Graco Inc.

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SEC Filings

10-K
GRACO INC filed this Form 10-K on 02/21/2017
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Issuer Purchases of Equity Securities

On April 24, 2015, the Board of Directors authorized the purchase of up to 6,000,000 shares of common stock, primarily through open market transactions. The authorization is for an indefinite period of time or until terminated by the Board.

In addition to shares purchased under the Board authorization, the Company purchases shares of common stock held by employees who wish to tender owned shares to satisfy the exercise price or tax due upon exercise of stock options or vesting of restricted stock.

Information on issuer purchases of equity securities follows:
Period
 
Total
Number
of Shares
Purchased
 
Average Price
Paid per
Share
 
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
 
Maximum Number
of Shares that May
Yet Be Purchased
Under the Plans
or Programs
(at end of period)
September 24, 2016 - October 28, 2016
 
35,000

 
$
69.93

 
35,000

 
3,817,367

October 29, 2016 - November 25, 2016
 

 
$

 

 
3,817,367

November 26, 2016 - December 30, 2016
 

 
$

 

 
3,817,367


Subsequent event: On February 21, 2017, the Company entered into an accelerated share repurchase arrangement (“ASR”) with a financial institution. In exchange for an up-front payment of $90 million, the financial institution will deliver 850,000 shares of Company common stock. The total number of shares ultimately delivered will be determined at the end of the purchase period (up to five months, but not less than two months) based on the volume weighted average price of the Company’s common stock during that period.

Item 6. Selected Financial Data

The following table includes historical financial data (in thousands, except per share amounts):
 
2016
 
2015
 
2014
 
2013
 
2012
Net sales
$
1,329,293

 
$
1,286,485

 
$
1,221,130

 
$
1,104,024

 
$
1,012,456

Net earnings
40,674

 
345,713

 
225,573

 
210,822

 
149,126

Per common share
 
 
 
 
 
 
 
 
 
Basic net earnings
$
0.73

 
$
6.00

 
$
3.75

 
$
3.44

 
$
2.47

Diluted net earnings
0.71

 
5.86

 
3.65

 
3.36

 
2.42

Cash dividends declared
1.35

 
1.23

 
1.13

 
1.03

 
0.93

Total assets
$
1,243,109

 
$
1,391,352

 
$
1,544,778

 
$
1,327,228

 
$
1,321,734

Long-term debt (including current portion)
305,685

 
392,695

 
615,000

 
408,370

 
556,480


Net earnings in 2016 included $161 million of after tax loss from non-cash impairment charges in the Company’s Oil and Natural Gas reporting unit within the Process Segment.

Net earnings in 2015 included $141 million from the sale of the Liquid Finishing businesses acquired in 2012 held as a cost-method investment. Proceeds from the sale were principally used to retire long-term debt.

Net sales in 2012 included $93 million from Powder Finishing operations acquired in 2012. The Company used long-term borrowings and available cash balances to complete the $668 million purchase of Powder Finishing and Liquid Finishing businesses in 2012.

Additional information on the comparability of results is included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.



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