Graco Inc.

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SEC Filings

10-K
GRACO INC filed this Form 10-K on 02/16/2016
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GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
Years Ended
 
December 25, 2015
 
December 26, 2014
 
December 27, 2013
Cash Flows From Operating Activities
 
 
 
 
 
Net earnings
$
345,713

 
$
225,573

 
$
210,822

Adjustments to reconcile net earnings to net cash provided by operating activities
 
 
 
 
 
Depreciation and amortization
44,607

 
35,515

 
37,316

Deferred income taxes
(11,585
)
 
329

 
(1,715
)
Share-based compensation
19,224

 
17,249

 
16,545

Excess tax benefit related to share-based payment arrangements
(1,775
)
 
(6,634
)
 
(8,347
)
Gain on sale of business
(149,894
)




Change in
 
 
 
 
 
Accounts receivable
(18,276
)
 
(26,557
)
 
(11,880
)
Inventories
(34,109
)
 
(15,079
)
 
(10,186
)
Trade accounts payable
4,305

 
450

 
2,436

Salaries and incentives
(1,385
)
 
1,520

 
2,022

Retirement benefits and deferred compensation
11,870

 
5,052

 
3,629

Other accrued liabilities
1,645

 
6,151

 
5,556

Other
(20,701
)
 
(2,314
)
 
(3,143
)
Net cash from operating activities
189,639

 
241,255

 
243,055

Cash Flows From Investing Activities
 
 
 
 
 
Property, plant and equipment additions
(41,749
)
 
(30,636
)
 
(23,319
)
Acquisition of businesses, net of cash acquired
(189,017
)
 
(185,462
)
 
(11,560
)
Investment in businesses held separate

 
530

 
4,516

Proceeds from sale of assets
610,162

 

 
1,600

Investment in restricted assets
(9,518
)
 

 

Other
61

 
(1,163
)
 
(2,475
)
Net cash from (used in) investing activities
369,939

 
(216,731
)
 
(31,238
)
Cash Flows From Financing Activities
 
 
 
 
 
Borrowings (payments) on short-term lines of credit, net
11,216

 
(4,459
)
 
1,280

Borrowings on long-term line of credit
720,605

 
717,845

 
419,905

Payments on long-term line of credit
(942,910
)
 
(511,215
)
 
(568,122
)
Payments of debt issuance costs

 
(890
)
 

Excess tax benefit related to share-based payment arrangements
1,775

 
6,634

 
8,347

Common stock issued
18,835

 
30,199

 
41,664

Common stock repurchased
(274,503
)
 
(195,326
)
 
(67,827
)
Cash dividends paid
(69,429
)
 
(66,362
)
 
(61,139
)
Net cash from (used in) financing activities
(534,411
)
 
(23,574
)
 
(225,892
)
Effect of exchange rate changes on cash
3,472

 
2,950

 
2,711

Net increase (decrease) in cash and cash equivalents
28,639

 
3,900

 
(11,364
)
Cash and Cash Equivalents
 
 
 
 
 
Beginning of year
23,656

 
19,756

 
31,120

End of year
$
52,295

 
$
23,656

 
$
19,756

See notes to consolidated financial statements.

33

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