Graco (GGG) 10-K 18 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 27, 2019	Feb. 04, 2020	Jun. 28, 2019
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 27, 2019
Document Transition Report	false
Entity File Number	001-09249
Entity Registrant Name	Graco Inc.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0285640
Entity Address, Address Line One	88 - 11th Avenue N.E.
Entity Address, City or Town	Minneapolis,
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55413
City Area Code	(612)
Local Phone Number	623-6000
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	GGG
Security Exchange Name	NYSE
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 8,243,652,599
Entity Common Stock, Shares Outstanding		167,916,424
Amendment Flag	false
Entity Central Index Key	0000042888
Current Fiscal Year End Date	--12-27
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Documents Incorporated by Reference [Text Block]	Portions of the Company’s definitive Proxy Statement for its Annual Meeting of Shareholders to be held on April 24, 2020 , are incorporated by reference into Part III, as specifically set forth in said Part III.

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Income Statement [Abstract]
Net Sales	$ 1,646,045	$ 1,653,292	$ 1,474,744
Cost of products sold	786,289	770,753	679,542
Gross Profit	859,756	882,539	795,202
Product development	67,557	63,124	59,217
Selling, marketing and distribution	234,325	245,473	231,364
General and administrative	133,418	137,515	125,876
Operating Earnings	424,456	436,427	378,745
Interest expense	13,110	14,385	16,202
Other expense, net	5,469	11,276	15,449
Earnings Before Income Taxes	405,877	410,766	347,094
Income taxes	62,024	69,712	94,682
Net Earnings	$ 343,853	$ 341,054	$ 252,412
Basic Net Earnings per Common Share	$ 2.06	$ 2.04	$ 1.50
Diluted Net Earnings per Common Share	$ 2	$ 1.97	$ 1.45

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 343,853	$ 341,054	$ 252,412
Components of other comprehensive income (loss)
Cumulative translation adjustment	1,902	(8,609)	16,443
Pension and postretirement medical liability adjustment	(33,772)	8,793	(3,321)
Income taxes - pension and postretirement medical liability	6,940	(1,799)	1,317
Other comprehensive income (loss)	(24,930)	(1,615)	14,439
Comprehensive Income	$ 318,923	$ 339,439	$ 266,851

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
Current Assets
Cash and cash equivalents	$ 220,973	$ 132,118
Accounts receivable, less allowances of $5,400 and $5,300	267,345	274,608
Inventories	273,233	283,982
Other current assets	29,917	32,508
Total current assets	791,468	723,216
Property, Plant and Equipment, net	325,546	229,295
Goodwill	307,663	293,846
Other Intangible Assets, net	162,623	166,310
Operating Lease, Right-of-Use Asset	29,891	0
Deferred Income Taxes	39,327	32,055
Other Assets	35,692	28,019
Total Assets	1,692,210	1,472,741
Current Liabilities
Notes payable to banks	7,732	11,083
Trade accounts payable	54,117	56,902
Salaries and incentives	51,301	62,297
Dividends payable	29,235	26,480
Other current liabilities	142,937	143,041
Total current liabilities	285,322	299,803
Long-term Debt	164,298	266,391
Retirement Benefits and Deferred Compensation	182,707	133,388
Operating Lease, Liability, Noncurrent	24,176	0
Deferred Income Taxes	10,776	16,586
Other Non-current Liabilities	0	4,700
Shareholders’ Equity
Common stock, $1 par value; 291,000,000 shares authorized; 165,170,888 and 169,318,926 shares outstanding in 2018 and 2017	167,287	165,171
Additional paid-in-capital	578,440	510,825
Retained earnings	448,991	220,734
Accumulated other comprehensive income (loss)	(169,787)	(144,857)
Total shareholders’ equity	1,024,931	751,873
Total Liabilities and Shareholders’ Equity	$ 1,692,210	$ 1,472,741

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 27, 2019	Dec. 28, 2018
Statement of Financial Position [Abstract]
Allowance for Credits	$ 5.3	$ 5.3
Common stock, par value	$ 1	$ 1
Common stock authorized	291,000,000	291,000,000
Common stock outstanding	167,286,836	165,170,888

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Cash Flows From Operating Activities
Net Earnings	$ 343,853	$ 341,054	$ 252,412
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	48,911	47,754	45,583
Deferred income taxes	(6,411)	15,405	34,446
Share-based compensation	26,669	25,565	23,652
Change in
Accounts receivable	8,934	(12,402)	(37,669)
Inventories	12,435	(30,719)	(32,011)
Trade accounts payable	(539)	(1,976)	4,588
Salaries and incentives	(14,069)	2,336	11,431
Retirement benefits and deferred compensation	13,264	(27,237)	6,920
Other accrued liabilities	(11,510)	7,517	35,321
Other	(2,803)	688	(6,809)
Net cash provided by operating activities	418,734	367,985	337,864
Cash Flows From Investing Activities
Property, plant and equipment additions	(127,953)	(53,854)	(40,194)
Acquisition of businesses, net of cash acquired	(26,577)	(10,769)	(27,905)
Other	(939)	(1,624)	(348)
Net cash provided by (used in) investing activities	(155,469)	(66,247)	(68,447)
Cash Flows From Financing Activities
Borrowings (payments) on short-term lines of credit, net	(3,341)	4,931	(3,026)
Borrowings on long-term lines of credit	105,423	620,746	315,920
Payments on long-term debt and lines of credit	(207,191)	(583,212)	(395,570)
Common stock issued	48,250	24,634	60,685
Common stock repurchased	(9,482)	(244,814)	(90,160)
Taxes paid related to net share settlement of equity awards	(1,268)	(16,151)	(24,448)
Cash dividends paid	(106,443)	(88,845)	(80,477)
Net cash provided by (used in) financing activities	(174,052)	(282,711)	(217,076)
Effect of exchange rate changes on cash	(358)	187	(1,032)
Net increase (decrease) in cash and cash equivalents	88,855	19,214	51,309
Cash, Cash Equivalents and Restricted Cash
Beginning of year	132,118	112,904	61,595
End of year	220,973	132,118	112,904
Cash and cash equivalents	220,973	132,118	103,662
Restricted cash	$ 0	$ 0	$ 9,242

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 30, 2016	$ 573,820	$ 55,834	$ 453,394	$ 206,820	$ (142,228)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Split	0	(112,879)	0	(112,879)	0
Shares issued	36,653	1,489	35,164	0	0
Shares repurchased	(90,160)	(883)	(7,172)	(82,105)	0
Stock compensation cost	18,963	0	18,963	0	0
Restricted stock cancelled (issued)	(415)	0	(415)	0	0
Net Earnings	252,412	0	0	252,412	0
Dividends declared	(82,649)	0	0	(82,649)	0
Other comprehensive income (loss)	14,439	0	0	0	14,439
Ending Balance at Dec. 29, 2017	723,063	169,319	499,934	181,599	(127,789)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	9,255	1,657	7,598	0	0
Shares repurchased	(247,252)	(5,805)	(17,140)	(224,307)	0
Stock compensation cost	21,205	0	21,205	0	0
Restricted stock cancelled (issued)	(772)	0	(772)	0	0
Net Earnings	341,054	0	0	341,054	0
Dividends declared	(93,065)	0	0	(93,065)	0
Reclassified to Retained Earnings	0	0	0	15,453	(15,453)
Other comprehensive income (loss)	(1,615)	0	0	0	(1,615)
Ending Balance at Dec. 28, 2018	751,873	165,171	510,825	220,734	(144,857)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	46,981	2,274	44,707	0	0
Shares repurchased	(7,045)	(158)	(490)	(6,397)	0
Stock compensation cost	23,398	0	23,398	0	0
Net Earnings	343,853	0	0	343,853	0
Dividends declared	(109,199)	0	0	(109,199)	0
Other comprehensive income (loss)	(24,930)	0	0	0	(24,930)
Ending Balance at Dec. 27, 2019	$ 1,024,931	$ 167,287	$ 578,440	$ 448,991	$ (169,787)

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 27, 2019
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Fiscal Year . The fiscal year of Graco Inc. and Subsidiaries (the “Company”) is 52 or 53 weeks, ending on the last Friday in December. The years ended December 27, 2019 , December 28, 2018 and December 29, 2017 were 52-week years. Basis of Statement Presentation . The consolidated financial statements include the accounts of the parent company and its subsidiaries after elimination of intercompany balances and transactions. As of December 27, 2019 , all subsidiaries are 100 percent controlled by the Company. Certain prior year disclosures have been revised to conform with current year reporting. Foreign Currency Translation . The functional currency of certain subsidiaries is the local currency. Accordingly, adjustments resulting from the translation of those subsidiaries’ financial statements into U.S. dollars are charged or credited to accumulated other comprehensive income (loss). The U.S. dollar is the functional currency for all other foreign subsidiaries. Accordingly, gains and losses from the translation of foreign currency balances and transactions of those subsidiaries are included in other expense, net. Accounting Estimates . The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurements. The three levels of inputs in the fair value measurement hierarchy are as follows: Level 1 – based on quoted prices in active markets for identical assets Level 2 – based on significant observable inputs Level 3 – based on significant unobservable inputs Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): Level 2019 2018 Assets Cash surrender value of life insurance 2 $ 17,702 $ 14,320 Forward exchange contracts 2 — 82 Total assets at fair value $ 17,702 $ 14,402 Liabilities Contingent consideration 3 $ 9,072 $ 7,200 Deferred compensation 2 4,719 4,203 Forward exchange contracts 2 87 — Total liabilities at fair value $ 13,878 $ 11,403 Contracts insuring the lives of certain employees who are eligible to participate in certain non-qualified pension and deferred compensation plans are held in trust. Cash surrender value of the contracts is based on performance measurement funds that shadow the deferral investment allocations made by participants in certain deferred compensation plans. The deferred compensation liability balances are valued based on amounts allocated by participants to the underlying performance measurement funds. The Company’s policy and accounting for forward exchange contracts are described below, in Derivative Instruments and Hedging Activities. Contingent consideration liability represents the estimated value (using a probability-weighted expected return approach) of future payments to be made to previous owners of certain acquired businesses based on future revenues. Disclosures related to other fair value measurements are included below in Impairment of Long-Lived Assets, in Note F (Debt) and in Note J (Retirement Benefits). Cash Equivalents . All highly liquid investments with a maturity of three months or less at the date of purchase are considered to be cash equivalents. Accounts Receivable. Accounts receivable includes trade receivables of $256 million in 2019 and $262 million in 2018 . Other receivables totaled $11 million in 2019 and $13 million in 2018 . Inventory Valuation . Inventories are stated at the lower of cost or net realizable value. The last-in, first-out (LIFO) cost method is used for valuing most U.S. inventories. Inventories of foreign subsidiaries are valued using the first-in, first-out (FIFO) cost method. Other Current Assets. Amounts included in other current assets were (in thousands): 2019 2018 Prepaid income taxes $ 13,462 $ 14,762 Prepaid expenses and other 16,455 17,746 Total $ 29,917 $ 32,508 Impairment of Long-Lived Assets. The Company evaluates long-lived assets (including property and equipment, goodwill and other intangible assets) for impairment annually in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We completed our annual impairment review of all long-lived assets in the fourth quarter of 2019 . No impairment charges were recorded as a result of that review. There were no impairment charges in 2018 or 2017 . Property, Plant and Equipment . For financial reporting purposes, plant and equipment are depreciated over their estimated useful lives, primarily by using the straight-line method as follows: Buildings and improvements 10 to 30 years Leasehold improvements lesser of 5 to 10 years or life of lease Manufacturing equipment lesser of 5 to 10 years or life of equipment Office, warehouse and automotive equipment 3 to 10 years Goodwill and Other Intangible Assets. Goodwill has been assigned to reporting units. Changes in the carrying amounts of goodwill for each reportable segment were (in thousands): Industrial Process Contractor Total Balance, December 29, 2017 $ 161,673 $ 97,971 $ 19,145 $ 278,789 Additions, adjustments from business acquisitions 17,544 170 409 18,123 Foreign currency translation (2,093 ) (973 ) — (3,066 ) Balance, December 28, 2018 177,124 97,168 19,554 293,846 Additions, adjustments from business acquisitions — 13,444 — 13,444 Foreign currency translation (12 ) 385 — 373 Balance, December 27, 2019 $ 177,112 $ 110,997 $ 19,554 $ 307,663 Components of other intangible assets were (dollars in thousands): Finite Life Indefinite Life Customer Patents and Trademarks, Trade Total As of December 27, 2019 Cost $ 186,310 $ 20,413 $ 1,020 $ 61,920 $ 269,663 Accumulated amortization (80,764 ) (10,526 ) (650 ) — (91,940 ) Foreign currency translation (10,412 ) (885 ) (73 ) (3,730 ) (15,100 ) Book value $ 95,134 $ 9,002 $ 297 $ 58,190 $ 162,623 Weighted average life in years 13 10 4 N/A As of December 28, 2018 Cost $ 179,449 $ 18,571 $ 1,020 $ 59,537 $ 258,577 Accumulated amortization (67,322 ) (8,647 ) (439 ) — (76,408 ) Foreign currency translation (10,817 ) (895 ) (73 ) (4,074 ) (15,859 ) Book value $ 101,310 $ 9,029 $ 508 $ 55,463 $ 166,310 Weighted average life in years 13 10 4 N/A Amortization of intangibles was $15.5 million in 2019 , $15.6 million in 2018 and $14.8 million in 2017 . Estimated future annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands): 2020 2021 2022 2023 2024 Thereafter Estimated Amortization Expense $ 16,095 $ 15,806 $ 15,716 $ 14,811 $ 13,249 $ 28,756 The Company completed business acquisitions in 2019 , 2018 and 2017 that were not material to the consolidated financial statements. Other Assets. Components of other assets were (in thousands): 2019 2018 Cash surrender value of life insurance $ 17,702 $ 14,320 Capitalized software 2,985 2,742 Equity method investment 7,603 7,252 Prepaid pension 2,931 — Deposits and other 4,471 3,705 Total $ 35,692 $ 28,019 The Company has entered into contracts insuring the lives of certain employees who are eligible to participate in certain non-qualified pension and deferred compensation plans. These insurance contracts are used to fund the non-qualified pension and deferred compensation arrangements. The insurance contracts are held in a trust and are available to general creditors in the event of the Company’s insolvency. Changes in cash surrender value are recorded in operating expense. The cash surrender value increased $3.4 million in 2019 , decreased $1.8 million in 2018 and increased $2.3 million in 2017 . Capitalized software is amortized over its estimated useful life (generally 2 to 5 years) beginning at date of implementation. Other Current Liabilities. Components of other current liabilities were (in thousands): 2019 2018 Accrued self-insurance retentions $ 7,570 $ 7,870 Accrued warranty and service liabilities 12,785 11,056 Accrued trade promotions 8,390 11,449 Payable for employee stock purchases 13,722 11,916 Customer advances and deferred revenue 33,138 39,995 Income taxes payable 8,706 8,515 Operating lease liabilities, current 7,690 — Right of return refund liability 13,791 12,705 Other 37,145 39,535 Total $ 142,937 $ 143,041 Self-Insurance. The Company is self-insured for certain losses and costs relating to product liability, workers’ compensation, and employee medical benefit claims. The Company has stop-loss coverage in order to limit its exposure to significant claims. Accrued self-insurance retentions are based on claims filed, estimates of claims incurred but not reported, and other actuarial assumptions. Self-insured reserves totaled $7.6 million as of December 27, 2019 , and $7.9 million as of December 28, 2018 . Product Warranties. A liability is established for estimated future warranty and service claims that relate to current and prior period sales. The Company estimates warranty costs based on historical claim experience and other factors including evaluating specific product warranty issues. Following is a summary of activity in accrued warranty and service liabilities (in thousands): 2019 2018 Balance, beginning of year $ 11,056 $ 10,535 Charged to expense 10,350 8,963 Margin on parts sales reversed 2,576 1,193 Reductions for claims settled (11,197 ) (9,635 ) Balance, end of year $ 12,785 $ 11,056 Revenue Recognition . Accounting Policy Revenue is recognized at a single point in time upon the satisfaction of performance obligations, which occurs when control of the good or service transfers to the customer. This is generally on the date of shipment; however certain sales have terms requiring recognition when received by the customer. In cases where there are specific customer acceptance provisions, revenue is recognized at the later of customer acceptance or shipment (subject to shipping terms). Payment terms are established based on the type of product, distributor capabilities and competitive market conditions, and do not exceed one year. Standalone selling prices are determined based on the prices charged to customers for all material performance obligations. Variable consideration is accounted for as a price adjustment (sales adjustment). Following are examples of variable consideration that affect the Company’s reported revenue. Early payment discounts are provided to certain customers and within certain regions. Rights of return are typically contractually limited and amounts are estimable. The Company records a refund liability and establishes a recovery asset for the value of product expected to be returned at the time revenue is recognized. This includes promotions when, from time to time, the Company may promote the sale of new products by agreeing to accept returns of superseded products. Provisions for sales returns are recorded as a reduction of net sales, and provisions for warranty claims are recorded in selling, marketing and distribution expenses. Historically, sales returns have been approximately 3 percent of sales. Trade promotions are offered to distributors and end users through various programs, generally with terms of one year or less. Such promotions include rebates based on annual purchases and sales growth, coupons and reimbursement for competitive products. Payment of incentives may take the form of cash, trade credit, promotional merchandise or free product. Rebates are accrued based on the program rates and progress toward the probability weighted estimate of annual sales amount and sales growth. Additional promotions include cooperative advertising arrangements. Under cooperative advertising arrangements, the Company reimburses the distributor for a portion of its advertising costs related to the Company’s products. Estimated costs are accrued at the time of sale and classified as selling, marketing and distribution expense. The estimated costs related to coupon programs are accrued at the time of sale and classified as selling, marketing and distribution expense or cost of products sold, depending on the type of incentive offered. The considerations payable to customers are deemed as broad based and are not recorded against net sales. Shipping and handling costs incurred for the delivery of goods to customers are included in cost of goods sold. Amounts billed to customers for shipping and handling are included in net sales. Deferred Revenues Revenue is deferred when cash payments are received or due in advance of performance, including amounts which are refundable. This is also the case for services associated with certain product sales. The balance in the deferred revenue and customer advances was $33.1 million as of December 27, 2019 and $40.0 million as of December 28, 2018 . Net sales for the year included $39.4 million that was in deferred revenue and customer advances as of December 28, 2018 . Practical Expedients and Exemptions Shipping and handling activities that occur after control of the related good transfers are accounted for as fulfillment activities instead of assessing such activities as performance obligations. Sales taxes related to revenue producing transactions collected from the customer for a governmental authority are excluded from the transaction price. Revenue standard requirements are applied to a portfolio of contracts (or performance obligations) with similar characteristics for transactions where it is expected that the effects on the financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio. Promised goods or services are not assessed as performance obligations if they are immaterial in the context of the contract with the customer. If the revenue related to a performance obligation that includes goods or services that are immaterial in the context of the contract is recognized before those immaterial goods or services are transferred to the customer, then the related costs to transfer those goods or services are accrued. Incremental costs of obtaining a contract are generally expensed when incurred because the amortization period would be less than one year. Such costs primarily relate to sales commissions and are recorded in selling, marketing and distribution expense. Disaggregated revenues by reporting segment and geography are disclosed in accordance with the revenue standard. See Note B , Segment Information. Earnings Per Common Share . Basic net earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the year. Diluted net earnings per share is computed after giving effect to the exercise of all dilutive outstanding option grants. Comprehensive Income. Comprehensive income is a measure of all changes in shareholders’ equity except those resulting from investments by and distributions to owners, and includes such items as net earnings, certain foreign currency translation items, changes in the value of qualifying hedges and pension liability adjustments. Derivative Instruments and Hedging Activities . The Company accounts for all derivatives, including those embedded in other contracts, as either assets or liabilities and measures those financial instruments at fair value. The accounting for changes in the fair value of derivatives depends on their intended use and designation. As part of its risk management program, the Company may periodically use forward exchange contracts to manage known market exposures. Terms of derivative instruments are structured to match the terms of the risk being managed and are generally held to maturity. The Company does not hold or issue derivative financial instruments for trading purposes. All other contracts that contain provisions meeting the definition of a derivative also meet the requirements of, and have been designated as, normal purchases or sales. The Company’s policy is to not enter into contracts with terms that cannot be designated as normal purchases or sales. The Company periodically evaluates its monetary asset and liability positions denominated in foreign currencies. The Company enters into forward contracts or options, or borrows in various currencies, in order to hedge its net monetary positions. These instruments are recorded at fair value and the gains and losses are included in other expense, net. The notional amounts of contracts outstanding as of December 27, 2019 , totaled $33 million . The Company believes it uses strong financial counterparties in these transactions and that the resulting credit risk under these hedging strategies is not significant. The Company uses significant other observable inputs (level 2 in the fair value hierarchy) to value the derivative instruments used to hedge net monetary positions, including reference to market prices and financial models that incorporate relevant market assumptions. Net derivative assets are reported on the balance sheet in accounts receivable and net derivative liabilities are reported as other current liabilities. The fair market value of such instruments follows (in thousands): 2019 2018 Foreign Currency Contracts Assets $ — $ 322 Liabilities (87 ) (240 ) Net Assets (Liabilities) $ (87 ) $ 82 Recent Accounting Pronouncements. Credit Losses

Segment Information

Segment Information	12 Months Ended
	Dec. 27, 2019
Segment Reporting, Measurement Disclosures [Abstract]
Segment Information	B. Segment Information The Company has six operating segments which are aggregated into three reportable segments: Industrial, Process and Contractor. The Industrial segment includes our Industrial Products and Applied Fluid Technologies divisions. The Industrial segment markets equipment and solutions for moving and applying paints, coatings, sealants, adhesives and other fluids. Markets served include automotive and vehicle assembly and components production, wood and metal products, rail, marine, aerospace, farm, construction, bus, recreational vehicles and various other industries. The Process segment includes our Process, Oil and Natural Gas, and Lubrication divisions. The Process segment markets pumps, valves, meters and accessories to move and dispense chemicals, oil and natural gas, water, wastewater, petroleum, food, lubricants and other fluids. Markets served include food and beverage, dairy, oil and natural gas, pharmaceutical, cosmetics, electronics, wastewater, mining, fast oil change facilities, service garages, fleet service centers, automobile dealerships and industrial lubrication applications. The Contractor segment markets sprayers for architectural coatings for painting, corrosion control, texture and line striping. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The cost of manufacturing for each segment is based on product cost, and expenses are based on actual costs incurred along with cost allocations of shared and centralized functions based on activities performed, sales or space utilization. Depreciation expense is charged to the manufacturing or operating cost center that utilizes the asset, and is then allocated to segments on the same basis as other expenses within that cost center. Reportable segments are defined by product. Segments are responsible for development, manufacturing, marketing and sales of their products. This allows for focused marketing and efficient product development. The segments share common purchasing, certain manufacturing, distribution and administration functions. Segments information follows (in thousands): 2019 2018 2017 Net Sales Industrial $ 747,396 $ 781,029 $ 691,978 Process 344,930 337,953 294,652 Contractor 553,719 534,310 488,114 Total $ 1,646,045 $ 1,653,292 $ 1,474,744 Operating Earnings Industrial $ 247,216 $ 271,307 $ 237,700 Process 76,367 68,514 52,216 Contractor 128,282 120,905 113,898 Unallocated corporate (expense) (27,409 ) (24,299 ) (25,069 ) Total $ 424,456 $ 436,427 $ 378,745 Assets Industrial $ 615,486 $ 640,683 Process 387,216 350,306 Contractor 368,832 283,727 Unallocated corporate 320,676 198,025 Total $ 1,692,210 $ 1,472,741 Management assesses performance of segments by reference to operating earnings excluding unallocated corporate expenses and asset impairments. Unallocated corporate (expense) includes such items as stock compensation, certain acquisition transaction costs, bad debt expense, charitable contributions and certain facility expenses. Unallocated assets include cash, allowances and valuation reserves, deferred income taxes, certain capital and other assets. Geographic information follows (in thousands): 2019 2018 2017 Net Sales (based on customer location) United States $ 840,659 $ 806,127 $ 743,344 Other countries 805,386 847,165 731,400 Total $ 1,646,045 $ 1,653,292 $ 1,474,744 Long-lived Assets United States $ 268,864 $ 178,331 Other countries 56,682 50,964 Total $ 325,546 $ 229,295 Sales to Major Customers. Worldwide sales to one customer in the Contractor and Industrial segments individually represented over 10 percent of the Company’s consolidated sales in 2019 , 2018 and 2017

Inventories

Inventories	12 Months Ended
	Dec. 27, 2019
Inventory, Net [Abstract]
Inventories	Inventories Major components of inventories were as follows (in thousands): 2019 2018 Finished products and components $ 132,128 $ 142,535 Products and components in various stages of completion 86,957 83,768 Raw materials and purchased components 117,026 115,705 Subtotal 336,111 342,008 Reduction to LIFO cost (62,878 ) (58,026 ) Total $ 273,233 $ 283,982 Inventories valued under the LIFO method were $140.3 million in 2019 and $154.4 million in 2018 . All other inventory was valued on the FIFO method. In 2019

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 27, 2019
Property, Plant and Equipment [Abstract]
Property Plant and Equipment	Property, Plant and Equipment Property, plant and equipment were as follows (in thousands): 2019 2018 Land and improvements $ 29,817 $ 26,252 Buildings and improvements 182,195 157,385 Manufacturing equipment 320,240 317,011 Office, warehouse and automotive equipment 48,476 44,901 Additions in progress 99,476 24,484 Total property, plant and equipment 680,204 570,033 Accumulated depreciation (354,658 ) (340,738 ) Net property, plant and equipment $ 325,546 $ 229,295 Depreciation expense was $32.2 million in 2019 , $31.1 million in 2018 and $29.5 million in 2017 .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 27, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Earnings before income tax expense consist of (in thousands): 2019 2018 2017 Domestic $ 294,402 $ 310,999 $ 269,258 Foreign 111,475 99,767 77,836 Total $ 405,877 $ 410,766 $ 347,094 Income tax expense consists of (in thousands): 2019 2018 2017 Current Federal $ 39,015 $ 27,760 $ 41,996 State and local 3,347 3,398 3,088 Foreign 26,270 23,118 19,486 Current income tax expense 68,632 54,276 64,570 Deferred Domestic (151 ) 17,058 35,782 Foreign (6,457 ) (1,622 ) (5,670 ) Deferred income tax expense (benefit) (6,608 ) 15,436 30,112 Total $ 62,024 $ 69,712 $ 94,682 Income taxes paid were $67.1 million in 2019 , $58.1 million in 2018 and $61.0 million in 2017 . A reconciliation between the U.S. federal statutory tax rate and the effective tax rate follows: 2019 2018 2017 Statutory tax rate 21 % 21 % 35 % Tax effect of international operations (1 ) — (6 ) State taxes, net of federal effect 1 1 1 U.S. general business tax credits (1 ) (1 ) (1 ) Domestic production deduction — — (2 ) Stock compensation excess tax benefit (3 ) (2 ) (10 ) Impact of 2017 Tax Cuts and Jobs Act — — 10 Global Intangible Low-taxed Income (GILTI) 1 1 — Foreign Derived Intangible Income (FDII) (3 ) (2 ) — Pension contribution — (1 ) — Effective tax rate 15 % 17 % 27 % Deferred income taxes are provided for temporary differences between the financial reporting and the tax basis of assets and liabilities. The deferred tax assets (liabilities) resulting from these differences were as follows (in thousands): 2019 2018 Inventory valuations $ 966 $ (1,012 ) Self-insurance retention accruals 1,280 1,284 Warranty reserves 2,095 1,778 Vacation accruals 2,335 2,259 Bad debt reserves 3,142 2,785 Excess of tax over book depreciation and amortization (38,735 ) (37,208 ) Pension liability 32,079 22,884 Postretirement medical 4,625 4,491 Acquisition costs 407 601 Stock compensation 13,979 13,763 Deferred compensation 1,960 1,994 Net operating loss carryforward 929 — Deferred revenue 1,638 590 Other 1,851 1,260 Net deferred tax assets $ 28,551 $ 15,469 Total deferred tax assets were $68.9 million and $56.1 million , and total deferred tax liabilities were $40.4 million and $40.6 million on December 27, 2019 and December 28, 2018 . The difference between the deferred income tax provision and the change in net deferred income taxes is due to the change in other comprehensive income (loss) items. The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2013 . The Company continues to assert that it will indefinitely reinvest earnings of foreign subsidiaries to support expansion of its international business. No additional income or withholding taxes have been provided for any remaining undistributed foreign earnings, as these amounts continue to be indefinitely reinvested in foreign operations. As of December 27, 2019 , the amount of cash held outside the U.S. was not significant to the Company’s liquidity and was available to fund investments abroad. The Company records penalties and accrued interest related to uncertain tax positions in income tax expense. Total reserves for uncertain tax positions were not material.

Debt

Debt	12 Months Ended
	Dec. 27, 2019
Debt Disclosure [Abstract]
Debt	Debt A summary of debt follows (dollars in thousands): Average Interest Rate December 27, 2019 Maturity 2019 2018 Private placement unsecured fixed-rate notes Series B 5.01% March 2023 75,000 75,000 Series C 4.88% January 2020 — 75,000 Series D 5.35% July 2026 75,000 75,000 Unsecured revolving credit facility N/A December 2021 — — Unsecured revolving credit facility - CNH 4.41% N/A 14,298 41,391 Notes payable to banks 1.11% 2020 7,732 11,083 Total debt $ 172,030 $ 277,474 The estimated fair value of the fixed interest rate private placement debt was $165 million on December 27, 2019 and $235 million on December 28, 2018 . The fair value of variable rate borrowings approximates carrying value. The Company uses significant other observable inputs to estimate fair value (level 2 of the fair value hierarchy) based on the present value of future cash flows and rates that would be available for issuance of debt with similar terms and remaining maturities. On December 15, 2016, the Company executed an amendment to its revolving credit agreement, extending the expiration date to December 15, 2021 and decreasing certain interest rates and fees. The amended agreement with a syndicate of lenders provides up to $500 million of committed credit, available for general corporate purposes, working capital needs, share repurchases and acquisitions. The Company may borrow up to $50 million under the swingline portion of the facility for daily working capital needs. Under terms of the amended revolving credit agreement, borrowings may be denominated in U.S. dollars or certain other currencies. Loans denominated in U.S. dollars bear interest, at the Company’s option, at either a base rate or a LIBOR-based rate. Loans denominated in currencies other than U.S. dollars bear interest at a LIBOR-based rate. The base rate is an annual rate equal to a margin ranging from zero percent to 0.75 percent , depending on the Company’s cash flow leverage ratio (debt to earnings before interest, taxes, depreciation, amortization and extraordinary non-operating or non-cash charges and expenses) plus the highest of (i) the bank’s prime rate, (ii) the federal funds rate plus 0.5 percent , or (iii) one-month LIBOR plus 1.5 percent . In general, LIBOR-based loans bear interest at LIBOR plus 1 percent to 1.75 percent , depending on the Company’s cash flow leverage ratio. In addition to paying interest on the outstanding loans, the Company is required to pay a fee on the unused amount of the loan commitments at an annual rate ranging from 0.125 percent to 0.25 percent , depending on the Company’s cash flow leverage ratio. On September 24, 2018, the Company entered into a revolving credit agreement with a sole lender that was scheduled to expire in September 2020. The credit agreement provides up to $50 million of committed credit, available for general corporate purposes, working capital needs, share repurchases and acquisitions. Under the terms of the agreement, loans may be denominated in U.S. dollars or Chinese renminbi (offshore). Loans denominated in U.S. dollars bear interest, at the Company’s option, at either a base rate or a LIBOR-based rate. Loans denominated in Chinese renminbi (offshore) bear interest at a LIBOR-based rate based on the Chinese offshore rate. Other terms of this revolving credit agreement are substantially similar to those of the Company’s revolving credit agreement that expires in December 2021. This revolver was amended effective January 29, 2020 to remove the expiration date, eliminate commitment fees, reduce interest rate margins and delete negative covenants regarding cash flow leverage and interest coverage ratios. On December 27, 2019 , the Company had $594 million in lines of credit, including the $550 million in committed credit facilities described above and $44 million with foreign banks. The unused portion of committed credit lines was $546 million as of December 27, 2019 . In addition, the Company has unused, uncommitted lines of credit with foreign banks totaling $27 million . Borrowing rates under these credit lines vary with the prime rate, rates on domestic certificates of deposit and the London Interbank market. The Company pays facility fees at an annual rate of up to 0.15 percent on certain of these lines. No compensating balances are required. Various debt agreements require the Company to maintain certain financial ratios as to cash flow leverage and interest coverage. The Company is in compliance with all financial covenants of its debt agreements as of December 27, 2019 . Annual maturities of debt are as follows (in thousands): 2020 2021 2022 2023 2024 Thereafter Maturities of debt $ 7,732 $ 14,298 $ — $ 75,000 $ — $ 75,000 Interest paid on debt was $13.5 million in 2019 , $14.0 million in 2018 and $16.5 million in 2017 . Subsequent Event On January 29, 2020 , the Company entered into a master note agreement with a sole lender that expires on January 29, 2023. The note agreement sets forth certain terms on which the Company may issue, and affiliates of the lender may purchase, up to $200 million of the Company ’ s senior notes. Interest on the senior notes will be determined at the time of issuance, at a fixed or LIBOR-based floating rate at the option of the Company, provided that the maximum aggregate principal amount of notes bearing interest at a floating rate may not exceed $100 million. Fixed rate notes issued under the agreement will mature no longer than 12 years from date of issuance and variable rate notes will mature no longer than 10 years from issuance. Under terms of the note agreement, the Company is required to maintain certain financial ratios as to cash flow leverage and interest coverage similar to the requirements of its other debt agreements.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 27, 2019
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity At December 27, 2019 , the Company had 22,549 authorized, but not issued, cumulative preferred shares, $100 par value. The Company also has authorized, but not issued, a separate class of 3 million shares of preferred stock, $1 par value. Changes in components of accumulated other comprehensive income (loss), net of tax were (in thousands): Pension and Postretirement Medical Cumulative Translation Adjustment Total Balance, December 30, 2016 $ (76,426 ) $ (65,802 ) $ (142,228 ) Other comprehensive income (loss) before reclassifications (14,791 ) 16,443 1,652 Amounts reclassified from accumulated other comprehensive income 12,787 — 12,787 Balance, December 29, 2017 (78,430 ) (49,359 ) (127,789 ) Other comprehensive income (loss) before reclassifications (196 ) (8,609 ) (8,805 ) Amounts reclassified from accumulated other comprehensive income 7,190 — 7,190 Reclassified to retained earnings (15,453 ) — (15,453 ) Balance, December 28, 2018 (86,889 ) (57,968 ) (144,857 ) Other comprehensive income (loss) before reclassifications (33,938 ) 1,902 (32,036 ) Amounts reclassified from accumulated other comprehensive income 7,106 — 7,106 Balance, December 27, 2019 $ (113,721 ) $ (56,066 ) $ (169,787 ) Amounts related to pension and postretirement medical adjustments are reclassified to non-service components of pension cost that are included within other non-operating expenses. Included in the 2017 reclassification is $12 million related to a pension settlement loss ( Note J ). In February 2018, FASB issued a new standard related to reclassification of certain tax effects from accumulated other comprehensive income (AOCI). The Company adopted the new standard in the first quarter of 2018. We elected to reclassify $15.5 million from accumulated other comprehensive income to retained earnings, representing the amount of “ stranded ” tax effects resulting from the change in the U.S. federal tax rate and the consequent revaluation of deferred tax assets related to pension and postretirement medical expense. On April 30, 2018, the Company repurchased 0.7 million shares of its common stock for $28.2 million from the President and Chief Executive Officer of the Company. The $43.33 per share purchase price represented a discount of 3 percent from the closing price of the Company’s stock immediately prior to the date of the transaction. The Company used available cash balances and borrowings under its revolving line of credit to fund the repurchase.

Share-Based Awards, Purchase Pl

Share-Based Awards, Purchase Plans and Compensation Cost	12 Months Ended
	Dec. 27, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Awards, Purchase Plans and Compensation Cost	Share-Based Awards, Purchase Plans and Compensation Cost Stock Option and Award Plan. The Company has a stock incentive plan under which it grants stock options and share awards to directors, officers and other employees. Option price is the market price on the date of grant. Options become exercisable at such time, generally over three or four years , and in such installments as set by the Company, and expire ten years from the date of grant. Restricted share awards have been made to certain key employees under the plan. The market value of restricted stock at the date of grant is charged to operations over the vesting period. Compensation cost related to restricted shares is not significant. The Company has a stock appreciation plan that provides for payments of cash to eligible foreign employees based on the change in the market price of the Company’s common stock over a period of time. Compensation cost related to the stock appreciation plan was $3.3 million in 2019 , $4.4 million in 2018 and $4.5 million in 2017 . Individual nonemployee directors of the Company may elect to receive, either currently or deferred, all or part of their retainer in the form of shares of the Company’s common stock instead of cash. Under this arrangement, the Company issued 15,016 shares in 2019 , 14,595 shares in 2018 and 20,646 shares in 2017 . The expense related to this arrangement is not significant. Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices): Option Shares Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price Outstanding, December 30, 2016 16,605 $ 18.42 11,016 $ 15.13 Granted 1,725 30.71 Exercised (4,903 ) 12.86 Canceled (137 ) 26.63 Outstanding, December 29, 2017 13,290 21.99 7,729 18.33 Granted 1,163 44.05 Exercised (2,081 ) 18.17 Canceled (102 ) 28.59 Outstanding, December 28, 2018 12,270 24.67 7,312 20.17 Granted 1,781 46.36 Exercised (1,886 ) 17.64 Canceled (53 ) 33.13 Outstanding, December 27, 2019 12,112 $ 28.91 8,231 $ 23.75 The following table summarizes information for options outstanding and exercisable at December 27, 2019 (in thousands, except exercise prices and contractual term amounts): Options Outstanding Options Exercisable Range of Prices Options Outstanding Weighted Average Remaining Contractual Term in Years Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price $5 - $20 2,513 2.1 $ 16.46 2,513 $ 16.46 $20 - $30 5,141 5.5 25.09 4,671 25.20 $30 - $40 1,549 7.2 30.74 731 30.77 $40 - $51 2,909 8.9 45.46 316 44.05 $5 - $51 12,112 5.8 $ 28.91 8,231 $ 23.75 The aggregate intrinsic value of exercisable option shares was $233.2 million as of December 27, 2019 , with a weighted average contractual term of 4.7 years . There were approximately 12.1 million vested share options and share options expected to vest as of December 27, 2019 , with an aggregate intrinsic value of $280.6 million , a weighted average exercise price of $28.91 and a weighted average contractual term of 5.8 years . Information related to options exercised follows (in thousands): 2019 2018 2017 Cash received $ 32,749 $ 11,158 $ 48,833 Aggregate intrinsic value 57,419 57,979 119,442 Tax benefit realized 12,000 12,000 42,000 Employee Stock Purchase Plan. Under the Company’s Employee Stock Purchase Plan, the purchase price of the shares is the lesser of 85 percent of the fair market value on the first day or the last day of the plan year. Under this plan, the Company issued 397,833 shares in 2019 , 480,461 shares in 2018 and 499,956 shares in 2017 . Authorized Shares. In April 2019, shareholders of the Company approved the Graco Inc. 2019 Stock Incentive Plan. The Plan provides for issuance of up to 10 million shares of Graco common stock. Shares authorized for issuance under the stock option and purchase plans are shown below (in thousands): Total Shares Authorized Available for Future Stock Incentive Plan (2019) 10,000 9,413 Employee Stock Purchase Plan (2006) 21,000 12,897 Total 31,000 22,310 Amounts available for future issuance exclude outstanding options. Options outstanding as of December 27, 2019 , include options granted under three plans that were replaced by subsequent plans. No shares are available for future grants under those plans. Share-based Compensation. The Company recognized share-based compensation cost as follows (in thousands): 2019 2018 2017 Share-based compensation $ 26,669 $ 25,565 $ 23,652 Tax benefit 2,100 3,500 5,100 Share-based compensation, net of tax $ 24,569 $ 22,065 $ 18,552 As of December 27, 2019 , there was $9.9 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of approximately 2.5 years . The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions and results: 2019 2018 2017 Expected life in years 6.8 7.5 7.0 Interest rate 2.3 % 2.8 % 2.2 % Volatility 24.0 % 25.5 % 26.7 % Dividend yield 1.4 % 1.2 % 1.6 % Weighted average fair value per share $ 11.31 $ 12.84 $ 8.08 Expected life is estimated based on vesting terms and exercise and termination history. Interest rate is based on the U.S. Treasury rate on zero-coupon issues with a remaining term equal to the expected life of the option. Expected volatility is based on historical volatility over a period commensurate with the expected life of options. The fair value of employees’ purchase rights under the Employee Stock Purchase Plan was estimated on the date of grant. The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option-pricing model with the following assumptions and results: 2019 2018 2017 Expected life in years 1.0 1.0 1.0 Interest rate 2.6 % 2.1 % 0.9 % Volatility 22.7 % 21.3 % 22.3 % Dividend yield 1.4 % 1.2 % 1.5 % Weighted average fair value per share $ 11.36 $ 10.28 $ 7.32

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 27, 2019
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): 2019 2018 2017 Net earnings available to common shareholders $ 343,853 $ 341,054 $ 252,412 Weighted average shares outstanding for basic earnings per share 166,515 167,364 167,925 Dilutive effect of stock options computed based on the treasury stock method using the average market price 5,109 5,849 6,393 Weighted average shares outstanding for diluted earnings per share 171,624 173,213 174,318 Basic earnings per share $ 2.06 $ 2.04 $ 1.50 Diluted earnings per share $ 2.00 $ 1.97 $ 1.45 Anti-dilutive stock options excluded from computations of diluted earnings per share totaled 1.1 million shares in 2019 and 1.1 million shares in 2018 . The number of anti-dilutive options excluded from the 2017 computation of diluted earnings per share was not significant.

Retirement Benefits

Retirement Benefits	12 Months Ended
	Dec. 27, 2019
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The Company has a defined contribution plan, under Section 401(k) of the Internal Revenue Code, which provides retirement benefits to most U.S. employees. For all employees who choose to participate, the Company matches employee contributions at a 100 percent rate, up to 3 percent of the employee’s compensation. For employees not covered by a defined benefit plan, the Company contributed an amount equal to 1.5 percent of the employee’s compensation through 2019 and increased the contribution to 2.0 percent effective January 1, 2020. Employer contributions totaled $8.4 million in 2019 , $8.0 million in 2018 and $7.8 million in 2017 . The Company’s postretirement medical plan provides certain medical benefits for retired U.S. employees. Employees hired before January 1, 2005, are eligible for these benefits upon retirement and fulfillment of other eligibility requirements as specified by the plan. The Company has both funded and unfunded noncontributory defined benefit pension plans that together cover most U.S. employees hired before January 1, 2006, certain directors and some of the employees of the Company’s non-U.S. subsidiaries. The Company restructured its U.S. qualified defined benefit plan in 2017. Under the restructuring, the plan transferred $42 million of liabilities and assets associated with certain plan participants to an insurance company via the purchase of a group annuity contract, and the Company recognized a $12 million settlement loss, included in 2017 other non-operating expense. Remaining pension plan participants and related liabilities and assets were transferred into one of two new, legally separate qualified defined benefit plans, and the former plan was terminated. The benefits offered to the plans’ participants were unchanged. For U.S. plans, benefits are based on years of service and the highest 5 consecutive years’ earnings in the 10 years preceding retirement. The Company funds annually in amounts consistent with minimum funding levels and maximum tax deduction limits. Investment policies and strategies of the U.S. funded pension plans are based on participant demographics of each plan. For the larger of the two plans (the “Blue plan”) covering active participants and retirees with higher benefit amounts, investments are based on a long-term view of economic growth and weighted toward equity securities. The primary goal of the plan’s investments is to ensure that the plan’s liabilities are met over time. In developing strategic asset allocation guidelines, an emphasis is placed on the long-term characteristics of individual asset classes, and the benefits of diversification among multiple asset classes. The plan invests primarily in domestic and international equities, fixed income securities, which include treasuries, highly-rated corporate bonds and high-yield bonds and real estate. Strategic target allocations for Blue plan assets are 50 percent equity securities, 37 percent fixed income securities and 13 percent real estate and alternative investments. For the smaller of the two plans (the “Gray plan”) covering retirees with lower benefit amounts, investments are based on a shorter-term, more conservative outlook. The midpoints of the ranges of strategic target allocations for the Gray plan assets are 28 percent equity securities, 60 percent fixed income securities and 12 percent real estate and alternative investments. Plan assets are held in trusts for the benefit of plan participants and are invested in various commingled funds, most of which are sponsored by the trustee. The fair values for commingled equity, fixed-income and real estate investments are measured using net asset values, which take into consideration the value of underlying fund investments, as well as the other accrued assets and liabilities of a fund, in order to determine a per share market value. Certain trustee-sponsored funds allow redemptions monthly or quarterly, with 10 or 60 days advance notice, while most of the funds allow redemptions daily. The plans had unfunded commitments to make additional investments in certain funds totaling $2.5 million as of December 27, 2019 and $3.0 million as of December 28, 2018 . The Company maintains a defined contribution plan covering employees of a Swiss subsidiary, funded by Company and employee contributions. Responsibility for pension coverage under Swiss law has been transferred to a Swiss insurance company. Plan assets are invested in an insurance contract that guarantees a federally mandated annual rate of return. The value of the plan assets is effectively the value of the insurance contract. The performance of the underlying assets held by the insurance company has no direct impact on the surrender value of the insurance contract. The insurance backed assets have no active market and are classified as level 3 in the fair value hierarchy. Assets of all plans by category and fair value measurement level were as follows (in thousands): Level 2019 2018 Cash and cash equivalents (1) 1 $ (156 ) $ 927 Insurance contract 3 27,675 26,364 Investments categorized in fair value hierarchy 27,519 27,291 Equity U.S. Large Cap N/A 84,330 53,597 U.S. Small/Mid Cap N/A 9,202 7,602 International N/A 39,240 31,586 Total Equity 132,772 92,785 Fixed income N/A 107,832 76,213 Real estate and other N/A 35,821 72,964 Investments measured at net asset value 276,425 241,962 Total $ 303,944 $ 269,253 (1) Negative cash for 2019 represents unsettled pending trades within an investment that are classified in cash and cash equivalents until settled. The following table is a reconciliation of pension assets measured at fair value using level 3 inputs (in thousands): 2019 2018 Balance, beginning of year $ 26,364 $ 26,411 Purchases 2,151 2,074 Redemptions (1,326 ) (2,086 ) Unrealized gains (losses) 486 (35 ) Balance, end of year $ 27,675 $ 26,364 The following provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the periods ending December 27, 2019 , and December 28, 2018 , and a statement of the funded status as of the same dates (in thousands): Pension Benefits Postretirement Medical Benefits 2019 2018 2019 2018 Change in benefit obligation Obligation, beginning of year $ 371,282 $ 393,559 $ 27,778 $ 27,771 Service cost 7,735 8,487 545 636 Interest cost 15,103 13,424 1,162 1,084 Actuarial loss (gain) 67,756 (30,452 ) 2,532 (397 ) Benefit payments (12,594 ) (11,265 ) (1,371 ) (1,316 ) Settlements — (1,561 ) — — Exchange rate changes 137 (910 ) — — Obligation, end of year $ 449,419 $ 371,282 $ 30,646 $ 27,778 Change in plan assets Fair value, beginning of year $ 269,253 $ 254,186 $ — $ — Actual return on assets 44,743 (13,875 ) — — Employer contributions 2,276 42,023 1,371 1,316 Benefit payments (12,594 ) (11,265 ) (1,371 ) (1,316 ) Settlements — (1,561 ) — — Exchange rate changes 266 (255 ) — — Fair value, end of year $ 303,944 $ 269,253 $ — $ — Funded status $ (145,475 ) $ (102,029 ) $ (30,646 ) $ (27,778 ) Amounts recognized in consolidated balance sheets Non-current assets $ 2,931 $ — $ — $ — Current liabilities 1,824 1,453 1,656 1,573 Non-current liabilities 146,582 100,576 28,990 26,205 Net $ 145,475 $ 102,029 $ 30,646 $ 27,778 Changes in discount rates used to value pension obligations were the main drivers of large actuarial losses (gains) in 2019 and 2018. In the third quarter of 2018, the Company made a $40 million voluntary contribution to one of its U.S. qualified defined benefit plans. The accumulated benefit obligation as of year-end for all defined benefit pension plans was $410 million for 2019 and $344 million for 2018 . Information for plans with an accumulated benefit obligation in excess of plan assets follows (in thousands): 2019 2018 Projected benefit obligation $ 402,900 $ 371,282 Accumulated benefit obligation 363,497 343,705 Fair value of plan assets 254,493 269,253 The components of net periodic benefit cost for the plans for 2019 , 2018 and 2017 were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2019 2018 2017 2019 2018 2017 Service cost-benefits earned during the period $ 7,735 $ 8,487 $ 7,675 $ 545 $ 636 $ 601 Interest cost on projected benefit obligation 15,103 13,424 15,044 1,162 1,084 1,093 Expected return on assets (17,152 ) (17,447 ) (17,186 ) — — — Amortization of prior service cost (credit) 279 279 255 — — (344 ) Amortization of net loss (gain) 8,392 7,931 8,634 273 646 334 Settlement loss (gain) — 184 12,313 — — — Cost of pension plans which are not significant and have not adopted ASC 715 110 106 122 N/A N/A N/A Net periodic benefit cost $ 14,467 $ 12,964 $ 26,857 $ 1,980 $ 2,366 $ 1,684 Net periodic benefit cost is disaggregated between service cost presented as operating expense and other components of pension cost presented as non-operating expense. Other components of pension cost and changes in cash surrender value of insurance contracts intended to fund certain non-qualified pension and deferred compensation arrangements included in non-operating expenses totaled $5 million in 2019, $8 million in 2018 and $18 million in 2017. Amounts recognized in other comprehensive (income) loss in 2019 and 2018 were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2019 2018 2019 2018 Net loss (gain) arising during the period $ 40,184 $ 644 $ 2,532 $ (397 ) Amortization of net gain (loss) (8,392 ) (7,931 ) (273 ) (646 ) Settlement gain (loss) — (184 ) — — Amortization of prior service credit (cost) (279 ) (279 ) — — Total $ 31,513 $ (7,750 ) $ 2,259 $ (1,043 ) Amounts included in accumulated other comprehensive (income) loss as of December 27, 2019 and December 28, 2018 , that had not yet been recognized as components of net periodic benefit cost, were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2019 2018 2019 2018 Prior service cost (credit) $ 1,197 $ 1,465 $ — $ — Net loss 135,910 104,127 8,052 5,793 Net before income taxes 137,107 105,592 8,052 5,793 Income taxes (29,666 ) (23,221 ) (1,772 ) (1,275 ) Net $ 107,441 $ 82,371 $ 6,280 $ 4,518 Amounts included in accumulated other comprehensive (income) loss that are expected to be recognized as components of net periodic benefit cost in 2020 were as follows (in thousands): Pension Benefits Postretirement Medical Benefits Prior service cost (credit) $ 282 $ — Net loss (gain) 10,354 707 Net before income taxes 10,636 707 Income taxes (2,340 ) (156 ) Net $ 8,296 $ 551 Assumptions used to determine the Company’s benefit obligations are shown below: Pension Benefits Postretirement Medical Benefits Weighted average assumptions 2019 2018 2019 2018 U.S. Plans Discount rate 3.5 % 4.5 % 3.4 % 4.5 % Rate of compensation increase 2.8 % 2.8 % N/A N/A Non-U.S. Plans Discount rate 0.4 % 1.3 % N/A N/A Rate of compensation increase 1.3 % 1.4 % N/A N/A Assumptions used to determine the Company’s net periodic benefit cost are shown below: Pension Benefits Postretirement Medical Benefits Weighted average assumptions 2019 2018 2017 2019 2018 2017 U.S. Plans Discount rate 4.5 % 3.9 % 4.5 % 4.5 % 3.9 % 4.5 % Rate of compensation increase 2.8 % 2.8 % 2.8 % N/A N/A N/A Expected return on assets 7.0 % 7.1 % 7.0 % N/A N/A N/A Non-U.S. Plans Discount rate 1.3 % 1.0 % 0.9 % N/A N/A N/A Rate of compensation increase 1.4 % 0.9 % 1.0 % N/A N/A N/A Expected return on assets 2.0 % 2.0 % 2.0 % N/A N/A N/A Several sources of information are considered in determining the expected rate of return assumption, including the allocation of plan assets, the input of actuaries and professional investment advisers, and historical long-term returns. In setting the return assumption, the Company recognizes that historical returns are not always indicative of future returns and also considers the long-term nature of its pension obligations. The Company’s U.S. retirement medical plan limits the annual cost increase that will be paid by the Company to 3 percent . In measuring the accumulated postretirement benefit obligation (APBO), the annual trend rate for health care costs was assumed to be 5.8 percent for 2020 , decreasing each year to a constant rate of 4.5 percent for 2038 and thereafter, subject to the plan’s annual increase limitation. At December 27, 2019 , a one percent change in assumed health care cost trend rates would no t have a significant impact on the service and interest cost components of net periodic postretirement health care benefit cost or the APBO for health care benefits. The Company expects to contribute $1.8 million to its unfunded pension plans and $1.7 million to the postretirement medical plan in 2020 . The Company expects to utilize available credits to satisfy any required contributions to the funded pension plans under minimum funding requirements for 2020 . Estimated future benefit payments are as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2020 $ 15,337 $ 1,656 2021 16,520 1,707 2022 17,917 1,731 2023 19,173 1,727 2024 21,281 1,703 Years 2025-2029 115,303 8,357

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 27, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Lease Liabilities and Assets The Company adopted ASU No. 2016-02— Leases (Topic 842) as of December 29, 2018, the beginning of its fiscal year 2019. Using the modified retrospective approach with transition relief, the Company recorded operating lease assets and liabilities of $35 million as of December 29, 2018, and made no adjustments to retained earnings. Adoption of the new standard did not materially impact consolidated net earnings and cash flows. Electing the package of practical expedients permitted under transition guidance, the Company did not reassess previous conclusions about whether existing contracts contained a lease, historical lease classification, or initial direct costs. Electing the hindsight practical expedient to determine the lease term for existing leases did not result in any changes to existing lease terms. The Company elected not to apply recognition requirements to short term leases with terms of twelve months or less across all asset classes. The Company elected to analyze vehicle assets using the portfolio approach. Lastly, the Company elected as an accounting policy not to separate the lease and non-lease components in the lease payments across all asset classes. The Company owns most of the assets used in its operations, but leases certain buildings and land, vehicles, office equipment and other rental assets. The Company determines if an arrangement is a lease at inception. All of the Company ’ s current lease arrangements are classified as operating leases. The Company historically has not entered into financing leases. Operating lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease expense is recognized by amortizing the amount recorded as an asset on a straight-line basis over the lease term. In determining lease asset value, the Company considers fixed or variable payment terms, prepayments, incentives, and options to extend, terminate or purchase. Renewal, termination or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. The Company generally uses its incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments. As of December 27, 2019 , the weighted average remaining lease term was 5.7 years and the weighted average discount rate used to determine the operating lease liability was 3.9 percent . For the twelve months ended December 27, 2019 , expense related to operating leases was $11.5 million , operating lease payments included in operating cash flows totaled $11.0 million , and non-cash additions to operating lease assets totaled $2.4 million . Variable lease costs and short term lease costs were not significant for the twelve months ended December 27, 2019 . As of December 27, 2019 , future maturities of operating lease liabilities were as follows (in thousands): 2020 $ 8,222 2021 8,237 2022 5,657 2023 4,226 2024 1,843 Thereafter 7,490 Total lease payments $ 35,675 Present value adjustment (3,809 ) Operating lease liabilities $ 31,866 Aggregate annual rental commitments under operating leases with noncancelable terms of more than one year at December 28, 2018 were reported under previous lease accounting standards as follows (in thousands): 2019 $ 11,613 2020 8,759 2021 6,745 2022 5,102 2023 3,721 Thereafter 2,340 Total $ 38,280 Other Commitments. The Company is committed to pay suppliers under the terms of open purchase orders issued in the normal course of business totaling approximately $83 million at December 27, 2019 . The Company also has commitments with certain suppliers to purchase minimum quantities, and under the terms of certain agreements, the Company is committed for certain portions of the supplier’s inventory. The Company does not purchase, or commit to purchase, quantities in excess of normal usage or amounts that cannot be used within one year. The Company estimates that the maximum commitment amount under such agreements does not exceed $44 million . The Company enters into contracts with vendors to receive services. Commitments under these service contracts with noncancelable terms of more than one year totaled $10 million in 2020 , $8 million in 2021 , $2 million in 2022 and $1 million thereafter. In addition, the Company could be obligated to perform under standby letters of credit totaling $2 million at December 27, 2019 . The Company has also guaranteed the debt of its subsidiaries for up to $42 million . All debt of subsidiaries is reflected in the consolidated balance sheets. Contingencies. The Company is party to various legal proceedings arising in the normal course of business. The Company is actively pursuing and defending these matters and has recorded an estimate of the probable costs where appropriate. Management does not expect that resolution of these matters will have a material adverse effect on the Company, although the ultimate outcome cannot be determined based on available information.

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 27, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (unaudited)	Quarterly Financial Information (Unaudited) Unaudited quarterly financial data is summarized below (in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter 2019 Net Sales $ 404,870 $ 428,328 $ 400,555 $ 412,292 Gross Profit 216,042 226,954 207,379 209,381 Net Earnings 86,749 88,137 84,132 84,835 Basic Net Earnings per Common Share $ 0.52 $ 0.53 $ 0.50 $ 0.51 Diluted Net Earnings per Common Share 0.51 0.51 0.49 0.49 Cash Dividends Declared per Common Share 0.16 0.16 0.16 0.18 2018 Net Sales $ 406,348 $ 424,570 $ 415,936 $ 406,438 Gross Profit 222,421 229,903 221,459 208,756 Net Earnings 85,510 89,140 92,681 73,723 Basic Net Earnings per Common Share $ 0.51 $ 0.53 $ 0.55 $ 0.44 Diluted Net Earnings per Common Share 0.49 0.51 0.54 0.43 Cash Dividends Declared per Common Share 0.13 0.13 0.13 0.16

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 27, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II - Valuation and Qualifying Accounts Graco Inc. and Subsidiaries (in thousands) Allowance for Doubtful Accounts Balance, December 30, 2016 $ 3,900 Additions charged to costs and expenses 1,600 Deductions from reserves (1) (1,700 ) Other additions (deductions) (2) 200 Balance, December 29, 2017 4,000 Additions charged to costs and expenses 1,400 Deductions from reserves (1) (900 ) Other additions (deductions) (2) 300 Balance, December 28, 2018 4,800 Additions charged to costs and expenses 800 Deductions from reserves (1) (900 ) Other additions (deductions) (2) 100 Balance, December 27, 2019 $ 4,800 (1) Represents amounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. (2) Includes amounts assumed or established in connection with acquisitions and effects of foreign currency translation.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 27, 2019
Accounting Policies [Abstract]
Fiscal Period, Policy [Policy Text Block]	The fiscal year of Graco Inc. and Subsidiaries (the “Company”) is 52 or 53 weeks, ending on the last Friday in December. The years ended December 27, 2019 , December 28, 2018 and December 29, 2017
Basis of Statement Presentation	The consolidated financial statements include the accounts of the parent company and its subsidiaries after elimination of intercompany balances and transactions. As of December 27, 2019
Foreign Currency Translation	The functional currency of certain subsidiaries is the local currency. Accordingly, adjustments resulting from the translation of those subsidiaries’ financial statements into U.S. dollars are charged or credited to accumulated other comprehensive income (loss). The U.S. dollar is the functional currency for all other foreign subsidiaries. Accordingly, gains and losses from the translation of foreign currency balances and transactions of those subsidiaries are included in other expense, net.
Accounting Estimates	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Measurement Cash Surrender Value, Policy [Policy Text Block]	Contracts insuring the lives of certain employees who are eligible to participate in certain non-qualified pension and deferred compensation plans are held in trust. Cash surrender value of the contracts is based on performance measurement funds that shadow the deferral investment allocations made by participants in certain deferred compensation plans. The deferred compensation liability balances are valued based on amounts allocated by participants to the underlying performance measurement funds.
Cash Equivalents	All highly liquid investments with a maturity of three months or less at the date of purchase are considered to be cash equivalents.
Inventory Valuation	Inventories are stated at the lower of cost or net realizable value. The last-in, first-out (LIFO) cost method is used for valuing most U.S. inventories. Inventories of foreign subsidiaries are valued using the first-in, first-out (FIFO) cost method.
Impairment or Long-Lived Assets	The Company evaluates long-lived assets (including property and equipment, goodwill and other intangible assets) for impairment annually in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Property, Plant and Equipment	For financial reporting purposes, plant and equipment are depreciated over their estimated useful lives, primarily by using the straight-line method as follows: Buildings and improvements 10 to 30 years Leasehold improvements lesser of 5 to 10 years or life of lease Manufacturing equipment lesser of 5 to 10 years or life of equipment Office, warehouse and automotive equipment 3 to 10 years
Goodwill and Other Intangible Assets	Goodwill has been assigned to reporting units.
Acquisitions	The Company completed business acquisitions in 2019 , 2018 and 2017 that were not material to the consolidated financial statements.
Life Settlement Contracts, Policy [Policy Text Block]	The Company has entered into contracts insuring the lives of certain employees who are eligible to participate in certain non-qualified pension and deferred compensation plans. These insurance contracts are used to fund the non-qualified pension and deferred compensation arrangements. The insurance contracts are held in a trust and are available to general creditors in the event of the Company’s insolvency. Changes in cash surrender value are recorded in operating expense.
Capitalized Software	Capitalized software is amortized over its estimated useful life (generally 2 to 5 years) beginning at date of implementation.
Self Insurance Reserve [Policy Text Block]	The Company is self-insured for certain losses and costs relating to product liability, workers’ compensation, and employee medical benefit claims. The Company has stop-loss coverage in order to limit its exposure to significant claims. Accrued self-insurance retentions are based on claims filed, estimates of claims incurred but not reported, and other actuarial assumptions. Self-insured reserves totaled $7.6 million as of December 27, 2019 , and $7.9 million as of December 28, 2018 .
Product Warranties	A liability is established for estimated future warranty and service claims that relate to current and prior period sales. The Company estimates warranty costs based on historical claim experience and other factors including evaluating specific product warranty issues.
Revenue from Contract with Customer [Policy Text Block]	Accounting Policy Revenue is recognized at a single point in time upon the satisfaction of performance obligations, which occurs when control of the good or service transfers to the customer. This is generally on the date of shipment; however certain sales have terms requiring recognition when received by the customer. In cases where there are specific customer acceptance provisions, revenue is recognized at the later of customer acceptance or shipment (subject to shipping terms). Payment terms are established based on the type of product, distributor capabilities and competitive market conditions, and do not exceed one year. Standalone selling prices are determined based on the prices charged to customers for all material performance obligations. Variable consideration is accounted for as a price adjustment (sales adjustment). Following are examples of variable consideration that affect the Company’s reported revenue. Early payment discounts are provided to certain customers and within certain regions. Rights of return are typically contractually limited and amounts are estimable. The Company records a refund liability and establishes a recovery asset for the value of product expected to be returned at the time revenue is recognized. This includes promotions when, from time to time, the Company may promote the sale of new products by agreeing to accept returns of superseded products. Provisions for sales returns are recorded as a reduction of net sales, and provisions for warranty claims are recorded in selling, marketing and distribution expenses. Historically, sales returns have been approximately 3 percent of sales. Trade promotions are offered to distributors and end users through various programs, generally with terms of one year or less. Such promotions include rebates based on annual purchases and sales growth, coupons and reimbursement for competitive products. Payment of incentives may take the form of cash, trade credit, promotional merchandise or free product. Rebates are accrued based on the program rates and progress toward the probability weighted estimate of annual sales amount and sales growth. Additional promotions include cooperative advertising arrangements. Under cooperative advertising arrangements, the Company reimburses the distributor for a portion of its advertising costs related to the Company’s products. Estimated costs are accrued at the time of sale and classified as selling, marketing and distribution expense. The estimated costs related to coupon programs are accrued at the time of sale and classified as selling, marketing and distribution expense or cost of products sold, depending on the type of incentive offered. The considerations payable to customers are deemed as broad based and are not recorded against net sales. Shipping and handling costs incurred for the delivery of goods to customers are included in cost of goods sold. Amounts billed to customers for shipping and handling are included in net sales. Deferred Revenues Revenue is deferred when cash payments are received or due in advance of performance, including amounts which are refundable. This is also the case for services associated with certain product sales. The balance in the deferred revenue and customer advances was $33.1 million as of December 27, 2019 and $40.0 million as of December 28, 2018 . Net sales for the year included $39.4 million that was in deferred revenue and customer advances as of December 28, 2018 . Practical Expedients and Exemptions Shipping and handling activities that occur after control of the related good transfers are accounted for as fulfillment activities instead of assessing such activities as performance obligations. Sales taxes related to revenue producing transactions collected from the customer for a governmental authority are excluded from the transaction price. Revenue standard requirements are applied to a portfolio of contracts (or performance obligations) with similar characteristics for transactions where it is expected that the effects on the financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio. Promised goods or services are not assessed as performance obligations if they are immaterial in the context of the contract with the customer. If the revenue related to a performance obligation that includes goods or services that are immaterial in the context of the contract is recognized before those immaterial goods or services are transferred to the customer, then the related costs to transfer those goods or services are accrued. Incremental costs of obtaining a contract are generally expensed when incurred because the amortization period would be less than one year. Such costs primarily relate to sales commissions and are recorded in selling, marketing and distribution expense. Disaggregated revenues by reporting segment and geography are disclosed in accordance with the revenue standard. See Note B , Segment Information.
Earnings Per Common Share	Basic net earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the year. Diluted net earnings per share is computed after giving effect to the exercise of all dilutive outstanding option grants.
Comprehensive Income	Comprehensive income is a measure of all changes in shareholders’ equity except those resulting from investments by and distributions to owners, and includes such items as net earnings, certain foreign currency translation items, changes in the value of qualifying hedges and pension liability adjustments.
Derivative Instruments and Hedging Activities	The Company accounts for all derivatives, including those embedded in other contracts, as either assets or liabilities and measures those financial instruments at fair value. The accounting for changes in the fair value of derivatives depends on their intended use and designation. As part of its risk management program, the Company may periodically use forward exchange contracts to manage known market exposures. Terms of derivative instruments are structured to match the terms of the risk being managed and are generally held to maturity. The Company does not hold or issue derivative financial instruments for trading purposes. All other contracts that contain provisions meeting the definition of a derivative also meet the requirements of, and have been designated as, normal purchases or sales. The Company’s policy is to not enter into contracts with terms that cannot be designated as normal purchases or sales. The Company periodically evaluates its monetary asset and liability positions denominated in foreign currencies. The Company enters into forward contracts or options, or borrows in various currencies, in order to hedge its net monetary positions. These instruments are recorded at fair value and the gains and losses are included in other expense, net. The notional amounts of contracts outstanding as of December 27, 2019 , totaled $33 million . The Company believes it uses strong financial counterparties in these transactions and that the resulting credit risk under these hedging strategies is not significant.
Recent Accounting Pronouncements	Credit Losses In June 2016, the FASB issued a final standard on accounting for credit losses. The new standard is effective for the Company in fiscal 2020 and requires a change in credit loss calculations using the expected loss method. The Company has determined there will be no significant impact on earnings or financial condition from the adoption of the new standard. Accounting policies and systems have been updated as needed and disclosures required by the new standard will be provided in the Company's first quarter 2020 reporting cycle.

Segment Information Segment Acc

Segment Information Segment Accounting Policies (Policies)	12 Months Ended
	Dec. 27, 2019
Segment Accounting Policies [Abstract]
Segment Reporting, Policy [Policy Text Block]	The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The cost of manufacturing for each segment is based on product cost, and expenses are based on actual costs incurred along with cost allocations of shared and centralized functions based on activities performed, sales or space utilization. Depreciation expense is charged to the manufacturing or operating cost center that utilizes the asset, and is then allocated to segments on the same basis as other expenses within that cost center. Reportable segments are defined by product. Segments are responsible for development, manufacturing, marketing and sales of their products. This allows for focused marketing and efficient product development. The segments share common purchasing, certain manufacturing, distribution and administration functions.

Commitments and Contingencies L

Commitments and Contingencies Leases (Policies)	12 Months Ended
	Dec. 27, 2019
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	Operating Lease Liabilities and Assets The Company adopted ASU No. 2016-02— Leases (Topic 842) as of December 29, 2018, the beginning of its fiscal year 2019. Using the modified retrospective approach with transition relief, the Company recorded operating lease assets and liabilities of $35 million as of December 29, 2018, and made no adjustments to retained earnings. Adoption of the new standard did not materially impact consolidated net earnings and cash flows. Electing the package of practical expedients permitted under transition guidance, the Company did not reassess previous conclusions about whether existing contracts contained a lease, historical lease classification, or initial direct costs. Electing the hindsight practical expedient to determine the lease term for existing leases did not result in any changes to existing lease terms. The Company elected not to apply recognition requirements to short term leases with terms of twelve months or less across all asset classes. The Company elected to analyze vehicle assets using the portfolio approach. Lastly, the Company elected as an accounting policy not to separate the lease and non-lease components in the lease payments across all asset classes. The Company owns most of the assets used in its operations, but leases certain buildings and land, vehicles, office equipment and other rental assets. The Company determines if an arrangement is a lease at inception. All of the Company ’ s current lease arrangements are classified as operating leases. The Company historically has not entered into financing leases. Operating lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease expense is recognized by amortizing the amount recorded as an asset on a straight-line basis over the lease term. In determining lease asset value, the Company considers fixed or variable payment terms, prepayments, incentives, and options to extend, terminate or purchase. Renewal, termination or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. The Company generally uses its incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments. As of December 27, 2019 , the weighted average remaining lease term was 5.7 years and the weighted average discount rate used to determine the operating lease liability was 3.9 percent . For the twelve months ended December 27, 2019 , expense related to operating leases was $11.5 million , operating lease payments included in operating cash flows totaled $11.0 million , and non-cash additions to operating lease assets totaled $2.4 million . Variable lease costs and short term lease costs were not significant for the twelve months ended December 27, 2019

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 27, 2019
Accounting Policies [Abstract]
Assets and Liabilities Measured at Fair Value	Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): Level 2019 2018 Assets Cash surrender value of life insurance 2 $ 17,702 $ 14,320 Forward exchange contracts 2 — 82 Total assets at fair value $ 17,702 $ 14,402 Liabilities Contingent consideration 3 $ 9,072 $ 7,200 Deferred compensation 2 4,719 4,203 Forward exchange contracts 2 87 — Total liabilities at fair value $ 13,878 $ 11,403
Other Current Assets	Amounts included in other current assets were (in thousands): 2019 2018 Prepaid income taxes $ 13,462 $ 14,762 Prepaid expenses and other 16,455 17,746 Total $ 29,917 $ 32,508
Property, Plant and Equipment	For financial reporting purposes, plant and equipment are depreciated over their estimated useful lives, primarily by using the straight-line method as follows: Buildings and improvements 10 to 30 years Leasehold improvements lesser of 5 to 10 years or life of lease Manufacturing equipment lesser of 5 to 10 years or life of equipment Office, warehouse and automotive equipment 3 to 10 years
Schedule of Goodwill [Table Text Block]	Changes in the carrying amounts of goodwill for each reportable segment were (in thousands): Industrial Process Contractor Total Balance, December 29, 2017 $ 161,673 $ 97,971 $ 19,145 $ 278,789 Additions, adjustments from business acquisitions 17,544 170 409 18,123 Foreign currency translation (2,093 ) (973 ) — (3,066 ) Balance, December 28, 2018 177,124 97,168 19,554 293,846 Additions, adjustments from business acquisitions — 13,444 — 13,444 Foreign currency translation (12 ) 385 — 373 Balance, December 27, 2019 $ 177,112 $ 110,997 $ 19,554 $ 307,663
Intangible Assets	Components of other intangible assets were (dollars in thousands): Finite Life Indefinite Life Customer Patents and Trademarks, Trade Total As of December 27, 2019 Cost $ 186,310 $ 20,413 $ 1,020 $ 61,920 $ 269,663 Accumulated amortization (80,764 ) (10,526 ) (650 ) — (91,940 ) Foreign currency translation (10,412 ) (885 ) (73 ) (3,730 ) (15,100 ) Book value $ 95,134 $ 9,002 $ 297 $ 58,190 $ 162,623 Weighted average life in years 13 10 4 N/A As of December 28, 2018 Cost $ 179,449 $ 18,571 $ 1,020 $ 59,537 $ 258,577 Accumulated amortization (67,322 ) (8,647 ) (439 ) — (76,408 ) Foreign currency translation (10,817 ) (895 ) (73 ) (4,074 ) (15,859 ) Book value $ 101,310 $ 9,029 $ 508 $ 55,463 $ 166,310 Weighted average life in years 13 10 4 N/A
Future Amortization Expense	Estimated future annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands): 2020 2021 2022 2023 2024 Thereafter Estimated Amortization Expense $ 16,095 $ 15,806 $ 15,716 $ 14,811 $ 13,249 $ 28,756
Components of Other Assets	Components of other assets were (in thousands): 2019 2018 Cash surrender value of life insurance $ 17,702 $ 14,320 Capitalized software 2,985 2,742 Equity method investment 7,603 7,252 Prepaid pension 2,931 — Deposits and other 4,471 3,705 Total $ 35,692 $ 28,019
Components of Other Current Liabilities	Components of other current liabilities were (in thousands): 2019 2018 Accrued self-insurance retentions $ 7,570 $ 7,870 Accrued warranty and service liabilities 12,785 11,056 Accrued trade promotions 8,390 11,449 Payable for employee stock purchases 13,722 11,916 Customer advances and deferred revenue 33,138 39,995 Income taxes payable 8,706 8,515 Operating lease liabilities, current 7,690 — Right of return refund liability 13,791 12,705 Other 37,145 39,535 Total $ 142,937 $ 143,041
Accrued Warranty Liability Activity	Following is a summary of activity in accrued warranty and service liabilities (in thousands): 2019 2018 Balance, beginning of year $ 11,056 $ 10,535 Charged to expense 10,350 8,963 Margin on parts sales reversed 2,576 1,193 Reductions for claims settled (11,197 ) (9,635 ) Balance, end of year $ 12,785 $ 11,056
Fair Market Value and Classification of Derivative Instruments	Net derivative assets are reported on the balance sheet in accounts receivable and net derivative liabilities are reported as other current liabilities. The fair market value of such instruments follows (in thousands): 2019 2018 Foreign Currency Contracts Assets $ — $ 322 Liabilities (87 ) (240 ) Net Assets (Liabilities) $ (87 ) $ 82

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 27, 2019
Segment Reporting, Measurement Disclosures [Abstract]
Segment Reporting Information - Operations and Assets	Segments information follows (in thousands): 2019 2018 2017 Net Sales Industrial $ 747,396 $ 781,029 $ 691,978 Process 344,930 337,953 294,652 Contractor 553,719 534,310 488,114 Total $ 1,646,045 $ 1,653,292 $ 1,474,744 Operating Earnings Industrial $ 247,216 $ 271,307 $ 237,700 Process 76,367 68,514 52,216 Contractor 128,282 120,905 113,898 Unallocated corporate (expense) (27,409 ) (24,299 ) (25,069 ) Total $ 424,456 $ 436,427 $ 378,745 Assets Industrial $ 615,486 $ 640,683 Process 387,216 350,306 Contractor 368,832 283,727 Unallocated corporate 320,676 198,025 Total $ 1,692,210 $ 1,472,741
Segment Reporting Information - Geographic	Geographic information follows (in thousands): 2019 2018 2017 Net Sales (based on customer location) United States $ 840,659 $ 806,127 $ 743,344 Other countries 805,386 847,165 731,400 Total $ 1,646,045 $ 1,653,292 $ 1,474,744 Long-lived Assets United States $ 268,864 $ 178,331 Other countries 56,682 50,964 Total $ 325,546 $ 229,295

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 27, 2019
Inventory, Net [Abstract]
Components of Inventories	Major components of inventories were as follows (in thousands): 2019 2018 Finished products and components $ 132,128 $ 142,535 Products and components in various stages of completion 86,957 83,768 Raw materials and purchased components 117,026 115,705 Subtotal 336,111 342,008 Reduction to LIFO cost (62,878 ) (58,026 ) Total $ 273,233 $ 283,982

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 27, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment were as follows (in thousands): 2019 2018 Land and improvements $ 29,817 $ 26,252 Buildings and improvements 182,195 157,385 Manufacturing equipment 320,240 317,011 Office, warehouse and automotive equipment 48,476 44,901 Additions in progress 99,476 24,484 Total property, plant and equipment 680,204 570,033 Accumulated depreciation (354,658 ) (340,738 ) Net property, plant and equipment $ 325,546 $ 229,295

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 27, 2019
Income Tax Disclosure [Abstract]
Earnings Before Income Tax Expense	Earnings before income tax expense consist of (in thousands): 2019 2018 2017 Domestic $ 294,402 $ 310,999 $ 269,258 Foreign 111,475 99,767 77,836 Total $ 405,877 $ 410,766 $ 347,094
Components of Income Tax Expense	Income tax expense consists of (in thousands): 2019 2018 2017 Current Federal $ 39,015 $ 27,760 $ 41,996 State and local 3,347 3,398 3,088 Foreign 26,270 23,118 19,486 Current income tax expense 68,632 54,276 64,570 Deferred Domestic (151 ) 17,058 35,782 Foreign (6,457 ) (1,622 ) (5,670 ) Deferred income tax expense (benefit) (6,608 ) 15,436 30,112 Total $ 62,024 $ 69,712 $ 94,682
Federal Tax Rate Reconciliation	A reconciliation between the U.S. federal statutory tax rate and the effective tax rate follows: 2019 2018 2017 Statutory tax rate 21 % 21 % 35 % Tax effect of international operations (1 ) — (6 ) State taxes, net of federal effect 1 1 1 U.S. general business tax credits (1 ) (1 ) (1 ) Domestic production deduction — — (2 ) Stock compensation excess tax benefit (3 ) (2 ) (10 ) Impact of 2017 Tax Cuts and Jobs Act — — 10 Global Intangible Low-taxed Income (GILTI) 1 1 — Foreign Derived Intangible Income (FDII) (3 ) (2 ) — Pension contribution — (1 ) — Effective tax rate 15 % 17 % 27 %
Deferred Income Taxes	The deferred tax assets (liabilities) resulting from these differences were as follows (in thousands): 2019 2018 Inventory valuations $ 966 $ (1,012 ) Self-insurance retention accruals 1,280 1,284 Warranty reserves 2,095 1,778 Vacation accruals 2,335 2,259 Bad debt reserves 3,142 2,785 Excess of tax over book depreciation and amortization (38,735 ) (37,208 ) Pension liability 32,079 22,884 Postretirement medical 4,625 4,491 Acquisition costs 407 601 Stock compensation 13,979 13,763 Deferred compensation 1,960 1,994 Net operating loss carryforward 929 — Deferred revenue 1,638 590 Other 1,851 1,260 Net deferred tax assets $ 28,551 $ 15,469

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 27, 2019
Debt Disclosure [Abstract]
Schedule of Debt	A summary of debt follows (dollars in thousands): Average Interest Rate December 27, 2019 Maturity 2019 2018 Private placement unsecured fixed-rate notes Series B 5.01% March 2023 75,000 75,000 Series C 4.88% January 2020 — 75,000 Series D 5.35% July 2026 75,000 75,000 Unsecured revolving credit facility N/A December 2021 — — Unsecured revolving credit facility - CNH 4.41% N/A 14,298 41,391 Notes payable to banks 1.11% 2020 7,732 11,083 Total debt $ 172,030 $ 277,474
Annual Maturities of Debt	Annual maturities of debt are as follows (in thousands): 2020 2021 2022 2023 2024 Thereafter Maturities of debt $ 7,732 $ 14,298 $ — $ 75,000 $ — $ 75,000

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 27, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Components of Accumulated Other Comprehensive Income (Loss)	Changes in components of accumulated other comprehensive income (loss), net of tax were (in thousands): Pension and Postretirement Medical Cumulative Translation Adjustment Total Balance, December 30, 2016 $ (76,426 ) $ (65,802 ) $ (142,228 ) Other comprehensive income (loss) before reclassifications (14,791 ) 16,443 1,652 Amounts reclassified from accumulated other comprehensive income 12,787 — 12,787 Balance, December 29, 2017 (78,430 ) (49,359 ) (127,789 ) Other comprehensive income (loss) before reclassifications (196 ) (8,609 ) (8,805 ) Amounts reclassified from accumulated other comprehensive income 7,190 — 7,190 Reclassified to retained earnings (15,453 ) — (15,453 ) Balance, December 28, 2018 (86,889 ) (57,968 ) (144,857 ) Other comprehensive income (loss) before reclassifications (33,938 ) 1,902 (32,036 ) Amounts reclassified from accumulated other comprehensive income 7,106 — 7,106 Balance, December 27, 2019 $ (113,721 ) $ (56,066 ) $ (169,787 )

Share-Based Awards, Purchase _2

Share-Based Awards, Purchase Plans and Compensation Cost (Tables)	12 Months Ended
	Dec. 27, 2019
Share-based Payment Arrangement [Abstract]
Options on Common Shares Granted and Outstanding	Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices): Option Shares Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price Outstanding, December 30, 2016 16,605 $ 18.42 11,016 $ 15.13 Granted 1,725 30.71 Exercised (4,903 ) 12.86 Canceled (137 ) 26.63 Outstanding, December 29, 2017 13,290 21.99 7,729 18.33 Granted 1,163 44.05 Exercised (2,081 ) 18.17 Canceled (102 ) 28.59 Outstanding, December 28, 2018 12,270 24.67 7,312 20.17 Granted 1,781 46.36 Exercised (1,886 ) 17.64 Canceled (53 ) 33.13 Outstanding, December 27, 2019 12,112 $ 28.91 8,231 $ 23.75
Options Outstanding and Exercisable	The following table summarizes information for options outstanding and exercisable at December 27, 2019 (in thousands, except exercise prices and contractual term amounts): Options Outstanding Options Exercisable Range of Prices Options Outstanding Weighted Average Remaining Contractual Term in Years Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price $5 - $20 2,513 2.1 $ 16.46 2,513 $ 16.46 $20 - $30 5,141 5.5 25.09 4,671 25.20 $30 - $40 1,549 7.2 30.74 731 30.77 $40 - $51 2,909 8.9 45.46 316 44.05 $5 - $51 12,112 5.8 $ 28.91 8,231 $ 23.75
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block]	Information related to options exercised follows (in thousands): 2019 2018 2017 Cash received $ 32,749 $ 11,158 $ 48,833 Aggregate intrinsic value 57,419 57,979 119,442 Tax benefit realized 12,000 12,000 42,000
Share Based Payment Award Stock Options Authorized	Shares authorized for issuance under the stock option and purchase plans are shown below (in thousands): Total Shares Authorized Available for Future Stock Incentive Plan (2019) 10,000 9,413 Employee Stock Purchase Plan (2006) 21,000 12,897 Total 31,000 22,310
Share-based compensation cost	The Company recognized share-based compensation cost as follows (in thousands): 2019 2018 2017 Share-based compensation $ 26,669 $ 25,565 $ 23,652 Tax benefit 2,100 3,500 5,100 Share-based compensation, net of tax $ 24,569 $ 22,065 $ 18,552
Options - Valuation Assumptions	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions and results: 2019 2018 2017 Expected life in years 6.8 7.5 7.0 Interest rate 2.3 % 2.8 % 2.2 % Volatility 24.0 % 25.5 % 26.7 % Dividend yield 1.4 % 1.2 % 1.6 % Weighted average fair value per share $ 11.31 $ 12.84 $ 8.08
Employee Stock Purchase Plan - Valuation Assumptions	The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option-pricing model with the following assumptions and results: 2019 2018 2017 Expected life in years 1.0 1.0 1.0 Interest rate 2.6 % 2.1 % 0.9 % Volatility 22.7 % 21.3 % 22.3 % Dividend yield 1.4 % 1.2 % 1.5 % Weighted average fair value per share $ 11.36 $ 10.28 $ 7.32

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 27, 2019
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): 2019 2018 2017 Net earnings available to common shareholders $ 343,853 $ 341,054 $ 252,412 Weighted average shares outstanding for basic earnings per share 166,515 167,364 167,925 Dilutive effect of stock options computed based on the treasury stock method using the average market price 5,109 5,849 6,393 Weighted average shares outstanding for diluted earnings per share 171,624 173,213 174,318 Basic earnings per share $ 2.06 $ 2.04 $ 1.50 Diluted earnings per share $ 2.00 $ 1.97 $ 1.45

Retirement Benefits (Tables)

Retirement Benefits (Tables)	12 Months Ended
	Dec. 27, 2019
Retirement Benefits [Abstract]
Plan assets by category and fair value measurement level	Assets of all plans by category and fair value measurement level were as follows (in thousands): Level 2019 2018 Cash and cash equivalents (1) 1 $ (156 ) $ 927 Insurance contract 3 27,675 26,364 Investments categorized in fair value hierarchy 27,519 27,291 Equity U.S. Large Cap N/A 84,330 53,597 U.S. Small/Mid Cap N/A 9,202 7,602 International N/A 39,240 31,586 Total Equity 132,772 92,785 Fixed income N/A 107,832 76,213 Real estate and other N/A 35,821 72,964 Investments measured at net asset value 276,425 241,962 Total $ 303,944 $ 269,253 (1) Negative cash for 2019 represents unsettled pending trades within an investment that are classified in cash and cash equivalents until settled.
Level 3 plan assets activity	The following table is a reconciliation of pension assets measured at fair value using level 3 inputs (in thousands): 2019 2018 Balance, beginning of year $ 26,364 $ 26,411 Purchases 2,151 2,074 Redemptions (1,326 ) (2,086 ) Unrealized gains (losses) 486 (35 ) Balance, end of year $ 27,675 $ 26,364
Funded status of plans	The following provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the periods ending December 27, 2019 , and December 28, 2018 , and a statement of the funded status as of the same dates (in thousands): Pension Benefits Postretirement Medical Benefits 2019 2018 2019 2018 Change in benefit obligation Obligation, beginning of year $ 371,282 $ 393,559 $ 27,778 $ 27,771 Service cost 7,735 8,487 545 636 Interest cost 15,103 13,424 1,162 1,084 Actuarial loss (gain) 67,756 (30,452 ) 2,532 (397 ) Benefit payments (12,594 ) (11,265 ) (1,371 ) (1,316 ) Settlements — (1,561 ) — — Exchange rate changes 137 (910 ) — — Obligation, end of year $ 449,419 $ 371,282 $ 30,646 $ 27,778 Change in plan assets Fair value, beginning of year $ 269,253 $ 254,186 $ — $ — Actual return on assets 44,743 (13,875 ) — — Employer contributions 2,276 42,023 1,371 1,316 Benefit payments (12,594 ) (11,265 ) (1,371 ) (1,316 ) Settlements — (1,561 ) — — Exchange rate changes 266 (255 ) — — Fair value, end of year $ 303,944 $ 269,253 $ — $ — Funded status $ (145,475 ) $ (102,029 ) $ (30,646 ) $ (27,778 )
Amounts recognized in balance sheets	Amounts recognized in consolidated balance sheets Non-current assets $ 2,931 $ — $ — $ — Current liabilities 1,824 1,453 1,656 1,573 Non-current liabilities 146,582 100,576 28,990 26,205 Net $ 145,475 $ 102,029 $ 30,646 $ 27,778
Accumulated benefit obligation in excess of plan assets	Information for plans with an accumulated benefit obligation in excess of plan assets follows (in thousands): 2019 2018 Projected benefit obligation $ 402,900 $ 371,282 Accumulated benefit obligation 363,497 343,705 Fair value of plan assets 254,493 269,253
Components of net periodic benefit cost	The components of net periodic benefit cost for the plans for 2019 , 2018 and 2017 were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2019 2018 2017 2019 2018 2017 Service cost-benefits earned during the period $ 7,735 $ 8,487 $ 7,675 $ 545 $ 636 $ 601 Interest cost on projected benefit obligation 15,103 13,424 15,044 1,162 1,084 1,093 Expected return on assets (17,152 ) (17,447 ) (17,186 ) — — — Amortization of prior service cost (credit) 279 279 255 — — (344 ) Amortization of net loss (gain) 8,392 7,931 8,634 273 646 334 Settlement loss (gain) — 184 12,313 — — — Cost of pension plans which are not significant and have not adopted ASC 715 110 106 122 N/A N/A N/A Net periodic benefit cost $ 14,467 $ 12,964 $ 26,857 $ 1,980 $ 2,366 $ 1,684
Amounts recognized in other comprehensive (income) loss	Amounts recognized in other comprehensive (income) loss in 2019 and 2018 were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2019 2018 2019 2018 Net loss (gain) arising during the period $ 40,184 $ 644 $ 2,532 $ (397 ) Amortization of net gain (loss) (8,392 ) (7,931 ) (273 ) (646 ) Settlement gain (loss) — (184 ) — — Amortization of prior service credit (cost) (279 ) (279 ) — — Total $ 31,513 $ (7,750 ) $ 2,259 $ (1,043 )
Amounts included in accumulated other comprehensive (income) loss	Amounts included in accumulated other comprehensive (income) loss as of December 27, 2019 and December 28, 2018 , that had not yet been recognized as components of net periodic benefit cost, were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2019 2018 2019 2018 Prior service cost (credit) $ 1,197 $ 1,465 $ — $ — Net loss 135,910 104,127 8,052 5,793 Net before income taxes 137,107 105,592 8,052 5,793 Income taxes (29,666 ) (23,221 ) (1,772 ) (1,275 ) Net $ 107,441 $ 82,371 $ 6,280 $ 4,518
Amounts in AOCI expected to be recognized as cost in next year	Amounts included in accumulated other comprehensive (income) loss that are expected to be recognized as components of net periodic benefit cost in 2020 were as follows (in thousands): Pension Benefits Postretirement Medical Benefits Prior service cost (credit) $ 282 $ — Net loss (gain) 10,354 707 Net before income taxes 10,636 707 Income taxes (2,340 ) (156 ) Net $ 8,296 $ 551
Assumptions used to determine obligations and cost	Assumptions used to determine the Company’s benefit obligations are shown below: Pension Benefits Postretirement Medical Benefits Weighted average assumptions 2019 2018 2019 2018 U.S. Plans Discount rate 3.5 % 4.5 % 3.4 % 4.5 % Rate of compensation increase 2.8 % 2.8 % N/A N/A Non-U.S. Plans Discount rate 0.4 % 1.3 % N/A N/A Rate of compensation increase 1.3 % 1.4 % N/A N/A Assumptions used to determine the Company’s net periodic benefit cost are shown below: Pension Benefits Postretirement Medical Benefits Weighted average assumptions 2019 2018 2017 2019 2018 2017 U.S. Plans Discount rate 4.5 % 3.9 % 4.5 % 4.5 % 3.9 % 4.5 % Rate of compensation increase 2.8 % 2.8 % 2.8 % N/A N/A N/A Expected return on assets 7.0 % 7.1 % 7.0 % N/A N/A N/A Non-U.S. Plans Discount rate 1.3 % 1.0 % 0.9 % N/A N/A N/A Rate of compensation increase 1.4 % 0.9 % 1.0 % N/A N/A N/A Expected return on assets 2.0 % 2.0 % 2.0 % N/A N/A N/A
Estimated future benefit payments	Estimated future benefit payments are as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2020 $ 15,337 $ 1,656 2021 16,520 1,707 2022 17,917 1,731 2023 19,173 1,727 2024 21,281 1,703 Years 2025-2029 115,303 8,357

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 27, 2019
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	As of December 27, 2019 , future maturities of operating lease liabilities were as follows (in thousands): 2020 $ 8,222 2021 8,237 2022 5,657 2023 4,226 2024 1,843 Thereafter 7,490 Total lease payments $ 35,675 Present value adjustment (3,809 ) Operating lease liabilities $ 31,866
Rental commitments under operating leases	Aggregate annual rental commitments under operating leases with noncancelable terms of more than one year at December 28, 2018 were reported under previous lease accounting standards as follows (in thousands): 2019 $ 11,613 2020 8,759 2021 6,745 2022 5,102 2023 3,721 Thereafter 2,340 Total $ 38,280

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 27, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (unaudited)	Unaudited quarterly financial data is summarized below (in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter 2019 Net Sales $ 404,870 $ 428,328 $ 400,555 $ 412,292 Gross Profit 216,042 226,954 207,379 209,381 Net Earnings 86,749 88,137 84,132 84,835 Basic Net Earnings per Common Share $ 0.52 $ 0.53 $ 0.50 $ 0.51 Diluted Net Earnings per Common Share 0.51 0.51 0.49 0.49 Cash Dividends Declared per Common Share 0.16 0.16 0.16 0.18 2018 Net Sales $ 406,348 $ 424,570 $ 415,936 $ 406,438 Gross Profit 222,421 229,903 221,459 208,756 Net Earnings 85,510 89,140 92,681 73,723 Basic Net Earnings per Common Share $ 0.51 $ 0.53 $ 0.55 $ 0.44 Diluted Net Earnings per Common Share 0.49 0.51 0.54 0.43 Cash Dividends Declared per Common Share 0.13 0.13 0.13 0.16

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 27, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Summary of Valuation Allowance [Table Text Block]	Graco Inc. and Subsidiaries (in thousands) Allowance for Doubtful Accounts Balance, December 30, 2016 $ 3,900 Additions charged to costs and expenses 1,600 Deductions from reserves (1) (1,700 ) Other additions (deductions) (2) 200 Balance, December 29, 2017 4,000 Additions charged to costs and expenses 1,400 Deductions from reserves (1) (900 ) Other additions (deductions) (2) 300 Balance, December 28, 2018 4,800 Additions charged to costs and expenses 800 Deductions from reserves (1) (900 ) Other additions (deductions) (2) 100 Balance, December 27, 2019 $ 4,800

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Other Details
Write-downs of long-lived assets	$ 0
Amortization of intangible assets	15,500,000	$ 15,600,000	$ 14,800,000
Cash surrender value of life insurance change	3,400,000	(1,800,000)	$ 2,300,000
Self insured reserves	7,600,000	7,900,000
Derivative, Notional Amount	$ 33,000,000
Minimum
Other Details
Capitalized software estimated useful life	2 years
Minimum | Buildings and improvements
Other Details
Property, plant and equipment, useful life	10 years
Minimum | Leasehold improvements
Other Details
Property, plant and equipment, useful life	5 years
Minimum | Manufacturing equipment
Other Details
Property, plant and equipment, useful life	5 years
Minimum | Office, warehouse and automotive equipment
Other Details
Property, plant and equipment, useful life	3 years
Maximum
Other Details
Capitalized software estimated useful life	5 years
Maximum | Buildings and improvements
Other Details
Property, plant and equipment, useful life	30 years
Maximum | Leasehold improvements
Other Details
Property, plant and equipment, useful life	10 years
Maximum | Manufacturing equipment
Other Details
Property, plant and equipment, useful life	10 years
Maximum | Office, warehouse and automotive equipment
Other Details
Property, plant and equipment, useful life	10 years
Other Current Liabilities
Other Details
Self insured reserves	$ 7,600,000	7,900,000
Trade Accounts Receivable
Other Details
Accounts receivable	256,000,000	262,000,000
Other Receivables
Other Details
Accounts receivable	$ 11,000,000	$ 13,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
ASSETS
Total assets at fair value	$ 17,702	$ 14,402
Liabilities [Abstract]
Total liabilities at fair value	13,878	11,403
Level 2
ASSETS
Cash surrender value of life insurance	17,702	14,320
Forward exchange contracts	0	82
Liabilities [Abstract]
Deferred Compensation	4,719	4,203
Forward exchange contracts	87	0
Level 3
Liabilities [Abstract]
Contingent consideration	$ 9,072	$ 7,200

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Other Current Assets) (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
Accounting Policies [Abstract]
Prepaid income taxes	$ 13,462	$ 14,762
Prepaid expenses and other	16,455	17,746
Other current assets	$ 29,917	$ 32,508

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Goodwill by Reporting Segment) (Details) - USD ($)	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018
Segment Reporting Information
Write-downs of long-lived assets	$ 0
Goodwill Roll Forward
Beginning balance	293,846,000	$ 278,789,000
Additions, adjustments from business acquisitions	13,444,000	18,123,000
Foreign currency translation	373,000	(3,066,000)
Ending balance	307,663,000	293,846,000
Industrial
Goodwill Roll Forward
Beginning balance	177,124,000	161,673,000
Additions, adjustments from business acquisitions	0	17,544,000
Foreign currency translation	(12,000)	(2,093,000)
Ending balance	177,112,000	177,124,000
Process
Goodwill Roll Forward
Beginning balance	97,168,000	97,971,000
Additions, adjustments from business acquisitions	13,444,000	170,000
Foreign currency translation	385,000	(973,000)
Ending balance	110,997,000	97,168,000
Contractor
Goodwill Roll Forward
Beginning balance	19,554,000	19,145,000
Additions, adjustments from business acquisitions	0	409,000
Foreign currency translation	0	0
Ending balance	$ 19,554,000	$ 19,554,000

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Finite-Lived Intangible Assets [Line Items]
Document Period End Date	Dec. 27, 2019
Amortization of Intangible Assets	$ 15,500	$ 15,600	$ 14,800
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total Other Intangible Assets, Gross	269,663	258,577
Total Other Intangible Assets, Accumulated Amortization	(91,940)	(76,408)
Total Other Intangible Assets, Foreign Currency Translation	(15,100)	(15,859)
Total Other Intangible Assets, Net	162,623	166,310
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated amortization expense 2020	16,095
Estimated amortization expense 2021	15,806
Estimated amortization expense 2022	15,716
Estimated amortization expense 2023	14,811
Estimated amortization expense 2024	13,249
Estimated amortization expense thereafter	28,756
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Trade Names	61,920	59,537
Indefinite Lived Intangible Assets, Foreign Currency Translation	(3,730)	(4,074)
Indefinite Lived Intangible Assets, Net	58,190	55,463
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets, Gross	186,310	179,449
Finite Lived Intangible Assets, Accumulated Amortization	(80,764)	(67,322)
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(10,412)	(10,817)
Finite Lived Intangible Assets, Net	$ 95,134	$ 101,310
Finite Lived Intangible Assets, Weighted Average Useful Life	13 years	13 years
Patents and Proprietary Technology
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets, Gross	$ 20,413	$ 18,571
Finite Lived Intangible Assets, Accumulated Amortization	(10,526)	(8,647)
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(885)	(895)
Finite Lived Intangible Assets, Net	$ 9,002	$ 9,029
Finite Lived Intangible Assets, Weighted Average Useful Life	10 years	10 years
Trademarks, Trade Names and Other
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets, Gross	$ 1,020	$ 1,020
Finite Lived Intangible Assets, Accumulated Amortization	(650)	(439)
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(73)	(73)
Finite Lived Intangible Assets, Net	$ 297	$ 508
Finite Lived Intangible Assets, Weighted Average Useful Life	4 years	4 years

Summary of Significant Accoun_9

Summary of Significant Accounting Policies (Components of Other Assets) (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
Accounting Policies [Abstract]
Cash surrender value of life insurance	$ 17,702	$ 14,320
Capitalized software	2,985	2,742
Equity method investment	7,603	7,252
Prepaid Expense Other, Noncurrent	2,931	0
Deposits and other	4,471	3,705
Total	$ 35,692	$ 28,019

Summary of Significant Accou_10

Summary of Significant Accounting Policies (Components of Other Current Liabilities) (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Other Current Liabilities
Accrued self-insurance retentions	$ 7,570	$ 7,870
Accrued warranty and service liabilities	12,785	11,056	$ 10,535
Accrued trade promotions	8,390	11,449
Payable for employee stock purchases	13,722	11,916
Customer Advances and Deposits, Current	33,138	39,995
Income taxes payable	8,706	8,515
Operating Lease, Liability, Current	7,690	0
Contract with Customer, Refund Liability, Current	13,791	12,705
Other	37,145	39,535
Total	142,937	143,041
Self insured reserves	$ 7,600	$ 7,900

Summary of Significant Accou_11

Summary of Significant Accounting Policies (Accrued Warranty Liability Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018
Accrued warranty and service liabilities
Balance, beginning of year	$ 11,056	$ 10,535
Charged to expense	10,350	8,963
Margin on parts sales reversed	2,576	1,193
Reductions for claims settled	(11,197)	(9,635)
Balance, end of year	$ 12,785	$ 11,056

Summary of Significant Accou_12

Summary of Significant Accounting Policies Summary of Significant Account Policies (Contracts with Customers - Revenue Recognition) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018
Revenue from Contract with Customer [Abstract]
Sales Returns Percentage Of Sales	3.00%
Contract with Customer, Liability	$ 33.1	$ 40
Contract with Customer, Liability, Revenue Recognized	$ 39.4

Summary of Significant Accou_13

Summary of Significant Accounting Policies (Fair Market Value and Classification of Derivative Instruments) (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
Accounting Policies [Abstract]
Derivative, Notional Amount	$ 33,000
Foreign Currency Fair Value Hedge Asset at Fair Value	0	$ 322
Foreign Currency Fair Value Hedge Liability at Fair Value	(87)	(240)
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net	$ (87)	$ 82

Segment Information (Narrative)

Segment Information (Narrative) (Details) - segment	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Concentration Risk [Line Items]
Number of operating segments	6
Number of reportable segments	3
Major Customer | Customer Concentration Risk | Sales
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%	10.00%	10.00%

Segment Information (Operations

Segment Information (Operations and Assets) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 27, 2019	Sep. 27, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 28, 2018	Sep. 28, 2018	Jun. 29, 2018	Mar. 30, 2018	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Segment Reporting Information
Net Sales	$ 412,292	$ 400,555	$ 428,328	$ 404,870	$ 406,438	$ 415,936	$ 424,570	$ 406,348	$ 1,646,045	$ 1,653,292	$ 1,474,744
Operating Earnings									424,456	436,427	378,745
Assets	1,692,210				1,472,741				1,692,210	1,472,741
Operating Segments | Industrial
Segment Reporting Information
Net Sales									747,396	781,029	691,978
Operating Earnings									247,216	271,307	237,700
Assets	615,486				640,683				615,486	640,683
Operating Segments | Process
Segment Reporting Information
Net Sales									344,930	337,953	294,652
Operating Earnings									76,367	68,514	52,216
Assets	387,216				350,306				387,216	350,306
Operating Segments | Contractor
Segment Reporting Information
Net Sales									553,719	534,310	488,114
Operating Earnings									128,282	120,905	113,898
Assets	368,832				283,727				368,832	283,727
Unallocated Corporate
Segment Reporting Information
Operating Earnings									(27,409)	(24,299)	$ (25,069)
Assets	$ 320,676				$ 198,025				$ 320,676	$ 198,025

Segment Information (Geographic

Segment Information (Geographic Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 27, 2019	Sep. 27, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 28, 2018	Sep. 28, 2018	Jun. 29, 2018	Mar. 30, 2018	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Geographic Information
Net Sales	$ 412,292	$ 400,555	$ 428,328	$ 404,870	$ 406,438	$ 415,936	$ 424,570	$ 406,348	$ 1,646,045	$ 1,653,292	$ 1,474,744
Long-lived Assets	325,546				229,295				325,546	229,295
United States
Geographic Information
Net Sales									840,659	806,127	743,344
Long-lived Assets	268,864				178,331				268,864	178,331
Non-US [Member]
Geographic Information
Net Sales									805,386	847,165	$ 731,400
Long-lived Assets	$ 56,682				$ 50,964				$ 56,682	$ 50,964

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
Inventory, Net [Abstract]
Finished products and components	$ 132,128	$ 142,535
Products and components in various stages of completion	86,957	83,768
Raw materials and purchased components	117,026	115,705
Inventory gross total	336,111	342,008
Reduction to LIFO cost	(62,878)	(58,026)
Total	$ 273,233	$ 283,982

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	Dec. 27, 2019	Dec. 28, 2018
Inventory Disclosure [Abstract]
LIFO Inventory Amount	$ 140.3	$ 154.4

Property, Plant and Equipment_2

Property, Plant and Equipment (PPE By Type) (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 680,204	$ 570,033
Accumulated depreciation	(354,658)	(340,738)
Net property, plant and equipment	325,546	229,295
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	29,817	26,252
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	182,195	157,385
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	320,240	317,011
Office, warehouse and automotive equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	48,476	44,901
Additions in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 99,476	$ 24,484

Property, Plant and Equipment_3

Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Property, Plant and Equipment [Abstract]
Depreciation Expense	$ 32.2	$ 31.1	$ 29.5

Income Taxes (Income before Inc

Income Taxes (Income before Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Income Tax Disclosure [Abstract]
Domestic	$ 294,402	$ 310,999	$ 269,258
Foreign	111,475	99,767	77,836
Earnings Before Income Taxes	$ 405,877	$ 410,766	$ 347,094

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Current Income Tax Expense (Benefit) [Abstract]
Federal	$ 39,015	$ 27,760	$ 41,996
State and local	3,347	3,398	3,088
Foreign	26,270	23,118	19,486
Total Current	68,632	54,276	64,570
Deferred Income Tax Expense (Benefit) [Abstract]
Domestic	(151)	17,058	35,782
Foreign	(6,457)	(1,622)	(5,670)
Total Deferred	(6,608)	15,436	30,112
Total Income Tax Expense	$ 62,024	$ 69,712	$ 94,682

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Federal income tax rate reconciliation
Statutory tax rate	21.00%	21.00%	35.00%
Tax effect of international operations	(1.00%)	0.00%	6.00%
State taxes, net of federal effect	1.00%	1.00%	1.00%
U.S. general business tax credits	(1.00%)	(1.00%)	(1.00%)
Domestic production deduction	0.00%	0.00%	(2.00%)
Stock compensation excess tax benefit	(3.00%)	(2.00%)	(10.00%)
Impact of 2017 Tax Cuts and Jobs Act	0.00%	0.00%	10.00%
Global Intangible Low-taxed Income	1.00%	1.00%	0.00%
Foreign Derived Intangible Income	(3.00%)	(2.00%)	0.00%
Pension Contribution	0.00%	(1.00%)	0.00%
Effective tax rate	15.00%	17.00%	27.00%

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
Deferred Tax Assets, Net [Abstract]
Inventory valuations	$ 966	$ 1,012
Self-insurance retention accruals	1,280	1,284
Warranty reserves	2,095	1,778
Vacation accruals	2,335	2,259
Bad debt reserves	3,142	2,785
Excess of tax over book depreciation and amortization	(38,735)	(37,208)
Pension liability	32,079	22,884
Postretirement medical	4,625	4,491
Acquisition costs	407	601
Stock compensation	13,979	13,763
Deferred compensation	1,960	1,994
Net operating loss carryforward	929	0
Deferred revenue	1,638	590
Other	1,851	1,260
Net deferred tax assets	$ 28,551	$ 15,469

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Income Tax Disclosure [Abstract]
Income taxes paid	$ 67.1	$ 58.1	$ 61
Deferred tax assets	68.9	56.1
Deferred tax liabilities	$ 40.4	$ 40.6

Debt (Schedule of Debt Instrume

Debt (Schedule of Debt Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018
Debt Instrument [Line Items]
Total debt, including current portion	$ 172,030	$ 277,474
Series B maturing March 2023
Debt Instrument [Line Items]
Average interest rate	5.01%
Debt Instrument, Maturity Date, Description	3/11/2023
Total debt, including current portion	$ 75,000	75,000
Series C maturing January 2020
Debt Instrument [Line Items]
Average interest rate	4.88%
Debt Instrument, Maturity Date, Description	1/26/2020
Total debt, including current portion	$ 0	75,000
Series D maturing July 2026
Debt Instrument [Line Items]
Average interest rate	5.35%
Debt Instrument, Maturity Date, Description	7/26/2026
Total debt, including current portion	$ 75,000	75,000
Revolving Credit Facility maturing December 2021
Debt Instrument [Line Items]
Debt Instrument, Maturity Date, Description	12/15/2021
Total debt, including current portion	$ 0	0
Chinese Renminbi Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Average interest rate	4.41%
Total debt, including current portion	$ 14,298	41,391
Notes payable to banks maturing 2020
Debt Instrument [Line Items]
Average interest rate	1.11%
Debt Instrument, Maturity Date, Description	2020
Total debt, including current portion	$ 7,732	$ 11,083

Debt (Annual Maturities of Debt

Debt (Annual Maturities of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Debt Disclosure [Abstract]
2020	$ 7,732
2021	14,298
2022	0
2023	75,000
2024	0
Thereafter	75,000
Interest paid	$ 13,500	$ 14,000	$ 16,500

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Line of Credit Facility [Line Items]
Estimated fair value of debt	$ 165,000,000	$ 235,000,000
Maximum borrowing amount - credit facility	594,000,000
Interest paid	$ 13,500,000	$ 14,000,000	$ 16,500,000
Subsequent Event, Date	Jan. 29, 2020
Revolving Credit Facility
Line of Credit Facility [Line Items]
Chinese Renminbi Facility Maximum Borrowing Capacity	$ 50,000,000
Committed Facility
Line of Credit Facility [Line Items]
Maximum borrowing amount - credit facility	500,000,000
Unused portion of credit facility	546,000,000
Committed Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing amount - swingline facility	50,000,000
Committed Facility | Domestic Line of Credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing amount - credit facility	550,000,000
Committed Facility | Foreign Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing amount - credit facility	44,000,000
Uncommitted Facility | Foreign Line of Credit
Line of Credit Facility [Line Items]
Unused portion of credit facility	$ 27,000,000
Uncommitted Facility | Foreign Line of Credit | Maximum
Line of Credit Facility [Line Items]
Loan commitment fee percentage	0.15%
Senior Notes [Member]
Line of Credit Facility [Line Items]
Maximum borrowing amount - credit facility	$ 200,000,000
Line of Credit | Committed Facility | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.00%
Loan commitment fee percentage	0.125%
Line of Credit | Committed Facility | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Loan commitment fee percentage	0.25%
Line of Credit | Federal Funds Effective Swap Rate | Committed Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Line of Credit | London Interbank Offered Rate (LIBOR) | Committed Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Line of Credit | London Interbank Offered Rate (LIBOR) | Committed Facility | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Line of Credit | London Interbank Offered Rate (LIBOR) | Committed Facility | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.75%

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 28, 2018	Dec. 29, 2017	Dec. 27, 2019
Class of Stock
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement		$ (12)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ (15.5)
Stock Repurchased During Period, Shares	700,000
Proceeds from (Repurchase of) Equity	$ 28.2
Stock Repurchases, Final Price Paid Per Share	$ 43.33
Discount for Stock Repurchase	3.00%
Cumulative Preferred Stock
Class of Stock
Preferred stock authorized			22,549
Preferred stock par value			$ 100
Preferred Stock
Class of Stock
Preferred stock authorized			3,000,000
Preferred stock par value			$ 1

Shareholders' Equity (AOCI and

Shareholders' Equity (AOCI and Reclassification) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Accumulated Other Comprehensive Income (Loss)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement			$ (12,000)
AOCI Attributable to Parent, Net of Tax
Beginning Balance	$ (144,857)	$ (127,789)	(142,228)
Other comprehensive income (loss) before reclassifications	(32,036)	(8,805)	1,652
Amounts reclassified from accumulated other comprehensive income	7,106	7,190	12,787
Reclassified to Retained Earnings from AOCI		(15,453)
Ending Balance	(169,787)	(144,857)	(127,789)
Pension and Postretirement Medical
AOCI Attributable to Parent, Net of Tax
Beginning Balance	(86,889)	(78,430)	(76,426)
Other comprehensive income (loss) before reclassifications	(33,938)	(196)	(14,791)
Amounts reclassified from accumulated other comprehensive income	7,106	7,190	12,787
Reclassified to Retained Earnings from AOCI		(15,453)
Ending Balance	(113,721)	(86,889)	(78,430)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax
Beginning Balance	(57,968)	(49,359)	(65,802)
Other comprehensive income (loss) before reclassifications	1,902	(8,609)	16,443
Amounts reclassified from accumulated other comprehensive income	0	0	0
Reclassified to Retained Earnings from AOCI		0
Ending Balance	$ (56,066)	$ (57,968)	$ (49,359)

Share-Based Awards, Purchase _3

Share-Based Awards, Purchase Plans and Compensation Cost (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Award expiration period	10 years
Stock Appreciation Plan Expense	$ 3.3	$ 4.4	$ 4.5
Intrinsic value of exercisable option shares	$ 233.2
Exercisable option weighted average contractual term	4 years 8 months 12 days
Share options vested and expected to vest	12,100,000
Aggregate intrinsic value of share options vested and expected to vest	$ 280.6
Weighted average exercise price of share options vested and expected to vest (per share)	$ 28.91
Weighted average contractual term of share options vested and expected to vest	5 years 9 months 18 days
Employee stock purchase plan shares granted	397,833	480,461	499,956
Unrecognized compensation cost related to unvested options	$ 9.9
Weighted average recognition period for unvested options	2 years 6 months
Stock Incentive Plan (2019) | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued under the plan	15,016	14,595	20,646
Employee Stock Purchase Plan (2006)
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase price as percentage of fair value	85.00%
Stock purchase plan discount percentage	15.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	4 years

Share-Based Awards, Purchase _4

Share-Based Awards, Purchase Plans and Compensation Cost (Option Activity and Outstanding) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017	Dec. 30, 2016
Options, Outstanding [Roll Forward]
Beginning (in shares)	12,270	13,290	16,605
Granted (in shares)	1,781	1,163	1,725
Exercised (in shares)	(1,886)	(2,081)	(4,903)
Canceled (in shares)	(53)	(102)	(137)
Ending (in shares)	12,112	12,270	13,290
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning (dollars per share)	$ 24.67	$ 21.99	$ 18.42
Granted (dollars per share)	46.36	44.05	30.71
Exercised (dollars per share)	17.64	18.17	12.86
Canceled (dollars per share)	33.13	28.59	26.63
Outstanding, ending (dollars per share)	$ 28.91	$ 24.67	$ 21.99
Options, exercisable (in shares)	8,231	7,312	7,729	11,016
Weighted average exercise price of exercisable options (dollars per share)	$ 23.75	$ 20.17	$ 18.33	$ 15.13

Share-Based Awards, Purchase _5

Share-Based Awards, Purchase Plans and Compensation Cost (Options Outstanding and Exercisable By Price) (Details) shares in Thousands	12 Months Ended
	Dec. 27, 2019$ / sharesshares
$5 - $20
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Lower range exercise price	$ 5
Upper range exercise price	$ 20
Options Outstanding | shares	2,513
Weighted Average Remaining Contractual Term in Years	2 years 1 month 6 days
Weighted Average Exercise Price	$ 16.46
Options Exercisable | shares	2,513
Weighted Average Exercise Price	$ 16.46
$20 - $30
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Lower range exercise price	20
Upper range exercise price	$ 30
Options Outstanding | shares	5,141
Weighted Average Remaining Contractual Term in Years	5 years 6 months
Weighted Average Exercise Price	$ 25.09
Options Exercisable | shares	4,671
Weighted Average Exercise Price	$ 25.20
$30 - $40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Lower range exercise price	30
Upper range exercise price	$ 40
Options Outstanding | shares	1,549
Weighted Average Remaining Contractual Term in Years	7 years 2 months 12 days
Weighted Average Exercise Price	$ 30.74
Options Exercisable | shares	731
Weighted Average Exercise Price	$ 30.77
$40 - $51
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Lower range exercise price	40
Upper range exercise price	$ 51
Options Outstanding | shares	2,909
Weighted Average Remaining Contractual Term in Years	8 years 10 months 24 days
Weighted Average Exercise Price	$ 45.46
Options Exercisable | shares	316
Weighted Average Exercise Price	$ 44.05
$5 - $51
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Options Outstanding | shares	12,112
Weighted Average Remaining Contractual Term in Years	5 years 9 months 18 days
Weighted Average Exercise Price	$ 28.91
Options Exercisable | shares	8,231
Weighted Average Exercise Price	$ 23.75
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range Six [Member] [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Lower range exercise price	5
Upper range exercise price	$ 51

Share-Based Awards, Purchase _6

Share-Based Awards, Purchase Plans and Compensation Cost (Options Exercised) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Share-based Payment Arrangement [Abstract]
Cash received	$ 32,749	$ 11,158	$ 48,833
Aggregate intrinsic value	57,419	57,979	119,442
Tax benefit realized	$ 12,000	$ 12,000	$ 42,000

Share-Based Awards, Purchase _7

Share-Based Awards, Purchase Plans and Compensation Cost (Authorized Shares) (Details) shares in Thousands	Dec. 27, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award
Total shares authorized	31,000
Available for future issuance	22,310
Stock Incentive Plan (2019)
Share-based Compensation Arrangement by Share-based Payment Award
Total shares authorized	10,000
Available for future issuance	9,413
Employee Stock Purchase Plan (2006)
Share-based Compensation Arrangement by Share-based Payment Award
Total shares authorized	21,000
Available for future issuance	12,897

Share-Based Awards, Purchase _8

Share-Based Awards, Purchase Plans and Compensation Cost Share-Based Awards, Purchase Plans and Compensation Cost (Share Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation	$ 26,669	$ 25,565	$ 23,652
Tax benefit	2,100	3,500	5,100
Share-based compensation, net of tax	$ 24,569	$ 22,065	$ 18,552

Share-Based Awards, Purchase _9

Share-Based Awards, Purchase Plans and Compensation Cost (Valuation Assumptions Options) (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Expected life in years	6 years 9 months 18 days	7 years 6 months	7 years
Interest rate	2.30%	2.80%	2.20%
Volatility	24.00%	25.50%	26.70%
Dividend yield	1.40%	1.20%	1.60%
Weighted average fair value per share	$ 11.31	$ 12.84	$ 8.08

Share-Based Awards, Purchase_10

Share-Based Awards, Purchase Plans and Compensation Cost (Valuation Assumptions ESPP) (Details) - Employee Stock [Member] - $ / shares	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Expected life in years	1 year	1 year	1 year
Interest rate	2.60%	2.10%	0.90%
Volatility	22.70%	21.30%	22.30%
Dividend yield	1.40%	1.20%	1.50%
Weighted average fair value per share	$ 11.36	$ 10.28	$ 7.32

Earnings per Share (Schedule Of

Earnings per Share (Schedule Of Earnings Per Share Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 27, 2019	Sep. 27, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 28, 2018	Sep. 28, 2018	Jun. 29, 2018	Mar. 30, 2018	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Earnings Per Share [Abstract]
Net earnings available to common shareholders									$ 343,853	$ 341,054	$ 252,412
Weighted average shares outstanding for basic earnings per share									166,515	167,364	167,925
Dilutive effect of stock options computed based on the treasury stock method using the average market price									5,109	5,849	6,393
Weighted average shares outstanding for diluted earnings per share									171,624	173,213	174,318
Basic earnings per share	$ 0.51	$ 0.50	$ 0.53	$ 0.52	$ 0.44	$ 0.55	$ 0.53	$ 0.51	$ 2.06	$ 2.04	$ 1.50
Diluted earnings per share	$ 0.49	$ 0.49	$ 0.51	$ 0.51	$ 0.43	$ 0.54	$ 0.51	$ 0.49	$ 2	$ 1.97	$ 1.45

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - shares shares in Millions	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1.1	1.1

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) - USD ($)	Jul. 13, 2018	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Defined Contribution Plan
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay		3.00%
Company contribution rate for employees not covered by DBP		1.50%
Defined Contribution Plan, Employer Matching Contribution for Employees Not Covered by Defined Benefit Plan - Future, Percent		2.00%
Company contributions to 401K		$ 8,400,000	$ 8,000,000	$ 7,800,000
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 40,000,000
Highest earnings years		5 years
Years preceding retirement		10 years
Accumulated benefit obligation for all defined benefit plans		$ 410,000,000	344,000,000
Old Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement				42,000,000
Gain (Loss) Due to Settlement (Plan Restructure)				$ (12,000,000)
Pension Plan - Blue Plan [Member] | Equity
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations		50.00%
Pension Plan - Blue Plan [Member] | Fixed income
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations		37.00%
Pension Plan - Blue Plan [Member] | Real Estate and Other
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations		13.00%
Pension Plan - Gray Plan [Member] | Equity
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations		28.00%
Pension Plan - Gray Plan [Member] | Fixed income
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations		60.00%
Pension Plan - Gray Plan [Member] | Real Estate and Other
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations		12.00%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer		$ 2,276,000	42,023,000
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement		$ 0	1,561,000
Investments at Net Asset Value, Redemption Frequency		daily
Investments at Net Asset Value, Unfunded Commitments		$ 2,500,000	3,000,000
Expected company contributions to retirement plans next year		1,800,000
Postretirement Medical Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer		1,371,000	1,316,000
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement		$ 0	$ 0
Retirement medical plan limit on annual increase in company cost		3.00%
Expected company contributions to retirement plans next year		$ 1,700,000
Assumed health care trend rates
Effect of a one-percentage-point increase in the assumed health care cost trend rates		$ 0
Health care cost trend rate assumed for next year		5.80%
Ultimate health care cost trend rate		4.50%
Year that rate reaches ultimate trend rate		2038
Minimum | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Investments at Net Asset Value, Redemption Notice Period		10 days
Maximum | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Investments at Net Asset Value, Redemption Notice Period		60 days

Retirement Benefits (Plan Asset

Retirement Benefits (Plan Assets by Category and Fair Value Measurement Level) (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Defined Benefit Plan Disclosure [Line Items]
Investments, Fair Value Disclosure	$ 27,519	$ 27,291
Investments Net Asset Value	276,425	241,962
Fair value, plan assets	303,944	269,253	$ 254,186
Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	303,944	269,253
Cash and cash equivalents | Level 1 | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments, Fair Value Disclosure	(156)	927
Insurance contract | Level 3 | Fair Value, Nonrecurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments, Fair Value Disclosure	27,675	26,364
Equity | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments Net Asset Value	132,772	92,785
U.S. Large Cap | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments Net Asset Value	84,330	53,597
U.S. Small/Mid Cap | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments Net Asset Value	9,202	7,602
International | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments Net Asset Value	39,240	31,586
Fixed income | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments Net Asset Value	107,832	76,213
Real estate and other | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments Net Asset Value	$ 35,821	$ 72,964

Retirement Benefits Retirement

Retirement Benefits Retirement Benefits (Level 3 Asset Rollforward) (Details) - Fair Value, Nonrecurring [Member] - Pension Benefits - Level 3 - Insurance contract - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items]
Balance, beginning of year	$ 26,364	$ 26,411
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	2,151	2,074
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	(1,326)	(2,086)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	486	(35)
Balance, end of year	$ 27,675	$ 26,364

Retirement Benefits (Funded Sta

Retirement Benefits (Funded Status) (Details) - USD ($) $ in Thousands	Jul. 13, 2018	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Change in plan assets
Employer contributions	$ 40,000
Pension Benefits
Change in benefit obligation
Obligation, beginning of year		$ 371,282	$ 393,559
Service cost		7,735	8,487	$ 7,675
Interest cost		15,103	13,424	15,044
Actuarial loss (gain)		67,756	(30,452)
Benefit payments		(12,594)	(11,265)
Settlements		0	(1,561)
Exchange rate changes		137	(910)
Obligation, end of year		449,419	371,282	393,559
Change in plan assets
Fair value, beginning of year		269,253	254,186
Actual return on assets		44,743	(13,875)
Employer contributions		2,276	42,023
Benefit payments		(12,594)	(11,265)
Settlements		0	(1,561)
Exchange rate changes		266	(255)
Fair value, end of year		303,944	269,253	254,186
Defined Benefit Plan, Funded (Unfunded) Status of Plan		(145,475)	(102,029)
Postretirement Medical Benefits
Change in benefit obligation
Obligation, beginning of year		27,778	27,771
Service cost		545	636	601
Interest cost		1,162	1,084	1,093
Actuarial loss (gain)		2,532	(397)
Benefit payments		(1,371)	(1,316)
Settlements		0	0
Exchange rate changes		0	0
Obligation, end of year		30,646	27,778	27,771
Change in plan assets
Fair value, beginning of year		0	0
Actual return on assets		0	0
Employer contributions		1,371	1,316
Benefit payments		(1,371)	(1,316)
Settlements		0	0
Exchange rate changes		0	0
Fair value, end of year		0	0	$ 0
Defined Benefit Plan, Funded (Unfunded) Status of Plan		$ (30,646)	$ (27,778)

Retirement Benefits (Amounts Re

Retirement Benefits (Amounts Recognized in Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
Amounts recognized in consolidated balance sheets
Non-current liabilities	$ 182,707	$ 133,388
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Prepaid Expense, Noncurrent	2,931	0
Amounts recognized in consolidated balance sheets
Current liabilities	1,824	1,453
Non-current liabilities	146,582	100,576
Net	145,475	102,029
Postretirement Medical Benefits
Defined Benefit Plan Disclosure [Line Items]
Prepaid Expense, Noncurrent	0	0
Amounts recognized in consolidated balance sheets
Current liabilities	1,656	1,573
Non-current liabilities	28,990	26,205
Net	$ 30,646	$ 27,778

Retirement Benefits (Accumulate

Retirement Benefits (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
Information for plans with accumulated benefit obligation in excess of plan assets
Projected benefit obligation	$ 402,900	$ 371,282
Accumulated benefit obligation	363,497	343,705
Fair value of plan assets	$ 254,493	$ 269,253

Retirement Benefits (Components

Retirement Benefits (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Components of net periodic benefit cost
Settlement loss (gain)			$ 12,000
Pension Benefits
Components of net periodic benefit cost
Service cost-benefits earned during the period	$ 7,735	$ 8,487	7,675
Interest cost on projected benefit obligation	15,103	13,424	15,044
Expected return on assets	(17,152)	(17,447)	(17,186)
Amortization of prior service cost (credit)	279	279	255
Amortization of net loss (gain)	8,392	7,931	8,634
Settlement loss (gain)	0	184	12,313
Cost of pension plans which are not significant and have not adopted ASC 715	110	106	122
Net periodic benefit cost	14,467	12,964	26,857
Postretirement Medical Benefits
Components of net periodic benefit cost
Service cost-benefits earned during the period	545	636	601
Interest cost on projected benefit obligation	1,162	1,084	1,093
Expected return on assets	0	0	0
Amortization of prior service cost (credit)	0	0	(344)
Amortization of net loss (gain)	273	646	334
Settlement loss (gain)	0	0	0
Net periodic benefit cost	1,980	2,366	1,684
Accounting Standards Update 2017-07 [Member]
Defined Benefit Plan Disclosure [Line Items]
Non-service pension cost included in non-operating expense	$ 5,000	$ 8,000	$ 18,000

Retirement Benefits (Amounts _2

Retirement Benefits (Amounts recognized in other comprehensive (income) loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018
Pension Benefits
Amounts recognized in other comprehensive (income) loss
Net loss (gain) arising during the period	$ 40,184	$ 644
Amortization of net gain (loss)	(8,392)	(7,931)
Settlement gain (loss)	0	(184)
Amortization of prior service credit (cost)	(279)	(279)
Total	31,513	(7,750)
Postretirement Medical Benefits
Amounts recognized in other comprehensive (income) loss
Net loss (gain) arising during the period	2,532	(397)
Amortization of net gain (loss)	(273)	(646)
Settlement gain (loss)	0	0
Amortization of prior service credit (cost)	0	0
Total	$ 2,259	$ (1,043)

Retirement Benefits (Amounts in

Retirement Benefits (Amounts included in accumulated other comprehensive (income) loss) (Details) - USD ($) $ in Thousands	Dec. 27, 2019	Dec. 28, 2018
Pension Benefits
Amounts recognized in accumulated ther comprehensive income
Prior service cost (credit)	$ 1,197	$ 1,465
Net loss	135,910	104,127
Net before income taxes	137,107	105,592
Income taxes	(29,666)	(23,221)
Net	107,441	82,371
Postretirement Medical Benefits
Amounts recognized in accumulated ther comprehensive income
Prior service cost (credit)	0	0
Net loss	8,052	5,793
Net before income taxes	8,052	5,793
Income taxes	(1,772)	(1,275)
Net	$ 6,280	$ 4,518

Retirement Benefits (Amounts _3

Retirement Benefits (Amounts in AOCI expected to be recognized as cost in next year) (Details) $ in Thousands	Dec. 27, 2019USD ($)
Pension Benefits
Expected to be recognized in following year
Prior service cost (credit)	$ 282
Net loss (gain)	10,354
Net before income taxes	10,636
Income taxes	(2,340)
Net	8,296
Postretirement Medical Benefits
Expected to be recognized in following year
Prior service cost (credit)	0
Net loss (gain)	707
Net before income taxes	707
Income taxes	(156)
Net	$ 551

Retirement Benefits (Assumption

Retirement Benefits (Assumptions used to determine obligations and cost) (Details)	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
U.S. Plans
Assumptions used to determine net period benefit obligation
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.50%	4.50%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	2.80%	2.80%
Assumptions used to determine net periodic benefit cost
Discount rate	4.50%	3.90%	4.50%
Rate of compensation increase	2.80%	2.80%	2.80%
Expected return on assets	7.00%	7.10%	7.00%
Non-U.S. Plans
Assumptions used to determine net period benefit obligation
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	0.40%	1.30%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	1.30%	1.40%
Assumptions used to determine net periodic benefit cost
Discount rate	1.30%	1.00%	0.90%
Rate of compensation increase	1.40%	0.90%	1.00%
Expected return on assets	2.00%	2.00%	2.00%
Postretirement Medical Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year	5.80%
Assumptions used to determine net period benefit obligation
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.40%	4.50%
Assumptions used to determine net periodic benefit cost
Discount rate	4.50%	3.90%	4.50%

Retirement Benefits (Estimated

Retirement Benefits (Estimated future benefit payments) (Details) $ in Thousands	Dec. 27, 2019USD ($)
Pension Benefits
Estimated future benefit payments
2020	$ 15,337
2021	16,520
2022	17,917
2023	19,173
2024	21,281
Years 2025-2029	115,303
Postretirement Medical Benefits
Estimated future benefit payments
2020	1,656
2021	1,707
2022	1,731
2023	1,727
2024	1,703
Years 2025-2029	$ 8,357

Commitments and Contingencies_2

Commitments and Contingencies (Lease Commitments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 29, 2018	Dec. 28, 2018
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Right-of-Use Asset	$ 29,891	$ 35,000	$ 0
Operating Lease, Weighted Average Remaining Lease Term	5 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	3.90%
Operating Lease, Expense	$ 11,500
Operating Lease, Payments	11,000
Operating Lease, Right of Use Asset, Additions	2,400
Lessee, Operating Lease, Liability, Payments, Due in 2020	8,222
Lessee, Operating Lease, Liability, Payments, Due in 2021	8,237
Lessee, Operating Lease, Liability, Payments, Due in 2022	5,657
Lessee, Operating Lease, Liability, Payments, Due in 2023	4,226
Lessee, Operating Lease, Liability, Payments, Due in 2024	1,843
Lessee, Operating Lease, Liability, Payments, Due Thereafter	7,490
Lessee, Operating Lease, Liability, Payments, Due	35,675
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(3,809)
Operating Lease, Liability	$ 31,866
Operating Leases, Future Minimum Payments, Due in 2019			11,613
Operating Leases, Future Minimum Payments, Due in 2020			8,759
Operating Leases, Future Minimum Payments, Due in 2021			6,745
Operating Leases, Future Minimum Payments, Due in 2022			5,102
Operating Leases, Future Minimum Payments, Due in 2023			3,721
Operating Leases, Future Minimum Payments, Due Thereafter			2,340
Operating Leases, Future Minimum Payments Due			$ 38,280

Commitments and Contingencies_3

Commitments and Contingencies (Narrative) (Details) $ in Millions	Dec. 27, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Open purchase order commitments	$ 83
Maximum purchase quantities and supplier inventory commitments	44
Contractual Obligation, Due in 2020	10
Contractual Obligation, Due in 2021	8
Contractual Obligation, Due in 2022	2
Contractual Obligation, Due Thereafter	1
Standby letters of credit commitments	2
Guarantees of subsidiary debt	$ 42

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 27, 2019	Sep. 27, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 28, 2018	Sep. 28, 2018	Jun. 29, 2018	Mar. 30, 2018	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
Quarterly Financial Information Disclosure [Abstract]
Net Sales	$ 412,292	$ 400,555	$ 428,328	$ 404,870	$ 406,438	$ 415,936	$ 424,570	$ 406,348	$ 1,646,045	$ 1,653,292	$ 1,474,744
Gross Profit	209,381	207,379	226,954	216,042	208,756	221,459	229,903	222,421	859,756	882,539	795,202
Net Earnings	$ 84,835	$ 84,132	$ 88,137	$ 86,749	$ 73,723	$ 92,681	$ 89,140	$ 85,510	$ 343,853	$ 341,054	$ 252,412
Basic Net Earnings per Common Share	$ 0.51	$ 0.50	$ 0.53	$ 0.52	$ 0.44	$ 0.55	$ 0.53	$ 0.51	$ 2.06	$ 2.04	$ 1.50
Diluted Net Earnings per Common Share	0.49	0.49	0.51	0.51	0.43	0.54	0.51	0.49	$ 2	$ 1.97	$ 1.45
Cash Dividends Declared per Common Share	$ 0.18	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.13	$ 0.13	$ 0.13

Schedule II - Valuation and Q_3

Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2019	Dec. 28, 2018	Dec. 29, 2017
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 4,800	$ 4,000	$ 3,900
Additions charged to costs and expenses	800	1,400	1,600
Deductions from reserves	(900)	(900)	(1,700)
Other additions (deductions)	100	300	200
Balance at end of year	$ 4,800	$ 4,800	$ 4,000