Company: GGG
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000042888-25-000011
Chunk: 67

Company: GRACO INC
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 67
---
 independent estimates using external published yield curves and comparing them to the discount rates selected by management.  

/s/ DELOITTE & TOUCHE LLP

Minneapolis, Minnesota

February 18, 2025 

We have served as the Company’s auditor since at least 1969, however, an earlier year could not be readily determined.

36

GRACO INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share amounts)

 Years Ended December 27,2024December 29,2023December 30,2022Net Sales$2,113,316 $2,195,606 $2,143,521 Cost of products sold990,855 1,034,585 1,086,082 Gross Profit1,122,461 1,161,021 1,057,439 Product development87,230 82,822 80,008 Selling, marketing and distribution273,741 260,712 250,948 General and administrative191,392 171,444 153,783 Contingent consideration— (8,600)— Impairment— 7,800 — Operating Earnings570,098 646,843 572,700 Interest expense2,828 5,191 9,897 Other (income) expense, net(22,013)32,850 (2,921)Earnings Before Income Taxes589,283 608,802 565,724 Income taxes103,199 102,291 105,079 Net Earnings$486,084 $506,511 $460,645 Basic Net Earnings per Common Share$2.88 $3.01 $2.73 Diluted Net Earnings per Common Share$2.82 $2.94 $2.66 

See notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

 Years Ended December 27,2024December 29,2023December 30,2022Net Earnings$486,084 $506,511 $460,645 Components of other comprehensive (loss) incomeCumulative translation adjustment(32,446)25,661 (9,582)Pension and postretirement medical liability adjustment23,264 11,426