Sign In  |  Register  |  About San Anselmo  |  Contact Us

San Anselmo, CA
September 01, 2020 1:33pm
7-Day Forecast | Traffic
  • Search Hotels in San Anselmo

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Graco Reports Record Fourth Quarter and Annual Sales and Operating Earnings

Fourth Quarter Sales Growth in All Segments

Graco Inc. (NYSE: GGG) today announced results for the fourth quarter ended December 29, 2023.

 

Summary

$ in millions except per share amounts

 

 

Three Months Ended

 

Twelve Months Ended

 

Dec 29,

2023

 

Dec 30,

2022

 

%

Change

 

Dec 29,

2023

 

Dec 30,

2022

 

%

Change

Net Sales

$

566.6

 

$

555.0

 

2

%

 

$

2,195.6

 

$

2,143.5

 

2

%

Operating Earnings

 

169.9

 

 

152.5

 

11

%

 

 

646.8

 

 

572.7

 

13

%

Net Earnings

 

110.0

 

 

126.2

 

(13

)%

 

 

506.5

 

 

460.6

 

10

%

Diluted Net Earnings per Common Share

$

0.64

 

$

0.74

 

(14

)%

 

$

2.94

 

$

2.66

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted (non-GAAP): (1)

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings, adjusted

$

169.9

 

$

152.5

 

11

%

 

$

646.0

 

$

572.7

 

13

%

Net Earnings, adjusted

$

137.1

 

$

124.3

 

10

%

 

$

523.9

 

$

455.5

 

15

%

Diluted Net Earnings per Common Share, adjusted

$

0.80

 

$

0.73

 

10

%

 

$

3.04

 

$

2.63

 

16

%

(1)

Excludes the impact of a pension settlement loss, contingent consideration fair value adjustment, impairment charge, excess tax benefits from stock option exercises and certain non-recurring tax provision adjustments. See Financial Results Adjusted for Comparability below for a reconciliation of adjusted non-GAAP financial measures to GAAP.

  • Net sales increased 2 percent for the fourth quarter with sales growth in all segments.
  • The gross profit margin rate for the quarter was approximately 4 percentage points higher than the comparable period last year due to realized pricing and lower product costs.
  • Total operating expenses increased 8 percent for the quarter.
  • Operating earnings expressed as a percentage of sales for the quarter increased 3 percentage points to 30 percent.
  • Other non-operating expenses for the quarter included a non-cash pension settlement loss of $42 million in connection with the transfer of certain pension obligations to an insurance company.

"Graco reported record fourth quarter and annual sales and operating earnings with sales growth in all segments for the quarter," said Mark Sheahan, Graco's President and CEO. "The Industrial and Process segments achieved record annual sales and operating earnings while Contractor achieved record operating earnings for the year despite a challenging environment. The Contractor segment saw fourth quarter sales growth driven by new product introductions and continued strength in both the protective coatings and spray foam product categories. I am proud of the work our teams have done and want to thank our employees, customers and vendors for another great year."

Consolidated Results

Net sales for the quarter increased 2 percent from the comparable period last year (1 percent at consistent translation rates). Sales increased 3 percent in the Americas and 5 percent in EMEA (sales were flat at consistent translation rates) and decreased 5 percent in Asia Pacific (4 percent at consistent translation rates). Net sales for the year increased 2 percent from the comparable period last year with increases of 4 percent in the Americas and 3 percent in EMEA (sales were flat at consistent translation rates), offset by a 4 percent decrease in Asia Pacific (1 percent at consistent translation rates). Changes in currency translation rates increased worldwide sales by $6 million for the quarter and decreased worldwide sales by $2 million for the year.

Gross profit margin rates increased approximately 4 percentage points for the quarter and year due to realized pricing. The impact of lower product costs further increased the gross profit margin rate in the quarter from the comparable period last year.

Total operating expenses for the fourth quarter increased $10 million (8 percent) from the comparable period last year, including approximately $3 million (3 percentage points) of increases in sales and earnings-based expenses. Total operating expenses for the year increased $29 million (6 percent) compared to last year. The increase includes increased spending on product development and other growth initiatives of $7 million, incremental share-based compensation of $6 million and higher sales and earnings-based expenses of $4 million.

Interest expense was flat for the quarter and decreased $5 million compared to last year as private placement debt was repaid in the first quarter of 2022 and in the third quarter of 2023.

Other non-operating expenses for the quarter and year included a non-cash pension settlement loss of $42 million in connection with the transfer of certain pension obligations to an insurance company. Partially offsetting the pension settlement loss were increases in interest income of approximately $4 million for the quarter and $11 million for the year.

The effective income tax rate was 14 percent for the quarter and 17 percent for the year. Adjusted to exclude certain non-recurring items (see Financial Results Adjusted for Comparability below), the adjusted effective income tax rate was 19 percent for the quarter and year.

Segment Results

Management assesses performance of segments by reference to operating earnings excluding unallocated corporate expenses. For a reconciliation of segment operating earnings to consolidated operating earnings, refer to the segment information table included in the financial statement section of this release. Certain measurements of segment operations are summarized below:

 

 

Three Months

 

Twelve Months

 

Contractor

 

Industrial

 

Process

 

Contractor

 

Industrial

 

Process

Net Sales (in millions)

$

238.8

 

 

$

192.0

 

 

$

135.9

 

 

$

985.7

 

 

$

662.8

 

 

$

547.1

 

Percentage change from last year

 

 

 

 

 

 

 

 

 

 

 

Sales

 

2

%

 

 

1

%

 

 

4

%

 

 

(1

)%

 

 

2

%

 

 

11

%

Operating earnings

 

20

%

 

 

2

%

 

 

15

%

 

 

14

%

 

 

1

%

 

 

35

%

Operating earnings as a percentage of sales

 

 

 

 

 

 

 

 

 

 

 

2023

 

29

%

 

 

37

%

 

 

28

%

 

 

29

%

 

 

35

%

 

 

30

%

2022

 

25

%

 

 

37

%

 

 

25

%

 

 

25

%

 

 

36

%

 

 

25

%

 

Components of net sales change by geographic region for the Contractor segment were as follows:

 

 

Three Months

 

Twelve Months

 

Volume

and Price

 

Acquisitions

 

Currency

 

Total

 

Volume

and Price

 

Acquisitions

 

Currency

 

Total

Americas

0

%

 

0

%

 

0

%

 

0

%

 

(1

)%

 

0

%

 

0

%

 

(1

)%

EMEA

3

%

 

0

%

 

5

%

 

8

%

 

(1

)%

 

0

%

 

2

%

 

1

%

Asia Pacific

5

%

 

0

%

 

(1

)%

 

4

%

 

(5

)%

 

0

%

 

(4

)%

 

(9

)%

Consolidated

1

%

 

0

%

 

1

%

 

2

%

 

(1

)%

 

0

%

 

0

%

 

(1

)%

 

Contractor segment sales increased 2 percent for the quarter and decreased 1 percent for the year. Favorable response to new product offerings was offset for the quarter and year by slower economic activity in worldwide construction markets. The operating margin rate for this segment improved 4 percentage points for both the quarter and year. Lower product costs and realized pricing combined to drive the operating margin rate higher for the quarter. Realized pricing drove most of the improvement in the operating margin rate for the year.

Components of net sales change by geographic region for the Industrial segment were as follows:

 

 

Three Months

 

Twelve Months

 

Volume

and Price

 

Acquisitions

 

Currency

 

Total

 

Volume

and Price

 

Acquisitions

 

Currency

 

Total

Americas

14

%

 

0

%

 

1

%

 

15

%

 

10

%

 

0

%

 

0

%

 

10

%

EMEA

(5

)%

 

0

%

 

5

%

 

0

%

 

(2

)%

 

0

%

 

3

%

 

1

%

Asia Pacific

(13

)%

 

0

%

 

0

%

 

(13

)%

 

(3

)%

 

0

%

 

(3

)%

 

(6

)%

Consolidated

(1

)%

 

0

%

 

2

%

 

1

%

 

2

%

 

0

%

 

0

%

 

2

%

 

Industrial segment sales increased 1 percent for the quarter and 2 percent for the year as continued end market strength in the Americas was mostly offset by lower finishing system sales in EMEA and Asia Pacific. The operating margin rate for this segment was flat for the quarter and decreased 1 percentage point for the year as realized pricing and lower product costs were offset by unfavorable changes in currency translation rates and higher operating expenses.

Components of net sales change by geographic region for the Process segment were as follows:

 

 

Three Months

 

Twelve Months

 

Volume

and Price

 

Acquisitions

 

Currency

 

Total

 

Volume

and Price

 

Acquisitions

 

Currency

 

Total

Americas

1

%

 

0

%

 

0

%

 

1

%

 

13

%

 

0

%

 

0

%

 

13

%

EMEA

10

%

 

0

%

 

3

%

 

13

%

 

10

%

 

0

%

 

1

%

 

11

%

Asia Pacific

7

%

 

0

%

 

0

%

 

7

%

 

5

%

 

0

%

 

(2

)%

 

3

%

Consolidated

4

%

 

0

%

 

0

%

 

4

%

 

11

%

 

0

%

 

0

%

 

11

%

 

Process segment sales increased in all businesses and regions for the quarter and year. The operating margin rate for this segment increased 3 percentage points for the quarter, primarily due to realized pricing and lower product costs. Expense leverage drove an additional 2 percentage point increase in the operating margin rate for the year.

Outlook

“As we head into a new year, the business is performing well, and demand levels generally remain steady in an uncertain macroeconomic environment,” said Sheahan. "We are initiating full-year 2024 revenue guidance of low single-digits on an organic, constant currency basis as we will continue to focus on our core strategies of new product development, expanding distribution, entering new markets and targeting strategic acquisitions to drive shareholder value.”

Financial Results Adjusted for Comparability

Excluding the impact of pension settlement losses, contingent consideration fair value adjustments, impairment charges, excess tax benefits from stock option exercises and certain non-recurring tax provision adjustments presents a more consistent basis for comparison of financial results. A calculation of the non-GAAP adjusted measurements of operating earnings, earnings before income taxes, income taxes, effective income tax rates, net earnings and diluted earnings per share follows (in millions except per share amounts):

 

 

Three Months Ended

 

Twelve Months Ended

 

Dec 29,

2023

 

Dec 30,

2022

 

Dec 29,

2023

 

Dec 30,

2022

Operating earnings, as reported

$

169.9

 

 

$

152.5

 

 

$

646.8

 

 

$

572.7

 

Contingent consideration

 

 

 

 

 

 

 

(8.6

)

 

 

 

Impairment

 

 

 

 

 

 

 

7.8

 

 

 

 

Operating earnings, adjusted

$

169.9

 

 

$

152.5

 

 

$

646.0

 

 

$

572.7

 

 

 

 

 

 

 

 

 

Earnings before income taxes

$

127.6

 

 

$

154.0

 

 

$

608.8

 

 

$

565.7

 

Pension settlement loss

 

42.1

 

 

 

 

 

 

42.1

 

 

 

 

Contingent consideration

 

 

 

 

 

 

 

(8.6

)

 

 

 

Impairment

 

 

 

 

 

 

 

7.8

 

 

 

 

Earnings before income taxes, adjusted

$

169.7

 

 

$

154.0

 

 

$

650.1

 

 

$

565.7

 

 

 

 

 

 

 

 

 

Income taxes, as reported

$

17.6

 

 

$

27.8

 

 

$

102.3

 

 

$

105.1

 

Pension settlement tax effect

 

8.8

 

 

 

 

 

 

8.8

 

 

 

 

Other non-recurring tax benefit

 

4.8

 

 

 

 

 

 

4.8

 

 

 

 

Excess tax benefit from option exercises

 

1.4

 

 

 

1.9

 

 

 

10.3

 

 

 

5.1

 

Income taxes, adjusted

$

32.6

 

 

$

29.7

 

 

$

126.2

 

 

$

110.2

 

 

 

 

 

 

 

 

 

Effective income tax rate

 

 

 

 

 

 

 

As reported

 

13.8

%

 

 

18.1

%

 

 

16.8

%

 

 

18.6

%

Adjusted

 

19.2

%

 

 

19.3

%

 

 

19.4

%

 

 

19.5

%

 

 

 

 

 

 

 

 

Net Earnings, as reported

$

110.0

 

 

$

126.2

 

 

$

506.5

 

 

$

460.6

 

Pension settlement loss, net

 

33.3

 

 

 

 

 

 

33.3

 

 

 

 

Contingent consideration

 

 

 

 

 

 

 

(8.6

)

 

 

 

Impairment

 

 

 

 

 

 

 

7.8

 

 

 

 

Other non-recurring tax benefit

 

(4.8

)

 

 

 

 

 

(4.8

)

 

 

 

Excess tax benefit from option exercises

 

(1.4

)

 

 

(1.9

)

 

 

(10.3

)

 

 

(5.1

)

Net Earnings, adjusted

$

137.1

 

 

$

124.3

 

 

$

523.9

 

 

$

455.5

 

 

 

 

 

 

 

 

 

Weighted Average Diluted Shares

 

171.8

 

 

 

171.4

 

 

 

172.2

 

 

 

172.9

 

Diluted Earnings per Share

 

 

 

 

 

 

 

As reported

$

0.64

 

 

$

0.74

 

 

$

2.94

 

 

$

2.66

 

Adjusted

$

0.80

 

 

$

0.73

 

 

$

3.04

 

 

$

2.63

 

 

Cautionary Statement Regarding Forward-Looking Statements

The Company desires to take advantage of the “safe harbor” provisions regarding forward-looking statements of the Private Securities Litigation Reform Act of 1995 and is filing this Cautionary Statement in order to do so. From time to time various forms filed by our Company with the Securities and Exchange Commission, including our Form 10-K, Form 10-Qs and Form 8-Ks, and other disclosures, including our overview report, press releases, earnings releases, analyst briefings, conference calls and other written documents or oral statements released by our Company, may contain forward-looking statements. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” and similar expressions, and reflect our Company’s expectations concerning the future. All forecasts and projections are forward-looking statements. Forward-looking statements are based upon currently available information, but various risks and uncertainties may cause our Company’s actual results to differ materially from those expressed in these statements. The Company undertakes no obligation to update these statements in light of new information or future events.

Future results could differ materially from those expressed due to the impact of changes in various factors. These risk factors include, but are not limited to: the impact of a public heath crisis, such as an epidemic or pandemic, on our business; political instability, including Russia's invasion of Ukraine, and the sanctions and actions taken against Russia and Belarus in response to the invasion; economic conditions in the United States and other major world economies; our Company’s growth strategies, which include making acquisitions, investing in new products, expanding geographically and targeting new industries; changes in currency translation rates; the ability to meet our customers’ needs and changes in product demand; supply interruptions or delays; security breaches; new entrants who copy our products or infringe on our intellectual property; risks incident to conducting business internationally; catastrophic events; changes in laws and regulations; compliance with anti-corruption and trade laws; changes in tax rates or the adoption of new tax legislation; the possibility of asset impairments if acquired businesses do not meet performance expectations; results of and costs associated with litigation, administrative proceedings and regulatory reviews incident to our business; our ability to attract, develop and retain qualified personnel; the possibility of decline in purchases from a few large customers of the Contractor segment; variations in activity in the construction, automotive, electronics, aerospace, semiconductor, and agriculture and construction equipment industries; and the impact of declines in interest rates, asset values and investment returns on pension costs and required pension contributions. Please refer to Item 1A of our Annual Report on Form 10-K for fiscal year 2022 (and most recent Form 10-Q) for a more comprehensive discussion of these and other risk factors. These reports are available on the Company’s website at www.graco.com and the Securities and Exchange Commission’s website at www.sec.gov. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

Investors should realize that factors other than those identified above and in Item 1A of our Annual Report on Form 10-K for fiscal year 2022 might prove important to the Company’s future results. It is not possible for management to identify each and every factor that may have an impact on the Company’s operations in the future as new factors can develop from time to time.

Conference Call

Graco management will hold a conference call, including slides via webcast, with analysts and institutional investors on Tuesday, January 30, 2024, at 11 a.m. ET, 10 a.m. CT, to discuss Graco’s fourth quarter results.

A real-time listen-only webcast of the conference call will be broadcast by Nasdaq. Individuals can access the call and view the slides on the Company’s website at www.graco.com. Listeners should go to the website at least 15 minutes prior to the live conference call to install any necessary audio software.

About Graco

Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and powder materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. For additional information about Graco Inc., please visit us at www.graco.com.

 

GRACO INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

(In thousands except per share amounts)

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

Dec 29,

2023

 

Dec 30,

2022

 

Dec 29,

2023

 

Dec 30,

2022

Net Sales

$

566,643

 

$

555,045

 

 

$

2,195,606

 

 

$

2,143,521

 

Cost of products sold

 

266,701

 

 

282,229

 

 

 

1,034,585

 

 

 

1,086,082

 

Gross Profit

 

299,942

 

 

272,816

 

 

 

1,161,021

 

 

 

1,057,439

 

Product development

 

21,240

 

 

21,259

 

 

 

82,822

 

 

 

80,008

 

Selling, marketing and distribution

 

66,455

 

 

64,491

 

 

 

260,712

 

 

 

250,948

 

General and administrative

 

42,313

 

 

34,558

 

 

 

171,444

 

 

 

153,783

 

Contingent consideration

 

 

 

 

 

 

(8,600

)

 

 

 

Impairment

 

 

 

 

 

 

7,800

 

 

 

 

Operating Earnings

 

169,934

 

 

152,508

 

 

 

646,843

 

 

 

572,700

 

Interest expense

 

656

 

 

1,342

 

 

 

5,191

 

 

 

9,897

 

Other (income) expense, net

 

41,728

 

 

(2,815

)

 

 

32,850

 

 

 

(2,921

)

Earnings Before Income Taxes

 

127,550

 

 

153,981

 

 

 

608,802

 

 

 

565,724

 

Income taxes

 

17,598

 

 

27,789

 

 

 

102,291

 

 

 

105,079

 

Net Earnings

$

109,952

 

$

126,192

 

 

$

506,511

 

 

$

460,645

 

Net Earnings per Common Share

 

 

 

 

 

 

 

Basic

$

0.65

 

$

0.75

 

 

$

3.01

 

 

$

2.73

 

Diluted

$

0.64

 

$

0.74

 

 

$

2.94

 

 

$

2.66

 

Weighted Average Number of Shares

 

 

 

 

 

 

 

Basic

 

168,061

 

 

167,706

 

 

 

168,442

 

 

 

168,952

 

Diluted

 

171,788

 

 

171,406

 

 

 

172,199

 

 

 

172,893

 

 

SEGMENT INFORMATION (Unaudited)

(In thousands)

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

Dec 29,

2023

 

Dec 30,

2022

 

Dec 29,

2023

 

Dec 30,

2022

Net Sales

 

 

 

 

 

 

 

Contractor

$

238,789

 

 

$

234,643

 

 

$

985,675

 

 

$

999,060

 

Industrial

 

191,985

 

 

 

190,171

 

 

 

662,785

 

 

 

649,347

 

Process

 

135,869

 

 

 

130,231

 

 

 

547,146

 

 

 

495,114

 

Total

$

566,643

 

 

$

555,045

 

 

$

2,195,606

 

 

$

2,143,521

 

Operating Earnings

 

 

 

 

 

 

 

Contractor

$

69,243

 

 

$

57,519

 

 

$

285,394

 

 

$

249,833

 

Industrial

 

71,098

 

 

 

69,503

 

 

 

234,054

 

 

 

231,298

 

Process

 

38,086

 

 

 

33,161

 

 

 

165,273

 

 

 

122,344

 

Unallocated corporate (expense)

 

(8,493

)

 

 

(7,675

)

 

 

(38,678

)

 

 

(30,775

)

Contingent consideration

 

 

 

 

 

 

 

8,600

 

 

 

 

Impairment

 

 

 

 

 

 

 

(7,800

)

 

 

 

Total

$

169,934

 

 

$

152,508

 

 

$

646,843

 

 

$

572,700

 

 

GRACO INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)

 

 

 

 

 

Dec 29,

2023

 

Dec 30,

2022

ASSETS

 

 

 

Current Assets

 

 

 

Cash and cash equivalents

$

537,951

 

 

$

339,196

 

Accounts receivable, less allowances of $5,300 and $7,000

 

354,439

 

 

 

346,010

 

Inventories

 

438,349

 

 

 

476,790

 

Other current assets

 

35,070

 

 

 

43,624

 

Total current assets

 

1,365,809

 

 

 

1,205,620

 

Property, Plant and Equipment, net

 

741,713

 

 

 

607,609

 

Goodwill

 

370,228

 

 

 

368,171

 

Other Intangible Assets, net

 

126,258

 

 

 

137,507

 

Operating Lease Assets

 

18,768

 

 

 

29,785

 

Deferred Income Taxes

 

61,381

 

 

 

57,090

 

Other Assets

 

37,850

 

 

 

33,118

 

Total Assets

$

2,722,007

 

 

$

2,438,900

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current Liabilities

 

 

 

Notes payable to banks

$

30,036

 

 

$

20,974

 

Trade accounts payable

 

72,214

 

 

 

84,218

 

Salaries and incentives

 

64,802

 

 

 

63,969

 

Dividends payable

 

42,789

 

 

 

39,963

 

Other current liabilities

 

185,359

 

 

 

190,793

 

Total current liabilities

 

395,200

 

 

 

399,917

 

Long-term Debt

 

 

 

 

75,000

 

Retirement Benefits and Deferred Compensation

 

80,347

 

 

 

61,672

 

Operating Lease Liabilities

 

11,785

 

 

 

21,057

 

Deferred Income Taxes

 

8,215

 

 

 

9,443

 

Other Non-current Liabilities

 

2,235

 

 

 

12,159

 

Shareholders’ Equity

 

 

 

Common stock

 

167,946

 

 

 

167,702

 

Additional paid-in-capital

 

863,336

 

 

 

784,477

 

Retained earnings

 

1,227,938

 

 

 

976,851

 

Accumulated other comprehensive income (loss)

 

(34,995

)

 

 

(69,378

)

Total shareholders’ equity

 

2,224,225

 

 

 

1,859,652

 

Total Liabilities and Shareholders’ Equity

$

2,722,007

 

 

$

2,438,900

 

 

GRACO INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

 

Year Ended

 

Dec 29,

2023

 

Dec 30,

2022

Cash Flows From Operating Activities

 

 

 

Net Earnings

$

506,511

 

 

$

460,645

 

Adjustments to reconcile net earnings to net cash provided by operating activities

 

 

 

Depreciation and amortization

 

74,321

 

 

 

65,997

 

Deferred income taxes

 

(8,502

)

 

 

(9,997

)

Share-based compensation

 

30,229

 

 

 

24,695

 

Pension settlement loss

 

42,129

 

 

 

 

Contingent consideration

 

(8,600

)

 

 

 

Impairment

 

7,800

 

 

 

 

Change in

 

 

 

Accounts receivable

 

(3,245

)

 

 

(29,944

)

Inventories

 

42,716

 

 

 

(95,691

)

Trade accounts payable

 

(12,348

)

 

 

4,195

 

Salaries and incentives

 

(2,158

)

 

 

(18,442

)

Retirement benefits and deferred compensation

 

(13,661

)

 

 

(18,674

)

Other accrued liabilities

 

(5,269

)

 

 

(4,191

)

Other

 

1,094

 

 

 

(1,199

)

Net cash provided by operating activities

 

651,017

 

 

 

377,394

 

Cash Flows From Investing Activities

 

 

 

Property, plant and equipment additions

 

(184,775

)

 

 

(201,161

)

Acquisition of businesses, net of cash acquired

 

 

 

 

(25,296

)

Other

 

(499

)

 

 

(362

)

Net cash used in investing activities

 

(185,274

)

 

 

(226,819

)

Cash Flows From Financing Activities

 

 

 

Borrowings on short-term lines of credit, net

 

9,725

 

 

 

(18,252

)

Payments on long-term debt

 

(75,000

)

 

 

(75,000

)

Payments of debt issuance costs

 

(1,025

)

 

 

 

Common stock issued

 

60,182

 

 

 

35,619

 

Common stock repurchased

 

(102,344

)

 

 

(233,426

)

Taxes paid related to net share settlement of equity awards

 

(1,225

)

 

 

(1,219

)

Cash dividends paid

 

(158,323

)

 

 

(142,125

)

Net cash used in financing activities

 

(268,010

)

 

 

(434,403

)

Effect of exchange rate changes on cash

 

1,022

 

 

 

(1,278

)

Net increase (decrease) in cash and cash equivalents

 

198,755

 

 

 

(285,106

)

Cash and Cash Equivalents

 

 

 

Beginning of year

 

339,196

 

 

 

624,302

 

End of year

$

537,951

 

 

$

339,196

 

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanAnselmo.com & California Media Partners, LLC. All rights reserved.