Graco Inc.

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SEC Filings

10-Q
GRACO INC filed this Form 10-Q on 07/26/2017
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GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
 
Six Months Ended
 
June 30,
2017
 
June 24,
2016
Cash Flows From Operating Activities
 
 
 
Net Earnings
$
140,560

 
$
90,499

Adjustments to reconcile net earnings to net cash
provided by operating activities
 
 
 
Depreciation and amortization
22,362

 
24,500

Deferred income taxes
(2,653
)
 
(7,397
)
Share-based compensation
13,451

 
12,736

Change in
 
 
 
Accounts receivable
(35,455
)
 
(14,826
)
Inventories
(17,103
)
 
(1,744
)
Trade accounts payable
3,175

 
(34
)
Salaries and incentives
(1,808
)
 
(12,336
)
Retirement benefits and deferred compensation
6,566

 
4,217

Other accrued liabilities
10,453

 
(38
)
Other
(3,857
)
 
(2,070
)
Net cash provided by operating activities
135,691

 
93,507

Cash Flows From Investing Activities
 
 
 
Property, plant and equipment additions
(16,621
)
 
(25,961
)
Acquisition of businesses, net of cash acquired
(9,905
)
 
(49,110
)
Change in restricted assets
900

 
934

Other
102

 
(146
)
Net cash provided by (used in) investing activities
(25,524
)
 
(74,283
)
Cash Flows From Financing Activities
 
 
 
Borrowings (payments) on short-term lines of credit, net
1,568

 
(2,616
)
Borrowings on long-term line of credit
293,880

 
416,079

Payments on long-term line of credit
(288,550
)
 
(379,279
)
Common stock issued
46,693

 
27,643

Common stock repurchased
(90,160
)
 
(48,050
)
Taxes paid related to net share settlement of equity awards
(10,735
)

(3,165
)
Cash dividends paid
(40,115
)
 
(36,685
)
Net cash provided by (used in) financing activities
(87,419
)
 
(26,073
)
Effect of exchange rate changes on cash
333

 
(1,582
)
Net increase (decrease) in cash and cash equivalents
23,081

 
(8,431
)
Cash and Cash Equivalents
 
 
 
Beginning of year
52,365

 
52,295

End of period
$
75,446

 
$
43,864

See notes to consolidated financial statements.

5

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