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<?xml version="1.0" encoding="windows-1252"?> |
<ownershipDocument> |
| <schemaVersion> X0306 </schemaVersion> |
| <documentType> 4 </documentType> |
| <periodOfReport> 2020-02-28 </periodOfReport> |
| <issuer> |
| | <issuerCik> 0000042888 </issuerCik> |
| | <issuerName> GRACO INC </issuerName> |
| | <issuerTradingSymbol> GGG </issuerTradingSymbol> |
| | </issuer> |
| <reportingOwner> |
| | <reportingOwnerId> |
| | | <rptOwnerCik> 0001566416 </rptOwnerCik> |
| | | <rptOwnerName> Wheeler Kevin J. </rptOwnerName> |
| | | </reportingOwnerId> |
| | <reportingOwnerAddress> |
| | | <rptOwnerStreet1> 88 11TH AVENUE NE </rptOwnerStreet1> |
| | | <rptOwnerStreet2></rptOwnerStreet2> |
| | | <rptOwnerCity> MINNEAPOLIS </rptOwnerCity> |
| | | <rptOwnerState> MN </rptOwnerState> |
| | | <rptOwnerZipCode> 55413 </rptOwnerZipCode> |
| | | <rptOwnerStateDescription></rptOwnerStateDescription> |
| | | </reportingOwnerAddress> |
| | <reportingOwnerRelationship> |
| | | <isDirector> 1 </isDirector> |
| | | </reportingOwnerRelationship> |
| | </reportingOwner> |
| <derivativeTable> |
| | <derivativeTransaction> |
| | | <securityTitle> |
| <value> Non-qualified Stock Option (Right to Buy) </value> |
| </securityTitle> |
| | | <conversionOrExercisePrice> |
| <value> 50.91 </value> |
| </conversionOrExercisePrice> |
| | | <transactionDate> |
| <value> 2020-02-28 </value> |
| </transactionDate> |
| | | <transactionCoding> |
| <transactionFormType> 4 </transactionFormType> |
| <transactionCode> A </transactionCode> |
| <equitySwapInvolved> 0 </equitySwapInvolved> |
| </transactionCoding> |
| | | <transactionTimeliness></transactionTimeliness> |
| | | <transactionAmounts> |
| <transactionShares> |
| <value> 11750 </value> |
| </transactionShares> |
| <transactionPricePerShare> |
| <value> 0 </value> |
| </transactionPricePerShare> |
| <transactionAcquiredDisposedCode> |
| <value> A </value> |
| </transactionAcquiredDisposedCode> |
| </transactionAmounts> |
| | | <exerciseDate> |
| <footnoteId id="F1"/> |
| </exerciseDate> |
| | | <expirationDate> |
| <value> 2030-02-28 </value> |
| </expirationDate> |
| | | <underlyingSecurity> |
| <underlyingSecurityTitle> |
| <value> Common Stock </value> |
| </underlyingSecurityTitle> |
| <underlyingSecurityShares> |
| <value> 11750 </value> |
| </underlyingSecurityShares> |
| </underlyingSecurity> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 11750 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> D </value> |
| </directOrIndirectOwnership> |
| </ownershipNature> |
| | | </derivativeTransaction> |
| | </derivativeTable> |
| <footnotes> |
| | <footnote id="F1"> Employee stock option granted pursuant to the Graco Inc. 2019 Stock Incentive Plan in transaction exempt under Rule 16b-3. The stock option becomes exercisable in four equal annual installments, commencing one year after the date of the grant. </footnote> |
| | </footnotes> |
| <ownerSignature> |
| | <signatureName> /s/ Francis J. Brixius Jr., attorney-in-fact for Mr. Wheeler </signatureName> |
| | <signatureDate> 2020-02-28 </signatureDate> |
| | </ownerSignature> |
| </ownershipDocument> |