Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 29, 2018 |
Accounting Policies [Abstract] |
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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 |
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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 |
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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 |
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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 |
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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: | | | |
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| Trademarks and tradenames | | | $ | 918,604 |
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| | | | $ | 615,090 |
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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 |
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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 |
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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 | ) |
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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 | |
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| Financial Assets: | |
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| Interest rate swaps | $ | — |
| | $ | 13,487 |
| | $ | — |
| | $ | 13,487 |
| | | | | | | | | Financial Liabilities: | |
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| Interest rate swaps | $ | — |
| | $ | 4,125 |
| | $ | — |
| | $ | 4,125 |
| Contingent consideration | $ | — |
| | $ | — |
| | $ | 3,566 |
| | $ | 3,566 |
| | | | | | | | | As of December 30, 2017 | |
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| Financial Assets: | | | | | | | | Interest rate swaps | $ | — |
| | $ | 10,266 |
| | $ | — |
| | $ | 10,266 |
| | | | | | | | | Financial Liabilities: | |
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| Contingent consideration | $ | — |
| | $ | — |
| | $ | 1,780 |
| | $ | 1,780 |
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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 |
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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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