Graco (GGG) 10-K 21 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 30, 2022	Jan. 11, 2023	Jul. 01, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 30, 2022
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
IcfrAuditorAttestationFlag	true
Entity Shell Company	false
Common stock outstanding			169,133,922
Entity Public Float			$ 10,063,468,359
Entity Common Stock, Shares Outstanding		167,776,564
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 28, 2023, are incorporated by reference into Part III, as specifically set forth in said Part III.
Amendment Flag	false
Entity Central Index Key	0000042888
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Minneapolis, Minnesota

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Income Statement [Abstract]
Net Sales	$ 2,143,521	$ 1,987,608	$ 1,650,115
Cost of products sold	1,086,082	953,659	795,178
Gross Profit	1,057,439	1,033,949	854,937
Product development	80,008	79,651	72,194
Selling, marketing and distribution	250,948	271,526	220,271
General and administrative	153,783	151,449	135,525
Impairment of Long-Lived Assets to be Disposed of	0	0	35,229
Operating Earnings	572,700	531,323	391,718
Interest expense	9,897	10,215	11,280
Other expense, net	(2,921)	12,643	5,787
Earnings Before Income Taxes	565,724	508,465	374,651
Income taxes	105,079	68,599	44,195
Net Earnings	$ 460,645	$ 439,866	$ 330,456
Basic Net Earnings per Common Share	$ 2.73	$ 2.59	$ 1.97
Diluted Net Earnings per Common Share	$ 2.66	$ 2.52	$ 1.92

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 460,645	$ 439,866	$ 330,456
Components of other comprehensive income (loss)
Cumulative translation adjustment	(9,582)	(10,026)	46,030
Pension and postretirement medical liability adjustment	25,630	68,669	(645)
Income taxes - pension and postretirement medical liability	(5,257)	(14,647)	237
Other comprehensive income (loss)	10,791	43,996	45,622
Comprehensive Income	$ 471,436	$ 483,862	$ 376,078

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 339,196	$ 624,302
Accounts receivable, less allowances of $7,000 and $3,900	346,010	325,132
Inventories	476,790	382,301
Other current assets	43,624	31,886
Total current assets	1,205,620	1,363,621
Property, Plant and Equipment, net	607,609	451,061
Goodwill	368,171	356,255
Other Intangible Assets, net	137,507	149,740
Operating Lease, Right-of-Use Asset	29,785	30,046
Deferred Income Taxes	57,090	55,786
Other Assets	33,118	36,689
Total Assets	2,438,900	2,443,198
Current Liabilities
Notes payable to banks	20,974	43,489
Long-term Debt, Current Maturities	0	75,000
Trade accounts payable	84,218	78,432
Salaries and incentives	63,969	82,941
Dividends payable	39,963	35,771
Other current liabilities	190,793	191,159
Total current liabilities	399,917	506,792
Long-term Debt	75,000	75,000
Retirement Benefits and Deferred Compensation	61,672	106,897
Operating Lease Liabilities	21,057	23,527
Deferred Income Taxes	9,443	10,661
Other Non-current Liabilities	12,159	10,978
Shareholders’ Equity
Common stock, $1 par value; 291,000,000 shares authorized; 167,702,130 and 170,307,412 shares outstanding in 2022 and 2021	167,702	170,308
Additional paid-in-capital	784,477	742,288
Retained earnings	976,851	876,916
Accumulated other comprehensive income (loss)	(69,378)	(80,169)
Total shareholders’ equity	1,859,652	1,709,343
Total Liabilities and Shareholders’ Equity	$ 2,438,900	$ 2,443,198

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for Credits	$ 7,000	$ 3,900
Shares, Outstanding	167,702,130	170,307,412
Common stock, par value	$ 1	$ 1
Common stock authorized	291,000,000	291,000,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Cash Flows From Operating Activities
Net Earnings	$ 460,645	$ 439,866	$ 330,456
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	65,997	59,325	55,329
Deferred income taxes	(9,997)	(46,572)	10,747
Share-based compensation	24,695	24,931	25,153
Impairment of Long-Lived Assets to be Disposed of	0	0	35,229
Change in
Accounts receivable	(29,944)	(13,801)	(43,122)
Inventories	(95,691)	(97,780)	(13,086)
Trade accounts payable	4,195	12,397	6,820
Salaries and incentives	(18,442)	29,089	(2,622)
Retirement benefits and deferred compensation	(18,674)	1,219	(6,703)
Other accrued liabilities	(4,191)	51,342	(3,772)
Other	(1,199)	(3,120)	(394)
Net cash provided by operating activities	377,394	456,896	394,035
Cash Flows From Investing Activities
Property, plant and equipment additions	(201,161)	(133,566)	(71,338)
Acquisition of businesses, net of cash acquired	(25,296)	(19,386)	(27,557)
Other	(362)	(347)	(143)
Net cash provided by (used in) investing activities	(226,819)	(153,299)	(99,038)
Cash Flows From Financing Activities
Borrowings (payments) on short-term lines of credit, net	(18,252)	20,497	(1,986)
Borrowings on long-term lines of credit	0	0	250,000
Payments on long-term debt and lines of credit	(75,000)	(70)	(250,000)
Payments of Debt Issuance Costs	0	(1,422)	0
Common stock issued	35,619	50,963	83,438
Common stock repurchased	(233,426)	0	(102,143)
Taxes paid related to net share settlement of equity awards	(1,219)	0	(1,797)
Cash dividends paid	(142,125)	(127,110)	(116,983)
Net cash provided by (used in) financing activities	(434,403)	(57,142)	(139,471)
Effect of exchange rate changes on cash	(1,278)	(1,062)	2,410
Net increase (decrease) in cash and cash equivalents	(285,106)	245,393	157,936
Cash, Cash Equivalents and Restricted Cash
Beginning of year	624,302	378,909	220,973
End of year	$ 339,196	$ 624,302	$ 378,909

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. 27, 2019	$ 1,024,931	$ 167,287	$ 578,440	$ 448,991	$ (169,787)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	82,397	3,608	78,789	0	0
Shares repurchased	(102,142)	(2,327)	(8,047)	(91,768)	0
Stock compensation cost	22,024	0	22,024	0	0
Net Earnings	330,456	0	0	330,456	0
Dividends declared	(119,384)	0	0	(119,384)	0
Other comprehensive income (loss)	45,622	0	0	0	45,622
Ending Balance at Dec. 25, 2020	$ 1,283,904	168,568	671,206	568,295	(124,165)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Declared per Common Share	$ 0.7125
Shares issued	$ 53,300	1,740	51,560	0	0
Stock compensation cost	21,859	0	21,859	0	0
Restricted stock cancelled (issued)	(2,337)	0	(2,337)	0	0
Net Earnings	439,866	0	0	439,866	0
Dividends declared	(131,245)	0	0	(131,245)	0
Other comprehensive income (loss)	43,996	0	0	0	43,996
Ending Balance at Dec. 31, 2021	$ 1,709,343	170,308	742,288	876,916	(80,169)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Declared per Common Share	$ 0.7725
Shares issued	$ 34,400	946	33,454	0	0
Shares repurchased	(233,426)	(3,552)	(15,481)	(214,393)	0
Stock compensation cost	24,216	0	24,216	0	0
Net Earnings	460,645	0	0	460,645	0
Dividends declared	(146,317)	0	0	(146,317)	0
Other comprehensive income (loss)	10,791	0	0	0	10,791
Ending Balance at Dec. 30, 2022	$ 1,859,652	$ 167,702	$ 784,477	$ 976,851	$ (69,378)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Declared per Common Share	$ 0.8650

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 30, 2022
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 year ended December 31, 2021 was a 53-week year whereas the years ended December 30, 2022 and December 25, 2020 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 30, 2022, all subsidiaries are 100 percent controlled by the Company. 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 U.S. GAAP 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 2022 2021 Assets Cash surrender value of life insurance 2 $ 19,192 $ 23,147 Liabilities Contingent consideration 3 $ 14,914 $ 12,274 Deferred compensation 2 5,842 5,962 Forward exchange contracts 2 520 111 Total liabilities at fair value $ 21,276 $ 18,347 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 $334 million in 2022 and $315 million in 2021. Other receivables totaled $12 million in 2022 and $10 million in 2021. Allowance for Credit Losses. 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. Following is a summary of activity in the allowance for credit losses (in thousands): 2022 2021 2020 Balance, beginning $ 3,254 $ 3,745 $ 4,828 Additions (reversals) charged to costs and expenses 3,567 (27) 647 Deductions from reserves (1) (633) (676) (2,732) Other additions (deductions) (2) (58) 212 1,002 Balance, ending $ 6,130 $ 3,254 $ 3,745 (1) Represents amounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. (2) Includes effects of foreign currency translation. 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): 2022 2021 Prepaid income taxes $ 18,702 $ 10,485 Prepaid expenses and other 24,922 21,401 Total $ 43,624 $ 31,886 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 test of all long-lived assets in the fourth quarter of 2022. No impairment charges were recorded as a result of that review. In connection with the Company's sale of its U.K.-based valve business in 2020, impairment charges of $35 million were recorded. There were no additional impairment charges in 2021 or 2020. 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 25, 2020 $ 140,997 $ 141,513 $ 65,093 $ 347,603 Additions, adjustments from business acquisitions — — 13,321 13,321 Foreign currency translation (3,842) (209) (618) (4,669) Balance, December 31, 2021 137,155 141,304 77,796 356,255 Additions, adjustments from business acquisitions — 16,994 — 16,994 Foreign currency translation (2,384) (1,932) (762) (5,078) Balance, December 30, 2022 $ 134,771 $ 156,366 $ 77,034 $ 368,171 Components of other intangible assets were (dollars in thousands): Finite Life Indefinite Life Customer Patents and Trademarks, Trade Total As of December 30, 2022 Cost $ 202,103 $ 26,374 $ 1,300 $ 62,633 $ 292,410 Accumulated amortization (123,603) (18,027) (330) — (141,960) Foreign currency translation (10,060) (894) — (1,989) (12,943) Book value $ 68,440 $ 7,453 $ 970 $ 60,644 $ 137,507 Weighted average life in years 13 10 6 N/A As of December 31, 2021 Cost $ 194,505 $ 26,074 $ 900 $ 62,633 $ 284,112 Accumulated amortization (108,657) (15,734) (452) — (124,843) Foreign currency translation (7,710) (707) — (1,112) (9,529) Book value $ 78,138 $ 9,633 $ 448 $ 61,521 $ 149,740 Weighted average life in years 13 10 5 N/A Amortization of intangibles was $18.9 million in 2022, $17.9 million in 2021 and $16.7 million in 2020. Estimated future annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands): 2023 2024 2025 2026 2027 Thereafter Estimated Amortization Expense $ 17,397 $ 16,169 $ 15,704 $ 8,972 $ 6,291 $ 12,330 The Company completed business acquisitions in 2022, 2021 and 2020 that were not material to the consolidated financial statements. Other Assets. Components of other assets were (in thousands): 2022 2021 Cash surrender value of life insurance $ 19,192 $ 23,147 Capitalized software 2,189 2,394 Equity method investment 8,767 7,541 Deposits and other 2,970 3,607 Total $ 33,118 $ 36,689 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 other expense, net. The cash surrender value decreased $4.0 million in 2022, and increased $3.3 million in 2021 and $2.2 million in 2020. 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): 2022 2021 Accrued self-insurance retentions $ 9,338 $ 9,303 Accrued warranty and service liabilities 14,674 14,463 Accrued trade promotions 13,799 15,872 Payable for employee stock purchases 16,497 15,746 Customer advances and deferred revenue 50,747 60,554 Income taxes payable 15,987 5,200 Tax payable, other 9,614 8,295 Operating lease liabilities, current 9,555 9,096 Right of return refund liability 18,449 18,614 Other 32,133 34,016 Total $ 190,793 $ 191,159 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 $9.3 million as of December 30, 2022 and December 31, 2021. 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): 2022 2021 Balance, beginning of year $ 14,463 $ 13,082 Assumed in business acquisition 38 23 Charged to expense 8,946 10,764 Margin on parts sales reversed 3,292 3,475 Reductions for claims settled (12,065) (12,881) Balance, end of year $ 14,674 $ 14,463 Revenue Recognition . 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. 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 $50.7 million as of December 30, 2022 and $60.6 million as of December 31, 2021. Net sales for 2022 included $60.4 million that was in deferred revenue and customer advances as of December 31, 2021. Net sales for 2021 included $40.9 million that was in deferred revenue and customer advances as of December 25, 2020. 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. 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 30, 2022, totaled $48 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): 2022 2021 Foreign Currency Contracts Assets $ 157 $ 239 Liabilities (677) (350) Net Assets (Liabilities) $ (520) $ (111)

Segment Information

Segment Information	12 Months Ended
	Dec. 30, 2022
Segment Reporting, Measurement Disclosures [Abstract]
Segment Information	B. Segment Information The Company has five operating segments which are aggregated into three reportable segments: Contractor, Industrial and Process. Beginning with the first quarter of 2022, our high performance coatings and foam product offerings previously included within the Applied Fluid Technologies division of the Industrial segment were realigned and are now managed under the Contractor segment. This change aligns the types of products offered and markets served within the segments. Prior year segment information has been restated to conform to the current organizational structure. The Contractor segment markets sprayers and equipment that apply paint to walls and other structures, texture to walls and ceilings, insulation to building walls and other items, highly viscous coatings to roofs, and markings on roads, parking lots, athletic fields and floors. The Industrial segment includes our Industrial and Powder 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 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, semiconductor fabrication, wastewater, mining, fast oil change facilities, service garages, fleet service centers, automobile dealerships and industrial lubrication applications. 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. Segment information follows (in thousands): 2022 2021 2020 Net Sales Contractor $ 999,060 $ 987,606 $ 842,525 Industrial 649,347 602,376 481,485 Process 495,114 397,626 326,105 Total $ 2,143,521 $ 1,987,608 $ 1,650,115 Operating Earnings Contractor $ 249,833 $ 266,204 $ 243,185 Industrial 231,298 199,856 147,939 Process 122,344 91,037 64,498 Unallocated corporate (expense) (30,775) (25,774) (28,675) Impairment — — (35,229) Total $ 572,700 $ 531,323 $ 391,718 Assets Contractor $ 752,729 $ 656,998 Industrial 578,302 544,585 Process 564,539 436,189 Unallocated corporate 543,330 805,426 Total $ 2,438,900 $ 2,443,198 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): 2022 2021 2020 Net Sales (based on customer location) United States $ 1,116,012 $ 1,004,318 $ 883,451 Other countries 1,027,509 983,290 766,664 Total $ 2,143,521 $ 1,987,608 $ 1,650,115 Long-lived Assets United States $ 532,401 $ 388,835 Other countries 75,208 62,226 Total $ 607,609 $ 451,061

Inventories

Inventories	12 Months Ended
	Dec. 30, 2022
Inventory, Net [Abstract]
Inventories	Inventories Major components of inventories were as follows (in thousands): 2022 2021 Finished products and components $ 222,326 $ 166,922 Products and components in various stages of completion 138,957 117,063 Raw materials and purchased components 248,636 185,291 Subtotal 609,919 469,276 Reduction to LIFO cost (133,129) (86,975) Total $ 476,790 $ 382,301

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 30, 2022
Property, Plant and Equipment [Abstract]
Property Plant and Equipment	Property, Plant and Equipment Property, plant and equipment were as follows (in thousands): 2022 2021 Land and improvements $ 65,066 $ 42,195 Buildings and improvements 376,115 280,947 Manufacturing equipment 439,109 384,617 Office, warehouse and automotive equipment 59,988 61,994 Additions in progress 126,198 105,520 Total property, plant and equipment 1,066,476 875,273 Accumulated depreciation (458,867) (424,212) Net property, plant and equipment $ 607,609 $ 451,061 Depreciation expense was $46.0 million in 2022, $40.0 million in 2021 and $38.0 million in 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Earnings before income tax expense consist of (in thousands): 2022 2021 2020 Domestic $ 401,405 $ 370,903 $ 289,708 Foreign 164,319 137,562 84,943 Total $ 565,724 $ 508,465 $ 374,651 Income tax expense consists of (in thousands): 2022 2021 2020 Current Federal $ 70,976 $ 77,703 $ 11,509 State and local 5,948 7,493 3,217 Foreign 38,152 29,975 18,722 Current income tax expense 115,076 115,171 33,448 Deferred Domestic (8,733) (42,413) 12,856 Foreign (1,264) (4,159) (2,109) Deferred income tax expense (benefit) (9,997) (46,572) 10,747 Total $ 105,079 $ 68,599 $ 44,195 Income taxes paid were $112.3 million in 2022, $111.8 million in 2021 and $44.0 million in 2020. A reconciliation between the U.S. federal statutory tax rate and the effective tax rate follows: 2022 2021 2020 Statutory tax rate 21 % 21 % 21 % Tax effect of international operations 1 (1) (2) State taxes, net of federal effect 1 1 1 U.S. general business tax credits (1) (1) (1) Loss on sale of business — — 2 Stock compensation excess tax benefit (1) (2) (6) Foreign Derived Intangible Income (FDII) (2) (5) (3) Effective tax rate 19 % 13 % 12 % 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): 2022 2021 Inventory valuations $ 678 $ 1,181 Accrued self-insurance retentions 1,626 1,534 Accrued warranty and service liabilities 2,279 2,285 Vacation accruals 3,409 3,261 Customer allowances 4,143 4,028 Excess of tax over book depreciation and amortization (42,322) (39,785) Pension benefit obligation 6,375 16,022 Postretirement medical benefit obligation 5,072 5,028 Stock compensation 12,390 11,442 Deferred compensation 2,283 2,595 Deferred revenue 2,160 2,427 Research and Development 11,370 — Prepayments from foreign subsidiaries 36,070 32,969 Other 2,114 2,138 Net deferred tax assets $ 47,647 $ 45,125 Total deferred tax assets were $57.1 million and $55.8 million, and total deferred tax liabilities were $9.4 million and $10.7 million on December 30, 2022 and December 31, 2021, respectively. The difference between the deferred income tax provision and the change in net deferred income taxes is due to the changes in other comprehensive income (loss) items and acquisition purchase accounting. 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 2016. 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 30, 2022, 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. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt A summary of debt follows (dollars in thousands): Average Interest Rate December 30, 2022 Maturity 2022 2021 Private placement unsecured fixed-rate notes Series B 5.01% January 2022 — 75,000 Series D 5.35% July 2026 75,000 75,000 Unsecured revolving credit facility N/A March 2026 — — Unsecured revolving credit facility - offshore renminbi denominated 3.34% N/A 14,327 39,222 Notes payable to banks 2.80% 2023 6,647 4,267 Total debt $ 95,974 $ 193,489 The estimated fair value of the fixed interest rate private placement debt was $75 million on December 30, 2022 and $165 million on December 31, 2021. 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 March 25, 2021, the Company entered into an amended and restated credit agreement that amends, supersedes and restates in its entirety the Company's prior credit agreement with U.S. Bank National Association, as administrative agent (the “Agent”) and a lender, and the other lenders that are parties thereto. The amended and restated credit agreement extends the maturity of the Company’s $500 million unsecured revolving credit facility from December 15, 2021 to March 25, 2026; includes a $250 million accordion feature; and provides mechanisms for two further one-year extensions of the maturity, subject to the consent of the extending banks. Borrowings under the amended and restated credit agreement may be denominated in U.S. dollars or certain other currencies. Outstanding loans in currencies other than U.S. dollars cannot exceed $200 million in the aggregate. The amended and restated credit agreement contains customary provisions for the replacement of the LIBOR-based rate as that rate is expected to be phased out by July 1, 2023. Currently, loans denominated in U.S. dollars may 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 will bear interest at a LIBOR-based rate. The base rate is an annual rate equal to a margin ranging from 0.00% to 0.75%, depending on the Company’s cash flow leverage ratio, plus the highest of (i) the rate of interest from time to time announced by the Agent as its prime rate, (ii) the federal funds effective rate plus 0.50%, or (iii) one-month LIBOR plus 1.50%. In general, LIBOR-based loans bear interest at a rate per annum equal to LIBOR, plus a margin ranging from 1.00% to 1.75%, 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 facility fee on the unused amount of the loan commitments at a rate per annum ranging from 0.125% to 0.25%, depending on the Company’s cash flow leverage ratio. The amended and restated credit agreement contains customary representations, warranties, covenants and events of default, including but not limited to covenants restricting the Company’s and its subsidiaries’ ability to (i) merge or consolidate with another entity, (ii) sell, transfer, lease or convey their assets, (iii) make any material change in the nature of the core business of the Company, (iv) make certain investments, or (v) incur secured indebtedness. The amended and restated credit agreement also requires the Company to maintain a cash flow leverage ratio of not more than 3.50 to 1.00 (unless a significant acquisition has been consummated, in which case, not more than 4.00 to 1.00 during the four fiscal quarter period beginning with the quarter in which such acquisition occurs) and an interest coverage ratio of not less than 3.00 to 1.00 (unless a significant acquisition has been consummated, in which case, not less than 2.50 to 1.00 during the four fiscal quarter period beginning with the quarter in which such acquisition occurs). A change in control of the Company will constitute an event of default under the amended and restated credit agreement. The Company maintains a revolving credit agreement with a sole lender that 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 amended and restated credit agreement that expires in March 2026. On December 16, 2022, the Company entered into an amendment to its master note agreement that extends the period in which the Company may issue, and affiliates of the lender may purchase, the Company’s senior notes from January 29, 2023 to December 16, 2027. The amendment also increases the maximum aggregate principal amount of senior notes the Company may issue under the master note agreement from $200 million to $250 million, although the maximum aggregate amount of senior notes bearing interest at a floating rate that may be outstanding at any one time will continue to be $100 million. The amendment also extends the maturity and average life of each senior note bearing interest at a fixed rate that may be issued under the master note agreement from no more than 12 years after the date of issuance to no more than 15 years after the date of issuance, and includes customary provisions for the replacement of LIBOR with SOFR and customary benchmark replacement provisions with respect to senior notes bearing interest at a floating rate. All other material items of the master note agreement remain unchanged. Under the terms of the master 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. On December 30, 2022, the Company had $591 million in lines of credit, including the $550 million in committed credit facilities described above and $41 million with foreign banks. The unused portion of committed credit lines was $545 million as of December 30, 2022. In addition, the Company has unused, uncommitted lines of credit with foreign banks totaling $17 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 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 30, 2022. Annual maturities of debt are as follows (in thousands): 2023 2024 2025 2026 2027 Thereafter Maturities of debt $ 20,974 $ — $ — $ 75,000 $ — $ — Interest paid on debt was $10.0 million in 2022, $9.8 million in 2021 and $11.3 million in 2020. In January 2022, we repaid $75 million of our Series B private placement note in addition to a $3.5 million prepayment fee, which was recognized as interest expense.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ EquityAt December 30, 2022, 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 Cumulative Total Balance, December 27, 2019 $ (113,721) $ (56,066) $ (169,787) Other comprehensive income (loss) before reclassifications (7,852) 46,030 38,178 Amounts reclassified from accumulated other comprehensive income 7,444 — 7,444 Balance, December 25, 2020 (114,129) (10,036) (124,165) Other comprehensive income (loss) before reclassifications 34,953 (10,026) 24,927 Amounts reclassified from accumulated other comprehensive income 19,069 — 19,069 Balance, December 31, 2021 (60,107) (20,062) (80,169) Other comprehensive income (loss) before reclassifications 16,083 (9,582) 6,501 Amounts reclassified from accumulated other comprehensive income 4,290 — 4,290 Balance, December 30, 2022 $ (39,734) $ (29,644) $ (69,378) In connection with the Company's sale of its U.K.-based valve business in 2020, $24 million of unrealized foreign currency translation losses recorded in accumulated other comprehensive income were reclassified to net earnings. Amounts related to pension and postretirement medical adjustments are classified to non-service components of pension cost that are included within other non-operating expenses. Included in the 2021 reclassification is $12 million related to a pension settlement loss. See Note J

Share-Based Awards, Purchase Pl

Share-Based Awards, Purchase Plans and Compensation Cost	12 Months Ended
	Dec. 30, 2022
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 3 years or 4 years, and in such installments as set by the Company, and expire 10 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 a benefit of $0.2 million in 2022, and expense of $3.1 million in 2021 and $2.4 million in 2020. 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 12,055 shares in 2022, 12,070 shares in 2021 and 15,243 shares in 2020. 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 Weighted Average Options Weighted Average Outstanding, December 27, 2019 12,112 $ 28.91 8,231 $ 23.75 Granted 1,400 55.26 Exercised (3,238) 20.81 Canceled (66) 41.24 Outstanding, December 25, 2020 10,208 35.02 6,553 28.02 Granted 843 72.22 Exercised (1,309) 24.91 Canceled (167) 55.59 Outstanding, December 31, 2021 9,575 39.31 7,296 33.75 Granted 1,381 71.03 Exercised (645) 25.58 Canceled (46) 49.42 Outstanding, December 30, 2022 10,265 $ 44.40 7,793 $ 37.22 The following table summarizes information for options outstanding and exercisable at December 30, 2022 (in thousands, except exercise prices and contractual term amounts): Options Outstanding Options Exercisable Range of Options Weighted Average Weighted Average Options Weighted Average $10 - $30 2,971 2.4 $ 24.76 2,971 $ 24.76 $30 - $45 2,317 4.7 36.88 2,255 36.67 $45 - $60 2,813 6.6 50.50 2,325 50.02 $60 - $75 2,164 9.0 71.47 242 72.15 $10 - $75 10,265 5.5 $ 44.40 7,793 $ 37.22 The aggregate intrinsic value of exercisable option shares was $235.3 million as of December 30, 2022, with a weighted average contractual term of 4.5 years. There were approximately 10.3 million vested share options and share options expected to vest as of December 30, 2022, with an aggregate intrinsic value of $243.8 million, a weighted average exercise price of $44.40 and a weighted average contractual term of 5.5 years. Information related to options exercised follows (in thousands): 2022 2021 2020 Cash received $ 15,739 $ 32,610 $ 66,625 Aggregate intrinsic value 28,193 65,319 120,395 Tax benefit realized 6,020 13,329 25,000 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 316,250 shares in 2022, 415,995 shares in 2021 and 399,567 shares in 2020. 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 Available for Future Issuance as of December 30, 2022 Stock Incentive Plan (2019) 10,000 5,790 Employee Stock Purchase Plan (2006) 21,000 11,763 Total 31,000 17,553 Amounts available for future issuance exclude outstanding options. Options outstanding as of December 30, 2022, include options granted under two 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): 2022 2021 2020 Share-based compensation $ 24,695 $ 24,931 $ 25,153 Tax benefit 2,319 1,705 1,700 Share-based compensation, net of tax $ 22,376 $ 23,226 $ 23,453 As of December 30, 2022, there was $17.4 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of approximately 2.7 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: 2022 2021 2020 Expected life in years 6.4 7.5 7.5 Interest rate 2.7 % 0.9 % 1.4 % Volatility 26.2 % 25.2 % 22.0 % Dividend yield 1.2 % 1.0 % 1.3 % Weighted average fair value per share $ 19.10 $ 17.87 $ 12.18 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: 2022 2021 2020 Expected life in years 1.0 1.0 1.0 Interest rate 0.9 % 0.1 % 1.5 % Volatility 20.5 % 40.1 % 21.9 % Dividend yield 1.2 % 1.1 % 1.4 % Weighted average fair value per share $ 16.01 $ 21.50 $ 11.55

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 30, 2022
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): 2022 2021 2020 Net earnings available to common shareholders $ 460,645 $ 439,866 $ 330,456 Weighted average shares outstanding for basic earnings per share 168,952 169,635 167,462 Dilutive effect of stock options computed based on the treasury stock method using the average market price 3,941 4,891 4,546 Weighted average shares outstanding for diluted earnings per share 172,893 174,526 172,008 Basic earnings per share $ 2.73 $ 2.59 $ 1.97 Diluted earnings per share $ 2.66 $ 2.52 $ 1.92 Anti-dilutive stock options excluded from computations of diluted earnings per share totaled 2.2 million shares in 2022, 0.4 million shares in 2021 and 0.3 million 2020.

Retirement Benefits

Retirement Benefits	12 Months Ended
	Dec. 30, 2022
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 2 percent of the employee’s compensation. Employer contributions totaled $11.0 million in 2022, $10.0 million in 2021 and $8.7 million in 2020. 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 one of its U.S. qualified defined benefit plans in 2021. Under the restructuring, the plan transferred $63 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 2021 other expense, net. This charge represents the acceleration of deferred charges previously accrued in accumulated other comprehensive income. Subsequent to the transfer of pension obligations, the smaller of the two pension plans was merged into the larger plan in December of 2021, with the larger plan being the surviving funded pension plan. 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. Plans are funded annually in amounts consistent with minimum funding levels and maximum tax deduction limits, although the Company may make additional voluntary contributions from time to time to improve the funded status of its plans. Investment policies and strategies of the U.S. funded pension plan are based on participant demographics. As the plan covers 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 plan assets are 53 percent equity securities, 42 percent fixed income securities and 5 percent real estate and alternative investments. Plan assets are held in a trust 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 days or 60 days advance notice, while most of the funds allow redemptions daily. The plan had unfunded commitments to make additional investments in certain funds totaling $2.3 million as of December 30, 2022 and $2.4 million as of December 31, 2021. 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 2022 2021 Cash and cash equivalents 1 $ 351 $ 303 Insurance contract 3 32,163 30,926 Investments categorized in fair value hierarchy 32,514 31,229 Equity U.S. Large Cap N/A 74,838 110,569 U.S. Small/Mid Cap N/A 5,191 11,338 International N/A 37,862 56,128 Total equity 117,891 178,035 Fixed income N/A 93,262 130,774 Real estate and other N/A 37,508 7,862 Investments measured at net asset value 248,661 316,671 Total $ 281,175 $ 347,900 The following table is a reconciliation of pension assets measured at fair value using level 3 inputs (in thousands): 2022 2021 Balance, beginning of year $ 30,926 $ 31,877 Purchases 2,431 2,430 Redemptions (669) (2,556) Unrealized losses (525) (825) Balance, end of year $ 32,163 $ 30,926 The following provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the periods ending December 30, 2022, and December 31, 2021, and a statement of the funded status as of the same dates (in thousands): Pension Benefits Postretirement Medical Benefits 2022 2021 2022 2021 Change in benefit obligation Obligation, beginning of year $ 418,051 $ 510,652 $ 32,122 $ 34,458 Service cost 8,242 9,355 516 670 Interest cost 10,996 11,409 839 832 Actuarial (gain) loss (110,467) (31,093) (9,044) (2,391) Benefit payments (9,122) (13,360) (1,503) (1,447) Plan amendments (267) (1,458) — — Settlements — (64,886) — — Exchange rate changes (1,626) (2,568) — — Obligation, end of year $ 315,807 $ 418,051 $ 22,930 $ 32,122 Change in plan assets Fair value, beginning of year $ 347,900 $ 373,565 $ — $ — Actual return on assets (80,078) 30,984 — — Employer contributions 22,756 22,493 1,503 1,447 Benefit payments (9,122) (13,360) (1,503) (1,447) Settlements — (64,886) — — Exchange rate changes (281) (896) — — Fair value, end of year $ 281,175 $ 347,900 $ — $ — Unfunded status $ (34,632) $ (70,151) $ (22,930) $ (32,122) Amounts recognized in consolidated balance sheets Non-current assets $ 5,398 $ — $ — $ — Current liabilities 1,860 1,769 1,763 1,768 Non-current liabilities 38,170 68,382 21,167 30,354 Net $ 34,632 $ 70,151 $ 22,930 $ 32,122 Changes in discount rates used to value pension obligations were the main drivers of actuarial gains in 2022 and 2021. In 2022 and 2021, the Company made a $20 million voluntary contribution each year 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 $297 million for 2022 and $388 million for 2021. Information for plans with an accumulated benefit obligation in excess of plan assets follows (in thousands): 2022 2021 Projected benefit obligation $ 72,190 $ 91,678 Accumulated benefit obligation 69,395 88,927 Fair value of plan assets 32,164 30,926 The components of net periodic benefit cost for the plans for 2022, 2021 and 2020 were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2022 2021 2020 2022 2021 2020 Service cost-benefits earned during the period $ 8,242 $ 9,355 $ 9,361 $ 516 $ 670 $ 609 Interest cost on projected benefit obligation 10,996 11,409 13,313 839 832 1,016 Expected return on assets (19,754) (20,767) (18,814) — — — Amortization of prior service cost 84 246 294 — — — Amortization of net loss 4,701 9,248 10,243 345 1,002 733 Settlement loss — 12,285 — — — — Cost of pension plans which are not significant and have not adopted ASC 715 284 368 168 N/A N/A N/A Net periodic benefit cost $ 4,553 $ 22,144 $ 14,565 $ 1,700 $ 2,504 $ 2,358 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 $1 million in 2022, $12 million in 2021 and $5 million in 2020. Amounts recognized in other comprehensive income (loss) in 2022 and 2021 were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2022 2021 2022 2021 Net gain (loss) arising during the period $ 11,189 $ 42,039 $ 9,044 $ 2,391 Amortization of net (gain) loss 4,701 9,248 345 1,002 Prior service credit (cost) arising during the period 267 1,458 — — Settlement (gain) loss — 12,285 — — Amortization of prior service (credit) cost 84 246 — — Total $ 16,241 $ 65,276 $ 9,389 $ 3,393 Amounts included in accumulated other comprehensive income (loss) as of December 30, 2022 and December 31, 2021, that had not yet been recognized as components of net periodic benefit cost, were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2022 2021 2022 2021 Prior service cost $ 1,668 $ 1,293 $ — $ — Net gain (loss) (55,084) (70,995) 1,891 (7,498) Net gain (loss) before income taxes (53,416) (69,702) 1,891 (7,498) Income taxes 12,207 15,443 (416) 1,650 Net $ (41,209) $ (54,259) $ 1,475 $ (5,848) Assumptions used to determine the Company’s benefit obligations are shown below: Pension Benefits Postretirement Medical Benefits Weighted average assumptions 2022 2021 2022 2021 U.S. Plans Discount rate 5.6 % 3.0 % 5.6 % 2.9 % Rate of compensation increase 2.7 % 2.7 % N/A N/A Non-U.S. Plans Discount rate 2.4 % 0.4 % N/A N/A Rate of compensation increase 1.8 % 1.3 % 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 2022 2021 2020 2022 2021 2020 U.S. Plans Discount rate 3.0 % 2.6 % 3.5 % 2.9 % 2.6 % 3.4 % Rate of compensation increase 2.7 % 2.7 % 2.8 % N/A N/A N/A Expected return on assets 6.3 % 6.3 % 6.8 % N/A N/A N/A Non-U.S. Plans Discount rate 0.4 % 0.4 % 0.4 % N/A N/A N/A Rate of compensation increase 1.3 % 1.3 % 1.3 % N/A N/A N/A Expected return on assets 1.0 % 1.0 % 1.5 % 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 8.5 percent for 2023, decreasing each year to a constant rate of 4.5 percent for 2038 and thereafter, subject to the plan’s annual increase limitation. The Company expects to contribute $1.9 million to its unfunded pension plans and $1.8 million to the postretirement medical plan in 2023. The Company will not be required to make contributions to the funded pension plan under minimum funding requirements for 2023. Estimated future benefit payments are as follows (in thousands): Pension Postretirement 2023 $ 15,583 $ 1,763 2024 17,035 1,748 2025 16,406 1,735 2026 18,585 1,715 2027 20,116 1,699 Years 2028-2032 107,755 8,136

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Lease Liabilities and Assets 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. Supplemental information related to the Company's lease activities is as follows (in thousands): 2022 2021 Operating lease expense $ 12,307 $ 11,641 Operating lease payments 11,886 11,564 Non-cash additions to operating lease assets 8,859 1,631 Additional information related to operating leases is as follows: 2022 2021 Weighted average remaining lease term (years) 3.0 5.0 Weighted average discount rate 3.00 % 2.24 % Variable lease costs and short term lease costs were not significant for the twelve months ended December 30, 2022 and December 31, 2021. As of December 30, 2022, future maturities of operating lease liabilities were as follows (in thousands): 2023 $ 9,555 2024 7,931 2025 5,462 2026 4,118 2027 2,514 Thereafter 2,928 Total lease payments $ 32,508 Present value adjustment (1,896) Operating lease liabilities $ 30,612 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 $230 million at December 30, 2022. 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 $59 million. The Company enters into contracts with vendors to receive services. Commitments under these service contracts with non-cancelable terms of more than one year totaled $4 million in 2023, $3 million in 2024, $3 million in 2025 and $2 million thereafter. In addition, the Company could be obligated to perform under standby letters of credit totaling $6 million at December 30, 2022. The Company has also guaranteed the debt of its subsidiaries for up to $8 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.
Lessee, Operating Leases	Operating Lease Liabilities and Assets 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 30, 2022
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 year ended December 31, 2021 was a 53-week year whereas the years ended December 30, 2022 and December 25, 2020 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 30, 2022, all subsidiaries are 100 percent controlled by the Company.
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 U.S. GAAP 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.
Loans and Leases Receivable, Allowance for Loan Losses 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.
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 2022, 2021 and 2020 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 other expense, net.
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 $9.3 million as of December 30, 2022 and December 31, 2021.
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]	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. 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 $50.7 million as of December 30, 2022 and $60.6 million as of December 31, 2021. Net sales for 2022 included $60.4 million that was in deferred revenue and customer advances as of December 31, 2021. Net sales for 2021 included $40.9 million that was in deferred revenue and customer advances as of December 25, 2020. 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.
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 30, 2022, totaled $48 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.

Segment Information Segment Acc

Segment Information Segment Accounting Policies (Policies)	12 Months Ended
	Dec. 30, 2022
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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 30, 2022
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 2022 2021 Assets Cash surrender value of life insurance 2 $ 19,192 $ 23,147 Liabilities Contingent consideration 3 $ 14,914 $ 12,274 Deferred compensation 2 5,842 5,962 Forward exchange contracts 2 520 111 Total liabilities at fair value $ 21,276 $ 18,347
Accounts Receivable, Allowance for Credit Loss	Following is a summary of activity in the allowance for credit losses (in thousands): 2022 2021 2020 Balance, beginning $ 3,254 $ 3,745 $ 4,828 Additions (reversals) charged to costs and expenses 3,567 (27) 647 Deductions from reserves (1) (633) (676) (2,732) Other additions (deductions) (2) (58) 212 1,002 Balance, ending $ 6,130 $ 3,254 $ 3,745 (1) Represents amounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. (2) Includes effects of foreign currency translation.
Other Current Assets	Amounts included in other current assets were (in thousands): 2022 2021 Prepaid income taxes $ 18,702 $ 10,485 Prepaid expenses and other 24,922 21,401 Total $ 43,624 $ 31,886
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	Changes in the carrying amounts of goodwill for each reportable segment were (in thousands): Industrial Process Contractor Total Balance, December 25, 2020 $ 140,997 $ 141,513 $ 65,093 $ 347,603 Additions, adjustments from business acquisitions — — 13,321 13,321 Foreign currency translation (3,842) (209) (618) (4,669) Balance, December 31, 2021 137,155 141,304 77,796 356,255 Additions, adjustments from business acquisitions — 16,994 — 16,994 Foreign currency translation (2,384) (1,932) (762) (5,078) Balance, December 30, 2022 $ 134,771 $ 156,366 $ 77,034 $ 368,171
Intangible Assets	Components of other intangible assets were (dollars in thousands): Finite Life Indefinite Life Customer Patents and Trademarks, Trade Total As of December 30, 2022 Cost $ 202,103 $ 26,374 $ 1,300 $ 62,633 $ 292,410 Accumulated amortization (123,603) (18,027) (330) — (141,960) Foreign currency translation (10,060) (894) — (1,989) (12,943) Book value $ 68,440 $ 7,453 $ 970 $ 60,644 $ 137,507 Weighted average life in years 13 10 6 N/A As of December 31, 2021 Cost $ 194,505 $ 26,074 $ 900 $ 62,633 $ 284,112 Accumulated amortization (108,657) (15,734) (452) — (124,843) Foreign currency translation (7,710) (707) — (1,112) (9,529) Book value $ 78,138 $ 9,633 $ 448 $ 61,521 $ 149,740 Weighted average life in years 13 10 5 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): 2023 2024 2025 2026 2027 Thereafter Estimated Amortization Expense $ 17,397 $ 16,169 $ 15,704 $ 8,972 $ 6,291 $ 12,330
Components of Other Assets	Components of other assets were (in thousands): 2022 2021 Cash surrender value of life insurance $ 19,192 $ 23,147 Capitalized software 2,189 2,394 Equity method investment 8,767 7,541 Deposits and other 2,970 3,607 Total $ 33,118 $ 36,689
Components of Other Current Liabilities	Components of other current liabilities were (in thousands): 2022 2021 Accrued self-insurance retentions $ 9,338 $ 9,303 Accrued warranty and service liabilities 14,674 14,463 Accrued trade promotions 13,799 15,872 Payable for employee stock purchases 16,497 15,746 Customer advances and deferred revenue 50,747 60,554 Income taxes payable 15,987 5,200 Tax payable, other 9,614 8,295 Operating lease liabilities, current 9,555 9,096 Right of return refund liability 18,449 18,614 Other 32,133 34,016 Total $ 190,793 $ 191,159
Accrued Warranty Liability Activity	Following is a summary of activity in accrued warranty and service liabilities (in thousands): 2022 2021 Balance, beginning of year $ 14,463 $ 13,082 Assumed in business acquisition 38 23 Charged to expense 8,946 10,764 Margin on parts sales reversed 3,292 3,475 Reductions for claims settled (12,065) (12,881) Balance, end of year $ 14,674 $ 14,463
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): 2022 2021 Foreign Currency Contracts Assets $ 157 $ 239 Liabilities (677) (350) Net Assets (Liabilities) $ (520) $ (111)

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 30, 2022
Segment Reporting, Measurement Disclosures [Abstract]
Segment Reporting Information - Operations and Assets	Segment information follows (in thousands): 2022 2021 2020 Net Sales Contractor $ 999,060 $ 987,606 $ 842,525 Industrial 649,347 602,376 481,485 Process 495,114 397,626 326,105 Total $ 2,143,521 $ 1,987,608 $ 1,650,115 Operating Earnings Contractor $ 249,833 $ 266,204 $ 243,185 Industrial 231,298 199,856 147,939 Process 122,344 91,037 64,498 Unallocated corporate (expense) (30,775) (25,774) (28,675) Impairment — — (35,229) Total $ 572,700 $ 531,323 $ 391,718 Assets Contractor $ 752,729 $ 656,998 Industrial 578,302 544,585 Process 564,539 436,189 Unallocated corporate 543,330 805,426 Total $ 2,438,900 $ 2,443,198
Segment Reporting Information - Geographic	Geographic information follows (in thousands): 2022 2021 2020 Net Sales (based on customer location) United States $ 1,116,012 $ 1,004,318 $ 883,451 Other countries 1,027,509 983,290 766,664 Total $ 2,143,521 $ 1,987,608 $ 1,650,115 Long-lived Assets United States $ 532,401 $ 388,835 Other countries 75,208 62,226 Total $ 607,609 $ 451,061

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 30, 2022
Inventory, Net [Abstract]
Components of Inventories	Major components of inventories were as follows (in thousands): 2022 2021 Finished products and components $ 222,326 $ 166,922 Products and components in various stages of completion 138,957 117,063 Raw materials and purchased components 248,636 185,291 Subtotal 609,919 469,276 Reduction to LIFO cost (133,129) (86,975) Total $ 476,790 $ 382,301

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment were as follows (in thousands): 2022 2021 Land and improvements $ 65,066 $ 42,195 Buildings and improvements 376,115 280,947 Manufacturing equipment 439,109 384,617 Office, warehouse and automotive equipment 59,988 61,994 Additions in progress 126,198 105,520 Total property, plant and equipment 1,066,476 875,273 Accumulated depreciation (458,867) (424,212) Net property, plant and equipment $ 607,609 $ 451,061

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 30, 2022
Income Tax Disclosure [Abstract]
Earnings Before Income Tax Expense	Earnings before income tax expense consist of (in thousands): 2022 2021 2020 Domestic $ 401,405 $ 370,903 $ 289,708 Foreign 164,319 137,562 84,943 Total $ 565,724 $ 508,465 $ 374,651
Components of Income Tax Expense	Income tax expense consists of (in thousands): 2022 2021 2020 Current Federal $ 70,976 $ 77,703 $ 11,509 State and local 5,948 7,493 3,217 Foreign 38,152 29,975 18,722 Current income tax expense 115,076 115,171 33,448 Deferred Domestic (8,733) (42,413) 12,856 Foreign (1,264) (4,159) (2,109) Deferred income tax expense (benefit) (9,997) (46,572) 10,747 Total $ 105,079 $ 68,599 $ 44,195
Federal Tax Rate Reconciliation	A reconciliation between the U.S. federal statutory tax rate and the effective tax rate follows: 2022 2021 2020 Statutory tax rate 21 % 21 % 21 % Tax effect of international operations 1 (1) (2) State taxes, net of federal effect 1 1 1 U.S. general business tax credits (1) (1) (1) Loss on sale of business — — 2 Stock compensation excess tax benefit (1) (2) (6) Foreign Derived Intangible Income (FDII) (2) (5) (3) Effective tax rate 19 % 13 % 12 %
Deferred Income Taxes	The deferred tax assets (liabilities) resulting from these differences were as follows (in thousands): 2022 2021 Inventory valuations $ 678 $ 1,181 Accrued self-insurance retentions 1,626 1,534 Accrued warranty and service liabilities 2,279 2,285 Vacation accruals 3,409 3,261 Customer allowances 4,143 4,028 Excess of tax over book depreciation and amortization (42,322) (39,785) Pension benefit obligation 6,375 16,022 Postretirement medical benefit obligation 5,072 5,028 Stock compensation 12,390 11,442 Deferred compensation 2,283 2,595 Deferred revenue 2,160 2,427 Research and Development 11,370 — Prepayments from foreign subsidiaries 36,070 32,969 Other 2,114 2,138 Net deferred tax assets $ 47,647 $ 45,125

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	A summary of debt follows (dollars in thousands): Average Interest Rate December 30, 2022 Maturity 2022 2021 Private placement unsecured fixed-rate notes Series B 5.01% January 2022 — 75,000 Series D 5.35% July 2026 75,000 75,000 Unsecured revolving credit facility N/A March 2026 — — Unsecured revolving credit facility - offshore renminbi denominated 3.34% N/A 14,327 39,222 Notes payable to banks 2.80% 2023 6,647 4,267 Total debt $ 95,974 $ 193,489
Annual Maturities of Debt	Annual maturities of debt are as follows (in thousands): 2023 2024 2025 2026 2027 Thereafter Maturities of debt $ 20,974 $ — $ — $ 75,000 $ — $ —

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 30, 2022
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 Cumulative Total Balance, December 27, 2019 $ (113,721) $ (56,066) $ (169,787) Other comprehensive income (loss) before reclassifications (7,852) 46,030 38,178 Amounts reclassified from accumulated other comprehensive income 7,444 — 7,444 Balance, December 25, 2020 (114,129) (10,036) (124,165) Other comprehensive income (loss) before reclassifications 34,953 (10,026) 24,927 Amounts reclassified from accumulated other comprehensive income 19,069 — 19,069 Balance, December 31, 2021 (60,107) (20,062) (80,169) Other comprehensive income (loss) before reclassifications 16,083 (9,582) 6,501 Amounts reclassified from accumulated other comprehensive income 4,290 — 4,290 Balance, December 30, 2022 $ (39,734) $ (29,644) $ (69,378)

Share-Based Awards, Purchase _2

Share-Based Awards, Purchase Plans and Compensation Cost (Tables)	12 Months Ended
	Dec. 30, 2022
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 Weighted Average Options Weighted Average Outstanding, December 27, 2019 12,112 $ 28.91 8,231 $ 23.75 Granted 1,400 55.26 Exercised (3,238) 20.81 Canceled (66) 41.24 Outstanding, December 25, 2020 10,208 35.02 6,553 28.02 Granted 843 72.22 Exercised (1,309) 24.91 Canceled (167) 55.59 Outstanding, December 31, 2021 9,575 39.31 7,296 33.75 Granted 1,381 71.03 Exercised (645) 25.58 Canceled (46) 49.42 Outstanding, December 30, 2022 10,265 $ 44.40 7,793 $ 37.22
Options Outstanding and Exercisable	The following table summarizes information for options outstanding and exercisable at December 30, 2022 (in thousands, except exercise prices and contractual term amounts): Options Outstanding Options Exercisable Range of Options Weighted Average Weighted Average Options Weighted Average $10 - $30 2,971 2.4 $ 24.76 2,971 $ 24.76 $30 - $45 2,317 4.7 36.88 2,255 36.67 $45 - $60 2,813 6.6 50.50 2,325 50.02 $60 - $75 2,164 9.0 71.47 242 72.15 $10 - $75 10,265 5.5 $ 44.40 7,793 $ 37.22
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block]	Information related to options exercised follows (in thousands): 2022 2021 2020 Cash received $ 15,739 $ 32,610 $ 66,625 Aggregate intrinsic value 28,193 65,319 120,395 Tax benefit realized 6,020 13,329 25,000
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 Available for Future Issuance as of December 30, 2022 Stock Incentive Plan (2019) 10,000 5,790 Employee Stock Purchase Plan (2006) 21,000 11,763 Total 31,000 17,553
Share-based compensation cost	The Company recognized share-based compensation cost as follows (in thousands): 2022 2021 2020 Share-based compensation $ 24,695 $ 24,931 $ 25,153 Tax benefit 2,319 1,705 1,700 Share-based compensation, net of tax $ 22,376 $ 23,226 $ 23,453
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: 2022 2021 2020 Expected life in years 6.4 7.5 7.5 Interest rate 2.7 % 0.9 % 1.4 % Volatility 26.2 % 25.2 % 22.0 % Dividend yield 1.2 % 1.0 % 1.3 % Weighted average fair value per share $ 19.10 $ 17.87 $ 12.18
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: 2022 2021 2020 Expected life in years 1.0 1.0 1.0 Interest rate 0.9 % 0.1 % 1.5 % Volatility 20.5 % 40.1 % 21.9 % Dividend yield 1.2 % 1.1 % 1.4 % Weighted average fair value per share $ 16.01 $ 21.50 $ 11.55

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 30, 2022
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): 2022 2021 2020 Net earnings available to common shareholders $ 460,645 $ 439,866 $ 330,456 Weighted average shares outstanding for basic earnings per share 168,952 169,635 167,462 Dilutive effect of stock options computed based on the treasury stock method using the average market price 3,941 4,891 4,546 Weighted average shares outstanding for diluted earnings per share 172,893 174,526 172,008 Basic earnings per share $ 2.73 $ 2.59 $ 1.97 Diluted earnings per share $ 2.66 $ 2.52 $ 1.92

Retirement Benefits (Tables)

Retirement Benefits (Tables)	12 Months Ended
	Dec. 30, 2022
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 2022 2021 Cash and cash equivalents 1 $ 351 $ 303 Insurance contract 3 32,163 30,926 Investments categorized in fair value hierarchy 32,514 31,229 Equity U.S. Large Cap N/A 74,838 110,569 U.S. Small/Mid Cap N/A 5,191 11,338 International N/A 37,862 56,128 Total equity 117,891 178,035 Fixed income N/A 93,262 130,774 Real estate and other N/A 37,508 7,862 Investments measured at net asset value 248,661 316,671 Total $ 281,175 $ 347,900
Level 3 plan assets activity	The following table is a reconciliation of pension assets measured at fair value using level 3 inputs (in thousands): 2022 2021 Balance, beginning of year $ 30,926 $ 31,877 Purchases 2,431 2,430 Redemptions (669) (2,556) Unrealized losses (525) (825) Balance, end of year $ 32,163 $ 30,926
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 30, 2022, and December 31, 2021, and a statement of the funded status as of the same dates (in thousands): Pension Benefits Postretirement Medical Benefits 2022 2021 2022 2021 Change in benefit obligation Obligation, beginning of year $ 418,051 $ 510,652 $ 32,122 $ 34,458 Service cost 8,242 9,355 516 670 Interest cost 10,996 11,409 839 832 Actuarial (gain) loss (110,467) (31,093) (9,044) (2,391) Benefit payments (9,122) (13,360) (1,503) (1,447) Plan amendments (267) (1,458) — — Settlements — (64,886) — — Exchange rate changes (1,626) (2,568) — — Obligation, end of year $ 315,807 $ 418,051 $ 22,930 $ 32,122 Change in plan assets Fair value, beginning of year $ 347,900 $ 373,565 $ — $ — Actual return on assets (80,078) 30,984 — — Employer contributions 22,756 22,493 1,503 1,447 Benefit payments (9,122) (13,360) (1,503) (1,447) Settlements — (64,886) — — Exchange rate changes (281) (896) — — Fair value, end of year $ 281,175 $ 347,900 $ — $ — Unfunded status $ (34,632) $ (70,151) $ (22,930) $ (32,122)
Amounts recognized in balance sheets	Amounts recognized in consolidated balance sheets Non-current assets $ 5,398 $ — $ — $ — Current liabilities 1,860 1,769 1,763 1,768 Non-current liabilities 38,170 68,382 21,167 30,354 Net $ 34,632 $ 70,151 $ 22,930 $ 32,122
Accumulated benefit obligation in excess of plan assets	Information for plans with an accumulated benefit obligation in excess of plan assets follows (in thousands): 2022 2021 Projected benefit obligation $ 72,190 $ 91,678 Accumulated benefit obligation 69,395 88,927 Fair value of plan assets 32,164 30,926
Components of net periodic benefit cost	The components of net periodic benefit cost for the plans for 2022, 2021 and 2020 were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2022 2021 2020 2022 2021 2020 Service cost-benefits earned during the period $ 8,242 $ 9,355 $ 9,361 $ 516 $ 670 $ 609 Interest cost on projected benefit obligation 10,996 11,409 13,313 839 832 1,016 Expected return on assets (19,754) (20,767) (18,814) — — — Amortization of prior service cost 84 246 294 — — — Amortization of net loss 4,701 9,248 10,243 345 1,002 733 Settlement loss — 12,285 — — — — Cost of pension plans which are not significant and have not adopted ASC 715 284 368 168 N/A N/A N/A Net periodic benefit cost $ 4,553 $ 22,144 $ 14,565 $ 1,700 $ 2,504 $ 2,358
Amounts recognized in other comprehensive (income) loss	Amounts recognized in other comprehensive income (loss) in 2022 and 2021 were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2022 2021 2022 2021 Net gain (loss) arising during the period $ 11,189 $ 42,039 $ 9,044 $ 2,391 Amortization of net (gain) loss 4,701 9,248 345 1,002 Prior service credit (cost) arising during the period 267 1,458 — — Settlement (gain) loss — 12,285 — — Amortization of prior service (credit) cost 84 246 — — Total $ 16,241 $ 65,276 $ 9,389 $ 3,393
Amounts included in accumulated other comprehensive (income) loss	Amounts included in accumulated other comprehensive income (loss) as of December 30, 2022 and December 31, 2021, that had not yet been recognized as components of net periodic benefit cost, were as follows (in thousands): Pension Benefits Postretirement Medical Benefits 2022 2021 2022 2021 Prior service cost $ 1,668 $ 1,293 $ — $ — Net gain (loss) (55,084) (70,995) 1,891 (7,498) Net gain (loss) before income taxes (53,416) (69,702) 1,891 (7,498) Income taxes 12,207 15,443 (416) 1,650 Net $ (41,209) $ (54,259) $ 1,475 $ (5,848)
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 2022 2021 2022 2021 U.S. Plans Discount rate 5.6 % 3.0 % 5.6 % 2.9 % Rate of compensation increase 2.7 % 2.7 % N/A N/A Non-U.S. Plans Discount rate 2.4 % 0.4 % N/A N/A Rate of compensation increase 1.8 % 1.3 % 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 2022 2021 2020 2022 2021 2020 U.S. Plans Discount rate 3.0 % 2.6 % 3.5 % 2.9 % 2.6 % 3.4 % Rate of compensation increase 2.7 % 2.7 % 2.8 % N/A N/A N/A Expected return on assets 6.3 % 6.3 % 6.8 % N/A N/A N/A Non-U.S. Plans Discount rate 0.4 % 0.4 % 0.4 % N/A N/A N/A Rate of compensation increase 1.3 % 1.3 % 1.3 % N/A N/A N/A Expected return on assets 1.0 % 1.0 % 1.5 % N/A N/A N/A
Estimated future benefit payments	Estimated future benefit payments are as follows (in thousands): Pension Postretirement 2023 $ 15,583 $ 1,763 2024 17,035 1,748 2025 16,406 1,735 2026 18,585 1,715 2027 20,116 1,699 Years 2028-2032 107,755 8,136

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Supplemental Lease Information	Supplemental information related to the Company's lease activities is as follows (in thousands): 2022 2021 Operating lease expense $ 12,307 $ 11,641 Operating lease payments 11,886 11,564 Non-cash additions to operating lease assets 8,859 1,631
Additional Information, Operating Lease, Disclosure [Table Text Block]	Additional information related to operating leases is as follows: 2022 2021 Weighted average remaining lease term (years) 3.0 5.0 Weighted average discount rate 3.00 % 2.24 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	As of December 30, 2022, future maturities of operating lease liabilities were as follows (in thousands): 2023 $ 9,555 2024 7,931 2025 5,462 2026 4,118 2027 2,514 Thereafter 2,928 Total lease payments $ 32,508 Present value adjustment (1,896) Operating lease liabilities $ 30,612

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020	Dec. 27, 2019
Other Details
Accounts Receivable, Allowance for Credit Loss	$ 6,130,000	$ 3,254,000	$ 3,745,000	$ 4,828,000
Accounts Receivable, Credit Loss Expense (Reversal)	3,567,000	(27,000)	647,000
Accounts Receivable, Allowance for Credit Loss, Writeoff	(633,000)	(676,000)	(2,732,000)
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	(58,000)	212,000	1,002,000
Write-downs of long-lived assets	0
Other Asset Impairment Charges		35,000,000
Amortization of intangible assets	18,900,000	17,900,000	16,700,000
Cash surrender value of life insurance change	4,000,000	3,300,000	$ 2,200,000
Self insured reserves	9,300,000	9,300,000
Derivative, Notional Amount	$ 48,000,000
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
Trade Accounts Receivable
Other Details
Accounts receivable	$ 334,000,000	315,000,000
Other Receivables
Other Details
Accounts receivable	$ 12,000,000	$ 10,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Liabilities [Abstract]
Total liabilities at fair value	$ 21,276	$ 18,347
Level 2
ASSETS
Cash surrender value of life insurance	19,192	23,147
Liabilities [Abstract]
Deferred Compensation	5,842	5,962
Forward exchange contracts	520	111
Level 3
Liabilities [Abstract]
Contingent consideration	$ 14,914	$ 12,274

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Recent Accounting Pronouncements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Accounting Policies [Abstract]
Beginning Balance	$ 3,254	$ 3,745	$ 4,828
Accounts Receivable, Credit Loss Expense (Reversal)	3,567	(27)	647
Accounts Receivable, Allowance for Credit Loss, Writeoff	(633)	(676)	(2,732)
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	(58)	212	1,002
Ending Balance	$ 6,130	$ 3,254	$ 3,745

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Other Current Assets) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Prepaid income taxes	$ 18,702	$ 10,485
Prepaid expenses and other	24,922	21,401
Other current assets	$ 43,624	$ 31,886

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Goodwill by Reporting Segment) (Details) - USD ($)	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Segment Reporting Information
Write-downs of long-lived assets	$ 0
Goodwill Roll Forward
Beginning balance	356,255,000	$ 347,603,000
Additions, adjustments from business acquisitions	16,994,000	13,321,000
Foreign currency translation	(5,078,000)	(4,669,000)
Ending balance	368,171,000	356,255,000
Industrial
Goodwill Roll Forward
Beginning balance	137,155,000	140,997,000
Additions, adjustments from business acquisitions	0	0
Foreign currency translation	(2,384,000)	(3,842,000)
Ending balance	134,771,000	137,155,000
Process
Goodwill Roll Forward
Beginning balance	141,304,000	141,513,000
Additions, adjustments from business acquisitions	16,994,000	0
Foreign currency translation	(1,932,000)	(209,000)
Ending balance	156,366,000	141,304,000
Contractor
Goodwill Roll Forward
Beginning balance	77,796,000	65,093,000
Additions, adjustments from business acquisitions	0	13,321,000
Foreign currency translation	(762,000)	(618,000)
Ending balance	$ 77,034,000	$ 77,796,000

Summary of Significant Accoun_9

Summary of Significant Accounting Policies (Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 18,900	$ 17,900	$ 16,700
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total Other Intangible Assets, Gross	292,410	284,112
Total Other Intangible Assets, Accumulated Amortization	(141,960)	(124,843)
Total Other Intangible Assets, Foreign Currency Translation	(12,943)	(9,529)
Total Other Intangible Assets, Net	137,507	149,740
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated amortization expense 2023	17,397
Estimated amortization expense 2024	16,169
Estimated amortization expense 2025	15,704
Estimated amortization expense 2026	8,972
Estimated amortization expense 2027	6,291
Estimated amortization expense thereafter	12,330
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Trade Names	62,633	62,633
Indefinite Lived Intangible Assets, Foreign Currency Translation	(1,989)	(1,112)
Indefinite Lived Intangible Assets, Net	60,644	61,521
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets, Gross	202,103	194,505
Finite Lived Intangible Assets, Accumulated Amortization	(123,603)	(108,657)
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(10,060)	(7,710)
Finite Lived Intangible Assets, Net	$ 68,440	$ 78,138
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	$ 26,374	$ 26,074
Finite Lived Intangible Assets, Accumulated Amortization	(18,027)	(15,734)
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(894)	(707)
Finite Lived Intangible Assets, Net	$ 7,453	$ 9,633
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	$ 1,300	$ 900
Finite Lived Intangible Assets, Accumulated Amortization	(330)	(452)
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	0	0
Finite Lived Intangible Assets, Net	$ 970	$ 448
Finite Lived Intangible Assets, Weighted Average Useful Life	6 years	5 years

Summary of Significant Accou_10

Summary of Significant Accounting Policies (Components of Other Assets) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash surrender value of life insurance	$ 19,192	$ 23,147
Capitalized software	2,189	2,394
Equity method investment	8,767	7,541
Deposits and other	2,970	3,607
Total	$ 33,118	$ 36,689

Summary of Significant Accou_11

Summary of Significant Accounting Policies (Components of Other Current Liabilities) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Other Current Liabilities
Accrued self-insurance retentions	$ 9,338	$ 9,303
Accrued warranty and service liabilities	14,674	14,463	$ 13,082
Accrued trade promotions	13,799	15,872
Payable for employee stock purchases	16,497	15,746
Customer Advances and Deferred Revenue	50,747	60,554
Income taxes payable	15,987	5,200
Tax payable, other	9,614	8,295
Operating lease liabilities, current	9,555	9,096
Right of return refund liability	18,449	18,614
Other	32,133	34,016
Total	$ 190,793	$ 191,159
Operating lease liabilities, current extensible list
Self insured reserves	$ 9,300	$ 9,300

Summary of Significant Accou_12

Summary of Significant Accounting Policies (Accrued Warranty Liability Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Accrued warranty and service liabilities
Balance, beginning of year	$ 14,463	$ 13,082
Assumed in business acquisition	38	23
Charged to expense	8,946	10,764
Margin on parts sales reversed	3,292	3,475
Reductions for claims settled	(12,065)	(12,881)
Balance, end of year	$ 14,674	$ 14,463

Summary of Significant Accou_13

Summary of Significant Accounting Policies Summary of Significant Account Policies (Contracts with Customers - Revenue Recognition) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Sales Returns Percentage Of Sales	3%
Contract with Customer, Liability	$ 50.7	$ 60.6
Contract with Customer, Liability, Revenue Recognized	$ 60.4	$ 40.9

Summary of Significant Accou_14

Summary of Significant Accounting Policies (Fair Market Value and Classification of Derivative Instruments) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Derivative, Notional Amount	$ 48,000
Foreign Currency Fair Value Hedge Asset at Fair Value	157	$ 239
Foreign Currency Fair Value Hedge Liability at Fair Value	(677)	(350)
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net	$ (520)	$ (111)

Segment Information (Narrative)

Segment Information (Narrative) (Details) - segment	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Concentration Risk [Line Items]
Number of operating segments	5
Number of reportable segments	3
Major Customer | Customer Concentration Risk | Sales
Concentration Risk [Line Items]
Concentration Risk, Percentage	10%	10%	10%

Segment Information (Operations

Segment Information (Operations and Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Segment Reporting Information
Net Sales	$ 2,143,521	$ 1,987,608	$ 1,650,115
Operating Earnings	572,700	531,323	391,718
Impairment of Long-Lived Assets to be Disposed of	0	0	(35,229)
Assets	2,438,900	2,443,198
Operating Segments | Contractor
Segment Reporting Information
Net Sales	999,060	987,606	842,525
Operating Earnings	249,833	266,204	243,185
Assets	752,729	656,998
Operating Segments | Industrial
Segment Reporting Information
Net Sales	649,347	602,376	481,485
Operating Earnings	231,298	199,856	147,939
Assets	578,302	544,585
Operating Segments | Process
Segment Reporting Information
Net Sales	495,114	397,626	326,105
Operating Earnings	122,344	91,037	64,498
Assets	564,539	436,189
Unallocated Corporate
Segment Reporting Information
Operating Earnings	(30,775)	(25,774)	$ (28,675)
Assets	$ 543,330	$ 805,426

Segment Information (Geographic

Segment Information (Geographic Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Geographic Information
Net Sales	$ 2,143,521	$ 1,987,608	$ 1,650,115
Long-lived Assets	607,609	451,061
United States
Geographic Information
Net Sales	1,116,012	1,004,318	883,451
Long-lived Assets	532,401	388,835
Non-US [Member]
Geographic Information
Net Sales	1,027,509	983,290	$ 766,664
Long-lived Assets	$ 75,208	$ 62,226

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Finished products and components	$ 222,326	$ 166,922
Products and components in various stages of completion	138,957	117,063
Raw materials and purchased components	248,636	185,291
Inventory gross total	609,919	469,276
Reduction to LIFO cost	(133,129)	(86,975)
Total	$ 476,790	$ 382,301

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	Dec. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
LIFO Inventory Amount	$ 253.6	$ 211.1

Property, Plant and Equipment_2

Property, Plant and Equipment (PPE By Type) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,066,476	$ 875,273
Accumulated depreciation	(458,867)	(424,212)
Net property, plant and equipment	607,609	451,061
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	65,066	42,195
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	376,115	280,947
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	439,109	384,617
Office, warehouse and automotive equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	59,988	61,994
Additions in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 126,198	$ 105,520

Property, Plant and Equipment_3

Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Property, Plant and Equipment [Abstract]
Depreciation Expense	$ 46	$ 40	$ 38

Income Taxes (Income before Inc

Income Taxes (Income before Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Income Tax Disclosure [Abstract]
Domestic	$ 401,405	$ 370,903	$ 289,708
Foreign	164,319	137,562	84,943
Earnings Before Income Taxes	$ 565,724	$ 508,465	$ 374,651

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Current Income Tax Expense (Benefit) [Abstract]
Federal	$ 70,976	$ 77,703	$ 11,509
State and local	5,948	7,493	3,217
Foreign	38,152	29,975	18,722
Total Current	115,076	115,171	33,448
Deferred Income Tax Expense (Benefit) [Abstract]
Domestic	(8,733)	(42,413)	12,856
Foreign	(1,264)	(4,159)	(2,109)
Total Deferred	(9,997)	(46,572)	10,747
Total Income Tax Expense	$ 105,079	$ 68,599	$ 44,195

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Federal income tax rate reconciliation
Statutory tax rate	21%	21%	21%
Tax effect of international operations	1%	(1.00%)	(2.00%)
State taxes, net of federal effect	1%	1%	1%
U.S. general business tax credits	(1.00%)	(1.00%)	(1.00%)
Loss on sale of business	0%	0%	2%
Stock compensation excess tax benefit	(1.00%)	(2.00%)	(6.00%)
Foreign Derived Intangible Income	(2.00%)	(5.00%)	(3.00%)
Effective tax rate	19%	13%	12%

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Deferred Tax Assets, Net [Abstract]
Inventory valuations	$ 678	$ 1,181
Accrued self-insurance retentions	1,626	1,534
Accrued warranty and service liabilities	2,279	2,285
Vacation accruals	3,409	3,261
Customer allowances	4,143	4,028
Excess of tax over book depreciation and amortization	(42,322)	(39,785)
Pension benefit obligation	6,375	16,022
Postretirement medical benefit obligation	5,072	5,028
Stock compensation	12,390	11,442
Deferred compensation	2,283	2,595
Deferred revenue	2,160	2,427
Deferred Tax Assets, in Process Research and Development	11,370	0
Prepayments from foreign subsidiaries	36,070	32,969
Other	2,114	2,138
Net deferred tax assets	$ 47,647	$ 45,125

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Income Tax Disclosure [Abstract]
Income taxes paid	$ 112.3	$ 111.8	$ 44
Deferred tax assets	57.1	55.8
Deferred tax liabilities	$ 9.4	$ 10.7

Debt (Schedule of Debt Instrume

Debt (Schedule of Debt Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt, including current portion	$ 95,974	$ 193,489
Series B maturing Paid January 2022
Debt Instrument [Line Items]
Average interest rate	5.01%
Debt Instrument, Maturity Date, Description	January 2022
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	July 2026
Total debt, including current portion	$ 75,000	75,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Maturity Date, Description	March 2026
Total debt, including current portion	$ 0	0
Chinese Renminbi Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Average interest rate	3.34%
Total debt, including current portion	$ 14,327	39,222
Notes payable to banks maturing 2023
Debt Instrument [Line Items]
Average interest rate	2.80%
Debt Instrument, Maturity Date, Description	2023
Total debt, including current portion	$ 6,647	$ 4,267
Line of Credit | Committed Facility | Minimum | Revolving Credit Facility | Cash flow leverage ratio no acquisition
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	1.00
Line of Credit | Committed Facility | Minimum | Revolving Credit Facility | Cash flow leverage ratio with acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	1.00
Line of Credit | Committed Facility | Minimum | Revolving Credit Facility | Interest coverage ratio no acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	1.00
Line of Credit | Committed Facility | Minimum | Revolving Credit Facility | Interest coverage ratio with acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	1.00
Line of Credit | Committed Facility | Maximum | Revolving Credit Facility | Cash flow leverage ratio no acquisition
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	3.50
Line of Credit | Committed Facility | Maximum | Revolving Credit Facility | Cash flow leverage ratio with acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	4.00
Line of Credit | Committed Facility | Maximum | Revolving Credit Facility | Interest coverage ratio no acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	3.00
Line of Credit | Committed Facility | Maximum | Revolving Credit Facility | Interest coverage ratio with acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	2.50

Debt (Annual Maturities of Debt

Debt (Annual Maturities of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Debt Disclosure [Abstract]
2023	$ 20,974
2024	0
2025	0
2026	75,000
2027	0
Thereafter	0
Interest paid	$ 10,000	$ 9,800	$ 11,300

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Line of Credit Facility [Line Items]
Estimated fair value of debt	$ 75,000,000	$ 165,000,000
Maximum borrowing amount - credit facility	591,000,000
Interest paid	10,000,000	$ 9,800,000	$ 11,300,000
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]
Unused portion of credit facility	545,000,000
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	41,000,000
Uncommitted Facility | Foreign Line of Credit
Line of Credit Facility [Line Items]
Unused portion of credit facility	$ 17,000,000
Uncommitted Facility | Foreign Line of Credit | Maximum
Line of Credit Facility [Line Items]
Loan commitment fee percentage	0.15%
Shelf Notes [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Maturity Date	Dec. 16, 2027
Maximum borrowing amount - credit facility	$ 250,000,000
Floating Rate Principal Maximum	100,000,000
Series B maturing Paid January 2022
Line of Credit Facility [Line Items]
Debt Instrument, Repurchased Face Amount	75,000,000
Debt Instrument, Fee Amount	3,500,000
Line of Credit | Committed Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	250,000,000
Maximum borrowing amount - credit facility	500,000,000
Line of Credit | Committed Facility | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases	$ 200,000,000
Debt instrument, basis spread on variable rate	0%
Line of Credit Facility, Unused Capacity, 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%
Line of Credit Facility, Unused Capacity, 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
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%
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 Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Class of Stock
Foreign Currency Transaction Loss, before Tax		$ 24,000
Pension Benefits
Class of Stock
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ 0	(12,285)	$ 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ 0	(12,285)	$ 0
Pension Plan - Blue and Gray Plans | Pension Benefits
Class of Stock
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement		12,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement		$ 12,000
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. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
AOCI Attributable to Parent, Net of Tax
Beginning Balance	$ (80,169)	$ (124,165)	$ (169,787)
Other comprehensive income (loss) before reclassifications	6,501	24,927	38,178
Amounts reclassified from accumulated other comprehensive income	4,290	19,069	7,444
Ending Balance	(69,378)	(80,169)	(124,165)
Pension and Postretirement Medical
AOCI Attributable to Parent, Net of Tax
Beginning Balance	(60,107)	(114,129)	(113,721)
Other comprehensive income (loss) before reclassifications	16,083	34,953	(7,852)
Amounts reclassified from accumulated other comprehensive income	4,290	19,069	7,444
Ending Balance	(39,734)	(60,107)	(114,129)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax
Beginning Balance	(20,062)	(10,036)	(56,066)
Other comprehensive income (loss) before reclassifications	(9,582)	(10,026)	46,030
Amounts reclassified from accumulated other comprehensive income	0	0	0
Ending Balance	$ (29,644)	$ (20,062)	$ (10,036)

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. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Award expiration period	10 years
Stock Appreciation Plan Expense	$ (0.2)	$ 3.1	$ 2.4
Intrinsic value of exercisable option shares	$ 235.3
Exercisable option weighted average contractual term	4 years 6 months
Share options vested and expected to vest	10,300,000
Aggregate intrinsic value of share options vested and expected to vest	$ 243.8
Weighted average exercise price of share options vested and expected to vest (per share)	$ 44.40
Weighted average contractual term of share options vested and expected to vest	5 years 6 months
Employee stock purchase plan shares granted	316,250	415,995	399,567
Unrecognized compensation cost related to unvested options	$ 17.4
Weighted average recognition period for unvested options	2 years 8 months 12 days
Stock Incentive Plan (2019) | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued under the plan	12,055	12,070	15,243
Employee Stock Purchase Plan (2006)
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase price as percentage of fair value	85%
Stock purchase plan discount percentage	15%
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. 30, 2022	Dec. 31, 2021	Dec. 25, 2020	Dec. 27, 2019
Options, Outstanding [Roll Forward]
Beginning (in shares)	9,575	10,208	12,112
Granted (in shares)	1,381	843	1,400
Exercised (in shares)	(645)	(1,309)	(3,238)
Canceled (in shares)	(46)	(167)	(66)
Ending (in shares)	10,265	9,575	10,208
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning (dollars per share)	$ 39.31	$ 35.02	$ 28.91
Granted (dollars per share)	71.03	72.22	55.26
Exercised (dollars per share)	25.58	24.91	20.81
Canceled (dollars per share)	49.42	55.59	41.24
Outstanding, ending (dollars per share)	$ 44.40	$ 39.31	$ 35.02
Options, exercisable (in shares)	7,793	7,296	6,553	8,231
Weighted average exercise price of exercisable options (dollars per share)	$ 37.22	$ 33.75	$ 28.02	$ 23.75

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. 30, 2022 $ / shares shares
$10 - $30
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Lower range exercise price	$ 10
Upper range exercise price	$ 30
Options Outstanding | shares	2,971
Weighted Average Remaining Contractual Term in Years	2 years 4 months 24 days
Weighted Average Exercise Price	$ 24.76
Options Exercisable | shares	2,971
Weighted Average Exercise Price	$ 24.76
$30 - $45
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Lower range exercise price	30
Upper range exercise price	$ 45
Options Outstanding | shares	2,317
Weighted Average Remaining Contractual Term in Years	4 years 8 months 12 days
Weighted Average Exercise Price	$ 36.88
Options Exercisable | shares	2,255
Weighted Average Exercise Price	$ 36.67
$45 - $60
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Lower range exercise price	45
Upper range exercise price	$ 60
Options Outstanding | shares	2,813
Weighted Average Remaining Contractual Term in Years	6 years 7 months 6 days
Weighted Average Exercise Price	$ 50.50
Options Exercisable | shares	2,325
Weighted Average Exercise Price	$ 50.02
$60 - $75
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Lower range exercise price	60
Upper range exercise price	$ 75
Options Outstanding | shares	2,164
Weighted Average Remaining Contractual Term in Years	9 years
Weighted Average Exercise Price	$ 71.47
Options Exercisable | shares	242
Weighted Average Exercise Price	$ 72.15
$10 - $75
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Lower range exercise price	10
Upper range exercise price	$ 75
Options Outstanding | shares	10,265
Weighted Average Remaining Contractual Term in Years	5 years 6 months
Weighted Average Exercise Price	$ 44.40
Options Exercisable | shares	7,793
Weighted Average Exercise Price	$ 37.22

Share-Based Awards, Purchase _6

Share-Based Awards, Purchase Plans and Compensation Cost (Options Exercised) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Share-based Payment Arrangement [Abstract]
Cash received	$ 15,739	$ 32,610	$ 66,625
Aggregate intrinsic value	28,193	65,319	120,395
Tax benefit realized	$ 6,020	$ 13,329	$ 25,000

Share-Based Awards, Purchase _7

Share-Based Awards, Purchase Plans and Compensation Cost (Authorized Shares) (Details) shares in Thousands	Dec. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award
Total shares authorized	31,000
Available for future issuance	17,553
Stock Incentive Plan (2019)
Share-based Compensation Arrangement by Share-based Payment Award
Total shares authorized	10,000
Available for future issuance	5,790
Employee Stock Purchase Plan (2006)
Share-based Compensation Arrangement by Share-based Payment Award
Total shares authorized	21,000
Available for future issuance	11,763

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. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation	$ 24,695	$ 24,931	$ 25,153
Tax benefit	2,319	1,705	1,700
Share-based compensation, net of tax	$ 22,376	$ 23,226	$ 23,453

Share-Based Awards, Purchase _9

Share-Based Awards, Purchase Plans and Compensation Cost (Valuation Assumptions Options) (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Expected life in years	6 years 4 months 24 days	7 years 6 months	7 years 6 months
Interest rate	2.70%	0.90%	1.40%
Volatility	26.20%	25.20%	22%
Dividend yield	1.20%	1%	1.30%
Weighted average fair value per share	$ 19.10	$ 17.87	$ 12.18

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. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Expected life in years	1 year	1 year	1 year
Interest rate	0.90%	0.10%	1.50%
Volatility	20.50%	40.10%	21.90%
Dividend yield	1.20%	1.10%	1.40%
Weighted average fair value per share	$ 16.01	$ 21.50	$ 11.55

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	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Earnings Per Share [Abstract]
Net earnings available to common shareholders	$ 460,645	$ 439,866	$ 330,456
Weighted average shares outstanding for basic earnings per share	168,952	169,635	167,462
Dilutive effect of stock options computed based on the treasury stock method using the average market price	3,941	4,891	4,546
Weighted average shares outstanding for diluted earnings per share	172,893	174,526	172,008
Basic earnings per share	$ 2.73	$ 2.59	$ 1.97
Diluted earnings per share	$ 2.66	$ 2.52	$ 1.92

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - shares shares in Millions	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2.2	0.4	0.3

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Defined Contribution Plan
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3%
Company contribution rate for employees not covered by DBP	2%
Company contributions to 401K	$ 11,000	$ 10,000	$ 8,700
Defined Benefit Plan Disclosure [Line Items]
Highest earnings years	5 years
Years preceding retirement	10 years
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 20,000	20,000
Accumulated benefit obligation for all defined benefit plans	297,000	388,000
Pension and Other Postretirement Benefits Cost (Reversal of Cost)	$ 1,000	12,000	5,000
Pension Plan - Blue Plan [Member] | Equity
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	53%
Pension Plan - Blue Plan [Member] | Fixed income
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	42%
Pension Plan - Blue Plan [Member] | Real Estate and Other
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	5%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement	$ 0	64,886
Settlement loss (gain)	$ 0	12,285	0
Investments at Net Asset Value, Redemption Frequency	daily
Investments at Net Asset Value, Unfunded Commitments	$ 2,300	2,400
Defined Benefit Plan, Plan Assets, Contributions by Employer	22,756	22,493
Expected company contributions to retirement plans next year	1,900
Pension Benefits | Pension Plan - Blue and Gray Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement		63,000
Settlement loss (gain)		(12,000)
Postretirement Medical Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement	0	0
Settlement loss (gain)	0	0	$ 0
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 1,503	$ 1,447
Retirement medical plan limit on annual increase in company cost	3%
Expected company contributions to retirement plans next year	$ 1,800
Assumed health care trend rates
Health care cost trend rate assumed for next year	8.50%
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. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	$ 281,175	$ 347,900	$ 373,565
Investments categorized in fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	32,514	31,229
Investments measured at net asset value
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	248,661	316,671
Cash and cash equivalents | Level 1 | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	351	303
Insurance contract | Level 3 | Fair Value, Nonrecurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	32,163	30,926
Equity | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	117,891	178,035
U.S. Large Cap | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	74,838	110,569
U.S. Small/Mid Cap | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	5,191	11,338
International | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	37,862	56,128
Fixed income | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	93,262	130,774
Real estate and other | Fair Value, Recurring [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value, plan assets	$ 37,508	$ 7,862

Retirement Benefits Retirement

Retirement Benefits Retirement Benefits (Level 3 Asset Rollforward) (Details) - Fair Value, Nonrecurring [Member] - Pension Benefits - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items]
Balance, beginning of year	$ 30,926	$ 31,877
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	2,431	2,430
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	669	2,556
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	(525)	(825)
Balance, end of year	$ 32,163	$ 30,926

Retirement Benefits (Funded Sta

Retirement Benefits (Funded Status) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Change in plan assets
Employer contributions	$ 20,000	$ 20,000
Pension Benefits
Change in benefit obligation
Obligation, beginning of year	418,051	510,652
Service cost	8,242	9,355	$ 9,361
Interest cost	10,996	11,409	13,313
Actuarial loss (gain)	(110,467)	(31,093)
Benefit payments	(9,122)	(13,360)
Plan amendments	(267)	(1,458)
Settlements	0	(64,886)
Exchange rate changes	(1,626)	(2,568)
Obligation, end of year	315,807	418,051	510,652
Change in plan assets
Fair value, beginning of year	347,900	373,565
Actual return on assets	(80,078)	30,984
Employer contributions	22,756	22,493
Benefit payments	(9,122)	(13,360)
Settlements	0	(64,886)
Exchange rate changes	(281)	(896)
Fair value, end of year	281,175	347,900	373,565
Defined Benefit Plan, Funded (Unfunded) Status of Plan	(34,632)	(70,151)
Postretirement Medical Benefits
Change in benefit obligation
Obligation, beginning of year	32,122	34,458
Service cost	516	670	609
Interest cost	839	832	1,016
Actuarial loss (gain)	(9,044)	(2,391)
Benefit payments	(1,503)	(1,447)
Plan amendments	0	0
Settlements	0	0
Exchange rate changes	0	0
Obligation, end of year	22,930	32,122	34,458
Change in plan assets
Fair value, beginning of year	0	0
Actual return on assets	0	0
Employer contributions	1,503	1,447
Benefit payments	(1,503)	(1,447)
Settlements	0	0
Exchange rate changes	0	0
Fair value, end of year	0	0	$ 0
Defined Benefit Plan, Funded (Unfunded) Status of Plan	$ (22,930)	$ (32,122)

Retirement Benefits (Amounts Re

Retirement Benefits (Amounts Recognized in Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Amounts recognized in consolidated balance sheets
Non-current liabilities	$ 61,672	$ 106,897
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Prepaid Expense, Noncurrent	5,398	0
Amounts recognized in consolidated balance sheets
Current liabilities	1,860	1,769
Non-current liabilities	38,170	68,382
Net	34,632	70,151
Postretirement Medical Benefits
Defined Benefit Plan Disclosure [Line Items]
Prepaid Expense, Noncurrent	0	0
Amounts recognized in consolidated balance sheets
Current liabilities	1,763	1,768
Non-current liabilities	21,167	30,354
Net	$ 22,930	$ 32,122

Retirement Benefits (Accumulate

Retirement Benefits (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Information for plans with accumulated benefit obligation in excess of plan assets
Projected benefit obligation	$ 72,190	$ 91,678
Accumulated benefit obligation	69,395	88,927
Fair value of plan assets	$ 32,164	$ 30,926

Retirement Benefits (Components

Retirement Benefits (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Defined Benefit Plan Disclosure [Line Items]
Non-service pension cost included in non-operating expense	$ 1,000	$ 12,000	$ 5,000
Pension Benefits
Components of net periodic benefit cost
Service cost-benefits earned during the period	8,242	9,355	9,361
Interest cost on projected benefit obligation	10,996	11,409	13,313
Expected return on assets	(19,754)	(20,767)	(18,814)
Amortization of prior service cost (credit)	84	246	294
Amortization of net loss (gain)	4,701	9,248	10,243
Settlement loss (gain)	0	12,285	0
Cost of pension plans which are not significant and have not adopted ASC 715	284	368	168
Net periodic benefit cost	4,553	22,144	14,565
Postretirement Medical Benefits
Components of net periodic benefit cost
Service cost-benefits earned during the period	516	670	609
Interest cost on projected benefit obligation	839	832	1,016
Expected return on assets	0	0	0
Amortization of prior service cost (credit)	0	0	0
Amortization of net loss (gain)	345	1,002	733
Settlement loss (gain)	0	0	0
Net periodic benefit cost	$ 1,700	$ 2,504	$ 2,358

Retirement Benefits (Amounts _2

Retirement Benefits (Amounts recognized in other comprehensive (income) loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Pension Benefits
Amounts recognized in other comprehensive (income) loss
Net gain (loss) arising during the period	$ 11,189	$ 42,039
Amortization of net (gain) loss	4,701	9,248
Prior service credit (cost) arising during the period	267	1,458
Settlement (gain) loss	0	12,285
Amortization of prior service (credit) cost	84	246
Total	16,241	65,276
Postretirement Medical Benefits
Amounts recognized in other comprehensive (income) loss
Net gain (loss) arising during the period	9,044	2,391
Amortization of net (gain) loss	345	1,002
Prior service credit (cost) arising during the period	0	0
Settlement (gain) loss	0	0
Amortization of prior service (credit) cost	0	0
Total	$ 9,389	$ 3,393

Retirement Benefits (Amounts in

Retirement Benefits (Amounts included in accumulated other comprehensive (income) loss) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Pension Benefits
Amounts recognized in accumulated ther comprehensive income
Prior service cost	$ 1,668	$ 1,293
Net gain (loss)	(55,084)	(70,995)
Net before income taxes	(53,416)	(69,702)
Income taxes	12,207	15,443
Net	(41,209)	(54,259)
Postretirement Medical Benefits
Amounts recognized in accumulated ther comprehensive income
Prior service cost	0	0
Net gain (loss)	1,891	(7,498)
Net before income taxes	1,891	(7,498)
Income taxes	(416)	1,650
Net	$ 1,475	$ (5,848)

Retirement Benefits (Assumption

Retirement Benefits (Assumptions used to determine obligations and cost) (Details)	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
U.S. Plans
Assumptions used to determine net period benefit obligation
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	5.60%	3%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	2.70%	2.70%
Assumptions used to determine net periodic benefit cost
Discount rate	3%	2.60%	3.50%
Rate of compensation increase	2.70%	2.70%	2.80%
Expected return on assets	6.30%	6.30%	6.80%
Non-U.S. Plans
Assumptions used to determine net period benefit obligation
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	2.40%	0.40%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	1.80%	1.30%
Assumptions used to determine net periodic benefit cost
Discount rate	0.40%	0.40%	0.40%
Rate of compensation increase	1.30%	1.30%	1.30%
Expected return on assets	1%	1%	1.50%
Postretirement Medical Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year	8.50%
Assumptions used to determine net period benefit obligation
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	5.60%	2.90%
Assumptions used to determine net periodic benefit cost
Discount rate	2.90%	2.60%	3.40%

Retirement Benefits (Estimated

Retirement Benefits (Estimated future benefit payments) (Details) $ in Thousands	Dec. 30, 2022 USD ($)
Pension Benefits
Estimated future benefit payments
2023	$ 15,583
2024	17,035
2025	16,406
2026	18,585
2027	20,116
Years 2028-2032	107,755
Postretirement Medical Benefits
Estimated future benefit payments
2023	1,763
2024	1,748
2025	1,735
2026	1,715
2027	1,699
Years 2028-2032	$ 8,136

Commitments and Contingencies_2

Commitments and Contingencies (Lease Commitments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Expense	$ 12,307	$ 11,641
Operating Lease, Payments	11,886	11,564
Operating Lease, Right of Use Asset, Additions	$ 8,859	$ 1,631
Operating Lease, Weighted Average Remaining Lease Term	3 years	5 years
Operating Lease, Weighted Average Discount Rate, Percent	3%	2.24%
Lessee, Operating Lease, Liability, Payments, Due in 2023	$ 9,555
Lessee, Operating Lease, Liability, Payments, Due in 2024	7,931
Lessee, Operating Lease, Liability, Payments, Due in 2025	5,462
Lessee, Operating Lease, Liability, Payments, Due in 2026	4,118
Lessee, Operating Lease, Liability, Payments, Due in 2027	2,514
Lessee, Operating Lease, Liability, Payments, Due Thereafter	2,928
Lessee, Operating Lease, Liability, Payments, Due	32,508
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(1,896)
Operating Lease, Liability	$ 30,612

Commitments and Contingencies_3

Commitments and Contingencies (Narrative) (Details) $ in Millions	Dec. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Open purchase order commitments	$ 230
Maximum purchase quantities and supplier inventory commitments	59
Contractual Obligation, Due in 2023	4
Contractual Obligation, Due in 2024	3
Contractual Obligation, Due in 2025	3
Contractual Obligation, Due Thereafter	2
Standby letters of credit commitments	6
Guarantees of subsidiary debt	$ 8