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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Geographic information follows (in thousands):
 
2016
 
2015
 
2014
Net Sales (based on customer location)
 
 
 
 
 
United States
$
685,981

 
$
653,534

 
$
577,359

Other countries
643,312

 
632,951

 
643,771

Total
$
1,329,293

 
$
1,286,485

 
$
1,221,130

Long-lived Assets
 
 
 
 
 
United States
$
151,911

 
$
144,571

 
 
Other countries
37,685

 
33,866

 
 
Total
$
189,596

 
$
178,437

 
 

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 in 2016 and 2015. There were no customers that accounted for 10 percent or more of consolidated sales in 2014.

C. Inventories

Major components of inventories were as follows (in thousands):
 
2016
 
2015
Finished products and components
$
113,643

 
$
112,267

Products and components in various stages of completion
50,557

 
51,033

Raw materials and purchased components
84,631

 
82,894

Subtotal
248,831

 
246,194

Reduction to LIFO cost
(47,222
)
 
(44,058
)
Total
$
201,609

 
$
202,136


Inventories valued under the LIFO method were $103.2 million in 2016 and $109.8 million in 2015. All other inventory was valued on the FIFO method.

In 2016, certain inventory quantities were reduced, resulting in liquidation of LIFO inventory quantities carried at lower costs from prior years. The effect on net earnings was not significant.

D. Property, Plant and Equipment

Property, plant and equipment were as follows (in thousands):
 
2016
 
2015
Land and improvements
$
23,253

 
$
20,638

Buildings and improvements
132,343

 
127,968

Manufacturing equipment
286,742

 
254,409

Office, warehouse and automotive equipment
37,940

 
38,549

Additions in progress
9,364

 
19,609

Total property, plant and equipment
489,642

 
461,173

Accumulated depreciation
(300,046
)
 
(282,736
)
Net property, plant and equipment
$
189,596

 
$
178,437


Depreciation expense was $28.8 million in 2016, $25.7 million in 2015 and $24.1 million in 2014.


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