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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Disclosures related to other fair value measurements are included below in Impairment of Long-Lived Assets, in Note F (Debt) and in Note J (Retirement Benefits).

Cash Equivalents. All highly liquid investments with a maturity of three months or less at the date of purchase are considered to be cash equivalents.

Accounts Receivable. Accounts receivable includes trade receivables of $207 million in 2014 and $178 million in 2013. Other receivables totaled $8 million in 2014 and $5 million in 2013.

Inventory Valuation. Inventories are stated at the lower of cost or market. The last-in, first-out (LIFO) cost method is used for valuing most U.S. inventories. Inventories of foreign subsidiaries are valued using the first-in, first-out (FIFO) cost method.

Other Current Assets. Amounts included in other current assets were (in thousands):

 

  2014   2013  

Prepaid income taxes

$ 10,849   $ 7,894  

Prepaid expenses and other

  8,525     6,739  
  

 

 

    

 

 

 

Total

$   19,374   $   14,633  
  

 

 

    

 

 

 

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

Goodwill and Other Intangible Assets. Goodwill has been assigned to reporting units. Changes in the carrying amounts of goodwill for each reportable segment were (in thousands):

 

  Industrial   Contractor   Lubrication   Total  

December 26, 2014

               

Beginning balance

$ 157,738   $ 12,732   $ 19,497   $ 189,967  

Additions from business acquisitions

  114,331     -     -     114,331  

Foreign currency translation

  (11,724   -     -     (11,724
  

 

 

    

 

 

    

 

 

    

 

 

 

Ending balance

$ 260,345   $ 12,732   $ 19,497   $ 292,574  
  

 

 

    

 

 

    

 

 

    

 

 

 

December 27, 2013

               

Beginning balance

$ 148,999   $ 12,732   $ 19,497   $ 181,228  

Additions from business acquisitions

  6,626     -     -     6,626  

Foreign currency translation

  2,998     -     -     2,998  

Other

  (885   -     -     (885
  

 

 

    

 

 

    

 

 

    

 

 

 

Ending balance

$ 157,738   $ 12,732   $ 19,497   $ 189,967  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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