Graco (GGG) 10-Q 23 Jul 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	3 Months Ended
	Jun. 27, 2014	Jul. 16, 2014	Jun. 28, 2013
Document Information [Abstract]	'	'	'
Document type	'10-Q	'	'
Document period end date	27-Jun-14	'	'
Amendment flag	'false	'	'
Entity Information [Abstract]	'	'	'
Entity registrant name	'Graco Inc.	'	'
Entity central index key	'0000042888	'	'
Entity current reporting status	'Yes	'	'
Entity voluntary filers	'No	'	'
Current fiscal year end date	'--12-26	'	'
Entity filer category	'Large Accelerated Filer	'	'
Entity well known seasoned issuer	'Yes	'	'
Entity common stock shares outstanding	'	60,083,000	'
Entity public float	'	'	$3,824,289,015
Document fiscal year focus	'2014	'	'
Document fiscal period focus	'Q2	'	'

Consolidated_Statements_of_Ear

Consolidated Statements of Earnings (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013
Consolidated Statements of Earnings	'	'	'	'
Net Sales	$322,549	$286,020	$612,511	$555,066
Cost of products sold	145,699	127,281	276,349	245,683
Gross Profit	176,850	158,739	336,162	309,383
Product development	13,405	12,467	26,564	24,888
Selling, marketing and distribution	49,503	44,556	95,845	87,910
General and administrative	28,094	26,499	53,200	49,871
Operating Earnings	85,848	75,217	160,553	146,714
Interest expense	4,676	4,625	9,264	9,387
Other expense (income), net	-10,764	-10,851	-14,192	-15,246
Earnings Before Income Taxes	91,936	81,443	165,481	152,573
Income taxes	25,700	23,600	48,500	42,600
Net Earnings	$66,236	$57,843	$116,981	$109,973
Basic Net Earnings per Common Share	$1.10	$0.94	$1.93	$1.80
Diluted Net Earnings per Common Share	$1.07	$0.92	$1.88	$1.76
Cash Dividends Declared per Common Share	$0.28	$0.25	$0.55	$0.50

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'	'
Net Earnings	$66,236	$57,843	$116,981	$109,973
Other Comprehensive Income (Loss) [Abstract]	'	'	'	'
Cumulative translation adjustment	-1,908	2,632	-1,994	-5,855
Pension and postretirement medical liability adjustment	1,225	2,330	2,413	4,786
Other Comprehensive Income Taxes	'	'	'	'
Pension and postretirement medical liability adjustment	-436	-842	-864	-1,720
Other comprehensive income (loss)	-1,119	4,120	-445	-2,789
Comprehensive Income	$65,117	$61,963	$116,536	$107,184

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 27, 2014	Dec. 27, 2013
In Thousands, unless otherwise specified
Current Assets	'	'
Cash and cash equivalents	$29,568	$19,756
Accounts receivable, less allowances	229,224	183,293
Inventories	147,060	133,787
Deferred income taxes	21,096	18,827
Investment in businesses held separate	421,767	422,297
Other current assets	10,745	14,633
Total current assets	859,460	792,593
Property, Plant and Equipment	'	'
Cost	424,822	407,887
Accumulated depreciation	-265,769	-256,170
Property, plant and equipment, net	159,053	151,717
Goodwill	226,537	189,967
Other Intangible Assets, net	162,898	147,940
Deferred Income Taxes	22,632	20,366
Other Assets	26,297	24,645
Total Assets	1,456,877	1,327,228
Current Liabilities	'	'
Notes payable to banks	12,599	9,584
Trade accounts payable	42,740	34,282
Salaries and incentives	30,205	38,939
Dividends payable	16,583	16,881
Other current liabilities	63,039	69,167
Total current liabilities	165,166	168,853
Long-term Debt	522,760	408,370
Retirement Benefits and Deferred Compensation	94,863	94,705
Deferred Income Taxes	20,776	20,935
Shareholders' Equity	'	'
Common stock	60,181	61,003
Additional paid-in-capital	368,865	347,058
Retained earnings	271,060	272,653
Accumulated other comprehensive income (loss)	-46,794	-46,349
Total shareholders' equity	653,312	634,365
Total Liabilities and Shareholders' Equity	$1,456,877	$1,327,228

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets Parenthetical (USD $)	Jun. 27, 2014	Dec. 27, 2013
In Thousands, unless otherwise specified
Statement Of Financial Position Parenthetical [Abstract]	'	'
Receivables allowances	$6,600	$6,300

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013
Cash Flows From Operating Activities	'	'
Net Earnings	$116,981	$109,973
Adjustments to reconcile net earnings to net cash provided by operating activities:	'	'
Depreciation and amortization	18,327	18,637
Deferred income taxes	-5,710	-5,073
Share-based compensation	9,818	7,762
Excess tax benefit related to share-based payment arrangements	-2,300	-3,300
Change in	'	'
Accounts receivable	-42,019	-27,349
Inventories	-9,806	-12,393
Trade accounts payable	6,219	4,541
Salaries and incentives	-9,670	-5,635
Retirement benefits and deferred compensation	2,749	6,113
Other accrued liabilities	3,916	7,646
Other	-4,476	-761
Net cash provided by operating activities	84,029	100,161
Cash Flows From Investing Activities	'	'
Property, plant and equipment additions	-17,062	-9,423
Proceeds from sale of assets	0	1,600
Acquisition of businesses, net of cash acquired	-65,219	0
Investment in businesses held separate	530	835
Other	-599	-112
Net cash used in investing activities	-82,350	-7,100
Cash Flows From Financiing Activities:	'	'
Borrowings (payments) on short-term lines of credit, net	2,659	-172
Borrowings on long-term line of credit	325,665	198,645
Payments on long-term line of credit	-211,275	-289,335
Payments of debt issuance costs	-890	0
Excess tax benefit related to share-based payment arrangements	2,300	3,300
Common stock issued	17,792	25,975
Common stock repurchased	-93,820	-6,334
Cash dividends paid	-33,485	-30,504
Net cash provided by (used in) financing activities	8,946	-98,425
Effect of exchange rate changes on cash	-813	1,813
Net increase (decrease) in cash and cash equivalents	9,812	-3,551
Cash and cash equivalents:	'	'
Beginning of year	19,756	31,120
End of period	$29,568	$27,569

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 27, 2014
Basis of Presentation [Abstract]	'
Basis of Presentation Text Block	'
	1.       The consolidated balance sheet of Graco Inc. and Subsidiaries (the “Company”) as of June 27, 2014 and the related statements of earnings for the thirteen and twenty-six weeks ended June 27, 2014 and June 28, 2013, and cash flows for the twenty-six weeks ended June 27, 2014 and June 28, 2013 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 June 27, 2014, 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 2013 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.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Jun. 27, 2014
Earnings Per Share Abstract	'
Earnings Per Share Text Block	'
	2.       The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):
				Thirteen Weeks Ended				Twenty-six Weeks Ended
				June 27,		June 28,		June 27,		June 28,
				2014		2013		2014		2013
		Net earnings available to
			common shareholders	$	66,236	$	57,843	$	116,981	$	109,973
		Weighted average shares
			outstanding for basic
			earnings per share		60,453		61,371		60,637		61,166
		Dilutive effect of stock
			options computed using the
			treasury stock method and
			the average market price		1,575		1,470		1,596		1,458
		Weighted average shares
			outstanding for diluted
			earnings per share		62,028		62,841		62,233		62,624
		Basic earnings per share		$	1.1	$	0.94	$	1.93	$	1.8
		Diluted earnings per share		$	1.07	$	0.92	$	1.88	$	1.76
	Stock options to purchase 876,000 and 568,000 shares were not included in the June 27, 2014 and June 28, 2013 computations of diluted earnings per share, respectively, because they would have been anti-dilutive.

ShareBased_Awards

Share-Based Awards	6 Months Ended
	Jun. 27, 2014
Share-Based Awards Abstract	'
Share-Based Awards Text Block	'
	3.       Information on option shares outstanding and option activity for the twenty-six weeks ended June 27, 2014 is shown below (in thousands, except per share amounts):
						Weighted				Weighted
						Average				Average
				Option		Exercise			Options	Exercise
				Shares		Price		Exercisable		Price
		Outstanding, December 27, 2013		5,149		$	41.03		3,311	$	33.2
			Granted	475			74.62
			Exercised	-238			34.09
			Canceled	-14			68.03
		Outstanding, June 27, 2014		5,372		$	44.25		3,667	$	34.89
	The Company recognized year-to-date share-based compensation of $9.8 million in 2014 and $7.8 million in 2013. As of June 27, 2014, there was $19.1 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of 1.9 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:
			Twenty-six Weeks Ended
			June 27,				June 28,
			2014				2013
		Expected life in years		6.5				6.5
		Interest rate		2	%			1.2	%
		Volatility		36.1	%			36.3	%
		Dividend yield		1.5	%			1.7	%
		Weighted average fair value per share	$	24.83			$	18.29
	Under the Company's Employee Stock Purchase Plan, the Company issued 193,000 shares in 2014 and 197,000 shares in 2013. 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:
			Twenty-six Weeks Ended
			June 27,				June 28,
			2014				2013
		Expected life in years		1				1
		Interest rate		0.1	%			0.2	%
		Volatility		21.4	%			26	%
		Dividend yield		1.4	%			1.7	%
		Weighted average fair value per share	$	17.81			$	14.16

Retirement_Benefits

Retirement Benefits	6 Months Ended
	Jun. 27, 2014
Retirement Benefits Abstract	'
Retirement Benefits Text Block	'
	4.       The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands):
			Thirteen Weeks Ended				Twenty-six Weeks Ended
			June 27,		June 28,		June 27,		June 28,
			2014		2013		2014		2013
		Pension Benefits
		Service cost	$	1,697	$	1,789	$	3,439	$	3,590
		Interest cost		3,940		3,429		8,076		6,998
		Expected return on assets		-5,211		-4,535		-10,630		-9,249
		Amortization and other		1,355		2,789		2,688		5,292
		Net periodic benefit cost	$	1,781	$	3,472	$	3,573	$	6,631
		Postretirement Medical
		Service cost	$	125	$	155	$	250	$	310
		Interest cost		278		247		555		493
		Amortization		-126		-50		-254		-102
		Net periodic benefit cost	$	277	$	352	$	551	$	701

Comprehensive_Income

Comprehensive Income	6 Months Ended
	Jun. 27, 2014
Components of AOCI [Abstract]	'
Comprehensive Income Text Block	'
	5.       Changes in components of accumulated other comprehensive income (loss), net of tax were (in thousands):
				Pension
				and Post-			Cumulative
				retirement			Translation
				Medical			Adjustment			Total
		Thirteen Weeks Ended
			28-Jun-13
		Beginning balance		$	-78,138		$	-12,516		$	-90,654
			Other comprehensive income
			before reclassifications		-			2,632			2,632
			Amounts reclassified from accumulated
			other comprehensive income		1,488			-			1,488
		Ending balance		$	-76,650		$	-9,884		$	-86,534
		Thirteen Weeks Ended
			27-Jun-14
		Beginning balance		$	-49,372		$	3,697		$	-45,675
			Other comprehensive income
			before reclassifications		-			-1,908			-1,908
			Amounts reclassified from accumulated
			other comprehensive income		789			-			789
		Ending balance		$	-48,583		$	1,789		$	-46,794
		Twenty-six Weeks Ended
			28-Jun-13
		Beginning balance		$	-79,716		$	-4,029		$	-83,745
			Other comprehensive income
			before reclassifications		-			-5,855			-5,855
			Amounts reclassified from accumulated
			other comprehensive income		3,066			-			3,066
		Ending balance		$	-76,650		$	-9,884		$	-86,534
		Twenty-six Weeks Ended
			27-Jun-14
		Beginning balance		$	-50,132		$	3,783		$	-46,349
			Other comprehensive income
			before reclassifications		-			-1,994			-1,994
			Amounts reclassified from accumulated
			other comprehensive income		1,549			-			1,549
		Ending balance		$	-48,583		$	1,789		$	-46,794
	Amounts related to pension and postretirement medical adjustments are reclassified to pension cost, which is allocated to cost of products sold and operating expenses based on salaries and wages, approximately as follows (in thousands):
			Thirteen Weeks Ended						Twenty-six Weeks Ended
			June 27,			June 28,			June 27,			June 28,
			2014			2013			2014			2013
		Cost of products sold	$	440		$	844		$	876		$	1,753
		Product development		195			370			382			763
		Selling, marketing and distribution		354			658			689			1,324
		General and administrative		236			458			466			946
		Total before tax	$	1,225		$	2,330		$	2,413		$	4,786
		Income tax (benefit)		-436			-842			-864			-1,720
		Total after tax	$	789		$	1,488		$	1,549		$	3,066

Segment_Information

Segment Information	6 Months Ended
	Jun. 27, 2014
Segment Information [Abstract]	'
Segment Information Text Block	'
	6.       The Company has three reportable segments: Industrial (which aggregates five operating segments), Contractor and Lubrication. Sales and operating earnings by segment were as follows (in thousands):
				Thirteen Weeks Ended				Twenty-six Weeks Ended
				June 27,		June 28,		June 27,		June 28,
				2014		2013		2014		2013
		Net Sales
			Industrial	$	181,763	$	159,671	$	358,189	$	323,846
			Contractor		111,121		98,498		196,027		176,126
			Lubrication		29,665		27,851		58,295		55,094
		Total		$	322,549	$	286,020	$	612,511	$	555,066
		Operating Earnings
			Industrial	$	57,563	$	51,530	$	112,778	$	106,749
			Contractor		28,289		24,479		46,539		40,911
			Lubrication		6,901		6,647		13,434		11,788
			Unallocated corporate (expense)		-6,905		-7,439		-12,198		-12,734
		Total		$	85,848	$	75,217	$	160,553	$	146,714
	Assets by segment were as follows (in thousands):
				June 27,		Dec 27,
				2014		2013
		Industrial		$	673,111	$	591,135
		Contractor			187,750		152,300
		Lubrication			81,839		82,503
		Unallocated corporate			514,177		501,290
		Total		$	1,456,877	$	1,327,228
	Geographic information follows (in thousands):
				Thirteen Weeks Ended				Twenty-six Weeks Ended
				June 27,		June 28,		June 27,		June 28,
				2014		2013		2014		2013
		Net sales
		(based on customer location)
			United States	$	156,160	$	135,173	$	290,082	$	251,254
			Other countries		166,389		150,847		322,429		303,812
		Total		$	322,549	$	286,020	$	612,511	$	555,066
				June 27,		Dec 27,
				2014		2013
		Long-lived assets
			United States	$	128,264	$	120,262
			Other countries		30,789		31,455
		Total		$	159,053	$	151,717

Inventories

Inventories	6 Months Ended
	Jun. 27, 2014
Inventories abstract	'
Inventories Text block	'
	7.       Major components of inventories were as follows (in thousands):
				June 27,		Dec 27,
				2014		2013
		Finished products and components		$	72,945	$	65,963
		Products and components in various
			stages of completion		43,550		41,458
		Raw materials and purchased components			73,897		69,051
					190,392		176,472
		Reduction to LIFO cost			-43,332		-42,685
		Total		$	147,060	$	133,787

Other_Intangible_Assets

Other Intangible Assets	6 Months Ended
	Jun. 27, 2014
Other Intangible Assets	'
Other Intangible Assets Text Block	'
	8.       Information related to other intangible assets follows (dollars in thousands):
				Estimated					Foreign
				Life			Accumulated		Currency		Book
				(years)	Cost		Amortization		Translation		Value
	27-Jun-14
	Customer relationships			14-Mar	$	118,975	$	-17,088	$	730	$	102,617
	Patents, proprietary technology
		and product documentation		11-May		18,125		-6,232		49		11,942
	Trademarks, trade names
		and other		5		175		-27		-		148
						137,275		-23,347		779		114,707
	Not Subject to Amortization:
		Brand names				47,800		-		391		48,191
	Total				$	185,075	$	-23,347	$	1,170	$	162,898
	27-Dec-13
	Customer relationships			14-Mar	$	121,205	$	-26,377	$	1,458	$	96,286
	Patents, proprietary technology
		and product documentation		11-Mar		16,125		-5,869		118		10,374
	Trademarks, trade names
		and other		5		175		-9		-		166
						137,505		-32,255		1,576		106,826
	Not Subject to Amortization:
		Brand names				40,400		-		714		41,114
	Total				$	177,905	$	-32,255	$	2,290	$	147,940
	Amortization of intangibles for the quarter was $2.7 million in 2014 and $3.2 million in 2013, and for the year-to-date was $5.8 million in 2014 and $6.6 million in 2013. Estimated annual amortization expense is as follows: $11.2 million in 2014, $10.7 million in 2015, $10.4 million in 2016, $10.2 million in 2017, $10.1 million in 2018 and $67.9 million thereafter.
	Changes in the carrying amount of goodwill in 2014 were as follows (in thousands):
			Industrial		Contractor		Lubrication		Total
		Beginning balance	$	157,738	$	12,732	$	19,497	$	189,967
		Additions from business acquisitions		37,340		-		-		37,340
		Foreign currency translation		-770		-		-		-770
		Ending balance	$	194,308	$	12,732	$	19,497	$	226,537
	In the first quarter of 2014, the Company paid $65 million cash to acquire a manufacturer of fluid management solutions for environmental monitoring and remediation, markets where Graco had little or no previous exposure. The acquired business will expand and complement the Company's Industrial segment. The purchase price was allocated based on estimated fair values, including $37 million of goodwill, $22 million of other identifiable intangible assets and $6 million of net tangible assets.

Other_Current_Liabilities

Other Current Liabilities	6 Months Ended
	Jun. 27, 2014
Current Liabilities	'
Other Current Liabilities Text Block	'
	9.       Components of other current liabilities were (in thousands):
				June 27,			Dec 27,
				2014			2013
		Accrued self-insurance retentions		$	6,755		$	6,381
		Accrued warranty and service liabilities			7,749			7,771
		Accrued trade promotions			5,154			7,245
		Payable for employee stock purchases			4,399			7,908
		Customer advances and deferred revenue			11,209			11,693
		Income taxes payable			4,227			4,561
		Other			23,546			23,608
			Total other current liabilities	$	63,039		$	69,167
	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):
			Twenty-six Weeks Ended
							Year Ended
			June 27,			Dec 27,
			2014			2013
		Balance, beginning of year	$	7,771		$	7,943
		Assumed in business acquisition		12			-
		Charged to expense		3,038			6,119
		Margin on parts sales reversed		1,178			3,819
		Reductions for claims settled		-4,250			-10,110
		Balance, end of period	$	7,749		$	7,771

Fair_Value

Fair Value	6 Months Ended
	Jun. 27, 2014
Fair Value	'
Fair Value Disclosures Text Block	'
	10.       Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands):
					June 27,		Dec 27,
				Level	2014		2013
		Assets
			Cash surrender value of life insurance	2	$	13,331	$	12,611
			Forward exchange contracts	2		-		291
			Total assets at fair value		$	13,331	$	12,902
		Liabilities
			Deferred compensation	2	$	2,580	$	2,296
			Forward exchange contracts	2		302		-
			Total liabilities at fair value		$	2,882	$	2,296
	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.
	Long-term notes payable with fixed interest rates have a carrying amount of $300 million and an estimated fair value of $320 million as of June 27, 2014 and $320 million as of December 27, 2013. 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.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 27, 2014
Acquisitions [Abstract]	'
Acquisitions Text Block	'
	11.       On April 2, 2012, the Company completed the purchase of the finishing businesses of Illinois Tool Works Inc. (“ITW”). The acquisition included powder finishing and liquid finishing equipment operations, technologies and brands (separately, the “Powder Finishing” and “Liquid Finishing” businesses). Results of the Powder Finishing businesses have been included in the Industrial segment since the date of acquisition.
	In May 2012, the United States Federal Trade Commission (“FTC”) issued a proposed decision and order which requires Graco to sell the Liquid Finishing business assets no later than 180 days from the date the order becomes final. The FTC continues to work on resolving issues related to a proposed final decision and order.
	The Company has retained the services of an investment bank to help it market the Liquid Finishing businesses and identify potential buyers. While it seeks a buyer, Graco must hold the Liquid Finishing business assets separate from its other businesses and maintain them as viable and competitive.
	The Company does not have a controlling interest in the Liquid Finishing businesses, nor is it able to exert significant influence over those businesses. Consequently, the Company's investment in the shares of the Liquid Finishing businesses has been reflected as a cost-method investment on the Consolidated Balance Sheets, and its results of operations have not been consolidated with those of the Company.
	As a cost-method investment, income is recognized based on dividends received from after-tax earnings of Liquid Finishing and included in other expense (income) on the Consolidated Statements of Earnings. Dividends received in 2014 totaled $11 million in the second quarter and $15 million year-to-date. Dividends received in 2013 totaled $11 million in the second quarter and $15 million year-to-date. Once the FTC issues its final decision and order, and the Company completes the sale of its investment, there will be no further dividends from Liquid Finishing.
	The Company evaluates its cost-method investment for other-than-temporary impairment at each reporting period. As of June 27, 2014, the Company evaluated its investment in Liquid Finishing and determined that there was no impairment.
	Sales and operating earnings of the Liquid Finishing businesses were as follows (in thousands):
			Thirteen Weeks Ended				Twenty-six Weeks Ended
			June 27,		June 28,		June 27,		June 28,
			2014		2013		2014		2013
		Net Sales	$	68,953	$	71,845	$	139,462	$	135,043
		Operating Earnings		14,608		16,398		29,894		29,978

Debt

Debt	3 Months Ended
	Jun. 27, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure Text Block	'
	12.        On June 26, 2014, the Company executed an amendment to its revolving credit agreement, extending the expiration date to June 26, 2019, and increasing the amount of credit available to $500 million, a $50 million increase.
	Under the amended agreement, the base rate applied to borrowings is an annual rate equal to a margin ranging from zero percent to 0.875 percent (down from zero to 1 percent under the prior agreement), depending on the Company's cash flow leverage ratio, plus the highest of (i) the bank's prime rate, (ii) the federal funds rate plus 0.5 percent or (iii) one-month LIBOR plus 1.5 percent. In general, LIBOR-based loans bear interest at LIBOR plus 1 percent to 1.875 percent (down from 1 to 2 percent), depending on the Company's cash flow leverage ratio.
	Fees on the undrawn amount of the loan commitment decreased to a range of 0.15 percent to 0.30 percent (down from 0.15 percent to 0.40 percent), depending on the Company's cash flow leverage ratio.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Jun. 27, 2014
Recent Accounting Pronouncements	'
Recent Accounting Pronouncements Text Block	'
	13.       In May 2014, the Financial Accounting Standards Board issued a final standard on revenue from contracts with customers. The new standard sets forth a single comprehensive model for recognizing and reporting revenue. The new standard is effective for the Company in its fiscal year 2017, and permits the use of either a retrospective or a cumulative effect transition method. The Company is evaluating the effect of the new standard on its consolidated financial statements and related disclosures, and has not yet selected a transition method.

Significant_Accounting_Policie

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 27, 2014
Significant Accounting Policies [Abstract]	'
Accrued warranty and service liabilities	'
	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.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Jun. 27, 2014
Earnings Per Share Tables [Abstract]	'
Computation of basic and diluted earnings per share	'
				Thirteen Weeks Ended				Twenty-six Weeks Ended
				June 27,		June 28,		June 27,		June 28,
				2014		2013		2014		2013
		Net earnings available to
			common shareholders	$	66,236	$	57,843	$	116,981	$	109,973
		Weighted average shares
			outstanding for basic
			earnings per share		60,453		61,371		60,637		61,166
		Dilutive effect of stock
			options computed using the
			treasury stock method and
			the average market price		1,575		1,470		1,596		1,458
		Weighted average shares
			outstanding for diluted
			earnings per share		62,028		62,841		62,233		62,624
		Basic earnings per share		$	1.1	$	0.94	$	1.93	$	1.8
		Diluted earnings per share		$	1.07	$	0.92	$	1.88	$	1.76

ShareBased_Awards_Tables

Share-Based Awards (Tables)	6 Months Ended
	Jun. 27, 2014
Share Based Awards Tables [Abstract]	'
Share Based Awards	'
						Weighted				Weighted
						Average				Average
				Option		Exercise			Options	Exercise
				Shares		Price		Exercisable		Price
		Outstanding, December 27, 2013		5,149		$	41.03		3,311	$	33.2
			Granted	475			74.62
			Exercised	-238			34.09
			Canceled	-14			68.03
		Outstanding, June 27, 2014		5,372		$	44.25		3,667	$	34.89
			Twenty-six Weeks Ended
			June 27,				June 28,
			2014				2013
		Expected life in years		6.5				6.5
		Interest rate		2	%			1.2	%
		Volatility		36.1	%			36.3	%
		Dividend yield		1.5	%			1.7	%
		Weighted average fair value per share	$	24.83			$	18.29
			Twenty-six Weeks Ended
			June 27,				June 28,
			2014				2013
		Expected life in years		1				1
		Interest rate		0.1	%			0.2	%
		Volatility		21.4	%			26	%
		Dividend yield		1.4	%			1.7	%
		Weighted average fair value per share	$	17.81			$	14.16

Retirement_Benefits_Tables

Retirement Benefits (Tables)	6 Months Ended
	Jun. 27, 2014
Retirement Benefits Tables [Abstract]	'
Components of Net Periodic Benefit Cost	'
			Thirteen Weeks Ended				Twenty-six Weeks Ended
			June 27,		June 28,		June 27,		June 28,
			2014		2013		2014		2013
		Pension Benefits
		Service cost	$	1,697	$	1,789	$	3,439	$	3,590
		Interest cost		3,940		3,429		8,076		6,998
		Expected return on assets		-5,211		-4,535		-10,630		-9,249
		Amortization and other		1,355		2,789		2,688		5,292
		Net periodic benefit cost	$	1,781	$	3,472	$	3,573	$	6,631
		Postretirement Medical
		Service cost	$	125	$	155	$	250	$	310
		Interest cost		278		247		555		493
		Amortization		-126		-50		-254		-102
		Net periodic benefit cost	$	277	$	352	$	551	$	701

Comprehensive_Income_Tables

Comprehensive Income (Tables)	6 Months Ended
	Jun. 27, 2014
Comprehensive Income Tables [Abstract]	'
Components of Accumulated Other Comprehensive Income	'
				Pension
				and Post-			Cumulative
				retirement			Translation
				Medical			Adjustment			Total
		Thirteen Weeks Ended
			28-Jun-13
		Beginning balance		$	-78,138		$	-12,516		$	-90,654
			Other comprehensive income
			before reclassifications		-			2,632			2,632
			Amounts reclassified from accumulated
			other comprehensive income		1,488			-			1,488
		Ending balance		$	-76,650		$	-9,884		$	-86,534
		Thirteen Weeks Ended
			27-Jun-14
		Beginning balance		$	-49,372		$	3,697		$	-45,675
			Other comprehensive income
			before reclassifications		-			-1,908			-1,908
			Amounts reclassified from accumulated
			other comprehensive income		789			-			789
		Ending balance		$	-48,583		$	1,789		$	-46,794
		Twenty-six Weeks Ended
			28-Jun-13
		Beginning balance		$	-79,716		$	-4,029		$	-83,745
			Other comprehensive income
			before reclassifications		-			-5,855			-5,855
			Amounts reclassified from accumulated
			other comprehensive income		3,066			-			3,066
		Ending balance		$	-76,650		$	-9,884		$	-86,534
		Twenty-six Weeks Ended
			27-Jun-14
		Beginning balance		$	-50,132		$	3,783		$	-46,349
			Other comprehensive income
			before reclassifications		-			-1,994			-1,994
			Amounts reclassified from accumulated
			other comprehensive income		1,549			-			1,549
		Ending balance		$	-48,583		$	1,789		$	-46,794
			Thirteen Weeks Ended						Twenty-six Weeks Ended
			June 27,			June 28,			June 27,			June 28,
			2014			2013			2014			2013
		Cost of products sold	$	440		$	844		$	876		$	1,753
		Product development		195			370			382			763
		Selling, marketing and distribution		354			658			689			1,324
		General and administrative		236			458			466			946
		Total before tax	$	1,225		$	2,330		$	2,413		$	4,786
		Income tax (benefit)		-436			-842			-864			-1,720
		Total after tax	$	789		$	1,488		$	1,549		$	3,066

Segment_Information_Tables

Segment Information (Tables)	6 Months Ended
	Jun. 27, 2014
Segment Information Tables [Abstract]	'
Segment Reporting Information - Operations and Assets	'
				Thirteen Weeks Ended				Twenty-six Weeks Ended
				June 27,		June 28,		June 27,		June 28,
				2014		2013		2014		2013
		Net Sales
			Industrial	$	181,763	$	159,671	$	358,189	$	323,846
			Contractor		111,121		98,498		196,027		176,126
			Lubrication		29,665		27,851		58,295		55,094
		Total		$	322,549	$	286,020	$	612,511	$	555,066
		Operating Earnings
			Industrial	$	57,563	$	51,530	$	112,778	$	106,749
			Contractor		28,289		24,479		46,539		40,911
			Lubrication		6,901		6,647		13,434		11,788
			Unallocated corporate (expense)		-6,905		-7,439		-12,198		-12,734
		Total		$	85,848	$	75,217	$	160,553	$	146,714
				June 27,		Dec 27,
				2014		2013
		Industrial		$	673,111	$	591,135
		Contractor			187,750		152,300
		Lubrication			81,839		82,503
		Unallocated corporate			514,177		501,290
		Total		$	1,456,877	$	1,327,228
Segment Reporting Information - Geographic	'
				Thirteen Weeks Ended				Twenty-six Weeks Ended
				June 27,		June 28,		June 27,		June 28,
				2014		2013		2014		2013
		Net sales
		(based on customer location)
			United States	$	156,160	$	135,173	$	290,082	$	251,254
			Other countries		166,389		150,847		322,429		303,812
		Total		$	322,549	$	286,020	$	612,511	$	555,066
				June 27,		Dec 27,
				2014		2013
		Long-lived assets
			United States	$	128,264	$	120,262
			Other countries		30,789		31,455
		Total		$	159,053	$	151,717

Inventories_Tables

Inventories (Tables)	6 Months Ended
	Jun. 27, 2014
Inventories Tables [Abstract]	'
Components of Inventories	'
				June 27,		Dec 27,
				2014		2013
		Finished products and components		$	72,945	$	65,963
		Products and components in various
			stages of completion		43,550		41,458
		Raw materials and purchased components			73,897		69,051
					190,392		176,472
		Reduction to LIFO cost			-43,332		-42,685
		Total		$	147,060	$	133,787

Other_Intangible_Assets_Tables

Other Intangible Assets (Tables)	6 Months Ended
	Jun. 27, 2014
Other Intangible Assets	'
Other Intangible Assets	'
				Estimated					Foreign
				Life			Accumulated		Currency		Book
				(years)	Cost		Amortization		Translation		Value
	27-Jun-14
	Customer relationships			14-Mar	$	118,975	$	-17,088	$	730	$	102,617
	Patents, proprietary technology
		and product documentation		11-May		18,125		-6,232		49		11,942
	Trademarks, trade names
		and other		5		175		-27		-		148
						137,275		-23,347		779		114,707
	Not Subject to Amortization:
		Brand names				47,800		-		391		48,191
	Total				$	185,075	$	-23,347	$	1,170	$	162,898
	27-Dec-13
	Customer relationships			14-Mar	$	121,205	$	-26,377	$	1,458	$	96,286
	Patents, proprietary technology
		and product documentation		11-Mar		16,125		-5,869		118		10,374
	Trademarks, trade names
		and other		5		175		-9		-		166
						137,505		-32,255		1,576		106,826
	Not Subject to Amortization:
		Brand names				40,400		-		714		41,114
	Total				$	177,905	$	-32,255	$	2,290	$	147,940
Schedule of Goodwill Roll Forward	'
			Industrial		Contractor		Lubrication		Total
		Beginning balance	$	157,738	$	12,732	$	19,497	$	189,967
		Additions from business acquisitions		37,340		-		-		37,340
		Foreign currency translation		-770		-		-		-770
		Ending balance	$	194,308	$	12,732	$	19,497	$	226,537

Other_Current_Liabilities_Tabl

Other Current Liabilities (Tables)	6 Months Ended
	Jun. 27, 2014
Other Current Liabilities Tables [Abstract]	'
Components of Other Current Liabilities	'
				June 27,			Dec 27,
				2014			2013
		Accrued self-insurance retentions		$	6,755		$	6,381
		Accrued warranty and service liabilities			7,749			7,771
		Accrued trade promotions			5,154			7,245
		Payable for employee stock purchases			4,399			7,908
		Customer advances and deferred revenue			11,209			11,693
		Income taxes payable			4,227			4,561
		Other			23,546			23,608
			Total other current liabilities	$	63,039		$	69,167
Accrued Warranty Liabilities Activity	'
			Twenty-six Weeks Ended
							Year Ended
			June 27,			Dec 27,
			2014			2013
		Balance, beginning of year	$	7,771		$	7,943
		Assumed in business acquisition		12			-
		Charged to expense		3,038			6,119
		Margin on parts sales reversed		1,178			3,819
		Reductions for claims settled		-4,250			-10,110
		Balance, end of period	$	7,749		$	7,771

Fair_Value_Tables

Fair Value (Tables)	6 Months Ended
	Jun. 27, 2014
Fair Value	'
Fair Value Table	'
					June 27,		Dec 27,
				Level	2014		2013
		Assets
			Cash surrender value of life insurance	2	$	13,331	$	12,611
			Forward exchange contracts	2		-		291
			Total assets at fair value		$	13,331	$	12,902
		Liabilities
			Deferred compensation	2	$	2,580	$	2,296
			Forward exchange contracts	2		302		-
			Total liabilities at fair value		$	2,882	$	2,296

Acquisitions_Tables

Acquisitions (Tables)	6 Months Ended
	Jun. 27, 2014
Operating Results Of Business Held Separate [Abstract]	'
Schedule Of Operating Results Of Business Held Separate [Table Text Block]	'
			Thirteen Weeks Ended				Twenty-six Weeks Ended
			June 27,		June 28,		June 27,		June 28,
			2014		2013		2014		2013
		Net Sales	$	68,953	$	71,845	$	139,462	$	135,043
		Operating Earnings		14,608		16,398		29,894		29,978

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013
Earnings Per Share Details [Abstract]	'	'	'	'
Net earnings available to common shareholders	$66,236	$57,843	$116,981	$109,973
Weighted average shares outstanding for basic earnings per share	60,453	61,371	60,637	61,166
Dilutive effect of stock options computed using the treasury stock method and the average market price	1,575	1,470	1,596	1,458
Weighted average shares outstanding for diluted earnings per share	62,028	62,841	62,233	62,624
Basic Net Earnings per Common Share	$1.10	$0.94	$1.93	$1.80
Diluted Net Earnings per Common Share	$1.07	$0.92	$1.88	$1.76
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	'	'	876	568

ShareBased_Awards_Details

Share-Based Awards (Details) (USD $)	6 Months Ended
In Millions, except Share data in Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Dec. 27, 2013
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract]	'	'	'
Outstanding, beginning	5,149	'	'
Granted	475	'	'
Exercised	-238	'	'
Canceled	-14	'	'
Outstanding, ending	5,372	'	'
Outstanding Weighted Average Exercise Price	$44.25	'	$41.03
Granted, Weighted Average Exercise Price	$74.62	'	'
Exercised, Weighted Average Exercise Price	$34.09	'	'
Canceled, Weighted Average Exercise Price	$68.03	'	'
Options Exercisable	3,667	'	3,311
Weighted Average Exercise Price of Exercisable Options	$34.89	'	$33.20
Share-based compensation expense	$9.80	$7.80	'
Unrecognized compensation cost	$19.10	'	'
Weighted average recognition period	'1 year 11 months	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Employee Stock Purchase Plan Shares Issued	193	197	'
Stock purchase plan discount from market value	15.00%	'	'
Stock Options	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Expected life	'6 years 6 months	'6 years 6 months	'
Interest rate	2.00%	1.20%	'
Volatility	36.10%	36.30%	'
Dividend yield	1.50%	1.70%	'
Weighted average fair value per share	$24.83	$18.29	'
Employee Stock Purchase Plan	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Expected life	'1 year 0 months	'1 year 0 months	'
Interest rate	0.10%	0.20%	'
Volatility	21.40%	26.00%	'
Dividend yield	1.40%	1.70%	'
Weighted average fair value per share	$17.81	$14.16	'

Retirement_Benefits_Details

Retirement Benefits (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013
Pension [Member]	'	'	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'	'	'
Service cost	$1,697	$1,789	$3,439	$3,590
Interest cost	3,940	3,429	8,076	6,998
Expected return on assets	-5,211	-4,535	-10,630	-9,249
Amortization and other	1,355	2,789	2,688	5,292
Net periodic benefit cost	1,781	3,472	3,573	6,631
Postretirement Medical [Member]	'	'	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'	'	'
Service cost	125	155	250	310
Interest cost	278	247	555	493
Amortization	-126	-50	-254	-102
Net periodic benefit cost	$277	$352	$551	$701

Comprehensive_Income_Details

Comprehensive Income (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013
Accumulated Other Comprehensive Income Loss [Line Items]	'	'	'	'
Beginning Balance	($45,675)	($90,654)	($46,349)	($83,745)
Other comprehensive income before reclassifications	-1,908	2,632	-1,994	-5,855
Amounts reclassified from accumulated other comprehensive income	789	1,488	1,549	3,066
Ending Balance	-46,794	-86,534	-46,794	-86,534
Reclassification detail	'	'	'	'
Reclassification after tax	789	1,488	1,549	3,066
Pension and Postretirement Medical	'	'	'	'
Accumulated Other Comprehensive Income Loss [Line Items]	'	'	'	'
Beginning Balance	-49,372	-78,138	-50,132	-79,716
Other comprehensive income before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income	789	1,488	1,549	3,066
Ending Balance	-48,583	-76,650	-48,583	-76,650
Reclassification detail	'	'	'	'
Reclassification before tax	1,225	2,330	2,413	4,786
Income tax (benefit)	-436	-842	-864	-1,720
Reclassification after tax	789	1,488	1,549	3,066
Pension and Postretirement Medical | Cost of products sold	'	'	'	'
Reclassification detail	'	'	'	'
Reclassification before tax	440	844	876	1,753
Pension and Postretirement Medical | Product development	'	'	'	'
Reclassification detail	'	'	'	'
Reclassification before tax	195	370	382	763
Pension and Postretirement Medical | Selling, marketing and distribution	'	'	'	'
Reclassification detail	'	'	'	'
Reclassification before tax	354	658	689	1,324
Pension and Postretirement Medical | General and administrative	'	'	'	'
Reclassification detail	'	'	'	'
Reclassification before tax	236	458	466	946
Cumulative Translation Adjustment	'	'	'	'
Accumulated Other Comprehensive Income Loss [Line Items]	'	'	'	'
Beginning Balance	3,697	-12,516	3,783	-4,029
Other comprehensive income before reclassifications	-1,908	2,632	-1,994	-5,855
Amounts reclassified from accumulated other comprehensive income	0	0	0	0
Ending Balance	1,789	-9,884	1,789	-9,884
Reclassification detail	'	'	'	'
Reclassification after tax	$0	$0	$0	$0

Segment_Information_By_Segment

Segment Information (By Segment) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013	Dec. 27, 2013
Segment Reporting Information [Line Items]	'	'	'	'	'
Segment Net Sales	$322,549	$286,020	$612,511	$555,066	'
Segment Operating Earnings	85,848	75,217	160,553	146,714	'
Segment Assets	1,456,877	'	1,456,877	'	1,327,228
Industrial [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Segment Net Sales	181,763	159,671	358,189	323,846	'
Segment Operating Earnings	57,563	51,530	112,778	106,749	'
Segment Assets	673,111	'	673,111	'	591,135
Contractor [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Segment Net Sales	111,121	98,498	196,027	176,126	'
Segment Operating Earnings	28,289	24,479	46,539	40,911	'
Segment Assets	187,750	'	187,750	'	152,300
Lubrication [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Segment Net Sales	29,665	27,851	58,295	55,094	'
Segment Operating Earnings	6,901	6,647	13,434	11,788	'
Segment Assets	81,839	'	81,839	'	82,503
Unallocated corporate [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Segment Operating Earnings	-6,905	-7,439	-12,198	-12,734	'
Segment Assets	$514,177	'	$514,177	'	$501,290

Segment_Information_Geographic

Segment Information (Geographic Information) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013	Dec. 27, 2013
Geographic Information [Line Items]	'	'	'	'	'
Net Sales	$322,549	$286,020	$612,511	$555,066	'
Long-Lived Assets	159,053	'	159,053	'	151,717
United States	'	'	'	'	'
Geographic Information [Line Items]	'	'	'	'	'
Net Sales	156,160	135,173	290,082	251,254	'
Long-Lived Assets	128,264	'	128,264	'	120,262
Other Countries [Member]	'	'	'	'	'
Geographic Information [Line Items]	'	'	'	'	'
Net Sales	166,389	150,847	322,429	303,812	'
Long-Lived Assets	$30,789	'	$30,789	'	$31,455

Inventories_Details

Inventories (Details) (USD $)	Jun. 27, 2014	Dec. 27, 2013
In Thousands, unless otherwise specified
Inventories Details [Abstract]	'	'
Finished products and components	$72,945	$65,963
Products and components in various stages of completion	43,550	41,458
Raw materials and purchased components	73,897	69,051
Inventory, Gross, Total	190,392	176,472
Reduction to LIFO cost	-43,332	-42,685
Total	$147,060	$133,787

Other_Intangible_Assets_Detail

Other Intangible Assets (Details) (USD $)

3 Months Ended

6 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

Jun. 27, 2014

Jun. 28, 2013

Jun. 27, 2014

Jun. 28, 2013

Dec. 27, 2013

Jun. 27, 2014

Dec. 27, 2013

Jun. 27, 2014

Dec. 27, 2013

Jun. 27, 2014

Dec. 27, 2013

Jun. 27, 2014

Dec. 27, 2013

Jun. 27, 2014

Dec. 27, 2013

Jun. 27, 2014

Dec. 27, 2013

Jun. 27, 2014

Dec. 27, 2013

Jun. 27, 2014

Dec. 27, 2013

Jun. 27, 2014

Dec. 27, 2013

Jun. 27, 2014

Dec. 27, 2013

Customer Relationships [Member]

Customer Relationships [Member]

Customer Relationships [Member]

Customer Relationships [Member]

Customer Relationships [Member]

Customer Relationships [Member]

Patents, Proprietary Technology And Product Documentation [Member]

Patents, Proprietary Technology And Product Documentation [Member]

Patents, Proprietary Technology And Product Documentation [Member]

Patents, Proprietary Technology And Product Documentation [Member]

Patents, Proprietary Technology And Product Documentation [Member]

Patents, Proprietary Technology And Product Documentation [Member]

Trademarks, Trade Names and Other [Member]

Trademarks, Trade Names and Other [Member]

Trademarks, Trade Names and Other [Member]

Trademarks, Trade Names and Other [Member]

Trademarks, Trade Names and Other [Member]

Trademarks, Trade Names and Other [Member]

Brand names [Member]

Brand names [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Finite Lived Intangible Assets [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated Life (years)

'

'

'

'

'

'

'

'3 years

'3 years

'14 years

'14 years

'

'

'5 years

'3 years

'11 years

'11 years

'

'

'5 years

'5 years

'5 years

'5 years

'

'

Original Cost

$137,275,000

'

$137,275,000

'

$137,505,000

$118,975,000

$121,205,000

'

'

'

'

$18,125,000

$16,125,000

'

'

'

'

$175,000

$175,000

'

'

'

'

'

'

Accumulated Amortization

-23,347,000

'

-23,347,000

'

-32,255,000

-17,088,000

-26,377,000

'

'

'

'

-6,232,000

-5,869,000

'

'

'

'

-27,000

-9,000

'

'

'

'

'

'

Foreign Currency Translation

779,000

'

779,000

'

1,576,000

730,000

1,458,000

'

'

'

'

49,000

118,000

'

'

'

'

0

0

'

'

'

'

'

'

Book Value

114,707,000

'

114,707,000

'

106,826,000

102,617,000

96,286,000

'

'

'

'

11,942,000

10,374,000

'

'

'

'

148,000

166,000

'

'

'

'

'

'

Not Subject to Amortization:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

47,800,000

40,400,000

Foreign Currency Translation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

391,000

714,000

Book Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

48,191,000

41,114,000

Total Original Cost

185,075,000

'

185,075,000

'

177,905,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Book Value

162,898,000

'

162,898,000

'

147,940,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current and future amortization expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of intangible assets

2,700,000

3,200,000

5,800,000

6,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future amortization expense, year one

11,200,000

'

11,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future amortization expense, year two

10,700,000

'

10,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future amortization expense, year three

10,400,000

'

10,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future amortization expense, year four

10,200,000

'

10,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future amortization expense, year five

10,100,000

'

10,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future amortization expense, after year five

$67,900,000

'

$67,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other_Intangible_Assets_Goodwi

Other Intangible Assets - Goodwill (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014
Goodwill Roll Forward	'
Beginning balance	$189,967
Additions from business acquisitions	37,340
Foreign currency translation	-770
Ending balance	226,537
Industrial	'
Goodwill Roll Forward	'
Beginning balance	157,738
Additions from business acquisitions	37,340
Foreign currency translation	-770
Ending balance	194,308
Contractor	'
Goodwill Roll Forward	'
Beginning balance	12,732
Additions from business acquisitions	0
Foreign currency translation	0
Ending balance	12,732
Lubrication	'
Goodwill Roll Forward	'
Beginning balance	19,497
Additions from business acquisitions	0
Foreign currency translation	0
Ending balance	$19,497

Acquisitions_Details

Acquisitions (Details) (USD $)	Jun. 27, 2014	Dec. 27, 2013	Jun. 27, 2014
			QED
Business Acquisition [Line Items]	'	'	'
Purchase consideration	'	'	$65,000,000
Goodwill	226,537,000	189,967,000	37,000,000
Identifiable intangible assets	'	'	22,000,000
Net tangible assets	'	'	$6,000,000

Other_Current_Liabilities_Deta

Other Current Liabilities (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Dec. 27, 2013
Other Current Liabilities Details [Abstract]	'	'
Accrued self-insurance retentions	$6,755	$6,381
Accrued warranty and service liabilities	7,749	7,771
Accrued trade promotions	5,154	7,245
Payable for employee stock purchases	4,399	7,908
Customer advances and deferred revenue	11,209	11,693
Income taxes payable	4,227	4,561
Other	23,546	23,608
Total other current liabilities	63,039	69,167
Activity In Accrued Warranty And Service Liabilities Absract	'	'
Balance, beginning of year	7,771	7,943
Assumed in business acquisition	12	0
Charged to expense	3,038	6,119
Margin on parts sales reversed	1,178	3,819
Reductions for claims settled	-4,250	-10,110
Balance, end of period	$7,749	$7,771

Fair_Value_Details

Fair Value (Details) (USD $)	Jun. 27, 2014	Dec. 27, 2013
Assets	'	'
Total assets at fair value	$13,331,000	$12,902,000
Liabilities	'	'
Total liabilities at fair value	2,882,000	2,296,000
Unsecured Notes, Carrying Amount	300,000,000	'
Long Term Debt Fair Value	320,000,000	320,000,000
Level 2	'	'
Assets	'	'
Cash surrender value of life insurance	13,331,000	12,611,000
Forward exchange contracts	0	291,000
Liabilities	'	'
Deferred compensation	2,580,000	2,296,000
Foreign exchange contracts	$302,000	$0

Acquisitions_Other_details

Acquisitions - Other details (USD $)	3 Months Ended		6 Months Ended
	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013
Acquisitions [Abstract]	'	'	'	'
Investment Income, Dividend	$11,000,000	$11,000,000	$15,000,000	$15,000,000
Business Acquisition [Line Items]	'	'	'	'
Net Sales	322,549,000	286,020,000	612,511,000	555,066,000
Operating Earnings	85,848,000	75,217,000	160,553,000	146,714,000
Liquid Finishing	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Net Sales	68,953,000	71,845,000	139,462,000	135,043,000
Operating Earnings	$14,608,000	$16,398,000	$29,894,000	$29,978,000

Debt_Details

Debt (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Jun. 27, 2014	Mar. 28, 2014
Debt Disclosure [Abstract]	'	'
Line of Credit Facility, Maximum Borrowing Capacity	$500	'
Line of Credit Facility Increase For Period	$50	'
Line of Credit Facility, Expiration Date	26-Jun-19	'
Line of Credit Facility, Interest Rate Description	'Under the amended agreement, the base rate applied to borrowings is an annual rate equal to a margin ranging from zero percent to 0.875 percent (down from zero to 1 percent under the prior agreement), depending on the Company’s cash flow leverage ratio, plus the highest of (i) the bank’s prime rate, (ii) the federal funds rate plus 0.5 percent or (iii) one-month LIBOR plus 1.5 percent. In general, LIBOR-based loans bear interest at LIBOR plus 1 percent to 1.875 percent (down from 1 to 2 percent), depending on the Company’s cash flow leverage ratio.	'
Commitment Fee Percentage Minimum	0.15%	0.15%
Commitment Fee Percentage Maximim	0.30%	0.40%