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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Table of Contents

C. Inventories

Major components of inventories were as follows (in thousands):

 

  2014   2013  

Finished products and components

$ 87,384   $ 65,963  

Products and components in various stages of completion

  47,682     41,458  

Raw materials and purchased components

  69,212     69,051  
  

 

 

    

 

 

 
  204,278     176,472  

Reduction to LIFO cost

  (44,481   (42,685
  

 

 

    

 

 

 

Total

$   159,797   $   133,787  
  

 

 

    

 

 

 

Inventories valued under the LIFO method were $84.0 million in 2014 and $76.9 million in 2013. All other inventory was valued on the FIFO method.

D. Property, Plant and Equipment

Property, plant and equipment were as follows (in thousands):

 

  2014   2013  

Land and improvements

$ 16,311   $ 16,506  

Buildings and improvements

  123,126     118,460  

Manufacturing equipment

  242,978     222,810  

Office, warehouse and automotive equipment

  39,219     35,887  

Additions in progress

  12,117     14,224  
  

 

 

    

 

 

 

Total property, plant and equipment

  433,751     407,887  

Accumulated depreciation

  (272,521   (256,170
  

 

 

    

 

 

 

Net property, plant and equipment

$ 161,230   $ 151,717  
  

 

 

    

 

 

 

Depreciation expense was $24.1 million in 2014, $23.4 million in 2013 and $22.2 million in 2012.

E. Income Taxes

Earnings before income tax expense consist of (in thousands):

 

  2014   2013   2012  

Domestic

$ 266,627   $ 238,928   $ 184,132  

Foreign

  48,446     49,894     33,194  
  

 

 

    

 

 

    

 

 

 

Total

$   315,073   $   288,822   $   217,326  
  

 

 

    

 

 

    

 

 

 

 

42

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