Revenue Recognition (Tables)

9 Months Ended

Sep. 29, 2018

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

The cumulative effect of the changes made to our December 30, 2017 Condensed Consolidated Balance Sheet for the adoption of ASC 606 using the modified retrospective method to contracts that were not completed as of December 30, 2017 were as follows (in thousands):



	Balance at December 30, 2017 (as reported)		Adjustments due to ASC 606			Balance at December 30, 2017 (as adjusted)
Balance Sheet
Assets
Accounts receivable	$	328,421	$	(122	)	$	328,299
Inventories, net	424,639		14,993			439,632
Prepaid expenses and other	55,427		(4,018		)	51,409
Long-term deferred tax assets	44,565		1,319			45,884

Liabilities & Stockholders' Equity
Accrued expenses	$	322,171	$	16,557		$	338,728
Retained earnings	$	1,697,618	$	(4,405	)	$	1,693,213

Effect of Adopting ASC 606 [Table Text Block]

In accordance with the requirements of ASC 606, the adoption of ASC 606 had no impact on cash provided by operating activities within the company's Condensed Consolidated Statement of Cash Flows. The impact of adoption on our Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Balance Sheet are as follows (in thousands):



	Three Months Ended September 29, 2018
	As Reported		Balances without ASC 606		Effect of Change
Net sales	$	713,331	$	710,755	$	2,576
Cost of sales	452,171		450,440		1,731
Provision for income taxes	25,114		24,857		257
Net earnings	$	72,905	$	72,317	$	588

Basic earnings per share	$	1.31	$	1.30
Diluted earnings per share	$	1.31	$	1.30



	Nine Months Ended September 29, 2018
	As Reported		Balances without ASC 606		Effect of Change
Net sales	$	1,966,259	$	1,949,110	$	17,149
Cost of sales	1,242,707		1,230,578		12,129
Provision for income taxes	72,971		71,649		1,322
Net earnings	$	222,313	$	218,615	$	3,698

Basic earnings per share	$	4.00	$	3.93
Diluted earnings per share	$	4.00	$	3.93



	Balance as of September 29, 2018
	As Reported		Balances without ASC 606		Effect of Change
Assets
Inventories, net	$	512,824	$	507,677	$	5,147
Prepaid expenses and other	50,142		51,895		(1,753		)

Liabilities
Accrued expenses	373,297		377,718		(4,421		)
Long-term deferred tax liability	110,984		110,768		216

Equity
Retained earnings	$	1,914,394	$	1,913,583	$	811

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue

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



	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Three Months Ended September 29, 2018
United States and Canada	$	318,962	$	57,235	$	98,136	$	474,333
Asia	50,996		6,464		1,653		59,113
Europe and Middle East	83,763		19,194		51,936		154,893
Latin America	17,877		5,364		1,751		24,992
Total	$	471,598	$	88,257	$	153,476	$	713,331

Nine Months Ended September 29, 2018
United States and Canada	$	863,598	$	183,476	$	280,116	$	1,327,190
Asia	117,987		23,899		5,232		147,118
Europe and Middle East	225,726		44,729		160,810		431,265
Latin America	38,308		18,374		4,004		60,686
Total	$	1,245,619	$	270,478	$	450,162	$	1,966,259

Three Months Ended September 30, 2017
United States and Canada	$	243,233	$	61,612	$	89,821	$	394,666
Asia	38,755		4,543		2,078		45,376
Europe and Middle East	61,327		12,606		57,774		131,707
Latin America	11,513		8,110		1,671		21,294
Total	$	354,828	$	86,871	$	151,344	$	593,043

Nine Months Ended September 30, 2017
United States and Canada	$	707,014	$	189,288	$	263,014	$	1,159,316
Asia	104,598		14,942		6,615		126,155
Europe and Middle East	158,622		29,095		170,934		358,651
Latin America	30,596		23,190		4,775		58,561
Total	$	1,000,830	$	256,515	$	445,338	$	1,702,683

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

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



	Sep 29, 2018		At Adoption
Contract assets	$	8,945	$	16,753
Contract liabilities	$	69,936	$	47,647
Non-current contract liabilities	$	10,468	$	1,859