Company: GGG
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000042888-25-000011
Chunk: 75

Company: GRACO INC
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 75
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3 and $19 million in 2022. Estimated future annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):20252026202720282029ThereafterEstimated Amortization Expense$23,838 $16,996 $13,627 $11,490 $10,875 $63,507 

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Other Assets. Components of other assets were (in thousands):20242023Cash surrender value of life insurance$24,411 $22,255 Capitalized software2,853 2,602 Equity method investment10,140 9,661 Prepaid pension37,888 — Deposits and other7,461 3,332 Total$82,753 $37,850 The Company has entered into contracts insuring the lives of certain employees who are eligible to participate in certain non-qualified pension and deferred compensation plans. These insurance contracts are used to fund the non-qualified pension and deferred compensation arrangements. The insurance contracts are held in a trust and are available to general creditors in the event of the Company’s insolvency. Changes in cash surrender value are recorded in other (income) expense, net. The cash surrender value increased $2 million in 2024 and $3 million in 2023 and decreased $4 million in 2022. Capitalized software is amortized over its estimated useful life (generally 2 to 5 years) beginning at date of implementation.Other Current Liabilities. Components of other current liabilities were (in thousands):20242023Accrued self-insurance retentions$8,240 $8,654 Accrued warranty and service liabilities18,712 15,408 Accrued trade promotions11,086 14,312 Payable for employee stock purchases16,767 16,639 Customer advances and deferred revenue52,522 51,578 Income taxes payable8,102 9,837 Tax payable, other14,557 12,289 Operating lease liabilities, current7,838 8,242 Right of return refund liability15,557 17,826 Acquisition-related consideration payable10,339 — Other48,008 30,574 Total$211,728 $185,359 Self-Insurance. The Company is self-insured for certain losses and costs relating to product liability, workers’ compensation, and employee medical benefit claims. The