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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The following provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the periods ending December 25, 2015, and December 26, 2014, and a statement of the funded status as of the same dates (in thousands):
 
Pension Benefits
 
Postretirement Medical Benefits
 
2015
 
2014
 
2015
 
2014
Change in benefit obligation
 
 
 
 
 
 
 
Obligation, beginning of year
$
389,692

 
$
352,271

 
$
22,764

 
$
21,342

Service cost
8,406

 
6,846

 
542

 
486

Interest cost
14,790

 
15,944

 
954

 
981

Actuarial loss (gain)
(15,465
)
 
44,290

 
14

 
1,037

Plan changes
(179
)
 

 

 

Benefit payments
(12,505
)
 
(23,593
)
 
(1,063
)
 
(1,082
)
Settlements
(2,684
)
 

 

 

Exchange rate changes
(1,383
)
 
(6,066
)
 

 

Obligation, end of year
$
380,672

 
$
389,692

 
$
23,211

 
$
22,764

Change in plan assets
 
 
 
 
 
 
 
Fair value, beginning of year
$
277,208

 
$
280,607

 
$

 
$

Actual return on assets
4,311

 
21,622

 

 

Employer contributions
1,979

 
1,814

 
1,063

 
1,082

Benefit payments
(12,505
)
 
(23,593
)
 
(1,063
)
 
(1,082
)
Settlements
(2,684
)
 

 

 

Exchange rate changes
(51
)
 
(3,242
)
 


 

Fair value, end of year
$
268,258

 
$
277,208

 
$

 
$

Funded status
$
(112,414
)
 
$
(112,484
)
 
$
(23,211
)
 
$
(22,764
)
Amounts recognized in consolidated balance sheets
 
 
 
 
 
 
 
Current liabilities
$
1,166

 
$
1,308

 
$
1,282

 
$
1,165

Non-current liabilities
111,248

 
111,176

 
21,929

 
21,599

Total liabilities
$
112,414

 
$
112,484

 
$
23,211

 
$
22,764


The accumulated benefit obligation as of year-end for all defined benefit pension plans was $355 million for 2015 and $361 million for 2014. Information for plans with an accumulated benefit obligation in excess of plan assets follows (in thousands):
 
2015
 
2014
Projected benefit obligation
$
380,672

 
$
389,692

Accumulated benefit obligation
354,918

 
360,945

Fair value of plan assets
268,258

 
277,208


The components of net periodic benefit cost for the plans for 2015, 2014 and 2013 were as follows (in thousands):
 
Pension Benefits
 
Postretirement Medical Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost-benefits earned during the period
$
8,406

 
$
6,846

 
$
7,447

 
$
542

 
$
486

 
$
626

Interest cost on projected benefit obligation
14,790

 
15,944

 
14,149

 
954

 
981

 
961

Expected return on assets
(19,442
)
 
(21,253
)
 
(18,508
)
 

 

 

Amortization of prior service cost (credit)
268

 
320

 
8

 
(676
)
 
(658
)
 
(658
)
Amortization of net loss (gain)
9,459

 
4,929

 
10,456

 
323

 
15

 
480

Cost of pension plans which are not significant and have not adopted ASC 715
79

 
80

 
94

 
N/A

 
N/A

 
N/A

Net periodic benefit cost
$
13,560

 
$
6,866

 
$
13,646

 
$
1,143

 
$
824

 
$
1,409



49

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