$GGG
GRACO INC

2011 Q4 Form 10-Q Financial Statement

#000119312511282199 Filed on October 26, 2011

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2010 Q3
Revenue $215.6M $227.3M $190.0M
YoY Change 9.28% 19.68% 28.96%
Cost Of Revenue $98.60M $101.0M $85.41M
YoY Change 10.04% 18.26% 23.48%
Gross Profit $117.0M $126.3M $104.6M
YoY Change 8.64% 20.84% 33.81%
Gross Profit Margin 54.27% 55.58% 55.04%
Selling, General & Admin $56.80M $59.12M $51.87M
YoY Change -5.96% 13.98% 20.07%
% of Gross Profit 48.55% 46.79% 49.61%
Research & Development $10.80M $10.42M $9.263M
YoY Change 13.68% 12.52% 5.84%
% of Gross Profit 9.23% 8.25% 8.86%
Depreciation & Amortization $6.200M $9.100M $8.200M
YoY Change -27.06% 10.98% -10.87%
% of Gross Profit 5.3% 7.2% 7.84%
Operating Expenses $67.60M $69.55M $61.14M
YoY Change -3.29% 13.76% 17.67%
Operating Profit $49.40M $56.80M $43.42M
YoY Change 30.69% 30.81% 65.82%
Interest Expense -$3.700M $3.125M $1.038M
YoY Change 270.0% 201.06% -9.58%
% of Operating Profit -7.49% 5.5% 2.39%
Other Income/Expense, Net $0.00 -$325.0K -$254.0K
YoY Change -100.0% 27.95% 25.12%
Pretax Income $43.70M $53.35M $42.13M
YoY Change 19.73% 26.63% 69.64%
Income Tax $13.30M $16.80M $11.70M
% Of Pretax Income 30.43% 31.49% 27.77%
Net Earnings $30.40M $38.10M $30.40M
YoY Change 12.59% 25.33% 75.72%
Net Earnings / Revenue 14.1% 16.76% 16.0%
Basic Earnings Per Share $0.60 $0.51
Diluted Earnings Per Share $167.1K $0.60 $0.50
COMMON SHARES
Basic Shares Outstanding 59.69M shares 60.85M shares 60.25M shares
Diluted Shares Outstanding 61.42M shares 60.62M shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2010 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $303.2M $119.3M $9.700M
YoY Change 3058.33% 1129.9% 90.2%
Cash & Equivalents $303.2M $274.8M $9.666M
Short-Term Investments $0.00
Other Short-Term Assets $5.887M $3.305M $2.636M
YoY Change -26.01% 25.38% -89.24%
Inventory $105.3M $111.7M $85.34M
Prepaid Expenses
Receivables $150.9M $159.8M $135.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $583.0M $565.2M $253.7M
YoY Change 130.96% 122.81% 28.77%
LONG-TERM ASSETS
Property, Plant & Equipment $138.2M $134.4M $132.3M
YoY Change 3.03% 1.59% -7.21%
Goodwill $93.40M $93.40M $91.74M
YoY Change 1.81% 1.81%
Intangibles $18.12M $20.65M $31.27M
YoY Change -36.06% -33.98%
Long-Term Investments
YoY Change
Other Assets $11.82M $10.71M $8.516M
YoY Change 29.8% 25.76% -62.32%
Total Long-Term Assets $291.3M $274.4M $273.5M
YoY Change 4.77% 0.34% -8.87%
TOTAL ASSETS
Total Short-Term Assets $583.0M $565.2M $253.7M
Total Long-Term Assets $291.3M $274.4M $273.5M
Total Assets $874.3M $839.6M $527.1M
YoY Change 64.82% 59.28% 6.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.40M $29.89M $24.87M
YoY Change 39.32% 20.19% 48.92%
Accrued Expenses $51.30M $42.30M $47.90M
YoY Change -5.7% -11.69% 46.93%
Deferred Revenue
YoY Change
Short-Term Debt $8.700M $13.90M $11.10M
YoY Change 6.1% 25.23% -20.14%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $131.3M $128.5M $123.3M
YoY Change 9.63% 4.2% 16.88%
LONG-TERM LIABILITIES
Long-Term Debt $300.0M $300.0M $90.00M
YoY Change 327.02% 233.33% -16.2%
Other Long-Term Liabilities $120.3M $78.20M $66.00M
YoY Change 57.46% 18.48% -33.93%
Total Long-Term Liabilities $300.0M $300.0M $90.00M
YoY Change 327.02% 233.33% -56.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $131.3M $128.5M $123.3M
Total Long-Term Liabilities $300.0M $300.0M $90.00M
Total Liabilities $431.3M $428.5M $213.3M
YoY Change 126.98% 100.87% -31.78%
SHAREHOLDERS EQUITY
Retained Earnings $97.47M $84.65M $30.04M
YoY Change 119.34% 181.83%
Common Stock $301.8M $298.3M $265.2M
YoY Change 10.89% 12.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $322.7M $342.7M $247.9M
YoY Change
Total Liabilities & Shareholders Equity $874.3M $839.6M $527.1M
YoY Change 64.82% 59.28% 6.04%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2010 Q3
OPERATING ACTIVITIES
Net Income $30.40M $38.10M $30.40M
YoY Change 12.59% 25.33% 75.72%
Depreciation, Depletion And Amortization $6.200M $9.100M $8.200M
YoY Change -27.06% 10.98% -10.87%
Cash From Operating Activities $53.20M $29.70M $34.40M
YoY Change 37.47% -13.66% -15.48%
INVESTING ACTIVITIES
Capital Expenditures -$6.900M -$6.000M -$3.700M
YoY Change -10.39% 62.16% 516.67%
Acquisitions
YoY Change
Other Investing Activities $200.0K -$2.100M $100.0K
YoY Change 100.0% -2200.0% 0.0%
Cash From Investing Activities -$6.700M -$8.000M -$3.600M
YoY Change -12.99% 122.22% 620.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.80M -4.500M -25.20M
YoY Change -41.64% -82.14% -47.72%
NET CHANGE
Cash From Operating Activities 53.20M 29.70M 34.40M
Cash From Investing Activities -6.700M -8.000M -3.600M
Cash From Financing Activities -17.80M -4.500M -25.20M
Net Change In Cash 28.70M 17.20M 5.600M
YoY Change 5640.0% 207.14% -170.0%
FREE CASH FLOW
Cash From Operating Activities $53.20M $29.70M $34.40M
Capital Expenditures -$6.900M -$6.000M -$3.700M
Free Cash Flow $60.10M $35.70M $38.10M
YoY Change 29.53% -6.3% -7.75%

Facts In Submission

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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
265241000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4254000 USD
CY2009Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2010Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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us-gaap Repayments Of Lines Of Credit
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PaymentsForProceedsFromLifeInsurancePolicies
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2139000 USD
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0 USD
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2011Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
60430000 shares
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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WeightedAverageNumberOfDilutedSharesOutstanding
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CY2010Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2010Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2010Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1141000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
60304000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
536000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60840000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2965000 shares
CY2010Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
30.42
us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5560000 shares
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
43.15
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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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
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
35.50
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
31.99
CY2010Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2980000 shares
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3284000 shares
CY2010Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
31.99
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
32.03
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8800000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7300000 USD
CY2011Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
9700000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition
2.1
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
313000 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
436000 shares
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
1500000 USD
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
1500000 USD
CY2010Q4 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
6200000 USD
CY2011Q3 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
7300000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPeriodIncreaseDecrease
4317000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Period Increase Decrease
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesBeforeTaxPeriodIncreaseDecrease
454000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
1762000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
114913000 USD
CY2011Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
37518000 USD
CY2011Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPeriodIncreaseDecrease
1525000 USD
CY2011Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Period Increase Decrease
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesBeforeTaxPeriodIncreaseDecrease
0 USD
CY2011Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
559000 USD
CY2010Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPeriodIncreaseDecrease
1507000 USD
CY2010Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Period Increase Decrease
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesBeforeTaxPeriodIncreaseDecrease
763000 USD
CY2010Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
841000 USD
CY2010Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
31860000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPeriodIncreaseDecrease
4466000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Period Increase Decrease
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesBeforeTaxPeriodIncreaseDecrease
2401000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
2542000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
80157000 USD
CY2011Q3 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
48611000 USD
CY2010Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
51334000 USD
CY2010Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-286000 USD
CY2011Q3 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
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0 USD
CY2011Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-823000 USD
CY2010Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-823000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
6000000 USD
CY2011Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
3000000 USD
CY2011Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
57701000 USD
CY2010Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
48670000 USD
CY2011Q3 us-gaap Inventory Work In Process
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38269000 USD
CY2010Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
31275000 USD
CY2011Q3 us-gaap Inventory Raw Materials And Supplies
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CY2011Q3 us-gaap Inventory Gross
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CY2010Q4 us-gaap Inventory Gross
InventoryGross
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CY2010Q4 us-gaap Inventory Raw Materials And Supplies
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CY2011Q3 us-gaap Inventory Lifo Reserve
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CY2010Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
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CY2011Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
17466000 USD
CY2011Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
61733000 USD
CY2011Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
43999000 USD
CY2011Q3 ggg Finite Lived Intangible Assets Foreign Currency Translation
FiniteLivedIntangibleAssetsForeignCurrencyTranslation
268000 USD
CY2010 us-gaap Product Warranty Expense
ProductWarrantyExpense
3484000 USD
CY2010 ggg Product Warranty Margin Reversed
ProductWarrantyMarginReversed
3412000 USD
CY2010 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
7471000 USD
CY2011Q3 ggg Other Intangible Assets Gross
OtherIntangibleAssetsGross
64913000 USD
CY2010Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
69131000 USD
CY2010Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
43705000 USD
CY2010Q4 ggg Finite Lived Intangible Assets Foreign Currency Translation
FiniteLivedIntangibleAssetsForeignCurrencyTranslation
268000 USD
CY2010Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25158000 USD
CY2010Q4 ggg Other Intangible Assets Gross
OtherIntangibleAssetsGross
72311000 USD
us-gaap Future Amortization Expense Year One
FutureAmortizationExpenseYearOne
10900000 USD
us-gaap Future Amortization Expense Year Two
FutureAmortizationExpenseYearTwo
9000000 USD
us-gaap Future Amortization Expense Year Three
FutureAmortizationExpenseYearThree
4300000 USD
us-gaap Future Amortization Expense Year Four
FutureAmortizationExpenseYearFour
900000 USD
us-gaap Future Amortization Expense Year Five
FutureAmortizationExpenseYearFive
500000 USD
CY2011Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2600000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8400000 USD
CY2011Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6753000 USD
CY2010Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6862000 USD
CY2011Q3 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
4904000 USD
CY2010Q4 us-gaap Other Employee Related Liabilities Current
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5655000 USD
CY2011Q3 us-gaap Accrued Income Taxes Current
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3168000 USD
CY2010Q4 us-gaap Accrued Income Taxes Current
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CY2011Q3 us-gaap Other Accrued Liabilities Current
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22388000 USD
CY2010Q4 us-gaap Other Accrued Liabilities Current
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18513000 USD
CY2010Q4 us-gaap Self Insurance Reserve Current
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6675000 USD
CY2011Q3 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
6634000 USD
CY2011Q3 us-gaap Accrued Marketing Costs Current
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4771000 USD
CY2010Q4 us-gaap Accrued Marketing Costs Current
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5947000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
3641000 USD
ggg Product Warranty Margin Reversed
ProductWarrantyMarginReversed
2168000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
5918000 USD
CY2009Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7437000 USD
us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Helvetica;font-size:12pt;margin-left:0px;">The </font><font style="font-family:Arial;font-size:12pt;">Company accounts for all derivatives, including those embedded in other contracts, as either assets or liabilities and measures those financial instruments at fair value. The accounting for changes in the fair value of derivatives depends on their intended use and designation. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Helvetica;font-size:12pt;margin-left:36px;">As part of its risk management program, the Company may periodically use forward exchange contracts and interest rate swaps to manage known market exposures. Terms of derivative instruments are structured to match the terms of the risk being managed and are generally held to maturity. The Company does not hold or issue derivative financial instruments for trading purposes. All other contracts that contain provisions meeting the definition of a derivative also meet the requirements of, and have been designated as, normal purchases or sales. The Company's policy is to not enter into contracts with terms that cannot be designated as normal purchases or sales. </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial;font-size:12pt;margin-left:36px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial;font-size:12pt;margin-left:36px;">The Company periodically evaluates its monetary asset and liability positions denominated in foreign currencies. The Company enters into forward contracts or options, or borrows in various currencies, in order to hedge its net monetary positions. These instruments are recorded at current market values and the gains and losses are included in other expen</font><font style="font-family:Arial;font-size:12pt;">se</font><font style="font-family:Arial;font-size:12pt;"> (income), net. The</font><font style="font-family:Arial;font-size:12pt;"> notional amount of</font><font style="font-family:Arial;font-size:12pt;"> contracts outstanding as of September 30, 2011,</font><font style="font-family:Arial;font-size:12pt;"> </font><font style="font-family:Arial;font-size:12pt;">tota</font><font style="font-family:Arial;font-size:12pt;">led</font><font style="font-family:Arial;font-size:12pt;"> $</font><font style="font-family:Arial;font-size:12pt;">2</font><font style="font-family:Arial;font-size:12pt;">1</font><font style="font-family:Arial;font-size:12pt;"> million. </font><font style="font-family:Arial;font-size:12pt;">The Company believes it uses strong financial counterparts in these transactions and that the resulting credit risk under these hedging strategies is not significant.</font><font style="font-family:Times New Roman;font-size:12pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial;font-size:12pt;margin-left:36px;">The Company uses significant other observable inputs to value the derivative instruments used to hedge interest rate volatility and net monetary positions</font><font style="font-family:Arial;font-size:12pt;">, including reference to market prices and financial models that incorporate relevant market assumptions</font><font style="font-family:Arial;font-size:12pt;">.</font></p>
CY2011Q3 us-gaap Notional Amount Of Foreign Currency Derivatives
NotionalAmountOfForeignCurrencyDerivatives
21000000 USD
CY2011Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
320000000 USD
CY2011Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
300000000 USD
CY2011Q3 ggg Cash Purchase Price Of Pending Acquisition
CashPurchasePriceOfPendingAcquisition
650000000 USD
CY2011Q3 ggg Maximum Borrowing Capacity Under Pending Revolving Credit Facility
MaximumBorrowingCapacityUnderPendingRevolvingCreditFacility
450000000 USD
CY2011Q3 us-gaap Business Acquisition Cost Of Acquired Entity Cash Paid
BusinessAcquisitionCostOfAcquiredEntityCashPaid
2100000 USD
CY2011Q3 us-gaap Business Acquisition Purchase Price Allocation Goodwill Amount
BusinessAcquisitionPurchasePriceAllocationGoodwillAmount
1700000 USD
CY2011Q3 us-gaap Business Acquisition Purchase Price Allocation Amortizable Intangible Assets
BusinessAcquisitionPurchasePriceAllocationAmortizableIntangibleAssets
700000 USD

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