Graco (GGG) 10-Q 25 Oct 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 29, 2023	Oct. 11, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2023
Document Transition Report	false
Entity File Number	001-09249
Entity Registrant Name	GRACO INC.
Entity Incorporation, State	MN
Entity Tax Identification Number	41-0285640
Entity Address, Address Description	88 - 11th Avenue N.E.
Entity Address, City or Town	Minneapolis,
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55413
City Area Code	(612)
Local Phone Number	623-6000
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	GGG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		168,788,078
Amendment Flag	false
Entity Central Index Key	0000042888
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net Sales	$ 539,672	$ 545,644	$ 1,628,962	$ 1,588,476
Cost of products sold	255,148	284,556	767,883	803,853
Gross Profit	284,524	261,088	861,079	784,623
Product development	19,817	19,704	61,582	58,749
Selling, marketing and distribution	60,495	61,386	194,258	186,457
General and administrative	41,823	36,849	129,130	119,225
Contingent consideration	(8,600)	0	(8,600)	0
Impairment	7,800	0	7,800	0
Operating Earnings	163,189	143,149	476,909	420,192
Interest expense	1,391	1,542	4,536	8,555
Other (income) expense, net	(2,483)	(866)	(8,877)	(106)
Earnings Before Income Taxes	164,281	142,473	481,250	411,743
Income taxes	31,158	26,241	84,693	77,290
Net Earnings	$ 133,123	$ 116,232	$ 396,557	$ 334,453
Basic earnings per share	$ 0.79	$ 0.69	$ 2.35	$ 1.97
Diluted earnings per share	$ 0.77	$ 0.67	$ 2.30	$ 1.93

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 133,123	$ 116,232	$ 396,557	$ 334,453
Components of other comprehensive income (loss)
Cumulative translation adjustment	(9,022)	(13,335)	506	(29,827)
Pension and postretirement medical liability adjustment	1,100	1,340	3,427	3,602
Income taxes - pension and postretirement medical liability adjustment	(252)	(312)	(760)	(826)
Other comprehensive income (loss)	(8,174)	(12,307)	3,173	(27,051)
Comprehensive Income	$ 124,949	$ 103,925	$ 399,730	$ 307,402

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Current Assets
Cash and cash equivalents	$ 525,785	$ 339,196
Accounts receivable, less allowances of $4,900 and $7,000	352,505	346,010
Inventories	457,604	476,790
Other current assets	41,438	43,624
Total current assets	1,377,332	1,205,620
Property, Plant and Equipment, net	707,828	607,609
Goodwill	360,715	368,171
Other Intangible Assets, net	124,824	137,507
Operating Lease Assets	28,047	29,785
Deferred Income Taxes	40,014	57,090
Other Assets	36,157	33,118
Total Assets	2,674,917	2,438,900
Current Liabilities
Notes payable to banks	29,043	20,974
Trade accounts payable	75,249	84,218
Salaries and incentives	62,292	63,969
Dividends payable	39,715	39,963
Other current liabilities	189,589	190,793
Total current liabilities	395,888	399,917
Long-term Debt	0	75,000
Retirement Benefits and Deferred Compensation	61,361	61,672
Operating Lease Liabilities	18,996	21,057
Deferred Income Taxes	8,050	9,443
Other Non-current Liabilities	2,096	12,159
Shareholders’ Equity
Common stock	168,775	167,702
Additional paid-in-capital	859,307	784,477
Retained earnings	1,226,649	976,851
Accumulated other comprehensive income (loss)	(66,205)	(69,378)
Total shareholders’ equity	2,188,526	1,859,652
Total Liabilities and Shareholders’ Equity	$ 2,674,917	$ 2,438,900

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 29, 2023	Dec. 30, 2022
Statement of Financial Position [Abstract]
Allowance for Credits	$ 4.9	$ 7

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Cash Flows From Operating Activities
Net Earnings	$ 396,557	$ 334,453
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	54,179	48,223
Deferred income taxes	14,910	20,062
Share-based compensation	25,456	19,480
Contingent consideration	(8,600)	0
Impairment	7,800	0
Change in
Accounts receivable	(7,229)	(56,524)
Inventories	19,227	(86,455)
Trade accounts payable	(8,411)	8,456
Salaries and incentives	(2,993)	(20,841)
Retirement benefits and deferred compensation	2,955	473
Other accrued liabilities	(1,840)	411
Other	(641)	3,814
Net cash provided by operating activities	491,370	271,552
Cash Flows From Investing Activities
Property, plant and equipment additions	(145,626)	(147,193)
Acquisition of businesses, net of cash acquired	0	(25,296)
Other	(694)	(477)
Net cash used in investing activities	(146,320)	(172,966)
Cash Flows From Financing Activities
Borrowings on short-term lines of credit, net	9,125	4,110
Payments on long-term debt	(75,000)	(75,000)
Payments of debt issuance costs	1,025	0
Common stock issued	55,492	28,299
Common stock repurchased	(27,057)	(155,181)
Taxes paid related to net share settlement of equity awards	(1,225)	(1,219)
Cash dividends paid	(118,710)	(106,855)
Net cash provided (used) in financing activities	(158,400)	(305,846)
Effect of exchange rate changes on cash	(61)	(2,215)
Net increase (decrease) in cash and cash equivalents	186,589	(209,475)
Cash and Cash Equivalents
Beginning of year	339,196	624,302
End of period	$ 525,785	$ 414,827

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2021	$ 1,709,343	$ 170,308	$ 742,288	$ 876,916	$ (80,169)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	27,081	689	26,392	0	0
Shares repurchased	(167,289)	(2,474)	(10,781)	(154,034)	0
Stock compensation cost	18,696	0	18,696	0	0
Restricted stock canceled (issued)	(1)	0	(1)	0	0
Net earnings	334,453	0	0	334,453	0
Dividends declared	(106,921)	0	0	(106,921)	0
Other comprehensive income (loss)	(27,051)	0	0	0	(27,051)
Ending Balance at Sep. 30, 2022	1,788,311	168,523	776,594	950,414	(107,220)
Beginning Balance at Jul. 01, 2022	1,757,274	169,114	770,209	912,864	(94,913)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	4,889	182	4,707	0	0
Shares repurchased	(47,268)	(773)	(3,369)	(43,126)	0
Stock compensation cost	5,047	0	5,047	0	0
Net earnings	116,232	0	0	116,232	0
Dividends declared	(35,556)	0	0	(35,556)	0
Other comprehensive income (loss)	(12,307)	0	0	0	(12,307)
Ending Balance at Sep. 30, 2022	1,788,311	168,523	776,594	950,414	(107,220)
Beginning Balance at Dec. 30, 2022	1,859,652	167,702	784,477	976,851	(69,378)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	54,267	1,500	52,767	0	0
Shares repurchased	(30,720)	(427)	(1,997)	(28,296)	0
Stock compensation cost	24,060	0	24,060	0	0
Net earnings	396,557	0	0	396,557	0
Dividends declared	(118,463)	0	0	(118,463)	0
Other comprehensive income (loss)	3,173	0	0	0	3,173
Ending Balance at Sep. 29, 2023	2,188,526	168,775	859,307	1,226,649	(66,205)
Beginning Balance at Jun. 30, 2023	2,116,307	168,985	850,900	1,154,453	(58,031)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued	3,439	101	3,338	0	0
Shares repurchased	(22,954)	(311)	(1,459)	(21,184)	0
Stock compensation cost	6,528	0	6,528	0	0
Net earnings	133,123	0	0	133,123	0
Dividends declared	(39,743)	0	0	(39,743)	0
Other comprehensive income (loss)	(8,174)	0	0	0	(8,174)
Ending Balance at Sep. 29, 2023	$ 2,188,526	$ 168,775	$ 859,307	$ 1,226,649	$ (66,205)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Unaudited) Consolidated Statements of Shareholders' Equity (Unaudited) Parenthetical - $ / shares	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared per share (in dollars per share)	$ 0.2350	$ 0.210	$ 0.705	$ 0.6300

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated balance sheet of Graco Inc. and subsidiaries (the “Company”) as of September 29, 2023 and the related statements of earnings, comprehensive income and shareholders' equity for the three and nine months ended September 29, 2023 and September 30, 2022, and cash flows for the nine months ended September 29, 2023 and September 30, 2022 have been prepared by the Company and have not been audited. In the opinion of management, these consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of September 29, 2023, and the results of operations and cash flows for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Therefore, these statements should be read in conjunction with the financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of results that will be realized for the full fiscal year.

Segment Information

Segment Information	9 Months Ended
	Sep. 29, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: Contractor, Industrial and Process. Sales and operating earnings by segment were as follows (in thousands): Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Net Sales Contractor $ 245,269 $ 264,086 $ 746,888 $ 764,417 Industrial 157,084 156,182 470,797 459,176 Process 137,319 125,376 411,277 364,883 Total $ 539,672 $ 545,644 $ 1,628,962 $ 1,588,476 Operating Earnings Contractor $ 73,512 $ 65,123 $ 216,152 $ 192,314 Industrial 54,298 53,964 162,955 161,795 Process 43,001 30,638 127,186 89,183 Unallocated corporate (expense) (8,422) (6,576) (30,184) (23,100) Contingent consideration 8,600 — 8,600 — Impairment (7,800) — (7,800) — Total $ 163,189 $ 143,149 $ 476,909 $ 420,192 Assets by segment were as follows (in thousands): September 29, December 30, Contractor $ 740,771 $ 752,729 Industrial 610,367 578,302 Process 573,028 564,539 Unallocated corporate 750,751 543,330 Total $ 2,674,917 $ 2,438,900 Geographic information follows (in thousands): Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Net Sales (based on customer location) United States $ 288,610 $ 289,831 $ 879,552 $ 840,922 Other countries 251,062 255,813 749,410 747,554 Total $ 539,672 $ 545,644 $ 1,628,962 $ 1,588,476 September 29, December 30, Long-lived Assets United States $ 604,727 $ 532,401 Other countries 103,101 75,208 Total $ 707,828 $ 607,609

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 29, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Net earnings available to common shareholders $ 133,123 $ 116,232 $ 396,557 $ 334,453 Weighted average shares outstanding for basic earnings per share 169,005 169,166 168,569 169,368 Dilutive effect of stock options computed using the treasury stock method and the average market price 3,775 3,623 3,767 4,020 Weighted average shares outstanding for diluted earnings per share 172,780 172,789 172,336 173,388 Basic earnings per share $ 0.79 $ 0.69 $ 2.35 $ 1.97 Diluted earnings per share $ 0.77 $ 0.67 $ 2.30 $ 1.93 Anti-dilutive shares not included in diluted earnings per share computation 1,200 1,618 2,033 1,616

Share-Based Awards

Share-Based Awards	9 Months Ended
	Sep. 29, 2023
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Share-Based Awards	Share-Based Awards Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices): Option Weighted Average Options Weighted Average Outstanding, December 30, 2022 10,265 $ 44.40 7,793 $ 37.22 Granted 1,114 71.45 Exercised (1,191) 30.89 Canceled (82) 66.15 Outstanding, September 29, 2023 10,106 $ 48.79 7,439 $ 41.10 The Company recognized year-to-date share-based compensation of $25.5 million in 2023 and $17.9 million in 2022. As of September 29, 2023, there was $20.4 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of 2.6 years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and results: Nine Months Ended September 29, September 30, Expected life in years 6.7 7.3 Interest rate 4.0 % 1.9 % Volatility 26.3 % 25.5 % Dividend yield 1.3 % 1.2 % Weighted average fair value per share $ 21.76 $ 19.06 Under the Company’s Employee Stock Purchase Plan, the Company issued 323,000 shares in 2023 and 316,000 shares in 2022. The fair value of the employees’ purchase rights under this plan was estimated on the date of grant. The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option pricing model with the following assumptions and results: Nine Months Ended September 29, September 30, Expected life in years 1.0 1.0 Interest rate 5.1 % 0.9 % Volatility 26.4 % 20.5 % Dividend yield 1.4 % 1.2 % Weighted average fair value per share $ 18.04 $ 16.01

Retirement Benefits

Retirement Benefits	9 Months Ended
	Sep. 29, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Retirement Benefits	Retirement Benefits The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands): Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Pension Benefits Service cost $ 1,438 $ 2,053 $ 4,369 $ 6,187 Interest cost 3,632 2,745 11,207 8,249 Expected return on assets (6,399) (5,237) (14,354) (14,816) Amortization and other 3,041 1,200 3,896 3,695 Net periodic benefit cost $ 1,712 $ 761 $ 5,118 $ 3,315 Postretirement Medical Service cost $ 61 $ 129 $ 261 $ 387 Interest cost 454 209 874 629 Amortization (280) 86 (100) 259 Net periodic benefit cost $ 235 $ 424 $ 1,035 $ 1,275

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 29, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Changes in components of accumulated other comprehensive income (loss), net of tax were as follows (in thousands): Pension and Cumulative Total Three Months Ended September 29, 2023 Balance, June 30, 2023 $ (37,915) $ (20,116) $ (58,031) Other comprehensive income (loss) before reclassifications — (9,022) (9,022) Reclassified to pension cost and deferred tax 848 — 848 Balance, September 29, 2023 $ (37,067) $ (29,138) $ (66,205) Nine Months Ended September 29, 2023 Balance, December 30, 2022 $ (39,734) $ (29,644) $ (69,378) Other comprehensive income (loss) before reclassifications — 506 506 Reclassified to pension cost and deferred tax 2,667 — 2,667 Balance, September 29, 2023 $ (37,067) $ (29,138) $ (66,205) Three Months Ended September 30, 2022 Balance, July 1, 2022 $ (58,359) $ (36,554) $ (94,913) Other comprehensive income (loss) before reclassifications — (13,335) (13,335) Reclassified to pension cost and deferred tax 1,028 — 1,028 Balance, September 30, 2022 $ (57,331) $ (49,889) $ (107,220) Nine Months Ended September 30, 2022 Balance, December 31, 2021 $ (60,107) $ (20,062) $ (80,169) Other comprehensive income (loss) before reclassifications — (29,827) (29,827) Reclassified to pension cost and deferred tax 2,776 — 2,776 Balance, September 30, 2022 $ (57,331) $ (49,889) $ (107,220)

Receivables and Credit Losses

Receivables and Credit Losses	9 Months Ended
	Sep. 29, 2023
Credit Loss [Abstract]
Receivables and Credit Losses	Receivables and Credit Losses Accounts receivable include trade receivables of $341 million and other receivables of $12 million as of September 29, 2023 and $334 million and $12 million of trade receivables and other receivables, respectively, as of December 30, 2022. Allowance for Credit Losses Following is a summary of activity for credit losses (in thousands): Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Balance, beginning $ 4,199 $ 5,689 $ 6,130 $ 3,254 Additions charged to costs and expenses 366 16 646 3,262 Deductions from reserves (1) (595) 11 (2,864) (564) Other additions (deductions) (2) (88) (216) (30) (452) Balance, ending $ 3,882 $ 5,500 $ 3,882 $ 5,500 (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.

Inventories

Inventories	9 Months Ended
	Sep. 29, 2023
Inventory, Net [Abstract]
Inventories	Inventories Major components of inventories were as follows (in thousands): September 29, December 30, Finished products and components $ 233,224 $ 222,326 Products and components in various stages of completion 139,389 138,957 Raw materials and purchased components 215,668 248,636 Subtotal 588,281 609,919 Reduction to LIFO cost (130,677) (133,129) Total $ 457,604 $ 476,790

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Components of other intangible assets were as follows (dollars in thousands): Finite Life Indefinite Life Customer Patents and Trademarks, Trade Total As of September 29, 2023 Cost $ 197,417 $ 26,374 $ 1,300 $ 62,633 $ 287,724 Accumulated amortization (130,424) (19,751) (503) — (150,678) Foreign currency translation (9,647) (882) — (1,693) (12,222) Book value $ 57,346 $ 5,741 $ 797 $ 60,940 $ 124,824 Weighted average life in years 13 9 6 N/A 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 Amortization of intangibles for the third quarter was $4.4 million in 2023 and $4.8 million in 2022, and for the year to date was $13.2 million in 2023 and $14.1 million in 2022. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands): 2023 (Remainder) 2024 2025 2026 2027 Thereafter Estimated Amortization Expense $ 4,166 $ 16,155 $ 15,739 $ 8,982 $ 6,358 $ 12,484 Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands): Contractor Industrial Process Total Balance, December 30, 2022 $ 77,034 $ 134,771 $ 156,366 $ 368,171 Impairment — — (7,800) (7,800) Foreign currency translation (122) 286 180 344 Balance, September 29, 2023 $ 76,912 $ 135,057 $ 148,746 $ 360,715

Other Current Liabilities

Other Current Liabilities	9 Months Ended
	Sep. 29, 2023
Accrued Liabilities, Current [Abstract]
Other Current Liabilities	Other Current Liabilities Components of other current liabilities were as follows (in thousands): September 29, December 30, Accrued self-insurance retentions $ 9,395 $ 9,338 Accrued warranty and service liabilities 15,044 14,674 Accrued trade promotions 14,196 13,799 Payable for employee stock purchases 12,061 16,497 Customer advances and deferred revenue 60,332 50,747 Income taxes payable 13,891 15,987 Tax payable, other 8,816 9,614 Right of return refund liability 17,965 18,449 Operating lease liabilities, current 8,888 9,555 Other 29,001 32,133 Total $ 189,589 $ 190,793 A liability is established for estimated future warranty and service claims that relate to current and prior period sales. The Company estimates warranty costs based on historical claim experience and other factors, including evaluating specific product warranty issues. Following is a summary of activity in accrued warranty and service liabilities (in thousands): Balance, December 30, 2022 $ 14,674 Charged to expense 7,842 Margin on parts sales reversed 2,819 Reductions for claims settled (10,291) Balance, September 29, 2023 $ 15,044 Customer Advances and Deferred Revenue

Debt

Debt	9 Months Ended
	Sep. 29, 2023
Debt Disclosure [Abstract]
Debt	Debt On May 23, 2023 and June 8, 2023, the Company executed amendments to its amended and restated credit agreement that amended, superseded and restated in its entirety the Company's existing credit agreement with U.S. Bank National Association, as administrative agent and a lender, and the other lenders that are parties thereto. The first amendment removed references to LIBOR for calculating rates and replaced them with SOFR and its equivalent benchmark rates such as EURIBOR, TIBOR and RFR loans. The second amendment increased, from $500 million to $750 million, the amount of availability under an unsecured revolving credit facility, as well as increased, from $200 million to $375 million, the maximum amount of outstanding loans in currencies other than U.S. Dollars. The amendment also increased, from $250 million to $375 million, the amount by which the size of the credit facility may be increased upon exercise of an accordion feature. The accordion feature may be exercised by means of an increase in the revolving commitments or the addition of term loans.

Fair Value

Fair Value	9 Months Ended
	Sep. 29, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): Level September 29, December 30, Assets Cash surrender value of life insurance 2 $ 20,207 $ 19,192 Forward exchange contracts 2 233 — Total assets at fair value $ 20,440 $ 19,192 Liabilities Contingent consideration 3 $ 1,375 $ 14,914 Deferred compensation 2 6,325 5,842 Forward exchange contracts 2 — 520 Total liabilities at fair value $ 7,700 $ 21,276 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. Contingent consideration liabilities represent 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. In the third quarter of 2023, the Company recognized an $8.6 million gain from the reduction in fair value of contingent consideration related to the reorganization of a business acquired in 2020 that is not material to the consolidated financial statements. Contingent consideration liabilities were further reduced $4.9 million in 2023 by payments made to previous owners of those businesses. Long-term notes payable with fixed interest rates had a carrying amount of $75 million and an estimated fair value of $75 million as of December 30, 2022. These notes were repaid as of July 12, 2023. 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Earnings	$ 133,123	$ 116,232	$ 396,557	$ 334,453

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 29, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 29, 2023
Segment Reporting [Abstract]
Segment Reporting - Operations and Assets	Sales and operating earnings by segment were as follows (in thousands): Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Net Sales Contractor $ 245,269 $ 264,086 $ 746,888 $ 764,417 Industrial 157,084 156,182 470,797 459,176 Process 137,319 125,376 411,277 364,883 Total $ 539,672 $ 545,644 $ 1,628,962 $ 1,588,476 Operating Earnings Contractor $ 73,512 $ 65,123 $ 216,152 $ 192,314 Industrial 54,298 53,964 162,955 161,795 Process 43,001 30,638 127,186 89,183 Unallocated corporate (expense) (8,422) (6,576) (30,184) (23,100) Contingent consideration 8,600 — 8,600 — Impairment (7,800) — (7,800) — Total $ 163,189 $ 143,149 $ 476,909 $ 420,192 Assets by segment were as follows (in thousands): September 29, December 30, Contractor $ 740,771 $ 752,729 Industrial 610,367 578,302 Process 573,028 564,539 Unallocated corporate 750,751 543,330 Total $ 2,674,917 $ 2,438,900
Segment Reporting - Geographic	Geographic information follows (in thousands): Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Net Sales (based on customer location) United States $ 288,610 $ 289,831 $ 879,552 $ 840,922 Other countries 251,062 255,813 749,410 747,554 Total $ 539,672 $ 545,644 $ 1,628,962 $ 1,588,476 September 29, December 30, Long-lived Assets United States $ 604,727 $ 532,401 Other countries 103,101 75,208 Total $ 707,828 $ 607,609

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 29, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Net earnings available to common shareholders $ 133,123 $ 116,232 $ 396,557 $ 334,453 Weighted average shares outstanding for basic earnings per share 169,005 169,166 168,569 169,368 Dilutive effect of stock options computed using the treasury stock method and the average market price 3,775 3,623 3,767 4,020 Weighted average shares outstanding for diluted earnings per share 172,780 172,789 172,336 173,388 Basic earnings per share $ 0.79 $ 0.69 $ 2.35 $ 1.97 Diluted earnings per share $ 0.77 $ 0.67 $ 2.30 $ 1.93 Anti-dilutive shares not included in diluted earnings per share computation 1,200 1,618 2,033 1,616

Share-Based Awards (Tables)

Share-Based Awards (Tables)	9 Months Ended
	Sep. 29, 2023
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Options Activity and Outstanding	Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices): Option Weighted Average Options Weighted Average Outstanding, December 30, 2022 10,265 $ 44.40 7,793 $ 37.22 Granted 1,114 71.45 Exercised (1,191) 30.89 Canceled (82) 66.15 Outstanding, September 29, 2023 10,106 $ 48.79 7,439 $ 41.10
Options Fair Value Inputs	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and results: Nine Months Ended September 29, September 30, Expected life in years 6.7 7.3 Interest rate 4.0 % 1.9 % Volatility 26.3 % 25.5 % Dividend yield 1.3 % 1.2 % Weighted average fair value per share $ 21.76 $ 19.06
ESPP Fair Value Inputs	The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option pricing model with the following assumptions and results: Nine Months Ended September 29, September 30, Expected life in years 1.0 1.0 Interest rate 5.1 % 0.9 % Volatility 26.4 % 20.5 % Dividend yield 1.4 % 1.2 % Weighted average fair value per share $ 18.04 $ 16.01

Retirement Benefits (Tables)

Retirement Benefits (Tables)	9 Months Ended
	Sep. 29, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands): Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Pension Benefits Service cost $ 1,438 $ 2,053 $ 4,369 $ 6,187 Interest cost 3,632 2,745 11,207 8,249 Expected return on assets (6,399) (5,237) (14,354) (14,816) Amortization and other 3,041 1,200 3,896 3,695 Net periodic benefit cost $ 1,712 $ 761 $ 5,118 $ 3,315 Postretirement Medical Service cost $ 61 $ 129 $ 261 $ 387 Interest cost 454 209 874 629 Amortization (280) 86 (100) 259 Net periodic benefit cost $ 235 $ 424 $ 1,035 $ 1,275

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 29, 2023
Stockholders' Equity Note [Abstract]
Changes in AOCI	Changes in components of accumulated other comprehensive income (loss), net of tax were as follows (in thousands): Pension and Cumulative Total Three Months Ended September 29, 2023 Balance, June 30, 2023 $ (37,915) $ (20,116) $ (58,031) Other comprehensive income (loss) before reclassifications — (9,022) (9,022) Reclassified to pension cost and deferred tax 848 — 848 Balance, September 29, 2023 $ (37,067) $ (29,138) $ (66,205) Nine Months Ended September 29, 2023 Balance, December 30, 2022 $ (39,734) $ (29,644) $ (69,378) Other comprehensive income (loss) before reclassifications — 506 506 Reclassified to pension cost and deferred tax 2,667 — 2,667 Balance, September 29, 2023 $ (37,067) $ (29,138) $ (66,205) Three Months Ended September 30, 2022 Balance, July 1, 2022 $ (58,359) $ (36,554) $ (94,913) Other comprehensive income (loss) before reclassifications — (13,335) (13,335) Reclassified to pension cost and deferred tax 1,028 — 1,028 Balance, September 30, 2022 $ (57,331) $ (49,889) $ (107,220) Nine Months Ended September 30, 2022 Balance, December 31, 2021 $ (60,107) $ (20,062) $ (80,169) Other comprehensive income (loss) before reclassifications — (29,827) (29,827) Reclassified to pension cost and deferred tax 2,776 — 2,776 Balance, September 30, 2022 $ (57,331) $ (49,889) $ (107,220)

Receivables and Credit Losses (

Receivables and Credit Losses (Tables)	9 Months Ended
	Sep. 29, 2023
Credit Loss [Abstract]
Accounts Receivable, Allowance for Credit Loss	Following is a summary of activity for credit losses (in thousands): Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Balance, beginning $ 4,199 $ 5,689 $ 6,130 $ 3,254 Additions charged to costs and expenses 366 16 646 3,262 Deductions from reserves (1) (595) 11 (2,864) (564) Other additions (deductions) (2) (88) (216) (30) (452) Balance, ending $ 3,882 $ 5,500 $ 3,882 $ 5,500 (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.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 29, 2023
Inventory, Net [Abstract]
Components of Inventories	Major components of inventories were as follows (in thousands): September 29, December 30, Finished products and components $ 233,224 $ 222,326 Products and components in various stages of completion 139,389 138,957 Raw materials and purchased components 215,668 248,636 Subtotal 588,281 609,919 Reduction to LIFO cost (130,677) (133,129) Total $ 457,604 $ 476,790

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets	Components of other intangible assets were as follows (dollars in thousands): Finite Life Indefinite Life Customer Patents and Trademarks, Trade Total As of September 29, 2023 Cost $ 197,417 $ 26,374 $ 1,300 $ 62,633 $ 287,724 Accumulated amortization (130,424) (19,751) (503) — (150,678) Foreign currency translation (9,647) (882) — (1,693) (12,222) Book value $ 57,346 $ 5,741 $ 797 $ 60,940 $ 124,824 Weighted average life in years 13 9 6 N/A 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
Future Amortization Expense	Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands): 2023 (Remainder) 2024 2025 2026 2027 Thereafter Estimated Amortization Expense $ 4,166 $ 16,155 $ 15,739 $ 8,982 $ 6,358 $ 12,484
Goodwill Rollforward	Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands): Contractor Industrial Process Total Balance, December 30, 2022 $ 77,034 $ 134,771 $ 156,366 $ 368,171 Impairment — — (7,800) (7,800) Foreign currency translation (122) 286 180 344 Balance, September 29, 2023 $ 76,912 $ 135,057 $ 148,746 $ 360,715

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
	Sep. 29, 2023
Accrued Liabilities, Current [Abstract]
Components of Other Current Liabilities	Components of other current liabilities were as follows (in thousands): September 29, December 30, Accrued self-insurance retentions $ 9,395 $ 9,338 Accrued warranty and service liabilities 15,044 14,674 Accrued trade promotions 14,196 13,799 Payable for employee stock purchases 12,061 16,497 Customer advances and deferred revenue 60,332 50,747 Income taxes payable 13,891 15,987 Tax payable, other 8,816 9,614 Right of return refund liability 17,965 18,449 Operating lease liabilities, current 8,888 9,555 Other 29,001 32,133 Total $ 189,589 $ 190,793
Accrued Warranty Activity	Following is a summary of activity in accrued warranty and service liabilities (in thousands): Balance, December 30, 2022 $ 14,674 Charged to expense 7,842 Margin on parts sales reversed 2,819 Reductions for claims settled (10,291) Balance, September 29, 2023 $ 15,044

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 29, 2023
Fair Value Disclosures [Abstract]
Fair Value Schedule	Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): Level September 29, December 30, Assets Cash surrender value of life insurance 2 $ 20,207 $ 19,192 Forward exchange contracts 2 233 — Total assets at fair value $ 20,440 $ 19,192 Liabilities Contingent consideration 3 $ 1,375 $ 14,914 Deferred compensation 2 6,325 5,842 Forward exchange contracts 2 — 520 Total liabilities at fair value $ 7,700 $ 21,276

Segment Reporting Information -

Segment Reporting Information - Operations and Assets (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 29, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Net Sales	$ 539,672	$ 545,644	$ 1,628,962	$ 1,588,476
Operating Earnings	163,189	143,149	476,909	420,192
Contingent consideration	8,600	0	8,600	0
Impairment	(7,800)	0	(7,800)	0
Total Assets	2,674,917		2,674,917		$ 2,438,900
Contractor
Segment Reporting Information [Line Items]
Impairment			0
Process
Segment Reporting Information [Line Items]
Impairment			(7,800)
Operating Segments | Contractor
Segment Reporting Information [Line Items]
Net Sales	245,269	264,086	746,888	764,417
Operating Earnings	73,512	65,123	216,152	192,314
Total Assets	740,771		740,771		752,729
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Net Sales	157,084	156,182	470,797	459,176
Operating Earnings	54,298	53,964	162,955	161,795
Total Assets	610,367		610,367		578,302
Operating Segments | Process
Segment Reporting Information [Line Items]
Net Sales	137,319	125,376	411,277	364,883
Operating Earnings	43,001	30,638	127,186	89,183
Total Assets	573,028		573,028		564,539
Unallocated corporate
Segment Reporting Information [Line Items]
Operating Earnings	(8,422)	(6,576)	(30,184)	(23,100)
Contingent consideration	8,600	$ 0	8,600	$ 0
Total Assets	$ 750,751		$ 750,751		$ 543,330

Segment Reporting Information_2

Segment Reporting Information - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Dec. 30, 2022
Geographic Information [Line Items]
Net Sales	$ 539,672	$ 545,644	$ 1,628,962	$ 1,588,476
Long-lived Assets	707,828		707,828		$ 607,609
United States
Geographic Information [Line Items]
Net Sales	288,610	289,831	879,552	840,922
Long-lived Assets	604,727		604,727		532,401
Other countries
Geographic Information [Line Items]
Net Sales	251,062	$ 255,813	749,410	$ 747,554
Long-lived Assets	$ 103,101		$ 103,101		$ 75,208

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net earnings available to common shareholders	$ 133,123	$ 116,232	$ 396,557	$ 334,453
Weighted average shares outstanding for basic earnings per share	169,005	169,166	168,569	169,368
Dilutive effect of stock options computed using the treasury stock method and the average market price	3,775	3,623	3,767	4,020
Weighted average shares outstanding for diluted earnings per share	172,780	172,789	172,336	173,388
Basic earnings per share	$ 0.79	$ 0.69	$ 2.35	$ 1.97
Diluted earnings per share	$ 0.77	$ 0.67	$ 2.30	$ 1.93
Antidilutive securities excluded from the computation of diluted earnings per share	1,200	1,618	2,033	1,616

Share-Based Awards - Options Ac

Share-Based Awards - Options Activity and Outstanding (Details) - $ / shares shares in Thousands	9 Months Ended
	Sep. 29, 2023	Dec. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning (in shares)	10,265
Options granted (in shares)	1,114
Options exercised (in shares)	(1,191)
Options canceled (in shares)	(82)
Ending (in shares)	10,106
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning (dollars per share)	$ 44.40
Granted (dollars per share)	71.45
Exercised (dollars per share)	30.89
Canceled (dollars per share)	66.15
Ending (dollars per share)	$ 48.79
Options exercisable (in shares)	7,439	7,793
Weighted average exercise price of exercisable options (dollars per share)	$ 41.10	$ 37.22

Share-Based Awards - Narrative

Share-Based Awards - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 25.5	$ 17.9
Unrecognized compensation cost	$ 20.4
Weighted average recognition period	2 years 7 months 6 days
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan shares issued	323,000	316,000
Stock purchase plan discount from market value	15%

Share-Based Awards - Options Fa

Share-Based Awards - Options Fair Value Inputs (Details) - Stock Option - $ / shares	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Fair Value Assumptions and Methodology [Abstract]
Expected life in years	6 years 8 months 12 days	7 years 3 months 18 days
Interest rate	4%	1.90%
Volatility	26.30%	25.50%
Dividend yield	1.30%	1.20%
Weighted average fair value per share (in dollars per share)	$ 21.76	$ 19.06

Share-Based Awards - ESPP Fair

Share-Based Awards - ESPP Fair Value Inputs (Details) - Employee Stock Purchase Plan - $ / shares	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	1 year	1 year
Interest rate	5.10%	0.90%
Volatility	26.40%	20.50%
Dividend yield	1.40%	1.20%
Weighted average fair value per share (in dollars per share)	$ 18.04	$ 16.01

Retirement Benefits (Details)

Retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,438	$ 2,053	$ 4,369	$ 6,187
Interest cost	3,632	2,745	11,207	8,249
Expected return on assets	(6,399)	(5,237)	(14,354)	(14,816)
Amortization and other	3,041	1,200	3,896	3,695
Net periodic benefit cost	1,712	761	5,118	3,315
Postretirement Medical
Defined Benefit Plan Disclosure [Line Items]
Service cost	61	129	261	387
Interest cost	454	209	874	629
Amortization	(280)	86	(100)	259
Net periodic benefit cost	$ 235	$ 424	$ 1,035	$ 1,275

Shareholders' Equity - Changes

Shareholders' Equity - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated other comprehensive income (loss)	$ (58,031)	$ (94,913)	$ (69,378)	$ (80,169)
Other comprehensive income (loss) before reclassifications	(9,022)	(13,335)	506	(29,827)
Reclassified to pension cost and deferred tax	848	1,028	2,667	2,776
Ending Accumulated other comprehensive income (loss)	(66,205)	(107,220)	(66,205)	(107,220)
Pension and Postretirement Medical
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated other comprehensive income (loss)	(37,915)	(58,359)	(39,734)	(60,107)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Reclassified to pension cost and deferred tax	848	1,028	2,667	2,776
Ending Accumulated other comprehensive income (loss)	(37,067)	(57,331)	(37,067)	(57,331)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated other comprehensive income (loss)	(20,116)	(36,554)	(29,644)	(20,062)
Other comprehensive income (loss) before reclassifications	(9,022)	(13,335)	506	(29,827)
Reclassified to pension cost and deferred tax	0	0	0	0
Ending Accumulated other comprehensive income (loss)	$ (29,138)	$ (49,889)	$ (29,138)	$ (49,889)

Receivables and Credit Losses_2

Receivables and Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Dec. 30, 2022
Credit Loss [Abstract]
Accounts Receivable, before Allowance for Credit Loss	$ 341,000		$ 341,000		$ 334,000
Other Receivables	12,000		12,000		$ 12,000
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning	4,199	$ 5,689	6,130	$ 3,254
Additions (reversals) charged to costs and expenses	(366)	(16)	(646)	3,262
Deductions from reserves	(595)	11	(2,864)	(564)
Other additions (deductions)	(88)	(216)	(30)	(452)
Balance, ending	$ 3,882	$ 5,500	$ 3,882	$ 5,500

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Inventory, Net [Abstract]
Finished products and components	$ 233,224	$ 222,326
Products and components in various stages of completion	139,389	138,957
Raw materials and purchased components	215,668	248,636
Inventory gross	588,281	609,919
Reduction to LIFO cost	(130,677)	(133,129)
Total	$ 457,604	$ 476,790

Intangible Assets - Other Intan

Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 29, 2023	Dec. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total Cost		$ 287,724	$ 292,410
Total Foreign Currency Translation	$ (12,943)	(12,222)
Finite Life
Accumulated amortization		(150,678)	(141,960)
Total Book Value		124,824	137,507
Trade Names
Indefinite Life
Cost		62,633	62,633
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(1,989)	(1,693)
Book value		60,940	60,644
Customer Relationships
Finite Life
Cost		197,417	202,103
Accumulated amortization		(130,424)	(123,603)
Foreign currency translation	$ (10,060)	(9,647)
Book value		$ 57,346	68,440
Weighted average life in years	13 years	13 years
Patents and Proprietary Technology
Finite Life
Cost		$ 26,374	26,374
Accumulated amortization		(19,751)	(18,027)
Foreign currency translation	$ (894)	(882)
Book value		$ 5,741	7,453
Weighted average life in years	10 years	9 years
Trademarks, Trade Names and Other
Finite Life
Cost		$ 1,300	1,300
Accumulated amortization		(503)	(330)
Foreign currency translation	$ 0	0
Book value		$ 797	$ 970
Weighted average life in years	6 years	6 years

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 4.4	$ 4.8	$ 13.2	$ 14.1

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Sep. 29, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining estimated amortization expense 2023	$ 4,166
Estimated amortization expense 2024	16,155
Estimated amortization expense 2025	15,739
Estimated amortization expense 2026	8,982
Estimated amortization expense 2027	6,358
Estimated amortization expense thereafter	$ 12,484

Intangible Assets - Goodwill Ro

Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Goodwill [Roll Forward]
Beginning balance			$ 368,171
Additions, adjustments from business acquisitions			0
Impairment	$ (7,800)	$ 0	(7,800)	$ 0
Foreign currency translation			344
Ending balance	360,715		360,715
Industrial
Goodwill [Roll Forward]
Beginning balance			134,771
Additions, adjustments from business acquisitions			0
Foreign currency translation			286
Ending balance	135,057		135,057
Process
Goodwill [Roll Forward]
Beginning balance			156,366
Additions, adjustments from business acquisitions			0
Impairment			(7,800)
Foreign currency translation			180
Ending balance	148,746		148,746
Contractor
Goodwill [Roll Forward]
Beginning balance			77,034
Additions, adjustments from business acquisitions			0
Impairment			0
Foreign currency translation			(122)
Ending balance	$ 76,912		$ 76,912

Other Current Liabilities - Com

Other Current Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Other Current Liabilities Details [Abstract]
Accrued self-insurance retentions	$ 9,395	$ 9,338
Accrued warranty and service liabilities	15,044	14,674
Accrued trade promotions	14,196	13,799
Payable for employee stock purchases	12,061	16,497
Customer advances and deferred revenue	60,332	50,747
Income taxes payable	13,891	15,987
Tax payable, other	8,816	9,614
Right of return refund liability	17,965	18,449
Operating lease liabilities, current	8,888	9,555
Other	29,001	32,133
Total	$ 189,589	$ 190,793

Other Current Liabilities - Acc

Other Current Liabilities - Accrued Warranty Activity (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2023 USD ($)
Activity In Accrued Warranty And Service Liabilities Abstract
Balance, beginning of year	$ 14,674
Charged to expense	7,842
Margin on parts sales reversed	2,819
Reductions for claims settled	(10,291)
Balance, end of period	$ 15,044

Other Current Liabilities - Nar

Other Current Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Accrued Liabilities, Current [Abstract]
Contract with Customer, Liability, Revenue Recognized	$ 6.7	$ 11.2	$ 43.3	$ 52

Debt (Details)

Debt (Details) - Revolving Credit Facility - Committed Facility - Line of Credit - USD ($) $ in Millions	Jun. 08, 2023	Jun. 07, 2023
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 750	$ 500
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases	375	200
Line of Credit Facility, Current Borrowing Capacity	$ 375	$ 250
Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.125%	0%
Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.125%	1%
Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.875%	0.75%
Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.875%	1.75%

Fair Value - Fair Value Schedul

Fair Value - Fair Value Schedule (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Assets
Total assets at fair value	$ 20,440	$ 19,192
Liabilities
Total liabilities at fair value	7,700	21,276
Level 2
Assets
Cash surrender value of life insurance	20,207	19,192
Forward exchange contracts	233	0
Liabilities
Deferred compensation	6,325	5,842
Forward exchange contracts	0	520
Level 3
Liabilities
Contingent consideration	$ 1,375	$ 14,914

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Dec. 30, 2022
Fair Value Disclosures [Abstract]
Contingent consideration	$ 8,600	$ 0	$ 8,600	$ 0
Payments on contingent consideration liabilities			$ 4,900
Long term debt, carrying amount					$ 75,000
Long term debt, fair value					$ 75,000