Graco Inc.

    Print Page | Close Window

SEC Filings

10-K
GRACO INC filed this Form 10-K on 02/16/2016
Entire Document
 << Previous Page | Next Page >>

Geographic Information (in thousands)
2015
 
2014
 
2013
Net Sales (based on customer location)
 
 
 
 
 
United States
$
653,534

 
$
577,359

 
$
498,478

Other countries
632,951

 
643,771

 
605,546

Total
$
1,286,485

 
$
1,221,130

 
$
1,104,024

Long-lived Assets
 
 
 
 
 
United States
$
144,571

 
$
131,131

 
 
Other countries
33,866

 
30,099

 
 
Total
$
178,437

 
$
161,230

 
 

Sales to Major Customers. Worldwide sales to one customer in the Contractor and Industrial segments individually represented 10 percent of the Company’s consolidated sales for 2015. There were no customers that accounted for 10 percent or more of consolidated sales in 2014 or 2013.

C. Inventories

Major components of inventories were as follows (in thousands):
 
2015
 
2014
Finished products and components
$
112,267

 
$
87,384

Products and components in various stages of completion
51,033

 
47,682

Raw materials and purchased components
82,894

 
69,212

 
246,194

 
204,278

Reduction to LIFO cost
(44,058
)
 
(44,481
)
Total
$
202,136

 
$
159,797


Inventories valued under the LIFO method were $109.8 million in 2015 and $84.0 million in 2014. All other inventory was valued on the FIFO method.

D. Property, Plant and Equipment

Property, plant and equipment were as follows (in thousands):
 
2015
 
2014
Land and improvements
$
20,638

 
$
16,311

Buildings and improvements
127,968

 
123,126

Manufacturing equipment
254,409

 
242,978

Office, warehouse and automotive equipment
38,549

 
39,219

Additions in progress
19,609

 
12,117

Total property, plant and equipment
461,173

 
433,751

Accumulated depreciation
(282,736
)
 
(272,521
)
Net property, plant and equipment
$
178,437

 
$
161,230


Depreciation expense was $25.7 million in 2015, $24.1 million in 2014 and $23.4 million in 2013.

E. Income Taxes

In 2015, the Company asserted that it will indefinitely reinvest earnings of foreign subsidiaries to support expansion of its international business. The change in assertion decreased deferred income taxes related to undistributed foreign earnings and reduced the effective tax rate compared to prior years. As of December 25, 2015, the amount of cash held outside the United States was not significant to the Company’s liquidity and was available to fund investments abroad. If the Company repatriated all foreign earnings, the estimated effect on income taxes payable would be an increase of approximately $9 million as of December 25, 2015.


41

 << Previous Page | Next Page >>