Rendering

Component: (Network and Table)
Network
2301302 - Disclosure - Summary of Significant Accounting Policies (Tables)
(http://www.graco.com/role/SummaryOfSignificantAccountingPoliciesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000042888 (http://www.sec.gov/CIK)
Accounting Policies [Abstract]Period [Axis]
2015-12-26 - 2016-12-30
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

  
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

  
Property, Plant and Equipment
For financial reporting purposes, plant and equipment are depreciated over their estimated useful lives, primarily by using the straight-line method as follows:
Buildings and improvements
 
10 to 30 years
Leasehold improvements
 
lesser of 5 to 10 years or life of lease
Manufacturing equipment
 
lesser of 5 to 10 years or life of equipment
Office, warehouse and automotive equipment
 
3 to 10 years
  
Goodwill 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


  
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

 
 


  
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

  
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

  
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

  
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

  
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