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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The Company uses a fiscal year-end measurement date for all of its plans. The following provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the periods ending December 26, 2014, and December 27, 2013, and a statement of the funded status as of the same dates (in thousands):

 

  Pension Benefits   Postretirement Medical Benefits  
  2014   2013   2014   2013  

Change in benefit obligation

Obligation, beginning of year

$ 352,271   $ 359,701   $ 21,342   $ 23,472  

Service cost

  6,846     7,447     486     626  

Interest cost

  15,944     14,149     981     961  

Actuarial loss (gain)

  44,290     (15,653   1,037     (2,582

Plan changes

  -       3,197     -       -    

Benefit payments

  (23,593   (10,762   (1,082   (1,135

Settlements

  -       (7,430   -       -    

Exchange rate changes

  (6,066   1,622     -       -    
  

 

 

    

 

 

    

 

 

    

 

 

 

Obligation, end of year

$ 389,692   $ 352,271   $ 22,764   $ 21,342  
  

 

 

    

 

 

    

 

 

    

 

 

 

Change in plan assets

Fair value, beginning of year

$ 280,607   $ 246,606   $ -     $ -    

Actual return on assets

  21,622     40,280     -       -    

Employer contributions

  1,814     10,728     1,082     1,135  

Benefit payments

  (23,593   (10,762   (1,082   (1,135

Settlements

  -       (7,241   -       -    

Exchange rate changes

  (3,242   996     -       -    
  

 

 

    

 

 

    

 

 

    

 

 

 

Fair value, end of year

$ 277,208   $ 280,607   $ -     $ -    
  

 

 

    

 

 

    

 

 

    

 

 

 

Funded status

$ (112,484 $ (71,664 $ (22,764 $ (21,342
  

 

 

    

 

 

    

 

 

    

 

 

 

Amounts recognized in consolidated balance sheets

Current liabilities

$ 1,308   $ 1,116   $ 1,165   $ 1,256  

Non-current liabilities

  111,176     70,548     21,599     20,086  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

$ 112,484   $ 71,664   $ 22,764   $ 21,342  
  

 

 

    

 

 

    

 

 

    

 

 

 

The accumulated benefit obligation as of year-end for all defined benefit pension plans was $361 million for 2014 and $326 million for 2013. Information for plans with an accumulated benefit obligation in excess of plan assets follows (in thousands):

 

  2014   2013  

Projected benefit obligation

$   389,692   $   352,271  

Accumulated benefit obligation

  360,945     326,030  

Fair value of plan assets

  277,208     280,607  

The components of net periodic benefit cost for the plans for 2014, 2013 and 2012 were as follows (in thousands):

 

  Pension Benefits   Postretirement Medical Benefits  
  2014   2013   2012   2014   2013   2012  

Service cost-benefits earned during the period

$ 6,846   $ 7,447   $ 6,414   $ 486   $ 626   $ 589  

Interest cost on projected benefit obligation

  15,944     14,149     13,729     981     961     986  

Expected return on assets

  (21,253   (18,508   (15,907   -       -       -    

Amortization of prior service cost (credit)

  320     8     (5   (658   (658   (658

Amortization of net loss (gain)

  4,929     10,456     10,814     15     480     395  

Cost of pension plans which are not significant and have not adopted ASC 715

  80     94     121     N/A      N/A      N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

$ 6,866   $ 13,646   $ 15,166   $ 824   $ 1,409   $ 1,312  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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