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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 29, 2023
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 |  | 2023 |  | 2022
Assets |  |  |  |  |
Cash surrender value of life insurance | 2 |  | $ | 22,255 |  |  | $ | 19,192 |
Liabilities |  |  |  |  |
Contingent consideration | 3 |  | $ | 1,375 |  |  | $ | 14,914 |
Deferred compensation | 2 |  | 6,445 |  |  | 5,842 |
Forward exchange contracts | 2 |  | 422 |  |  | 520 |
Total liabilities at fair value |  |  | $ | 8,242 |  |  | $ | 21,276 |
Accounts Receivable, Allowance for Credit Loss | Following is a summary of activity in the allowance for credit losses (in thousands):
|  |  |  | 2023 |  | 2022 |  | 2021
Balance, beginning |  |  |  | $ | 6,130 |  |  | $ | 3,254 |  |  | $ | 3,745 |
Additions (reversals) charged to costs and expenses |  |  |  | 1,125 |  |  | 3,567 |  |  | (27) |
Deductions from reserves (1) |  |  |  | (2,711) |  |  | (633) |  |  | (676) |
Other additions (deductions) (2) |  |  |  | 111 |  |  | (58) |  |  | 212 |
Balance, ending |  |  |  | $ | 4,655 |  |  | $ | 6,130 |  |  | $ | 3,254 |
(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.
Other Current Assets | Amounts included in other current assets were (in thousands):
| 2023 |  | 2022
Prepaid income taxes | $ | 14,546 |  |  | $ | 18,702 |
Prepaid expenses and other | 20,524 |  |  | 24,922 |
Total | $ | 35,070 |  |  | $ | 43,624 |
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
Property, plant and equipment were as follows (in thousands):
| 2023 |  | 2022
Land and improvements | $ | 70,382 |  |  | $ | 65,066 |
Buildings and improvements | 500,373 |  |  | 376,115 |
Manufacturing equipment | 441,824 |  |  | 439,109 |
Office, warehouse and automotive equipment | 61,594 |  |  | 59,988 |
Additions in progress | 132,609 |  |  | 126,198 |
Total property, plant and equipment | 1,206,782 |  |  | 1,066,476 |
Accumulated depreciation | (465,069) |  |  | (458,867) |
Net property, plant and equipment | $ | 741,713 |  |  | $ | 607,609 |
Schedule of Goodwill | Changes in the carrying amounts of goodwill for each reportable segment were (in thousands):
| Industrial |  | Process |  | Contractor |  | Total
Balance, January 1, 2022 | $ | 137,155 |  |  | $ | 141,304 |  |  | $ | 77,796 |  |  | $ | 356,255 |
Additions, adjustments from business acquisitions | — |  |  | 16,994 |  |  | — |  |  | 16,994 |
Foreign currency translation | (2,384) |  |  | (1,932) |  |  | (762) |  |  | (5,078) |
Balance, December 30, 2022 | 134,771 |  |  | 156,366 |  |  | 77,034 |  |  | 368,171 |
Additions, adjustments from business acquisitions | — |  |  | — |  |  | — |  |  | — |
Impairment | — |  |  | (7,800) |  |  | — |  |  | (7,800) |
Foreign currency translation | 8,361 |  |  | 988 |  |  | 508 |  |  | 9,857 |
Balance, December 29, 2023 | $ | 143,132 |  |  | $ | 149,554 |  |  | $ | 77,542 |  |  | $ | 370,228 |
Intangible Assets | Components of other intangible assets, net 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 29, 2023 |  |  |  |  |  |  |  |  |
Cost | $ | 191,417 |  |  | $ | 14,174 |  |  | $ | 1,300 |  |  | $ | 62,633 |  |  | $ | 269,524 |
Accumulated amortization | (128,248) |  |  | (8,547) |  |  | (561) |  |  | — |  |  | (137,356) |
Foreign currency translation | (7,591) |  |  | (344) |  |  | — |  |  | 2,025 |  |  | (5,910) |
Book value | $ | 55,578 |  |  | $ | 5,283 |  |  | $ | 739 |  |  | $ | 64,658 |  |  | $ | 126,258 |
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 future annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter
Estimated Amortization Expense | $ | 16,929 |  |  | $ | 16,459 |  |  | $ | 9,247 |  |  | $ | 6,423 |  |  | $ | 4,258 |  |  | $ | 8,284 |
Components of Other Assets | Components of other assets were (in thousands):
| 2023 |  | 2022
Cash surrender value of life insurance | $ | 22,255 |  |  | $ | 19,192 |
Capitalized software | 2,602 |  |  | 2,189 |
Equity method investment | 9,661 |  |  | 8,767 |
Deposits and other | 3,332 |  |  | 2,970 |
Total | $ | 37,850 |  |  | $ | 33,118 |
Components of Other Current Liabilities | Components of other current liabilities were (in thousands):
| 2023 |  | 2022
Accrued self-insurance retentions | $ | 8,654 |  |  | $ | 9,338 |
Accrued warranty and service liabilities | 15,408 |  |  | 14,674 |
Accrued trade promotions | 14,312 |  |  | 13,799 |
Payable for employee stock purchases | 16,639 |  |  | 16,497 |
Customer advances and deferred revenue | 51,578 |  |  | 50,747 |
Income taxes payable | 9,837 |  |  | 15,987 |
Tax payable, other | 12,289 |  |  | 9,614 |
Operating lease liabilities, current | 8,242 |  |  | 9,555 |
Right of return refund liability | 17,826 |  |  | 18,449 |
Other | 30,574 |  |  | 32,133 |
Total | $ | 185,359 |  |  | $ | 190,793 |
Accrued Warranty Liability Activity | Following is a summary of activity in accrued warranty and service liabilities (in thousands):
| 2023 |  | 2022
Balance, beginning of year | $ | 14,674 |  |  | $ | 14,463 |
Assumed in business acquisition | — |  |  | 38 |
Charged to expense | 11,128 |  |  | 8,946 |
Margin on parts sales reversed | 3,875 |  |  | 3,292 |
Reductions for claims settled | (14,269) |  |  | (12,065) |
Balance, end of year | $ | 15,408 |  |  | $ | 14,674 |
Fair Market Value and Classification of Derivative Instruments | The fair market value of such instruments follows (in thousands):
| 2023 |  | 2022
Foreign Currency Contracts |  |  |
Assets | $ | 26 |  |  | $ | 157 |
Liabilities | (448) |  |  | (677) |
Net Assets (Liabilities) | $ | (422) |  |  | $ | (520) |

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