company contributions	3,062	17,758
Investment gain	72,342	161,405
Employee contributions	345	404
Benefit payments and plan expenses	(65,160)	(64,466)
Exchange effect	115,339	(228,959)
Plan assets at fair value – end of year	1,296,539	1,173,865	1,287,723
Funded Status:
Unfunded benefit obligation	(318,705)	(304,628)
Amounts recognized in balance sheet at year end:
Accrued pension benefits	(318,705)	(304,628)
Pre-tax components in accumulated other comprehensive income at period end:
Net actuarial loss	243,315	206,490
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax	44,316	181,384
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax	(7,041)	(35)
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax	(763)	0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	313	0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax	(36,825)	(181,349)
Accumulated Benefit Obligation	$ 1,615,157	$ 1,478,435
Assumed discount rate	2.30%	2.50%
Expected return on assets	6.20%	6.20%
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)	$ 144,459	$ (275,833)
USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100.00%
Defined Benefit Plan, Actual Plan Asset Allocations	100.00%	100.00%
Net Periodic Pension Cost:
Service cost	$ 402	$ 456
Interest cost	1,240	1,280
Expected return on assets	(821)	(777)
Amortization of net (gain) loss	330	(126)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	0	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	0	0
Defined Benefit Plan, Net Periodic Benefit Cost	491	1,085
Change in Benefit Obligation:
Benefit obligation – beginning of year	31,949	31,830
Service cost	402	456
Interest cost	1,240	1,280
Employee contributions	0	0
Actuarial (gain) loss	(760)	(722)
Pension settlement gain	0	0
Defined Benefit Plan, Plan Assets, Payment for Settlement	0	0
Net benefit payments	(923)	(895)
Benefit obligation – end of year	31,908	31,949	31,830
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment	0	0
Change in Plan Assets:
Plan assets at fair value – beginning of year	13,589	12,987
Company contributions	1,476	754
Investment gain	1,960	743
Employee contributions	0	0
Benefit payments and plan expenses	(923)	(895)
Exchange effect	0	0
Plan assets at fair value – end of year	16,102	13,589	$ 12,987
Funded Status:
Unfunded benefit obligation	(15,806)	(18,360)
Amounts recognized in balance sheet at year end:
Accrued pension benefits	(15,806)	(18,360)
Pre-tax components in accumulated other comprehensive income at period end:
Net actuarial loss	3,340	4,908
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax	(1,898)	(691)
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax	330	(126)
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax	0	0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	0	0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax	1,568	817
Accumulated Benefit Obligation	$ 31,908	$ 31,041
Assumed discount rate	3.50%	3.90%
Expected return on assets	6.00%	6.00%
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)	$ 0	$ 0
Money Market Instruments [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	32.00%
Defined Benefit Plan, Actual Plan Asset Allocations	12.00%	8.00%
Money Market Instruments [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	4.00%
Defined Benefit Plan, Actual Plan Asset Allocations	3.00%	3.00%
Other (real estate & commodities) [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	13.00%
Defined Benefit Plan, Actual Plan Asset Allocations	11.00%	12.00%
Other (real estate & commodities) [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	8.00%
Defined Benefit Plan, Actual Plan Asset Allocations	7.00%	7.00%
Cash and Cash Equivalents [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Defined Benefit Plan, Actual Plan Asset Allocations	3.00%	5.00%

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Employee Retirement Plans Assets of Plans Invested in Classes of Securities (Details) - USD ($) $ in Thousands		Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		$ 16,102	$ 13,589	$ 12,987
Defined Benefit Plan, Net Asset Value of Plan Assets		$ 486	$ 368
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		100.00%
Percentage of Plan Assets		100.00%	100.00%
Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		$ 1,296,539	$ 1,173,865	$ 1,287,723
Defined Benefit Plan, Net Asset Value of Plan Assets		$ 990,888	$ 1,009,160
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		100.00%
Percentage of Plan Assets		100.00%	100.00%
Short Term Investment Fund [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	[1]	$ 486	$ 368
Defined Benefit Plan, Net Asset Value of Plan Assets		$ 486	$ 368
Equity [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		48.00%
Percentage of Plan Assets		55.00%	51.00%
Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		17.00%
Percentage of Plan Assets		26.00%	20.00%
Fixed Income [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		40.00%
Percentage of Plan Assets		35.00%	39.00%
Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		38.00%
Percentage of Plan Assets		48.00%	55.00%
Money Market Instruments [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		4.00%
Percentage of Plan Assets		3.00%	3.00%
Money Market Instruments [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		32.00%
Percentage of Plan Assets		12.00%	8.00%
Other (real estate & commodities) [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		8.00%
Percentage of Plan Assets		7.00%	7.00%
Other (real estate & commodities) [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		13.00%
Percentage of Plan Assets		11.00%	12.00%
Cash and Cash Equivalents [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		0.00%
Percentage of Plan Assets		3.00%	5.00%
Equity Securities, U K Market [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		$ 178,093	$ 87,828
Defined Benefit Plan, Net Asset Value of Plan Assets		79,685	85,730
Equity Securities, International, Developed [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		145,295	135,186
Defined Benefit Plan, Net Asset Value of Plan Assets		128,668	131,639
Equity Securities, international, Emerging [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		7,261	6,803
Defined Benefit Plan, Net Asset Value of Plan Assets		6,876	6,724
Equity Securities, Unquoted Private Equity [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		3,687	3,189
Defined Benefit Plan, Net Asset Value of Plan Assets		3,687	3,189
Cash and Cash Equivalents [Member] | Short Term Investment Fund [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		42,857	58,131
Defined Benefit Plan, Net Asset Value of Plan Assets		18,871	50,515
U S Large Cap [Member] | Equity [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		3,485	3,055
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
U S Mid Cap [Member] | Equity [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		474	512
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
U S Small Cap [Member] | Equity [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		475	455
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
International Equity Securities [Member] | Equity [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		4,507	2,917
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
US Government Corporations and Agencies Securities [Member] | Fixed Income [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		4,744	4,367
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
High Yield Fixed Income [Member] | Fixed Income [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		809	971
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Real Estate Funds [Member] | Alternative Investment [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		469	539
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Commodities Investment [Member] | Leveraged Loans [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		30,755	11,025
Defined Benefit Plan, Net Asset Value of Plan Assets		30,755	11,025
Commodities Investment [Member] | Alternative Investment [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		653	405
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Commodities Investment [Member] | Alternative Investment [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		(131,387)	(98,885)
Defined Benefit Plan, Net Asset Value of Plan Assets		(131,484)	(98,980)
Real Estate Funds,Indirect [Domain] | Real Estate Funds [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		11,128	10,693
Defined Benefit Plan, Net Asset Value of Plan Assets		10,937	10,555
Fixed Income, Government/Corporate, U K [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		347,840	317,621
Defined Benefit Plan, Net Asset Value of Plan Assets		321,176	292,409
Fixed Income, Government/Corporate, International [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		46,065	107,882
Defined Benefit Plan, Net Asset Value of Plan Assets		46,065	107,779
Fixed Income, Government/Corporate, Index Linked [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		228,699	212,327
Defined Benefit Plan, Net Asset Value of Plan Assets		224,644	208,122
Fixed Income, Government/Corporate, Other [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		3,750	3,812
Defined Benefit Plan, Net Asset Value of Plan Assets		3,750	3,812
Fixed Income,Convertible Bonds [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		187	160
Defined Benefit Plan, Net Asset Value of Plan Assets		187	160
Real Estate Funds, Direct [Member] | Real Estate Funds [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		135,238	121,612
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Hedge Funds, Equity [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		79,035	61,612
Defined Benefit Plan, Net Asset Value of Plan Assets		79,035	61,612
Hedge Fund, Arbitrage&Event [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		83,814	64,961
Defined Benefit Plan, Net Asset Value of Plan Assets		83,814	64,961
Hedge Fund, Directional Trading&Fixed Income [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		34,107	30,430
Defined Benefit Plan, Net Asset Value of Plan Assets		34,107	30,430
Hedge Fund, Cash & Other [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		48,440	38,099
Defined Benefit Plan, Net Asset Value of Plan Assets		48,440	38,099
Hedge Fund, Direct Sourcing [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		1,675	1,379
Defined Benefit Plan, Net Asset Value of Plan Assets		1,675	1,379
Fair Value, Inputs, Level 1 [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		15,616	13,221
Fair Value, Inputs, Level 1 [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		140,044	26,000
Fair Value, Inputs, Level 1 [Member] | Short Term Investment Fund [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	[1]	0	0
Fair Value, Inputs, Level 1 [Member] | Equity Securities, U K Market [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		98,408	2,098
Fair Value, Inputs, Level 1 [Member] | Equity Securities, International, Developed [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		16,627	3,547
Fair Value, Inputs, Level 1 [Member] | Equity Securities, international, Emerging [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		385	79
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Unquoted Private Equity [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Short Term Investment Fund [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		8,135	4,730
Fair Value, Inputs, Level 1 [Member] | U S Large Cap [Member] | Equity [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		3,485	3,055
Fair Value, Inputs, Level 1 [Member] | U S Mid Cap [Member] | Equity [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		474	512
Fair Value, Inputs, Level 1 [Member] | U S Small Cap [Member] | Equity [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		475	455
Fair Value, Inputs, Level 1 [Member] | International Equity Securities [Member] | Equity [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		4,507	2,917
Fair Value, Inputs, Level 1 [Member] | US Government Corporations and Agencies Securities [Member] | Fixed Income [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		4,744	4,367
Fair Value, Inputs, Level 1 [Member] | High Yield Fixed Income [Member] | Fixed Income [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		809	971
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds [Member] | Alternative Investment [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		469	539
Fair Value, Inputs, Level 1 [Member] | Commodities Investment [Member] | Leveraged Loans [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 1 [Member] | Commodities Investment [Member] | Alternative Investment [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		653	405
Fair Value, Inputs, Level 1 [Member] | Commodities Investment [Member] | Alternative Investment [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		(4)	0
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds,Indirect [Domain] | Real Estate Funds [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		191	138
Fair Value, Inputs, Level 1 [Member] | Fixed Income, Government/Corporate, U K [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		12,247	11,203
Fair Value, Inputs, Level 1 [Member] | Fixed Income, Government/Corporate, International [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 1 [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		4,055	4,205
Fair Value, Inputs, Level 1 [Member] | Fixed Income, Government/Corporate, Other [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 1 [Member] | Fixed Income,Convertible Bonds [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds, Direct [Member] | Real Estate Funds [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 1 [Member] | Hedge Funds, Equity [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 1 [Member] | Hedge Fund, Arbitrage&Event [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 1 [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 1 [Member] | Hedge Fund, Cash & Other [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 1 [Member] | Hedge Fund, Direct Sourcing [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		165,506	138,610
Fair Value, Inputs, Level 2 [Member] | Equity Securities, U K Market [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Equity Securities, International, Developed [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Equity Securities, international, Emerging [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Equity Securities, Unquoted Private Equity [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | Short Term Investment Fund [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		15,851	2,886
Fair Value, Inputs, Level 2 [Member] | Commodities Investment [Member] | Leveraged Loans [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Commodities Investment [Member] | Alternative Investment [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds,Indirect [Domain] | Real Estate Funds [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Fixed Income, Government/Corporate, U K [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		14,417	14,009
Fair Value, Inputs, Level 2 [Member] | Fixed Income, Government/Corporate, International [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	103
Fair Value, Inputs, Level 2 [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Fixed Income, Government/Corporate, Other [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Fixed Income,Convertible Bonds [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds, Direct [Member] | Real Estate Funds [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		135,238	121,612
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Equity [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Hedge Fund, Arbitrage&Event [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Hedge Fund, Cash & Other [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Hedge Fund, Direct Sourcing [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		101	95
Fair Value, Inputs, Level 3 [Member] | Equity Securities, U K Market [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Equity Securities, International, Developed [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Equity Securities, international, Emerging [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Equity Securities, Unquoted Private Equity [Member] | Equity [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | Short Term Investment Fund [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Commodities Investment [Member] | Leveraged Loans [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Commodities Investment [Member] | Alternative Investment [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		101	95
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds,Indirect [Domain] | Real Estate Funds [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Fixed Income, Government/Corporate, U K [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Fixed Income, Government/Corporate, International [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Fixed Income, Government/Corporate, Other [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Fixed Income,Convertible Bonds [Member] | Fixed Income [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds, Direct [Member] | Real Estate Funds [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Equity [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Hedge Fund, Arbitrage&Event [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Hedge Fund, Cash & Other [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Hedge Fund, Direct Sourcing [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		$ 0	$ 0

[1] Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.

XML

Employee Retirement Plans Summary of the Basis Used to Measure Pension Plans' Assets at Fair Value (Details) - USD ($) $ in Thousands		Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		$ 16,102	$ 13,589	$ 12,987
Defined Benefit Plan, Net Asset Value of Plan Assets		486	368
Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		1,296,539	1,173,865	$ 1,287,723
Defined Benefit Plan, Net Asset Value of Plan Assets		990,888	1,009,160
Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Funds, Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		79,035	61,612
Defined Benefit Plan, Net Asset Value of Plan Assets		79,035	61,612
Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Arbitrage&Event [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		83,814	64,961
Defined Benefit Plan, Net Asset Value of Plan Assets		83,814	64,961
Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Directional Trading&Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		34,107	30,430
Defined Benefit Plan, Net Asset Value of Plan Assets		34,107	30,430
Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Cash & Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		48,440	38,099
Defined Benefit Plan, Net Asset Value of Plan Assets		48,440	38,099
Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Direct Sourcing [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		1,675	1,379
Defined Benefit Plan, Net Asset Value of Plan Assets		1,675	1,379
Leveraged Loans [Member] | Non US Plans [Member] | Commodities Investment [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		30,755	11,025
Defined Benefit Plan, Net Asset Value of Plan Assets		30,755	11,025
Short Term Investment Fund [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	[1]	486	368
Defined Benefit Plan, Net Asset Value of Plan Assets		486	368
Short Term Investment Fund [Member] | Non US Plans [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		42,857	58,131
Defined Benefit Plan, Net Asset Value of Plan Assets		18,871	50,515
Equity Securities [Member] | USPlans [Member] | U S Large Cap [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		3,485	3,055
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Equity Securities [Member] | USPlans [Member] | U S Mid Cap [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		474	512
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Equity Securities [Member] | USPlans [Member] | U S Small Cap [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		475	455
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Equity Securities [Member] | USPlans [Member] | International Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		4,507	2,917
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Equity Securities [Member] | Non US Plans [Member] | Equity Securities, U K Market [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		178,093	87,828
Defined Benefit Plan, Net Asset Value of Plan Assets		79,685	85,730
Equity Securities [Member] | Non US Plans [Member] | Equity Securities, International, Developed [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		145,295	135,186
Defined Benefit Plan, Net Asset Value of Plan Assets		128,668	131,639
Equity Securities [Member] | Non US Plans [Member] | Equity Securities, Unquoted Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		3,687	3,189
Defined Benefit Plan, Net Asset Value of Plan Assets		3,687	3,189
Equity Securities [Member] | Non US Plans [Member] | Equity Securities, international, Emerging [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		7,261	6,803
Defined Benefit Plan, Net Asset Value of Plan Assets		6,876	6,724
Fixed Income [Member] | USPlans [Member] | Government/Corporate [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		4,744	4,367
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Fixed Income [Member] | USPlans [Member] | High Yield Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		809	971
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		3,750	3,812
Defined Benefit Plan, Net Asset Value of Plan Assets		3,750	3,812
Fixed Income [Member] | Non US Plans [Member] | Fixed Income,Convertible Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		187	160
Defined Benefit Plan, Net Asset Value of Plan Assets		187	160
Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, Index Linked [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		228,699	212,327
Defined Benefit Plan, Net Asset Value of Plan Assets		224,644	208,122
Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, International [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		46,065	107,882
Defined Benefit Plan, Net Asset Value of Plan Assets		46,065	107,779
Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, U K [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		347,840	317,621
Defined Benefit Plan, Net Asset Value of Plan Assets		321,176	292,409
Alternative Investment [Member] | USPlans [Member] | Real Estate Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		469	539
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Alternative Investment [Member] | USPlans [Member] | Commodities Investment [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		653	405
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Alternative Investment [Member] | Non US Plans [Member] | Commodities Investment [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		(131,387)	(98,885)
Defined Benefit Plan, Net Asset Value of Plan Assets		(131,484)	(98,980)
Real Estate Funds [Member] | Non US Plans [Member] | Real Estate Funds, Direct [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		135,238	121,612
Defined Benefit Plan, Net Asset Value of Plan Assets		0	0
Real Estate Funds [Member] | Non US Plans [Member] | Real Estate Funds,Indirect [Domain]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		11,128	10,693
Defined Benefit Plan, Net Asset Value of Plan Assets		10,937	10,555
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		15,616	13,221
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		140,044	26,000
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Funds, Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Arbitrage&Event [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Directional Trading&Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Cash & Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Direct Sourcing [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Leveraged Loans [Member] | Non US Plans [Member] | Commodities Investment [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short Term Investment Fund [Member] | USPlans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	[1]	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short Term Investment Fund [Member] | Non US Plans [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		8,135	4,730
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | USPlans [Member] | U S Large Cap [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		3,485	3,055
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | USPlans [Member] | U S Mid Cap [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		474	512
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | USPlans [Member] | U S Small Cap [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		475	455
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | USPlans [Member] | International Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		4,507	2,917
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, U K Market [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		98,408	2,098
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, International, Developed [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		16,627	3,547
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, Unquoted Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, international, Emerging [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		385	79
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | USPlans [Member] | Government/Corporate [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		4,744	4,367
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | USPlans [Member] | High Yield Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		809	971
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income,Convertible Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, Index Linked [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		4,055	4,205
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, International [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, U K [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		12,247	11,203
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative Investment [Member] | USPlans [Member] | Real Estate Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		469	539
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative Investment [Member] | USPlans [Member] | Commodities Investment [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		653	405
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative Investment [Member] | Non US Plans [Member] | Commodities Investment [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		(4)	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Real Estate Funds [Member] | Non US Plans [Member] | Real Estate Funds, Direct [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Real Estate Funds [Member] | Non US Plans [Member] | Real Estate Funds,Indirect [Domain]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		191	138
Fair Value, Inputs, Level 2 [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		165,506	138,610
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Funds, Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Arbitrage&Event [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Directional Trading&Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Cash & Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Direct Sourcing [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Leveraged Loans [Member] | Non US Plans [Member] | Commodities Investment [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Short Term Investment Fund [Member] | Non US Plans [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		15,851	2,886
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, U K Market [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, International, Developed [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, Unquoted Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, international, Emerging [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income,Convertible Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, Index Linked [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, International [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	103
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, U K [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		14,417	14,009
Fair Value, Inputs, Level 2 [Member] | Alternative Investment [Member] | Non US Plans [Member] | Commodities Investment [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds [Member] | Non US Plans [Member] | Real Estate Funds, Direct [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		135,238	121,612
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds [Member] | Non US Plans [Member] | Real Estate Funds,Indirect [Domain]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Non US Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		101	95
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Funds, Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Arbitrage&Event [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Directional Trading&Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Cash & Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | Hedge Fund, Direct Sourcing [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Leveraged Loans [Member] | Non US Plans [Member] | Commodities Investment [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Short Term Investment Fund [Member] | Non US Plans [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, U K Market [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, International, Developed [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, Unquoted Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Non US Plans [Member] | Equity Securities, international, Emerging [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income,Convertible Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, Index Linked [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, International [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Fixed Income [Member] | Non US Plans [Member] | Fixed Income, Government/Corporate, U K [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Alternative Investment [Member] | Non US Plans [Member] | Commodities Investment [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		101	95
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds [Member] | Non US Plans [Member] | Real Estate Funds, Direct [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		0	0
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds [Member] | Non US Plans [Member] | Real Estate Funds,Indirect [Domain]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets		$ 0	$ 0

[1] Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.

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Employee Retirement Plans Estimated Future Benefit Payments under the Plans (Details) $ in Thousands	Dec. 30, 2017 USD ($)
USPlans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 900
2013	998
2014	1,003
2015	1,023
2016	1,685
2017 through 2022	10,574
Non US Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	5,400
2013	63,250
2014	63,197
2015	65,375
2016	66,161
2017 through 2022	$ 411,011

XML

Employee Retirement Plans - Additional Information (Details)	12 Months Ended
	Dec. 30, 2017 plan
Defined Benefit Plan Disclosure [Line Items]
Number of defined contribution 401K savings plans	2

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Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 30, 2017		Sep. 30, 2017		Jul. 01, 2017		Apr. 01, 2017		Dec. 31, 2016		Oct. 01, 2016		Jul. 02, 2016		Apr. 02, 2016		Dec. 30, 2017	Dec. 31, 2016		Jan. 02, 2016
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 632,859		$ 593,043		$ 579,343		$ 530,297		$ 596,817		$ 574,224		$ 580,456		$ 516,355		$ 2,335,542	$ 2,267,852		$ 1,826,598
Gross Profit	240,164		228,519		234,608		209,450		239,177		231,728		233,502		196,773		912,741	901,180		706,505
Income from operations	68,869		118,257		122,136		101,079		126,498		121,439		111,913		86,375		410,341	446,225		302,603	[1]
Net earnings	$ 75,186		$ 74,671		$ 77,569		$ 70,702		$ 80,936		$ 75,851		$ 72,891		$ 54,538		$ 298,128	$ 284,216		$ 191,610
Basic earnings per share (usd per share)	$ 1.35	[2]	$ 1.31	[2]	$ 1.35	[2]	$ 1.24	[2]	$ 1.42	[2]	$ 1.33	[2]	$ 1.28	[2]	$ 0.96	[2]		$ 4.98	[2]	$ 3.36
Diluted earnings per share (usd per share)	$ 1.35	[2]	$ 1.31	[2]	$ 1.35	[2]	$ 1.24	[2]	$ 1.41	[2]	$ 1.33	[2]	$ 1.28	[2]	$ 0.96	[2]	$ 5.26	$ 4.98	[2]	$ 3.36

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

[2] Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year.

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Acquisition Integration Initiatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 19,951	$ 10,524	$ 28,754
Residential Kitchen [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 13,100	$ 11,000	$ 25,500

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Acquisition Integration Initiatives Restructuring Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016	Jan. 03, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 19,951	$ 10,524	$ 28,754
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		9,816	18,142
Payments		(19,583)	(2,628)
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		1,160	7,248
Payments		(3,697)	(2,606)
Balance December 28, 2013				$ 0
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		10	108
Payments		(29)	(25)
Commercial Foodservice Equipment Group [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	6,200
Effects on Future Earnings, Restructuring	10,000
Food Processing Group [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	600
Effects on Future Earnings, Restructuring	4,000
Residential Kitchen [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	13,100	11,000	25,500
Restructuring Charges, Cumulative	40,600
Effects on Future Earnings, Restructuring	20,000
Residential Kitchen [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	8,662
Restructuring Reserve, Foreign Currency Translation Gain (Loss)	533	(749)
Payments	(10,642)
Balance December 28, 2013	3,698	5,145	15,661	147
Residential Kitchen [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	3,872
Restructuring Reserve, Foreign Currency Translation Gain (Loss)	358	(73)
Payments	(4,795)
Balance December 28, 2013	1,467		4,642
Residential Kitchen [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	601
Restructuring Reserve, Foreign Currency Translation Gain (Loss)	11	(32)
Payments	(524)
Balance December 28, 2013	157		120	37
Residential Kitchen [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	13,135	10,986	25,498
Restructuring Reserve, Foreign Currency Translation Gain (Loss)	902	(854)
Payments	(15,961)	$ (23,309)	(5,259)
Balance December 28, 2013	$ 5,322		$ 20,423	$ 184

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Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jan. 02, 2016
Allowance for Doubtful Accounts, Current [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning Of Period	$ 12,600,200	$ 8,838,500	$ 9,091,000
Additions/(Recoveries) Charged to Expense	2,083,500	45,900	121,800
Valuation Allowances and Reserves, Additions for Adjustments	478,000	4,886,500	1,103,400
Write-Offs During the Period	(1,979,400)	(1,170,700)	(1,477,700)
Balance At End Of Period	13,182,300	12,600,200	8,838,500
Valuation Allowance of Deferred Tax Assets [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning Of Period	29,893,000	20,395,200	0
Additions/(Recoveries) Charged to Expense	(6,703,000)	9,497,800	20,395,200
Write-Offs During the Period	0	0	0
Balance At End Of Period	$ 23,190,000	$ 29,893,000	$ 20,395,200

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Share Repurchases (Details)	3 Months Ended	12 Months Ended
	Dec. 30, 2017 $ / shares shares	Dec. 30, 2017 shares
1998 Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Shares		1,680,395
Treasury Stock Acquired, Average Cost Per Share | $ / shares	$ 119.23
2017 Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Shares		126,200
Treasury Stock Acquired, Average Cost Per Share | $ / shares	$ 117.61
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	2,500,000	2,500,000

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Subsequent Events (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 16, 2018	Dec. 30, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Business Acquisition, Pro Forma Revenue		$ 2,500,434	$ 2,606,379
Hinds-Bock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Business Combination, Consideration Transferred	$ 26,500
Business Acquisition, Pro Forma Revenue	$ 15,000

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Label	Element	Value
Stock Issued During Period, Value, Acquisitions	us-gaap_StockIssuedDuringPeriodValueAcquisitions	$ 12,300,000