Graco (GGG) 10-Q 21 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 25, 2020	Oct. 14, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 25, 2020
Document Transition Report	false
Entity File Number	001-09249
Entity Registrant Name	GRACO INC.
Entity Incorporation, State	MN
Entity Tax Identification Number	41-0285640
Entity Address, Address Description	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 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 Common Stock, Shares Outstanding		167,541,097
Amendment Flag	false
Entity Central Index Key	0000042888
Current Fiscal Year End Date	--12-25
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Income Statement [Abstract]
Revenues	$ 439,316	$ 400,555	$ 1,179,775	$ 1,233,753
Cost of Goods and Services Sold	210,363	193,176	569,662	583,378
Gross Profit	228,953	207,379	610,113	650,375
Product development	17,715	16,723	52,744	50,616
Selling, marketing and distribution	54,009	55,538	160,228	176,796
General and administrative	31,957	31,719	102,322	102,676
Impairment	267	0	35,229	0
Operating Earnings	125,005	103,399	259,590	320,287
Interest expense	2,964	3,618	8,708	10,584
Other expense (income), net	1,025	2,972	5,738	4,360
Earnings Before Income Taxes	121,016	96,809	245,144	305,343
Income taxes	6,901	12,677	29,379	46,325
Net Earnings	$ 114,115	$ 84,132	$ 215,765	$ 259,018
Basic earnings per share	$ 0.68	$ 0.50	$ 1.29	$ 1.56
Diluted earnings per share	$ 0.66	$ 0.49	$ 1.26	$ 1.51

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 114,115	$ 84,132	$ 215,765	$ 259,018
Components of other comprehensive income (loss)
Cumulative translation adjustment	30,966	(6,396)	33,045	(3,995)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax	2,313	2,268	7,508	6,305
Pension and postretirement medical liability adjustment	(512)	(505)	(1,681)	(1,398)
Other comprehensive income (loss)	32,767	(4,633)	38,872	912
Comprehensive Income	$ 146,882	$ 79,499	$ 254,637	$ 259,930

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 25, 2020	Dec. 27, 2019
Current Assets
Cash and cash equivalents	$ 424,674	$ 220,973
Accounts receivable, less allowances of $4,800 and $5,300	314,996	267,345
Inventories	283,713	273,233
Other current assets	37,806	29,917
Total current assets	1,061,189	791,468
Property, Plant and Equipment
Property, Plant and Equipment, net	332,268	325,546
Goodwill	342,340	307,663
Other Intangible Assets, net	160,660	162,623
Operating Lease, Right-of-Use Asset	28,191	29,891
Deferred Income Tax Assets, Net	35,339	39,327
Other Assets	34,008	35,692
Total Assets	1,993,995	1,692,210
Current Liabilities
Notes payable to banks	44,039	7,732
Trade accounts payable	55,463	54,117
Salaries and incentives	42,321	51,301
Dividends payable	29,350	29,235
Other current liabilities	155,280	142,937
Total current liabilities	326,453	285,322
Long-term Debt	275,000	164,298
Retirement Benefits and Deferred Compensation	186,581	182,707
Operating Lease, Liability, Noncurrent	21,265	24,176
Deferred Income Tax Liabilities, Net	10,159	10,776
Other Non-current Liabilities	8,600	0
Shareholders’ Equity
Common stock	167,444	167,287
Additional paid-in-capital	644,199	578,440
Retained earnings	485,209	448,991
Accumulated other comprehensive income (loss)	(130,915)	(169,787)
Total shareholders’ equity	1,165,937	1,024,931
Total Liabilities and Shareholders’ Equity	$ 1,993,995	$ 1,692,210

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 25, 2020	Dec. 27, 2019
Statement of Financial Position [Abstract]
Allowance for Credits	$ 4.8	$ 5.3

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019
Net Earnings	$ 215,765	$ 259,018
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	40,714	36,401
Deferred income taxes	(653)	(6,067)
Share-based compensation	21,434	23,186
Impairment	35,229	0
Change in
Accounts receivable	(48,733)	(2,906)
Inventories	(13,506)	(5,052)
Trade accounts payable	6,547	(776)
Salaries and incentives	(10,493)	(15,422)
Retirement benefits and deferred compensation	9,734	10,206
Other accrued liabilities	4,868	198
Other	1,813	695
Net cash provided by operating activities	262,719	299,481
Cash Flows From Investing Activities
Property, plant and equipment additions	(45,756)	(102,496)
Acquisition of businesses, net of cash acquired	(27,557)	(19,216)
Other	(70)	(961)
Net cash provided by (used in) investing activities	(73,383)	(122,673)
Cash Flows From Financing Activities
Borrowings (payments) on short-term lines of credit, net	21,506	(6,240)
Borrowings on long-term lines of credit	250,000	106,454
Payments on long-term debt and lines of credit	(125,000)	(179,270)
Common stock issued	57,949	36,244
Common stock repurchased	(102,143)	(5,121)
Payment, Tax Withholding, Share-based Payment Arrangement	1,797	1,268
Cash dividends paid	(87,665)	(79,762)
Net cash provided by (used in) financing activities	12,850	(128,963)
Effect of exchange rate changes on cash	1,515	(2,657)
Net increase (decrease) in cash and cash equivalents	203,701	45,188
Cash and Cash Equivalents
Beginning of year	220,973	132,118
End of period	$ 424,674	$ 177,306

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 28, 2018	$ 751,873	$ 165,171	$ 510,825	$ 220,734	$ (144,857)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	34,974	1,747	33,227	0	0
Stock Repurchased During Period, Value	2,683	60	186	2,437	0
Stock compensation cost	19,700	0	19,700	0	0
Net Earnings	259,018	0	0	259,018	0
Dividends, Common Stock, Cash	(79,998)	0	0	(79,998)	0
Other comprehensive income (loss)	912	0	0	0	912
Ending Balance at Sep. 27, 2019	983,796	166,858	563,566	397,317	(143,945)
Beginning Balance at Jun. 28, 2019	925,958	166,792	556,170	342,308	(139,312)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	2,289	126	2,163	0	0
Stock Repurchased During Period, Value	2,683	60	186	2,437	0
Stock compensation cost	5,419	0	5,419	0	0
Net Earnings	84,132	0	0	84,132	0
Dividends, Common Stock, Cash	(26,686)	0	0	(26,686)	0
Other comprehensive income (loss)	(4,633)	0	0	0	(4,633)
Ending Balance at Sep. 27, 2019	983,796	166,858	563,566	397,317	(143,945)
Beginning Balance at Dec. 27, 2019	1,024,931	167,287	578,440	448,991	(169,787)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	56,883	2,484	54,399	0	0
Stock Repurchased During Period, Value	102,143	2,327	8,047	91,769	0
Stock compensation cost	19,407	0	19,407	0	0
Net Earnings	215,765	0	0	215,765	0
Dividends, Common Stock, Cash	(87,778)	0	0	(87,778)	0
Other comprehensive income (loss)	38,872	0	0	0	38,872
Ending Balance at Sep. 25, 2020	1,165,937	167,444	644,199	485,209	(130,915)
Beginning Balance at Jun. 26, 2020	1,026,968	166,693	623,803	400,154	(163,682)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	15,732	751	14,981	0	0
Stock Repurchased During Period, Value	0	0	0	0	0
Stock compensation cost	5,415	0	5,415	0	0
Net Earnings	114,115	0	0	114,115	0
Dividends, Common Stock, Cash	(29,060)	0	0	(29,060)	0
Other comprehensive income (loss)	32,767	0	0	0	32,767
Ending Balance at Sep. 25, 2020	$ 1,165,937	$ 167,444	$ 644,199	$ 485,209	$ (130,915)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Unaudited) Consolidated Statements of Shareholders' Equity (Unaudited) Parenthetical - $ / shares	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.175	$ 0.160	$ 0.525	$ 0.480

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 25, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated balance sheet of Graco Inc. and Subsidiaries (the “Company”) as of September 25, 2020 and the related statements of earnings, comprehensive income and shareholders' equity for the three and nine months ended September 25, 2020 and September 27, 2019, and cash flows for the nine months ended September 25, 2020 and September 27, 2019 have been prepared by the Company and have not been audited. In the opinion of management, these consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of September 25, 2020, and the results of operations and cash flows for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Therefore, these statements should be read in conjunction with the financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of results that will be realized for the full fiscal year.

Segment Information

Segment Information	9 Months Ended
	Sep. 25, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: Industrial, Process and Contractor. Sales and operating earnings by segment were as follows (in thousands): Three Months Ended Nine Months Ended September 25, September 27, September 25, September 27, Net Sales Industrial $ 172,805 $ 175,016 $ 464,776 $ 552,623 Process 78,773 84,090 242,610 256,048 Contractor 187,738 141,449 472,389 425,082 Total $ 439,316 $ 400,555 $ 1,179,775 $ 1,233,753 Operating Earnings Industrial $ 60,776 $ 57,023 $ 148,010 $ 186,654 Process 16,187 18,194 45,970 56,586 Contractor 54,841 34,005 124,580 100,598 Unallocated corporate (expense) (6,532) (5,823) (23,741) (23,551) Impairment (267) — (35,229) — Total $ 125,005 $ 103,399 $ 259,590 $ 320,287 Assets by segment were as follows (in thousands): September 25, December 27, Industrial $ 622,294 $ 615,486 Process 398,770 387,216 Contractor 433,627 368,832 Unallocated corporate 539,304 320,676 Total $ 1,993,995 $ 1,692,210 Geographic information follows (in thousands): Three Months Ended Nine Months Ended September 25, September 27, September 25, September 27, Net Sales (based on customer location) United States $ 247,197 $ 214,468 $ 651,229 $ 638,918 Other countries 192,119 186,087 528,546 594,835 Total $ 439,316 $ 400,555 $ 1,179,775 $ 1,233,753 September 25, December 27, Long-lived Assets United States $ 283,363 $ 268,864 Other countries 48,905 56,682 Total $ 332,268 $ 325,546

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 25, 2020
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): Three Months Ended Nine Months Ended September 25, September 27, September 25, September 27, Net earnings available to common shareholders $ 114,115 $ 84,132 $ 215,765 $ 259,018 Weighted average shares outstanding for basic earnings per share 167,102 166,848 167,248 166,383 Dilutive effect of stock options computed using the treasury stock method and the average market price 4,551 4,929 4,367 5,178 Weighted average shares outstanding for diluted earnings per share 171,653 171,777 171,615 171,561 Basic earnings per share $ 0.68 $ 0.50 $ 1.29 $ 1.56 Diluted earnings per share $ 0.66 $ 0.49 $ 1.26 $ 1.51 Stock options to purchase 1,281,000 and 802,000 shares were not included in the September 25, 2020 and September 27, 2019 computations of diluted earnings per share, respectively, because they would have been anti-dilutive.

Share-Based Awards

Share-Based Awards	9 Months Ended
	Sep. 25, 2020
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Share-Based Awards	Share-Based Awards Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices): Option Weighted Average Options Weighted Average Outstanding, December 27, 2019 12,112 $ 28.91 8,231 $ 23.75 Granted 1,399 55.26 Exercised (2,117) 19.87 Canceled (43) 43.69 Outstanding, September 25, 2020 11,351 $ 33.79 7,677 $ 27.20 The Company recognized year-to-date share-based compensation of $21.4 million in 2020 and $23.2 million in 2019. As of September 25, 2020, there was $10.4 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of 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: Nine Months Ended September 25, September 27, Expected life in years 7.5 7.5 Interest rate 1.5 % 2.6 % Volatility 22.0 % 24.6 % Dividend yield 1.3 % 1.4 % Weighted average fair value per share $ 12.18 $ 12.26 Under the Company’s Employee Stock Purchase Plan, the Company issued 400,000 shares in 2020 and 398,000 shares in 2019. The fair value of the employees’ purchase rights under this 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: Nine Months Ended September 25, September 27, Expected life in years 1.0 1.0 Interest rate 1.5 % 2.6 % Volatility 21.9 % 22.7 % Dividend yield 1.4 % 1.4 % Weighted average fair value per share $ 11.55 $ 11.36

Retirement Benefits

Retirement Benefits	9 Months Ended
	Sep. 25, 2020
Defined Benefit Plan [Abstract]
Retirement Benefits	Retirement Benefits The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands): Three Months Ended Nine Months Ended September 25, September 27, September 25, September 27, Pension Benefits Service cost $ 2,392 $ 2,161 $ 7,007 $ 5,805 Interest cost 3,351 3,711 9,985 11,021 Expected return on assets (4,706) (4,289) (14,107) (12,864) Amortization and other 2,777 3,095 8,015 6,912 Net periodic benefit cost $ 3,814 $ 4,678 $ 10,900 $ 10,874 Postretirement Medical Service cost $ 152 $ 136 $ 457 $ 409 Interest cost 254 291 762 872 Amortization 183 68 550 205 Net periodic benefit cost $ 589 $ 495 $ 1,769 $ 1,486

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 25, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Changes in components of accumulated other comprehensive income (loss), net of tax were (in thousands): Pension and Cumulative Total Three Months Ended September 25, 2020 Balance, June 26, 2020 $ (109,695) $ (53,987) $ (163,682) Other comprehensive income (loss) before reclassifications — 30,966 30,966 Reclassified to pension cost and deferred tax 1,801 — 1,801 Balance, September 25, 2020 $ (107,894) $ (23,021) $ (130,915) Nine Months Ended September 25, 2020 Balance, December 27, 2019 $ (113,721) $ (56,066) $ (169,787) Other comprehensive income (loss) before reclassifications — 33,045 33,045 Reclassified to pension cost and deferred tax 5,827 — 5,827 Balance, September 25, 2020 $ (107,894) $ (23,021) $ (130,915) Three Months Ended September 27, 2019 Balance, June 28, 2019 $ (83,745) $ (55,567) $ (139,312) Other comprehensive income (loss) before reclassifications — (6,396) (6,396) Reclassified to pension cost and deferred tax 1,763 — 1,763 Balance, September 27, 2019 $ (81,982) $ (61,963) $ (143,945) Nine Months Ended September 27, 2019 Balance, December 28, 2018 $ (86,889) $ (57,968) $ (144,857) Other comprehensive income (loss) before reclassifications — (3,995) (3,995) Reclassified to pension cost and deferred tax 4,907 — 4,907 Balance, September 27, 2019 $ (81,982) $ (61,963) $ (143,945) In connection with the Company's sale of its U.K.-based valve business (“Alco”) in July of 2020, $24 million of unrealized foreign currency translation losses recorded in accumulated other comprehensive income were reclassified to net earnings for the three and nine months ended September 25, 2020. A loss reserve liability of $24 million related to the unrealized foreign currency losses was previously recognized in the second quarter of 2020 with the impairment of Alco. This reserve liability was eliminated upon sale and offsets the impact of the foreign currency translation reclassification on net earnings.

Inventories

Inventories	9 Months Ended
	Sep. 25, 2020
Inventory, Net [Abstract]
Inventories	Inventories Major components of inventories were as follows (in thousands): September 25, December 27, Finished products and components $ 135,281 $ 132,128 Products and components in various stages of completion 84,588 86,957 Raw materials and purchased components 127,151 117,026 Subtotal 347,020 336,111 Reduction to LIFO cost (63,307) (62,878) Total $ 283,713 $ 273,233

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 25, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Components of other intangible assets were (dollars in thousands): Finite Life Indefinite Life Customer Patents and Trademarks, Trade Total As of September 25, 2020 Cost $ 186,073 $ 25,313 $ 1,000 $ 61,920 $ 274,306 Accumulated amortization (90,280) (12,380) (358) — (103,018) Foreign currency translation (8,349) (707) — (1,572) (10,628) Book value $ 87,444 $ 12,226 $ 642 $ 60,348 $ 160,660 Weighted average life in years 13 10 4 N/A 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 Amortization of intangibles for the quarter was $4.2 million in 2020 and $3.9 million in 2019 and for the year to date was $12.5 million in 2020 and $11.6 million in 2019. Estimated 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 $ 16,868 $ 16,854 $ 16,765 $ 15,809 $ 14,267 $ 32,211 Changes in the carrying amount of goodwill for each reportable segment were (in thousands): Industrial Process Contractor Total Balance, December 27, 2019 $ 177,112 $ 110,997 $ 19,554 $ 307,663 Additions, adjustments from business acquisitions — 29,657 — 29,657 Foreign currency translation 5,253 (233) — 5,020 Balance, September 25, 2020 $ 182,365 $ 140,421 $ 19,554 $ 342,340

Other Current Liabilities

Other Current Liabilities	9 Months Ended
	Sep. 25, 2020
Accrued Liabilities, Current [Abstract]
Other Current Liabilities	Other Current Liabilities Components of other current liabilities were (in thousands): September 25, December 27, Accrued self-insurance retentions $ 7,578 $ 7,570 Accrued warranty and service liabilities 12,571 12,785 Accrued trade promotions 9,261 8,390 Payable for employee stock purchases 10,361 13,722 Customer advances and deferred revenue 52,206 33,138 Income taxes payable 6,331 8,706 Right of return refund liability 15,112 13,791 Operating lease liability, current 9,165 7,690 Other 32,695 37,145 Total $ 155,280 $ 142,937 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): Balance, December 27, 2019 $ 12,785 Assumed in business acquisition 155 Charged to expense 5,495 Margin on parts sales reversed 2,000 Reductions for claims settled (7,864) Balance, September 25, 2020 $ 12,571 Deferred Revenue 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 $52.2 million as of September 25, 2020 and $33.1 million as of December 27, 2019. Net sales for the year to date included $25.9 million in 2020 and $34.9 million in 2019 that related to deferred revenue as of the beginning of each period.

Debt (Notes)

Debt (Notes)	9 Months Ended
	Sep. 25, 2020
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Debt 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. There were no senior notes issued under the note agreement as of September 25, 2020.In March 2020, the Company borrowed $250 million under its $500 million revolving credit facility in order to increase its cash position and preserve financial flexibility. The proceeds from the advance are available to be used for working capital, general corporate or other purposes. In August 2020, the Company made a payment of $125 million against the revolving credit facility.

Fair Value

Fair Value	9 Months Ended
	Sep. 25, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): Level September 25, December 27, Assets Cash surrender value of life insurance 2 $ 17,273 $ 17,702 Forward exchange contracts 2 388 — Total assets at fair value $ 17,661 $ 17,702 Liabilities Contingent consideration 3 $ 9,128 $ 9,072 Deferred compensation 2 4,855 4,719 Forward exchange contracts 2 — 87 Total liabilities at fair value $ 13,983 $ 13,878 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. Changes in cash surrender value are recorded in other non-operating expense. The deferred compensation liability balances are valued based on amounts allocated by participants to the underlying performance measurement funds. 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. Long-term notes payable with fixed interest rates had a carrying amount of $150 million and estimated fair value of $165 million as of both September 25, 2020 and December 27, 2019. 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 25, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Recent Accounting Pronouncements Adoption of New Accounting Standard In June 2016, the Financial Accounting Standards Board (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. There was no significant impact on earnings or financial condition from the adoption of the new standard. Accounting Policy Receivables reflected in the financial statements represent the net amount expected to be collected. An allowance for credit losses is established based on expected losses. Expected losses are estimated by reviewing individual accounts, considering aging, financial condition of the debtor, recent payment history, current and forecast economic conditions and other relevant factors. The Company evaluates the adequacy of the worldwide allowance amount quarterly, considering individual account reviews, historical write-offs, current sales levels and expected economic factors. Accounts Receivable Accounts receivable includes trade receivables of $299 million and other receivables of $15 million as of September 25, 2020 and $256 million and $11 million, respectively, as of December 27, 2019. Allowance for Credit Losses Following is a summary of activity in the allowance for credit losses (in thousands): Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Balance, beginning $ 5,159 $ 4,315 $ 4,828 $ 4,771 Additions (reversals) charged to costs and expenses (293) 209 338 431 Deductions from reserves (1) (956) (109) (1,247) (799) Other additions (deductions) (2) 115 (64) 106 (52) Balance, ending $ 4,025 $ 4,351 $ 4,025 $ 4,351 (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.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 25, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Adoption of New Accounting Standard In June 2016, the Financial Accounting Standards Board (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. There was no significant impact on earnings or financial condition from the adoption of the new standard. Accounting Policy Receivables reflected in the financial statements represent the net amount expected to be collected. An allowance for credit losses is established based on expected losses. Expected losses are estimated by reviewing individual accounts, considering aging, financial condition of the debtor, recent payment history, current and forecast economic conditions and other relevant factors. The Company evaluates the adequacy of the worldwide allowance amount quarterly, considering individual account reviews, historical write-offs, current sales levels and expected economic factors.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 25, 2020
Segment Reporting [Abstract]
Segment Reporting - Operations and Assets	Sales and operating earnings by segment were as follows (in thousands): Three Months Ended Nine Months Ended September 25, September 27, September 25, September 27, Net Sales Industrial $ 172,805 $ 175,016 $ 464,776 $ 552,623 Process 78,773 84,090 242,610 256,048 Contractor 187,738 141,449 472,389 425,082 Total $ 439,316 $ 400,555 $ 1,179,775 $ 1,233,753 Operating Earnings Industrial $ 60,776 $ 57,023 $ 148,010 $ 186,654 Process 16,187 18,194 45,970 56,586 Contractor 54,841 34,005 124,580 100,598 Unallocated corporate (expense) (6,532) (5,823) (23,741) (23,551) Impairment (267) — (35,229) — Total $ 125,005 $ 103,399 $ 259,590 $ 320,287 Assets by segment were as follows (in thousands): September 25, December 27, Industrial $ 622,294 $ 615,486 Process 398,770 387,216 Contractor 433,627 368,832 Unallocated corporate 539,304 320,676 Total $ 1,993,995 $ 1,692,210
Segment Reporting - Geographic	Geographic information follows (in thousands): Three Months Ended Nine Months Ended September 25, September 27, September 25, September 27, Net Sales (based on customer location) United States $ 247,197 $ 214,468 $ 651,229 $ 638,918 Other countries 192,119 186,087 528,546 594,835 Total $ 439,316 $ 400,555 $ 1,179,775 $ 1,233,753 September 25, December 27, Long-lived Assets United States $ 283,363 $ 268,864 Other countries 48,905 56,682 Total $ 332,268 $ 325,546

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 25, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 25, September 27, September 25, September 27, Net earnings available to common shareholders $ 114,115 $ 84,132 $ 215,765 $ 259,018 Weighted average shares outstanding for basic earnings per share 167,102 166,848 167,248 166,383 Dilutive effect of stock options computed using the treasury stock method and the average market price 4,551 4,929 4,367 5,178 Weighted average shares outstanding for diluted earnings per share 171,653 171,777 171,615 171,561 Basic earnings per share $ 0.68 $ 0.50 $ 1.29 $ 1.56 Diluted earnings per share $ 0.66 $ 0.49 $ 1.26 $ 1.51

Share-Based Awards (Tables)

Share-Based Awards (Tables)	9 Months Ended
	Sep. 25, 2020
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Options Activity 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 Weighted Average Options Weighted Average Outstanding, December 27, 2019 12,112 $ 28.91 8,231 $ 23.75 Granted 1,399 55.26 Exercised (2,117) 19.87 Canceled (43) 43.69 Outstanding, September 25, 2020 11,351 $ 33.79 7,677 $ 27.20
Options Fair Value Inputs	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: Nine Months Ended September 25, September 27, Expected life in years 7.5 7.5 Interest rate 1.5 % 2.6 % Volatility 22.0 % 24.6 % Dividend yield 1.3 % 1.4 % Weighted average fair value per share $ 12.18 $ 12.26
ESPP Fair Value Inputs	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: Nine Months Ended September 25, September 27, Expected life in years 1.0 1.0 Interest rate 1.5 % 2.6 % Volatility 21.9 % 22.7 % Dividend yield 1.4 % 1.4 % Weighted average fair value per share $ 11.55 $ 11.36

Retirement Benefits (Tables)

Retirement Benefits (Tables)	9 Months Ended
	Sep. 25, 2020
Defined Benefit Plan [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands): Three Months Ended Nine Months Ended September 25, September 27, September 25, September 27, Pension Benefits Service cost $ 2,392 $ 2,161 $ 7,007 $ 5,805 Interest cost 3,351 3,711 9,985 11,021 Expected return on assets (4,706) (4,289) (14,107) (12,864) Amortization and other 2,777 3,095 8,015 6,912 Net periodic benefit cost $ 3,814 $ 4,678 $ 10,900 $ 10,874 Postretirement Medical Service cost $ 152 $ 136 $ 457 $ 409 Interest cost 254 291 762 872 Amortization 183 68 550 205 Net periodic benefit cost $ 589 $ 495 $ 1,769 $ 1,486

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 25, 2020
Stockholders' Equity Note [Abstract]
Changes in AOCI	Changes in components of accumulated other comprehensive income (loss), net of tax were (in thousands): Pension and Cumulative Total Three Months Ended September 25, 2020 Balance, June 26, 2020 $ (109,695) $ (53,987) $ (163,682) Other comprehensive income (loss) before reclassifications — 30,966 30,966 Reclassified to pension cost and deferred tax 1,801 — 1,801 Balance, September 25, 2020 $ (107,894) $ (23,021) $ (130,915) Nine Months Ended September 25, 2020 Balance, December 27, 2019 $ (113,721) $ (56,066) $ (169,787) Other comprehensive income (loss) before reclassifications — 33,045 33,045 Reclassified to pension cost and deferred tax 5,827 — 5,827 Balance, September 25, 2020 $ (107,894) $ (23,021) $ (130,915) Three Months Ended September 27, 2019 Balance, June 28, 2019 $ (83,745) $ (55,567) $ (139,312) Other comprehensive income (loss) before reclassifications — (6,396) (6,396) Reclassified to pension cost and deferred tax 1,763 — 1,763 Balance, September 27, 2019 $ (81,982) $ (61,963) $ (143,945) Nine Months Ended September 27, 2019 Balance, December 28, 2018 $ (86,889) $ (57,968) $ (144,857) Other comprehensive income (loss) before reclassifications — (3,995) (3,995) Reclassified to pension cost and deferred tax 4,907 — 4,907 Balance, September 27, 2019 $ (81,982) $ (61,963) $ (143,945)

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 25, 2020
Inventory, Net [Abstract]
Components of Inventories	Major components of inventories were as follows (in thousands): September 25, December 27, Finished products and components $ 135,281 $ 132,128 Products and components in various stages of completion 84,588 86,957 Raw materials and purchased components 127,151 117,026 Subtotal 347,020 336,111 Reduction to LIFO cost (63,307) (62,878) Total $ 283,713 $ 273,233

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 25, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets	Components of other intangible assets were (dollars in thousands): Finite Life Indefinite Life Customer Patents and Trademarks, Trade Total As of September 25, 2020 Cost $ 186,073 $ 25,313 $ 1,000 $ 61,920 $ 274,306 Accumulated amortization (90,280) (12,380) (358) — (103,018) Foreign currency translation (8,349) (707) — (1,572) (10,628) Book value $ 87,444 $ 12,226 $ 642 $ 60,348 $ 160,660 Weighted average life in years 13 10 4 N/A 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
Future Amortization Expense	Estimated 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 $ 16,868 $ 16,854 $ 16,765 $ 15,809 $ 14,267 $ 32,211
Goodwill Rollforward	Changes in the carrying amount of goodwill for each reportable segment were (in thousands): Industrial Process Contractor Total Balance, December 27, 2019 $ 177,112 $ 110,997 $ 19,554 $ 307,663 Additions, adjustments from business acquisitions — 29,657 — 29,657 Foreign currency translation 5,253 (233) — 5,020 Balance, September 25, 2020 $ 182,365 $ 140,421 $ 19,554 $ 342,340

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
	Sep. 25, 2020
Accrued Liabilities, Current [Abstract]
Components of Other Current Liabilities	Components of other current liabilities were (in thousands): September 25, December 27, Accrued self-insurance retentions $ 7,578 $ 7,570 Accrued warranty and service liabilities 12,571 12,785 Accrued trade promotions 9,261 8,390 Payable for employee stock purchases 10,361 13,722 Customer advances and deferred revenue 52,206 33,138 Income taxes payable 6,331 8,706 Right of return refund liability 15,112 13,791 Operating lease liability, current 9,165 7,690 Other 32,695 37,145 Total $ 155,280 $ 142,937
Accrued Warranty Activity	Following is a summary of activity in accrued warranty and service liabilities (in thousands): Balance, December 27, 2019 $ 12,785 Assumed in business acquisition 155 Charged to expense 5,495 Margin on parts sales reversed 2,000 Reductions for claims settled (7,864) Balance, September 25, 2020 $ 12,571

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 25, 2020
Fair Value Disclosures [Abstract]
Fair Value Schedule	Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): Level September 25, December 27, Assets Cash surrender value of life insurance 2 $ 17,273 $ 17,702 Forward exchange contracts 2 388 — Total assets at fair value $ 17,661 $ 17,702 Liabilities Contingent consideration 3 $ 9,128 $ 9,072 Deferred compensation 2 4,855 4,719 Forward exchange contracts 2 — 87 Total liabilities at fair value $ 13,983 $ 13,878

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 25, 2020
Allowance for Credit Losses [Abstract]
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Following is a summary of activity in the allowance for credit losses (in thousands): Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Balance, beginning $ 5,159 $ 4,315 $ 4,828 $ 4,771 Additions (reversals) charged to costs and expenses (293) 209 338 431 Deductions from reserves (1) (956) (109) (1,247) (799) Other additions (deductions) (2) 115 (64) 106 (52) Balance, ending $ 4,025 $ 4,351 $ 4,025 $ 4,351

Segment Reporting Information -

Segment Reporting Information - Operations and Assets (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020USD ($)	Sep. 27, 2019USD ($)	Sep. 25, 2020USD ($)segment	Sep. 27, 2019USD ($)	Dec. 27, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Revenues	$ 439,316	$ 400,555	$ 1,179,775	$ 1,233,753
Operating Earnings	125,005	103,399	259,590	320,287
Total Assets	1,993,995		1,993,995		$ 1,692,210
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Revenues	172,805	175,016	464,776	552,623
Operating Earnings	60,776	57,023	148,010	186,654
Total Assets	622,294		622,294		615,486
Operating Segments | Process
Segment Reporting Information [Line Items]
Revenues	78,773	84,090	242,610	256,048
Operating Earnings	16,187	18,194	45,970	56,586
Total Assets	398,770		398,770		387,216
Operating Segments | Contractor
Segment Reporting Information [Line Items]
Revenues	187,738	141,449	472,389	425,082
Operating Earnings	54,841	34,005	124,580	100,598
Total Assets	433,627		433,627		368,832
Unallocated corporate
Segment Reporting Information [Line Items]
Operating Earnings	(6,532)	(5,823)	(23,741)	(23,551)
Impairment - Segment Information	(267)	$ 0	(35,229)	$ 0
Total Assets	$ 539,304		$ 539,304		$ 320,676

Segment Reporting Information_2

Segment Reporting Information - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019	Dec. 27, 2019
Geographic Information [Line Items]
Revenues	$ 439,316	$ 400,555	$ 1,179,775	$ 1,233,753
Long-lived Assets	332,268		332,268		$ 325,546
United States
Geographic Information [Line Items]
Revenues	247,197	214,468	651,229	638,918
Long-lived Assets	283,363		283,363		268,864
Other countries
Geographic Information [Line Items]
Revenues	192,119	$ 186,087	528,546	$ 594,835
Long-lived Assets	$ 48,905		$ 48,905		$ 56,682

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Earnings Per Share [Abstract]
Net earnings available to common shareholders	$ 114,115	$ 84,132	$ 215,765	$ 259,018
Weighted average shares outstanding for basic earnings per share	167,102	166,848	167,248	166,383
Dilutive effect of stock options computed using the treasury stock method and the average market price	4,551	4,929	4,367	5,178
Weighted average shares outstanding for diluted earnings per share	171,653	171,777	171,615	171,561
Basic earnings per share	$ 0.68	$ 0.50	$ 1.29	$ 1.56
Diluted earnings per share	$ 0.66	$ 0.49	$ 1.26	$ 1.51
Antidilutive securities excluded from the computation of diluted earnings per share	1,281	802

Share-Based Awards - Options Ac

Share-Based Awards - Options Activity and Outstanding (Details) - $ / shares shares in Thousands	9 Months Ended
	Sep. 25, 2020	Dec. 27, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning (in shares)	12,112
Options granted (in shares)	1,399
Options exercised (in shares)	(2,117)
Options canceled (in shares)	(43)
Ending (in shares)	11,351
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning (dollars per share)	$ 28.91
Granted (dollars per share)	55.26
Exercised (dollars per share)	19.87
Canceled (dollars per share)	43.69
Ending (dollars per share)	$ 33.79
Options exercisable (in shares)	7,677	8,231
Weighted average exercise price of exercisable options (dollars per share)	$ 27.20	$ 23.75

Share-Based Awards - Options Fa

Share-Based Awards - Options Fair Value Inputs (Details) - Stock Option - $ / shares	9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019
Fair Value Assumptions and Methodology [Abstract]
Expected life in years	7 years 6 months	7 years 6 months
Interest rate	1.50%	2.60%
Volatility	22.00%	24.60%
Dividend yield	1.30%	1.40%
Weighted average fair value per share (in dollars per share)	$ 12.18	$ 12.26

Share-Based Awards - ESPP Fair

Share-Based Awards - ESPP Fair Value Inputs (Details) - Employee Stock Purchase Plan - $ / shares	9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	1 year	1 year
Interest rate	1.50%	2.60%
Volatility	21.90%	22.70%
Dividend yield	1.40%	1.40%
Weighted average fair value per share (in dollars per share)	$ 11.55	$ 11.36

Share-Based Awards - Narrative

Share-Based Awards - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 21.4	$ 23.2
Unrecognized compensation cost	$ 10.4
Weighted average recognition period	2 years 6 months
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan shares issued	400,000	398,000
Stock purchase plan discount from market value	15.00%

Retirement Benefits (Details)

Retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,392	$ 2,161	$ 7,007	$ 5,805
Interest cost	3,351	3,711	9,985	11,021
Expected return on assets	(4,706)	(4,289)	(14,107)	(12,864)
Amortization and other	2,777	3,095	8,015	6,912
Net periodic benefit cost	3,814	4,678	10,900	10,874
Postretirement Medical
Defined Benefit Plan Disclosure [Line Items]
Service cost	152	136	457	409
Interest cost	254	291	762	872
Amortization	183	68	550	205
Net periodic benefit cost	$ 589	$ 495	$ 1,769	$ 1,486

Shareholders' Equity - Changes

Shareholders' Equity - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated other comprehensive income (loss)	$ (163,682)	$ (139,312)	$ (169,787)	$ (144,857)
Other comprehensive income (loss) before reclassifications	30,966	(6,396)	33,045	(3,995)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1,801	1,763	5,827	4,907
Ending Accumulated other comprehensive income (loss)	(130,915)	(143,945)	(130,915)	(143,945)
Foreign Currency Transaction Loss, before Tax			24,000
Restructuring Reserve, Current	24,000		24,000
Pension and Postretirement Medical
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated other comprehensive income (loss)	(109,695)	(83,745)	(113,721)	(86,889)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1,801	1,763	5,827	4,907
Ending Accumulated other comprehensive income (loss)	(107,894)	(81,982)	(107,894)	(81,982)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated other comprehensive income (loss)	(53,987)	(55,567)	(56,066)	(57,968)
Other comprehensive income (loss) before reclassifications	30,966	(6,396)	33,045	(3,995)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0	0	0
Ending Accumulated other comprehensive income (loss)	$ (23,021)	$ (61,963)	$ (23,021)	$ (61,963)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 25, 2020	Dec. 27, 2019
Inventory, Net [Abstract]
Finished products and components	$ 135,281	$ 132,128
Products and components in various stages of completion	84,588	86,957
Raw materials and purchased components	127,151	117,026
Inventory gross	347,020	336,111
Reduction to LIFO cost	(63,307)	(62,878)
Total	$ 283,713	$ 273,233

Intangible Assets - Other Intan

Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 25, 2020	Dec. 27, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total Cost	$ 274,306	$ 269,663
Total Foreign Currency Translation	(10,628)	(15,100)
Finite Life
Accumulated amortization	(103,018)	(91,940)
Total Book Value	160,660	162,623
Trade Names
Indefinite Life
Cost	61,920	61,920
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(1,572)	(3,730)
Book value	60,348	58,190
Customer Relationships
Finite Life
Cost	186,073	186,310
Accumulated amortization	(90,280)	(80,764)
Foreign currency translation	(8,349)	(10,412)
Book value	$ 87,444	$ 95,134
Weighted average life in years	13 years	13 years
Patents and Proprietary Technology
Finite Life
Cost	$ 25,313	$ 20,413
Accumulated amortization	(12,380)	(10,526)
Foreign currency translation	(707)	(885)
Book value	$ 12,226	$ 9,002
Weighted average life in years	10 years	10 years
Trademarks, Trade Names and Other
Finite Life
Cost	$ 1,000	$ 1,020
Accumulated amortization	(358)	(650)
Foreign currency translation	0	(73)
Book value	$ 642	$ 297
Weighted average life in years	4 years	4 years

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Sep. 25, 2020USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated amortization expense 2020	$ 16,868
Estimated amortization expense 2021	16,854
Estimated amortization expense 2022	16,765
Estimated amortization expense 2023	15,809
Estimated amortization expense 2024	14,267
Estimated amortization expense thereafter	$ 32,211

Intangible Assets - Goodwill Ro

Intangible Assets - Goodwill Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 25, 2020USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 307,663
Additions, adjustments from business acquisitions	29,657
Foreign currency translation	5,020
Ending balance	342,340
Industrial
Goodwill [Roll Forward]
Beginning balance	177,112
Additions, adjustments from business acquisitions	0
Foreign currency translation	5,253
Ending balance	182,365
Process
Goodwill [Roll Forward]
Beginning balance	110,997
Additions, adjustments from business acquisitions	29,657
Foreign currency translation	(233)
Ending balance	140,421
Contractor
Goodwill [Roll Forward]
Beginning balance	19,554
Additions, adjustments from business acquisitions	0
Foreign currency translation	0
Ending balance	$ 19,554

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 4.2	$ 3.9	$ 12.5	$ 11.6

Other Current Liabilities - Com

Other Current Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 25, 2020	Dec. 27, 2019
Other Current Liabilities Details [Abstract]
Accrued self-insurance retentions	$ 7,578	$ 7,570
Accrued warranty and service liabilities	12,571	12,785
Accrued trade promotions	9,261	8,390
Payable for employee stock purchases	10,361	13,722
Customer advances and deferred revenue	52,206	33,138
Income taxes payable	6,331	8,706
Right of return refund liability	15,112	13,791
Operating lease liability, current	9,165	7,690
Other	32,695	37,145
Total	$ 155,280	$ 142,937

Other Current Liabilities - Acc

Other Current Liabilities - Accrued Warranty Activity (Details) $ in Thousands	9 Months Ended
	Sep. 25, 2020USD ($)
Activity In Accrued Warranty And Service Liabilities Abstract
Balance, beginning of year	$ 12,785
Standard Product Warranty Accrual, Additions from Business Acquisition	155
Charged to expense	5,495
Margin on parts sales reversed	2,000
Reductions for claims settled	(7,864)
Balance, end of period	$ 12,571

Other Current Liabilities - Nar

Other Current Liabilities - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Dec. 27, 2019
Accrued Liabilities, Current [Abstract]
Customer advances and deferred revenue	$ 52.2		$ 33.1
Contract with Customer, Liability, Revenue Recognized	$ 25.9	$ 34.9

Debt (Details)

Debt (Details) $ in Millions	9 Months Ended
	Sep. 25, 2020USD ($)
Debt Instrument [Line Items]
Floating Rate Principal Maximum	$ 100
Line of Credit Facility, Periodic Payment	$ 125
Shelf Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	Jan. 29, 2023
Line of Credit Facility, Maximum Borrowing Capacity	$ 200
Committed Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	500
Debt Instrument Face Amount at Issuance	$ 250

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Sep. 25, 2020	Dec. 27, 2019
Assets
Total assets at fair value	$ 17,661	$ 17,702
Liabilities
Total liabilities at fair value	13,983	13,878
Long term debt, carrying amount	150,000	150,000
Long term debt, fair value	165,000	165,000
Level 2
Assets
Cash surrender value of life insurance	17,273	17,702
Forward exchange contracts	388	0
Liabilities
Deferred compensation	4,855	4,719
Forward exchange contracts	0	87
Level 3
Liabilities
Contingent consideration	$ 9,128	$ 9,072

Recent Accounting Pronounceme_4

Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019	Dec. 27, 2019
Credit Loss Disclosures [Abstract]
Accounts Receivable, before Allowance for Credit Loss	$ 299,000		$ 299,000		$ 256,000
Other Receivables	15,000		15,000		$ 11,000
Balance, beginning	5,159	$ 4,315	4,828	$ 4,771
Additions (reversals) charged to costs and expenses	(293)	209	338	431
Deductions from reserves	(956)	(109)	(1,247)	(799)
Other additions (deductions)	115	(64)	106	(52)
Balance, ending	$ 4,025	$ 4,351	$ 4,025	$ 4,351