Graco Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Graco Inc. has filed its annual 10-K report for the fiscal year ending December 29, 2023, detailing its financial performance and business operations.</b>

AI Summary

GRACO INC (GGG) filed a Annual Report (10-K) with the SEC on February 20, 2024. Graco Inc. filed its 10-K report for the fiscal year ending December 29, 2023. The filing covers the period from January 1, 2023, to December 29, 2023. The company's principal business address is 88 11th Avenue NE, Minneapolis, MN 55413-1894. Graco Inc. is incorporated in Minnesota (MN). The Standard Industrial Classification code for Graco Inc. is 3561 (Pumps & Pump Equipment).

Why It Matters

For investors and stakeholders tracking GRACO INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Graco Inc.'s financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's profitability, debt levels, and overall market standing within the pumps and pumping equipment industry.

Risk Assessment

Risk Level: — GRACO INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the company's disclosed performance.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Graco Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-29 — Fiscal Year End (Conformed period of report)
• 2024-02-20 — Filing Date (Filed as of date)
• 0000042888-24-000010 — Accession Number (SEC filing accession number)

Key Players & Entities

• GRACO INC (company) — Filer name
• Minneapolis, MN (location) — Business address city and state
• 3561 (industry_code) — Standard Industrial Classification code
• MN (state) — State of incorporation

FAQ

Industry Context

Graco Inc. operates within the pumps and pumping equipment industry, manufacturing and marketing fluid handling products.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze Graco Inc.'s revenue segments and growth rates for FY2023.
2. Examine the company's balance sheet for key financial metrics like assets, debt, and cash.
3. Review any disclosed risk factors to understand potential challenges facing the company.

Key Dates

• 2023-12-29: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Previous filings would need to be compared for year-over-year changes.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share GGG The New York Stock Exchan
• $83 million — ment expenditures for all segments were $83 million in 2023, $80 million in 2022 and $80 mi
• $80 million — all segments were $83 million in 2023, $80 million in 2022 and $80 million in 2021. The am

Filing Documents

• ggg-20231229.htm (10-K) — 1813KB
• ex1018newformkeyeeagmt.htm (EX-10.18) — 71KB
• ggg12292023exhibit21q4.htm (EX-21) — 46KB
• ggg12292023exhibit23q4.htm (EX-23) — 2KB
• ggg12292023exhibit24q4.htm (EX-24) — 15KB
• ggg12292023exhibit311q4.htm (EX-31.1) — 10KB
• ggg12292023exhibit312q4.htm (EX-31.2) — 10KB
• ggg12292023exhibit32q4.htm (EX-32) — 6KB
• ex97incentiverecoverypol.htm (EX-97) — 12KB
• ex1018newformkeyeeagmt001.jpg (GRAPHIC) — 224KB
• ex1018newformkeyeeagmt002.jpg (GRAPHIC) — 185KB
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• ex97incentiverecoverypol001.jpg (GRAPHIC) — 243KB
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• ex97incentiverecoverypol003.jpg (GRAPHIC) — 252KB
• ex97incentiverecoverypol004.jpg (GRAPHIC) — 118KB
• ggg-20231229_g1.jpg (GRAPHIC) — 136KB
• 0000042888-24-000010.txt (&nbsp;) — 17777KB
• ggg-20231229.xsd (EX-101.SCH) — 56KB
• ggg-20231229_cal.xml (EX-101.CAL) — 120KB
• ggg-20231229_def.xml (EX-101.DEF) — 309KB
• ggg-20231229_lab.xml (EX-101.LAB) — 977KB
• ggg-20231229_pre.xml (EX-101.PRE) — 637KB
• ggg-20231229_htm.xml (XML) — 1765KB

Risk Factors

Item 1A Risk Factors 9

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 16

Cybersecurity

Item 1C Cybersecurity 16

Properties

Item 2 Properties 16

Legal Proceedings

Item 3 Legal Proceedings 18

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 18 Information About Our Executive Officers 18 Part II

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 21

[Reserved]

Item 6 [Reserved] 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 33

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 34 Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) 35 Consolidated Statements of Earnings 37 Consolidated Statements of Comprehensive Income 37 Consolidated Balance Sheets 38 Consolidated Statements of Cash Flows 39 Consolidated Statements of Shareholders' Equity 40

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 41

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 62

Controls and Procedures

Item 9A Controls and Procedures 62

Other Information

Item 9B Other Information 63

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 Part III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 64

Executive Compensation

Item 11 Executive Compensation 64

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 64

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 64

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 64 Part IV

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 65 Exhibit Index 66

Form 10-K Summary

Item 16 Form 10-K Summary 68

Signatures

Signatures 69 ACCESS TO REPORTS Investors may obtain access free of charge to the Graco Inc. Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, other reports and amendments to the reports by visiting the Graco website at www.graco.com. These reports will be available as soon as reasonably practicable following electronic filing with, or furnishing to, the Securities and Exchange Commission. 3 Table of Contents PART I

Business

Item 1. Business Graco Inc., together with its subsidiaries ("Graco," "us," "we," or "our Company"), is a multi-national manufacturing company. We supply technology and expertise for the management of fluids and coatings in industrial and commercial applications. We design, manufacture and market systems and equipment used to move, measure, mix, control, dispense and spray fluid and powder materials. Our equipment is used in manufacturing, processing, construction and maintenance industries. Graco is a Minnesota corporation and was incorporated in 1926. We specialize in providing equipment solutions for difficult-to-handle materials with high viscosities, abrasive or corrosive properties, and multiple component materials that require precise ratio control. We aim to serve niche markets, providing high customer value through product differentiation. Our products enable customers to reduce their use of labor, material and energy, improve quality and environmental performance. We make significant investments in developing innovative, high-quality products. We strive to grow into new geographic markets by strategically adding commercial and technical resources and third-party distribution in growing and emerging markets. We have grown our third-party distribution to have specialized experience in particular end-user applications. We leverage our product technologies for new applications and industries. We also make targeted acquisitions to broaden our product offerings, enhance our capabilities in the end-user markets we serve, expand our manufacturing and distribution base and potentially strengthen our geographic presence. These acquisitions may be integrated into existing Graco operations or may be managed as stand-alone operations. We completed business acquisitions in 2022 and 2021 that were not material to our consolidated financial statements. We have particularly strong manufacturing, engineering and customer service capabilities that enhance our abili

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View this 10-K filing on SEC EDGAR