Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 29, 2025


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File No. 1-9973

THE MIDDLEBY CORPORATION

(Exact name of registrant as specified in its charter)


Delaware			36-3352497
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification Number)


1400 Toastmaster Drive,	Elgin,	Illinois	60120
(Address of principal executive offices)			(Zip Code)


Registrant's telephone number, including area code:			(847)			741-3300

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “accelerated filer," "large accelerated filer," "smaller reporting company," and "emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock	MIDD	Nasdaq Global Select Market

As of May 5, 2025, there were 53,481,521 shares of the registrant's common stock outstanding.

THE MIDDLEBY CORPORATION

QUARTER ENDED MARCH 29, 2025

INDEX


DESCRIPTION		PAGE
PART I. FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements (unaudited)

	CONDENSED CONSOLIDATED BALANCE SHEETS as of MARCH 29, 2025 and DECEMBER 28, 2024	1

	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the three months ended MARCH 29, 2025 and MARCH 30, 2024	2

	CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY for the three months ended MARCH 29, 2025 and MARCH 30, 2024	3

	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the three months ended MARCH 29, 2025 and MARCH 30, 2024	4

	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	5

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 4.	Controls and Procedures	28

PART II. OTHER INFORMATION

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 6.	Exhibits	30

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share Data)

(Unaudited)


ASSETS	Mar 29, 2025		Dec 28, 2024
Current assets:
Cash and cash equivalents	$	745,143	$	689,533
Accounts receivable, net of reserve for doubtful accounts of $25,812 and $24,597	645,511		643,355
Inventories, net	877,729		841,567
Prepaid expenses and other	130,884		131,566
Prepaid taxes	14,496		24,022
Total current assets	2,413,763		2,330,043
Property, plant and equipment, net of accumulated depreciation of $393,087 and $377,408	550,736		525,965
Goodwill	2,543,430		2,518,222
Other intangibles, net of amortization of $651,045 and $633,842	1,606,204		1,611,037
Long-term deferred tax assets	6,418		6,281
Pension benefits assets	96,411		91,207
Other assets	184,419		200,396
Total assets	$	7,401,381	$	7,283,151

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt	$	43,878	$	43,949
Accounts payable	230,585		208,908
Accrued expenses	611,360		576,465
Total current liabilities	885,823		829,322
Long-term debt	2,341,295		2,351,118
Long-term deferred tax liability	248,093		252,062
Accrued pension benefits	9,375		9,573
Other non-current liabilities	186,874		202,645
Stockholders' equity:
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	—		—
Common stock, $0.01 par value; 64,463,971 and 64,264,828 shares issued in 2025 and 2024, respectively	148		148
Paid-in capital	522,665		520,177
Treasury stock, at cost; 10,848,215 and 10,574,619 shares in 2025 and 2024, respectively	(983,469)		(940,691)
Retained earnings	4,420,539		4,328,187
Accumulated other comprehensive loss	(229,962)		(269,390)
Total stockholders' equity	3,729,921		3,638,431
Total liabilities and stockholders' equity	$	7,401,381	$	7,283,151

See accompanying notes

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands, Except Per Share Data)

(Unaudited)


	Three Months Ended
		Mar 29, 2025		Mar 30, 2024
Net sales		$	906,627	$	926,926
Cost of sales		560,694		580,568
Gross profit		345,933		346,358
Selling, general and administrative expenses		202,606		206,048
Restructuring expenses		2,729		3,177



Income from operations		140,598		137,133
Interest expense and deferred financing amortization, net		18,364		26,274
Net periodic pension benefit (other than service costs)		(1,497)		(3,678)
Other expense (income), net		2,274		(300)
Earnings before income taxes		121,457		114,837
Provision for income taxes		29,105		28,269
Net earnings		$	92,352	$	86,568

Net earnings per share:
Basic		$	1.72	$	1.61
Diluted		$	1.69	$	1.59
Weighted average number of shares
Basic		53,594		53,654
Dilutive common stock equivalents		1,027		740
Diluted		54,621		54,394
Comprehensive income		$	131,780	$	64,523

See accompanying notes

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(amounts in thousands)

(Unaudited)


	Common Stock		Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income/(loss)		Total Stockholders' Equity











Balance, December 28, 2024	$	148	$	520,177	$	(940,691)	$	4,328,187	$	(269,390)	$	3,638,431
Net earnings	—		—		—		92,352		—		92,352
Currency translation adjustments	—		—		—		—		46,829		46,829
Change in unrecognized pension benefit costs, net of tax of $270	—		—		—		—		(1,952)		(1,952)
Unrealized loss on interest rate swap, net of tax of $(1,701)	—		—		—		—		(5,449)		(5,449)
Stock compensation	—		2,488		—		—		—		2,488

Purchase of treasury stock	—		—		(42,778)		—		—		(42,778)
Balance, March 29, 2025	$	148	$	522,665	$	(983,469)	$	4,420,539	$	(229,962)	$	3,729,921


	Common Stock		Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income/(loss)		Total Stockholders' Equity











Balance, December 30, 2023	$	148	$	479,216	$	(906,031)	$	3,899,754	$	(223,198)	$	3,249,889
Net earnings	—		—		—		86,568		—		86,568
Currency translation adjustments	—		—		—		—		(26,486)		(26,486)
Change in unrecognized pension benefit costs, net of tax of $238	—		—		—		—		1,051		1,051
Unrealized gain on interest rate swap, net of tax of $108	—		—		—		—		3,390		3,390

Stock compensation	—		13,822		—		—		—		13,822

Purchase of treasury stock	—		—		(16,995)		—		—		(16,995)

Balance, March 30, 2024	$	148	$	493,038	$	(923,026)	$	3,986,322	$	(245,243)	$	3,311,239

See accompanying notes

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)


	Three Months Ended
	Mar 29, 2025		Mar 30, 2024
Cash flows from operating activities--
Net earnings	$	92,352	$	86,568
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization	32,145		32,410
Non-cash share-based compensation	2,488		13,822
Deferred income taxes	(6,584)		(6,309)
Net periodic pension benefit (other than service costs)	(1,497)		(3,678)



Other non-cash items	25		691
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	1,444		36,316
Inventories, net	(28,742)		(12,965)
Prepaid expenses and other assets	19,349		6,182
Accounts payable	19,062		7,804
Accrued expenses and other liabilities	11,092		(19,940)
Net cash provided by operating activities	141,134		140,901
Cash flows from investing activities--
Net additions to property, plant and equipment	(33,732)		(13,743)

Purchase of intangible assets	(1,114)		(80)
Acquisitions, net of cash acquired	9		(2,266)
Net cash used in investing activities	(34,837)		(16,089)
Cash flows from financing activities--

Repayments under Credit Facility	(10,938)		(10,938)

Net repayments under foreign bank loan	(433)		(570)

Payments of deferred purchase price	(2,885)		—
Repurchase of treasury stock	(42,778)		(16,995)

Other, net	(57)		(55)

Net cash used in financing activities	(57,091)		(28,558)
Effect of exchange rates on cash and cash equivalents	6,404		(2,732)
Changes in cash and cash equivalents--
Net increase in cash and cash equivalents	55,610		93,522
Cash and cash equivalents at beginning of year	689,533		247,496
Cash and cash equivalents at end of period	$	745,143	$	341,018

See accompanying notes

THE MIDDLEBY CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 29, 2025

(Unaudited)

1)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 2024 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2025.

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 March 29, 2025 and December 28, 2024, the results of operations for the three months ended March 29, 2025 and March 30, 2024, cash flows for the three months ended March 29, 2025 and March 30, 2024 and statement of stockholders' equity for the three months ended March 29, 2025 and March 30, 2024.

Certain prior year amounts have been reclassified to be consistent with current year presentation, including beginning to report the results of a division within the company's Food Processing segment as a result of a change in internal management and potential synergies in operations to be consistent with the reporting of financial information used to assess performance and allocate resources. These operations were previously reported in the Commercial Foodservice segment and are now managed and reported in the Food Processing segment. All prior period segment disclosures have been recast to reflect this change.

Proposed Separation Transaction

On February 25, 2025, the company announced its intent to separate its Food Processing business through a spin-off of the Food Processing business, under which the stock of Food Processing, as a new independent publicly traded company, will be distributed to Middleby’s shareholders. As of the date hereof, Middleby is targeting completion of the separation by early 2026, subject to certain customary conditions, including, among others, final approval by the company’s Board of Directors and the effectiveness of appropriate filings with the SEC. The spin-off of Food Processing is expected to be tax-free for U.S. federal income tax purposes. There can be no assurance that any separation transaction will ultimately occur or, if one does occur, of its terms or timing.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the notes herein.

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 $2.5 million and $13.8 million for the three months period ended March 29, 2025 and March 30, 2024, respectively.

c)Income Taxes

A tax provision of $29.1 million, at an effective rate of 24.0%, was recorded during the three months period ended March 29, 2025, as compared to a $28.3 million tax provision at an effective rate of 24.6% in the prior year period. The effective tax rate for the three months period ended March 29, 2025 is higher than the U.S. statutory tax rate of 21.0% primarily due to state taxes and foreign tax rate differentials.

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 fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

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 March 29, 2025
Financial Assets:
Interest rate swaps	$	—	$	22,802	$	—	$	22,802


Financial Liabilities:

Contingent consideration	$	—	$	—	$	51,873	$	51,873
Foreign exchange derivative contracts	$	—	$	983	$	—	$	983

As of December 28, 2024
Financial Assets:
Interest rate swaps	$	—	$	29,952	$	—	$	29,952


Financial Liabilities:

Contingent consideration	$	—	$	—	$	53,228	$	53,228
Foreign exchange derivative contracts	$	—	$	1,400	$	—	$	1,400

The contingent consideration as of March 29, 2025 and December 28, 2024 relates to the earnout provisions recorded in conjunction with various purchase agreements.

Earnout liabilities are classified within Level 3 in the fair value hierarchy, as the methodology used to estimate fair value includes significant unobservable inputs reflecting management’s own assumptions. 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 earnout liabilities are included in accrued expenses and other non-current liabilities.

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


	March 29, 2025
Beginning balance	$	53,228
Payments of contingent consideration	(2,028)
New contingent consideration	—
Changes in fair value	673
Ending balance	$	51,873

e) Consolidated Statements of Cash Flows

Cash paid for interest was $24.7 million and $27.9 million for the three months ended March 29, 2025 and March 30, 2024, respectively. Cash payments totaling $7.9 million and $8.4 million were made for income taxes for the three months ended March 29, 2025 and March 30, 2024, 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 upon vesting of restricted stock grants, computed using the treasury method, and amounted to 3,000 for the three months ended March 30, 2024. There were no potentially dilutive securities for the three months ended March 29, 2025.

For the three months ended March 29, 2025 and March 30, 2024, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes (as defined below) resulting in 1,028,000 and 737,000 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.

2) 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.

2025 Acquisitions

There were no acquisitions incurred during the three months ended March 29, 2025.

2024 Acquisitions

During 2024, 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 date for the 2024 acquisitions and are summarized as follows (in thousands):


	Preliminary Opening Balance Sheet		Measurement Period Adjustments		Adjusted Opening Balance Sheet
Cash	$	7,868	$	9	$	7,877
Current assets	41,836		(1,385)		40,451
Property, plant and equipment	31,515		(358)		31,157
Goodwill	61,046		528		61,574
Other intangibles	32,248		—		32,248
Long-term deferred tax asset	9		—		9
Other assets	266		1,004		1,270
Current portion of long-term debt	(290)		—		(290)
Current liabilities	(42,304)		570		(41,734)
Long-term debt	(369)		—		(369)
Long-term deferred tax liability	(1,132)		—		(1,132)
Other non-current liabilities	(10,763)		(368)		(11,131)

Consideration paid at closing	$	119,930	$	—	$	119,930

Deferred payments	—		76		76
Contingent consideration	8,681		—		8,681

Net assets acquired and liabilities assumed	$	128,611	$	76	$	128,687

The net long-term deferred tax liability amounted to $1.1 million. The net deferred tax liability is related to the difference between the book and tax basis of identifiable intangible assets.

The goodwill and $16.7 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $12.1 million allocated to customer relationships, $1.1 million allocated to developed technology, and $2.3 million allocated to backlog, which are being amortized over periods of 5 years to 7 years, 7 years, and 3 months to 9 months, respectively. Goodwill of $47.3 million and other intangibles of $24.0 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $14.3 million and other intangibles of $8.2 million are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Of these assets, goodwill of $52.4 million and intangibles of $28.0 million are expected to be deductible for tax purposes.

Two purchase agreements include earnout provisions providing for a contingent payment due to the sellers for the achievement of certain targets. Two earnouts are payable to the extent certain sales and EBITDA targets are met with measurement dates ending between 2026 and 2027. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amounts to $8.7 million. One purchase agreement includes a deferred payment due to the sellers payable in 2030. The contractual obligation associated with the deferred payment on the acquisition date amounts to $0.1 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 the acquisitions completed during 2024. Certain intangible assets are preliminarily valued using historical information from the Food Processing Equipment Group and Commercial Foodservice Equipment Group and qualitative assessment of the 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 three months ended March 29, 2025 and March 30, 2024, assumes the 2024 and 2025 acquisitions described above were completed on December 31, 2023 (first day of fiscal year 2024). The following pro forma results include adjustments to reflect amortization of intangibles associated with the acquisitions and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data):


	Three Months Ended
	March 29, 2025		March 30, 2024
Net sales	$	906,627	$	946,145
Net earnings	93,395		82,230

Net earnings per share:
Basic	$	1.74	$	1.53
Diluted	$	1.71	$	1.51

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.

3) Litigation Matters

Legal Proceedings and Contingencies.

From 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 adverse effect on its financial condition, results of operations or cash flows.

4) Recently Issued Accounting Standards

In December 2023, the FASB issued Accounting Standard Update ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity’s income tax rate reconciliation table. This ASU requires consistent categories and greater disaggregation of information presented in the effective tax rate reconciliation and requires disclosure of income taxes paid in both domestic and foreign jurisdictions. The guidance is effective for the company for annual periods beginning on January 1, 2025 and is required to be applied prospectively, with retrospective application to prior periods allowed. Early adoption is permitted. The company is currently evaluating the impact of this amendment on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the footnotes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The company is currently evaluating the impact of the adoption of this standard.

5) 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 March 29, 2025
United States and Canada	$	413,860	$	93,163	$	112,851	$	619,874
Asia	48,715		3,704		2,808		55,227
Europe and Middle East	82,051		54,688		58,920		195,659
Latin America	18,091		16,351		1,425		35,867
Total	$	562,717	$	167,906	$	176,004	$	906,627








Three Months Ended March 30, 2024
United States and Canada	$	425,742	$	103,816	$	107,041	$	636,599
Asia	51,083		6,672		2,596		60,351
Europe and Middle East	83,045		49,245		62,157		194,447
Latin America	21,543		11,881		2,105		35,529
Total	$	581,413	$	171,614	$	173,899	$	926,926

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):


	Mar 29, 2025		Dec 28, 2024
Contract assets	$	61,924	$	68,025
Contract liabilities	$	129,257	$	120,503
Non-current contract liabilities	$	21,822	$	19,930

During the three months period ended March 29, 2025, the company reclassified $24.0 million to receivables, which was included in the contract asset balance at the beginning of the period. During the three months period ended March 29, 2025, the company recognized revenue of $42.3 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 $62.3 million during the three months period ended March 29, 2025.

Remaining Performance Obligations

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 three months period ended March 29, 2025.

6) 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		Total
Balance as of December 28, 2024	$	(213,255)	$	(78,534)	$	22,399	$	(269,390)
Other comprehensive income before reclassification	46,829		(2,464)		(788)		43,577
Amounts reclassified from accumulated other comprehensive income	—		512		(4,661)		(4,149)
Net current-period other comprehensive income	$	46,829	$	(1,952)	$	(5,449)	$	39,428
Balance as of March 29, 2025	$	(166,426)	$	(80,486)	$	16,950	$	(229,962)

Balance as of December 30, 2023	$	(145,490)	$	(109,713)	$	32,005	$	(223,198)
Other comprehensive income before reclassification	(26,486)		619		10,956		(14,911)
Amounts reclassified from accumulated other comprehensive income	—		432		(7,566)		(7,134)
Net current-period other comprehensive income	$	(26,486)	$	1,051	$	3,390	$	(22,045)
Balance as of March 30, 2024	$	(171,976)	$	(108,662)	$	35,395	$	(245,243)

(1) As of March 29, 2025, pension and unrealized loss on interest rate swap amounts, net of tax, were $14.1 million and $6.3 million, respectively. During the three months ended March 29, 2025, the adjustments to pension and unrealized loss on interest rate swap amounts, net of tax, were $0.3 million and $(1.7) million, respectively. As of March 30, 2024, pension and unrealized gain on interest rate swap amounts, net of tax, were $4.2 million and $11.1 million, respectively. During the three months ended March 30, 2024, the adjustments to pension and unrealized gain on interest rate swap amounts, net of tax, were $0.2 million and $0.1 million, respectively.

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


	Three Months Ended
		Mar 29, 2025		Mar 30, 2024
Net earnings		$	92,352	$	86,568
Currency translation adjustment		46,829		(26,486)
Pension liability adjustment, net of tax		(1,952)		1,051
Unrealized (loss) gain on interest rate swaps, net of tax		(5,449)		3,390

Comprehensive income		$	131,780	$	64,523

7) 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 March 29, 2025 and December 28, 2024 are as follows (in thousands):


	Mar 29, 2025		Dec 28, 2024
Raw materials and parts	$	453,112	$	453,273
Work-in-process	90,010		76,601
Finished goods	334,607		311,693
	$	877,729	$	841,567

8) Goodwill

Changes in the carrying amount of goodwill for the three months ended March 29, 2025 are as follows (in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Balance as of December 28, 2024	$	1,312,085	$	432,161	$	773,976	$	2,518,222
Goodwill acquired during the year	—		—		—		—
Measurement period adjustments to goodwill acquired in prior year	65		577				642
Exchange effect and other	(23,928)		37,184		11,310		24,566
Balance as of March 29, 2025	$	1,288,222	$	469,922	$	785,286	$	2,543,430

See Note 1 - Summary of Significant Accounting Policies, Basis of Presentation regarding reclassifications in the current year and prior year segment balances.

The company continues to monitor the current domestic and international political environment, including global trade policies and tariff actions to assess the outlook for demand of its products and the impact on its business and financial performance. The potential impact of tariffs on demand, production levels, and its operating results in the short-term is uncertain, but the company remains committed to evaluating opportunities to mitigate potential increased costs and implementing strategic actions necessary to realize long-term revenue and cash flow growth rates. The potential negative demand effect on revenues is also uncertain given the volatile environment, but demand and production levels are anticipated to recover.

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

9) Intangibles

Intangible assets consist of the following (in thousands):


	March 29, 2025					December 28, 2024
	Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization		Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationships	6.2	$	852,743	$	(595,760)	6.4	$	850,540	$	(581,301)
Backlog	0.3	2,141		(1,525)		0.3	2,192		(804)
Developed technology	7.3	100,316		(53,760)		7.4	98,921		(51,737)
		$	955,200	$	(651,045)		$	951,653	$	(633,842)
Indefinite-lived assets:
Trademarks and tradenames		$	1,302,049				$	1,293,226

The aggregate intangible amortization expense was $16.0 million and $17.4 million for the three months period ended March 29, 2025 and March 30, 2024, 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 First Quarter	Amortization Expense

2026	$	59,077
2027	53,942
2028	45,889
2029	39,444
2030	34,997
Thereafter	70,806
	$	304,155

10) Accrued Expenses

Accrued expenses consist of the following (in thousands):


	Mar 29, 2025		Dec 28, 2024
Contract liabilities	$	129,257	$	120,503
Accrued payroll and related expenses	118,910		107,061
Accrued warranty	100,860		98,306
Accrued customer rebates	37,270		54,558
Accrued contingent consideration	35,634		25,748
Accrued short-term leases	27,410		27,938
Accrued sales and other tax	19,594		20,626
Accrued agent commission	15,360		16,730
Accrued professional fees	13,428		13,973
Accrued product liability and workers compensation	9,859		10,386

Other accrued expenses	103,778		80,636

	$	611,360	$	576,465

11) 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):


	Three Months Ended
	Mar 29, 2025
Balance as of December 28, 2024	$	98,306

Warranty expense	22,518
Warranty claims	(19,964)
Balance as of March 29, 2025	$	100,860

12) Financing Arrangements


	Mar 29, 2025		Dec 28, 2024
	(in thousands)

Term loan facility	$	922,636	$	928,542
Delayed draw term loan facility	707,813		712,500
Convertible senior notes	745,982		745,074
Foreign loans	8,336		8,489
Other debt arrangement	406		462
Total debt	2,385,173		2,395,067
Less: Current maturities of long-term debt	43,878		43,949
Long-term debt	$	2,341,295	$	2,351,118

Credit Facility

As of March 29, 2025, the company had $1.6 billion of borrowings outstanding under its credit facility (the "Credit Facility"), including $925.0 million outstanding under the term loan ($922.6 million, net of unamortized issuance fees) and $707.8 million outstanding under the delayed draw term loan. The company also had $4.5 million in outstanding letters of credit as of March 29, 2025, which reduces the borrowing availability under the Credit Facility. Remaining borrowing capacity under this facility was $2.7 billion at March 29, 2025.

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 March 29, 2025, borrowings under the Credit Facility accrued interest at a rate of 1.375% above the daily simple or term Secured Overnight Financing Rate (“SOFR”) per annum or 0.375% 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 March 29, 2025, borrowings under the Credit Facility accrued interest at a minimum of 1.375% above SOFR and the variable unused commitment fee will be at a minimum of 0.20%. Borrowings under the Credit Facility accrue interest at a minimum of 1.375% 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 4.70% at the end of the period and the variable commitment fee was equal to 0.20% per annum as of March 29, 2025.

The term loan and delayed draw term loan facilities had an average interest rate per annum, inclusive of hedging instruments, of 4.70% as of March 29, 2025.

In addition, the company has international credit facilities to fund working capital needs outside the United States. At March 29, 2025, these foreign credit facilities amounted to $8.3 million in U.S. Dollars with a weighted average per annum interest rate of approximately 2.47%.

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, based on the company’s Leverage Ratio, on its existing debt are consistent with current market conditions and therefore the carrying value of debt reflects the fair value. 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):


	Mar 29, 2025				Dec 28, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt excluding convertible senior notes	$	1,639,191	$	1,641,555	$	1,649,994	$	1,652,702

The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At March 29, 2025, the company had outstanding floating-to-fixed interest rate swaps totaling $355.0 million notional amount carrying an average interest rate of 1.96% maturing in less than 12 months and $315.0 million notional amount carrying an average interest rate of 1.28% that mature in more than 12 months but less than 35 months.

At March 29, 2025, 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:


	Mar 29, 2025		Dec 28, 2024
	(in thousands)
Principal amounts:
Principal	$	747,499	$	747,499

Unamortized issuance costs	(1,517)		(2,425)
Net carrying amount	$	745,982	$	745,074

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


	Three Months Ended
		Mar 29, 2025		Mar 30, 2024
Contractual interest expense		$	1,890	$	1,868
Interest cost related to amortization of issuance costs		908		898
Total interest expense		$	2,798	$	2,766

The estimated fair value of the Convertible Notes was $904.5 million as of March 29, 2025 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 exceeded their respective principal value by $140.3 million as of March 29, 2025.

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.

13) 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 $244.0 million and $239.3 million as of March 29, 2025 and December 28, 2024, respectively. The fair value of the forward and option contracts was a loss of $1.0 million at the end of the first quarter of 2025.

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 March 29, 2025, the fair value of these instruments was an asset of $22.8 million. The change in fair value of these swap agreements in the first three months of 2025 was a loss of $5.4 million, net of taxes.

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


	Condensed Consolidated Balance Sheet Presentation	Mar 29, 2025		Dec 28, 2024
Fair value	Prepaid expense and other	$	4,439	$	1,986
Fair value	Other assets	$	18,363	$	27,966

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


		Three Months Ended
	Presentation of Gain/(loss)		Mar 29, 2025		Mar 30, 2024
Gain/(loss) recognized in accumulated other comprehensive income	Other comprehensive income		$	(2,489)	$	10,847
Gain reclassified from accumulated other comprehensive income (effective portion)	Interest expense		$	4,661	$	7,566

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. As a result, the company has counterparty credit exposure to large global financial institutions, which the company monitors on a regular basis.

14) Segment Information

An operating segment is defined as a component of an enterprise, which has discrete financial information that is evaluated regularly. The company determined that its Chief Executive Officer is the Chief Operating Decision Maker (the "CODM"), who possesses the ultimate authority with respect to assessment of performance, allocation of resources, and all strategic actions of the company. In performing this responsibility, the CODM regularly reviews key internal management reports, financial information including forecasts, and quarterly results, which are prepared at the operating segment level.

In accordance with ASC 280-10, Segment Reporting, the company operates in three reportable operating segments defined by management reporting structure and operating activities. The Company’s reportable segments are: (i) the Commercial Foodservice Equipment Group, (ii) the Food Processing Equipment Group, and (iii) the Residential Kitchen Equipment Group.

Adjusted EBITDA is the profitability metric reported to the CODM for the purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The company defines Adjusted EBITDA as operating income less depreciation, intangible amortization, restructuring, acquisition related adjustments, impairments, stock compensation and other non-recurring items, which management considers to be outside core operating results. The CODM reviews this metric regularly to compare the profitability of segments, identify trends, and evaluate which segments require additional resources or strategic adjustments. The CODM uses Adjusted EBITDA to support the allocation of resources predominantly in the annual budget and forecasting process. The company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business.

Management believes that inter-segment sales are made at established arm's length transfer prices. All inter-segment transactions are eliminated and values are presented net of eliminations. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Additional detail about each of the reportable segments and its corporate income and expenses is set forth below:

The Commercial Foodservice Equipment Group manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry. The Food Processing Equipment Group manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry. The Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market.

See Note 1 - Summary of Significant Accounting Policies, Basis of Presentation regarding reclassifications in the current year and prior year segment balances.

Net Sales Summary

(dollars in thousands)


	Three Months Ended
		Mar 29, 2025	Mar 30, 2024
			Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice			$	562,717	62.1	%	$	581,413	62.7	%
Food Processing			167,906		18.5		171,614		18.5
Residential Kitchen			176,004		19.4		173,899		18.8
Total			$	906,627	100.0	%	$	926,926	100.0	%

The following table summarizes the results of operations for the company's business segments(1) (dollars in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other(2)		Total







Three Months Ended March 29, 2025
Net sales	$	562,717	$	167,906	$	176,004	$	—	$	906,627
Cost of sales	330,445		106,953		122,650		646		560,694
Other segment items (3)	80,865		30,887		32,738		19,363		163,853
Segment adjusted EBITDA (4)	151,407		30,066		20,616		(20,009)		182,080
Depreciation expense (5)	6,630		2,891		4,010		825		14,356
Amortization expense (6)	11,294		2,914		1,784		1,797		17,789
Net capital expenditures	6,739		19,291		7,252		450		33,732
Total assets	3,606,005		1,248,168		1,966,111		581,097		7,401,381









Three Months Ended March 30, 2024
Net sales	$	581,413	$	171,614	$	173,899	$	—	$	926,926
Cost of sales	353,574		105,102		122,741		(849)		580,568
Other segment items (3)	75,907		26,693		39,956		18,016		160,572
Segment adjusted EBITDA (4)	151,932		39,819		11,202		(17,168)		185,785
Depreciation expense (5)	6,817		2,235		3,805		416		13,273
Amortization expense (6)	13,594		1,954		1,802		1,787		19,137
Net capital expenditures	6,056		1,845		5,259		583		13,743
Total assets	3,668,831		1,046,171		1,939,293		276,110		6,930,405

(1)Non-operating expenses are not allocated to the reportable 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)Includes corporate and other general company assets and operations.

(3)Other segment items for each reportable segment includes operating expenses, which primarily consist of selling, general and administrative expenses. Other segment items excludes the impact of depreciation, intangible amortization, restructuring, stock compensation and other items that neither relate to the ordinary course of the company’s business nor reflect the Company’s underlying business performance.

(4)Excludes the impacts mentioned in Other segment items.

(5)Includes depreciation on right of use assets.

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

A reconciliation of our segment information for earnings before income taxes to the corresponding amounts in the Consolidated Statements of Earnings is shown in the table below for the periods presented:


	Three Months Ended
	Mar 29, 2025		Mar 30, 2024
Adjusted EBITDA	$	182,080	$	185,785
Less: Other segment operating expenses (1)	41,482		48,652
Income from operations	140,598		137,133
Interest expense and deferred financing amortization, net	18,364		26,274
Net periodic pension benefit (other than service cost & curtailment)	(1,497)		(3,678)

Other expense (income), net	2,274		(300)
Earnings before income taxes	121,457		114,837
Provision for income taxes	29,105		28,269
Net earnings	$	92,352	$	86,568

(1) Consists of the impact of depreciation, intangible amortization, restructuring, stock compensation and other items that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance.

Geographic Information

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


	Mar 29, 2025		Mar 30, 2024
United States and Canada	$	510,773	$	506,334

Asia	37,466		39,136
Europe and Middle East	279,580		207,847
Latin America	10,165		12,370
Total international	$	327,211	$	259,353
	$	837,984	$	765,687

15) 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
		Mar 29, 2025		Mar 30, 2024
Net Periodic Pension Benefit:
Interest cost		$	11,561	$	10,780
Expected return on assets		(13,871)		(15,297)
Amortization of net loss		14		13
Amortization of prior service cost		668		659


		$	(1,628)	$	(3,845)

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.

16) 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 and July 2024, the company's Board of Directors approved the repurchase of an additional 2,500,000 shares of its outstanding common stock

under the current program. The company did not purchase shares of its common stock under the program during the three months ended March 30, 2024. During March 29, 2025, the company repurchased 192,048 shares of its common stock under the program for $29.2 million. As of March 29, 2025, 3,425,938 shares had been purchased under the stock repurchase program and 4,074,062 shares remained authorized for repurchase.

Subsequent to the end of the first quarter, in May 2025, the company's Board of Directors approved the repurchase of an additional 7,500,000 shares of its outstanding common stock under the current program.

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 three months ended March 29, 2025 and March 30, 2024, the company repurchased 81,548 and 109,859 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $13.6 million and $17.0 million, respectively.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This report contains forward-looking statements subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The company cautions readers that these projections are based upon future results or events and are highly dependent upon a variety of important factors which could cause such results or events to differ materially from any forward-looking statements which may be deemed to have been made in this report, or which are otherwise made by or on behalf of the company. Such factors include, but are not limited to, the possibility that the proposed spin-off of the company’s Food Processing business will not be consummated within the anticipated time period or at all and that the company may not realize all or any of the expected benefits of the spin-off; volatility in earnings resulting from goodwill impairment losses, which may occur irregularly and in varying amounts; variability in financing costs and interest rates; quarterly variations in operating results; dependence on key customers; international exposure; risks associated with the company’s foreign operations, including foreign exchange, tariffs and political risks affecting international sales; unfavorable tax law changes and tax authority rulings; ability to protect trademarks, copyrights and other intellectual property; cybersecurity attacks and other breaches in security; changing market conditions, including inflation; the impact of competitive products and pricing; the impact of announced management and organizational changes; the state of the residential construction, housing and home improvement markets; the state of the credit markets, including mortgages, home equity loans and consumer credit; intense competition in the company's business segments including the impact of both new and established global competitors; the timely development and market acceptance of the company’s products; the availability and cost of raw materials; the company's continued ability to realize profitable growth through the sourcing and completion of strategic acquisitions; and other risks detailed herein and from time-to-time in the company’s SEC filings, including the company’s 2024 Annual Report on Form 10-K. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this report are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Proposed Separation Transaction

Current Events

The current domestic and international political environment have contributed to uncertainty surrounding the future state of the global economy. Recent significant trade policy and tariff actions by the U.S. government and many other countries are creating significant uncertainty and potential risks for the company. The tariffs imposed to date have increased the cost of certain raw materials and components, and while the company is actively exploring opportunities to mitigate these increased costs, there can be no assurance of the company’s ability to offset the impact of these tariffs, fully or at all. Furthermore, the imposition of retaliatory tariffs from other countries on the company's exported products could negatively affect demand and future sales volumes. The long-term effects of current and future tariffs and any future trade policy changes on the global economy and the industries in which the company operates remain uncertain and could have a material adverse effect on our financial statements in any particular reporting period. Even in light of such headwinds, we remain focused on delivering strong financial results and executing on our long-term strategy and profitability objectives, as well as continuing to identify operational efficiencies in all aspects of our business.

In addition to tariffs, the company has been negatively impacted by inflation in wages, logistics, energy, raw materials and component costs. Price increases and pricing strategies have been implemented to mitigate the impact of cost inflation on margins and the company continues to actively monitor costs. Consumer demand has and may continue to be impacted by higher inflation levels and uncertainty surrounding the Federal Reserve’s interest rate policy decisions, as rates remained unchanged during the quarter.

The company continues to actively monitor global supply chain, labor and logistics constraints, which have had a negative impact on the company's ability to source parts and complete and ship units. While the company is seeing improvement on certain supply chain and logistics constraints, supply chains for certain key components remain distressed and uncertain given trade policy and tariff actions. The decreased availability of resources and inflationary costs have resulted in heightened

inventory levels. To combat these pressures, the company has evaluated alternative sourcing, dual sourcing and collaborated across the organization, where appropriate, without materially presenting new risks or increasing current risks around quality and reliability. Our capital resources have been and the company expects they will continue to be sufficient to address these challenges.

Net Sales Summary

(dollars in thousands)


	Three Months Ended
		Mar 29, 2025	Mar 30, 2024
			Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice			$	562,717	62.1	%	$	581,413	62.7	%
Food Processing			167,906		18.5		171,614		18.5
Residential Kitchen			176,004		19.4		173,899		18.8
Total			$	906,627	100.0	%	$	926,926	100.0	%

Results of Operations

The following table sets forth certain consolidated statements of earnings items as a percentage of net sales for the periods:


	Three Months Ended
		Mar 29, 2025		Mar 30, 2024
Net sales		100.0	%	100.0	%
Cost of sales		61.8		62.6
Gross profit		38.2		37.4
Selling, general and administrative expenses		22.4		22.2
Restructuring		0.3		0.4




Income from operations		15.5		14.8
Interest expense and deferred financing amortization, net		2.0		2.8
Net periodic pension benefit (other than service costs)		(0.2)		(0.4)
Other expense (income), net		0.3		0.1
Earnings before income taxes		13.4		12.3
Provision for income taxes		3.2		3.0
Net earnings		10.2	%	9.3	%

Three Months Ended March 29, 2025 as compared to Three Months Ended March 30, 2024

NET SALES. Net sales for the three months period ended March 29, 2025 decreased by $20.3 million or 2.2% to $906.6 million as compared to $926.9 million in the three months period ended March 30, 2024. Net sales increased by $22.4 million, or 2.4%, from the fiscal 2024 acquisitions of GBT GmbH Bakery, MaxMac, Emery Thompson, JC Ford and Gorreri. Excluding acquisitions, net sales decreased $42.7 million, or 4.6%, from the prior year period. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars for the three months period ended March 29, 2025 decreased net sales by approximately $7.8 million or 0.8%. Excluding the impact of foreign exchange and acquisitions, sales decreased 3.8% for the three months period ended March 29, 2025 as compared to the prior year period, including a net sales decrease of 2.8% at the Commercial Foodservice Equipment Group, a net sales decrease of 12.9% at the Food Processing Equipment Group and a net sales increase of 2.0% at the Residential Kitchen Equipment Group.

•Net sales of the Commercial Foodservice Equipment Group decreased by $18.7 million, or 3.2%, to $562.7 million in the three months period ended March 29, 2025, as compared to $581.4 million in the prior year period. Excluding the acquisition of Emery Thompson, net sales decreased $20.8 million, or 3.6% at the Commercial Foodservice Equipment Group. Excluding the impact of foreign exchange, net sales decreased $16.2 million, or 2.8%. Domestically, the company realized a sales decrease of $11.8 million, or 2.8%, to $413.9 million, as compared to $425.7 million in the prior year period. Excluding the acquisition, the net decrease in domestic sales was $13.9 million, or 3.3%. The decrease in domestic sales is related to slower market conditions particularly with lower chain customer store traffic and replacement demand. International sales decreased $6.9 million, or 4.4%, to $148.8 million, as compared to $155.7 million in the prior year period. Excluding the impact of foreign exchange, the net sales decrease in international sales was $2.3 million, or 1.5%. The decrease in international sales is related to market conditions, primarily in the Latin American market.

•Net sales of the Food Processing Equipment Group decreased by $3.7 million, or 2.2%, to $167.9 million in the three months period ended March 29, 2025, as compared to $171.6 million in the prior year period. Net sales from the acquisitions of GBT GmbH Bakery, MaxMac, JC Ford and Gorreri, accounted for an increase of $20.3 million during the three months period ended March 29, 2025. Excluding the impact of foreign exchange and acquisitions, net sales decreased $22.2 million, or 12.9%, at the Food Processing Equipment Group. Domestically, the company realized a sales decrease of $10.6 million, or 10.2%, to $93.2 million, as compared to $103.8 million in the prior year period. Excluding acquisitions, the net decrease in domestic sales was $19.5 million, or 18.8%. The decrease in domestic sales was driven by lower sales volumes in both the protein and bakery products. International sales increased $6.9 million, or 10.2%, to $74.7 million, as compared to $67.8 million in the prior year period. Excluding the impact of foreign exchange and acquisitions, the net sales decrease in international sales was $2.7 million, or 4.0%. The decrease in international sales is primarily related to slow market conditions in the Asian markets within the bakery group.

•Net sales of the Residential Kitchen Equipment Group increased by $2.1 million, or 1.2%, to $176.0 million in the three months period ended March 29, 2025, as compared to $173.9 million in the prior year period. Excluding the impact of foreign exchange, net sales increased $3.5 million, or 2.0% at the Residential Kitchen Equipment Group. Domestically, the company realized a sales increase of $5.9 million, or 5.5%, to $112.9 million, as compared to $107.0 million in the prior year period. The increase in domestic sales was primarily driven by growth in the Outdoor products. International sales decreased $3.8 million, or 5.7%, to $63.1 million, as compared to $66.9 million in the prior year period. Excluding the impact of foreign exchange, the net sales decrease in international sales was $2.4 million, or 3.6%. The decrease in international sales was primarily driven by slow market conditions in the European market.

GROSS PROFIT. Gross profit decreased to $345.9 million in the three months period ended March 29, 2025, as compared to $346.4 million in the prior year period, primarily driven by lower sales volumes. The impact of foreign exchange rates decreased gross profit by approximately $2.7 million. The gross margin rate was 38.2% in the three months period ended March 29, 2025, as compared to 37.4% in the prior year period.

•Gross profit at the Commercial Foodservice Equipment Group increased by $4.5 million, or 2.0%, to $232.3 million in the three months period ended March 29, 2025, as compared to $227.8 million in the prior year period. Excluding the acquisition of Emery Thompson, gross profit increased by $3.3 million. The impact of foreign exchange rates decreased gross profit by approximately $1.7 million. The gross margin rate increased to 41.3%, as compared to 39.2% in the prior year period, related to profitability initiatives and product mix. The gross margin rate, excluding the impact of foreign exchange and the acquisition, was 41.2%.

•Gross profit at the Food Processing Equipment Group decreased by $5.6 million, or 8.4%, to $61.0 million in the three months period ended March 29, 2025, as compared to $66.6 million in the prior year period. Gross profit from the acquisitions of GBT GmbH Bakery, MaxMac, JC Ford and Gorreri increased gross profit by $6.9 million. The impact of foreign exchange rates decreased gross profit by approximately $0.7 million. Excluding the acquisitions and the impact of foreign exchange rates, gross profit decreased by $11.8 million. The gross profit margin rate decreased to 36.3%, as compared to 38.8% in the prior year period, primarily related to lower sales volumes and product mix. The gross margin rate, excluding acquisitions and the impact of foreign exchange, was 36.7%.

•Gross profit at the Residential Kitchen Equipment Group increased by $2.2 million, or 4.3%, to $53.4 million in the three months period ended March 29, 2025, as compared to $51.2 million in the prior year period. The impact of foreign exchange rates decreased gross profit by approximately $0.3 million. Gross profit increased related to higher sales volume and benefits from cost reduction initiatives. The gross margin rate increased to 30.3%, as compared to 29.4% in the prior year period. The gross margin rate excluding the impact of foreign exchange was 30.3%.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Combined selling, general and administrative expenses decreased to $202.6 million in the three months period ended March 29, 2025, as compared to $206.0 million in the three months period ended March 30, 2024. As a percentage of net sales, selling, general, and administrative expenses were 22.4% in the three months period ended March 29, 2025 as compared to 22.2% in the three months period ended March 30, 2024.

Selling, general and administrative expenses reflect increased costs of $5.7 million associated with acquisitions, including $1.3 million of intangible amortization expense. Selling, general and administrative expenses decreased $7.2 million related to reduced compensation costs including commissions and stock based compensation and $2.7 million related to intangible amortization expense. This was partially offset by an increase in strategic transaction costs of $3.5 million. Foreign exchange rates had a favorable impact of $2.0 million.

RESTRUCTURING EXPENSES. Restructuring expenses decreased $0.5 million to $2.7 million for the three months period ended March 29, 2025, as compared to $3.2 million for the three months period ended March 30, 2024. Restructuring expenses in the three months period ended March 29, 2025 related primarily to headcount reductions and facility consolidations within the Residential Kitchen Equipment Group and Commercial Foodservice Group. Restructuring expenses in the three months period ended March 30, 2024 related primarily to headcount reductions and facility consolidations within all three segments.

NON-OPERATING EXPENSES. Interest and deferred financing amortization costs were $18.4 million in the three months period ended March 29, 2025, as compared to $26.3 million in the prior year period, primarily reflecting the decrease in net debt levels. Net periodic pension benefit (other than service costs) decreased $2.2 million to $1.5 million in the three months period ended March 29, 2025, as compared to $3.7 million in the prior year period, related to the increase in discount rate used to calculate the interest cost and decrease in expected return on assets as a result of the lower asset value and slightly lower assumed return on assets than in prior years. Other expense was $2.3 million in the three months period ended March 29, 2025, as compared to other income of $0.3 million in the prior year period and consists mainly of net foreign exchange gains and losses.

INCOME TAXES. A tax provision of $29.1 million, at an effective rate of 24.0%, was recorded during the three months period ended March 29, 2025, as compared to $28.3 million at an effective rate of 24.6%, in the prior year period. The effective tax rate for the three months period ended March 29, 2025 is higher than the U.S. statutory tax rate of 21% primarily due to state taxes and foreign tax rate differentials.

Financial Condition and Liquidity

Total cash and cash equivalents increased by $55.6 million to $745.1 million at March 29, 2025 from $689.5 million at December 28, 2024. Total debt amounted to $2.4 billion at March 29, 2025 and December 28, 2024.

OPERATING ACTIVITIES. Net cash provided by operating activities after changes in assets and liabilities amounted to $141.1 million as compared to $140.9 million in the prior year.

During the three months period ended March 29, 2025, working capital changes impacted operating cash flows primarily driven by increased inventory levels of $28.7 million, offset by an decrease in prepaid expenses and other assets of $19.3 million due to impacts from the timing of payments and status of over-time revenue contracts, an increase in accounts payable of $19.1 million and an increase of $11.1 million in accrued expenses and other liabilities, including impacts from the timing of payments made for taxes, various customer programs and incentive programs.

INVESTING ACTIVITIES. During the three months period ended March 29, 2025, net cash used for investing activities amounted to $34.8 million. This included $33.7 million to upgrade production equipment and manufacturing facilities.

FINANCING ACTIVITIES. Net cash flows used for financing activities amounted to $57.1 million during the three months period ended March 29, 2025. The company’s borrowing activities during 2025 included $10.9 million of net repayments under its Credit Facility. Additionally, during the first quarter of 2025, the company repurchased $42.8 million of Middleby common stock shares. This was comprised of $13.6 million to repurchase 81,548 shares of Middleby common stock that were surrendered to the company for withholding taxes related to restricted stock vestings and $29.2 million used to repurchase shares of its common stock under a repurchase program.

At March 29, 2025, the company was in compliance with all covenants pursuant to its borrowing agreements. The company believes that its current capital resources, including cash and cash equivalents, cash expected to be generated from operations, funds available from its current lenders and access to the credit and capital markets will be sufficient to finance its operations, debt service obligations, capital expenditures, product development and expenditures for the foreseeable future.

Recently Issued Accounting Standards

See Part I, Item 1, Notes to Condensed Consolidated Financial Statements, Note 4 - Recently Issued Accounting Standards, of this Quarterly Report on Form 10-Q.

Critical Accounting Policies and Estimates

Management's discussion and analysis of financial condition and results of operations are based upon the company's consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the company to make significant estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. On an ongoing basis, the company evaluates its estimates and judgments based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions and any such differences could be material to the company's consolidated financial statements. There have been no changes in the company's critical accounting policies, which include revenue recognition, inventories, goodwill and indefinite-life intangibles, convertible debt, pensions benefits, and income taxes, as discussed in the company's Annual Report on Form 10-K for the year ended December 28, 2024 (the “2024 Annual Report on Form 10-K”).

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

The company is exposed to market risk related to changes in interest rates. The following table summarizes the maturity of the company’s debt obligations:


Twelve Month Period coinciding with the end of the company's Fiscal First Quarter	Variable Rate Debt

2026 (1)	$	789,860
2027	1,589,435
2028	876
2029	721
2030 and thereafter	4,281
	$	2,385,173

(1) The current year debt payable includes the maturities of the convertible notes.

The company is exposed to interest rate risk on its floating-rate debt. The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. Prior to July 1, 2023, the company amended its Credit Facility and the existing interest rate swap agreements to transition the interest reference rate from one-month LIBOR to one-month Secured Overnight Financing Rate ("SOFR"). There were no other changes to the company's Credit Facility or timing of cash flows. The amendment was entered into because the LIBOR rate historically used was no longer published after June 30, 2023. The company utilized expedients within ASC 848 to conclude that this amendment should be treated as a non-substantial modification of the existing contract, resulting in no impact to the company's consolidated financial statements. 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 March 29, 2025, the fair value of these instruments was an asset of $22.8 million. The change in fair value of these swap agreements in the first three months of 2025 was a loss of $5.4 million, net of taxes. The potential net loss on fair value for such instruments from a hypothetical 10% adverse change in quoted interest rates would not have a material impact on the company's financial position, results of operations and cash flows.

The company has Convertible Notes that were issued in August 2020, which carry a fixed annual interest rate of 1.00%. As such, the company does not have economic interest rate exposure on the Convertible Notes. The fair value of the Convertible Notes is subject to interest rate risk, market risk and other factors due to its conversion feature. The fair value of the Convertible Notes is also affected by the price and volatility of the company’s common stock and will generally increase or decrease as the market price of our common stock changes. The interest and market value changes affect the fair value of the Convertible Notes but do not impact the company’s financial position, cash flows or results of operations due to the fixed nature of the debt obligation. Additionally, the company carries the Convertible Notes at face value, less any unamortized discount on the balance sheet and presents the fair value for disclosure purposes only.

Foreign Exchange Derivative Financial Instruments

The company uses derivative financial instruments, principally foreign currency forward purchase and sale contracts with terms of less than one year, 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 potential net loss on fair value for such instruments from a hypothetical 10% adverse change in quoted foreign exchange rates would not have a material impact on the company's financial position, results of operations and cash flows. The fair value of the forward and option contracts was a loss of $1.0 million at the end of the first quarter of 2025.

Derivative financial instruments are recognized on the balance sheet as either an asset or a liability measured at fair value. Changes in the market value and the related foreign exchange gains and losses are recorded in the statement of earnings.

Item 4. Controls and Procedures

The company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the company's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of March 29, 2025, the company's management, with the participation of the company's Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the company's disclosure controls and procedures. Based on the foregoing, the company's Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of this period.

During the quarter ended March 29, 2025, there has been no change in the company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting.

PART II. OTHER INFORMATION

The company was not required to report the information pursuant to Items 1 through 6 of Part II of Form 10-Q for the three months ended March 29, 2025, except as follows:

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

c) Issuer Purchases of Equity Securities


	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan or Program	Maximum Number of Shares that May Yet be Purchased Under the Plan or Program (1)
December 29, 2024 to January 25, 2025	85,183	$	138.25	85,183	4,180,927
January 26, 2025 to February 22, 2025	44,890	168.85		44,890	4,136,037
February 23, 2025 to March 29, 2025	61,975	157.96		61,975	4,074,062
Quarter ended March 29, 2025	192,048	$	151.76	192,048	4,074,062

(1) On November 7, 2017, the company's Board of Directors resolved to terminate the company's existing share repurchase program, effective as of such date, which was originally adopted in 1998, and approved a new stock repurchase program. This program authorizes the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. In May 2022 and July 2024, the company's Board of Directors approved the repurchase of an additional 2,500,000 shares of its outstanding common stock under the current program. As of March 29, 2025, the total number of shares authorized for repurchase under the program is 7,500,000 shares. As of March 29, 2025, 3,425,938 shares had been purchased under the stock repurchase program and 4,074,062 shares remained authorized for repurchase.

In the consolidated financial statements, 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. These withheld shares are not considered common stock repurchases under the authorized common stock repurchase plan and accordingly are not included in the common stock repurchase totals in the preceding table.

Item 6. Exhibits


Exhibits:
Exhibit 10.1 –			Cooperation Agreement, dated February 24, 2025, by and among Garden Investment Management, L.P. and The Middleby Corporation, incorporated by reference to the company's Form 8-K, Exhibit 10.1, dated February 25, 2205, filed on February 25, 2025.

Exhibit 31.1 –			Rule 13a-14(a)/15d -14(a) Certification of the Chief Executive Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.2 –			Rule 13a-14(a)/15d -14(a) Certification of the Chief Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1 –			Certification by the Principal Executive Officer of The Middleby Corporation Pursuant to Rule 13A-14(b) under the Exchange Act and Section 906 of the Sarbanes-Oxley Act of 2002(18 U.S.C. 1350).

Exhibit 32.2 –			Certification by the Principal Financial Officer of The Middleby Corporation Pursuant to Rule 13A-14(b) under the Exchange Act and Section 906 of the Sarbanes-Oxley Act of 2002(18 U.S.C. 1350).

Exhibit 101 –			Financial statements on Form 10-Q for the quarter ended March 29, 2025, filed on May 8, 2025, formatted in Inline Extensive Business Reporting Language (iXBRL); (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of earnings, (iii) condensed statements of cash flows, (iv) notes to the condensed consolidated financial statements.

Exhibit 104 –			Cover Page Interactive Data File (formatted as Inline Extensive Business Reporting Language (iXBRL) and contained in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

THE MIDDLEBY CORPORATION

(Registrant)

Date:

May 8, 2025

By:

/s/ Bryan E. Mittelman

Bryan E. Mittelman

Chief Financial Officer

EXHIBIT 31.1

CERTIFICATIONS

I, Timothy J. FitzGerald, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of The Middleby Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: May 8, 2025


/s/ Timothy J. FitzGerald
Timothy J. FitzGerald
Chief Executive Officer of The Middleby Corporation

EXHIBIT 31.2

CERTIFICATIONS

I, Bryan E. Mittelman, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of The Middleby Corporation;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: May 8, 2025


/s/ Bryan E. Mittelman
Bryan E. Mittelman
Chief Financial Officer of The Middleby Corporation

EXHIBIT 32.1

CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER OF

THE MIDDLEBY CORPORATION

PURSUANT TO RULE 13A-14(b) UNDER THE EXCHANGE ACT AND

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

This certification is being furnished pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

I, Timothy J. FitzGerald, Chief Executive Officer (principal executive officer) of The Middleby Corporation (the “Registrant”), certify, to the best of my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended March 29, 2025 of the Registrant (the “Report”), that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

(2)The information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of the Registrant.

Date: May 8, 2025


/s/ Timothy J. FitzGerald
Timothy J. FitzGerald

EXHIBIT 32.2

CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER OF

THE MIDDLEBY CORPORATION

PURSUANT TO RULE 13A-14(b) UNDER THE EXCHANGE ACT AND

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

I, Bryan E. Mittelman, Chief Financial Officer (principal financial officer) of The Middleby Corporation (the “Registrant”), certify, to the best of my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended March 29, 2025 of the Registrant (the “Report”), that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

(2)The information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of the Registrant.

Date: May 8, 2025


/s/ Bryan E. Mittelman
Bryan E. Mittelman

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 29, 2025	May 05, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2025
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	--01-03
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
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		53,481,521
Entity Small Business	false
Entity Emerging Growth Company	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 28, 2024
Current assets:
Cash and cash equivalents	$ 745,143	$ 689,533
Accounts receivable, net of reserve for doubtful accounts of $25,812 and $24,597	645,511	643,355
Inventories, net	877,729	841,567
Prepaid expenses and other	130,884	131,566
Prepaid Taxes	14,496	24,022
Total current assets	2,413,763	2,330,043
Property, plant and equipment, net of accumulated depreciation of $393,087 and $377,408	550,736	525,965
Goodwill	2,543,430	2,518,222
Other intangibles	1,606,204	1,611,037
Long-term deferred tax assets	6,418	6,281
Assets for Plan Benefits, Defined Benefit Plan	96,411	91,207
Other assets	184,419	200,396
Total assets	7,401,381	7,283,151
Current liabilities:
Current maturities of long-term debt	43,878	43,949
Accounts payable	230,585	208,908
Accrued expenses	611,360	576,465
Total current liabilities	885,823	829,322
Long-term debt	2,341,295	2,351,118
Deferred Income Tax Liabilities, Net	248,093	252,062
Liability, Defined Benefit Pension Plan, Noncurrent	9,375	9,573
Other non-current liabilities	186,874	202,645
Stockholders' equity:
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	0	0
Common stock, $0.01 par value; 64,463,971 and 64,264,828 shares issued in 2025 and 2024, respectively	148	148
Cumulative Effect Period of Adoption ASU 2020-06, Paid-in capital	522,665	520,177
Treasury stock, at cost; 10,848,215 and 10,574,619 shares in 2025 and 2024, respectively	(983,469)	(940,691)
Cumulative Effect Period of Adoptions ASU 2020-06, Retained earnings	4,420,539	4,328,187
Accumulated other comprehensive loss	(229,962)	(269,390)
Total stockholders' equity	3,729,921	3,638,431
Total liabilities and stockholders' equity	$ 7,401,381	$ 7,283,151

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 28, 2024
Accounts receivable, reserve for doubtful accounts	$ 25,812	$ 24,597
Property, plant and equipment, accumulated depreciation	$ 393,087	$ 377,408
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	64,463,971	64,264,828
Treasury stock, shares	10,848,215	10,574,619
Long-term deferred tax assets	$ 6,418	$ 6,281
Finite-Lived Intangible Assets, Accumulated Amortization	$ 651,045	$ 633,842

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Revenue from Contract with Customer, Excluding Assessed Tax	$ 906,627	$ 926,926
Cost of sales	560,694	580,568
Gross profit	345,933	346,358
Selling, General and Administrative Expense	202,606	206,048
Restructuring Charges	2,729	3,177
Income from operations	140,598	137,133
Net interest expense and deferred financing amortization, net	18,364	26,274
Net periodic pension benefit (other than service costs)	(1,497)	(3,678)
Other (income) expense, net	2,274	(300)
Earnings before income taxes	121,457	114,837
Provision for income taxes	29,105	28,269
Net earnings	$ 92,352	$ 86,568
Net earnings per share:
Earnings Per Share, Basic	$ 1.72	$ 1.61
Earnings Per Share, Diluted	$ 1.69	$ 1.59
Weighted average number of shares
Basic (in shares)	53,594,000	53,654,000
Dilutive common stock equivalents (in shares)	1,027,000	740,000
Diluted (in shares)	54,621,000	54,394,000
Comprehensive income	$ 131,780	$ 64,523

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 Dec. 30, 2023	$ 3,249,889	$ 148	$ 479,216	$ (906,031)	$ 3,899,754	$ (223,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	86,568	0	0	0	86,568	0
Currency translation adjustment	(26,486)	0	0	0	0	(26,486)
Change in unrecognized pension benefit costs, net of tax	1,051	0	0	0	0	1,051
Unrealized gain (loss) on interest rate swamp, net of tax	3,390	0	0	0	0	3,390
Stock compensation	13,822	0	13,822	0	0	0
Purchase of treasury stock	(16,995)	0	0	(16,995)	0	0
Balance, Ending at Mar. 30, 2024	3,311,239	148	493,038	(923,026)	3,986,322	(245,243)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain on interest rate swap, tax	108
Balance, Beginning at Dec. 28, 2024	3,638,431	148	520,177	(940,691)	4,328,187	(269,390)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	92,352	0	0	0	92,352	0
Currency translation adjustment	46,829	0	0	0	0	46,829
Change in unrecognized pension benefit costs, net of tax	(1,952)	0	0	0	0	(1,952)
Unrealized gain (loss) on interest rate swamp, net of tax	(5,449)	0	0	0	0	(5,449)
Stock compensation	2,488	0	2,488	0	0	0
Purchase of treasury stock	(42,778)	0	0	(42,778)	0	0
Balance, Ending at Mar. 29, 2025	3,729,921	$ 148	$ 522,665	$ (983,469)	$ 4,420,539	$ (229,962)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain on interest rate swap, tax	$ (1,701)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	$ 270	$ 238
Unrealized gain on interest rate swap, tax	$ (1,701)	$ 108

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Cash flows from operating activities--
Net earnings	$ 92,352	$ 86,568
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization expense	32,145	32,410
Non-cash share-based compensation	2,488	13,822
Deferred income taxes	(6,584)	(6,309)
Net periodic pension benefit (other than service costs)	(1,497)	(3,678)
Other Noncash Income (Expense)	25	691
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	1,444	36,316
Inventories, net	(28,742)	(12,965)
Prepaid expenses and other assets	19,349	6,182
Accounts payable	19,062	7,804
Accrued expenses and other liabilities	11,092	(19,940)
Net cash provided by operating activities	141,134	140,901
Cash flows from investing activities--
Additions to property and equipment	(33,732)	(13,743)
Payments to Acquire Intangible Assets	(1,114)	(80)
Acquisitions, net of cash acquired	9	(2,266)
Net cash (used in) investing activities	(34,837)	(16,089)
Cash flows from financing activities--
Repayments under Credit Facility	10,938	10,938
Net repayments under foreign bank loan	(433)	(570)
Payments of deferred purchase price	(2,885)	0
Repurchase of treasury stock	(42,778)	(16,995)
Other, net	(57)	(55)
Net cash (used in) provided by financing activities	(57,091)	(28,558)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	6,404	(2,732)
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	55,610	93,522
Cash and cash equivalents at beginning of year	689,533	247,496
Cash and cash equivalents at end of quarter	$ 745,143	$ 341,018

Acquisitions and Purchase Accounting

3 Months Ended

Mar. 29, 2025

Business Combinations [Abstract]

Business Combination Disclosure

Acquisitions and Purchase Accounting

2025 Acquisitions

There were no acquisitions incurred during the three months ended March 29, 2025.

2024 Acquisitions


	Preliminary Opening Balance Sheet		Measurement Period Adjustments		Adjusted Opening Balance Sheet
Cash	$	7,868	$	9	$	7,877
Current assets	41,836		(1,385)		40,451
Property, plant and equipment	31,515		(358)		31,157
Goodwill	61,046		528		61,574
Other intangibles	32,248		—		32,248
Long-term deferred tax asset	9		—		9
Other assets	266		1,004		1,270
Current portion of long-term debt	(290)		—		(290)
Current liabilities	(42,304)		570		(41,734)
Long-term debt	(369)		—		(369)
Long-term deferred tax liability	(1,132)		—		(1,132)
Other non-current liabilities	(10,763)		(368)		(11,131)

Consideration paid at closing	$	119,930	$	—	$	119,930

Deferred payments	—		76		76
Contingent consideration	8,681		—		8,681

Net assets acquired and liabilities assumed	$	128,611	$	76	$	128,687

The net long-term deferred tax liability amounted to $1.1 million. The net deferred tax liability is related to the difference between the book and tax basis of identifiable intangible assets.

Litigation Matters	3 Months Ended
Litigation Matters	Mar. 29, 2025
Notes To Financial Statements [Abstract]
Litigation Matters	Litigation Matters Legal Proceedings and Contingencies. From 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 adverse effect on its financial condition, results of operations or cash flows.

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 29, 2025
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards

Revenue Recognition Revenue Recognition

3 Months Ended

Mar. 29, 2025

Revenue Recognition [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue Recognition

Disaggregation of Revenue


	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Three Months Ended March 29, 2025
United States and Canada	$	413,860	$	93,163	$	112,851	$	619,874
Asia	48,715		3,704		2,808		55,227
Europe and Middle East	82,051		54,688		58,920		195,659
Latin America	18,091		16,351		1,425		35,867
Total	$	562,717	$	167,906	$	176,004	$	906,627








Three Months Ended March 30, 2024
United States and Canada	$	425,742	$	103,816	$	107,041	$	636,599
Asia	51,083		6,672		2,596		60,351
Europe and Middle East	83,045		49,245		62,157		194,447
Latin America	21,543		11,881		2,105		35,529
Total	$	581,413	$	171,614	$	173,899	$	926,926

Contract Balances

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


	Mar 29, 2025		Dec 28, 2024
Contract assets	$	61,924	$	68,025
Contract liabilities	$	129,257	$	120,503
Non-current contract liabilities	$	21,822	$	19,930

Remaining Performance Obligations

Other Comprehensive Income

3 Months Ended

Mar. 29, 2025

Disclosure Other Comprehensive Income Additional Information [Abstract]

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		Total
Balance as of December 28, 2024	$	(213,255)	$	(78,534)	$	22,399	$	(269,390)
Other comprehensive income before reclassification	46,829		(2,464)		(788)		43,577
Amounts reclassified from accumulated other comprehensive income	—		512		(4,661)		(4,149)
Net current-period other comprehensive income	$	46,829	$	(1,952)	$	(5,449)	$	39,428
Balance as of March 29, 2025	$	(166,426)	$	(80,486)	$	16,950	$	(229,962)

Balance as of December 30, 2023	$	(145,490)	$	(109,713)	$	32,005	$	(223,198)
Other comprehensive income before reclassification	(26,486)		619		10,956		(14,911)
Amounts reclassified from accumulated other comprehensive income	—		432		(7,566)		(7,134)
Net current-period other comprehensive income	$	(26,486)	$	1,051	$	3,390	$	(22,045)
Balance as of March 30, 2024	$	(171,976)	$	(108,662)	$	35,395	$	(245,243)

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


	Three Months Ended
		Mar 29, 2025		Mar 30, 2024
Net earnings		$	92,352	$	86,568
Currency translation adjustment		46,829		(26,486)
Pension liability adjustment, net of tax		(1,952)		1,051
Unrealized (loss) gain on interest rate swaps, net of tax		(5,449)		3,390

Comprehensive income		$	131,780	$	64,523

Inventories

3 Months Ended

Mar. 29, 2025

Notes To Financial Statements [Abstract]

Inventories


	Mar 29, 2025		Dec 28, 2024
Raw materials and parts	$	453,112	$	453,273
Work-in-process	90,010		76,601
Finished goods	334,607		311,693
	$	877,729	$	841,567

Goodwill

3 Months Ended

Mar. 29, 2025

Notes To Financial Statements [Abstract]

Goodwill

Changes in the carrying amount of goodwill for the three months ended March 29, 2025 are as follows (in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Balance as of December 28, 2024	$	1,312,085	$	432,161	$	773,976	$	2,518,222
Goodwill acquired during the year	—		—		—		—
Measurement period adjustments to goodwill acquired in prior year	65		577				642
Exchange effect and other	(23,928)		37,184		11,310		24,566
Balance as of March 29, 2025	$	1,288,222	$	469,922	$	785,286	$	2,543,430

See Note 1 - Summary of Significant Accounting Policies, Basis of Presentation regarding reclassifications in the current year and prior year segment balances.

Intangibles

3 Months Ended

Mar. 29, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets Disclosure [Text Block]

Intangibles

Intangible assets consist of the following (in thousands):


	March 29, 2025					December 28, 2024
	Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization		Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationships	6.2	$	852,743	$	(595,760)	6.4	$	850,540	$	(581,301)
Backlog	0.3	2,141		(1,525)		0.3	2,192		(804)
Developed technology	7.3	100,316		(53,760)		7.4	98,921		(51,737)
		$	955,200	$	(651,045)		$	951,653	$	(633,842)
Indefinite-lived assets:
Trademarks and tradenames		$	1,302,049				$	1,293,226


Twelve Month Period coinciding with the end of the company's Fiscal First Quarter	Amortization Expense

2026	$	59,077
2027	53,942
2028	45,889
2029	39,444
2030	34,997
Thereafter	70,806
	$	304,155

Accrued Expenses

3 Months Ended

Mar. 29, 2025

Disclosure Accrued Expenses [Abstract]

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	Mar 29, 2025		Dec 28, 2024
Contract liabilities	$	129,257	$	120,503
Accrued payroll and related expenses	118,910		107,061
Accrued warranty	100,860		98,306
Accrued customer rebates	37,270		54,558
Accrued contingent consideration	35,634		25,748
Accrued short-term leases	27,410		27,938
Accrued sales and other tax	19,594		20,626
Accrued agent commission	15,360		16,730
Accrued professional fees	13,428		13,973
Accrued product liability and workers compensation	9,859		10,386

Other accrued expenses	103,778		80,636

	$	611,360	$	576,465

Warranty Costs

3 Months Ended

Mar. 29, 2025

Notes To Financial Statements [Abstract]

Warranty Costs

A rollforward of the warranty reserve is as follows (in thousands):


	Three Months Ended
	Mar 29, 2025
Balance as of December 28, 2024	$	98,306

Warranty expense	22,518
Warranty claims	(19,964)
Balance as of March 29, 2025	$	100,860

Financing Arrangements	3 Months Ended
Financing Arrangements	Mar. 29, 2025
Notes To Financial Statements [Abstract]
Financing Arrangements	9.7 million

Financial Instruments

3 Months Ended

Mar. 29, 2025

Notes To Financial Statements [Abstract]

Financial Instruments

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


	Condensed Consolidated Balance Sheet Presentation	Mar 29, 2025		Dec 28, 2024
Fair value	Prepaid expense and other	$	4,439	$	1,986
Fair value	Other assets	$	18,363	$	27,966

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


		Three Months Ended
	Presentation of Gain/(loss)		Mar 29, 2025		Mar 30, 2024
Gain/(loss) recognized in accumulated other comprehensive income	Other comprehensive income		$	(2,489)	$	10,847
Gain reclassified from accumulated other comprehensive income (effective portion)	Interest expense		$	4,661	$	7,566

Segment Information

3 Months Ended

Mar. 29, 2025

Notes To Financial Statements [Abstract]

Segment Information

Additional detail about each of the reportable segments and its corporate income and expenses is set forth below:

See Note 1 - Summary of Significant Accounting Policies, Basis of Presentation regarding reclassifications in the current year and prior year segment balances.

Net Sales Summary

(dollars in thousands)


	Three Months Ended
		Mar 29, 2025	Mar 30, 2024
			Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice			$	562,717	62.1	%	$	581,413	62.7	%
Food Processing			167,906		18.5		171,614		18.5
Residential Kitchen			176,004		19.4		173,899		18.8
Total			$	906,627	100.0	%	$	926,926	100.0	%

The following table summarizes the results of operations for the company's business segments(1) (dollars in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other(2)		Total







Three Months Ended March 29, 2025
Net sales	$	562,717	$	167,906	$	176,004	$	—	$	906,627
Cost of sales	330,445		106,953		122,650		646		560,694
Other segment items (3)	80,865		30,887		32,738		19,363		163,853
Segment adjusted EBITDA (4)	151,407		30,066		20,616		(20,009)		182,080
Depreciation expense (5)	6,630		2,891		4,010		825		14,356
Amortization expense (6)	11,294		2,914		1,784		1,797		17,789
Net capital expenditures	6,739		19,291		7,252		450		33,732
Total assets	3,606,005		1,248,168		1,966,111		581,097		7,401,381









Three Months Ended March 30, 2024
Net sales	$	581,413	$	171,614	$	173,899	$	—	$	926,926
Cost of sales	353,574		105,102		122,741		(849)		580,568
Other segment items (3)	75,907		26,693		39,956		18,016		160,572
Segment adjusted EBITDA (4)	151,932		39,819		11,202		(17,168)		185,785
Depreciation expense (5)	6,817		2,235		3,805		416		13,273
Amortization expense (6)	13,594		1,954		1,802		1,787		19,137
Net capital expenditures	6,056		1,845		5,259		583		13,743
Total assets	3,668,831		1,046,171		1,939,293		276,110		6,930,405

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

(4)Excludes the impacts mentioned in Other segment items.

(5)Includes depreciation on right of use assets.

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


	Three Months Ended
	Mar 29, 2025		Mar 30, 2024
Adjusted EBITDA	$	182,080	$	185,785
Less: Other segment operating expenses (1)	41,482		48,652
Income from operations	140,598		137,133
Interest expense and deferred financing amortization, net	18,364		26,274
Net periodic pension benefit (other than service cost & curtailment)	(1,497)		(3,678)

Other expense (income), net	2,274		(300)
Earnings before income taxes	121,457		114,837
Provision for income taxes	29,105		28,269
Net earnings	$	92,352	$	86,568

Geographic Information

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


	Mar 29, 2025		Mar 30, 2024
United States and Canada	$	510,773	$	506,334

Asia	37,466		39,136
Europe and Middle East	279,580		207,847
Latin America	10,165		12,370
Total international	$	327,211	$	259,353
	$	837,984	$	765,687

Employee Retirement Plans

3 Months Ended

Mar. 29, 2025

Employee Retirement Plans [Abstract]

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
		Mar 29, 2025		Mar 30, 2024
Net Periodic Pension Benefit:
Interest cost		$	11,561	$	10,780
Expected return on assets		(13,871)		(15,297)
Amortization of net loss		14		13
Amortization of prior service cost		668		659


		$	(1,628)	$	(3,845)

Share Repurchases	3 Months Ended
Share Repurchases	Mar. 29, 2025
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 and July 2024, the company's Board of Directors approved the repurchase of an additional 2,500,000 shares of its outstanding common stock under the current program. The company did not purchase shares of its common stock under the program during the three months ended March 30, 2024. During March 29, 2025, the company repurchased 192,048 shares of its common stock under the program for $29.2 million. As of March 29, 2025, 3,425,938 shares had been purchased under the stock repurchase program and 4,074,062 shares remained authorized for repurchase. Subsequent to the end of the first quarter, in May 2025, the company's Board of Directors approved the repurchase of an additional 7,500,000 shares of its outstanding common stock under the current program. 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 three months ended March 29, 2025 and March 30, 2024, the company repurchased 81,548 and 109,859 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $13.6 million and $17.0 million, respectively.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 29, 2025
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 2024 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2025. 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 March 29, 2025 and December 28, 2024, the results of operations for the three months ended March 29, 2025 and March 30, 2024, cash flows for the three months ended March 29, 2025 and March 30, 2024 and statement of stockholders' equity for the three months ended March 29, 2025 and March 30, 2024. Certain prior year amounts have been reclassified to be consistent with current year presentation, including beginning to report the results of a division within the company's Food Processing segment as a result of a change in internal management and potential synergies in operations to be consistent with the reporting of financial information used to assess performance and allocate resources. These operations were previously reported in the Commercial Foodservice segment and are now managed and reported in the Food Processing segment. All prior period segment disclosures have been recast to reflect this change. Proposed Separation Transaction On February 25, 2025, the company announced its intent to separate its Food Processing business through a spin-off of the Food Processing business, under which the stock of Food Processing, as a new independent publicly traded company, will be distributed to Middleby’s shareholders. As of the date hereof, Middleby is targeting completion of the separation by early 2026, subject to certain customary conditions, including, among others, final approval by the company’s Board of Directors and the effectiveness of appropriate filings with the SEC. The spin-off of Food Processing is expected to be tax-free for U.S. federal income tax purposes. There can be no assurance that any separation transaction will ultimately occur or, if one does occur, of its terms or timing.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the notes herein.
Non-Cash Share-Based Compensation	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 $2.5 million and $13.8 million for the three months period ended March 29, 2025 and March 30, 2024, 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. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
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.

Comprehensive Text Block List (Policies)	3 Months Ended
Comprehensive Text Block List (Policies)	Mar. 29, 2025
Text Block [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards

Revenue Recognition Revenue Recognition (Policies)	3 Months Ended
Revenue Recognition Revenue Recognition (Policies)	Mar. 29, 2025
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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 29, 2025

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 March 29, 2025
Financial Assets:
Interest rate swaps	$	—	$	22,802	$	—	$	22,802


Financial Liabilities:

Contingent consideration	$	—	$	—	$	51,873	$	51,873
Foreign exchange derivative contracts	$	—	$	983	$	—	$	983

As of December 28, 2024
Financial Assets:
Interest rate swaps	$	—	$	29,952	$	—	$	29,952


Financial Liabilities:

Contingent consideration	$	—	$	—	$	53,228	$	53,228
Foreign exchange derivative contracts	$	—	$	1,400	$	—	$	1,400

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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


	March 29, 2025
Beginning balance	$	53,228
Payments of contingent consideration	(2,028)
New contingent consideration	—
Changes in fair value	673
Ending balance	$	51,873

Revenue Recognition Revenue Recognition (Tables)

3 Months Ended

Mar. 29, 2025

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 March 29, 2025
United States and Canada	$	413,860	$	93,163	$	112,851	$	619,874
Asia	48,715		3,704		2,808		55,227
Europe and Middle East	82,051		54,688		58,920		195,659
Latin America	18,091		16,351		1,425		35,867
Total	$	562,717	$	167,906	$	176,004	$	906,627








Three Months Ended March 30, 2024
United States and Canada	$	425,742	$	103,816	$	107,041	$	636,599
Asia	51,083		6,672		2,596		60,351
Europe and Middle East	83,045		49,245		62,157		194,447
Latin America	21,543		11,881		2,105		35,529
Total	$	581,413	$	171,614	$	173,899	$	926,926

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):


	Mar 29, 2025		Dec 28, 2024
Contract assets	$	61,924	$	68,025
Contract liabilities	$	129,257	$	120,503
Non-current contract liabilities	$	21,822	$	19,930

Other Comprehensive Income (Tables)

3 Months Ended

Mar. 29, 2025

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		Total
Balance as of December 28, 2024	$	(213,255)	$	(78,534)	$	22,399	$	(269,390)
Other comprehensive income before reclassification	46,829		(2,464)		(788)		43,577
Amounts reclassified from accumulated other comprehensive income	—		512		(4,661)		(4,149)
Net current-period other comprehensive income	$	46,829	$	(1,952)	$	(5,449)	$	39,428
Balance as of March 29, 2025	$	(166,426)	$	(80,486)	$	16,950	$	(229,962)

Balance as of December 30, 2023	$	(145,490)	$	(109,713)	$	32,005	$	(223,198)
Other comprehensive income before reclassification	(26,486)		619		10,956		(14,911)
Amounts reclassified from accumulated other comprehensive income	—		432		(7,566)		(7,134)
Net current-period other comprehensive income	$	(26,486)	$	1,051	$	3,390	$	(22,045)
Balance as of March 30, 2024	$	(171,976)	$	(108,662)	$	35,395	$	(245,243)

Schedule of Comprehensive Income (Loss)

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


	Three Months Ended
		Mar 29, 2025		Mar 30, 2024
Net earnings		$	92,352	$	86,568
Currency translation adjustment		46,829		(26,486)
Pension liability adjustment, net of tax		(1,952)		1,051
Unrealized (loss) gain on interest rate swaps, net of tax		(5,449)		3,390

Comprehensive income		$	131,780	$	64,523

Inventories (Tables)

3 Months Ended

Mar. 29, 2025

Notes To Financial Statements [Abstract]

Schedule of Inventory, Current

Inventories at March 29, 2025 and December 28, 2024 are as follows (in thousands):


	Mar 29, 2025		Dec 28, 2024
Raw materials and parts	$	453,112	$	453,273
Work-in-process	90,010		76,601
Finished goods	334,607		311,693
	$	877,729	$	841,567

Goodwill (Tables)

3 Months Ended

Mar. 29, 2025

Notes To Financial Statements [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the three months ended March 29, 2025 are as follows (in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Balance as of December 28, 2024	$	1,312,085	$	432,161	$	773,976	$	2,518,222
Goodwill acquired during the year	—		—		—		—
Measurement period adjustments to goodwill acquired in prior year	65		577				642
Exchange effect and other	(23,928)		37,184		11,310		24,566
Balance as of March 29, 2025	$	1,288,222	$	469,922	$	785,286	$	2,543,430

See Note 1 - Summary of Significant Accounting Policies, Basis of Presentation regarding reclassifications in the current year and prior year segment balances.

Intangibles (Tables)

3 Months Ended

Mar. 29, 2025

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):


	March 29, 2025					December 28, 2024
	Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization		Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationships	6.2	$	852,743	$	(595,760)	6.4	$	850,540	$	(581,301)
Backlog	0.3	2,141		(1,525)		0.3	2,192		(804)
Developed technology	7.3	100,316		(53,760)		7.4	98,921		(51,737)
		$	955,200	$	(651,045)		$	951,653	$	(633,842)
Indefinite-lived assets:
Trademarks and tradenames		$	1,302,049				$	1,293,226

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]


Twelve Month Period coinciding with the end of the company's Fiscal First Quarter	Amortization Expense

2026	$	59,077
2027	53,942
2028	45,889
2029	39,444
2030	34,997
Thereafter	70,806
	$	304,155

Accrued Expenses (Tables)

3 Months Ended

Mar. 29, 2025

Disclosure Accrued Expenses [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consist of the following (in thousands):


	Mar 29, 2025		Dec 28, 2024
Contract liabilities	$	129,257	$	120,503
Accrued payroll and related expenses	118,910		107,061
Accrued warranty	100,860		98,306
Accrued customer rebates	37,270		54,558
Accrued contingent consideration	35,634		25,748
Accrued short-term leases	27,410		27,938
Accrued sales and other tax	19,594		20,626
Accrued agent commission	15,360		16,730
Accrued professional fees	13,428		13,973
Accrued product liability and workers compensation	9,859		10,386

Other accrued expenses	103,778		80,636

	$	611,360	$	576,465

Warranty Costs (Tables)

3 Months Ended

Mar. 29, 2025

Notes To Financial Statements [Abstract]

Product Warranty Table Disclosure

A rollforward of the warranty reserve is as follows (in thousands):


	Three Months Ended
	Mar 29, 2025
Balance as of December 28, 2024	$	98,306

Warranty expense	22,518
Warranty claims	(19,964)
Balance as of March 29, 2025	$	100,860

Financing Arrangements (Tables)

3 Months Ended

Mar. 29, 2025

Notes To Financial Statements [Abstract]

Schedule of Long-term Debt Instruments


	Mar 29, 2025		Dec 28, 2024
	(in thousands)

Term loan facility	$	922,636	$	928,542
Delayed draw term loan facility	707,813		712,500
Convertible senior notes	745,982		745,074
Foreign loans	8,336		8,489
Other debt arrangement	406		462
Total debt	2,385,173		2,395,067
Less: Current maturities of long-term debt	43,878		43,949
Long-term debt	$	2,341,295	$	2,351,118

Financial Instruments (Tables)

3 Months Ended

Mar. 29, 2025

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	Mar 29, 2025		Dec 28, 2024
Fair value	Prepaid expense and other	$	4,439	$	1,986
Fair value	Other assets	$	18,363	$	27,966

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
	Presentation of Gain/(loss)		Mar 29, 2025		Mar 30, 2024
Gain/(loss) recognized in accumulated other comprehensive income	Other comprehensive income		$	(2,489)	$	10,847
Gain reclassified from accumulated other comprehensive income (effective portion)	Interest expense		$	4,661	$	7,566

Segment Information (Tables) - USD ($)
$ in Thousands

3 Months Ended

Mar. 29, 2025

Mar. 30, 2024

Notes To Financial Statements [Abstract]

Net Sales Summary By Segment

Net Sales Summary

(dollars in thousands)


	Three Months Ended
		Mar 29, 2025	Mar 30, 2024
			Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice			$	562,717	62.1	%	$	581,413	62.7	%
Food Processing			167,906		18.5		171,614		18.5
Residential Kitchen			176,004		19.4		173,899		18.8
Total			$	906,627	100.0	%	$	926,926	100.0	%

Other Cost and Expense, Operating

$ 41,482

$ 48,652

Schedule of Segment Reporting Information, by Segment

The following table summarizes the results of operations for the company's business segments(1) (dollars in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other(2)		Total







Three Months Ended March 29, 2025
Net sales	$	562,717	$	167,906	$	176,004	$	—	$	906,627
Cost of sales	330,445		106,953		122,650		646		560,694
Other segment items (3)	80,865		30,887		32,738		19,363		163,853
Segment adjusted EBITDA (4)	151,407		30,066		20,616		(20,009)		182,080
Depreciation expense (5)	6,630		2,891		4,010		825		14,356
Amortization expense (6)	11,294		2,914		1,784		1,797		17,789
Net capital expenditures	6,739		19,291		7,252		450		33,732
Total assets	3,606,005		1,248,168		1,966,111		581,097		7,401,381









Three Months Ended March 30, 2024
Net sales	$	581,413	$	171,614	$	173,899	$	—	$	926,926
Cost of sales	353,574		105,102		122,741		(849)		580,568
Other segment items (3)	75,907		26,693		39,956		18,016		160,572
Segment adjusted EBITDA (4)	151,932		39,819		11,202		(17,168)		185,785
Depreciation expense (5)	6,817		2,235		3,805		416		13,273
Amortization expense (6)	13,594		1,954		1,802		1,787		19,137
Net capital expenditures	6,056		1,845		5,259		583		13,743
Total assets	3,668,831		1,046,171		1,939,293		276,110		6,930,405

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

(4)Excludes the impacts mentioned in Other segment items.

(5)Includes depreciation on right of use assets.

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


	Three Months Ended
	Mar 29, 2025		Mar 30, 2024
Adjusted EBITDA	$	182,080	$	185,785
Less: Other segment operating expenses (1)	41,482		48,652
Income from operations	140,598		137,133
Interest expense and deferred financing amortization, net	18,364		26,274
Net periodic pension benefit (other than service cost & curtailment)	(1,497)		(3,678)

Other expense (income), net	2,274		(300)
Earnings before income taxes	121,457		114,837
Provision for income taxes	29,105		28,269
Net earnings	$	92,352	$	86,568

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):


	Mar 29, 2025		Mar 30, 2024
United States and Canada	$	510,773	$	506,334

Asia	37,466		39,136
Europe and Middle East	279,580		207,847
Latin America	10,165		12,370
Total international	$	327,211	$	259,353
	$	837,984	$	765,687

Employee Retirement Plans (Tables)

3 Months Ended

Mar. 29, 2025

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
		Mar 29, 2025		Mar 30, 2024
Net Periodic Pension Benefit:
Interest cost		$	11,561	$	10,780
Expected return on assets		(13,871)		(15,297)
Amortization of net loss		14		13
Amortization of prior service cost		668		659


		$	(1,628)	$	(3,845)

Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Accounting Policies [Abstract]
Non-cash share-based compensation expense	$ 2,488	$ 13,822
Provision for income taxes	$ 29,105	$ 28,269
Effective Income Tax Rate Reconciliation, Percent	24.00%	24.60%
Interest paid	$ 24,700	$ 27,900
Income tax payments	$ 7,900	$ 8,400
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements		3,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	1,028,000	737,000
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	21.00%

Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Dec. 28, 2024
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 51,873	$ 53,228
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(2,028)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	673
Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	22,802	29,952
Fair Value, Measurements, Recurring \| Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	51,873	53,228
Fair Value, Measurements, Recurring \| Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	983	1,400
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	22,802	29,952
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	983	1,400
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	51,873	53,228
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

Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2023 Acquisitions (Details) - USD ($)	3 Months Ended
	Mar. 29, 2025	Dec. 28, 2024
Business Acquisition [Line Items]
Goodwill	$ 2,543,430,000	$ 2,518,222,000
Business Combination, Contingent Consideration, Liability	35,634,000	25,748,000
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,288,222,000	1,312,085,000
Food Processing Group
Business Acquisition [Line Items]
Goodwill	469,922,000	432,161,000
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	785,286,000	$ 773,976,000
2024 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	32,248,000
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	7,877,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	40,451,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	31,157,000
Goodwill	61,574,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	32,248,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	9,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(41,734,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt	(369,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(11,131,000)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	119,930,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability	(76,000)
Business Combination, Contingent Consideration, Liability	8,681,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	128,687,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(1,132,000)
Business Acquisition, Goodwill, Expected Tax Deductible Amount	52,400,000
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount	28,000,000.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,270,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt	(290,000)
2024 Acquisitions \| Commercial Foodservice Equipment Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	8,200,000
Business Acquisition [Line Items]
Goodwill	14,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	8,200,000
2024 Acquisitions \| Food Processing Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	24,000,000.0
Business Acquisition [Line Items]
Goodwill	47,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	24,000,000.0
2024 Acquisitions \| Customer Relationships
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	12,100,000
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 12,100,000
2024 Acquisitions \| Customer Relationships \| Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
2024 Acquisitions \| Customer Relationships \| Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2024 Acquisitions \| Developed Technology Rights
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 1,100,000
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 1,100,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2024 Acquisitions \| Developed Technology Rights \| Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months
2024 Acquisitions \| Developed Technology Rights \| Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 months
2024 Acquisitions \| Backlog
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 2,300,000
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	2,300,000
2024 Acquisitions \| Tradenames And Trademarks
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	16,700,000
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	16,700,000
Initial accounting \| 2024 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	32,248,000
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	7,868,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	41,836,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	31,515,000
Goodwill	61,046,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	32,248,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	9,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(42,304,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt	(369,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(10,763,000)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	119,930,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability	0
Business Combination, Contingent Consideration, Liability	8,681,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	128,611,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(1,132,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	266,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt	(290,000)
Measurement period adjustment \| 2024 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	0
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	9,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(1,385,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(358,000)
Goodwill	528,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	0
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	570,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(368,000)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability	(76,000)
Business Combination, Contingent Consideration, Liability	0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	76,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,004,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt	$ 0

Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2024 Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Dec. 28, 2024
Business Acquisition [Line Items]
Goodwill	$ 2,543,430	$ 2,518,222
Business Combination, Contingent Consideration, Liability	35,634	25,748
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,288,222	1,312,085
Food Processing Group
Business Acquisition [Line Items]
Goodwill	469,922	432,161
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	785,286	$ 773,976
2024 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	32,248
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	7,877
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	40,451
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	31,157
Goodwill	61,574
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	32,248
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(41,734)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(11,131)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	119,930
Business Combination, Contingent Consideration, Liability	8,681
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	128,687
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(1,132)
Business Acquisition, Goodwill, Expected Tax Deductible Amount	52,400
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount	28,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,270
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	1,100
2024 Acquisitions \| Commercial Foodservice Equipment Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	8,200
Business Acquisition [Line Items]
Goodwill	14,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	8,200
2024 Acquisitions \| Food Processing Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	24,000
Business Acquisition [Line Items]
Goodwill	47,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	24,000
2024 Acquisitions \| Customer Relationships
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	12,100
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 12,100
2024 Acquisitions \| Customer Relationships \| Minimum
Text Block [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
2024 Acquisitions \| Customer Relationships \| Maximum
Text Block [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2024 Acquisitions \| Developed Technology Rights
Text Block [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 1,100
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 1,100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2024 Acquisitions \| Developed Technology Rights \| Minimum
Text Block [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months
2024 Acquisitions \| Developed Technology Rights \| Maximum
Text Block [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 months
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 months
2024 Acquisitions \| Backlog
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 2,300
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	2,300
2024 Acquisitions \| Tradenames And Trademarks
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	16,700
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	16,700
2024 Acquisitions \| Initial accounting
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	32,248
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	7,868
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	41,836
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	31,515
Goodwill	61,046
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	32,248
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(42,304)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(10,763)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	119,930
Business Combination, Contingent Consideration, Liability	8,681
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	128,611
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(1,132)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	266
2024 Acquisitions \| Measurement period adjustment
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	0
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(1,385)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(358)
Goodwill	528
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	570
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(368)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	0
Business Combination, Contingent Consideration, Liability	0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	76
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	$ 1,004

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 906,627	$ 946,145
Business Acquisition, Pro Forma Net Income (Loss)	$ 93,395	$ 82,230
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 1.74	$ 1.53
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 1.71	$ 1.51

Acquisitions and Purchase Accounting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Dec. 28, 2024
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability	$ 35,634	$ 25,748
Goodwill	2,543,430	$ 2,518,222
2024 Acquisitions
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability	8,681
Goodwill	61,574
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	32,248
Business Combination, Contingent Consideration, Liability, Noncurrent	100
2024 Acquisitions \| Customer Relationships
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 12,100
2024 Acquisitions \| Customer Relationships \| Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 906,627	$ 926,926
United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	619,874	636,599
Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	55,227	60,351
Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	195,659	194,447
Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	35,867	35,529
Commercial Foodservice Equipment Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	562,717	581,413
Commercial Foodservice Equipment Group \| United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	413,860	425,742
Commercial Foodservice Equipment Group \| Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	48,715	51,083
Commercial Foodservice Equipment Group \| Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	82,051	83,045
Commercial Foodservice Equipment Group \| Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	18,091	21,543
Food Processing Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	167,906	171,614
Food Processing Group \| United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	93,163	103,816
Food Processing Group \| Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,704	6,672
Food Processing Group \| Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	54,688	49,245
Food Processing Group \| Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	16,351	11,881
Residential Kitchen
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	176,004	173,899
Residential Kitchen \| United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	112,851	107,041
Residential Kitchen \| Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,808	2,596
Residential Kitchen \| Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	58,920	62,157
Residential Kitchen \| Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,425	$ 2,105

Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Dec. 28, 2024
Revenue Recognition [Abstract]
Contract with Customer, Asset, Net, Current	$ 61,924	$ 68,025
Contract liabilities	129,257	120,503
Contract with Customer, Liability, Noncurrent	21,822	$ 19,930
Contract with Customer, Asset, Reclassified to Receivable	24,000
Contract with Customer, Liability, Revenue Recognized	42,300
Contract with Customer, Liability, Increase for Contract Acquired during the Period	62,300
Capitalized Contract Cost, Impairment Loss	$ 0

Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Dec. 28, 2024	Dec. 30, 2023
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	$ (269,390)
Other comprehensive income before reclassification	43,577	$ (14,911)
Amounts reclassified from accumulated other comprehensive income	(4,149)	(7,134)
Net current-period other comprehensive income	39,428	(22,045)
End of Period	(229,962)		$ (269,390)
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax	14,100	4,200
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax	6,300	11,100
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	300	200
Unrealized gain on interest rate swap, tax	(1,701)	108
Other Comprehensive Income, Other, Net of Tax	(229,962)	(245,243)	(269,390)	$ (223,198)
Interest Rate Swap
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income before reclassification	(788)	10,956
Amounts reclassified from accumulated other comprehensive income	(4,661)	(7,566)
Net current-period other comprehensive income	(5,449)	3,390
Other Comprehensive Income, Other, Net of Tax	16,950	35,395	22,399	32,005
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income before reclassification	46,829	(26,486)
Amounts reclassified from accumulated other comprehensive income	0	0
Net current-period other comprehensive income	46,829	(26,486)
Other Comprehensive Income, Other, Net of Tax	(166,426)	(171,976)	(213,255)	(145,490)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income before reclassification	(2,464)	619
Amounts reclassified from accumulated other comprehensive income	512	432
Net current-period other comprehensive income	(1,952)	1,051
Other Comprehensive Income, Other, Net of Tax	$ (80,486)	$ (108,662)	$ (78,534)	$ (109,713)

Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Disclosure Other Comprehensive Income Additional Information [Abstract]
Net earnings	$ 92,352	$ 86,568
Currency Translation Adjustment	46,829	(26,486)
Change in unrecognized pension benefit costs, net of tax	(1,952)	1,051
Unrealized gain (loss) on interest rate swamp, net of tax	(5,449)	3,390
Comprehensive income	$ 131,780	$ 64,523

Inventories (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 28, 2024
Notes To Financial Statements [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 453,112	$ 453,273
Inventory, Work in Process, Net of Reserves	90,010	76,601
Inventory, Finished Goods, Net of Reserves	334,607	311,693
Inventories, net	$ 877,729	$ 841,567

Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2025 USD ($)
Goodwill [Line Items]
Balance beginning of period	$ 2,518,222
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	642
Goodwill, Foreign Currency Translation Gain (Loss)	24,566
Balance end of period	2,543,430
Commercial Foodservice Equipment Group
Goodwill [Line Items]
Balance beginning of period	1,312,085
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	65
Goodwill, Foreign Currency Translation Gain (Loss)	(23,928)
Balance end of period	1,288,222
Food Processing Group
Goodwill [Line Items]
Balance beginning of period	432,161
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	577
Goodwill, Foreign Currency Translation Gain (Loss)	37,184
Balance end of period	469,922
Residential Kitchen
Goodwill [Line Items]
Balance beginning of period	773,976
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year
Goodwill, Foreign Currency Translation Gain (Loss)	11,310
Balance end of period	$ 785,286

Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
Intangibles (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Mar. 30, 2024	Dec. 28, 2024
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 955,200		$ 951,653
Finite-Lived Intangible Assets, Accumulated Amortization	(651,045)		$ (633,842)
Amortization of Intangible Assets	16,000	$ 17,400
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	59,077
Finite-Lived Intangible Assets, Amortization Expense, Year Two	53,942
Finite-Lived Intangible Assets, Amortization Expense, Year Three	45,889
Finite-Lived Intangible Assets, Amortization Expense, Year Four	39,444
Finite-Lived Intangible Assets, Amortization Expense, Year Five	34,997
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	70,806
Finite-Lived Intangible Assets, Net	$ 304,155
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	6 years 2 months 12 days		6 years 4 months 24 days
Finite-Lived Intangible Assets, Gross	$ 852,743		$ 850,540
Finite-Lived Intangible Assets, Accumulated Amortization	$ (595,760)		$ (581,301)
Backlog
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 months 18 days		3 months 18 days
Finite-Lived Intangible Assets, Gross	$ 2,141		$ 2,192
Finite-Lived Intangible Assets, Accumulated Amortization	$ (1,525)		$ (804)
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years 3 months 18 days		7 years 4 months 24 days
Finite-Lived Intangible Assets, Gross	$ 100,316		$ 98,921
Finite-Lived Intangible Assets, Accumulated Amortization	(53,760)		(51,737)
Tradenames And Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 1,302,049		$ 1,293,226

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 28, 2024
Disclosure Accrued Expenses [Abstract]
Contract liabilities	$ 129,257	$ 120,503
Accrued payroll and related expenses	118,910	107,061
Accrued warranty	100,860	98,306
Accrued customer rebates	37,270	54,558
Accrued short-term leases	27,410	27,938
Accrued sales and other tax	19,594	20,626
Accrued professional services	13,428	13,973
Accrued agent commission	15,360	16,730
Accrued Product Liability And Workers Compensation Liability Current	9,859	10,386
Business Combination, Contingent Consideration, Liability	35,634	25,748
Other accrued expenses	103,778	80,636
Accrued expenses	$ 611,360	$ 576,465

Rollforward of Warranty Reserve (Details) $ in Thousands	3 Months Ended
Rollforward of Warranty Reserve (Details) $ in Thousands	Mar. 29, 2025 USD ($)
Disclosure Rollforward Of Warranty Reserve [Abstract]
Beginning balance	$ 98,306
Warranty expense	22,518
Warranty claims	(19,964)
Ending balance	$ 100,860

Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 28, 2024
Debt Disclosure [Line Items]
Term loan facility	$ 922,636	$ 928,542
Delayed draw term loan facility	707,813	712,500
Convertible senior notes	745,982	745,074
Other Long-term Debt	406	462
Total debt	2,385,173	2,395,067
Less: Current maturities of long-term debt	43,878	43,949
Long-term debt	2,341,295	2,351,118
Debt and Lease Obligation	750,000
Foreign
Debt Disclosure [Line Items]
Foreign loans	$ 8,336	$ 8,489

Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Dec. 28, 2024
Debt Disclosure [Line Items]
Term loan facility	$ 922,636	$ 928,542
Credit facility, outstanding	1,600,000
Letters of Credit Outstanding, Amount	$ 4,500
Debt Instrument Interest Additional Interest Above Fed Funds Rate	0.50%
Debt Instrument, Interest Rate, Increase (Decrease)	1.00%
Credit facility, average interest rate	4.70%
Variable commitment fee	0.20%
Term loan facility average interest rate	4.70%
Line of credit, Current and Noncurrent, Foreign	$ 8,300
Line of Credit Facility, Interest Rate at Period End	2.47%
Derivative Notional Amount, Current	$ 355,000
Derivative Notional Amount, NonCurrent	$ 315,000
Derivative Fixed Interest Rate, Current	1.96%
Term loan facility, gross	$ 925,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,700,000
Debt Instrument Interest Additional Interest Above LIBOR Rate, elevated covenants	1.375%
Line Of Credit Facility Commitment Fee Percentage, elevated covenants	0.20%
Delayed draw term loan facility, amortization quarter percent	0.625%
Debt Instrument Interest Additional Interest Above SOFR Rate	1.375%
Debt Instrument Interest Additional Interest Above SOFR Rate Alternative	0.375%
Debt Instrument Interest Additional Interest Above SOFR Rate, elevated covenants	1.375%
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%

Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 28, 2024
Debt Disclosure [Line Items]
Carrying Value	$ 2,385,173	$ 2,395,067
Derivative Fixed Interest Rate, Noncurrent	1.28%
Debt excluding convertible senior notes
Debt Disclosure [Line Items]
Carrying Value	$ 1,639,191	1,649,994
Fair Value	$ 1,641,555	$ 1,652,702

Convertible Debt (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 28, 2024
Debt Disclosure [Line Items]
Convertible senior notes	$ 745,982	$ 745,074
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	747,499	747,499
Unamortized Debt Issuance Expense	$ (1,517)	$ (2,425)

Convertible Debt Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Debt Disclosure [Line Items]
Interest Expense, Debt, Excluding Amortization	$ 1,890	$ 1,868
Amortization of Debt Discount (Premium)	908	898
Interest Expense, Operating and Nonoperating	$ 2,798	$ 2,766

Convertible Debt Additional Information (Details) - Convertible Debt	3 Months Ended
	Mar. 29, 2025 USD ($)
Debt Disclosure [Line Items]
Notes Payable, Fair Value Disclosure	$ 904,500,000
Debt Instrument, Convertible, If-converted Value in Excess of Principal	$ 140,300,000

Capped Call Information (Details) - USD ($)	3 Months Ended
Capped Call Information (Details) - USD ($)	Mar. 29, 2025	Mar. 22, 2022	Dec. 22, 2021	Dec. 16, 2021	Aug. 21, 2020
2021 Capped Call Transaction One
Debt Disclosure [Line Items]
54600000	$ 54,600,000
2022 Capped Call Transaction
Debt Disclosure [Line Items]
54600000	$ 9,700,000
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Capped Call Transaction, Net Cost					$ 104,700,000
54600000					$ 207.93
Convertible Debt \| 2021 Capped Call Transaction One
Debt Disclosure [Line Items]
54600000				$ 216.50
Convertible Debt \| 2022 Capped Call Transaction
Debt Disclosure [Line Items]
54600000		$ 229.00
Convertible Debt \| 2021 Capped Call Transaction Two
Debt Disclosure [Line Items]
54600000			$ 225.00

Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 28, 2024
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 244,000	$ 239,300
Prepaid Expenses and Other Current Assets \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	4,439	1,986
Other Noncurrent Assets \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	$ 18,363	$ 27,966

Impact on Earnings from Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ (4,149)	$ (7,134)
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	(2,489)	10,847
Interest Rate Swap \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ 4,661	$ 7,566

Financial Instruments Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 29, 2025 USD ($)
Derivative [Line Items]
Fair value of interest rate swaps liability	$ 22.8
Loss in fair value of interest rate swaps	5.4
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Fair Value, Net	$ (1.0)

Net Sales Summary (Details) - USD ($) $ in Thousands	3 Months Ended
Net Sales Summary (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Mar. 30, 2024
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 906,627	$ 926,926
Percent	100.00%	100.00%
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 562,717	$ 581,413
Percent	62.10%	62.70%
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 167,906	$ 171,614
Percent	18.50%	18.50%
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 176,004	$ 173,899
Percent	19.40%	18.80%

Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Dec. 28, 2024
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 906,627	$ 926,926
Cost of sales	560,694	580,568
Income from operations	140,598	137,133
Other Expenses	163,853	160,572
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	182,080	185,785
Depreciation	14,356	13,273
Amortization of Intangible Assets and Debt Issuance Costs	17,789	19,137
Capital Expenditures Net	33,732	13,743
Total assets	7,401,381	6,930,405	$ 7,283,151
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	562,717	581,413
Cost of sales	330,445	353,574
Other Expenses	80,865	75,907
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	151,407	151,932
Depreciation	6,630	6,817
Amortization of Intangible Assets and Debt Issuance Costs	11,294	13,594
Capital Expenditures Net	6,739	6,056
Total assets	3,606,005	3,668,831
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	167,906	171,614
Cost of sales	106,953	105,102
Other Expenses	30,887	26,693
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	30,066	39,819
Depreciation	2,891	2,235
Amortization of Intangible Assets and Debt Issuance Costs	2,914	1,954
Capital Expenditures Net	19,291	1,845
Total assets	1,248,168	1,046,171
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	176,004	173,899
Cost of sales	122,650	122,741
Other Expenses	32,738	39,956
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	20,616	11,202
Depreciation	4,010	3,805
Amortization of Intangible Assets and Debt Issuance Costs	1,784	1,802
Capital Expenditures Net	7,252	5,259
Total assets	1,966,111	1,939,293
Corporate Segment and Other Operating Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Cost of sales	646	(849)
Other Expenses	19,363	18,016
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	(20,009)	(17,168)
Depreciation	825	416
Amortization of Intangible Assets and Debt Issuance Costs	1,797	1,787
Capital Expenditures Net	450	583
Total assets	$ 581,097	$ 276,110

Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Mar. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 837,984	$ 765,687
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	510,773	506,334
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	37,466	39,136
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	279,580	207,847
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	10,165	12,370
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 327,211	$ 259,353

Employee Retirement Plans Additional Information (Details) - Non-US Plans - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 11,561	$ 10,780
Expected return on assets	(13,871)	(15,297)
Amortization of net loss	14	13
Amortization of prior service cost	668	659
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (1,628)	$ (3,845)

Share Repurchases (Details) - USD ($) $ in Thousands	3 Months Ended
Share Repurchases (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Mar. 30, 2024	May 05, 2025	May 13, 2022	Nov. 07, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Value, Acquired, Cost Method	$ 42,778	$ 16,995
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired	81,548	109,859
Treasury Stock, Value, Acquired, Cost Method	$ 13,600	$ 17,000
2017 Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Repurchase Program, Authorized, Number of Shares				2,500,000	2,500,000
Stock Repurchased During Period, Shares	192,048
Stock Repurchased During Period, Value	$ 29,200
Share Repurchase Program, Number of Shares Repurchased	3,425,938
Share Repurchase Program, Remaining Authorized, Number of Shares	4,074,062
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			7,500,000

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