Graco inc. (GGG)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Cash Flows From Operating Activities
Net Earnings

72,818

84,835

84,132

88,137

86,749

73,723

92,681

89,140

85,510

36,392

75,460

79,828

60,732

-104,213

54,388

50,947

39,552

53,544

50,691

172,637

68,841

49,041

59,551

66,236

50,745

44,748

56,101

57,843

52,130

42,262

37,131

34,352

35,381

30,424

36,552

38,099

37,253

27,008

30,431

24,836

20,565

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

13,062

12,510

12,314

12,074

12,013

12,184

11,815

11,104

12,651

11,963

11,258

11,268

11,094

11,444

12,346

12,490

12,010

11,321

11,317

11,159

10,810

7,894

9,294

9,065

9,262

9,568

9,111

9,365

9,272

10,318

10,063

10,306

8,075

6,175

8,766

9,115

8,427

8,477

8,177

8,741

8,578

Deferred income taxes

-65

-344

-2,186

-1,666

-2,215

-2

15,052

2,392

-2,037

34,388

2,711

-1,789

-864

-27,091

-1,073

-4,709

-2,688

2,138

-2,399

-7,280

-4,044

7,408

-1,369

-2,466

-3,244

4,158

-800

-2,476

-2,597

-6,123

3,411

-3,977

-4,097

680

1,729

-2,428

-1,795

-400

1,399

-1,993

-3,254

Share-based compensation

6,318

3,483

5,638

10,327

7,221

3,549

6,184

9,210

6,622

4,498

5,703

7,974

5,477

4,991

3,407

6,643

6,093

3,736

4,498

5,957

5,033

3,439

3,992

5,417

4,401

5,367

3,416

4,361

3,401

2,374

3,099

4,016

2,920

2,173

2,534

3,629

2,658

2,685

2,212

3,019

2,108

Excess tax benefit related to share-based payment arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

500

400

300

2,934

1,400

800

1,500

3,247

1,800

1,600

1,700

917

1,300

400

1,600

395

100

500

1,200

988

100

200

700

Change in
Accounts receivable

10,139

-11,840

-13,145

2,177

13,874

-13,174

-524

5,302

20,798

6,055

-3,841

12,248

23,207

1,594

-20,926

17,926

-3,100

-2,919

-12,739

7,302

26,632

-5,075

-10,387

18,768

23,251

-11,805

-3,664

13,105

14,244

-2,765

-19,795

4,557

20,755

-5,085

-738

5,218

27,372

-11,560

-5,547

20,791

19,601

Inventories

17,726

-17,487

-8,105

-390

13,547

7,625

5,394

10,558

7,142

15,223

-315

4,894

12,209

2,321

-3,372

-6,383

8,127

5,461

4,108

10,995

13,545

2,190

3,083

-179

9,985

-826

-1,381

2,981

9,412

639

-4,786

-6,449

4,655

-6,350

-1,656

10,409

11,037

6,257

8,998

9,893

7,849

Trade accounts payable

5,185

237

-5,379

-3,440

8,043

-2,050

-2,224

3,957

-1,659

269

1,144

369

2,806

-504

1,091

-153

119

1,181

-4,755

1,791

6,088

-1,608

-4,161

55

6,164

-335

-1,770

1,182

3,359

251

-3,349

-3,100

5,246

-1,111

-557

-1,551

9,193

-5,222

-2,660

3,464

6,088

Salaries and incentives

-20,182

1,353

3,092

5,178

-23,692

7,279

8,288

9,572

-22,803

4,217

9,022

10,316

-12,124

105

5,422

4,855

-17,191

1,374

5,471

8,680

-16,910

4,843

6,347

6,455

-16,125

1,908

5,749

6,120

-11,755

2,424

5,157

1,898

-13,730

2,951

5,213

5,506

-17,139

5,816

7,013

6,291

1,333

Retirement benefits and deferred compensation

3,172

3,058

4,426

2,233

3,547

2,965

-36,829

3,069

3,558

15,515

-15,161

2,851

3,715

3,564

3,214

3,548

669

3,068

2,708

2,923

3,171

1,239

1,064

1,253

1,496

-6,190

3,706

3,093

3,020

2,463

-6,550

4,321

2,975

1,828

1,360

2,015

2,025

1,382

-7,806

2,282

2,714

Other accrued liabilities

1,441

-11,708

10,987

648

-11,437

8,865

-7,841

246

6,247

9,919

14,949

-5,696

16,149

-6,081

9,417

3,195

-3,233

-17,911

-36,479

51,088

4,947

-1,510

3,745

-2,128

6,044

-5,633

3,543

-399

8,045

4,069

-5,308

-7,760

12,287

1,821

6,265

-7,791

7,853

240

-1,545

-4,866

6,153

Other

-349

3,498

-1,385

-1,572

2,262

-1,662

-1,228

805

1,397

4,167

-1,215

2,512

1,345

2,034

-1,703

644

1,426

36

-1,127

31,554

-9,762

-154

-2,008

8,711

-4,235

955

1,427

441

320

1,566

-399

335

-1,407

2,707

-723

756

-5,314

5,617

-724

-1,114

94

Net cash provided by operating activities

54,233

119,253

135,659

113,276

50,546

113,724

83,484

112,025

58,752

91,716

110,457

85,467

50,224

68,286

114,213

64,629

28,878

56,182

38,568

49,443

47,221

70,851

86,375

55,787

28,242

62,020

80,874

60,962

39,199

57,681

67,334

41,213

23,454

53,274

64,879

29,711

14,180

38,684

34,394

12,004

16,041

Cash Flows From Investing Activities
Property, plant and equipment additions

18,944

25,457

32,310

39,753

30,433

14,285

12,126

18,482

8,961

11,295

12,278

8,421

8,200

7,766

8,386

12,840

13,121

12,889

8,974

10,090

9,796

5,352

8,222

10,183

6,879

8,101

5,795

6,103

3,320

4,454

3,603

3,664

6,513

6,520

7,335

5,482

4,517

7,204

3,484

3,085

2,847

Proceeds from sale of property, plant and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

23

45

143

-

57

66

57

Acquisition of businesses, net of cash acquired

0

7,361

13,040

823

5,353

0

250

-361

10,880

15,000

3,000

-63

9,968

303

-467

229

48,881

1,164

0

4,949

182,904

120,243

0

69

65,150

11,560

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,600

0

0

0

0

-

-

-

-

-

-

-

-

Change in restricted assets

-

-

-

-

-

-

-

-

-

-

-

-

-638

-

784

-58

-876

938

8,580

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in businesses held separate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-3,681

0

-835

0

0

426,813

0

-

-

-

-

-

-

-

-

Other

256

-22

133

461

367

238

1,321

70

-5

224

226

-164

62

34

-16

466

-320

-104

-207

288

-38

172

392

602

-3

1,705

658

-21

133

7,289

333

426

1,357

-

-

-

-

-

-

-

-

Capitalized software and other intangible asset additions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

49

485

0

-

149

68

125

Net cash provided by (used in) investing activities

-19,200

-32,796

-45,483

-41,037

-36,153

-14,523

-13,697

-18,191

-19,836

-26,519

-15,504

-8,832

-17,592

-8,253

-8,687

-13,477

-60,806

-14,887

3,007

574,481

-192,662

-125,767

-8,614

-10,324

-72,026

-21,366

-2,772

-6,082

-1,018

-11,743

-16,681

-658,226

-7,870

-6,702

-8,860

-8,061

-4,374

-7,692

-3,576

-4,586

-2,915

Cash Flows From Financing Activities
Borrowings (payments) on short-term lines of credit, net

24,576

2,899

-2,473

-171

-3,596

7,489

-2,670

-4,938

5,050

335

-4,929

1,307

261

1,354

-4,733

-1,155

-1,461

6,951

-1,071

-42,269

47,605

-848

-6,270

1,518

1,141

15

1,437

1,108

-1,280

497

1,131

-3,982

1,735

-

-

-

-

-

-

-

-

Borrowings on short-term lines of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,000

5,689

7,861

-

1,948

2,559

3,851

Payments on short-term lines of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,409

3,108

5,220

-

5,286

2,446

960

Borrowings on long-term lines of credit

250,000

-1,031

82,510

7,887

16,057

7,767

223,639

273,875

115,465

22,040

0

102,760

191,120

115,410

116,645

117,370

298,709

125,205

136,860

79,445

379,095

232,615

159,565

147,955

177,710

106,345

114,915

108,550

90,095

103,105

93,525

452,695

0

0

150,000

0

252,175

47,745

46,995

28,485

17,315

Payments on long-term debt and lines of credit

0

27,921

142,817

1,913

34,540

8,099

254,510

261,775

58,828

96,005

11,015

169,400

119,150

165,505

190,360

145,545

233,734

107,510

62,270

546,075

227,055

126,365

173,575

128,205

83,070

102,397

176,390

163,750

125,585

136,245

131,085

125,515

0

0

0

0

172,430

67,490

36,995

28,485

23,575

Payments of debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,921

0

0

1,131

0

-

-

-

-

Excess tax benefit related to share-based payment arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

500

400

300

2,934

1,400

800

1,500

3,247

1,800

1,600

1,700

917

1,300

400

1,600

395

100

500

1,200

988

100

200

700

Common stock issued

38,882

12,006

2,290

9,107

24,847

1,163

3,419

2,736

17,316

7,263

6,729

16,566

30,127

7,067

1,086

7,532

20,111

3,397

2,257

1,765

12,746

8,212

4,195

2,517

15,275

8,066

7,623

8,257

17,718

3,137

3,671

3,272

20,114

1,668

1,858

6,268

12,437

3,127

852

831

7,984

Common stock repurchased

82,176

4,361

2,683

0

2,438

89,213

0

70,882

84,719

0

0

0

90,160

2,447

0

0

48,050

49,773

94,095

83,700

46,935

53,469

48,037

46,278

47,542

39,389

22,104

6,334

0

696

410

0

272

8,000

35,250

0

0

0

20,756

3,410

52

Payment, Tax Withholding, Share-based Payment Arrangement

1,796

0

0

0

1,268

0

0

16,151

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash dividends paid

29,333

26,681

26,687

26,637

26,438

22,051

22,144

22,205

22,445

20,204

20,158

19,997

20,118

18,376

18,373

18,353

18,332

16,771

17,319

17,609

17,730

16,355

16,522

16,672

16,813

15,305

15,330

15,312

15,192

13,648

13,611

13,592

13,451

12,530

12,774

12,730

12,612

11,975

12,049

12,120

12,002

Net cash provided by (used in) financing activities

200,153

-45,089

-89,860

-11,727

-27,376

-102,944

-52,266

-99,340

-28,161

-100,284

-29,373

-79,499

-7,920

-63,357

-95,735

-43,316

17,243

-41,031

-35,138

-608,043

148,026

46,724

-79,244

-39,255

48,201

-39,418

-88,049

-65,881

-32,544

-42,933

-45,479

313,278

7,805

-17,783

98,525

-4,512

83,411

-30,476

-25,191

-14,386

-6,739

Effect of exchange rate changes on cash

497

2,299

-3,893

660

576

-1,728

1,467

1,054

-606

110

-1,475

842

-509

2,079

-333

-462

-1,120

118

1,218

699

1,437

3,111

652

-722

-91

1,253

-355

1,600

213

800

-947

52

232

-471

1,021

-380

-299

-591

-839

213

-166

Net increase (decrease) in cash and cash equivalents

235,683

43,667

-3,577

61,172

-12,407

-5,471

18,988

-4,452

10,149

-34,977

64,105

-2,022

24,203

-1,245

9,458

7,374

-15,805

382

7,655

16,580

4,022

-5,081

-831

5,486

4,326

2,489

-10,302

-9,401

5,850

3,805

4,227

-303,683

23,621

28,318

155,565

16,758

92,918

-75

4,788

-6,755

6,221