MIDD Middleby Corp

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a)Basis of Presentation

The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2022 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2023. Certain reclassifications of prior year data have been made to conform with current year reporting.

In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of September 30, 2023 and December 31, 2022, the results of operations for the three and nine months ended September 30, 2023 and October 1, 2022, cash flows for the nine months ended September 30, 2023 and October 1, 2022 and statement of stockholders' equity for the three and nine months ended September 30, 2023 and October 1, 2022.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Actual results could differ from the company's estimates.

b)Non-Cash Share-Based Compensation

The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $13.2 million and $15.7 million for the three months period ended September 30, 2023 and October 1, 2022, respectively. Non-cash share-based compensation expense was $35.3 million and $42.6 million for the nine months period ended September 30, 2023 and October 1, 2022, respectively.

c)Income Taxes

A tax provision of $35.7 million, at an effective rate of 24.8%, was recorded during the three months period ended September 30, 2023, as compared to a $34.7 million tax provision at an effective rate of 24.9% in the prior year period. A tax provision of $107.9 million, at an effective rate of 24.9%, was recorded during the nine months period ended September 30, 2023, as compared to a $99.3 million tax provision at a 24.7% effective rate in the prior year period. The effective tax rate for the nine months period ended September 30, 2023 is higher than the comparable year rate primarily due to an increase in the UK statutory income tax rate from 19% in 2022 to a 23.5% blended rate in 2023.

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d)Fair Value Measures 

Accounting Standards Codification ("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 the company's own assumptions.

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

			Fair Value Level 1						Fair Value Level 2						Fair Value Level 3						Total
As of September 30, 2023
Financial Assets:
Interest rate swaps			$	—					$	62,163					$	—					$	62,163
Financial Liabilities:
Contingent consideration			$	—					$	—					$	60,789					$	60,789
Foreign exchange derivative contracts			$	—					$	558					$	—					$	558
As of December 31, 2022
Financial Assets:
Interest rate swaps			$	—					$	64,985					$	—					$	64,985
Financial Liabilities:
Contingent consideration			$	—					$	—					$	47,242					$	47,242
Foreign exchange derivative contracts			$	—					$	474					$	—					$	474

The contingent consideration as of September 30, 2023 and December 31, 2022, relates to the earnout provisions recorded in conjunction with various purchase agreements.

The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreement. 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. Discount rates for valuing contingent consideration are determined based on the company rates and specific acquisition risk considerations. Changes in fair value associated with the earnout provisions are recognized in Selling, general and administrative expenses within the Condensed Consolidated Statements of Comprehensive Income.

The following table represents changes in the fair value of the contingent consideration liabilities:

			September 30, 2023
Beginning balance			$	47,242
Payments of contingent consideration			(4,117)
New contingent consideration			15,318
Changes in fair value			2,346
Ending balance			$	60,789

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e)    Consolidated Statements of Cash Flows

Cash paid for interest was $93.4 million and $57.0 million for the nine months ended September 30, 2023 and October 1, 2022, respectively. Cash payments totaling $119.4 million and $84.2 million were made for income taxes for the nine months ended September 30, 2023 and October 1, 2022, respectively.

Other non-cash items in the adjustments to reconcile net earnings to net cash provided by operating activities consists primarily of unrealized foreign exchange on non-functional currency third party debt.

f)    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 vesting of restricted stock grants computed using the treasury method and amounted to 19,000 and 23,000 for the three months ended September 30, 2023, and October 1, 2022, respectively. The company’s potentially dilutive securities consist of shares issuable on vesting of restricted stock grants computed using the treasury method and amounted to 9,000 and 12,000 for the nine months ended September 30, 2023 and October 1, 2022, respectively. For the nine months ended September 30, 2023 and October 1, 2022, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes (as defined below) resulting in 614,000 and 932,000 diluted common stock equivalents to be included in the diluted net earnings per share, respectively. There have been no material conversions to date. See Note 12, Financing Arrangements for further details on the Convertible Notes. There were no anti-dilutive restricted stock grants excluded from common stock equivalents in any period presented.

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The company accounts 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 company recognizes identifiable intangible assets, primarily trade names and customer relationships, at their fair value using a discounted cash flow model. The significant assumptions used to estimate the value of the intangible assets include revenue growth rates, projected profit margins, discount rates, royalty rates, and customer attrition rates. These significant assumptions are forward-looking and could be affected by future economic and market conditions. The results of operations are reflected in the consolidated financial statements of the company from the dates of acquisition.

The company completed no material acquisitions during the nine months ended September 30, 2023.

Other 2022 Acquisitions

During 2022, the company completed various acquisitions that were not individually material. The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2022 acquisitions and are summarized as follows (in thousands):

			Preliminary Opening Balance Sheet						Preliminary Measurement Period Adjustments						Adjusted Opening Balance Sheet
Cash			$	25,860					$	159					$	26,019
Current assets			115,264						(8,653)						106,611
Property, plant and equipment			44,598						615						45,213
Goodwill			139,633						8,945						148,578
Other intangibles			93,147						7,018						100,165
Long-term deferred tax asset			426						635						1,061
Other assets			1,420						3,209						4,629
Current portion of long-term debt			(22,841)						2,043						(20,798)
Current liabilities			(57,158)						(2,611)						(59,769)
Long term debt			(5,646)						(3,995)						(9,641)
Long-term deferred tax liability			(23,137)						1,994						(21,143)
Other non-current liabilities			(19,061)						(7,022)						(26,083)
Consideration paid at closing			$	292,505					$	2,337					$	294,842
Contingent consideration			19,105						3,969						23,074
Net assets acquired and liabilities assumed			$	311,610					$	6,306					$	317,916

The net long-term deferred tax liability amounted to $20.1 million. The net deferred tax liability is comprised of $20.9 million related to the difference between the book and tax basis of identifiable intangible assets and $0.8 million net deferred tax asset related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $46.0 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $31.5 million allocated to customer relationships, $16.0 million allocated to developed technology, and $6.7 million allocated to backlog, which are being amortized over periods of 7 to 9 years, 5 to 11 years, and 3 to 12 months, respectively. Goodwill of $113.8 million and other intangibles of $63.8 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $32.5 million and other intangibles of $35.6 million are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Goodwill of $2.3 million and other intangibles of $0.8 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $21.5 million and intangibles of $11.9 million are expected to be deductible for tax purposes.

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Four purchase agreements include earnout provisions providing for a contingent payment due to the sellers for the achievement of certain targets. Three earnouts are payable to the extent certain EBITDA targets are met with measurement dates ending between 2022 and 2025. One of these three earnouts is also payable yearly through 2026 based on product sales. One earnout is payable yearly through 2027 based on product sales. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amount to $23.1 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 for certain acquisitions completed during 2022. Certain intangible assets are preliminarily valued using historical information from the Commercial Foodservice Equipment Group, Food Processing Equipment Group and Residential Kitchen Equipment Group and qualitative assessments of the individual businesses at acquisition date. Specifically, the company estimated the fair values of the intangible assets based on the percentage of purchase price assigned to similar intangible assets in previous acquisitions. Thus, the provisional measurements of fair values 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.

Other 2023 Acquisitions

During 2023, the company completed various acquisitions that were not individually material. The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2023 acquisitions and are summarized as follows (in thousands):

			Preliminary Opening Balance Sheet						Preliminary Measurement Period Adjustments						Adjusted Opening Balance Sheet
Cash			$	3,102					$	—					$	3,102
Current assets			9,964						542						10,506
Property, plant and equipment			21,954						—						21,954
Goodwill			38,422						1,089						39,511
Other intangibles			34,337						(713)						33,624
Current liabilities			(3,774)						(1,091)						(4,865)
Long-term deferred tax liability			(958)						—						(958)
Other non-current liabilities			(12,099)						—						(12,099)
Consideration paid at closing			$	90,948					$	(173)					$	90,775
Contingent consideration			14,743						—						14,743
Net assets acquired and liabilities assumed			$	105,691					$	(173)					$	105,518

The net long-term deferred tax liability amounted to $1.0 million. The net deferred tax liability is comprised of $0.4 million related to the difference between the book and tax basis of identifiable intangible assets and $0.6 million related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $17.9 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $7.2 million allocated to customer relationships, and $7.9 million allocated to developed technology, and $0.6 million allocated to backlog, which are being amortized over periods of 7 years, 7 to 12 years, and 9 months, respectively. Goodwill of $17.9 million and other intangibles of $7.8 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $8.3 million and other intangibles of $14.1 million are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Goodwill of $13.3 million and other intangibles of $11.7 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $37.9 million and intangibles of $32.2 million are expected to be deductible for tax purposes.

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Four purchase agreements include earnout provisions providing for a contingent payment due to the sellers for the achievement of certain targets. Four earnouts are payable to the extent certain sales and EBITDA targets are met with measurement dates ending between 2024 and 2026. One earnout is payable upon the achievement of certain product rollout targets specific to the year of measurement. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amount to $14.7 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 for all acquisitions completed during 2023. Certain intangible assets are preliminarily valued using historical information from the Commercial Foodservice Equipment Group and Food Processing Equipment Group and qualitative assessments of the individual businesses at acquisition date. Specifically, the company estimated the fair values of the intangible assets based on the percentage of purchase price assigned to similar intangible assets in previous acquisitions. Thus, the provisional measurements of fair values 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 nine months ended September 30, 2023 and October 1, 2022, assumes the 2022 and 2023 acquisitions described above were completed on January 2, 2022 (first day of fiscal year 2022). The following pro forma results include adjustments to reflect 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): 

			Nine Months Ended
			September 30, 2023						October 1, 2022
Net sales			$	3,037,755					$	3,115,311
Net earnings			327,032						294,878
Net earnings per share:
Basic			$	6.10					$	5.44
Diluted			$	6.03					$	5.35

 

The historical consolidated financial information of the company and the acquisitions have been adjusted in the pro forma information to give effect to 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 the acquired businesses.

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Accounting Pronouncements - Recently Adopted

In October 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The new accounting rules require entities to apply “Revenue from Contracts with Customers (Topic 606)” to recognize and measure contract assets and contract liabilities in a business combination. The new accounting rules were effective for the Company in the first quarter of 2023. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for the company as of January 1, 2023 and only impacts annual financial statement footnote disclosures. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The standard should be applied prospectively, and it allows for a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures.

In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method. The new standard expands and clarifies the use of the portfolio layer method for fair value hedges of interest rate risk. The new standard allows non-prepayable financial assets to also be included in a closed portfolio hedged using the portfolio layer method. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The new guidance on hedging multiple layers in a closed portfolio should be applied prospectively and the guidance on the accounting for fair value basis adjustments should be applied on a modified retrospective basis. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures.

Accounting Pronouncements - To be adopted

In March 2023, the FASB issued Accounting Standards Update ASU 2023-01, “Leases (Topic 842): Common Control Arrangements.” This ASU clarified the accounting for leasehold improvements for leases under common control. The guidance is effective for the Company beginning on January 1, 2024. The company is currently evaluating the impacts the adoption of this guidance will have on its Consolidated Financial Statements and disclosures.

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Disaggregation of Revenue

The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its 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 the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands):

			Commercial  Foodservice						Food Processing						Residential Kitchen												Total
Three Months Ended September 30, 2023
United States and Canada			$	458,529					$	111,092					$	116,522											$	686,143
Asia			59,922						6,389						3,371												69,682
Europe and Middle East			91,112						34,250						57,474												182,836
Latin America			24,446						14,936						2,608												41,990
Total			$	634,009					$	166,667					$	179,975											$	980,651
Nine Months Ended September 30, 2023
United States and Canada			$	1,385,929					$	354,945					$	395,236											$	2,136,110
Asia			173,901						30,507						8,652												213,060
Europe and Middle East			272,252						101,808						194,631												568,691
Latin America			61,525						41,658						6,985												110,168
Total			$	1,893,607					$	528,918					$	605,504											$	3,028,029
Three Months Ended October 1, 2022
United States and Canada			$	459,971					$	108,449					$	145,757											$	714,177
Asia			55,243						7,805						11,647												74,695
Europe and Middle East			86,963						24,263						60,200												171,426
Latin America			17,380						11,832						3,361												32,573
Total			$	619,557					$	152,349					$	220,965											$	992,871
Nine Months Ended October 1, 2022
United States and Canada			$	1,302,591					$	297,778					$	563,047											$	2,163,416
Asia			148,419						15,673						27,724												191,816
Europe and Middle East			267,558						58,931						234,203												560,692
Latin America			47,281						30,863						7,080												85,224
Total			$	1,765,849					$	403,245					$	832,054											$	3,001,148

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Contract Balances

Contract assets primarily relate to the company's right to consideration for work completed but not billed at the reporting date and are recorded in prepaid expenses and other in the Condensed Consolidated Balance Sheet. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Accounts receivable are not considered contract assets under the revenue standard as contract assets are conditioned upon the company's future satisfaction of a performance obligation. Accounts receivable, in contracts, are unconditional rights to consideration.

Contract liabilities relate to advance consideration received from customers for which revenue has not been recognized. Current contract liabilities are recorded in accrued expenses in the Condensed Consolidated Balance Sheet. Non-current contract liabilities are recorded in other non-current liabilities in the Condensed Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized.

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

			Sep 30, 2023						Dec 31, 2022
Contract assets			$	59,129					$	40,438
Contract liabilities			$	141,388					$	185,824
Non-current contract liabilities			$	15,328					$	12,495

During the nine months period ended September 30, 2023, the company reclassified $32.2 million to receivables, which was included in the contract asset balance at the beginning of the period. During the nine months period ended September 30, 2023, the company recognized revenue of $99.4 million which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized to date were $88.3 million during the nine months period ended September 30, 2023. In addition, contract liabilities increased due to the acquisitions during the nine months ended September 30, 2023. Substantially all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the nine months period ended September 30, 2023.

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Changes in accumulated other comprehensive income(1) were as follows (in thousands):

			Currency Translation Adjustment						Pension Benefit Costs						Unrealized Gain/(Loss) Interest Rate Swap						Unrealized Loss Certain Investments						Total
Balance as of December 31, 2022			$	(205,345)					$	(121,701)					$	48,574					$	—					$	(278,472)
Other comprehensive income before reclassification			(4,751)						(2,131)						21,872						—						14,990
Amounts reclassified from accumulated other comprehensive income			—						1,587						(23,963)						—						(22,376)
Net current-period other comprehensive income			$	(4,751)					$	(544)					$	(2,091)					—						$	(7,386)
Balance as of September 30, 2023			$	(210,096)					$	(122,245)					$	46,483					—						$	(285,858)
Balance as of January 1, 2022			$	(97,654)					$	(249,696)					$	(13,064)					$	1,330					$	(359,084)
Other comprehensive income before reclassification			(201,176)						44,127						55,958						(1,330)						(102,421)
Amounts reclassified from accumulated other comprehensive income			—						—						7,646						—						7,646
Net current-period other comprehensive income			$	(201,176)					$	44,127					$	63,604					$	(1,330)					$	(94,775)
Balance as of October 1, 2022			$	(298,830)					$	(205,569)					$	50,540					$	—					$	(453,859)

(1) As of September 30, 2023, pension and interest rate swap are net of tax of $(1.5) million and $16.1 million, respectively. During the nine months ended September 30, 2023, the adjustments to pension and interest rate swap were net of tax of $0.5 million and $(0.7) million, respectively. As of October 1, 2022, pension, interest rate swap, and gain on investment amounts are net of tax of $(32.6) million and $17.9 million, respectively. During the nine months ended October 1, 2022, the adjustments to pension, unrealized gain/(loss) interest rate swap, and loss on investments were net of tax of $6.9 million, $22.4 million, and $(0.4) million, respectively.

Components of other comprehensive income were as follows (in thousands):

			Three Months Ended												Nine Months Ended
			Sep 30, 2023						Oct 1, 2022						Sep 30, 2023						Oct 1, 2022
Net earnings			$	108,650					$	104,369					$	324,589					$	303,372
Currency translation adjustment			(36,602)						(81,774)						(4,751)						(201,176)
Pension liability adjustment, net of tax			4,436						17,928						(544)						44,127
Unrealized gain (loss) on interest rate swaps, net of tax			20						24,360						(2,091)						63,604
Unrealized loss on certain investments, net of tax			—						—						—						(1,330)
Comprehensive income			$	76,504					$	64,883					$	317,203					$	208,597

Inventories are composed of material, labor and overhead and are stated at the lower of cost or net realizable value. 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 September 30, 2023 and December 31, 2022 are as follows (in thousands): 

			Sep 30, 2023						Dec 31, 2022
Raw materials and parts			$	529,698					$	595,325
Work-in-process			94,057						86,083
Finished goods			391,292						396,321
			$	1,015,047					$	1,077,729

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Changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are as follows (in thousands):

			Commercial Foodservice						Food Processing						Residential Kitchen						Total
Balance as of December 31, 2022			$	1,309,776					$	350,303					$	751,755					$	2,411,834
Goodwill acquired during the year			8,256						17,923						13,332						39,511
Measurement period adjustments to goodwill acquired in prior year			2,412						1,540						—						3,952
Exchange effect			(4,573)						(1,591)						3,286						(2,878)
Balance as of September 30, 2023			$	1,315,871					$	368,175					$	768,373					$	2,452,419

The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter and since that assessment, the company does not believe there are any indicators of impairment requiring subsequent analysis. This is supported by the review of order rates, backlog levels and financial performance across business segments.

Intangible assets consist of the following (in thousands):

 

			September 30, 2023																		December 31, 2022
			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			7.2						$	839,507					$	(509,610)					7.6						$	839,811					$	(460,885)
Backlog			0.0						7,496						(7,286)						0.1						8,301						(6,352)
Developed technology			8.4						97,886						(42,290)						8.3						79,763						(35,797)
									$	944,889					$	(559,186)											$	927,875					$	(503,034)
Indefinite-lived assets:
Trademarks and tradenames									$	1,389,843																	$	1,369,391

The aggregate intangible amortization expense was $18.9 million and $19.8 million for the three months period ended September 30, 2023 and October 1, 2022, respectively. The aggregate intangible amortization expense was $56.6 million and $69.9 million for the nine months period ended September 30, 2023 and October 1, 2022, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):

 

Twelve Month Period coinciding with the end of the company's Fiscal Third Quarter						Amortization Expense
2024						$	66,884
2025						57,668
2026						55,416
2027						47,063
2028						40,934
Thereafter						117,738
						$	385,703

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Accrued expenses consist of the following (in thousands):

			Sep 30, 2023						Dec 31, 2022
Contract liabilities			$	141,388					$	185,824
Accrued payroll and related expenses			115,363						122,861
Accrued warranty			87,327						82,096
Accrued customer rebates			56,357						70,706
Accrued short-term leases			26,634						25,250
Accrued sales and other tax			24,889						24,044
Accrued contingent consideration			19,720						20,529
Accrued professional fees			18,442						19,541
Accrued agent commission			16,788						17,381
Accrued product liability and workers compensation			11,150						11,326
Other accrued expenses			77,484						91,769
			$	595,542					$	671,327

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, actual 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 is as follows (in thousands):

			Nine Months Ended
			Sep 30, 2023
Balance as of December 31, 2022			$	82,096
Warranty reserve related to acquisitions			290
Warranty expense			67,892
Warranty claims			(62,951)
Balance as of September 30, 2023			$	87,327

---

			Sep 30, 2023						Dec 31, 2022
			(in thousands)
Senior secured revolving credit line			$	148,645					$	251,805
Term loan facility			951,819						975,785
Delayed draw term loan facility			731,250						750,000
Convertible senior notes			740,602						737,918
Foreign loans			7,169						5,917
Other debt arrangement			741						899
Total debt			2,580,226						2,722,324
Less:  Current maturities of long-term debt			44,330						45,583
Long-term debt			$	2,535,896					$	2,676,741

Credit Facility

As of September 30, 2023, the company had $1.8 billion of borrowings outstanding under its credit facility (the "Credit Facility"), including $956.3 million outstanding under the term loan ($951.8 million, net of unamortized issuance fees) and $731.3 million outstanding under the delayed draw term loan. The company also had $1.6 million in outstanding letters of credit as of September 30, 2023, which reduces the borrowing availability under the Credit Facility. Remaining borrowing capacity under this facility was $2.6 billion at September 30, 2023.

On August 11, 2022, the company borrowed $750.0 million against the delayed draw term facility as provided under the Credit Agreement. The funds were used to reduce outstanding borrowings under the revolver. The delayed draw term loan amortizes in quarterly installments due on the last day of each fiscal quarter, and commenced on December 31, 2022, in an amount equal to 0.625% of the principal drawn, with the balance, plus any accrued interest payable by October 21, 2026.

At September 30, 2023, borrowings under the Credit Facility accrued interest at a rate of 1.625% above the daily simple or term Secured Overnight Financing Rate (“SOFR”) per annum or 0.625% above the highest of the prime rate, the federal funds rate plus 0.50% and one month Term SOFR plus 1.00%. 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. As of September 30, 2023, borrowings under the Credit Facility accrued interest at a minimum of 1.625% above SOFR and the variable unused commitment fee will be at a minimum of 0.25%. Borrowings under the Credit Facility accrue interest at a minimum of 1.625% above the daily simple SOFR or term SOFR for the applicable interest period (each of which includes a spread adjustment of 0.10%). The average interest rate per annum, inclusive of hedging instruments, on the debt under the Credit Facility was equal to 5.11% at the end of the period and the variable commitment fee was equal to 0.25% per annum as of September 30, 2023.

The term loan and delayed draw term loan facilities had an average interest rate per annum, inclusive of hedging instruments, of 4.94% as of September 30, 2023.

In addition, the company has international credit facilities to fund working capital needs outside the United States. At September 30, 2023, these foreign credit facilities amounted to $7.2 million in U.S. Dollars with a weighted average per annum interest rate of approximately 1.56%.

The company’s debt is reflected on the balance sheet at cost. The fair values of the Credit Facility, term debt and foreign and other debt is based on the amount of future cash flows associated with each instrument discounted using the company's incremental borrowing rate. 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 carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt excluding the Convertible Notes is as follows (in thousands):

			Sep 30, 2023												Dec 31, 2022
			Carrying Value						Fair Value						Carrying Value						Fair Value
Total debt excluding convertible senior notes			$	1,839,624					$	1,844,055					$	1,984,406					$	1,989,871

---

The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At September 30, 2023, the company had outstanding floating-to-fixed interest rate swaps totaling $208.0 million notional amount carrying an average interest rate of 1.55% maturing in less than 12 months and $740.0 million notional amount carrying an average interest rate of 1.69% that mature in more than 12 months but less than 53 months.

At September 30, 2023, the company was in compliance with all covenants pursuant to its borrowing agreements.

Convertible Notes

The following table summarizes the outstanding principal amount and carrying value of the Convertible Notes:

			Sep 30, 2023						Dec 31, 2022
			(in thousands)
Principal amounts:
Principal			$	747,499					$	747,499
Unamortized issuance costs			(6,897)						(9,581)
Net carrying amount			$	740,602					$	737,918

The following table summarizes total interest expense recognized related to the Convertible Notes:

			Three Months Ended												Nine Months Ended
			Sep 30, 2023						Oct 1, 2022						Sep 30, 2023						Oct 1, 2022
Contractual interest expense			$	1,847					$	1,848					$	5,585					$	5,606
Interest cost related to amortization of issuance costs			889						888						2,685						2,688
Total interest expense			$	2,736					$	2,736					$	8,270					$	8,294

The estimated fair value of the Convertible Notes was $837.8 million as of September 30, 2023 and was determined through consideration of quoted market prices. The fair value is classified as Level 2, as defined in Note 1(d), Fair Value Measurements, in these Notes to the Condensed Consolidated Financial Statement. The if-converted value of the Convertible Notes did not exceed their respective principal value as of September 30, 2023.

Capped Call Transactions

In connection with the pricing of the Convertible Notes, the company entered into privately negotiated Capped Call Transactions (the "2020 Capped Call Transactions") and the company used the net proceeds of the offering of the Convertible Notes to pay the aggregate amount of $104.7 million for them. The company entered into two tranches of privately negotiated Capped Call Transactions in December 2021 (the "2021 Capped Call Transactions") in the aggregate amount of $54.6 million. On March 15, 2022 , the company entered into an additional tranche of privately negotiated Capped Call Transactions (the "2022 Capped Call Transactions") in the amount of $9.7 million.

The 2020, 2021, and 2022 Capped Call Transactions (collectively, the "Capped Call Transactions") are expected generally to reduce the potential dilution and/or offset the cash payments the company is required to make in excess of the principal amount of the Convertible Notes upon conversion of the Convertible Notes in the event that the market price per share of the company's common stock is greater than the strike price of the Capped Call Transactions (which initially corresponds to the initial conversion price of the Convertible Notes and is subject to certain adjustments under the terms of the Capped Call Transactions), with such reduction and/or offset subject to a cap based on the cap price of the Capped Call Transactions. The 2020 Capped Call Transactions have an initial cap price of $207.93 per share of the company's common stock. The 2021 Capped Call Transactions have initial cap prices of $216.50 and $225.00 per share of the company's common stock. The 2022 Capped Call Transactions have an initial cap price of $229.00 per share. The Capped Call Transactions cover, initially, the number of shares of the company's common stock underlying the Convertible Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes.

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Foreign Exchange: The company uses foreign currency forward, foreign exchange swaps and option purchase and sales contracts 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 notional amount of foreign currency contracts outstanding was $224.6 million and $562.5 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of the forward and option contracts was a loss of $0.6 million at the end of the third quarter of 2023.

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 swapped one-month LIBOR for fixed rates. In February 2022, the company entered into an additional floating-to-fixed interest rate swap agreement that uses a daily SOFR in lieu of LIBOR. In April 2023, all outstanding LIBOR swap agreements were amended to one month term SOFR. 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 September 30, 2023, the fair value of these instruments was an asset of $62.2 million. The change in fair value of these swap agreements in the first nine months of 2023 was a loss of $2.1 million, net of taxes.

The following table summarizes the company’s fair value of interest rate swaps (in thousands):

			Condensed Consolidated Balance Sheet Presentation						Sep 30, 2023						Dec 31, 2022
Fair value			Prepaid expense and other						$	3,288					$	6,805
Fair value			Other assets						$	58,875					$	58,180

The impact on earnings from interest rate swaps was as follows (in thousands):

									Three Months Ended												Nine Months Ended
			Presentation of Gain/(loss)						Sep 30, 2023						Oct 1, 2022						Sep 30, 2023						Oct 1, 2022
Gain/(loss) recognized in accumulated other comprehensive income			Other comprehensive income						$	8,706					$	33,105					$	21,141					$	78,347
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)			Interest expense						$	8,679					$	171					$	23,963					$	(7,646)

Interest rate swaps are subject to default risk to the extent the counterparties are unable to satisfy their 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 agreements.

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

 

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The Commercial Foodservice Equipment Group has a broad portfolio of foodservice equipment, which enables it to serve virtually any cooking, warming, holding, refrigeration, freezing and beverage application within a commercial kitchen or foodservice operation. This equipment is used across all types of foodservice operations, including quick-service restaurants, full-service restaurants, ghost kitchens, convenience stores, supermarkets, 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, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers, soft serve ice cream equipment, coffee and beverage dispensing equipment, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, IoT solutions and controls development and manufacturing.

 

The Food Processing Equipment Group offers a broad portfolio of processing solutions for customers producing protein products, such as bacon, salami, hot dogs, dinner sausages, poultry and lunchmeats and baked goods such as muffins, cookies, crackers, pies, bread and buns. Through its broad line of products, the company is able to deliver a wide array of food preparation, thermal processing, slicing/packaging, facility automation and equipment sanitation solutions to service a variety of food processing requirements demanded by its customers. The company can offer highly integrated full processing line 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 tumblers, massagers, grinders, slicers, reduction and emulsion systems, mixers, blenders, formers, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment, filling and depositing solutions, and forming equipment, as well as a variety of automated loading and unloading systems, automated washing systems, auto-guided vehicles, 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, cooktops, microwaves, ovens, refrigerators, dishwashers, undercounter refrigeration, wine cellars, ice machines, beer dispensers, ventilation equipment, mixers, rotisseries and outdoor cooking equipment.

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.

Net Sales Summary

(dollars in thousands)

			Three Months Ended																								Nine Months Ended
			Sep 30, 2023												Oct 1, 2022												Sep 30, 2023												Oct 1, 2022
			Sales						Percent						Sales						Percent						Sales						Percent						Sales						Percent
Business Segments:
Commercial Foodservice			$	634,009					64.7		%				$	619,557					62.4		%				$	1,893,607					62.5		%				$	1,765,849					58.8		%
Food Processing			166,667						17.0						152,349						15.3						528,918						17.5						403,245						13.5
Residential Kitchen			179,975						18.3						220,965						22.3						605,504						20.0						832,054						27.7
Total			$	980,651					100.0		%				$	992,871					100.0		%				$	3,028,029					100.0		%				$	3,001,148					100.0		%

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

			Commercial  Foodservice						Food Processing						Residential Kitchen						Corporate and Other (1)						Total
Three Months Ended September 30, 2023
Net sales			$	634,009					$	166,667					$	179,975					$	—					$	980,651
Income (loss) from operations (2, 3)			158,582						37,472						10,915						(32,528)						174,441
Depreciation expense (4)			6,957						1,924						3,304						403						12,588
Amortization expense (5)			13,959						2,677						2,280						1,777						20,693
Net capital expenditures			7,056						6,672						6,825						777						21,330
Nine Months Ended September 30, 2023
Net sales			$	1,893,607					$	528,918					$	605,504					$	—					$	3,028,029
Income (loss) from operations (2, 3)			452,113						111,483						51,197						(94,559)						520,234
Depreciation expense (4)			20,134						5,910						10,070						974						37,088
Amortization expense (5)			42,905						6,946						6,768						5,351						61,970
Net capital expenditures			34,805						11,744						20,579						2,517						69,645
Total assets			$	3,775,421					$	1,030,366					$	1,976,071					$	140,750					$	6,922,608
Three Months Ended October 1, 2022
Net sales			$	619,557					$	152,349					$	220,965					$	—					$	992,871
Income (loss) from operations (2, 3)			142,999						27,661						29,788						(38,743)						161,705
Depreciation expense (4)			5,822						1,591						1,861						205						9,479
Amortization expense (5)			14,124						4,470						1,289						1,778						21,661
Net capital expenditures			10,235						2,959						5,211						376						18,781
Nine Months Ended October 1, 2022
Net sales			$	1,765,849					$	403,245					$	832,054					$	—					$	3,001,148
Income (loss) from operations (2, 3)			390,218						66,164						100,811						(105,697)						451,496
Depreciation expense (4)			17,478						4,281						9,271						578						31,608
Amortization expense (5)			41,169						8,319						20,448						5,373						75,309
Net capital expenditures			23,165						10,121						16,457						1,171						50,914
Total assets			$	3,716,686					$	857,891					$	1,949,883					$	147,401					$	6,671,861

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

(2)Non-operating expenses are not allocated to the operating 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.

(3)Restructuring expenses are allocated in operating income by segment.

(4)Includes depreciation on right of use assets.

(5)Includes amortization of deferred financing costs and Convertible Notes issuance costs.

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Geographic Information

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

			Sep 30, 2023						Oct 1, 2022
United States and Canada			$	525,347					$	470,952
Asia			39,294						33,432
Europe and Middle East			154,794						135,341
Latin America			14,351						12,377
Total international			$	208,439					$	181,150
			$	733,786					$	652,102

The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands):

						Three Months Ended												Nine Months Ended
						Sep 30, 2023						Oct 1, 2022						Sep 30, 2023						Oct 1, 2022
Net Periodic Pension Benefit:
Interest cost						11,606						5,881						$	34,220					$	18,867
Expected return on assets						(14,816)						(17,505)						(43,687)						(56,155)
Amortization of net loss						7						847						21						2,716
Amortization of prior service cost						657						611						1,939						1,960
						$	(2,546)					$	(10,166)					$	(7,507)					$	(32,612)

In November 2017, the company's Board of Directors approved a stock repurchase program authorizing the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. In May 2022, the company's Board of Directors approved the company to repurchase an additional 2,500,000 shares of its outstanding common stock under the current program. During the three months ended September 30, 2023, the company purchased zero shares of its common stock under the program. During the nine months ended September 30, 2023, the company repurchased 397,738 shares of its common stock under the program for $55.6 million, including applicable commissions and excise tax, which represented an average price of $139.68. As of September 30, 2023, 3,116,364 shares had been purchased under the stock repurchase program and 1,883,636 shares remained authorized for repurchase.

The company also treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. During the nine months ended September 30, 2023, the company repurchased 126,550 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $19.7 million.

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v3.23.3

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-9973
Entity Registrant Name	THE MIDDLEBY CORPORATION
Entity Central Index Key	0000769520
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3352497
Entity Address, Address Line One	1400 Toastmaster Drive,
Entity Address, City or Town	Elgin,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60120
City Area Code	(847)
Local Phone Number	741-3300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	MIDD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		53,603,195
Entity Small Business	false
Entity Emerging Growth Company	false

v3.23.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 167,189	$ 162,001
Accounts receivable, net of reserve for doubtful accounts of $23,578 and $20,295	633,169	631,134
Inventories, net	1,015,047	1,077,729
Prepaid expenses and other	131,287	125,640
Prepaid Taxes	14,165	9,492
Total current assets	1,960,857	2,005,996
Property, plant and equipment, net of accumulated depreciation of $326,916 and $299,572	498,871	443,528
Goodwill	2,452,419	2,411,834
Other intangibles	1,775,546	1,794,232
Long-term deferred tax assets	8,877	6,738
Other assets	226,038	212,538
Total assets	6,922,608	6,874,866
Current liabilities:
Current maturities of long-term debt	44,330	45,583
Accounts payable	224,375	271,374
Accrued expenses	595,542	671,327
Total current liabilities	864,247	988,284
Long-term debt	2,535,896	2,676,741
Deferred Income Tax Liabilities, Net	214,021	220,204
Liability, Defined Benefit Pension Plan, Noncurrent	5,420	14,948
Other non-current liabilities	207,809	176,942
Stockholders' equity:
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	0	0
Common stock, $0.01 par value; 63,941,790 and 63,508,855 shares issued in 2023 and 2022, respectively	148	147
Cumulative Effect Period of Adoption ASU 2020-06, Paid-in capital	463,475	408,376
Treasury stock, at cost; 10,338,764 and 9,814,480 shares in 2023 and 2022	(906,011)	(831,176)
Cumulative Effect Period of Adoptions ASU 2020-06, Retained earnings	3,823,461	3,498,872
Accumulated other comprehensive loss	(285,858)	(278,472)
Total stockholders' equity	3,095,215	2,797,747
Total liabilities and stockholders' equity	$ 6,922,608	$ 6,874,866

v3.23.3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts receivable, reserve for doubtful accounts	$ 23,578	$ 20,295
Property, plant and equipment, accumulated depreciation	326,916	299,572
Finite-Lived Intangible Assets, Accumulated Amortization	$ 559,186	$ 503,034
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, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares issued	63,941,790	63,508,855
Treasury stock, shares	10,338,764	9,814,480

v3.23.3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Revenue from Contract with Customer, Excluding Assessed Tax		$ 980,651	$ 992,871	$ 3,028,029	$ 3,001,148
Cost of sales		605,329	627,639	1,880,736	1,944,664
Gross profit		375,322	365,232	1,147,293	1,056,484
Selling, General and Administrative Expense		196,433	201,200	615,361	596,757
Restructuring Charges		4,448	2,327	11,698	8,231
Income from operations	[1],[2]	174,441	161,705	520,234	451,496
Net interest expense and deferred financing amortization, net		31,080	24,067	92,071	62,563
Net periodic pension benefit (other than service costs)		(2,103)	(9,944)	(6,929)	(32,244)
Other (income) expense, net		1,072	8,529	2,642	18,478
Earnings before income taxes		144,392	139,053	432,450	402,699
Provision for income taxes		35,742	34,684	107,861	99,327
Net earnings		$ 108,650	$ 104,369	$ 324,589	$ 303,372
Net earnings per share:
Earnings Per Share, Basic		$ 2.03	$ 1.94	$ 6.06	$ 5.60
Earnings Per Share, Diluted		$ 2.01	$ 1.92	$ 5.99	$ 5.50
Weighted average number of shares
Basic (in shares)		53,588,000	53,867,000	53,569,000	54,190,000
Dilutive common stock equivalents (in shares)		569,000	517,000	623,000	944,000
Diluted (in shares)		54,157,000	54,384,000	54,192,000	55,134,000
Comprehensive income		$ 76,504	$ 64,883	$ 317,203	$ 208,597
[1] Non-operating expenses are not allocated to the operating 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] Restructuring expenses are allocated in operating income by segment.(4)Includes depreciation on right of use assets.

v3.23.3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Treasury Stock, Common	Retained Earnings	Accumulated Other Comprehensive Income (loss)
Balance, Beginning at Jan. 01, 2022	$ 2,494,276	$ 147	$ 357,309	$ (566,399)	$ 3,062,303	$ (359,084)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	303,372	0	0	0	303,372	0
Currency translation adjustment	(201,176)	0	0	0	0	(201,176)
Change in unrecognized pension benefit costs, net of tax	44,127	0	0	0	0	44,127
Unrealized gain (loss) on interest rate swamp, net of tax	63,604	0	0	0	0	63,604
Unrealized loss on certain investments, net of tax	(1,330)	0	0	0	0	(1,330)
Stock compensation	42,641	0	42,641	0	0	0
Purchase of treasury stock	(239,680)	0	0	(239,680)	0	0
Purchase of capped calls	(7,291)	0	(7,291)	0	0	0
Balance, Ending at Oct. 01, 2022	2,498,543	147	392,659	(806,079)	3,365,675	(453,859)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax	(443)
Balance, Beginning at Jul. 02, 2022	2,417,970	147	376,898	(806,008)	3,261,306	(414,373)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	104,369	0	0	0	104,369	0
Currency translation adjustment	(81,774)	0	0	0	0	(81,774)
Change in unrecognized pension benefit costs, net of tax	17,928	0	0	0	0	17,928
Unrealized gain (loss) on interest rate swamp, net of tax	24,360	0	0	0	0	24,360
Unrealized loss on certain investments, net of tax	0
Stock compensation	15,761	0	15,761	0	0	0
Purchase of treasury stock	(71)	0	0	(71)	0	0
Balance, Ending at Oct. 01, 2022	2,498,543	147	392,659	(806,079)	3,365,675	(453,859)
Balance, Beginning at Dec. 31, 2022	2,797,747	147	408,376	(831,176)	3,498,872	(278,472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	324,589	0	0	0	324,589	0
Currency translation adjustment	(4,751)	0	0	0	0	(4,751)
Change in unrecognized pension benefit costs, net of tax	(544)	0	0	0	0	(544)
Unrealized gain (loss) on interest rate swamp, net of tax	(2,091)	0	0	0	0	(2,091)
Unrealized loss on certain investments, net of tax	0
Stock compensation	35,305	0	35,305	0	0	0
Stock issuance	19,795	1	19,794	0	0	0
Purchase of treasury stock	(74,835)	0	0	(74,835)	0	0
Balance, Ending at Sep. 30, 2023	3,095,215	148	463,475	(906,011)	3,823,461	(285,858)
Balance, Beginning at Jul. 01, 2023	2,999,526	148	444,290	(906,011)	3,714,811	(253,712)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	108,650	0	0	0	108,650	0
Currency translation adjustment	(36,602)	0	0	0	0	(36,602)
Change in unrecognized pension benefit costs, net of tax	4,436	0	0	0	0	4,436
Unrealized gain (loss) on interest rate swamp, net of tax	20	0	0	0	0	20
Unrealized loss on certain investments, net of tax	0
Stock compensation	13,175	0	13,175	0	0	0
Stock issuance	6,010	0	6,010	0	0	0
Balance, Ending at Sep. 30, 2023	$ 3,095,215	$ 148	$ 463,475	$ (906,011)	$ 3,823,461	$ (285,858)

v3.23.3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	$ 367	$ 2,775	$ 461	$ 6,850
Unrealized gain on interest rate swap, tax	$ 7	$ 8,574	$ (731)	22,389
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax				(443)
Adjustments to Additional Paid in Capital, Purchase of Capped Calls, Tax				$ (2,364)

v3.23.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Cash flows from operating activities--
Net earnings	$ 324,589	$ 303,372
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization expense	99,058	106,917
Non-cash share-based compensation	35,305	42,641
Deferred income taxes	(6,553)	17,657
Net periodic pension benefit (other than service costs)	(6,929)	(32,244)
Other Noncash Income (Expense)	(684)	(32,455)
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	(430)	(11,174)
Inventories, net	66,973	(214,017)
Prepaid expenses and other assets	(2,481)	(30,832)
Accounts payable	(49,188)	(47,262)
Accrued expenses and other liabilities	(86,557)	70,846
Net cash provided by operating activities	373,103	173,449
Cash flows from investing activities--
Additions to property and equipment	(69,645)	(50,914)
Payments to Acquire Intangible Assets	(1,805)	(701)
Acquisitions, net of cash acquired	(67,774)	(206,253)
Net cash (used in) investing activities	(139,224)	(257,868)
Cash flows from financing activities--
Proceeds under Credit Facility	565,200	1,715,000
Repayments under Credit Facility	711,692	1,360,750
Premiums paid for capped call	0	(9,655)
Net repayments under international credit facilities	(495)	(24,156)
Payments of deferred purchase price	(4,079)	(7,930)
Repurchase of treasury stock	(74,544)	(239,680)
Other, net	(158)	(235)
Net cash (used in) provided by financing activities	(225,768)	72,594
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	(2,923)	(23,619)
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	5,188	(35,444)
Cash and cash equivalents at beginning of year	162,001	180,362
Cash and cash equivalents at end of quarter	167,189	144,918
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Stock issuance related to acquisition and purchase of intangible assets	$ 19,795	$ 0

v3.23.3

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies a)Basis of Presentation The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2022 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2023. Certain reclassifications of prior year data have been made to conform with current year reporting. In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of September 30, 2023 and December 31, 2022, the results of operations for the three and nine months ended September 30, 2023 and October 1, 2022, cash flows for the nine months ended September 30, 2023 and October 1, 2022 and statement of stockholders' equity for the three and nine months ended September 30, 2023 and October 1, 2022. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Actual results could differ from the company's estimates. b)Non-Cash Share-Based Compensation The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $13.2 million and $15.7 million for the three months period ended September 30, 2023 and October 1, 2022, respectively. Non-cash share-based compensation expense was $35.3 million and $42.6 million for the nine months period ended September 30, 2023 and October 1, 2022, respectively. c)Income Taxes A tax provision of $35.7 million, at an effective rate of 24.8%, was recorded during the three months period ended September 30, 2023, as compared to a $34.7 million tax provision at an effective rate of 24.9% in the prior year period. A tax provision of $107.9 million, at an effective rate of 24.9%, was recorded during the nine months period ended September 30, 2023, as compared to a $99.3 million tax provision at a 24.7% effective rate in the prior year period. The effective tax rate for the nine months period ended September 30, 2023 is higher than the comparable year rate primarily due to an increase in the UK statutory income tax rate from 19% in 2022 to a 23.5% blended rate in 2023. d)Fair Value Measures  Accounting Standards Codification ("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 the company's own assumptions. The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands): Fair Value Level 1 Fair Value Level 2 Fair Value Level 3 Total As of September 30, 2023 Financial Assets:  Interest rate swaps $ —  $ 62,163  $ —  $ 62,163  Financial Liabilities:     Contingent consideration $ —  $ —  $ 60,789  $ 60,789      Foreign exchange derivative contracts $ —  $ 558  $ —  $ 558  As of December 31, 2022 Financial Assets:     Interest rate swaps $ —  $ 64,985  $ —  $ 64,985  Financial Liabilities:     Contingent consideration $ —  $ —  $ 47,242  $ 47,242      Foreign exchange derivative contracts $ —  $ 474  $ —  $ 474  The contingent consideration as of September 30, 2023 and December 31, 2022, relates to the earnout provisions recorded in conjunction with various purchase agreements. The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreement. 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. Discount rates for valuing contingent consideration are determined based on the company rates and specific acquisition risk considerations. Changes in fair value associated with the earnout provisions are recognized in Selling, general and administrative expenses within the Condensed Consolidated Statements of Comprehensive Income. The following table represents changes in the fair value of the contingent consideration liabilities: September 30, 2023 Beginning balance $ 47,242  Payments of contingent consideration (4,117) New contingent consideration 15,318  Changes in fair value 2,346  Ending balance $ 60,789  e)    Consolidated Statements of Cash Flows Cash paid for interest was $93.4 million and $57.0 million for the nine months ended September 30, 2023 and October 1, 2022, respectively. Cash payments totaling $119.4 million and $84.2 million were made for income taxes for the nine months ended September 30, 2023 and October 1, 2022, respectively. Other non-cash items in the adjustments to reconcile net earnings to net cash provided by operating activities consists primarily of unrealized foreign exchange on non-functional currency third party debt. f)    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 vesting of restricted stock grants computed using the treasury method and amounted to 19,000 and 23,000 for the three months ended September 30, 2023, and October 1, 2022, respectively. The company’s potentially dilutive securities consist of shares issuable on vesting of restricted stock grants computed using the treasury method and amounted to 9,000 and 12,000 for the nine months ended September 30, 2023 and October 1, 2022, respectively. For the nine months ended September 30, 2023 and October 1, 2022, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes (as defined below) resulting in 614,000 and 932,000 diluted common stock equivalents to be included in the diluted net earnings per share, respectively. There have been no material conversions to date. See Note 12, Financing Arrangements for further details on the Convertible Notes. There were no anti-dilutive restricted stock grants excluded from common stock equivalents in any period presented.

v3.23.3

Acquisitions and Purchase Accounting	3 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Business Combination Disclosure	Acquisitions and Purchase Accounting The company accounts 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 company recognizes identifiable intangible assets, primarily trade names and customer relationships, at their fair value using a discounted cash flow model. The significant assumptions used to estimate the value of the intangible assets include revenue growth rates, projected profit margins, discount rates, royalty rates, and customer attrition rates. These significant assumptions are forward-looking and could be affected by future economic and market conditions. The results of operations are reflected in the consolidated financial statements of the company from the dates of acquisition. The company completed no material acquisitions during the nine months ended September 30, 2023. Other 2022 Acquisitions During 2022, the company completed various acquisitions that were not individually material. The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2022 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Period Adjustments Adjusted Opening Balance Sheet Cash $ 25,860  $ 159  $ 26,019  Current assets 115,264  (8,653) 106,611  Property, plant and equipment 44,598  615  45,213  Goodwill 139,633  8,945  148,578  Other intangibles 93,147  7,018  100,165  Long-term deferred tax asset 426  635  1,061  Other assets 1,420  3,209  4,629  Current portion of long-term debt (22,841) 2,043  (20,798) Current liabilities (57,158) (2,611) (59,769) Long term debt (5,646) (3,995) (9,641) Long-term deferred tax liability (23,137) 1,994  (21,143) Other non-current liabilities (19,061) (7,022) (26,083) Consideration paid at closing $ 292,505  $ 2,337  $ 294,842  Contingent consideration 19,105  3,969  23,074  Net assets acquired and liabilities assumed $ 311,610  $ 6,306  $ 317,916  The net long-term deferred tax liability amounted to $20.1 million. The net deferred tax liability is comprised of $20.9 million related to the difference between the book and tax basis of identifiable intangible assets and $0.8 million net deferred tax asset related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $46.0 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $31.5 million allocated to customer relationships, $16.0 million allocated to developed technology, and $6.7 million allocated to backlog, which are being amortized over periods of 7 to 9 years, 5 to 11 years, and 3 to 12 months, respectively. Goodwill of $113.8 million and other intangibles of $63.8 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $32.5 million and other intangibles of $35.6 million are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Goodwill of $2.3 million and other intangibles of $0.8 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $21.5 million and intangibles of $11.9 million are expected to be deductible for tax purposes. Four purchase agreements include earnout provisions providing for a contingent payment due to the sellers for the achievement of certain targets. Three earnouts are payable to the extent certain EBITDA targets are met with measurement dates ending between 2022 and 2025. One of these three earnouts is also payable yearly through 2026 based on product sales. One earnout is payable yearly through 2027 based on product sales. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amount to $23.1 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 for certain acquisitions completed during 2022. Certain intangible assets are preliminarily valued using historical information from the Commercial Foodservice Equipment Group, Food Processing Equipment Group and Residential Kitchen Equipment Group and qualitative assessments of the individual businesses at acquisition date. Specifically, the company estimated the fair values of the intangible assets based on the percentage of purchase price assigned to similar intangible assets in previous acquisitions. Thus, the provisional measurements of fair values 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. Other 2023 Acquisitions During 2023, the company completed various acquisitions that were not individually material. The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2023 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Period Adjustments Adjusted Opening Balance Sheet Cash $ 3,102  $ —  $ 3,102  Current assets 9,964  542  10,506  Property, plant and equipment 21,954  —  21,954  Goodwill 38,422  1,089  39,511  Other intangibles 34,337  (713) 33,624  Current liabilities (3,774) (1,091) (4,865) Long-term deferred tax liability (958) —  (958) Other non-current liabilities (12,099) —  (12,099) Consideration paid at closing $ 90,948  $ (173) $ 90,775  Contingent consideration 14,743  —  14,743  Net assets acquired and liabilities assumed $ 105,691  $ (173) $ 105,518  The net long-term deferred tax liability amounted to $1.0 million. The net deferred tax liability is comprised of $0.4 million related to the difference between the book and tax basis of identifiable intangible assets and $0.6 million related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $17.9 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $7.2 million allocated to customer relationships, and $7.9 million allocated to developed technology, and $0.6 million allocated to backlog, which are being amortized over periods of 7 years, 7 to 12 years, and 9 months, respectively. Goodwill of $17.9 million and other intangibles of $7.8 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $8.3 million and other intangibles of $14.1 million are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Goodwill of $13.3 million and other intangibles of $11.7 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $37.9 million and intangibles of $32.2 million are expected to be deductible for tax purposes. Four purchase agreements include earnout provisions providing for a contingent payment due to the sellers for the achievement of certain targets. Four earnouts are payable to the extent certain sales and EBITDA targets are met with measurement dates ending between 2024 and 2026. One earnout is payable upon the achievement of certain product rollout targets specific to the year of measurement. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amount to $14.7 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 for all acquisitions completed during 2023. Certain intangible assets are preliminarily valued using historical information from the Commercial Foodservice Equipment Group and Food Processing Equipment Group and qualitative assessments of the individual businesses at acquisition date. Specifically, the company estimated the fair values of the intangible assets based on the percentage of purchase price assigned to similar intangible assets in previous acquisitions. Thus, the provisional measurements of fair values 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 nine months ended September 30, 2023 and October 1, 2022, assumes the 2022 and 2023 acquisitions described above were completed on January 2, 2022 (first day of fiscal year 2022). The following pro forma results include adjustments to reflect 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):  Nine Months Ended   September 30, 2023 October 1, 2022 Net sales $ 3,037,755  $ 3,115,311  Net earnings 327,032  294,878  Net earnings per share:     Basic $ 6.10  $ 5.44  Diluted $ 6.03  $ 5.35    The historical consolidated financial information of the company and the acquisitions have been adjusted in the pro forma information to give effect to 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 the acquired businesses.

v3.23.3

Litigation Matters	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Litigation Matters	Litigation MattersFrom 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 pending litigation will have a material effect on its financial condition, results of operations or cash flows.

v3.23.3

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards Accounting Pronouncements - Recently Adopted In October 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The new accounting rules require entities to apply “Revenue from Contracts with Customers (Topic 606)” to recognize and measure contract assets and contract liabilities in a business combination. The new accounting rules were effective for the Company in the first quarter of 2023. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for the company as of January 1, 2023 and only impacts annual financial statement footnote disclosures. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The standard should be applied prospectively, and it allows for a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method. The new standard expands and clarifies the use of the portfolio layer method for fair value hedges of interest rate risk. The new standard allows non-prepayable financial assets to also be included in a closed portfolio hedged using the portfolio layer method. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The new guidance on hedging multiple layers in a closed portfolio should be applied prospectively and the guidance on the accounting for fair value basis adjustments should be applied on a modified retrospective basis. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures. Accounting Pronouncements - To be adopted In March 2023, the FASB issued Accounting Standards Update ASU 2023-01, “Leases (Topic 842): Common Control Arrangements.” This ASU clarified the accounting for leasehold improvements for leases under common control. The guidance is effective for the Company beginning on January 1, 2024. The company is currently evaluating the impacts the adoption of this guidance will have on its Consolidated Financial Statements and disclosures.

v3.23.3

Revenue Recognition Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue Recognition [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue Recognition Disaggregation of Revenue The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its 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 the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands):   Commercial  Foodservice Food Processing Residential Kitchen Total Three Months Ended September 30, 2023       United States and Canada $ 458,529  $ 111,092  $ 116,522  $ 686,143  Asia 59,922  6,389  3,371  69,682  Europe and Middle East 91,112  34,250  57,474  182,836  Latin America 24,446  14,936  2,608  41,990  Total $ 634,009  $ 166,667  $ 179,975  $ 980,651  Nine Months Ended September 30, 2023       United States and Canada $ 1,385,929  $ 354,945  $ 395,236  $ 2,136,110  Asia 173,901  30,507  8,652  213,060  Europe and Middle East 272,252  101,808  194,631  568,691  Latin America 61,525  41,658  6,985  110,168  Total $ 1,893,607  $ 528,918  $ 605,504  $ 3,028,029  Three Months Ended October 1, 2022 United States and Canada $ 459,971  $ 108,449  $ 145,757  $ 714,177  Asia 55,243  7,805  11,647  74,695  Europe and Middle East 86,963  24,263  60,200  171,426  Latin America 17,380  11,832  3,361  32,573  Total $ 619,557  $ 152,349  $ 220,965  $ 992,871  Nine Months Ended October 1, 2022 United States and Canada $ 1,302,591  $ 297,778  $ 563,047  $ 2,163,416  Asia 148,419  15,673  27,724  191,816  Europe and Middle East 267,558  58,931  234,203  560,692  Latin America 47,281  30,863  7,080  85,224  Total $ 1,765,849  $ 403,245  $ 832,054  $ 3,001,148  Contract Balances Contract assets primarily relate to the company's right to consideration for work completed but not billed at the reporting date and are recorded in prepaid expenses and other in the Condensed Consolidated Balance Sheet. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Accounts receivable are not considered contract assets under the revenue standard as contract assets are conditioned upon the company's future satisfaction of a performance obligation. Accounts receivable, in contracts, are unconditional rights to consideration. Contract liabilities relate to advance consideration received from customers for which revenue has not been recognized. Current contract liabilities are recorded in accrued expenses in the Condensed Consolidated Balance Sheet. Non-current contract liabilities are recorded in other non-current liabilities in the Condensed Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized. The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands):   Sep 30, 2023 Dec 31, 2022 Contract assets $ 59,129  $ 40,438  Contract liabilities $ 141,388  $ 185,824  Non-current contract liabilities $ 15,328  $ 12,495  During the nine months period ended September 30, 2023, the company reclassified $32.2 million to receivables, which was included in the contract asset balance at the beginning of the period. During the nine months period ended September 30, 2023, the company recognized revenue of $99.4 million which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized to date were $88.3 million during the nine months period ended September 30, 2023. In addition, contract liabilities increased due to the acquisitions during the nine months ended September 30, 2023. Substantially all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the nine months period ended September 30, 2023.

v3.23.3

Other Comprehensive Income	9 Months Ended
	Sep. 30, 2023
Disclosure Other Comprehensive Income Additional Information [Abstract]
Other Comprehensive Income	Other Comprehensive Income Changes in accumulated other comprehensive income(1) were as follows (in thousands):   Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Unrealized Loss Certain Investments Total Balance as of December 31, 2022 $ (205,345) $ (121,701) $ 48,574  $ —  $ (278,472) Other comprehensive income before reclassification (4,751) (2,131) 21,872  —  14,990  Amounts reclassified from accumulated other comprehensive income —  1,587  (23,963) —  (22,376) Net current-period other comprehensive income $ (4,751) $ (544) $ (2,091) —  $ (7,386) Balance as of September 30, 2023 $ (210,096) $ (122,245) $ 46,483  —  $ (285,858) Balance as of January 1, 2022 $ (97,654) $ (249,696) $ (13,064) $ 1,330  $ (359,084) Other comprehensive income before reclassification (201,176) 44,127  55,958  (1,330) (102,421) Amounts reclassified from accumulated other comprehensive income —  —  7,646  —  7,646  Net current-period other comprehensive income $ (201,176) $ 44,127  $ 63,604  $ (1,330) $ (94,775) Balance as of October 1, 2022 $ (298,830) $ (205,569) $ 50,540  $ —  $ (453,859) (1) As of September 30, 2023, pension and interest rate swap are net of tax of $(1.5) million and $16.1 million, respectively. During the nine months ended September 30, 2023, the adjustments to pension and interest rate swap were net of tax of $0.5 million and $(0.7) million, respectively. As of October 1, 2022, pension, interest rate swap, and gain on investment amounts are net of tax of $(32.6) million and $17.9 million, respectively. During the nine months ended October 1, 2022, the adjustments to pension, unrealized gain/(loss) interest rate swap, and loss on investments were net of tax of $6.9 million, $22.4 million, and $(0.4) million, respectively. Components of other comprehensive income were as follows (in thousands):   Three Months Ended Nine Months Ended   Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Net earnings $ 108,650  $ 104,369  $ 324,589  $ 303,372  Currency translation adjustment (36,602) (81,774) (4,751) (201,176) Pension liability adjustment, net of tax 4,436  17,928  (544) 44,127  Unrealized gain (loss) on interest rate swaps, net of tax 20  24,360  (2,091) 63,604  Unrealized loss on certain investments, net of tax —  —  —  (1,330) Comprehensive income $ 76,504  $ 64,883  $ 317,203  $ 208,597

v3.23.3

Inventories	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Inventories	Inventories Inventories are composed of material, labor and overhead and are stated at the lower of cost or net realizable value. 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 September 30, 2023 and December 31, 2022 are as follows (in thousands):    Sep 30, 2023 Dec 31, 2022 Raw materials and parts $ 529,698  $ 595,325  Work-in-process 94,057  86,083  Finished goods 391,292  396,321    $ 1,015,047  $ 1,077,729

v3.23.3

Goodwill	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of December 31, 2022 $ 1,309,776  $ 350,303  $ 751,755  $ 2,411,834  Goodwill acquired during the year 8,256  17,923  13,332  39,511  Measurement period adjustments to goodwill acquired in prior year 2,412  1,540  —  3,952  Exchange effect (4,573) (1,591) 3,286  (2,878) Balance as of September 30, 2023 $ 1,315,871  $ 368,175  $ 768,373  $ 2,452,419  The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter and since that assessment, the company does not believe there are any indicators of impairment requiring subsequent analysis. This is supported by the review of order rates, backlog levels and financial performance across business segments.

v3.23.3

Intangibles	9 Months Ended
	Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets Disclosure [Text Block]	Intangibles Intangible assets consist of the following (in thousands):     September 30, 2023 December 31, 2022 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 7.2 $ 839,507  $ (509,610) 7.6 $ 839,811  $ (460,885) Backlog 0.0 7,496  (7,286) 0.1 8,301  (6,352) Developed technology 8.4 97,886  (42,290) 8.3 79,763  (35,797)     $ 944,889  $ (559,186)   $ 927,875  $ (503,034) Indefinite-lived assets:             Trademarks and tradenames   $ 1,389,843      $ 1,369,391    The aggregate intangible amortization expense was $18.9 million and $19.8 million for the three months period ended September 30, 2023 and October 1, 2022, respectively. The aggregate intangible amortization expense was $56.6 million and $69.9 million for the nine months period ended September 30, 2023 and October 1, 2022, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):   Twelve Month Period coinciding with the end of the company's Fiscal Third Quarter Amortization Expense   2024 $ 66,884  2025 57,668  2026 55,416  2027 47,063  2028 40,934  Thereafter 117,738  $ 385,703

v3.23.3

Accrued Expenses	9 Months Ended
	Sep. 30, 2023
Disclosure Accrued Expenses [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands):   Sep 30, 2023 Dec 31, 2022 Contract liabilities $ 141,388  $ 185,824  Accrued payroll and related expenses 115,363  122,861  Accrued warranty 87,327  82,096  Accrued customer rebates 56,357  70,706  Accrued short-term leases 26,634  25,250  Accrued sales and other tax 24,889  24,044  Accrued contingent consideration 19,720  20,529  Accrued professional fees 18,442  19,541  Accrued agent commission 16,788  17,381  Accrued product liability and workers compensation 11,150  11,326  Other accrued expenses 77,484  91,769    $ 595,542  $ 671,327

v3.23.3

Warranty Costs	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
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, actual 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 is as follows (in thousands):   Nine Months Ended   Sep 30, 2023 Balance as of December 31, 2022 $ 82,096  Warranty reserve related to acquisitions 290  Warranty expense 67,892  Warranty claims (62,951) Balance as of September 30, 2023 $ 87,327

v3.23.3

Financing Arrangements	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Financing Arrangements	Financing Arrangements   Sep 30, 2023 Dec 31, 2022   (in thousands) Senior secured revolving credit line $ 148,645  $ 251,805  Term loan facility 951,819  975,785  Delayed draw term loan facility 731,250  750,000  Convertible senior notes 740,602  737,918  Foreign loans 7,169  5,917  Other debt arrangement 741  899  Total debt 2,580,226  2,722,324  Less:  Current maturities of long-term debt 44,330  45,583  Long-term debt $ 2,535,896  $ 2,676,741  Credit Facility As of September 30, 2023, the company had $1.8 billion of borrowings outstanding under its credit facility (the "Credit Facility"), including $956.3 million outstanding under the term loan ($951.8 million, net of unamortized issuance fees) and $731.3 million outstanding under the delayed draw term loan. The company also had $1.6 million in outstanding letters of credit as of September 30, 2023, which reduces the borrowing availability under the Credit Facility. Remaining borrowing capacity under this facility was $2.6 billion at September 30, 2023. On August 11, 2022, the company borrowed $750.0 million against the delayed draw term facility as provided under the Credit Agreement. The funds were used to reduce outstanding borrowings under the revolver. The delayed draw term loan amortizes in quarterly installments due on the last day of each fiscal quarter, and commenced on December 31, 2022, in an amount equal to 0.625% of the principal drawn, with the balance, plus any accrued interest payable by October 21, 2026. At September 30, 2023, borrowings under the Credit Facility accrued interest at a rate of 1.625% above the daily simple or term Secured Overnight Financing Rate (“SOFR”) per annum or 0.625% above the highest of the prime rate, the federal funds rate plus 0.50% and one month Term SOFR plus 1.00%. 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. As of September 30, 2023, borrowings under the Credit Facility accrued interest at a minimum of 1.625% above SOFR and the variable unused commitment fee will be at a minimum of 0.25%. Borrowings under the Credit Facility accrue interest at a minimum of 1.625% above the daily simple SOFR or term SOFR for the applicable interest period (each of which includes a spread adjustment of 0.10%). The average interest rate per annum, inclusive of hedging instruments, on the debt under the Credit Facility was equal to 5.11% at the end of the period and the variable commitment fee was equal to 0.25% per annum as of September 30, 2023. The term loan and delayed draw term loan facilities had an average interest rate per annum, inclusive of hedging instruments, of 4.94% as of September 30, 2023. In addition, the company has international credit facilities to fund working capital needs outside the United States. At September 30, 2023, these foreign credit facilities amounted to $7.2 million in U.S. Dollars with a weighted average per annum interest rate of approximately 1.56%. The company’s debt is reflected on the balance sheet at cost. The fair values of the Credit Facility, term debt and foreign and other debt is based on the amount of future cash flows associated with each instrument discounted using the company's incremental borrowing rate. 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 carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt excluding the Convertible Notes is as follows (in thousands):   Sep 30, 2023 Dec 31, 2022   Carrying Value Fair Value Carrying Value Fair Value Total debt excluding convertible senior notes $ 1,839,624  $ 1,844,055  $ 1,984,406  $ 1,989,871  The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At September 30, 2023, the company had outstanding floating-to-fixed interest rate swaps totaling $208.0 million notional amount carrying an average interest rate of 1.55% maturing in less than 12 months and $740.0 million notional amount carrying an average interest rate of 1.69% that mature in more than 12 months but less than 53 months. At September 30, 2023, the company was in compliance with all covenants pursuant to its borrowing agreements. Convertible Notes The following table summarizes the outstanding principal amount and carrying value of the Convertible Notes:   Sep 30, 2023 Dec 31, 2022   (in thousands) Principal amounts: Principal $ 747,499  $ 747,499  Unamortized issuance costs (6,897) (9,581) Net carrying amount $ 740,602  $ 737,918  The following table summarizes total interest expense recognized related to the Convertible Notes:   Three Months Ended Nine Months Ended   Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Contractual interest expense $ 1,847  $ 1,848  $ 5,585  $ 5,606  Interest cost related to amortization of issuance costs 889  888  2,685  2,688  Total interest expense $ 2,736  $ 2,736  $ 8,270  $ 8,294  The estimated fair value of the Convertible Notes was $837.8 million as of September 30, 2023 and was determined through consideration of quoted market prices. The fair value is classified as Level 2, as defined in Note 1(d), Fair Value Measurements, in these Notes to the Condensed Consolidated Financial Statement. The if-converted value of the Convertible Notes did not exceed their respective principal value as of September 30, 2023. Capped Call Transactions In connection with the pricing of the Convertible Notes, the company entered into privately negotiated Capped Call Transactions (the "2020 Capped Call Transactions") and the company used the net proceeds of the offering of the Convertible Notes to pay the aggregate amount of $104.7 million for them. The company entered into two tranches of privately negotiated Capped Call Transactions in December 2021 (the "2021 Capped Call Transactions") in the aggregate amount of $54.6 million. On March 15, 2022 , the company entered into an additional tranche of privately negotiated Capped Call Transactions (the "2022 Capped Call Transactions") in the amount of $9.7 million. The 2020, 2021, and 2022 Capped Call Transactions (collectively, the "Capped Call Transactions") are expected generally to reduce the potential dilution and/or offset the cash payments the company is required to make in excess of the principal amount of the Convertible Notes upon conversion of the Convertible Notes in the event that the market price per share of the company's common stock is greater than the strike price of the Capped Call Transactions (which initially corresponds to the initial conversion price of the Convertible Notes and is subject to certain adjustments under the terms of the Capped Call Transactions), with such reduction and/or offset subject to a cap based on the cap price of the Capped Call Transactions. The 2020 Capped Call Transactions have an initial cap price of $207.93 per share of the company's common stock. The 2021 Capped Call Transactions have initial cap prices of $216.50 and $225.00 per share of the company's common stock. The 2022 Capped Call Transactions have an initial cap price of $229.00 per share. The Capped Call Transactions cover, initially, the number of shares of the company's common stock underlying the Convertible Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes. The Capped Call Transactions are separate transactions entered into by the company with the capped call counterparties, and are not part of the terms of the Convertible Notes and will not affect any holder's right under the Convertible Notes. Holders of the Convertible Notes will not have any rights with respect to the Capped Call Transactions. The Capped Call Transactions do not meet the criteria for separate accounting as a derivative as they are indexed to the company's stock. The premiums paid of the Capped Call Transactions have been included as a net reduction to additional paid-in capital with stockholders' equity.

v3.23.3

Financial Instruments	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Financial Instruments	Financial Instruments Foreign Exchange: The company uses foreign currency forward, foreign exchange swaps and option purchase and sales contracts 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 notional amount of foreign currency contracts outstanding was $224.6 million and $562.5 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of the forward and option contracts was a loss of $0.6 million at the end of the third quarter of 2023. 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 swapped one-month LIBOR for fixed rates. In February 2022, the company entered into an additional floating-to-fixed interest rate swap agreement that uses a daily SOFR in lieu of LIBOR. In April 2023, all outstanding LIBOR swap agreements were amended to one month term SOFR. 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 September 30, 2023, the fair value of these instruments was an asset of $62.2 million. The change in fair value of these swap agreements in the first nine months of 2023 was a loss of $2.1 million, net of taxes. The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Balance Sheet Presentation Sep 30, 2023 Dec 31, 2022 Fair value Prepaid expense and other $ 3,288  $ 6,805  Fair value Other assets $ 58,875  $ 58,180  The impact on earnings from interest rate swaps was as follows (in thousands):     Three Months Ended Nine Months Ended   Presentation of Gain/(loss) Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 8,706  $ 33,105  $ 21,141  $ 78,347  Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 8,679  $ 171  $ 23,963  $ (7,646) Interest rate swaps are subject to default risk to the extent the counterparties are unable to satisfy their 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 agreements.

v3.23.3

Segment Information	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [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 has a broad portfolio of foodservice equipment, which enables it to serve virtually any cooking, warming, holding, refrigeration, freezing and beverage application within a commercial kitchen or foodservice operation. This equipment is used across all types of foodservice operations, including quick-service restaurants, full-service restaurants, ghost kitchens, convenience stores, supermarkets, 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, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers, soft serve ice cream equipment, coffee and beverage dispensing equipment, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, IoT solutions and controls development and manufacturing.   The Food Processing Equipment Group offers a broad portfolio of processing solutions for customers producing protein products, such as bacon, salami, hot dogs, dinner sausages, poultry and lunchmeats and baked goods such as muffins, cookies, crackers, pies, bread and buns. Through its broad line of products, the company is able to deliver a wide array of food preparation, thermal processing, slicing/packaging, facility automation and equipment sanitation solutions to service a variety of food processing requirements demanded by its customers. The company can offer highly integrated full processing line 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 tumblers, massagers, grinders, slicers, reduction and emulsion systems, mixers, blenders, formers, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment, filling and depositing solutions, and forming equipment, as well as a variety of automated loading and unloading systems, automated washing systems, auto-guided vehicles, 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, cooktops, microwaves, ovens, refrigerators, dishwashers, undercounter refrigeration, wine cellars, ice machines, beer dispensers, ventilation equipment, mixers, rotisseries and outdoor cooking equipment. 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. Net Sales Summary (dollars in thousands)   Three Months Ended Nine Months Ended   Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022   Sales Percent Sales Percent Sales Percent Sales Percent Business Segments:         Commercial Foodservice $ 634,009  64.7  % $ 619,557  62.4  % $ 1,893,607  62.5  % $ 1,765,849  58.8  % Food Processing 166,667  17.0  152,349  15.3  528,918  17.5  403,245  13.5  Residential Kitchen 179,975  18.3  220,965  22.3  605,504  20.0  832,054  27.7      Total $ 980,651  100.0  % $ 992,871  100.0  % $ 3,028,029  100.0  % $ 3,001,148  100.0  % The following table summarizes the results of operations for the company's business segments (in thousands):   Commercial  Foodservice Food Processing Residential Kitchen Corporate and Other (1) Total Three Months Ended September 30, 2023         Net sales $ 634,009  $ 166,667  $ 179,975  $ —  $ 980,651  Income (loss) from operations (2, 3) 158,582  37,472  10,915  (32,528) 174,441  Depreciation expense (4) 6,957  1,924  3,304  403  12,588  Amortization expense (5) 13,959  2,677  2,280  1,777  20,693  Net capital expenditures 7,056  6,672  6,825  777  21,330  Nine Months Ended September 30, 2023 Net sales $ 1,893,607  $ 528,918  $ 605,504  $ —  $ 3,028,029  Income (loss) from operations (2, 3) 452,113  111,483  51,197  (94,559) 520,234  Depreciation expense (4) 20,134  5,910  10,070  974  37,088  Amortization expense (5) 42,905  6,946  6,768  5,351  61,970  Net capital expenditures 34,805  11,744  20,579  2,517  69,645  Total assets $ 3,775,421  $ 1,030,366  $ 1,976,071  $ 140,750  $ 6,922,608  Three Months Ended October 1, 2022         Net sales $ 619,557  $ 152,349  $ 220,965  $ —  $ 992,871  Income (loss) from operations (2, 3) 142,999  27,661  29,788  (38,743) 161,705  Depreciation expense (4) 5,822  1,591  1,861  205  9,479  Amortization expense (5) 14,124  4,470  1,289  1,778  21,661  Net capital expenditures 10,235  2,959  5,211  376  18,781  Nine Months Ended October 1, 2022 Net sales $ 1,765,849  $ 403,245  $ 832,054  $ —  $ 3,001,148  Income (loss) from operations (2, 3) 390,218  66,164  100,811  (105,697) 451,496  Depreciation expense (4) 17,478  4,281  9,271  578  31,608  Amortization expense (5) 41,169  8,319  20,448  5,373  75,309  Net capital expenditures 23,165  10,121  16,457  1,171  50,914  Total assets $ 3,716,686  $ 857,891  $ 1,949,883  $ 147,401  $ 6,671,861  (1)Includes corporate and other general company assets and operations. (2)Non-operating expenses are not allocated to the operating 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. (3)Restructuring expenses are allocated in operating income by segment. (4)Includes depreciation on right of use assets. (5)Includes amortization of deferred financing costs and Convertible Notes issuance costs. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands):   Sep 30, 2023 Oct 1, 2022 United States and Canada $ 525,347  $ 470,952  Asia 39,294  33,432  Europe and Middle East 154,794  135,341  Latin America 14,351  12,377  Total international $ 208,439  $ 181,150    $ 733,786  $ 652,102

v3.23.3

Employee Retirement Plans	9 Months Ended
	Sep. 30, 2023
Employee Retirement Plans [Abstract]
Employee Retirement Plans	Employee Retirement Plans The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands): Three Months Ended Nine Months Ended Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Net Periodic Pension Benefit:     Interest cost 11,606  5,881  $ 34,220  $ 18,867  Expected return on assets (14,816) (17,505) (43,687) (56,155) Amortization of net loss 7  847  21  2,716  Amortization of prior service cost 657  611  1,939  1,960    $ (2,546) $ (10,166) $ (7,507) $ (32,612) The pension costs for all other plans of the company were not material during the period. The service cost component is recognized within Selling, general and administrative expenses and the non-operating components of pension benefit are included within Net periodic pension benefit (other than service cost) in the Condensed Consolidated Statements of Comprehensive Income.

v3.23.3

Share Repurchases	9 Months Ended
	Sep. 30, 2023
Text Block [Abstract]
Treasury Stock [Text Block]	Share Repurchases In November 2017, the company's Board of Directors approved a stock repurchase program authorizing the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. In May 2022, the company's Board of Directors approved the company to repurchase an additional 2,500,000 shares of its outstanding common stock under the current program. During the three months ended September 30, 2023, the company purchased zero shares of its common stock under the program. During the nine months ended September 30, 2023, the company repurchased 397,738 shares of its common stock under the program for $55.6 million, including applicable commissions and excise tax, which represented an average price of $139.68. As of September 30, 2023, 3,116,364 shares had been purchased under the stock repurchase program and 1,883,636 shares remained authorized for repurchase. The company also treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. During the nine months ended September 30, 2023, the company repurchased 126,550 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $19.7 million.

v3.23.3

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2022 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2023. Certain reclassifications of prior year data have been made to conform with current year reporting. In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of September 30, 2023 and December 31, 2022, the results of operations for the three and nine months ended September 30, 2023 and October 1, 2022, cash flows for the nine months ended September 30, 2023 and October 1, 2022 and statement of stockholders' equity for the three and nine months ended September 30, 2023 and October 1, 2022.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Actual results could differ from the company's estimates.
Non-Cash Share-Based Compensation	Non-Cash Share-Based CompensationThe company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $13.2 million and $15.7 million for the three months period ended September 30, 2023 and October 1, 2022, respectively. Non-cash share-based compensation expense was $35.3 million and $42.6 million for the nine months period ended September 30, 2023 and October 1, 2022, respectively.
Fair Value Measures	Fair Value Measures  Accounting Standards Codification ("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 the company's own assumptions.
Earnings Per Share, Policy	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.

v3.23.3

Revenue Recognition Revenue Recognition (Policies)	9 Months Ended
	Sep. 30, 2023
Revenue Recognition [Abstract]
Revenue [Policy Text Block]	The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its 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 the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled.

v3.23.3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands): Fair Value Level 1 Fair Value Level 2 Fair Value Level 3 Total As of September 30, 2023 Financial Assets:  Interest rate swaps $ —  $ 62,163  $ —  $ 62,163  Financial Liabilities:     Contingent consideration $ —  $ —  $ 60,789  $ 60,789      Foreign exchange derivative contracts $ —  $ 558  $ —  $ 558  As of December 31, 2022 Financial Assets:     Interest rate swaps $ —  $ 64,985  $ —  $ 64,985  Financial Liabilities:     Contingent consideration $ —  $ —  $ 47,242  $ 47,242      Foreign exchange derivative contracts $ —  $ 474  $ —  $ 474
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table represents changes in the fair value of the contingent consideration liabilities: September 30, 2023 Beginning balance $ 47,242  Payments of contingent consideration (4,117) New contingent consideration 15,318  Changes in fair value 2,346  Ending balance $ 60,789

v3.23.3

Acquisitions and Purchase Accounting Acquisition and Purchase Accounting (Tables)	9 Months Ended
	Sep. 30, 2023
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Information	The following pro forma results include adjustments to reflect 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):  Nine Months Ended   September 30, 2023 October 1, 2022 Net sales $ 3,037,755  $ 3,115,311  Net earnings 327,032  294,878  Net earnings per share:     Basic $ 6.10  $ 5.44  Diluted $ 6.03  $ 5.35
2022 Acquisitions
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition	The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2022 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Period Adjustments Adjusted Opening Balance Sheet Cash $ 25,860  $ 159  $ 26,019  Current assets 115,264  (8,653) 106,611  Property, plant and equipment 44,598  615  45,213  Goodwill 139,633  8,945  148,578  Other intangibles 93,147  7,018  100,165  Long-term deferred tax asset 426  635  1,061  Other assets 1,420  3,209  4,629  Current portion of long-term debt (22,841) 2,043  (20,798) Current liabilities (57,158) (2,611) (59,769) Long term debt (5,646) (3,995) (9,641) Long-term deferred tax liability (23,137) 1,994  (21,143) Other non-current liabilities (19,061) (7,022) (26,083) Consideration paid at closing $ 292,505  $ 2,337  $ 294,842  Contingent consideration 19,105  3,969  23,074  Net assets acquired and liabilities assumed $ 311,610  $ 6,306  $ 317,916
2023 Acquisitions
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition	The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2023 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Period Adjustments Adjusted Opening Balance Sheet Cash $ 3,102  $ —  $ 3,102  Current assets 9,964  542  10,506  Property, plant and equipment 21,954  —  21,954  Goodwill 38,422  1,089  39,511  Other intangibles 34,337  (713) 33,624  Current liabilities (3,774) (1,091) (4,865) Long-term deferred tax liability (958) —  (958) Other non-current liabilities (12,099) —  (12,099) Consideration paid at closing $ 90,948  $ (173) $ 90,775  Contingent consideration 14,743  —  14,743  Net assets acquired and liabilities assumed $ 105,691  $ (173) $ 105,518

v3.23.3

Revenue Recognition Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue Recognition [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands):   Commercial  Foodservice Food Processing Residential Kitchen Total Three Months Ended September 30, 2023       United States and Canada $ 458,529  $ 111,092  $ 116,522  $ 686,143  Asia 59,922  6,389  3,371  69,682  Europe and Middle East 91,112  34,250  57,474  182,836  Latin America 24,446  14,936  2,608  41,990  Total $ 634,009  $ 166,667  $ 179,975  $ 980,651  Nine Months Ended September 30, 2023       United States and Canada $ 1,385,929  $ 354,945  $ 395,236  $ 2,136,110  Asia 173,901  30,507  8,652  213,060  Europe and Middle East 272,252  101,808  194,631  568,691  Latin America 61,525  41,658  6,985  110,168  Total $ 1,893,607  $ 528,918  $ 605,504  $ 3,028,029  Three Months Ended October 1, 2022 United States and Canada $ 459,971  $ 108,449  $ 145,757  $ 714,177  Asia 55,243  7,805  11,647  74,695  Europe and Middle East 86,963  24,263  60,200  171,426  Latin America 17,380  11,832  3,361  32,573  Total $ 619,557  $ 152,349  $ 220,965  $ 992,871  Nine Months Ended October 1, 2022 United States and Canada $ 1,302,591  $ 297,778  $ 563,047  $ 2,163,416  Asia 148,419  15,673  27,724  191,816  Europe and Middle East 267,558  58,931  234,203  560,692  Latin America 47,281  30,863  7,080  85,224  Total $ 1,765,849  $ 403,245  $ 832,054  $ 3,001,148
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 30, 2023 Dec 31, 2022 Contract assets $ 59,129  $ 40,438  Contract liabilities $ 141,388  $ 185,824  Non-current contract liabilities $ 15,328  $ 12,495

v3.23.3

Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2023
Disclosure Other Comprehensive Income Additional Information [Abstract]
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Changes in accumulated other comprehensive income(1) were as follows (in thousands):   Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Unrealized Loss Certain Investments Total Balance as of December 31, 2022 $ (205,345) $ (121,701) $ 48,574  $ —  $ (278,472) Other comprehensive income before reclassification (4,751) (2,131) 21,872  —  14,990  Amounts reclassified from accumulated other comprehensive income —  1,587  (23,963) —  (22,376) Net current-period other comprehensive income $ (4,751) $ (544) $ (2,091) —  $ (7,386) Balance as of September 30, 2023 $ (210,096) $ (122,245) $ 46,483  —  $ (285,858) Balance as of January 1, 2022 $ (97,654) $ (249,696) $ (13,064) $ 1,330  $ (359,084) Other comprehensive income before reclassification (201,176) 44,127  55,958  (1,330) (102,421) Amounts reclassified from accumulated other comprehensive income —  —  7,646  —  7,646  Net current-period other comprehensive income $ (201,176) $ 44,127  $ 63,604  $ (1,330) $ (94,775) Balance as of October 1, 2022 $ (298,830) $ (205,569) $ 50,540  $ —  $ (453,859)
Schedule of Comprehensive Income (Loss)	Components of other comprehensive income were as follows (in thousands):   Three Months Ended Nine Months Ended   Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Net earnings $ 108,650  $ 104,369  $ 324,589  $ 303,372  Currency translation adjustment (36,602) (81,774) (4,751) (201,176) Pension liability adjustment, net of tax 4,436  17,928  (544) 44,127  Unrealized gain (loss) on interest rate swaps, net of tax 20  24,360  (2,091) 63,604  Unrealized loss on certain investments, net of tax —  —  —  (1,330) Comprehensive income $ 76,504  $ 64,883  $ 317,203  $ 208,597

v3.23.3

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Schedule of Inventory, Current	Inventories at September 30, 2023 and December 31, 2022 are as follows (in thousands):    Sep 30, 2023 Dec 31, 2022 Raw materials and parts $ 529,698  $ 595,325  Work-in-process 94,057  86,083  Finished goods 391,292  396,321    $ 1,015,047  $ 1,077,729

v3.23.3

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of December 31, 2022 $ 1,309,776  $ 350,303  $ 751,755  $ 2,411,834  Goodwill acquired during the year 8,256  17,923  13,332  39,511  Measurement period adjustments to goodwill acquired in prior year 2,412  1,540  —  3,952  Exchange effect (4,573) (1,591) 3,286  (2,878) Balance as of September 30, 2023 $ 1,315,871  $ 368,175  $ 768,373  $ 2,452,419  The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter and since that assessment, the company does not believe there are any indicators of impairment requiring subsequent analysis. This is supported by the review of order rates, backlog levels and financial performance across business segments.

v3.23.3

Intangibles (Tables)	9 Months Ended
	Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]	Intangible assets consist of the following (in thousands):     September 30, 2023 December 31, 2022 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 7.2 $ 839,507  $ (509,610) 7.6 $ 839,811  $ (460,885) Backlog 0.0 7,496  (7,286) 0.1 8,301  (6,352) Developed technology 8.4 97,886  (42,290) 8.3 79,763  (35,797)     $ 944,889  $ (559,186)   $ 927,875  $ (503,034) Indefinite-lived assets:             Trademarks and tradenames   $ 1,389,843      $ 1,369,391
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Twelve Month Period coinciding with the end of the company's Fiscal Third Quarter Amortization Expense   2024 $ 66,884  2025 57,668  2026 55,416  2027 47,063  2028 40,934  Thereafter 117,738  $ 385,703

v3.23.3

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Disclosure Accrued Expenses [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consist of the following (in thousands):   Sep 30, 2023 Dec 31, 2022 Contract liabilities $ 141,388  $ 185,824  Accrued payroll and related expenses 115,363  122,861  Accrued warranty 87,327  82,096  Accrued customer rebates 56,357  70,706  Accrued short-term leases 26,634  25,250  Accrued sales and other tax 24,889  24,044  Accrued contingent consideration 19,720  20,529  Accrued professional fees 18,442  19,541  Accrued agent commission 16,788  17,381  Accrued product liability and workers compensation 11,150  11,326  Other accrued expenses 77,484  91,769    $ 595,542  $ 671,327

v3.23.3

Warranty Costs (Tables)	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Product Warranty Table Disclosure	A rollforward of the warranty reserve is as follows (in thousands):   Nine Months Ended   Sep 30, 2023 Balance as of December 31, 2022 $ 82,096  Warranty reserve related to acquisitions 290  Warranty expense 67,892  Warranty claims (62,951) Balance as of September 30, 2023 $ 87,327

v3.23.3

Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Schedule of Long-term Debt Instruments	Sep 30, 2023 Dec 31, 2022   (in thousands) Senior secured revolving credit line $ 148,645  $ 251,805  Term loan facility 951,819  975,785  Delayed draw term loan facility 731,250  750,000  Convertible senior notes 740,602  737,918  Foreign loans 7,169  5,917  Other debt arrangement 741  899  Total debt 2,580,226  2,722,324  Less:  Current maturities of long-term debt 44,330  45,583  Long-term debt $ 2,535,896  $ 2,676,741

v3.23.3

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Balance Sheet Presentation Sep 30, 2023 Dec 31, 2022 Fair value Prepaid expense and other $ 3,288  $ 6,805  Fair value Other assets $ 58,875  $ 58,180
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The impact on earnings from interest rate swaps was as follows (in thousands):     Three Months Ended Nine Months Ended   Presentation of Gain/(loss) Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 8,706  $ 33,105  $ 21,141  $ 78,347  Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 8,679  $ 171  $ 23,963  $ (7,646)

v3.23.3

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Notes To Financial Statements [Abstract]
Net Sales Summary By Segment	Net Sales Summary (dollars in thousands)   Three Months Ended Nine Months Ended   Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022   Sales Percent Sales Percent Sales Percent Sales Percent Business Segments:         Commercial Foodservice $ 634,009  64.7  % $ 619,557  62.4  % $ 1,893,607  62.5  % $ 1,765,849  58.8  % Food Processing 166,667  17.0  152,349  15.3  528,918  17.5  403,245  13.5  Residential Kitchen 179,975  18.3  220,965  22.3  605,504  20.0  832,054  27.7      Total $ 980,651  100.0  % $ 992,871  100.0  % $ 3,028,029  100.0  % $ 3,001,148  100.0  %
Schedule of Segment Reporting Information, by Segment	The following table summarizes the results of operations for the company's business segments (in thousands):   Commercial  Foodservice Food Processing Residential Kitchen Corporate and Other (1) Total Three Months Ended September 30, 2023         Net sales $ 634,009  $ 166,667  $ 179,975  $ —  $ 980,651  Income (loss) from operations (2, 3) 158,582  37,472  10,915  (32,528) 174,441  Depreciation expense (4) 6,957  1,924  3,304  403  12,588  Amortization expense (5) 13,959  2,677  2,280  1,777  20,693  Net capital expenditures 7,056  6,672  6,825  777  21,330  Nine Months Ended September 30, 2023 Net sales $ 1,893,607  $ 528,918  $ 605,504  $ —  $ 3,028,029  Income (loss) from operations (2, 3) 452,113  111,483  51,197  (94,559) 520,234  Depreciation expense (4) 20,134  5,910  10,070  974  37,088  Amortization expense (5) 42,905  6,946  6,768  5,351  61,970  Net capital expenditures 34,805  11,744  20,579  2,517  69,645  Total assets $ 3,775,421  $ 1,030,366  $ 1,976,071  $ 140,750  $ 6,922,608  Three Months Ended October 1, 2022         Net sales $ 619,557  $ 152,349  $ 220,965  $ —  $ 992,871  Income (loss) from operations (2, 3) 142,999  27,661  29,788  (38,743) 161,705  Depreciation expense (4) 5,822  1,591  1,861  205  9,479  Amortization expense (5) 14,124  4,470  1,289  1,778  21,661  Net capital expenditures 10,235  2,959  5,211  376  18,781  Nine Months Ended October 1, 2022 Net sales $ 1,765,849  $ 403,245  $ 832,054  $ —  $ 3,001,148  Income (loss) from operations (2, 3) 390,218  66,164  100,811  (105,697) 451,496  Depreciation expense (4) 17,478  4,281  9,271  578  31,608  Amortization expense (5) 41,169  8,319  20,448  5,373  75,309  Net capital expenditures 23,165  10,121  16,457  1,171  50,914  Total assets $ 3,716,686  $ 857,891  $ 1,949,883  $ 147,401  $ 6,671,861  (1)Includes corporate and other general company assets and operations. (2)Non-operating expenses are not allocated to the operating 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. (3)Restructuring expenses are allocated in operating income by segment. (4)Includes depreciation on right of use assets. (5)Includes amortization of deferred financing costs and Convertible Notes issuance costs.
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):   Sep 30, 2023 Oct 1, 2022 United States and Canada $ 525,347  $ 470,952  Asia 39,294  33,432  Europe and Middle East 154,794  135,341  Latin America 14,351  12,377  Total international $ 208,439  $ 181,150    $ 733,786  $ 652,102

v3.23.3

Employee Retirement Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Employee Retirement Plans [Abstract]
Schedule of Costs of Retirement Plans [Table Text Block]	The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands): Three Months Ended Nine Months Ended Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Net Periodic Pension Benefit:     Interest cost 11,606  5,881  $ 34,220  $ 18,867  Expected return on assets (14,816) (17,505) (43,687) (56,155) Amortization of net loss 7  847  21  2,716  Amortization of prior service cost 657  611  1,939  1,960    $ (2,546) $ (10,166) $ (7,507) $ (32,612)

v3.23.3

Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Accounting Policies [Abstract]
Non-cash share-based compensation expense	$ 13,200	$ 15,700	$ 35,305	$ 42,641
Provision for income taxes	$ 35,742	$ 34,684	$ 107,861	$ 99,327
Effective Income Tax Rate Reconciliation, Percent	24.80%	24.90%	24.90%	24.70%
Interest paid			$ 93,400	$ 57,000
Income tax payments			$ 119,400	$ 84,200
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	19,000	23,000	9,000	12,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities			614,000	932,000

v3.23.3

Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 60,789	$ 47,242
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(4,117)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases	15,318
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	2,346
Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	62,163	64,985
Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	60,789	47,242
Fair Value, Measurements, Recurring | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	558	474
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	62,163	64,985
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	558	474
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	60,789	47,242
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	$ 0	$ 0

v3.23.3

Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2022 Acquisitions (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 2,452,419	$ 2,411,834
Business Combination, Contingent Consideration, Liability	19,720	20,529
Food Processing Group
Business Acquisition [Line Items]
Goodwill	368,175	350,303
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,315,871	1,309,776
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	768,373	$ 751,755
2022 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	26,019
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	106,611
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	45,213
Goodwill	148,578
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	100,165
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	1,061
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	4,629
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt	(20,798)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(59,769)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt	(9,641)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	21,143
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(26,083)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	294,842
Business Combination, Contingent Consideration, Liability	23,074
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	317,916
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(20,100)
Business Acquisition, Goodwill, Expected Tax Deductible Amount	21,500
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount	11,900
2022 Acquisitions | Tradenames And Trademarks
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	46,000
2022 Acquisitions | Customer Relationships
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	31,500
2022 Acquisitions | Developed Technology Rights
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	16,000
2022 Acquisitions | Backlog
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	6,700
2022 Acquisitions | Book and tax difference, identifiable intangible assets
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	20,900
2022 Acquisitions | Book and tax difference, identifiable tangible assets and liabilities
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(800)
2022 Acquisitions | Food Processing Group
Business Acquisition [Line Items]
Goodwill	113,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	63,800
2022 Acquisitions | Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	32,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	35,600
2022 Acquisitions | Residential Kitchen
Business Acquisition [Line Items]
Goodwill	2,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 800
2022 Acquisitions | Minimum | Customer Relationships
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2022 Acquisitions | Minimum | Developed Technology Rights
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
2022 Acquisitions | Minimum | Backlog
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months
2022 Acquisitions | Maximum | Customer Relationships
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 years
2022 Acquisitions | Maximum | Developed Technology Rights
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	11 years
2022 Acquisitions | Maximum | Backlog
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 months
Initial accounting | 2022 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 25,860
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	115,264
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	44,598
Goodwill	139,633
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	93,147
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	426
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,420
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt	(22,841)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(57,158)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt	(5,646)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	23,137
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(19,061)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	292,505
Business Combination, Contingent Consideration, Liability	19,105
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	311,610
Measurement period adjustment | 2022 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	159
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(8,653)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	615
Goodwill	8,945
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,018
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	635
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	3,209
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt	2,043
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(2,611)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt	(3,995)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(1,994)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(7,022)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	2,337
Business Combination, Contingent Consideration, Liability	3,969
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 6,306

v3.23.3

Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2023 Acquisitions (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 2,452,419	$ 2,411,834
Business Combination, Contingent Consideration, Liability	19,720	20,529
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,315,871	1,309,776
Food Processing Group
Business Acquisition [Line Items]
Goodwill	368,175	350,303
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	768,373	$ 751,755
2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	33,624
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	3,102
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	10,506
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	21,954
Goodwill	39,511
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	33,624
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(4,865)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(12,099)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	90,775
Business Combination, Contingent Consideration, Liability	14,743
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	105,518
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(958)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(1,000)
Business Acquisition, Goodwill, Expected Tax Deductible Amount	37,900
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount	32,200
2023 Acquisitions | Book and tax difference, identifiable intangible assets
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	400
2023 Acquisitions | Book and tax difference, identifiable tangible assets and liabilities
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	600
2023 Acquisitions | Commercial Foodservice Equipment Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	14,100
Business Acquisition [Line Items]
Goodwill	8,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	14,100
2023 Acquisitions | Food Processing Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,800
Business Acquisition [Line Items]
Goodwill	17,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,800
2023 Acquisitions | Residential Kitchen
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	11,700
Business Acquisition [Line Items]
Goodwill	13,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	11,700
2023 Acquisitions | Customer Relationships
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,200
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 7,200
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2023 Acquisitions | Developed Technology Rights
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 7,900
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 7,900
2023 Acquisitions | Developed Technology Rights | Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2023 Acquisitions | Developed Technology Rights | Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
2023 Acquisitions | Backlog
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 600
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 600
2023 Acquisitions | Backlog | Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 months
2023 Acquisitions | Tradenames And Trademarks
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 17,900
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	17,900
Initial accounting | 2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	34,337
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	3,102
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	9,964
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	21,954
Goodwill	38,422
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	34,337
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(3,774)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(12,099)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	90,948
Business Combination, Contingent Consideration, Liability	14,743
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	105,691
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(958)
Measurement period adjustment | 2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	(713)
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	542
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	0
Goodwill	1,089
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	(713)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(1,091)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	0
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	(173)
Business Combination, Contingent Consideration, Liability	0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	(173)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	$ 0

v3.23.3

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 3,037,755	$ 3,115,311
Business Acquisition, Pro Forma Net Income (Loss)	$ 327,032	$ 294,878
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 6.10	$ 5.44
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 6.03	$ 5.35

v3.23.3

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 980,651	$ 992,871	$ 3,028,029	$ 3,001,148
United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	686,143	714,177	2,136,110	2,163,416
Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	69,682	74,695	213,060	191,816
Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	182,836	171,426	568,691	560,692
Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	41,990	32,573	110,168	85,224
Commercial Foodservice Equipment Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	634,009	619,557	1,893,607	1,765,849
Commercial Foodservice Equipment Group | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	458,529	459,971	1,385,929	1,302,591
Commercial Foodservice Equipment Group | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	59,922	55,243	173,901	148,419
Commercial Foodservice Equipment Group | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	91,112	86,963	272,252	267,558
Commercial Foodservice Equipment Group | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	24,446	17,380	61,525	47,281
Food Processing Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	166,667	152,349	528,918	403,245
Food Processing Group | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	111,092	108,449	354,945	297,778
Food Processing Group | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,389	7,805	30,507	15,673
Food Processing Group | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	34,250	24,263	101,808	58,931
Food Processing Group | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	14,936	11,832	41,658	30,863
Residential Kitchen
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	179,975	220,965	605,504	832,054
Residential Kitchen | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	116,522	145,757	395,236	563,047
Residential Kitchen | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,371	11,647	8,652	27,724
Residential Kitchen | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	57,474	60,200	194,631	234,203
Residential Kitchen | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,608	$ 3,361	$ 6,985	$ 7,080

v3.23.3

Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Revenue Recognition [Abstract]
Contract with Customer, Asset, Net, Current	$ 59,129	$ 40,438
Contract liabilities	141,388	185,824
Contract with Customer, Liability, Noncurrent	15,328	$ 12,495
Contract with Customer, Asset, Reclassified to Receivable	32,200
Contract with Customer, Liability, Revenue Recognized	99,400
Contract with Customer, Liability, Increase for Contract Acquired during the Period	88,300
Capitalized Contract Cost, Impairment Loss	$ 0

v3.23.3

Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			$ (278,472)	$ (359,084)
Other comprehensive income before reclassification			14,990	(102,421)
Amounts reclassified from accumulated other comprehensive income			(22,376)	7,646
Net current-period other comprehensive income			(7,386)	(94,775)
End of Period	$ (285,858)	$ (453,859)	(285,858)	(453,859)
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax	(1,500)	(32,600)	(1,500)	(32,600)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax	16,100	17,900	16,100	17,900
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax			500	6,900
Unrealized gain on interest rate swap, tax	7	8,574	(731)	22,389
Other Comprehensive Income (Loss), Unrealized Gain (loss) Certain Investments, Tax				(400)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			(205,345)	(97,654)
Other comprehensive income before reclassification			(4,751)	(201,176)
Amounts reclassified from accumulated other comprehensive income			0	0
Net current-period other comprehensive income			(4,751)	(201,176)
End of Period	(210,096)	(298,830)	(210,096)	(298,830)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			(121,701)	(249,696)
Other comprehensive income before reclassification			2,131	(44,127)
Amounts reclassified from accumulated other comprehensive income			1,587	0
Net current-period other comprehensive income			(544)	44,127
End of Period	(122,245)	(205,569)	(122,245)	(205,569)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Interest Rate Swap
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			48,574	(13,064)
Other comprehensive income before reclassification			21,872	55,958
Amounts reclassified from accumulated other comprehensive income			(23,963)	7,646
Net current-period other comprehensive income			(2,091)	63,604
End of Period	46,483	50,540	46,483	50,540
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			0	1,330
Other comprehensive income before reclassification			0	(1,330)
Amounts reclassified from accumulated other comprehensive income			0	0
Net current-period other comprehensive income			0	(1,330)
End of Period	$ 0	$ 0	$ 0	$ 0

v3.23.3

Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Disclosure Other Comprehensive Income Additional Information [Abstract]
Net earnings	$ 108,650	$ 104,369	$ 324,589	$ 303,372
Currency Translation Adjustment	(36,602)	(81,774)	(4,751)	(201,176)
Change in unrecognized pension benefit costs, net of tax	4,436	17,928	(544)	44,127
Unrealized gain (loss) on interest rate swamp, net of tax	20	24,360	(2,091)	63,604
Comprehensive income	76,504	64,883	317,203	208,597
Unrealized loss on certain investments, net of tax	$ 0	$ 0	$ 0	$ (1,330)

v3.23.3

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Notes To Financial Statements [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 529,698	$ 595,325
Inventory, Work in Process, Net of Reserves	94,057	86,083
Inventory, Finished Goods, Net of Reserves	391,292	396,321
Inventories, net	$ 1,015,047	$ 1,077,729

v3.23.3

Changes in Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Line Items]
Balance beginning of period	$ 2,411,834
Goodwill acquired during the year	39,511
Measurement period adjustments to goodwill acquired in prior year	3,952
Goodwill, Foreign Currency Translation Gain (Loss)	(2,878)
Balance end of period	2,452,419
Commercial Foodservice Equipment Group
Goodwill [Line Items]
Balance beginning of period	1,309,776
Goodwill acquired during the year	8,256
Measurement period adjustments to goodwill acquired in prior year	2,412
Goodwill, Foreign Currency Translation Gain (Loss)	(4,573)
Balance end of period	1,315,871
Food Processing Group
Goodwill [Line Items]
Balance beginning of period	350,303
Goodwill acquired during the year	17,923
Measurement period adjustments to goodwill acquired in prior year	1,540
Goodwill, Foreign Currency Translation Gain (Loss)	(1,591)
Balance end of period	368,175
Residential Kitchen
Goodwill [Line Items]
Balance beginning of period	751,755
Goodwill acquired during the year	13,332
Measurement period adjustments to goodwill acquired in prior year	0
Goodwill, Foreign Currency Translation Gain (Loss)	3,286
Balance end of period	$ 768,373

v3.23.3

Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 944,889		$ 944,889		$ 927,875
Finite-Lived Intangible Assets, Accumulated Amortization	(559,186)		(559,186)		$ (503,034)
Amortization of Intangible Assets	18,900	$ 19,800	56,600	$ 69,900
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	66,884		66,884
Finite-Lived Intangible Assets, Amortization Expense, Year Two	57,668		57,668
Finite-Lived Intangible Assets, Amortization Expense, Year Three	55,416		55,416
Finite-Lived Intangible Assets, Amortization Expense, Year Four	47,063		47,063
Finite-Lived Intangible Assets, Amortization Expense, Year Five	40,934		40,934
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	117,738		117,738
Finite-Lived Intangible Assets, Net	$ 385,703		$ 385,703
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years 2 months 12 days		7 years 2 months 12 days		7 years 7 months 6 days
Finite-Lived Intangible Assets, Gross	$ 839,507		$ 839,507		$ 839,811
Finite-Lived Intangible Assets, Accumulated Amortization	$ (509,610)		$ (509,610)		$ (460,885)
Backlog
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	0 years		0 years		1 month 6 days
Finite-Lived Intangible Assets, Gross	$ 7,496		$ 7,496		$ 8,301
Finite-Lived Intangible Assets, Accumulated Amortization	$ (7,286)		$ (7,286)		$ (6,352)
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years 4 months 24 days		8 years 4 months 24 days		8 years 3 months 18 days
Finite-Lived Intangible Assets, Gross	$ 97,886		$ 97,886		$ 79,763
Finite-Lived Intangible Assets, Accumulated Amortization	(42,290)		(42,290)		(35,797)
Tradenames And Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 1,389,843		$ 1,389,843		$ 1,369,391

v3.23.3

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Disclosure Accrued Expenses [Abstract]
Contract liabilities	$ 141,388	$ 185,824
Accrued payroll and related expenses	115,363	122,861
Accrued warranty	87,327	82,096
Accrued customer rebates	56,357	70,706
Accrued short-term leases	26,634	25,250
Accrued sales and other tax	24,889	24,044
Accrued professional services	18,442	19,541
Accrued agent commission	16,788	17,381
Accrued Product Liability And Workers Compensation Liability Current	11,150	11,326
Business Combination, Contingent Consideration, Liability	19,720	20,529
Other accrued expenses	77,484	91,769
Accrued expenses	$ 595,542	$ 671,327

v3.23.3

Rollforward of Warranty Reserve (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Disclosure Rollforward Of Warranty Reserve [Abstract]
Beginning balance	$ 82,096
Warranty reserve related to acquisitions	290
Warranty expense	67,892
Warranty claims	(62,951)
Ending balance	$ 87,327

v3.23.3

Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Senior secured revolving credit line	$ 148,645	$ 251,805
Term loan facility	951,819	975,785
Delayed draw term loan facility	731,250	750,000
Convertible senior notes	740,602	737,918
Other Long-term Debt	741	899
Total debt	2,580,226	2,722,324
Less: Current maturities of long-term debt	44,330	45,583
Long-term debt	2,535,896	2,676,741
Foreign
Debt Disclosure [Line Items]
Foreign loans	$ 7,169	$ 5,917

v3.23.3

Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Term loan facility	$ 951,819	$ 975,785
Credit facility, outstanding	1,800,000
Letters of Credit Outstanding, Amount	$ 1,600
Debt Instrument Interest Additional Interest Above Fed Funds Rate	0.50%
Debt Instrument, Interest Rate, Increase (Decrease)	1.00%
Credit facility, average interest rate	5.11%
Variable commitment fee	0.25%
Term loan facility average interest rate	4.94%
Line of credit, Current and Noncurrent, Foreign	$ 7,200
Line of Credit Facility, Interest Rate at Period End	1.56%
Derivative Notional Amount, Current	$ 208,000
Derivative Notional Amount, NonCurrent	$ 740,000
Derivative Fixed Interest Rate, Current	1.55%
Term loan facility, gross	$ 956,300
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,600,000
Debt Instrument Interest Additional Interest Above LIBOR Rate, elevated covenants	1.625%
Line Of Credit Facility Commitment Fee Percentage, elevated covenants	0.25%
Delayed draw term loan facility, amortization quarter percent	0.625%
Debt Instrument Interest Additional Interest Above SOFR Rate	1.625%
Debt Instrument Interest Additional Interest Above SOFR Rate Alternative	0.625%
Debt Instrument Interest Additional Interest Above SOFR Rate, elevated covenants	1.625%
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	$ 747,499	$ 747,499
Revolving Credit Facility
Debt Disclosure [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.10%

v3.23.3

Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Carrying Value	$ 2,580,226	$ 2,722,324
Derivative Fixed Interest Rate, Noncurrent	1.69%
Debt excluding convertible senior notes
Debt Disclosure [Line Items]
Carrying Value	$ 1,839,624	1,984,406
Fair Value	$ 1,844,055	$ 1,989,871

v3.23.3

Convertible Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Convertible senior notes	$ 740,602	$ 737,918
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	747,499	747,499
Unamortized Debt Issuance Expense	$ (6,897)	$ (9,581)

v3.23.3

Convertible Debt Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Debt Disclosure [Line Items]
Interest Expense, Debt, Excluding Amortization	$ 1,847	$ 1,848	$ 5,585	$ 5,606
Amortization of Debt Discount (Premium)	889	888	2,685	2,688
Interest Expense	$ 2,736	$ 2,736	$ 8,270	$ 8,294

v3.23.3

Convertible Debt Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($)
Convertible Debt
Debt Disclosure [Line Items]
Notes Payable, Fair Value Disclosure	$ 837.8

v3.23.3

Capped Call Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Mar. 22, 2022	Dec. 22, 2021	Dec. 16, 2021	Aug. 21, 2020
Debt Disclosure [Line Items]
Premiums paid for capped call	$ 0	$ 9,655,000
2021 Capped Call Transaction One
Debt Disclosure [Line Items]
Premiums paid for capped call	54,600,000
2022 Capped Call Transaction
Debt Disclosure [Line Items]
Premiums paid for capped call	$ 9,700,000
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Capped Call Transaction, Net Cost						$ 104,700,000
Debt Instrument, Capped Call Transaction Cap Price, Per Share						$ 207.93
Convertible Debt | 2021 Capped Call Transaction One
Debt Disclosure [Line Items]
Debt Instrument, Capped Call Transaction Cap Price, Per Share					$ 216.50
Convertible Debt | 2022 Capped Call Transaction
Debt Disclosure [Line Items]
Debt Instrument, Capped Call Transaction Cap Price, Per Share			$ 229.00
Convertible Debt | 2021 Capped Call Transaction Two
Debt Disclosure [Line Items]
Debt Instrument, Capped Call Transaction Cap Price, Per Share				$ 225.00

v3.23.3

Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 224,600	$ 562,500
Prepaid Expenses and Other Current Assets | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	3,288	6,805
Other Noncurrent Assets | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	$ 58,875	$ 58,180

v3.23.3

Impact on Earnings from Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income			$ (22,376)	$ 7,646
Interest Rate Swap | Other Comprehensive Income
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 8,706	$ 33,105	21,141	78,347
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ 8,679	$ 171	$ 23,963	$ (7,646)

v3.23.3

Financial Instruments Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Derivative [Line Items]
Fair value of interest rate swaps liability	$ 62.2
Loss in fair value of interest rate swaps	2.1
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Fair Value, Net	$ (0.6)

v3.23.3

Net Sales Summary (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 980,651	$ 992,871	$ 3,028,029	$ 3,001,148
Percent	100.00%	100.00%	100.00%	100.00%
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 634,009	$ 619,557	$ 1,893,607	$ 1,765,849
Percent	64.70%	62.40%	62.50%	58.80%
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 166,667	$ 152,349	$ 528,918	$ 403,245
Percent	17.00%	15.30%	17.50%	13.50%
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 179,975	$ 220,965	$ 605,504	$ 832,054
Percent	18.30%	22.30%	20.00%	27.70%

v3.23.3

Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 980,651	$ 992,871	$ 3,028,029	$ 3,001,148
Income from operations	[1],[2]	174,441	161,705	520,234	451,496
Depreciation	[3]	12,588	9,479	37,088	31,608
Amortization of Intangible Assets and Debt Issuance Costs	[4]	20,693	21,661	61,970	75,309
Capital Expenditures Net		21,330	18,781	69,645	50,914
Total assets		6,922,608	6,671,861	6,922,608	6,671,861	$ 6,874,866
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		634,009	619,557	1,893,607	1,765,849
Income from operations	[1],[2]	158,582	142,999	452,113	390,218
Depreciation	[3]	6,957	5,822	20,134	17,478
Amortization of Intangible Assets and Debt Issuance Costs		13,959	14,124	42,905	41,169
Capital Expenditures Net		7,056	10,235	34,805	23,165
Total assets		3,775,421	3,716,686	3,775,421	3,716,686
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		166,667	152,349	528,918	403,245
Income from operations	[1],[2]	37,472	27,661	111,483	66,164
Depreciation	[3]	1,924	1,591	5,910	4,281
Amortization of Intangible Assets and Debt Issuance Costs		2,677	4,470	6,946	8,319
Capital Expenditures Net		6,672	2,959	11,744	10,121
Total assets		1,030,366	857,891	1,030,366	857,891
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		179,975	220,965	605,504	832,054
Income from operations	[1],[2]	10,915	29,788	51,197	100,811
Depreciation	[3]	3,304	1,861	10,070	9,271
Amortization of Intangible Assets and Debt Issuance Costs		2,280	1,289	6,768	20,448
Capital Expenditures Net		6,825	5,211	20,579	16,457
Total assets		1,976,071	1,949,883	1,976,071	1,949,883
Corporate and Other
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0	0	0	0
Income from operations	[1],[2],[5]	(32,528)	(38,743)	(94,559)	(105,697)
Depreciation	[3],[5]	403	205	974	578
Amortization of Intangible Assets and Debt Issuance Costs	[4],[5]	1,777	1,778	5,351	5,373
Capital Expenditures Net	[5]	777	376	2,517	1,171
Total assets	[5]	$ 140,750	$ 147,401	$ 140,750	$ 147,401
[1] Non-operating expenses are not allocated to the operating 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] Restructuring expenses are allocated in operating income by segment.(4)Includes depreciation on right of use assets. [3] Includes depreciation on right of use assets [4] Includes amortization of deferred financing costs and Convertible Notes issuance costs [5] Includes corporate and other general company assets and operations.

v3.23.3

Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Oct. 01, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 733,786	$ 652,102
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	525,347	470,952
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	39,294	33,432
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	154,794	135,341
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	14,351	12,377
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 208,439	$ 181,150

v3.23.3

Employee Retirement Plans Additional Information (Details) - Non-US Plans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 11,606	$ 5,881	$ 34,220	$ 18,867
Expected return on assets	(14,816)	(17,505)	(43,687)	(56,155)
Amortization of net loss	7	847	21	2,716
Amortization of prior service cost	657	611	1,939	1,960
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (2,546)	$ (10,166)	$ (7,507)	$ (32,612)

v3.23.3

Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	May 13, 2022	Nov. 07, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased During Period, Shares	0		397,738
Stock Repurchased During Period, Value			$ 55,600
Treasury Stock Acquired, Average Cost Per Share			$ 139.68
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	1,883,636		1,883,636
Treasury Stock, Value, Acquired, Cost Method		$ 71	$ 74,835	$ 239,680
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired			126,550
Treasury Stock, Value, Acquired, Cost Method			$ 19,700
2017 Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					2,500,000	2,500,000
Share Repurchase Program, Number of Shares Repurchased	3,116,364		3,116,364

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