XML 43 R27.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 26, 2020

If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Inventories consisted of the following:

	December 26, 2020		December 28, 2019
Raw materials	$	282,287	$	260,070
Work-in-process		147,821		133,157
Finished goods		331,976		359,681
Inventories	$	762,084	$	752,908

Schedule of Property and Equipment

Property and equipment is recorded at cost and typically depreciated using the straight-line method. The components of property and equipment were as follows and are generally depreciated over the following estimated useful lives:

	Estimated Useful Life	December 26, 2020			December 28, 2019
Land			124,654			112,267
Building and improvements	15 to 50 years		662,753			597,387
Machinery, equipment and software	3 to 10 years		800,410			696,343
Total, at cost			1,587,817			1,405,997
Accumulated depreciation			(732,278	)		(677,076	)
Property and equipment, net			855,539			728,921

Schedule of Intangible Assets

The Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $584,210 at December 26, 2020, and $467,108 at December 28, 2019.

	December 26, 2020		December 28, 2019
Goodwill balance at beginning of year	$	467,108	$	301,017
Acquisitions		89,499		171,773
Effect of foreign currency translation, finalization of purchase price allocations, and impairment charges		27,603		(5,682	)
Goodwill balance at end of year	$	584,210	$	467,108

Schedule of Dividends Payable

On June 5, 2020, the shareholders approved a dividend of $2.44 per share (of which, $1.22 was paid in the Company’s 2020 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 30, 2020	June 15, 2020	$	0.61
September 30, 2020	September 15, 2020	$	0.61
December 31, 2020	December 15, 2020	$	0.61
March 31, 2021	March 15, 2021	$	0.61

On June 7, 2019, the shareholders approved a dividend of $2.28 per share (of which, $1.14 was paid in the Company’s 2019 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 28, 2019	June 17, 2019	$	0.57
September 30, 2019	September 16, 2019	$	0.57
December 31, 2019	December 16, 2019	$	0.57
March 31, 2020	March 16, 2020	$	0.57

On June 8, 2018, the shareholders approved a dividend of $2.12 per share (of which, $1.06 was paid in the Company’s 2018 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 29, 2018	June 18, 2018	$	0.53
September 28, 2018	September 14, 2018	$	0.53
December 31, 2018	December 14, 2018	$	0.53
March 29, 2019	March 15, 2019	$	0.53

Schedule of Product Warranty

The following reconciliation presents details of the changes in the Company’s accrued warranty costs:

	Fiscal Year Ended
	December 26, 2020			December 28, 2019			December 29, 2018
Balance - beginning of period	$	39,758		$	38,276		$	36,827
Accrual for products sold ⁽¹⁾		67,028			58,092			59,374
Expenditures		(64,143	)		(56,610	)		(57,925	)
Balance - end of period	$	42,643		$	39,758		$	38,276

(1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.