Graco Inc.

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SEC Filings

10-Q
GRACO INC filed this Form 10-Q on 10/25/2017
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GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
 
Nine Months Ended
 
September 29,
2017
 
September 23,
2016
Cash Flows From Operating Activities
 
 
 
Net Earnings
$
216,020

 
$
144,887

Adjustments to reconcile net earnings to net cash
provided by operating activities
 
 
 
Depreciation and amortization
33,620

 
36,846

Deferred income taxes
58

 
(8,470
)
Share-based compensation
19,154

 
16,143

Change in
 
 
 
Accounts receivable
(31,614
)
 
6,100

Inventories
(16,788
)
 
1,628

Trade accounts payable
4,319

 
1,057

Salaries and incentives
7,214

 
(6,914
)
Retirement benefits and deferred compensation
(8,595
)
 
7,431

Other accrued liabilities
25,402

 
9,379

Other
(2,642
)
 
(367
)
Net cash provided by operating activities
246,148

 
207,720

Cash Flows From Investing Activities
 
 
 
Property, plant and equipment additions
(28,899
)
 
(34,347
)
Acquisition of businesses, net of cash acquired
(12,905
)
 
(48,643
)
Change in restricted assets
1,349

 
150

Other
(124
)
 
(130
)
Net cash provided by (used in) investing activities
(40,579
)
 
(82,970
)
Cash Flows From Financing Activities
 
 
 
Borrowings (payments) on short-term lines of credit, net
(3,361
)
 
(7,349
)
Borrowings on long-term line of credit
293,880

 
532,724

Payments on long-term line of credit
(299,565
)
 
(569,639
)
Common stock issued
53,422

 
28,729

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

(3,165
)
Cash dividends paid
(60,273
)
 
(55,058
)
Net cash provided by (used in) financing activities
(116,792
)
 
(121,808
)
Effect of exchange rate changes on cash
(1,142
)
 
(1,915
)
Net increase (decrease) in cash and cash equivalents
87,635

 
1,027

Cash and Cash Equivalents
 
 
 
Beginning of year
52,365

 
52,295

End of period
$
140,000

 
$
53,322

See notes to consolidated financial statements.

5

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