Graco Inc.

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SEC Filings

10-K
GRACO INC filed this Form 10-K on 02/17/2015
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GRACO INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

     Years Ended  
     December 26,
2014
    December 27,
2013
    December 28,
2012
 

Cash Flows From Operating Activities

      

Net earnings

   $ 225,573     $ 210,822     $ 149,126  

Adjustments to reconcile net earnings to net cash provided by operating activities Depreciation and amortization

     35,515       37,316       38,762  

Deferred income taxes

     329       (1,715     (10,786

Share-based compensation

     17,249       16,545       12,409  

Excess tax benefit related to share-based payment arrangements

     (6,634     (8,347     (4,217

Change in

      

Accounts receivable

     (26,557     (11,880     (2,752

Inventories

     (15,079     (10,186     5,941  

Trade accounts payable

     450       2,436       (952

Salaries and incentives

     1,520       2,022       (4,251

Retirement benefits and deferred compensation

     5,052       3,629       3,209  

Other accrued liabilities

     6,151       5,556       3,288  

Other

     (2,314     (3,143     (95
  

 

 

   

 

 

   

 

 

 

Net cash from operating activities

  241,255     243,055     189,682  
  

 

 

   

 

 

   

 

 

 

Cash Flows From Investing Activities

Property, plant and equipment additions

  (30,636   (23,319   (18,234

Acquisition of businesses, net of cash acquired

  (185,462   (11,560   (240,068

Investment in businesses held separate

  530     4,516     (426,813

Proceeds from sale of assets

  -       1,600     -    

Other

  (1,163   (2,475   (9,405
  

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

  (216,731   (31,238   (694,520
  

 

 

   

 

 

   

 

 

 

Cash Flows From Financing Activities

Borrowings (payments) on short-term lines of credit, net

  (4,459   1,280     (619

Borrowings on notes and long-term line of credit

  717,845     419,905     649,325  

Payments on long-term line of credit

  (511,215   (568,122   (392,845

Payments of debt issuance costs

  (890   -       (1,921

Excess tax benefit related to share-based payment arrangements

  6,634     8,347     4,217  

Common stock issued

  30,199     41,664     30,194  

Common stock repurchased

  (195,326   (67,827   (1,378

Cash dividends paid

  (66,362   (61,139   (54,302
  

 

 

   

 

 

   

 

 

 

Net cash from (used in) financing activities

  (23,574   (225,892   232,671  
  

 

 

   

 

 

   

 

 

 

Effect of exchange rate changes on cash

  2,950     2,711     137  
  

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

  3,900     (11,364   (272,030

Cash and Cash Equivalents

Beginning of year

  19,756     31,120     303,150  
  

 

 

   

 

 

   

 

 

 

End of year

$ 23,656   $ 19,756   $ 31,120  
  

 

 

   

 

 

   

 

 

 

See notes to consolidated financial statements.

 

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