$GGG
GRACO INC

2020 Q4 Form 10-Q Financial Statement

#000004288820000047 Filed on October 21, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $470.3M $439.3M $400.6M
YoY Change 14.08% 9.68% -3.7%
Cost Of Revenue $225.5M $210.4M $193.2M
YoY Change 11.14% 8.9% -0.67%
Gross Profit $244.8M $229.0M $207.4M
YoY Change 16.93% 10.4% -6.36%
Gross Profit Margin 52.05% 52.12% 51.77%
Selling, General & Admin $93.20M $85.97M $87.26M
YoY Change 5.55% -1.48% -4.06%
% of Gross Profit 38.07% 37.55% 42.08%
Research & Development $19.50M $17.72M $16.72M
YoY Change 15.38% 5.93% 6.29%
% of Gross Profit 7.96% 7.74% 8.06%
Depreciation & Amortization $14.60M $13.70M $12.30M
YoY Change 16.8% 11.38% 4.24%
% of Gross Profit 5.96% 5.98% 5.93%
Operating Expenses $112.7M $103.7M $104.0M
YoY Change 7.13% -0.29% -2.53%
Operating Profit $132.1M $125.0M $103.4M
YoY Change 26.82% 20.9% -9.91%
Interest Expense -$2.600M $2.964M $3.618M
YoY Change 4.0% -18.08% 0.98%
% of Operating Profit -1.97% 2.37% 3.5%
Other Income/Expense, Net $0.00 -$1.025M -$2.972M
YoY Change -100.0% -65.51% -5.32%
Pretax Income $129.5M $121.0M $96.81M
YoY Change 28.86% 25.0% -10.41%
Income Tax $14.80M $6.901M $12.68M
% Of Pretax Income 11.43% 5.7% 13.09%
Net Earnings $114.7M $114.1M $84.13M
YoY Change 35.26% 35.64% -9.22%
Net Earnings / Revenue 24.39% 25.98% 21.0%
Basic Earnings Per Share $0.68 $0.68 $0.50
Diluted Earnings Per Share $0.66 $0.66 $0.49
COMMON SHARES
Basic Shares Outstanding 167.5M shares 166.7M shares 166.8M shares
Diluted Shares Outstanding 171.7M shares 171.8M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $378.9M $424.7M $177.3M
YoY Change 71.45% 139.54% 28.85%
Cash & Equivalents $378.9M $424.7M $177.3M
Short-Term Investments
Other Short-Term Assets $44.24M $37.81M $29.32M
YoY Change 47.88% 28.96% 13.58%
Inventory $285.7M $283.7M $288.6M
Prepaid Expenses
Receivables $314.9M $315.0M $277.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.024B $1.061B $772.6M
YoY Change 29.35% 37.35% 5.73%
LONG-TERM ASSETS
Property, Plant & Equipment $350.8M $332.3M $308.7M
YoY Change 7.74% 7.65% 40.19%
Goodwill $347.6M $342.3M $301.4M
YoY Change 12.98% 13.58% 1.73%
Intangibles $160.7M $160.7M $161.5M
YoY Change -1.2% -0.54% -6.35%
Long-Term Investments
YoY Change
Other Assets $41.67M $34.01M $30.23M
YoY Change 16.75% 12.5% -7.96%
Total Long-Term Assets $964.3M $932.8M $864.8M
YoY Change 7.06% 7.86% 14.58%
TOTAL ASSETS
Total Short-Term Assets $1.024B $1.061B $772.6M
Total Long-Term Assets $964.3M $932.8M $864.8M
Total Assets $1.988B $1.994B $1.637B
YoY Change 17.49% 21.78% 10.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.31M $55.46M $54.88M
YoY Change 7.74% 1.06% 3.35%
Accrued Expenses $96.40M $80.90M $86.20M
YoY Change 9.92% -6.15% 2.25%
Deferred Revenue $41.69M $52.21M $46.69M
YoY Change 25.8% 11.81% 3.59%
Short-Term Debt $22.20M $44.00M $4.700M
YoY Change 188.31% 836.17% 17.5%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $321.4M $326.5M $287.5M
YoY Change 12.64% 13.54% 8.82%
LONG-TERM LIABILITIES
Long-Term Debt $150.0M $275.0M $192.1M
YoY Change -8.7% 43.15% -27.9%
Other Long-Term Liabilities $8.600M $8.600M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $158.6M $283.6M $192.1M
YoY Change -3.47% 47.63% -29.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $321.4M $326.5M $287.5M
Total Long-Term Liabilities $158.6M $283.6M $192.1M
Total Liabilities $480.0M $610.1M $479.6M
YoY Change 6.75% 27.19% -10.38%
SHAREHOLDERS EQUITY
Retained Earnings $568.3M $485.2M $397.3M
YoY Change 26.57% 22.12% 55.26%
Common Stock $839.8M $811.6M $730.4M
YoY Change 12.61% 11.12% 7.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.284B $1.166B $983.8M
YoY Change
Total Liabilities & Shareholders Equity $1.988B $1.994B $1.637B
YoY Change 17.49% 21.78% 10.23%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $114.7M $114.1M $84.13M
YoY Change 35.26% 35.64% -9.22%
Depreciation, Depletion And Amortization $14.60M $13.70M $12.30M
YoY Change 16.8% 11.38% 4.24%
Cash From Operating Activities $131.3M $120.1M $135.7M
YoY Change 10.15% -11.5% 62.51%
INVESTING ACTIVITIES
Capital Expenditures -$25.50M -$13.20M -$32.30M
YoY Change 0.0% -59.13% 164.75%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$200.0K -$13.20M
YoY Change -98.63% -98.48% 725.0%
Cash From Investing Activities -$25.60M -$13.40M -$45.50M
YoY Change -21.95% -70.55% 232.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -152.4M -116.1M -89.90M
YoY Change 237.92% 29.14% 71.89%
NET CHANGE
Cash From Operating Activities 131.3M 120.1M 135.7M
Cash From Investing Activities -25.60M -13.40M -45.50M
Cash From Financing Activities -152.4M -116.1M -89.90M
Net Change In Cash -46.70M -9.400M 300.0K
YoY Change -213.08% -3233.33% -98.29%
FREE CASH FLOW
Cash From Operating Activities $131.3M $120.1M $135.7M
Capital Expenditures -$25.50M -$13.20M -$32.30M
Free Cash Flow $156.8M $133.3M $168.0M
YoY Change 8.36% -20.65% 75.55%

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us-gaap Payments Of Dividends
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5415000 USD
CY2020Q3 us-gaap Net Income Loss
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CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2020Q3 us-gaap Dividends Common Stock Cash
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19700000 USD
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dei Document Period End Date
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2020-09-25
dei Document Period End Date
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2020-09-25
dei Document Period End Date
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2020-09-25
dei Document Period End Date
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2020-09-25
us-gaap Number Of Reportable Segments
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2020-09-25
dei Document Period End Date
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2020-09-25
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CY2019Q3 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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2020-09-25
CY2020Q3 us-gaap Assets
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CY2019Q4 us-gaap Assets
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dei Document Period End Date
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2020-09-25
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2020Q3 us-gaap Revenues
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CY2019Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
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us-gaap Revenues
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2020-09-25
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CY2019Q4 us-gaap Noncurrent Assets
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2020-09-25
dei Document Period End Date
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2020-09-25
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us-gaap Net Income Loss
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CY2019Q3 us-gaap Weighted Average Number Of Shares Issued Basic
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us-gaap Weighted Average Number Of Shares Issued Basic
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us-gaap Weighted Average Number Of Shares Issued Basic
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CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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4367000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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dei Document Period End Date
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2020-09-25
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2020-09-25
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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dei Document Period End Date
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2020-09-25
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P2Y6M
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2020-09-25
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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5827000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2020Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2020Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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1801000 USD
dei Document Period End Date
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2020-09-25
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2019Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2019Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2019Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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4907000 USD
CY2019Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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us-gaap Foreign Currency Transaction Loss Before Tax
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CY2020Q3 us-gaap Restructuring Reserve Current
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24000000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2020Q3 us-gaap Inventory Finished Goods
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CY2019Q4 us-gaap Inventory Finished Goods
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CY2020Q3 us-gaap Inventory Work In Process
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CY2019Q4 us-gaap Inventory Work In Process
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127151000 USD
CY2019Q4 us-gaap Inventory Raw Materials And Supplies
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117026000 USD
CY2020Q3 us-gaap Inventory Gross
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347020000 USD
CY2019Q4 us-gaap Inventory Gross
InventoryGross
336111000 USD
CY2020Q3 us-gaap Inventory Lifo Reserve
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63307000 USD
CY2019Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
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CY2020Q3 us-gaap Inventory Net
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CY2019Q4 us-gaap Inventory Net
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273233000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2020Q3 us-gaap Intangible Assets Gross Excluding Goodwill
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274306000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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103018000 USD
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160660000 USD
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
269663000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
91940000 USD
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-15100000 USD
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162623000 USD
CY2020Q3 us-gaap Amortization Of Intangible Assets
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4200000 USD
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3900000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12500000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11600000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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16868000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
16854000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
16765000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
15809000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
14267000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
32211000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
307663000 USD
us-gaap Goodwill Acquired During Period
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29657000 USD
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
5020000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2020Q3 us-gaap Goodwill
Goodwill
342340000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2020Q3 us-gaap Self Insurance Reserve Current
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7578000 USD
CY2019Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
7570000 USD
CY2020Q3 us-gaap Contract With Customer Refund Liability Current
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15112000 USD
CY2019Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
13791000 USD
CY2020Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
12571000 USD
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
12785000 USD
CY2020Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
9261000 USD
CY2019Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
8390000 USD
CY2020Q3 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
10361000 USD
CY2019Q4 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
13722000 USD
CY2020Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
52206000 USD
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
33138000 USD
CY2020Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
6331000 USD
CY2019Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
8706000 USD
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9165000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7690000 USD
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
32695000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
37145000 USD
CY2020Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
155280000 USD
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
142937000 USD
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
12785000 USD
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
155000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
5495000 USD
ggg Product Warranty Margin Reversed
ProductWarrantyMarginReversed
2000000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
7864000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2020Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
12571000 USD
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
52200000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
33100000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
25900000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
34900000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
150000000 USD
CY2020Q3 ggg Floating Rate Principal Maximum
FloatingRatePrincipalMaximum
100000000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
us-gaap Line Of Credit Facility Periodic Payment
LineOfCreditFacilityPeriodicPayment
125000000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2020Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
17661000 USD
CY2019Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
17702000 USD
CY2020Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
13983000 USD
CY2019Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
13878000 USD
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
150000000 USD
CY2020Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
165000000 USD
CY2019Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
165000000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2020Q3 us-gaap Accounts Receivable Gross
AccountsReceivableGross
299000000 USD
CY2020Q3 us-gaap Other Receivables
OtherReceivables
15000000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2019Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
256000000 USD
CY2019Q4 us-gaap Other Receivables
OtherReceivables
11000000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
dei Document Period End Date
DocumentPeriodEndDate
2020-09-25
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5159000 USD
CY2019Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4315000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4828000 USD
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4771000 USD
CY2020Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-293000 USD
CY2019Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
209000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
338000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
431000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
956000 USD
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
109000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1247000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
799000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
115000 USD
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-64000 USD
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
106000 USD
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-52000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4025000 USD
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4351000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4025000 USD
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4351000 USD

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