Accounting Policies [Abstract] | Period [Axis] |
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2015-12-26 - 2016-12-30 |
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Accounting Policies [Abstract] | |
Assets and Liabilities Measured at Fair Value | Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): | | | | | | | | | | | | Level | | 2016 | | 2015 | Assets | | | | | | Cash surrender value of life insurance | 2 | | $ | 13,785 |
| | $ | 12,856 |
| Forward exchange contracts | 2 | | 571 |
| | 107 |
| Total assets at fair value | | | $ | 14,356 |
| | $ | 12,963 |
| Liabilities | | | | | | Contingent consideration | 3 | | $ | 4,081 |
| | $ | 9,600 |
| Deferred compensation | 2 | | 3,265 |
| | 2,958 |
| Total liabilities at fair value | | | $ | 7,346 |
| | $ | 12,558 |
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Other Current Assets | Amounts included in other current assets were (in thousands): | | | | | | | | | | 2016 | | 2015 | Prepaid income taxes | $ | 10,723 |
| | $ | 9,844 |
| Restricted cash | 9,230 |
| | 9,518 |
| Prepaid expenses and other | 11,070 |
| | 9,715 |
| Total | $ | 31,023 |
| | $ | 29,077 |
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Property, Plant and Equipment | For financial reporting purposes, plant and equipment are depreciated over their estimated useful lives, primarily by using the straight-line method as follows: | | | | Buildings and improvements | | 10 to 30 years | Leasehold improvements | | lesser of 5 to 10 years or life of lease | Manufacturing equipment | | lesser of 5 to 10 years or life of equipment | Office, warehouse and automotive equipment | | 3 to 10 years |
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Goodwill by Reporting Segment | Changes in the carrying amounts of goodwill for each reportable segment were (in thousands): | | | | | | | | | | | | | | | | | | Industrial | | Process | | Contractor | | Total | Balance, December 26, 2014 | $ | 150,853 |
| | $ | 128,989 |
| | $ | 12,732 |
| | $ | 292,574 |
| Additions from business acquisitions | 4,230 |
| | 102,864 |
| | — |
| | 107,094 |
| Foreign currency translation | (1,800 | ) | | (3,380 | ) | | — |
| | (5,180 | ) | Balance, December 25, 2015 | 153,283 |
| | 228,473 |
| | 12,732 |
| | 394,488 |
| Additions from business acquisitions | — |
| | 28,130 |
| | — |
| | 28,130 |
| Impairment | — |
| | (146,669 | ) | | — |
| | (146,669 | ) | Foreign currency translation | (2,727 | ) | | (13,373 | ) | | — |
| | (16,100 | ) | Balance, December 30, 2016 | $ | 150,556 |
| | $ | 96,561 |
| | $ | 12,732 |
| | $ | 259,849 |
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Intangible Assets | Components of other intangible assets were (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | Finite Life | | Indefinite Life | | | | Customer Relationships | | Patents and Proprietary Technology | | Trademarks, Trade Names and Other | |
Trade Names | | Total | As of December 30, 2016 | | | | | | | | | | Cost, net of impairment | $ | 170,284 |
| | $ | 17,321 |
| | $ | 895 |
| | $ | 57,853 |
| | $ | 246,353 |
| Accumulated amortization | (41,599 | ) | | (6,088 | ) | | (337 | ) | | — |
| | (48,024 | ) | Foreign currency translation | (13,630 | ) | | (1,055 | ) | | (59 | ) | | (5,249 | ) | | (19,993 | ) | Book value | $ | 115,055 |
| | $ | 10,178 |
| | $ | 499 |
| | $ | 52,604 |
| | $ | 178,336 |
| Weighted average life (years) | 13 |
| | 10 |
| | 4 |
| | N/A |
| | |
| | | | | | | | | | | | | | | | | | | | | As of December 25, 2015 | | | | | | | | | | Cost | $ | 197,900 |
| | $ | 20,400 |
| | $ | 495 |
| | $ | 69,514 |
| | $ | 288,309 |
| Accumulated amortization | (36,852 | ) | | (8,952 | ) | | (132 | ) | | — |
| | (45,936 | ) | Foreign currency translation | (9,738 | ) | | (658 | ) | | (94 | ) | | (3,896 | ) | | (14,386 | ) | Book value | $ | 151,310 |
| | $ | 10,790 |
| | $ | 269 |
| | $ | 65,618 |
| | $ | 227,987 |
| Weighted average life (years) | 13 |
| | 10 |
| | 5 |
| | N/A |
| | |
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Future Amortization Expense | Estimated future annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | Thereafter | Estimated Amortization Expense | $ | 13,727 |
| | $ | 13,426 |
| | $ | 13,097 |
| | $ | 13,043 |
| | $ | 13,000 |
| | $ | 59,439 |
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Components of Other Assets | Components of other assets were (in thousands): | | | | | | | | | | 2016 | | 2015 | Cash surrender value of life insurance | $ | 13,785 |
| | $ | 12,856 |
| Capitalized software | 1,812 |
| | 2,599 |
| Equity method investment | 6,366 |
| | 6,129 |
| Deposits and other | 3,350 |
| | 2,863 |
| Total | $ | 25,313 |
| | $ | 24,447 |
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Components of Other Current Liabilities | Components of other current liabilities were (in thousands): | | | | | | | | | | 2016 | | 2015 | Accrued self-insurance retentions | $ | 7,105 |
| | $ | 6,908 |
| Accrued warranty and service liabilities | 8,934 |
| | 7,870 |
| Accrued trade promotions | 6,007 |
| | 8,522 |
| Payable for employee stock purchases | 9,328 |
| | 8,825 |
| Customer advances and deferred revenue | 9,400 |
| | 9,449 |
| Income taxes payable | 8,608 |
| | 1,308 |
| Other | 22,505 |
| | 32,208 |
| Total | $ | 71,887 |
| | $ | 75,090 |
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Accrued Warranty Liability Activity | Following is a summary of activity in accrued warranty and service liabilities (in thousands): | | | | | | | | | | 2016 | | 2015 | Balance, beginning of year | $ | 7,870 |
| | $ | 7,609 |
| Charged to expense | 7,516 |
| | 6,812 |
| Margin on parts sales reversed | 1,796 |
| | 1,908 |
| Reductions for claims settled | (8,248 | ) | | (8,459 | ) | Balance, end of year | $ | 8,934 |
| | $ | 7,870 |
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Fair Market Value and Classification of Derivative Instruments | Net derivative assets are reported on the balance sheet in accounts receivable and net derivative liabilities are reported as other current liabilities. The fair market value of such instruments follows (in thousands): | | | | | | | | | | 2016 | | 2015 | Foreign Currency Contracts | | | | Assets | $ | 621 |
| | $ | 296 |
| Liabilities | (50 | ) | | (189 | ) | Net Assets (Liabilities) | $ | 571 |
| | $ | 107 |
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