GRACO INC. | ||
(Exact name of registrant as specified in its charter) |
Minnesota | 41-0285640 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
88 - 11th Avenue N.E. | |||||||||||
Minneapolis, | Minnesota | 55413 | |||||||||
(Address of principal executive offices) | (Zip Code) |
(612) | 623-6000 | ||||
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $1.00 per share | GGG | The New York Stock Exchange |
Yes | ☒ | No | ☐ |
Yes | ☒ | No | ☐ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ |
Yes | ☐ | No | ☒ |
Page | ||||||||||||||
PART I - FINANCIAL INFORMATION | ||||||||||||||
Item 1. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
PART II - OTHER INFORMATION | ||||||||||||||
Item 1A. | ||||||||||||||
Item 2. | ||||||||||||||
Item 5. | ||||||||||||||
Item 6. | ||||||||||||||
EXHIBITS |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | $ | 545,644 | $ | 486,696 | $ | 1,588,476 | $ | 1,447,989 | Net Sales | $ | 559,644 | $ | 548,547 | $ | 1,089,290 | $ | 1,042,832 | ||||||||||||||||||||||||||||
Cost of products sold | Cost of products sold | 284,556 | 238,462 | 803,853 | 688,597 | Cost of products sold | 268,229 | 279,487 | 512,735 | 519,297 | ||||||||||||||||||||||||||||||||||||
Gross Profit | Gross Profit | 261,088 | 248,234 | 784,623 | 759,392 | Gross Profit | 291,415 | 269,060 | 576,555 | 523,535 | ||||||||||||||||||||||||||||||||||||
Product development | Product development | 19,704 | 19,762 | 58,749 | 60,739 | Product development | 21,286 | 19,967 | 41,765 | 39,045 | ||||||||||||||||||||||||||||||||||||
Selling, marketing and distribution | Selling, marketing and distribution | 61,386 | 66,078 | 186,457 | 197,432 | Selling, marketing and distribution | 68,380 | 62,076 | 133,763 | 125,071 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 36,849 | 37,795 | 119,225 | 114,493 | General and administrative | 44,697 | 38,337 | 87,307 | 82,376 | ||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 143,149 | 124,599 | 420,192 | 386,728 | Operating Earnings | 157,052 | 148,680 | 313,720 | 277,043 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 1,542 | 2,500 | 8,555 | 7,456 | Interest expense | 1,798 | 1,726 | 3,145 | 7,013 | ||||||||||||||||||||||||||||||||||||
Other expense (income), net | (866) | 344 | (106) | 31 | ||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | Other (income) expense, net | (4,365) | 607 | (6,394) | 760 | |||||||||||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | Earnings Before Income Taxes | 142,473 | 121,755 | 411,743 | 379,241 | Earnings Before Income Taxes | 159,619 | 146,347 | 316,969 | 269,270 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 26,241 | 17,926 | 77,290 | 59,607 | Income taxes | 25,351 | 28,969 | 53,535 | 51,049 | ||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | $ | 116,232 | $ | 103,829 | $ | 334,453 | $ | 319,634 | Net Earnings | $ | 134,268 | $ | 117,378 | $ | 263,434 | $ | 218,221 | ||||||||||||||||||||||||||||
Net Earnings per Common Share | Net Earnings per Common Share | Net Earnings per Common Share | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 0.69 | $ | 0.61 | $ | 1.97 | $ | 1.89 | Basic | $ | 0.80 | $ | 0.69 | $ | 1.56 | $ | 1.29 | ||||||||||||||||||||||||||||
Diluted | Diluted | $ | 0.67 | $ | 0.59 | $ | 1.93 | $ | 1.83 | Diluted | $ | 0.78 | $ | 0.68 | $ | 1.53 | $ | 1.26 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | $ | 116,232 | $ | 103,829 | $ | 334,453 | $ | 319,634 | Net Earnings | $ | 134,268 | $ | 117,378 | $ | 263,434 | $ | 218,221 | ||||||||||||||||||||||||||||
Components of other comprehensive income (loss) | Components of other comprehensive income (loss) | Components of other comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | Cumulative translation adjustment | (13,335) | (3,537) | (29,827) | (8,314) | Cumulative translation adjustment | 4,553 | (13,532) | 9,528 | (16,492) | ||||||||||||||||||||||||||||||||||||
Pension and postretirement medical liability adjustment | Pension and postretirement medical liability adjustment | 1,340 | 2,559 | 3,602 | 8,240 | Pension and postretirement medical liability adjustment | 1,195 | 1,368 | 2,327 | 2,262 | ||||||||||||||||||||||||||||||||||||
Income taxes - pension and postretirement medical liability adjustment | Income taxes - pension and postretirement medical liability adjustment | (312) | (564) | (826) | (1,771) | Income taxes - pension and postretirement medical liability adjustment | (264) | (320) | (508) | (514) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (12,307) | (1,542) | (27,051) | (1,845) | Other comprehensive income (loss) | 5,484 | (12,484) | 11,347 | (14,744) | ||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Income | $ | 103,925 | $ | 102,287 | $ | 307,402 | $ | 317,789 | Comprehensive Income | $ | 139,752 | $ | 104,894 | $ | 274,781 | $ | 203,477 |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 30, 2022 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Current Assets | Current Assets | Current Assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 414,827 | $ | 624,302 | Cash and cash equivalents | $ | 520,633 | $ | 339,196 | ||||||||||||
Accounts receivable, less allowances of $6,600 and $3,900 | 364,073 | 325,132 | ||||||||||||||||||||
Accounts receivable, less allowances of $5,100 and $7,000 | Accounts receivable, less allowances of $5,100 and $7,000 | 365,818 | 346,010 | |||||||||||||||||||
Inventories | Inventories | 462,220 | 382,301 | Inventories | 479,095 | 476,790 | ||||||||||||||||
Other current assets | Other current assets | 44,783 | 31,886 | Other current assets | 44,907 | 43,624 | ||||||||||||||||
Total current assets | Total current assets | 1,285,903 | 1,363,621 | Total current assets | 1,410,453 | 1,205,620 | ||||||||||||||||
Property, Plant and Equipment, net | Property, Plant and Equipment, net | 562,807 | 451,061 | Property, Plant and Equipment, net | 680,040 | 607,609 | ||||||||||||||||
Goodwill | Goodwill | 359,645 | 356,255 | Goodwill | 371,880 | 368,171 | ||||||||||||||||
Other Intangible Assets, net | Other Intangible Assets, net | 136,948 | 149,740 | Other Intangible Assets, net | 131,089 | 137,507 | ||||||||||||||||
Operating Lease Assets | Operating Lease Assets | 30,996 | 30,046 | Operating Lease Assets | 29,158 | 29,785 | ||||||||||||||||
Deferred Income Taxes | Deferred Income Taxes | 30,450 | 55,786 | Deferred Income Taxes | 48,189 | 57,090 | ||||||||||||||||
Other Assets | Other Assets | 31,451 | 36,689 | Other Assets | 36,916 | 33,118 | ||||||||||||||||
Total Assets | Total Assets | $ | 2,438,200 | $ | 2,443,198 | Total Assets | $ | 2,707,725 | $ | 2,438,900 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | Current Liabilities | Current Liabilities | ||||||||||||||||||||
Notes payable to banks | Notes payable to banks | $ | 42,692 | $ | 43,489 | Notes payable to banks | $ | 49,099 | $ | 20,974 | ||||||||||||
Current portion of long term debt | Current portion of long term debt | — | 75,000 | Current portion of long term debt | 75,000 | — | ||||||||||||||||
Trade accounts payable | Trade accounts payable | 99,025 | 78,432 | Trade accounts payable | 81,540 | 84,218 | ||||||||||||||||
Salaries and incentives | Salaries and incentives | 60,458 | 82,941 | Salaries and incentives | 55,150 | 63,969 | ||||||||||||||||
Dividends payable | Dividends payable | 35,836 | 35,771 | Dividends payable | 39,692 | 39,963 | ||||||||||||||||
Other current liabilities | Other current liabilities | 192,757 | 191,159 | Other current liabilities | 188,857 | 190,793 | ||||||||||||||||
Total current liabilities | Total current liabilities | 430,768 | 506,792 | Total current liabilities | 489,338 | 399,917 | ||||||||||||||||
Long-term Debt | Long-term Debt | 75,000 | 75,000 | Long-term Debt | — | 75,000 | ||||||||||||||||
Retirement Benefits and Deferred Compensation | Retirement Benefits and Deferred Compensation | 101,626 | 106,897 | Retirement Benefits and Deferred Compensation | 61,995 | 61,672 | ||||||||||||||||
Operating Lease Liabilities | Operating Lease Liabilities | 22,107 | 23,527 | Operating Lease Liabilities | 20,343 | 21,057 | ||||||||||||||||
Deferred Income Taxes | Deferred Income Taxes | 8,310 | 10,661 | Deferred Income Taxes | 8,730 | 9,443 | ||||||||||||||||
Other Non-current Liabilities | Other Non-current Liabilities | 12,078 | 10,978 | Other Non-current Liabilities | 11,012 | 12,159 | ||||||||||||||||
Shareholders’ Equity | Shareholders’ Equity | Shareholders’ Equity | ||||||||||||||||||||
Common stock | Common stock | 168,523 | 170,308 | Common stock | 168,985 | 167,702 | ||||||||||||||||
Additional paid-in-capital | Additional paid-in-capital | 776,594 | 742,288 | Additional paid-in-capital | 850,900 | 784,477 | ||||||||||||||||
Retained earnings | Retained earnings | 950,414 | 876,916 | Retained earnings | 1,154,453 | 976,851 | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (107,220) | (80,169) | Accumulated other comprehensive income (loss) | (58,031) | (69,378) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,788,311 | 1,709,343 | Total shareholders’ equity | 2,116,307 | 1,859,652 | ||||||||||||||||
Total Liabilities and Shareholders’ Equity | Total Liabilities and Shareholders’ Equity | $ | 2,438,200 | $ | 2,443,198 | Total Liabilities and Shareholders’ Equity | $ | 2,707,725 | $ | 2,438,900 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||
September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||
Cash Flows From Operating Activities | Cash Flows From Operating Activities | Cash Flows From Operating Activities | ||||||||||||||||||||
Net Earnings | Net Earnings | $ | 334,453 | $ | 319,634 | Net Earnings | $ | 263,434 | $ | 218,221 | ||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities | Adjustments to reconcile net earnings to net cash provided by operating activities | Adjustments to reconcile net earnings to net cash provided by operating activities | ||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 48,223 | 44,846 | Depreciation and amortization | 36,117 | 31,453 | ||||||||||||||||
Deferred income taxes | Deferred income taxes | 20,062 | (10,219) | Deferred income taxes | 7,650 | 14,743 | ||||||||||||||||
Share-based compensation | Share-based compensation | 19,480 | 19,882 | Share-based compensation | 18,417 | 14,386 | ||||||||||||||||
Change in | Change in | Change in | ||||||||||||||||||||
Accounts receivable | Accounts receivable | (56,524) | (10,793) | Accounts receivable | (17,421) | (56,263) | ||||||||||||||||
Inventories | Inventories | (86,455) | (77,531) | Inventories | (184) | (70,879) | ||||||||||||||||
Trade accounts payable | Trade accounts payable | 8,456 | 14,033 | Trade accounts payable | (8,243) | 8,369 | ||||||||||||||||
Salaries and incentives | Salaries and incentives | (20,841) | 22,770 | Salaries and incentives | (10,179) | (29,201) | ||||||||||||||||
Retirement benefits and deferred compensation | Retirement benefits and deferred compensation | 473 | 6,676 | Retirement benefits and deferred compensation | 1,953 | 349 | ||||||||||||||||
Other accrued liabilities | Other accrued liabilities | 411 | 27,307 | Other accrued liabilities | (5,728) | (386) | ||||||||||||||||
Other | Other | 3,814 | 626 | Other | (3,493) | 4,193 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 271,552 | 357,231 | Net cash provided by operating activities | 282,323 | 134,985 | ||||||||||||||||
Cash Flows From Investing Activities | Cash Flows From Investing Activities | Cash Flows From Investing Activities | ||||||||||||||||||||
Property, plant and equipment additions | Property, plant and equipment additions | (147,193) | (82,628) | Property, plant and equipment additions | (92,232) | (88,861) | ||||||||||||||||
Acquisition of businesses, net of cash acquired | Acquisition of businesses, net of cash acquired | (25,296) | (19,386) | Acquisition of businesses, net of cash acquired | — | (25,296) | ||||||||||||||||
Other | Other | (477) | (102) | Other | (940) | (397) | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (172,966) | (102,116) | Net cash used in investing activities | (93,172) | (114,554) | ||||||||||||||||
Cash Flows From Financing Activities | Cash Flows From Financing Activities | Cash Flows From Financing Activities | ||||||||||||||||||||
Borrowings on short-term lines of credit, net | Borrowings on short-term lines of credit, net | 4,110 | 27,880 | Borrowings on short-term lines of credit, net | 28,966 | 13,830 | ||||||||||||||||
Payments on long-term debt | Payments on long-term debt | (75,000) | (69) | Payments on long-term debt | — | (75,000) | ||||||||||||||||
Payments of debt issuance costs | Payments of debt issuance costs | — | (1,422) | Payments of debt issuance costs | (1,025) | — | ||||||||||||||||
Common stock issued | Common stock issued | 28,299 | 40,445 | Common stock issued | 52,053 | 23,410 | ||||||||||||||||
Common stock repurchased | Common stock repurchased | (155,181) | — | Common stock repurchased | (7,766) | (120,021) | ||||||||||||||||
Taxes paid related to net share settlement of equity awards | Taxes paid related to net share settlement of equity awards | (1,219) | — | Taxes paid related to net share settlement of equity awards | (1,225) | (1,219) | ||||||||||||||||
Cash dividends paid | Cash dividends paid | (106,855) | (95,238) | Cash dividends paid | (78,991) | (71,341) | ||||||||||||||||
Net cash used in financing activities | (305,846) | (28,404) | ||||||||||||||||||||
Net cash provided (used) in financing activities | Net cash provided (used) in financing activities | (7,988) | (230,341) | |||||||||||||||||||
Effect of exchange rate changes on cash | Effect of exchange rate changes on cash | (2,215) | (1,792) | Effect of exchange rate changes on cash | 274 | (1,033) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | (209,475) | 224,919 | Net increase (decrease) in cash and cash equivalents | 181,437 | (210,943) | ||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||||||
Beginning of year | Beginning of year | 624,302 | 378,909 | Beginning of year | 339,196 | 624,302 | ||||||||||||||||
End of period | End of period | $ | 414,827 | $ | 603,828 | End of period | $ | 520,633 | $ | 413,359 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
Balance, July 1, 2022 | $ | 169,114 | $ | 770,209 | $ | 912,864 | $ | (94,913) | $ | 1,757,274 | |||||||||||||||||||
Shares issued | 182 | 4,707 | — | — | 4,889 | ||||||||||||||||||||||||
Shares repurchased | (773) | (3,369) | (43,126) | — | (47,268) | ||||||||||||||||||||||||
Stock compensation cost | — | 5,047 | — | — | 5,047 | ||||||||||||||||||||||||
Net earnings | — | — | 116,232 | — | 116,232 | ||||||||||||||||||||||||
Dividends declared ($0.210 per share) | — | — | (35,556) | — | (35,556) | ||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | (12,307) | (12,307) | ||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 168,523 | $ | 776,594 | $ | 950,414 | $ | (107,220) | $ | 1,788,311 |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | 168,308 | $ | 821,570 | $ | 1,059,980 | $ | (63,515) | $ | 1,986,343 | |||||||||||||||||||
Shares issued | 677 | 20,350 | — | — | 21,027 | ||||||||||||||||||||||||
Stock compensation cost | — | 8,980 | — | — | 8,980 | ||||||||||||||||||||||||
Net earnings | — | — | 134,268 | — | 134,268 | ||||||||||||||||||||||||
Dividends declared (0.2350 per share) | — | — | (39,795) | — | (39,795) | ||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 5,484 | 5,484 | ||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 168,985 | $ | 850,900 | $ | 1,154,453 | $ | (58,031) | $ | 2,116,307 |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 170,308 | $ | 742,288 | $ | 876,916 | $ | (80,169) | $ | 1,709,343 | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 30, 2022 | Balance, December 30, 2022 | $ | 167,702 | $ | 784,477 | $ | 976,851 | $ | (69,378) | $ | 1,859,652 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | Shares issued | 689 | 26,392 | — | — | 27,081 | Shares issued | 1,398 | 49,430 | — | — | 50,828 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Shares repurchased | (2,474) | (10,781) | (154,034) | — | (167,289) | Shares repurchased | (115) | (539) | (7,112) | — | (7,766) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | — | 18,696 | — | — | 18,696 | Stock compensation cost | — | 17,532 | — | — | 17,532 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock canceled (issued) | — | (1) | — | — | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | — | 334,453 | — | 334,453 | Net earnings | — | — | 263,434 | — | 263,434 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.630 per share) | — | — | (106,921) | — | (106,921) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.470 per share) | Dividends declared ($0.470 per share) | — | — | (78,720) | — | (78,720) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (27,051) | (27,051) | Other comprehensive income (loss) | — | — | — | 11,347 | 11,347 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 168,523 | $ | 776,594 | $ | 950,414 | $ | (107,220) | $ | 1,788,311 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | 168,985 | $ | 850,900 | $ | 1,154,453 | $ | (58,031) | $ | 2,116,307 |
Three Months Ended September 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 25, 2021 | $ | 169,667 | $ | 715,635 | $ | 720,429 | $ | (124,468) | $ | 1,481,263 | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended July 1, 2022 | Three Months Ended July 1, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 1, 2022 | Balance, April 1, 2022 | $ | 169,223 | $ | 761,959 | $ | 841,503 | $ | (82,429) | $ | 1,690,256 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | Shares issued | 287 | 6,942 | — | — | 7,229 | Shares issued | 70 | 2,047 | — | — | 2,117 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Shares repurchased | (179) | (777) | (10,360) | — | (11,316) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | — | 5,438 | — | — | 5,438 | Stock compensation cost | — | 6,980 | — | — | 6,980 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock canceled (issued) | Restricted stock canceled (issued) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | — | 103,829 | — | 103,829 | Net earnings | — | — | 117,378 | — | 117,378 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.188 per share) | — | — | (31,868) | — | (31,868) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.210 per share) | Dividends declared ($0.210 per share) | — | — | (35,657) | — | (35,657) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (1,542) | (1,542) | Other comprehensive income (loss) | — | — | — | (12,484) | (12,484) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 24, 2021 | $ | 169,954 | $ | 728,015 | $ | 792,390 | $ | (126,010) | $ | 1,564,349 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2022 | Balance, July 1, 2022 | $ | 169,114 | $ | 770,209 | $ | 912,864 | $ | (94,913) | $ | 1,757,274 |
Nine Months Ended September 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 25, 2020 | $ | 168,568 | $ | 671,206 | $ | 568,295 | $ | (124,165) | $ | 1,283,904 | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended July 1, 2022 | Six Months Ended July 1, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | $ | 170,308 | $ | 742,288 | $ | 876,916 | $ | (80,169) | $ | 1,709,343 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | Shares issued | 1,386 | 41,395 | — | — | 42,781 | Shares issued | 507 | 21,685 | — | — | 22,192 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Shares repurchased | (1,701) | (7,412) | (110,908) | — | (120,021) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | — | 17,750 | — | — | 17,750 | Stock compensation cost | — | 13,649 | — | — | 13,649 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock canceled (issued) | Restricted stock canceled (issued) | — | (2,336) | — | — | (2,336) | Restricted stock canceled (issued) | — | (1) | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | — | 319,634 | — | 319,634 | Net earnings | — | — | 218,221 | — | 218,221 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.563 per share) | — | — | (95,539) | — | (95,539) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.4200 per share) | Dividends declared ($0.4200 per share) | — | — | (71,365) | — | (71,365) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (1,845) | (1,845) | Other comprehensive income (loss) | — | — | — | (14,744) | (14,744) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 24, 2021 | $ | 169,954 | $ | 728,015 | $ | 792,390 | $ | (126,010) | $ | 1,564,349 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2022 | Balance, July 1, 2022 | $ | 169,114 | $ | 770,209 | $ | 912,864 | $ | (94,913) | $ | 1,757,274 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Contractor | Contractor | $ | 255,648 | $ | 265,739 | $ | 501,619 | $ | 500,331 | |||||||||||||||||||||||||||||||||||||
Industrial | Industrial | $ | 156,182 | $ | 154,560 | $ | 459,176 | $ | 428,872 | Industrial | 163,523 | 158,325 | 313,713 | 302,994 | ||||||||||||||||||||||||||||||||
Process | Process | 125,376 | 96,185 | 364,883 | 284,790 | Process | 140,473 | 124,483 | 273,958 | 239,507 | ||||||||||||||||||||||||||||||||||||
Contractor | 264,086 | 235,951 | 764,417 | 734,327 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 545,644 | $ | 486,696 | $ | 1,588,476 | $ | 1,447,989 | Total | $ | 559,644 | $ | 548,547 | $ | 1,089,290 | $ | 1,042,832 | ||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||
Contractor | Contractor | $ | 68,868 | $ | 68,244 | $ | 142,640 | $ | 127,191 | |||||||||||||||||||||||||||||||||||||
Industrial | Industrial | $ | 53,964 | $ | 50,812 | $ | 161,795 | $ | 138,879 | Industrial | 55,887 | 55,201 | 108,657 | 107,831 | ||||||||||||||||||||||||||||||||
Process | Process | 30,638 | 21,514 | 89,183 | 64,923 | Process | 43,620 | 31,057 | 84,185 | 58,545 | ||||||||||||||||||||||||||||||||||||
Contractor | 65,123 | 58,659 | 192,314 | 203,366 | ||||||||||||||||||||||||||||||||||||||||||
Unallocated corporate (expense) | Unallocated corporate (expense) | (6,576) | (6,386) | (23,100) | (20,440) | Unallocated corporate (expense) | (11,323) | (5,822) | (21,762) | (16,524) | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 143,149 | $ | 124,599 | $ | 420,192 | $ | 386,728 | Total | $ | 157,052 | $ | 148,680 | $ | 313,720 | $ | 277,043 |
June 30, 2023 | December 30, 2022 | ||||||||||
Contractor | $ | 769,654 | $ | 752,729 | |||||||
Industrial | 617,270 | 578,302 | |||||||||
Process | 583,002 | 564,539 | |||||||||
Unallocated corporate | 737,799 | 543,330 | |||||||||
Total | $ | 2,707,725 | $ | 2,438,900 |
September 30, 2022 | December 31, 2021 | ||||||||||
Industrial | $ | 606,224 | $ | 601,843 | |||||||
Process | 543,701 | 436,203 | |||||||||
Contractor | 698,698 | 599,726 | |||||||||
Unallocated corporate | 589,577 | 805,426 | |||||||||
Total | $ | 2,438,200 | $ | 2,443,198 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Net Sales (based on customer location) | Net Sales (based on customer location) | Net Sales (based on customer location) | ||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 289,831 | $ | 244,086 | $ | 840,922 | $ | 739,309 | United States | $ | 301,953 | $ | 296,009 | $ | 590,942 | $ | 551,091 | ||||||||||||||||||||||||||||
Other countries | Other countries | 255,813 | 242,610 | 747,554 | 708,680 | Other countries | 257,691 | 252,538 | 498,348 | 491,741 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 545,644 | $ | 486,696 | $ | 1,588,476 | $ | 1,447,989 | Total | $ | 559,644 | $ | 548,547 | $ | 1,089,290 | $ | 1,042,832 |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 30, 2022 | |||||||||||||||||||
Long-lived Assets | Long-lived Assets | Long-lived Assets | ||||||||||||||||||||
United States | United States | $ | 498,780 | $ | 388,835 | United States | $ | 583,160 | $ | 532,401 | ||||||||||||
Other countries | Other countries | 64,027 | 62,226 | Other countries | 96,880 | 75,208 | ||||||||||||||||
Total | Total | $ | 562,807 | $ | 451,061 | Total | $ | 680,040 | $ | 607,609 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Net earnings available to common shareholders | Net earnings available to common shareholders | $ | 116,232 | $ | 103,829 | $ | 334,453 | $ | 319,634 | Net earnings available to common shareholders | $ | 134,268 | $ | 117,378 | $ | 263,434 | $ | 218,221 | ||||||||||||||||||||||||||||
Weighted average shares outstanding for basic earnings per share | Weighted average shares outstanding for basic earnings per share | 169,166 | 169,834 | 169,368 | 169,459 | Weighted average shares outstanding for basic earnings per share | 168,683 | 169,128 | 168,351 | 169,469 | ||||||||||||||||||||||||||||||||||||
Dilutive effect of stock options computed using the treasury stock method and the average market price | Dilutive effect of stock options computed using the treasury stock method and the average market price | 3,623 | 4,940 | 4,020 | 4,939 | Dilutive effect of stock options computed using the treasury stock method and the average market price | 3,868 | 3,570 | 3,763 | 4,219 | ||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding for diluted earnings per share | Weighted average shares outstanding for diluted earnings per share | 172,789 | 174,774 | 173,388 | 174,398 | Weighted average shares outstanding for diluted earnings per share | 172,551 | 172,698 | 172,114 | 173,688 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.69 | $ | 0.61 | $ | 1.97 | $ | 1.89 | Basic earnings per share | $ | 0.80 | $ | 0.69 | $ | 1.56 | $ | 1.29 | ||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.67 | $ | 0.59 | $ | 1.93 | $ | 1.83 | Diluted earnings per share | $ | 0.78 | $ | 0.68 | $ | 1.53 | $ | 1.26 | ||||||||||||||||||||||||||||
Anti-dilutive shares not included in diluted earnings per share computation | Anti-dilutive shares not included in diluted earnings per share computation | 1,868 | 1,632 | 2,206 | 1,625 |
Option Shares | Weighted Average Exercise Price | Options Exercisable | Weighted Average Exercise Price | Option Shares | Weighted Average Exercise Price | Options Exercisable | Weighted Average Exercise Price | |||||||||||||||||||||||||||||||||||||||
Outstanding, December 31, 2021 | 9,575 | $ | 39.31 | 7,296 | $ | 33.75 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, December 30, 2022 | Outstanding, December 30, 2022 | 10,265 | $ | 44.40 | 7,793 | $ | 37.22 | |||||||||||||||||||||||||||||||||||||||
Granted | Granted | 831 | 71.73 | Granted | 1,114 | 71.45 | ||||||||||||||||||||||||||||||||||||||||
Exercised | Exercised | (391) | 24.00 | Exercised | (1,093) | 30.74 | ||||||||||||||||||||||||||||||||||||||||
Canceled | Canceled | (40) | 49.17 | Canceled | (62) | 64.80 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, September 30, 2022 | 9,975 | $ | 42.58 | 7,648 | $ | 36.35 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, June 30, 2023 | Outstanding, June 30, 2023 | 10,224 | $ | 48.68 | 7,529 | $ | 40.96 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||
September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||
Expected life in years | Expected life in years | 7.3 | 7.5 | Expected life in years | 6.7 | 7.3 | ||||||||||||||||
Interest rate | Interest rate | 1.9 | % | 1.2 | % | Interest rate | 4.0 | % | 1.9 | % | ||||||||||||
Volatility | Volatility | 25.5 | % | 25.3 | % | Volatility | 26.3 | % | 25.5 | % | ||||||||||||
Dividend yield | Dividend yield | 1.2 | % | 1.0 | % | Dividend yield | 1.3 | % | 1.2 | % | ||||||||||||
Weighted average fair value per share | Weighted average fair value per share | $ | 19.06 | $ | 18.91 | Weighted average fair value per share | $ | 21.76 | $ | 19.06 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||
September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||
Expected life in years | Expected life in years | 1.0 | 1.0 | Expected life in years | 1.0 | 1.0 | ||||||||||||||||
Interest rate | Interest rate | 0.9 | % | 0.1 | % | Interest rate | 5.1 | % | 0.9 | % | ||||||||||||
Volatility | Volatility | 20.5 | % | 40.1 | % | Volatility | 26.4 | % | 20.5 | % | ||||||||||||
Dividend yield | Dividend yield | 1.2 | % | 1.1 | % | Dividend yield | 1.4 | % | 1.2 | % | ||||||||||||
Weighted average fair value per share | Weighted average fair value per share | $ | 16.01 | $ | 21.50 | Weighted average fair value per share | $ | 18.04 | $ | 16.01 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 2,053 | $ | 1,674 | $ | 6,187 | $ | 7,119 | Service cost | $ | 1,467 | $ | 1,964 | $ | 2,931 | $ | 4,134 | ||||||||||||||||||||||||||||
Interest cost | Interest cost | 2,745 | 2,519 | 8,249 | 8,476 | Interest cost | 3,798 | 2,766 | 7,575 | 5,504 | ||||||||||||||||||||||||||||||||||||
Expected return on assets | Expected return on assets | (5,237) | (5,412) | (14,816) | (15,673) | Expected return on assets | (3,980) | (4,777) | (7,955) | (9,579) | ||||||||||||||||||||||||||||||||||||
Amortization and other | Amortization and other | 1,200 | 2,148 | 3,695 | 7,254 | Amortization and other | 415 | 1,419 | 855 | 2,495 | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 761 | $ | 929 | $ | 3,315 | $ | 7,176 | Net periodic benefit cost | $ | 1,700 | $ | 1,372 | $ | 3,406 | $ | 2,554 | ||||||||||||||||||||||||||||
Postretirement Medical | Postretirement Medical | Postretirement Medical | ||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 129 | $ | 153 | $ | 387 | $ | 503 | Service cost | $ | 100 | $ | 83 | $ | 200 | $ | 258 | ||||||||||||||||||||||||||||
Interest cost | Interest cost | 209 | 124 | 629 | 624 | Interest cost | 210 | 195 | 420 | 420 | ||||||||||||||||||||||||||||||||||||
Amortization | Amortization | 86 | 252 | 259 | 752 | Amortization | 90 | (2) | 180 | 173 | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 424 | $ | 529 | $ | 1,275 | $ | 1,879 | Net periodic benefit cost | $ | 400 | $ | 276 | $ | 800 | $ | 851 |
Pension and Postretirement Medical | Cumulative Translation Adjustment | Total | |||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||
Balance, July 1, 2022 | $ | (58,359) | $ | (36,554) | $ | (94,913) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | (13,335) | (13,335) | ||||||||||||||
Reclassified to pension cost and deferred tax | 1,028 | — | 1,028 | ||||||||||||||
Balance, September 30, 2022 | $ | (57,331) | $ | (49,889) | $ | (107,220) |
Pension and Post-retirement Medical | Cumulative Translation Adjustment | Total | |||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||
Balance, March 31, 2023 | $ | (38,846) | $ | (24,669) | $ | (63,515) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | 4,553 | 4,553 | ||||||||||||||
Reclassified to pension cost and deferred tax | 931 | — | 931 | ||||||||||||||
Balance, June 30, 2023 | $ | (37,915) | $ | (20,116) | $ | (58,031) |
Nine Months Ended September 30, 2022 | |||||||||||||||||
Balance, December 31, 2021 | $ | (60,107) | $ | (20,062) | $ | (80,169) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | (29,827) | (29,827) | ||||||||||||||
Reclassified to pension cost and deferred tax | 2,776 | — | 2,776 | ||||||||||||||
Balance, September 30, 2022 | $ | (57,331) | $ | (49,889) | $ | (107,220) |
Six Months Ended June 30, 2023 | |||||||||||||||||
Balance, December 30, 2022 | $ | (39,734) | $ | (29,644) | $ | (69,378) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | 9,528 | 9,528 | ||||||||||||||
Reclassified to pension cost and deferred tax | 1,819 | — | 1,819 | ||||||||||||||
Balance, June 30, 2023 | $ | (37,915) | $ | (20,116) | $ | (58,031) |
Three Months Ended September 24, 2021 | |||||||||||||||||
Balance, June 25, 2021 | $ | (109,655) | $ | (14,813) | $ | (124,468) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | (3,537) | (3,537) | ||||||||||||||
Reclassified to pension cost and deferred tax | 1,995 | — | 1,995 | ||||||||||||||
Balance, September 24, 2021 | $ | (107,660) | $ | (18,350) | $ | (126,010) |
Three Months Ended July 1, 2022 | |||||||||||||||||
Balance, April 1, 2022 | $ | (59,407) | $ | (23,022) | $ | (82,429) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | (13,532) | (13,532) | ||||||||||||||
Reclassified to pension cost and deferred tax | 1,048 | — | 1,048 | ||||||||||||||
Balance, July 1, 2022 | $ | (58,359) | $ | (36,554) | $ | (94,913) |
Nine Months Ended September 24, 2021 | |||||||||||||||||
Balance, December 25, 2020 | $ | (114,129) | $ | (10,036) | $ | (124,165) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | (8,314) | (8,314) | ||||||||||||||
Reclassified to pension cost and deferred tax | 6,469 | — | 6,469 | ||||||||||||||
Balance, September 24, 2021 | $ | (107,660) | $ | (18,350) | $ | (126,010) |
Six Months Ended July 1, 2022 | |||||||||||||||||
Balance, December 31, 2021 | $ | (60,107) | $ | (20,062) | $ | (80,169) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | (16,492) | (16,492) | ||||||||||||||
Reclassified to pension cost and deferred tax | 1,748 | — | 1,748 | ||||||||||||||
Balance, July 1, 2022 | $ | (58,359) | $ | (36,554) | $ | (94,913) |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||
Balance, beginning | Balance, beginning | $ | 3,254 | $ | 3,745 | Balance, beginning | $ | 4,232 | $ | 6,474 | $ | 6,130 | $ | 3,254 | ||||||||||||||||||||
Additions (reversals) charged to costs and expenses | 3,262 | 164 | ||||||||||||||||||||||||||||||||
Additions charged to costs and expenses | Additions charged to costs and expenses | 417 | 26 | 280 | 3,246 | |||||||||||||||||||||||||||||
Deductions from reserves (1) | Deductions from reserves (1) | (564) | (425) | Deductions from reserves (1) | (449) | (542) | (2,269) | (575) | ||||||||||||||||||||||||||
Other additions (deductions) (2) | Other additions (deductions) (2) | (452) | 68 | Other additions (deductions) (2) | (1) | (269) | 58 | (236) | ||||||||||||||||||||||||||
Balance, ending | Balance, ending | $ | 5,500 | $ | 3,552 | Balance, ending | $ | 4,199 | $ | 5,689 | $ | 4,199 | $ | 5,689 |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 30, 2022 | |||||||||||||||||||
Finished products and components | Finished products and components | $ | 211,195 | $ | 166,922 | Finished products and components | $ | 245,480 | $ | 222,326 | ||||||||||||
Products and components in various stages of completion | Products and components in various stages of completion | 140,892 | 117,063 | Products and components in various stages of completion | 138,264 | 138,957 | ||||||||||||||||
Raw materials and purchased components | Raw materials and purchased components | 229,127 | 185,291 | Raw materials and purchased components | 227,972 | 248,636 | ||||||||||||||||
Subtotal | Subtotal | 581,214 | 469,276 | Subtotal | 611,716 | 609,919 | ||||||||||||||||
Reduction to LIFO cost | Reduction to LIFO cost | (118,994) | (86,975) | Reduction to LIFO cost | (132,621) | (133,129) | ||||||||||||||||
Total | Total | $ | 462,220 | $ | 382,301 | Total | $ | 479,095 | $ | 476,790 |
Finite Life | Indefinite Life | Finite Life | Indefinite Life | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Relationships | Patents and Proprietary Technology | Trademarks, Trade Names and Other | Trade Names | Total | Customer Relationships | Patents and Proprietary Technology | Trademarks, Trade Names and Other | Trade Names | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | As of June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Cost | $ | 202,103 | $ | 26,574 | $ | 1,700 | $ | 62,633 | $ | 293,010 | Cost | $ | 197,417 | $ | 26,374 | $ | 1,300 | $ | 62,633 | $ | 287,724 | ||||||||||||||||||||||||||||||||||||
Accumulated amortization | Accumulated amortization | (119,529) | (17,519) | (659) | — | (137,707) | Accumulated amortization | (126,617) | (19,245) | (445) | — | (146,307) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (12,791) | (1,042) | — | (4,522) | (18,355) | Foreign currency translation | (8,803) | (848) | — | (677) | (10,328) | ||||||||||||||||||||||||||||||||||||||||||||||
Book value | Book value | $ | 69,783 | $ | 8,013 | $ | 1,041 | $ | 58,111 | $ | 136,948 | Book value | $ | 61,997 | $ | 6,281 | $ | 855 | $ | 61,956 | $ | 131,089 | ||||||||||||||||||||||||||||||||||||
Weighted average life in years | Weighted average life in years | 13 | 10 | 5 | N/A | Weighted average life in years | 13 | 9 | 6 | N/A |
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 30, 2022 | As of December 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Cost | $ | 194,505 | $ | 26,074 | $ | 900 | $ | 62,633 | $ | 284,112 | Cost | $ | 202,103 | $ | 26,374 | $ | 1,300 | $ | 62,633 | $ | 292,410 | ||||||||||||||||||||||||||||||||||||
Accumulated amortization | Accumulated amortization | (108,657) | (15,734) | (452) | — | (124,843) | Accumulated amortization | (123,603) | (18,027) | (330) | — | (141,960) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (7,710) | (707) | — | (1,112) | (9,529) | Foreign currency translation | (10,060) | (894) | — | (1,989) | (12,943) | ||||||||||||||||||||||||||||||||||||||||||||||
Book value | Book value | $ | 78,138 | $ | 9,633 | $ | 448 | $ | 61,521 | $ | 149,740 | Book value | $ | 68,440 | $ | 7,453 | $ | 970 | $ | 60,644 | $ | 137,507 | ||||||||||||||||||||||||||||||||||||
Weighted average life in years | Weighted average life in years | 13 | 10 | 5 | N/A | Weighted average life in years | 13 | 10 | 6 | N/A |
2022 (Remainder) | 2023 | 2024 | 2025 | 2026 | Thereafter | ||||||||||||||||||||||||||||||
Estimated Amortization Expense | $ | 4,556 | $ | 16,860 | $ | 15,639 | $ | 15,071 | $ | 8,660 | $ | 18,051 |
2023 (Remainder) | 2024 | 2025 | 2026 | 2027 | Thereafter | ||||||||||||||||||||||||||||||
Estimated Amortization Expense | $ | 8,526 | $ | 16,448 | $ | 15,986 | $ | 9,105 | $ | 6,443 | $ | 12,625 |
Industrial | Process | Contractor | Total | Contractor | Industrial | Process | Total | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 185,733 | $ | 141,304 | $ | 29,218 | $ | 356,255 | ||||||||||||||||||||||||||||||||||||||
Balance, December 30, 2022 | Balance, December 30, 2022 | $ | 77,034 | $ | 134,771 | $ | 156,366 | $ | 368,171 | |||||||||||||||||||||||||||||||||||||
Additions, adjustments from business acquisitions | Additions, adjustments from business acquisitions | — | 16,994 | — | 16,994 | Additions, adjustments from business acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (10,162) | (3,442) | — | (13,604) | Foreign currency translation | 276 | 2,646 | 787 | 3,709 | ||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 175,571 | $ | 154,856 | $ | 29,218 | $ | 359,645 | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | 77,310 | $ | 137,417 | $ | 157,153 | $ | 371,880 |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 30, 2022 | |||||||||||||||||||
Accrued self-insurance retentions | Accrued self-insurance retentions | $ | 9,306 | $ | 9,303 | Accrued self-insurance retentions | $ | 9,203 | $ | 9,338 | ||||||||||||
Accrued warranty and service liabilities | Accrued warranty and service liabilities | 14,263 | 14,463 | Accrued warranty and service liabilities | 15,413 | 14,674 | ||||||||||||||||
Accrued trade promotions | Accrued trade promotions | 13,670 | 15,872 | Accrued trade promotions | 11,434 | 13,799 | ||||||||||||||||
Payable for employee stock purchases | Payable for employee stock purchases | 12,244 | 15,746 | Payable for employee stock purchases | 7,515 | 16,497 | ||||||||||||||||
Customer advances and deferred revenue | Customer advances and deferred revenue | 60,657 | 60,554 | Customer advances and deferred revenue | 58,226 | 50,747 | ||||||||||||||||
Income taxes payable | Income taxes payable | 13,652 | 5,200 | Income taxes payable | 19,369 | 15,987 | ||||||||||||||||
Tax payable, other | Tax payable, other | 9,337 | 9,614 | |||||||||||||||||||
Right of return refund liability | Right of return refund liability | 18,219 | 18,614 | Right of return refund liability | 18,257 | 18,449 | ||||||||||||||||
Operating lease liabilities, current | Operating lease liabilities, current | 9,193 | 9,096 | Operating lease liabilities, current | 9,126 | 9,555 | ||||||||||||||||
Other | Other | 41,553 | 42,311 | Other | 30,977 | 32,133 | ||||||||||||||||
Total | Total | $ | 192,757 | $ | 191,159 | Total | $ | 188,857 | $ | 190,793 |
Balance, December | $ | ||||||
Charged to expense | |||||||
Margin on parts sales reversed | |||||||
Reductions for claims settled | |||||||
Balance, | $ |
Level | September 30, 2022 | December 31, 2021 | Level | June 30, 2023 | December 30, 2022 | |||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||
Cash surrender value of life insurance | Cash surrender value of life insurance | 2 | $ | 17,575 | $ | 23,147 | Cash surrender value of life insurance | 2 | $ | 21,015 | $ | 19,192 | ||||||||||||||||||||||
Forward exchange contracts | Forward exchange contracts | 2 | 171 | — | Forward exchange contracts | 2 | 160 | — | ||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 17,746 | $ | 23,147 | Total assets at fair value | $ | 21,175 | $ | 19,192 | ||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||
Contingent consideration | Contingent consideration | 3 | $ | 14,411 | $ | 12,274 | Contingent consideration | 3 | $ | 9,975 | $ | 14,914 | ||||||||||||||||||||||
Deferred compensation | Deferred compensation | 2 | 5,554 | 5,962 | Deferred compensation | 2 | 5,984 | 5,842 | ||||||||||||||||||||||||||
Forward exchange contracts | Forward exchange contracts | 2 | — | 111 | Forward exchange contracts | 2 | — | 520 | ||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | 19,965 | $ | 18,347 | Total liabilities at fair value | $ | 15,959 | $ | 21,276 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep 30, 2022 | Sep 24, 2021 | % Change | Sep 30, 2022 | Sep 24, 2021 | % Change | Jun 30, 2023 | Jul 1, 2022 | % Change | Jun 30, 2023 | Jul 1, 2022 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | $ | 545.6 | $ | 486.7 | 12 | % | $ | 1,588.5 | $ | 1,448.0 | 10 | % | Net Sales | $ | 559.6 | $ | 548.5 | 2 | % | $ | 1,089.3 | $ | 1,042.8 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 143.1 | 124.6 | 15 | % | 420.2 | 386.7 | 9 | % | Operating Earnings | 157.1 | 148.7 | 6 | % | 313.7 | 277.0 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | 116.2 | 103.8 | 12 | % | 334.5 | 319.6 | 5 | % | Net Earnings | 134.3 | 117.4 | 14 | % | 263.4 | 218.2 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings, adjusted (1) | Net Earnings, adjusted (1) | 114.8 | 100.3 | 14 | % | 331.3 | 309.9 | 7 | % | Net Earnings, adjusted (1) | 128.8 | 117.0 | 10 | % | 255.3 | 216.3 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Net Earnings per Common Share | Diluted Net Earnings per Common Share | $ | 0.67 | $ | 0.59 | 14 | % | $ | 1.93 | $ | 1.83 | 5 | % | Diluted Net Earnings per Common Share | $ | 0.78 | $ | 0.68 | 15 | % | $ | 1.53 | $ | 1.26 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||
Diluted Net Earnings per Common Share, adjusted (1) | Diluted Net Earnings per Common Share, adjusted (1) | $ | 0.66 | $ | 0.57 | 16 | % | $ | 1.91 | $ | 1.78 | 7 | % | Diluted Net Earnings per Common Share, adjusted (1) | $ | 0.75 | $ | 0.68 | 10 | % | $ | 1.48 | $ | 1.25 | 18 | % |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | Earnings before income taxes | $ | 142.4 | $ | 121.8 | $ | 411.8 | $ | 379.2 | Earnings before income taxes | $ | 159.6 | $ | 146.3 | $ | 317.0 | $ | 269.3 | ||||||||||||||||||||||||||||
Income taxes, as reported | Income taxes, as reported | $ | 26.2 | $ | 17.9 | $ | 77.3 | $ | 59.6 | Income taxes, as reported | $ | 25.4 | $ | 29.0 | $ | 53.5 | $ | 51.1 | ||||||||||||||||||||||||||||
Excess tax benefit from option exercises | Excess tax benefit from option exercises | 1.4 | 2.6 | 3.2 | 8.8 | Excess tax benefit from option exercises | 5.5 | 0.4 | 8.1 | 1.9 | ||||||||||||||||||||||||||||||||||||
Other non-recurring tax benefit | — | 0.9 | — | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Income taxes, adjusted | Income taxes, adjusted | $ | 27.6 | $ | 21.4 | $ | 80.5 | $ | 69.3 | Income taxes, adjusted | $ | 30.9 | $ | 29.4 | $ | 61.6 | $ | 53.0 | ||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | Effective income tax rate | ||||||||||||||||||||||||||||||||||||||||||||
As reported | As reported | 18.4 | % | 14.7 | % | 18.8 | % | 15.7 | % | As reported | 15.9 | % | 19.8 | % | 16.9 | % | 19.0 | % | ||||||||||||||||||||||||||||
Adjusted | Adjusted | 19.4 | % | 17.6 | % | 19.6 | % | 18.3 | % | Adjusted | 19.4 | % | 20.0 | % | 19.4 | % | 19.7 | % | ||||||||||||||||||||||||||||
Net Earnings, as reported | Net Earnings, as reported | $ | 116.2 | $ | 103.8 | $ | 334.5 | $ | 319.6 | Net Earnings, as reported | $ | 134.3 | $ | 117.4 | $ | 263.4 | $ | 218.2 | ||||||||||||||||||||||||||||
Excess tax benefit from option exercises | Excess tax benefit from option exercises | (1.4) | (2.6) | (3.2) | (8.8) | Excess tax benefit from option exercises | (5.5) | (0.4) | (8.1) | (1.9) | ||||||||||||||||||||||||||||||||||||
Other non-recurring tax benefit | — | (0.9) | — | (0.9) | ||||||||||||||||||||||||||||||||||||||||||
Net Earnings, adjusted | Net Earnings, adjusted | $ | 114.8 | $ | 100.3 | $ | 331.3 | $ | 309.9 | Net Earnings, adjusted | $ | 128.8 | $ | 117.0 | $ | 255.3 | $ | 216.3 | ||||||||||||||||||||||||||||
Weighted Average Diluted Shares | Weighted Average Diluted Shares | 172.8 | 174.8 | 173.4 | 174.4 | Weighted Average Diluted Shares | 172.6 | 172.7 | 172.1 | 173.7 | ||||||||||||||||||||||||||||||||||||
Diluted Earnings per Share | Diluted Earnings per Share | Diluted Earnings per Share | ||||||||||||||||||||||||||||||||||||||||||||
As reported | As reported | $ | 0.67 | $ | 0.59 | $ | 1.93 | $ | 1.83 | As reported | $ | 0.78 | $ | 0.68 | $ | 1.53 | $ | 1.26 | ||||||||||||||||||||||||||||
Adjusted | Adjusted | $ | 0.66 | $ | 0.57 | $ | 1.91 | $ | 1.78 | Adjusted | $ | 0.75 | $ | 0.68 | $ | 1.48 | $ | 1.25 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | Net Sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||
Cost of products sold | Cost of products sold | 52.2 | 49.0 | 50.6 | 47.6 | Cost of products sold | 47.9 | 51.0 | 47.1 | 49.8 | ||||||||||||||||||||||||||||||||||||
Gross Profit | Gross Profit | 47.8 | 51.0 | 49.4 | 52.4 | Gross Profit | 52.1 | 49.0 | 52.9 | 50.2 | ||||||||||||||||||||||||||||||||||||
Product development | Product development | 3.6 | 4.1 | 3.7 | 4.2 | Product development | 3.8 | 3.6 | 3.8 | 3.7 | ||||||||||||||||||||||||||||||||||||
Selling, marketing and distribution | Selling, marketing and distribution | 11.3 | 13.6 | 11.7 | 13.6 | Selling, marketing and distribution | 12.2 | 11.3 | 12.3 | 12.0 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 6.8 | 7.8 | 7.5 | 7.9 | General and administrative | 8.0 | 7.0 | 8.0 | 7.9 | ||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 26.2 | 25.6 | 26.5 | 26.7 | Operating Earnings | 28.1 | 27.1 | 28.8 | 26.6 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 0.3 | 0.5 | 0.5 | 0.5 | Interest expense | 0.3 | 0.3 | 0.3 | 0.7 | ||||||||||||||||||||||||||||||||||||
Other expense (income), net | (0.2) | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | Other (income) expense, net | (0.8) | 0.1 | (0.6) | 0.1 | |||||||||||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | Earnings Before Income Taxes | 26.1 | 25.0 | 25.9 | 26.2 | Earnings Before Income Taxes | 28.5 | 26.7 | 29.1 | 25.8 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 4.8 | 3.7 | 4.9 | 4.1 | Income taxes | 4.5 | 5.3 | 4.9 | 4.9 | ||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | 21.3 | % | 21.3 | % | 21.1 | % | 22.1 | % | Net Earnings | 24.0 | % | 21.4 | % | 24.2 | % | 20.9 | % |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Americas(1) | Americas(1) | $ | 333.4 | $ | 280.4 | $ | 964.8 | $ | 847.3 | Americas(1) | $ | 345.8 | $ | 338.1 | $ | 677.7 | $ | 631.3 | ||||||||||||||||||||||||||||
EMEA(2) | EMEA(2) | 111.3 | 115.0 | 325.8 | 339.0 | EMEA(2) | 115.7 | 108.3 | 224.6 | 214.5 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 100.9 | 91.3 | 297.9 | 261.7 | Asia Pacific | 98.1 | 102.1 | 187.0 | 197.0 | ||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | $ | 545.6 | $ | 486.7 | $ | 1,588.5 | $ | 1,448.0 | Consolidated | $ | 559.6 | $ | 548.5 | $ | 1,089.3 | $ | 1,042.8 |
Three Months | Nine Months | Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | 18% | 1% | 0% | 19% | 13% | 1% | 0% | 14% | Americas | 2% | 0% | 0% | 2% | 7% | 0% | 0% | 7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 10% | 0% | (13)% | (3)% | 5% | 1% | (10)% | (4)% | EMEA | 5% | 0% | 2% | 7% | 6% | 0% | (1)% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 17% | 1% | (8)% | 10% | 18% | 1% | (5)% | 14% | Asia Pacific | 0% | 0% | (4)% | (4)% | (1)% | 0% | (4)% | (5)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | 16% | 1% | (5)% | 12% | 12% | 1% | (3)% | 10% | Consolidated | 3% | 0% | (1)% | 2% | 6% | 0% | (2)% | 4% |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Americas | $ | 188.4 | $ | 199.7 | $ | 372.5 | $ | 370.2 | |||||||||||||||
EMEA | 48.4 | 45.0 | 90.6 | 86.2 | |||||||||||||||||||
Asia Pacific | 18.8 | 21.0 | 38.5 | 43.9 | |||||||||||||||||||
Total | $ | 255.6 | $ | 265.7 | $ | 501.6 | $ | 500.3 | |||||||||||||||
Operating earnings as a percentage of net sales | 27 | % | 26 | % | 28 | % | 25 | % |
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | ||||||||||||||||||||||||||||||||||||||||
Americas | (5)% | 0% | (1)% | (6)% | 1% | 0% | 0% | 1% | |||||||||||||||||||||||||||||||||||||||
EMEA | 6% | 0% | 2% | 8% | 6% | 0% | (1)% | 5% | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | (6)% | 0% | (5)% | (11)% | (7)% | 0% | (5)% | (12)% | |||||||||||||||||||||||||||||||||||||||
Segment Total | (3)% | 0% | (1)% | (4)% | 1% | 0% | (1)% | 0% |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 60.1 | $ | 54.1 | $ | 175.9 | $ | 152.3 | Americas | $ | 65.7 | $ | 61.5 | $ | 129.0 | $ | 115.8 | ||||||||||||||||||||||||||||
EMEA | EMEA | 48.1 | 53.9 | 141.6 | 144.5 | EMEA | 49.1 | 45.6 | 97.2 | 93.5 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 47.9 | 46.4 | 141.7 | 132.0 | Asia Pacific | 48.7 | 51.2 | 87.5 | 93.7 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 156.1 | $ | 154.4 | $ | 459.2 | $ | 428.8 | Total | $ | 163.5 | $ | 158.3 | $ | 313.7 | $ | 303.0 | ||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 35 | % | 33 | % | 35 | % | 32 | % | Operating earnings as a percentage of net sales | 34 | % | 35 | % | 35 | % | 36 | % |
Three Months | Nine Months | Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | 11% | 0% | 0% | 11% | 16% | 0% | (1)% | 15% | Americas | 7% | 0% | 0% | 7% | 11% | 0% | 0% | 11% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 3% | 0% | (14)% | (11)% | 9% | 0% | (11)% | (2)% | EMEA | 5% | 0% | 3% | 8% | 5% | 0% | (1)% | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 11% | 0% | (8)% | 3% | 12% | 0% | (5)% | 7% | Asia Pacific | (1)% | 0% | (4)% | (5)% | (2)% | 0% | (5)% | (7)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | 8% | 0% | (7)% | 1% | 12% | 0% | (5)% | 7% | Segment Total | 4% | 0% | (1)% | 3% | 6% | 0% | (2)% | 4% |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | June 30, 2023 | July 1, 2022 | June 30, 2023 | July 1, 2022 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 76.6 | $ | 58.6 | $ | 222.0 | $ | 175.1 | Americas | $ | 91.7 | $ | 77.0 | $ | 176.2 | $ | 145.4 | ||||||||||||||||||||||||||||
EMEA | EMEA | 16.6 | 13.8 | 51.4 | 44.4 | EMEA | 18.2 | 17.6 | 36.8 | 34.7 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 32.2 | 23.8 | 91.5 | 65.3 | Asia Pacific | 30.6 | 29.9 | 61.0 | 59.4 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 125.4 | $ | 96.2 | $ | 364.9 | $ | 284.8 | Total | $ | 140.5 | $ | 124.5 | $ | 274.0 | $ | 239.5 | ||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 24 | % | 22 | % | 24 | % | 23 | % | Operating earnings as a percentage of net sales | 31 | % | 25 | % | 31 | % | 24 | % |
Three Months | Nine Months | Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | 27% | 4% | 0% | 31% | 24% | 3% | 0% | 27% | Americas | 19% | 0% | 0% | 19% | 20% | 1% | 0% | 21% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 30% | 1% | (11)% | 20% | 22% | 1% | (7)% | 16% | EMEA | 3% | 0% | 1% | 4% | 7% | 0% | (1)% | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 40% | 1% | (7)% | 34% | 44% | 1% | (5)% | 40% | Asia Pacific | 5% | 0% | (3)% | 2% | 6% | 0% | (3)% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | 30% | 4% | (4)% | 30% | 28% | 2% | (2)% | 28% | Segment Total | 14% | 0% | (1)% | 13% | 15% | 1% | (2)% | 14% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Americas | $ | 196.7 | $ | 167.6 | $ | 566.9 | $ | 519.9 | |||||||||||||||
EMEA | 46.6 | 47.3 | 132.8 | 150.1 | |||||||||||||||||||
Asia Pacific | 20.8 | 21.2 | 64.7 | 64.4 | |||||||||||||||||||
Total | $ | 264.1 | $ | 236.1 | $ | 764.4 | $ | 734.4 | |||||||||||||||
Operating earnings as a percentage of net sales | 25 | % | 25 | % | 25 | % | 28 | % |
Three Months | Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | ||||||||||||||||||||||||||||||||||||||||
Americas | 18% | 0% | (1)% | 17% | 9% | 0% | 0% | 9% | |||||||||||||||||||||||||||||||||||||||
EMEA | 12% | 0% | (13)% | (1)% | (4)% | 1% | (9)% | (12)% | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 7% | 0% | (8)% | (1)% | 6% | 0% | (5)% | 1% | |||||||||||||||||||||||||||||||||||||||
Segment Total | 16% | 0% | (4)% | 12% | 6% | 1% | (3)% | 4% |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (at end of period) | ||||||||||||||||||||||
July 2, 2022 - July 29, 2022 | — | $ | — | — | 16,822,292 | |||||||||||||||||||||
July 30, 2022 - August 26, 2022 | — | $ | — | — | 16,822,292 | |||||||||||||||||||||
August 27, 2022 - September 30, 2022 | 772,716 | $ | 61.17 | — | 16,049,576 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (at end of period) | ||||||||||||||||||||||
April 1, 2023 - April 28, 2023 | — | $ | — | — | 14,856,080 | |||||||||||||||||||||
April 29, 2023 - May 26, 2023 | — | $ | — | — | 14,856,080 | |||||||||||||||||||||
May 27, 2023 - June 30, 2023 | — | $ | — | — | 14,856,080 |
3.1 | Restated Articles of Incorporation as amended December 8, 2017. (Incorporated by reference to Exhibit 3.1 to the Company's Report on Form 8-K filed December 8, 2017.) | |||||||
3.2 | Restated Bylaws as amended February | |||||||
10.1 | Amendment No. 1 to Amended and Restated Credit Agreement, dated May 23, 2023, among Graco Inc., the borrowing subsidiaries from time to time party thereto, the banks from time to time party thereto and U.S. Bank National Association, as administrative agent. (Incorporated by reference to Exhibit 10.1 to the Company's Report on Form 8-K filed May 23, 2023.) | |||||||
10.2 | Amendment No. 2 to Amended and Restated Credit Agreement, dated June 8, 2023, among Graco Inc., the borrowing subsidiaries from time to time party thereto, the banks from time to time party thereto and U.S. Bank National Association, as administrative agent. (Incorporated by reference to Exhibit 10.1 to the Company's Report on Form 8-K filed June 8, 2023.) | |||||||
Certification of President and Chief Executive Officer pursuant to Rule 13a-14(a). | ||||||||
Certification of Chief Financial Officer and Treasurer pursuant to Rule 13a-14(a). | ||||||||
Certification of President and Chief Executive Officer and Chief Financial Officer and Treasurer pursuant to Section 1350 of Title 18, U.S.C. | ||||||||
Press Release Reporting | ||||||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language). | |||||||
104 | Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101). | |||||||
Date: | By: | /s/ Mark W. Sheahan | ||||||||||||||||||
Mark W. Sheahan | ||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||||
Date: | By: | /s/ David M. Lowe | ||||||||||||||||||
David M. Lowe | ||||||||||||||||||||
Chief Financial Officer and Treasurer | ||||||||||||||||||||
(Principal Financial Officer) | ||||||||||||||||||||
Date: | By: | /s/ | ||||||||||||||||||
Executive Vice President, Corporate Controller | ||||||||||||||||||||
(Principal Accounting Officer) |