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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 27, 2024
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 |  | 2024 |  | 2023
Assets |  |  |  |  |
Cash surrender value of life insurance | 2 |  | $ | 24,411 |  |  | $ | 22,255 |
Forward exchange contracts | 2 |  | 116 |  |  | — |
Total assets at fair value |  |  | $ | 24,527 |  |  | $ | 22,255 |
Liabilities |  |  |  |  |
Contingent consideration | 3 |  | $ | 14,647 |  |  | $ | 1,375 |
Deferred compensation | 2 |  | 8,196 |  |  | 6,445 |
Forward exchange contracts | 2 |  | — |  |  | 422 |
Total liabilities at fair value |  |  | $ | 22,843 |  |  | $ | 8,242 |
Accounts Receivable, Allowance for Credit Loss | Following is a summary of activity in the allowance for credit losses (in thousands):
|  |  |  | 2024 |  | 2023 |  | 2022
Balance, beginning |  |  |  | $ | 4,655 |  |  | $ | 6,130 |  |  | $ | 3,254 |
Additions charged to costs and expenses |  |  |  | 930 |  |  | 1,125 |  |  | 3,567 |
Additions (deductions) from reserves (1) |  |  |  | (383) |  |  | (2,711) |  |  | (633) |
Other (deductions) additions(2) |  |  |  | (229) |  |  | 111 |  |  | (58) |
Balance, ending |  |  |  | $ | 4,973 |  |  | $ | 4,655 |  |  | $ | 6,130 |
(1) Additions represents amounts identified in acquisitions. Deductions represent 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):
| 2024 |  | 2023
Prepaid income taxes | $ | 25,097 |  |  | $ | 14,546 |
Prepaid expenses and other | 29,799 |  |  | 20,524 |
Total | $ | 54,896 |  |  | $ | 35,070 |
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):
| 2024 |  | 2023
Land and improvements | $ | 73,767 |  |  | $ | 70,382 |
Buildings and improvements | 610,580 |  |  | 500,373 |
Manufacturing equipment | 481,400 |  |  | 441,824 |
Office, warehouse and automotive equipment | 71,901 |  |  | 61,594 |
Additions in progress | 25,205 |  |  | 132,609 |
Total property, plant and equipment | 1,262,853 |  |  | 1,206,782 |
Accumulated depreciation | (491,197) |  |  | (465,069) |
Net property, plant and equipment | $ | 771,656 |  |  | $ | 741,713 |
Schedule of Goodwill | Changes in the carrying amounts of goodwill for each reportable segment were (in thousands):
| Contractor |  | Industrial |  | Process |  | Total
Balance, December 30, 2022 | $ | 77,034 |  |  | $ | 134,771 |  |  | $ | 156,366 |  |  | $ | 368,171 |
Impairment | — |  |  | — |  |  | (7,800) |  |  | (7,800) |
Foreign currency translation | 508 |  |  | 8,361 |  |  | 988 |  |  | 9,857 |
Balance, December 29, 2023 | 77,542 |  |  | 143,132 |  |  | 149,554 |  |  | 370,228 |
Additions, adjustments from business acquisitions | 126,101 |  |  | — |  |  | 4,022 |  |  | 130,123 |
Foreign currency translation | (5,605) |  |  | (6,907) |  |  | (371) |  |  | (12,883) |
Balance, December 27, 2024 | $ | 198,038 |  |  | $ | 136,225 |  |  | $ | 153,205 |  |  | $ | 487,468 |
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 27, 2024 |  |  |  |  |  |  |  |  |
Cost | $ | 270,910 |  |  | $ | 34,731 |  |  | $ | 3,756 |  |  | $ | 95,091 |  |  | $ | 404,488 |
Accumulated amortization | (143,689) |  |  | (10,534) |  |  | (1,478) |  |  | — |  |  | (155,701) |
Foreign currency translation | (12,102) |  |  | (1,182) |  |  | (79) |  |  | (2,118) |  |  | (15,481) |
Book value | $ | 115,119 |  |  | $ | 23,015 |  |  | $ | 2,199 |  |  | $ | 92,973 |  |  | $ | 233,306 |
Weighted average life in years | 14 |  | 9 |  | 3 |  | N/A |  |
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 |  |
Future Amortization Expense | Estimated future annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Estimated Amortization Expense | $ | 23,838 |  |  | $ | 16,996 |  |  | $ | 13,627 |  |  | $ | 11,490 |  |  | $ | 10,875 |  |  | $ | 63,507 |
Components of Other Assets | Components of other assets were (in thousands):
| 2024 |  | 2023
Cash surrender value of life insurance | $ | 24,411 |  |  | $ | 22,255 |
Capitalized software | 2,853 |  |  | 2,602 |
Equity method investment | 10,140 |  |  | 9,661 |
Prepaid pension | 37,888 |  |  | — |
Deposits and other | 7,461 |  |  | 3,332 |
Total | $ | 82,753 |  |  | $ | 37,850 |
Components of Other Current Liabilities | Components of other current liabilities were (in thousands):
| 2024 |  | 2023
Accrued self-insurance retentions | $ | 8,240 |  |  | $ | 8,654 |
Accrued warranty and service liabilities | 18,712 |  |  | 15,408 |
Accrued trade promotions | 11,086 |  |  | 14,312 |
Payable for employee stock purchases | 16,767 |  |  | 16,639 |
Customer advances and deferred revenue | 52,522 |  |  | 51,578 |
Income taxes payable | 8,102 |  |  | 9,837 |
Tax payable, other | 14,557 |  |  | 12,289 |
Operating lease liabilities, current | 7,838 |  |  | 8,242 |
Right of return refund liability | 15,557 |  |  | 17,826 |
Acquisition-related consideration payable | 10,339 |  |  | — |
Other | 48,008 |  |  | 30,574 |
Total | $ | 211,728 |  |  | $ | 185,359 |
Accrued Warranty Liability Activity | Following is a summary of activity in accrued warranty and service liabilities (in thousands):
| 2024 |  | 2023
Balance, beginning of year | $ | 15,408 |  |  | $ | 14,674 |
Assumed in business acquisition | 3,861 |  |  | — |
Charged to expense | 10,567 |  |  | 11,128 |
Margin on parts sales reversed | 3,391 |  |  | 3,875 |
Reductions for claims settled | (14,515) |  |  | (14,269) |
Balance, end of year | $ | 18,712 |  |  | $ | 15,408 |
Fair Market Value and Classification of Derivative Instruments | The fair market value of such instruments follows (in thousands):
| 2024 |  | 2023
Foreign Currency Contracts |  |  |
Assets | $ | 136 |  |  | $ | 26 |
Liabilities | (20) |  |  | (448) |
Net Assets (Liabilities) | $ | 116 |  |  | $ | (422) |

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