$GGG
GRACO INC

2017 Q4 Form 10-Q Financial Statement

#000004288817000030 Filed on October 25, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $374.9M $379.8M $349.1M
YoY Change 7.38% 16.08% 7.23%
Cost Of Revenue $174.1M $175.7M $161.7M
YoY Change 7.67% 16.69% 5.14%
Gross Profit $200.8M $204.1M $187.3M
YoY Change 7.19% 15.56% 9.05%
Gross Profit Margin 53.56% 53.73% 53.65%
Selling, General & Admin $95.60M $88.09M $80.30M
YoY Change 19.05% 9.48% -2.19%
% of Gross Profit 47.62% 43.17% 42.87%
Research & Development $15.70M $14.55M $14.60M
YoY Change 7.53% -0.81% 7.35%
% of Gross Profit 7.82% 7.13% 7.79%
Depreciation & Amortization $12.00M $11.20M $11.50M
YoY Change 4.35% -8.94% 1.77%
% of Gross Profit 5.98% 5.49% 6.14%
Operating Expenses $111.3M $102.6M $95.00M
YoY Change 17.16% 7.9% -0.73%
Operating Profit $89.47M $101.4M $92.30M
YoY Change -3.07% 24.52% 21.36%
Interest Expense -$4.100M $3.901M -$4.100M
YoY Change 0.0% -11.98% -2.38%
% of Operating Profit -4.58% 3.85% -4.44%
Other Income/Expense, Net -$11.90M -$1.142M -$7.200M
YoY Change 65.28% 174.52% -2500.0%
Pretax Income $73.50M $96.39M -$111.0M
YoY Change -166.22% 25.81% -252.05%
Income Tax $1.500M $20.93M -$6.800M
% Of Pretax Income 2.04% 21.72%
Net Earnings $36.40M $75.46M -$104.2M
YoY Change -134.93% 38.74% -294.77%
Net Earnings / Revenue 9.71% 19.87% -29.85%
Basic Earnings Per Share $0.22 $0.45
Diluted Earnings Per Share $0.21 $0.43 -$622.8K
COMMON SHARES
Basic Shares Outstanding 56.13M shares 56.00M shares 55.68M shares
Diluted Shares Outstanding 174.6M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.7M $140.0M $52.40M
YoY Change 97.9% 162.66% 0.19%
Cash & Equivalents $103.7M $140.0M $52.37M
Short-Term Investments
Other Short-Term Assets $34.25M $20.89M $31.02M
YoY Change 10.39% 3.87% 6.69%
Inventory $239.3M $222.9M $201.6M
Prepaid Expenses
Receivables $266.1M $258.6M $218.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $643.3M $642.4M $503.4M
YoY Change 27.81% 28.93% -1.11%
LONG-TERM ASSETS
Property, Plant & Equipment $204.3M $199.4M $189.6M
YoY Change 7.75% 4.67% 6.25%
Goodwill $278.8M $272.9M $259.8M
YoY Change 7.29% -33.71% -34.13%
Intangibles $183.1M $181.1M $178.3M
YoY Change 2.65% -22.59% -21.78%
Long-Term Investments
YoY Change
Other Assets $30.22M $26.67M $25.31M
YoY Change 19.39% 7.23% 3.54%
Total Long-Term Assets $747.3M $761.8M $739.7M
YoY Change 1.02% -17.46% -16.16%
TOTAL ASSETS
Total Short-Term Assets $643.3M $642.4M $503.4M
Total Long-Term Assets $747.3M $761.8M $739.7M
Total Assets $1.391B $1.404B $1.243B
YoY Change 11.87% -1.19% -10.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.75M $46.60M $39.99M
YoY Change 21.91% 13.8% -1.28%
Accrued Expenses $85.00M $74.70M $59.20M
YoY Change 43.58% 25.76% -12.94%
Deferred Revenue $22.63M
YoY Change
Short-Term Debt $6.600M $6.200M $8.900M
YoY Change -25.84% -26.19% -44.03%
Long-Term Debt Due $75.00M $0.00
YoY Change
Total Short-Term Liabilities $245.8M $288.3M $178.0M
YoY Change 38.12% 62.66% -8.55%
LONG-TERM LIABILITIES
Long-Term Debt $226.0M $225.0M $305.7M
YoY Change -26.06% -36.76% -22.16%
Other Long-Term Liabilities $6.017M $8.306M $8.697M
YoY Change -30.82% -3.75% -0.38%
Total Long-Term Liabilities $232.1M $233.3M $314.4M
YoY Change -26.19% -35.98% -21.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $245.8M $288.3M $178.0M
Total Long-Term Liabilities $232.1M $233.3M $314.4M
Total Liabilities $477.9M $521.6M $492.4M
YoY Change -2.94% -3.7% -17.39%
SHAREHOLDERS EQUITY
Retained Earnings $181.6M $280.4M $206.8M
YoY Change -12.19% -15.88% -27.56%
Common Stock $669.3M $560.2M $509.2M
YoY Change 31.43% 12.82% 12.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $723.1M $720.0M $573.8M
YoY Change
Total Liabilities & Shareholders Equity $1.391B $1.404B $1.243B
YoY Change 11.87% -1.19% -10.65%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income $36.40M $75.46M -$104.2M
YoY Change -134.93% 38.74% -294.77%
Depreciation, Depletion And Amortization $12.00M $11.20M $11.50M
YoY Change 4.35% -8.94% 1.77%
Cash From Operating Activities $91.80M $110.4M $68.30M
YoY Change 34.41% -3.33% 21.53%
INVESTING ACTIVITIES
Capital Expenditures -$11.30M -$12.30M -$7.800M
YoY Change 44.87% 48.19% -39.06%
Acquisitions
YoY Change
Other Investing Activities -$15.30M -$3.200M -$500.0K
YoY Change 2960.0% 966.67% -75.0%
Cash From Investing Activities -$26.50M -$15.50M -$8.200M
YoY Change 223.17% 78.16% -44.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.3M -29.40M -63.40M
YoY Change 58.2% -69.28% 54.63%
NET CHANGE
Cash From Operating Activities 91.80M 110.4M 68.30M
Cash From Investing Activities -26.50M -15.50M -8.200M
Cash From Financing Activities -100.3M -29.40M -63.40M
Net Change In Cash -35.00M 65.50M -3.300M
YoY Change 960.61% 568.37% -1200.0%
FREE CASH FLOW
Cash From Operating Activities $91.80M $110.4M $68.30M
Capital Expenditures -$11.30M -$12.30M -$7.800M
Free Cash Flow $103.1M $122.7M $76.10M
YoY Change 35.48% 0.16% 10.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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656000 USD
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1454000 USD
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130000 USD
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
48643000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
12905000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
34347000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
28899000 USD
CY2016Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
159250000 USD
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145224000 USD
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
53422000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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532724000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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293880000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Proceeds From Repayments Of Lines Of Credit
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CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8934000 USD
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ProductWarrantyAccrual
9876000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6743000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
5708000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
489642000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
518486000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
189596000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
199428000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
218365000 USD
CY2017Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
258632000 USD
CY2016Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1088000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
3134000 USD
CY2017Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1453000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
3754000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
569639000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
38000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
80.31
us-gaap Repayments Of Long Term Debt
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299565000 USD
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ResearchAndDevelopmentExpense
14671000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
44964000 USD
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ResearchAndDevelopmentExpense
14815000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
44215000 USD
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206820000 USD
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RetainedEarningsAccumulatedDeficit
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327192000 USD
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SalesRevenueNet
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SalesRevenueNet
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SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
158106000 USD
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SellingAndMarketingExpense
57941000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
168912000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
16143000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
19154000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3672000 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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51.40
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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575000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5535000 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4934000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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55.26
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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62.66
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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40.97
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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92.13
CY2016Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
8913000 USD
CY2017Q3 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
6215000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1138000 shares
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573820000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1285000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1335000 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2181000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2084000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56969000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56906000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58204000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57948000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
55684000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
55571000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
56023000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
55864000 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (FASB) issued a final standard on revenue from contracts with customers. The new standard sets forth a single comprehensive model for recognizing and reporting revenue. The new standard will become effective for the Company beginning with the first quarter of 2018, and the Company plans to adopt the accounting standard using the modified retrospective transition approach. The modified retrospective transition approach will recognize any changes from the beginning of the year of initial application through retained earnings with no restatement of comparative periods.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We have established an implementation team and engaged a third-party consultant to assist with our assessment of the impact of the new revenue guidance on our operations, consolidated financial statements and related disclosures. To date, this assessment has included (1) utilizing questionnaires to assist with the identification of our revenue streams, (2) performing contract analyses for each revenue stream identified, (3) assessing the noted differences in recognition and measurement that may result from adopting this new standard, (4) performing detailed analyses of contracts with large customers, and (5) performing transaction level testing (based on our designed test plans) for consistency with contract provisions that affect revenue recognition. Based on the preliminary results of the evaluation, which is still in process, nothing has come to our attention that would indicate that adoption of the new standard will have a material impact on our consolidated financial statements. However, given our acquisition strategy, there may be additional revenue streams acquired prior to the adoption date. We currently believe the most significant potential change relates to whether certain project-based revenues will be recognized over time or at a point in time, although our technical analysis of potential impacts is still on-going. We also anticipate changes to the consolidated balance sheet related to accounts receivable, contract assets, and contract liabilities.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We are in the process of evaluating and designing the necessary changes to our business processes, policies, systems and controls to support recognition and disclosure under the new standard. Further, we are continuing to assess what incremental disaggregated revenue disclosures will be required in our consolidated financial statements. The implementation team has reported these findings and the progress of the project to the Audit Committee of our Board of Directors. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In March 2017, the FASB issued a final standard that changes the presentation of net periodic benefit cost related to defined benefit plans. The Company will adopt the standard when it becomes effective in fiscal 2018 and it will be applied retrospectively to all periods presented. Under the new standard, net periodic benefit costs are required to be disaggregated between service costs presented as operating expenses and other components of pension costs presented as non-operating expenses. The Company currently charges service costs to segment operations and includes other components of pension cost in unallocated corporate operating expenses. Under the new standard, unallocated corporate operating expenses will decrease, operating earnings will increase and other expense will increase by the amount of other (non-service) components of pension cost. There will be no impact on reported segment earnings, net earnings or earnings per shar</font></div></div>

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