Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

The fair values of the Company’s non-traded debt, also shown below, are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The Company's publicly traded debt and non-traded debt are classified as level 1 and level 2, respectively, in the fair value hierarchy. See Note 7.



	December 31,
	2017				2016				2015
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value		Amount		Value
Publicly traded debt	$	8,742,739	$	9,054,277	$	1,907,704	$	1,912,646	$	1,905,650	$	1,960,169
Non-traded debt	1,144,185		1,088,630		4,097		3,783		4,782		4,555

Assets and liabilities reported at fair value on a recurring basis

The following tables summarize the Company’s assets and liabilities measured on a

recurring and non-recurring basis in accordance with the Fair Value Measurements and Disclosures Topic of the ASC:

Assets and Liabilities Reported at Fair Value on a Recurring Basis



	Fair Value at December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Deferred compensation plan assets ⁽¹⁾	$	61,097	$	34,433	$	26,664
Liabilities:
Deferred compensation plan liabilities ⁽²⁾	$	70,850	$	70,850

⁽¹⁾

The deferred compensation plan assets consists of the investment funds maintained for the future payments under the Company’s executive deferred compensation plans, which are structured as rabbi trusts. The investments are marketable securities accounted for under the Debt and Equity Securities Topic of the ASC. The level 1 investments are valued using quoted market prices multiplied by the number of shares. The level 2 investments are valued based on vendor or broker models. The cost basis of the investment funds is $56,326.


⁽²⁾	The deferred compensation plan liabilities are the Company’s liabilities under its deferred compensation plans. The liabilities represent the fair value of the participant shadow accounts, and the value is based on quoted market prices in active markets for identical assets.

Classes of assets and ranges of annual depreciation rates

The major classes of assets and ranges of annual depreciation rates are:



Buildings	4.0% – 20.0%
Machinery and equipment	10.0% – 20.0%
Furniture and fixtures	6.7% – 33.3%
Automobiles and trucks	10.0% – 33.3%

Changes in the company's accrual for product warranty claims

Changes in the Company’s accrual for product warranty claims during 2017, 2016 and 2015, including customer satisfaction settlements during the year, were as follows:



	2017			2016			2015
Balance at January 1	$	34,419		$	31,878		$	27,723
Charges to expense	39,707			38,954			43,484
Settlements	(53,143		)	(36,413		)	(39,329		)
Acquisition	130,442
Balance at December 31	$	151,425		$	34,419		$	31,878