Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 29, 2018

Accounting Policies [Abstract]

Schedule of Inventory, Current

Inventories at December 29, 2018 and December 30, 2017 are as follows:

	2018		2017
	(dollars in thousands)
Raw materials and parts	$	245,976	$	180,559
Work in process	51,164		38,917
Finished goods	224,670		205,163
	$	521,810	$	424,639

Property, Plant and Equipment

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

	2018			2017
	(dollars in thousands)
Land	$	32,523		$	28,996
Building and improvements	196,743			175,678
Furniture and fixtures	64,586			54,362
Machinery and equipment	188,454			165,157
	482,306			424,193
Less accumulated depreciation	(167,737		)	(142,278		)
	$	314,569		$	281,915

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 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
Goodwill acquired during the year	487,032			30,624			—			517,656
Measurement period adjustments to goodwill acquired in prior year	(1,559		)	(5,679		)	—			(7,238		)
Exchange effect	(14,857		)	(4,169		)	(13,027		)	(32,053		)
Balance as of December 29, 2018	$	1,102,067		$	219,054		$	422,054		$	1,743,175

Schedule Of Intangible Assets By Major Class

Intangible assets consist of the following (in thousands):

	December 29, 2018						December 30, 2017
	Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization			Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationships	9.5	$	644,145	$	(222,661	)	5.2	$	330,496	$	(171,005	)
Backlog	2.8	27,065		(24,755		)	0.8	19,689		(18,081		)
Developed technology	5.9	39,624		(20,998		)	4.2	22,485		(18,248		)
		$	710,834	$	(268,414	)		$	372,670	$	(207,334	)
Indefinite-lived assets:
Trademarks and tradenames		$	918,604					$	615,090

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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

2019	$	59,995
2020	59,079
2021	55,190
2022	51,184
2023	44,276
2024 and thereafter	172,696
	$	442,420

Schedule of Accrued Liabilities

Accrued expenses consist of the following at December 29, 2018 and December 30, 2017, respectively:

	2018		2017
	(dollars in thousands)
Accrued payroll and related expenses	$	74,952	$	67,935
Accrued warranty	59,451		52,834
Contract liabilities	57,913		31,069
Accrued customer rebates	45,740		48,590
Accrued sales and other tax	19,452		20,881
Accrued professional fees	17,313		18,250
Accrued product liability and workers compensation	16,284		11,976
Accrued agent commission	11,969		11,035
Other accrued expenses	64,372		59,601
	$	367,446	$	322,171

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:

	2018			2017
	(dollars in thousands)
Unrecognized pension benefit costs, net of tax of ($36,719) and ($43,592)	$	(170,938	)	$	(203,063	)
Unrealized gain on interest rate swap, net of tax of $2,543 and $4,243	7,233			6,365
Currency translation adjustments	(112,771		)	(69,721		)
	$	(276,476	)	$	(266,419	)

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 29, 2018 and December 30, 2017 are as follows (in thousands):

	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of December 29, 2018
Financial Assets:
Interest rate swaps	$	—	$	13,487	$	—	$	13,487
Financial Liabilities:
Interest rate swaps	$	—	$	4,125	$	—	$	4,125
Contingent consideration	$	—	$	—	$	3,566	$	3,566
As of December 30, 2017
Financial Assets:
Interest rate swaps	$	—	$	10,266	$	—	$	10,266
Financial Liabilities:
Contingent consideration	$	—	$	—	$	1,780	$	1,780

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 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

Schedule of Product Warranty Liability

rward of the warranty reserve for the fiscal years 2018 and 2017 are as follows:

	2018			2017
	(dollars in thousands)
Beginning balance	$	52,834		$	40,851
Warranty reserve related to acquisitions	5,884			7,769
Warranty expense	62,314			58,398
Warranty claims paid	(61,581		)	(54,184		)
Ending balance	$	59,451		$	52,834

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