Company: GGG
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000042888-25-000011
Chunk: 93

Company: GRACO INC
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 93
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— Fair value, end of year$182,546 $160,851 $— $— Unfunded status$(14,763)$(52,724)$(20,335)$(22,654)Amounts recognized in consolidated balance sheetsNon-current assets$37,888 $215 $— $— Current liabilities2,421 1,749 1,633 1,745 Non-current liabilities50,230 51,190 18,702 20,909 Net$14,763 $52,724 $20,335 $22,654 

57

Changes in discount rates used to value pension obligations were the main drivers of actuarial gains in 2024 and losses in 2023. In 2024 and 2023, the Company made a $20 million voluntary contribution each year to one of its U.S. qualified defined benefit plans. The accumulated benefit obligation as of year-end for all defined benefit pension plans was $180 million for 2024 and $186 million for 2023. Information for plans with an accumulated benefit obligation in excess of plan assets follows (in thousands):20242023Projected benefit obligation$85,117 $89,206 Accumulated benefit obligation80,746 81,701 Fair value of plan assets32,466 36,150 

58

The components of net periodic benefit cost for the plans for 2024, 2023 and 2022 were as follows (in thousands): Pension BenefitsPostretirement Medical Benefits 202420232022202420232022Service cost-benefits earned during the period$5,097 $5,729 $8,242 $344 $348 $516 Interest cost on projected benefit obligation9,194 16,535 10,996 1,148 1,165 839 Expected return on assets(10,147)(19,141)(19,754)— — — Amortization of prior service cost(281)36 84 — — — Amortization of net loss3,255 5,999 4,701 — (133)345 Settlement loss346 42,169 — — — — Cost of pension plans which are not significant and have not adopted ASC 715171 368 284 N/AN/AN/ANet periodic