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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GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
Years Ended
 
December 30, 2016
 
December 25, 2015
 
December 26, 2014
Cash Flows From Operating Activities
 
 
 
 
 
Net Earnings
$
40,674

 
$
345,713

 
$
225,573

Adjustments to reconcile net earnings to net cash
provided by operating activities
 
 
 
 
 
Impairment
192,020

 

 

Depreciation and amortization
48,290

 
44,607

 
35,515

Deferred income taxes
(35,561
)
 
(11,585
)
 
329

Share-based compensation
21,134

 
19,224

 
17,249

Excess tax benefit related to share-based payment arrangements
(6,913
)
 
(1,775
)
 
(6,634
)
(Gain) loss on sale of business

 
(149,894
)
 

Change in
 
 
 
 
 
Accounts receivable
4,506

 
(18,276
)
 
(26,557
)
Inventories
(693
)
 
(34,109
)
 
(15,079
)
Trade accounts payable
553

 
4,305

 
450

Salaries and incentives
(6,809
)
 
(1,385
)
 
1,520

Retirement benefits and deferred compensation
10,995

 
11,870

 
5,052

Other accrued liabilities
3,298

 
1,645

 
6,151

Other
(2,401
)
 
(20,701
)
 
(2,314
)
Net cash provided by operating activities
269,093

 
189,639

 
241,255

Cash Flows From Investing Activities
 
 
 
 
 
Property, plant and equipment additions
(42,113
)
 
(41,749
)
 
(30,636
)
Acquisition of businesses, net of cash acquired
(48,946
)
 
(189,017
)
 
(185,462
)
Proceeds from sale of assets

 
610,162

 

Change in restricted assets
288

 
(9,518
)
 

Investment in businesses held separate

 

 
530

Other
(164
)
 
61

 
(1,163
)
Net cash provided by (used in) investing activities
(90,935
)
 
369,939

 
(216,731
)
Cash Flows From Financing Activities
 
 
 
 
 
Borrowings (payments) on short-term lines of credit, net
(5,995
)
 
11,216

 
(4,459
)
Borrowings on long-term line of credit
648,134

 
720,605

 
717,845

Payments on long-term line of credit
(735,144
)
 
(942,910
)
 
(511,215
)
Payments of debt issuance costs
(860
)
 

 
(890
)
Excess tax benefit related to share-based payment arrangements
6,913

 
1,775

 
6,634

Common stock issued
32,631

 
18,835

 
30,199

Common stock repurchased
(50,497
)
 
(274,503
)
 
(195,326
)
Cash dividends paid
(73,434
)
 
(69,429
)
 
(66,362
)
Net cash provided by (used in) financing activities
(178,252
)
 
(534,411
)
 
(23,574
)
Effect of exchange rate changes on cash
164

 
3,472

 
2,950

Net increase (decrease) in cash and cash equivalents
70

 
28,639

 
3,900

Cash and Cash Equivalents
 
 
 
 
 
Beginning of year
52,295

 
23,656

 
19,756

End of year
$
52,365

 
$
52,295

 
$
23,656

See notes to consolidated financial statements.

33

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