Company: GGG
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000042888-25-000011
Chunk: 81

Company: GRACO INC
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 81
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143,521 Long-lived AssetsUnited States$635,698 $622,430 Other countries135,958 119,283 Total$771,656 $741,713 

Sales to Major Customers. Worldwide sales to one customer in the Contractor and Industrial segments individually represented over 10 percent of the Company’s consolidated sales in 2024, 2023 and 2022. 

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C. Inventories

Major components of inventories were as follows (in thousands):20242023Finished products and components$197,242 $221,847 Products and components in various stages of completion114,647 131,906 Raw materials and purchased components214,902 202,294 Subtotal526,791 556,047 Reduction to LIFO cost(122,115)(117,698)Total$404,676 $438,349 Inventories valued under the LIFO method were $179 million in 2024 and $211 million in 2023. Most other inventory was valued on the FIFO method. In 2024, certain inventory quantities were reduced, resulting in liquidation of LIFO inventory quantities, although increases in current product costs offset the impact of the decrement. The impact on net earnings was not significant.

D. Property, Plant and Equipment

Property, plant and equipment were as follows (in thousands): 20242023Land and improvements$73,767 $70,382 Buildings and improvements610,580 500,373 Manufacturing equipment481,400 441,824 Office, warehouse and automotive equipment71,901 61,594 Additions in progress25,205 132,609 Total property, plant and equipment1,262,853 1,206,782 Accumulated depreciation(491,197)(465,069)Net property, plant and equipment$771,656 $741,713 Depreciation expense was $67 million in 2024, $55 million in 2023 and $46 million in 2022.

E. Income Taxes

 Earnings before income tax expense consist of (in thousands):202420232022Domestic$484,088 $450,806 $401,405 Foreign105,195 157,996 164,319 Total$589,283 $608,802 $565,724 

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Income tax expense consists of (in thousands):202420232022CurrentFederal$62