Restructuring (Notes)

6 Months Ended

Jul. 03, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

Restructuring

Commercial Foodservice Equipment Group

During the fiscal years 2020 and 2019, the company undertook cost reduction initiatives related to the Commercial Foodservice Equipment Group including headcount reductions and facility consolidations. These actions resulted in expenses of $0.5 million and $1.6 million in the three months ended July 3, 2021 and June 27, 2020, respectively, primarily for severance related to headcount reductions and facility consolidations. For the six months period ended July 3, 2021 and June 27, 2020 the expenses for these actions amounted to $0.9 million and $2.1 million, respectively. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The realization of cost savings from the restructuring initiatives began in 2020 with an expected annual savings of approximately $20.0 million. At July 3, 2021, the restructuring obligations accrued for these initiatives are immaterial and will substantially be complete by the end of fiscal 2021.

The restructuring expenses for the other segments of the company were not material during the period.