Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 01, 2014 | Jun. 30, 2013 |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'GRAYBAR ELECTRIC CO INC | ' | ' |
Entity Central Index Key | '0000205402 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 15,919,567 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net Sales | $5,659,141 | $5,413,281 | $5,374,800 | |||
Cost of merchandise sold | -4,614,985 | -4,394,919 | -4,379,541 | |||
Gross Margin | 1,044,156 | 1,018,362 | 995,259 | |||
Selling, general and administrative expenses | -873,415 | -871,374 | -822,678 | |||
Depreciation and amortization | -36,944 | -32,449 | -33,140 | |||
Other income, net | 2,495 | 33,143 | 3,769 | |||
Income from Operations | 136,292 | 147,682 | 143,210 | |||
Interest expense, net | -1,341 | -2,234 | -10,021 | |||
Income before provision for income taxes | 134,951 | 145,448 | 133,189 | |||
Provision for income taxes | -53,677 | -58,850 | -51,298 | |||
Net Income | 81,274 | 86,598 | 81,891 | |||
Net income attributable to noncontrolling interests | -211 | -307 | -466 | |||
Net Income attributable to Graybar Electric Company, Inc. | $81,063 | $86,291 | $81,425 | |||
Net Income attributable to Graybar Electric Company, Inc. per share of Common Stock(A) | $5.09 | [1] | $5.40 | [1] | $5.14 | [1] |
[1] | Adjusted for the declaration of a two and a half percent (2.5%) stock dividend in December 2013, shares related to which were issued in February 2014. Prior to the adjustment, the average common shares outstanding were 15,580 and 15,451 for the years ended December 31, 2012 and 2011, respectively. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income Parenthetical | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Dividend | 2.50% | ' | ' |
Average common shares outstanding | ' | 15,580 | 15,451 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income | $81,274 | $86,598 | $81,891 |
Other Comprehensive Income | ' | ' | ' |
Foreign currency translation | -5,553 | 1,802 | -1,520 |
Unrealized gain less realized loss from interest rate swap | 0 | 0 | 2,876 |
Pension and postretirement benefits liability adjustment | 31,838 | -18,433 | -49,405 |
Total Other Comprehensive Income (Loss) | 26,285 | -16,631 | -48,049 |
Comprehensive Income | 107,559 | 69,967 | 33,842 |
Less: comprehensive income attributable to noncontrolling interests, net of tax | -45 | -126 | -438 |
Comprehensive Income attributable to Graybar Electric Company, Inc. | $107,514 | $69,841 | $33,404 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Parenthetical (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrealized gain from interest rate swap (net of tax) | $0 | $0 | $1,831 |
Pension and postretirement benefits liability adjustment (net of tax) | ($20,270) | $11,735 | $31,454 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $34,665 | $37,674 |
Trade receivables (less allowances of $6,837 and $6,868, respectively) | 823,072 | 782,390 |
Merchandise inventory | 448,386 | 416,753 |
Other current assets | 41,435 | 25,442 |
Total Current Assets | 1,347,558 | 1,262,259 |
Property, at cost | ' | ' |
Land | 66,775 | 65,821 |
Buildings | 413,159 | 393,399 |
Furniture and fixtures | 232,093 | 212,650 |
Software | 76,906 | 76,906 |
Capital leases | 14,768 | 11,463 |
Total Property, at cost | 803,701 | 760,239 |
Less – accumulated depreciation and amortization | -423,514 | -402,233 |
Net Property | 380,187 | 358,006 |
Other Non-current Assets | 66,498 | 83,932 |
Total Assets | 1,794,243 | 1,704,197 |
Current Liabilities | ' | ' |
Short-term borrowings | 82,442 | 71,116 |
Current portion of long-term debt | 2,443 | 10,005 |
Trade accounts payable | 630,198 | 573,252 |
Accrued payroll and benefit costs | 93,262 | 109,250 |
Other accrued taxes | 15,410 | 11,748 |
Other current liabilities | 73,085 | 61,315 |
Total Current Liabilities | 896,840 | 836,686 |
Postretirement Benefits Liability | 67,534 | 77,036 |
Pension Liability | 132,583 | 167,223 |
Long-term Debt | 2,731 | 1,990 |
Other Non-current Liabilities | 23,774 | 21,046 |
Total Liabilities | 1,123,462 | 1,103,981 |
SHAREHOLDERS’ EQUITY | ' | ' |
Outstanding Common Stock | 317,767 | 310,008 |
Common shares subscribed | 14,885 | 13,215 |
Less subscriptions receivable | -14,885 | -13,215 |
Retained Earnings | 489,740 | 453,770 |
Accumulated Other Comprehensive Loss | -140,363 | -166,814 |
Total Graybar Electric Company, Inc. Shareholders’ Equity | 667,144 | 596,964 |
Noncontrolling Interests | 3,637 | 3,252 |
Total Shareholders’ Equity | 670,781 | 600,216 |
Total Liabilities and Shareholders’ Equity | $1,794,243 | $1,704,197 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | Minimum | Maximum | ||
Furniture, Fixtures & Equipment and Software | Furniture, Fixtures & Equipment and Software | |||
Estimated useful asset life | ' | ' | '3 years | '14 years |
Allowance for doubtful accounts | $6,837 | $6,868 | ' | ' |
Common stock stated value per share | $20 | $20 | ' | ' |
Authorized | 50,000,000 | 20,000,000 | ' | ' |
Issued to voting trustees | 13,164,362 | 12,844,501 | ' | ' |
Issued to shareholders | 2,765,577 | 2,740,489 | ' | ' |
In treasury, at cost | -41,576 | -84,566 | ' | ' |
Outstanding Common Stock | 15,888,363 | 15,500,424 | ' | ' |
Common Stock, Shares Subscribed | 744,241 | 660,775 | ' | ' |
Subscripton Receivable | -744,241 | -660,775 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operations | ' | ' | ' |
Net Income | $81,274 | $86,598 | $81,891 |
Adjustments to reconcile net income to cash provided by operations: | ' | ' | ' |
Depreciation and amortization | 36,944 | 32,449 | 33,140 |
Deferred income taxes | -3,441 | 9,877 | 424 |
Net losses (gains) on disposal of property | 418 | -30,638 | 140 |
Losses on impairment of property | 0 | 1,066 | 312 |
Net income attributable to noncontrolling interests | -211 | -307 | -466 |
Changes in assets and liabilities: | ' | ' | ' |
Trade receivables | -40,682 | 29,764 | -116,802 |
Merchandise inventory | -31,633 | -20,629 | -5,774 |
Other current assets | -15,261 | -4,108 | -7,616 |
Other non-current assets | -127 | 4,115 | 3,858 |
Trade accounts payable | 56,946 | -52,957 | 90,816 |
Accrued payroll and benefit costs | -15,988 | -8,715 | 22,454 |
Other current liabilities | 11,955 | 7,855 | -3,520 |
Other non-current liabilities | 10,694 | 5,487 | -3,949 |
Total adjustments to net income | 9,614 | -26,741 | 13,017 |
Net cash provided by operations | 90,888 | 59,857 | 94,908 |
Cash Flows from Investing Activities | ' | ' | ' |
Proceeds from disposal of property | 447 | 34,079 | 296 |
Capital expenditures for property | -58,223 | -61,362 | -62,162 |
Investment in affiliated company | 0 | 478 | 870 |
Net cash used by investing activities | -57,776 | -26,805 | -60,996 |
Cash Flows from Financing Activities | ' | ' | ' |
Net increase in short-term borrowings | 11,326 | 28,554 | 22,867 |
Repayment of long-term debt | -7,386 | -38,851 | -43,864 |
Principal payments under capital leases | -3,067 | -2,960 | -3,306 |
Sales of common stock | 12,839 | 11,925 | 11,121 |
Purchases of treasury stock | -12,772 | -11,172 | -9,264 |
Sales of noncontrolling interests’ common stock | 488 | 0 | 512 |
Purchases of noncontrolling interests’ common stock | -148 | -2,863 | -109 |
Dividends paid | -37,401 | -51,978 | -22,258 |
Net cash used by financing activities | -36,121 | -67,345 | -44,301 |
Net Decrease in Cash | -3,009 | -34,293 | -10,389 |
Cash, Beginning of Year | 37,674 | 71,967 | 82,356 |
Cash, End of Year | 34,665 | 37,674 | 71,967 |
Non-cash Investing and Financing Activities: | ' | ' | ' |
Acquisition of property under capital leases | 3,632 | 1,971 | 2,332 |
Interest, net of amounts capitalized | 1,508 | 2,376 | 10,880 |
Income taxes, net of refunds | $44,676 | $58,018 | $55,136 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders’ Equity (USD $) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2010 | $558,807 | $232,400 | $423,602 | ($102,343) | $5,148 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 81,891 | ' | 81,425 | ' | 466 |
Other comprehensive income (loss) | -48,049 | ' | ' | -48,021 | -28 |
Stock issued | 11,633 | 11,121 | ' | ' | 512 |
Stock purchased | -9,373 | -9,264 | ' | ' | -109 |
Dividends declared | -23,515 | 23,373 | -46,888 | ' | ' |
Balance at Dec. 31, 2011 | 571,394 | 257,630 | 458,139 | -150,364 | 5,989 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 86,598 | ' | 86,291 | ' | 307 |
Other comprehensive income (loss) | -16,631 | ' | ' | -16,450 | -181 |
Stock issued | 11,925 | 11,925 | ' | ' | ' |
Stock purchased | -14,035 | -11,172 | ' | ' | -2,863 |
Dividends declared | -39,035 | 51,625 | -90,660 | ' | ' |
Balance at Dec. 31, 2012 | 600,216 | 310,008 | 453,770 | -166,814 | 3,252 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 81,274 | ' | 81,063 | ' | 211 |
Other comprehensive income (loss) | 26,285 | ' | ' | 26,451 | -166 |
Stock issued | 13,327 | 12,839 | ' | ' | 488 |
Stock purchased | -12,920 | -12,772 | ' | ' | -148 |
Dividends declared | -37,401 | 7,692 | -45,093 | ' | ' |
Balance at Dec. 31, 2013 | $670,781 | $317,767 | $489,740 | ($140,363) | $3,637 |
Description_of_the_Business
Description of the Business | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of the Business | ' |
DESCRIPTION OF THE BUSINESS | |
Graybar Electric Company, Inc. (“Graybar” or the “Company”) is a New York corporation, incorporated in 1925. The Company is engaged in the distribution of electrical, communications and data networking (“comm/data”) products and the provision of related supply chain management and logistics services, primarily to electrical and comm/data contractors, industrial plants, federal, state and local governments, commercial users, telephone companies, and power utilities in North America. All products sold by the Company are purchased by the Company from others, and the Company neither manufactures nor contracts to manufacture any products that it sells. The Company’s business activity is primarily with customers in the United States of America (“U.S.”). Graybar also has subsidiary operations with distribution facilities in Canada and Puerto Rico. |
Accounting_Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The Company’s accounting policies conform to generally accepted accounting principles in the U.S. (“U.S. GAAP”) and are applied on a consistent basis among all years presented. Significant accounting policies are described below. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Graybar Electric Company, Inc. and its subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company in subsidiaries consolidated by the Company are accounted for and reported as noncontrolling interests. | |
Estimates | |
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. | |
Reclassifications | |
Certain reclassifications have been made to prior years' financial information to conform to the December 31, 2013 presentation. | |
Subsequent Events | |
The Company has evaluated subsequent events through the time of the filing of this Annual Report on Form 10-K with the United States Securities and Exchange Commission (“SEC” or the “Commission”). No material subsequent events have occurred since December 31, 2013 that require recognition or disclosure in these financial statements. | |
Revenue Recognition | |
Revenue is recognized when evidence of a customer arrangement exists, prices are fixed and determinable, product title, ownership and risk of loss transfers to the customer, and collectability is reasonably assured. Revenues recognized are primarily for product sales, but also include freight and handling charges. The Company’s standard shipping terms are FOB shipping point, under which product title passes to the customer at the time of shipment. The Company does, however, fulfill some customer orders based on shipping terms of FOB destination, whereby title passes to the customer at the time of delivery. The Company also earns revenue for services provided to customers for supply chain management and logistics services. Service revenue, which accounts for less than one percent (1%) of net sales, is recognized when services are rendered and completed. Revenue is reported net of all taxes assessed by governmental authorities as a result of revenue-producing transactions, primarily sales tax. | |
Outgoing Freight Expenses | |
The Company records certain outgoing freight expenses as a component of selling, general and administrative expenses. These costs totaled $48,497, $44,672, and $40,896 for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Cash and Cash Equivalents | |
The Company accounts for cash on hand, deposits in banks, and other short-term, highly liquid investments with an original maturity of three months or less as cash and cash equivalents. | |
Allowance for Doubtful Accounts | |
The Company performs ongoing credit evaluations of its customers, and a significant portion of its trade receivables is secured by mechanic’s lien or payment bond rights. The Company maintains allowances to reflect the expected uncollectability of trade receivables based on past collection history and specific risks identified in the receivables portfolio. Although actual credit losses have historically been within management’s expectations, additional allowances may be required if the financial condition of the Company’s customers were to deteriorate. | |
Merchandise Inventory | |
The Company’s inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. | |
The Company makes provisions for obsolete or excess inventories as necessary to reflect reductions in inventory value. | |
Supplier Volume Incentives | |
The Company’s agreements with many of its suppliers provide for the Company to earn volume incentives based on purchases during the agreement period. These agreements typically provide for the incentives to be paid quarterly or annually in arrears. The Company estimates amounts to be received from suppliers at the end of each reporting period based on the earnout level that the Company believes is probable of being achieved. The Company records the incentive ratably over the year as a reduction of cost of merchandise sold as the related inventory is sold. Changes in the estimated amount of incentives are treated as changes in estimate and are recognized in earnings in the period in which the change in estimate occurs. In the event that the operating performance of the Company’s suppliers were to decline, however, there can be no assurance that amounts earned would be paid or that the volume incentives would continue to be included in future agreements. | |
Property and Depreciation | |
Property, plant and equipment are recorded at cost. Depreciation is expensed on a straight-line basis over the estimated useful lives of the related assets. Interest costs incurred to finance expenditures for major long-term construction projects are capitalized as part of the asset's historical cost and included in property, plant and equipment, then depreciated over the useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Expenditures for maintenance and repairs are charged to expense when incurred, while the costs of significant improvements, which extend the useful life of the underlying asset, are capitalized. | |
Credit Risk | |
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of trade receivables. The Company performs ongoing credit evaluations of its customers, and a significant portion of its trade receivables is secured by mechanic’s lien or payment bond rights. The Company maintains allowances for potential credit losses and such losses historically have been within management’s expectations. | |
Fair Value | |
The Company endeavors to utilize the best available information in measuring fair value. U.S. GAAP has established a fair value hierarchy, which prioritizes the inputs used in measuring fair value. The tiers in the hierarchy include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own data inputs and assumptions. The Company has used fair value measurements to value its pension plan assets. | |
Foreign Currency Exchange Rate | |
The functional currency for the Company’s Canadian subsidiary is the Canadian dollar. Accordingly, its balance sheet amounts are translated at the exchange rates in effect at year-end and its statements of income amounts are translated at the average rates of exchange prevailing during the year. Currency translation adjustments are included in accumulated other comprehensive loss. | |
Goodwill | |
The Company’s goodwill is not amortized, but rather tested annually for impairment. Goodwill is reviewed annually in the fourth quarter and/or when circumstances or other events might indicate that impairment may have occurred. The Company performs either a qualitative or quantitative assessment of goodwill impairment. The qualitative assessment considers several factors including the excess fair value over carrying value as of the last quantitative impairment test, the length of time since the last fair value measurement, the current carrying value, market conditions, actual performance compared to forecasted performance, and the current business outlook. If the qualitative assessment indicates that it is more likely than not that goodwill is impaired, the reporting unit is quantitatively tested for impairment. If a quantitative assessment is required, the fair value is determined using a variety of assumptions including estimated future cash flows of the reporting unit and applicable discount rates. As of December 31, 2013, the Company has completed its annual impairment test and concluded that there is no impairment of the Company’s goodwill. At December 31, 2013 and 2012, the Company had $6,680 of goodwill included in other non-current assets in its consolidated balance sheets. | |
Income Taxes | |
The Company recognizes deferred tax assets and liabilities to reflect the future tax consequences of events that have been recognized in the financial statements or tax returns. Uncertainty exists regarding tax positions taken in previously filed tax returns still subject to examination and positions expected to be taken in future returns. A deferred tax asset or liability results from the temporary difference between an item’s carrying value as reflected in the financial statements and its tax basis, and is calculated using enacted applicable tax rates. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. The Company classifies interest expense and penalties as part of its provision for income taxes based upon applicable federal and state interest/underpayment percentages. | |
Other Postretirement Benefits | |
The Company accounts for postretirement benefits other than pensions by accruing the costs of benefits to be provided over the employees’ periods of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of postretirement benefits. | |
Pension Plan | |
The Company sponsors a noncontributory defined benefit pension plan accounted for by accruing the cost to provide the benefits over the employees’ periods of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of the defined benefit pension plan. | |
New Accounting Standards | |
No new accounting standards that were issued or became effective during 2013 have had or are expected to have a material impact on the Company’s consolidated financial statements. | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU” or “Update”) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” which provides guidance on the financial statement presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward exists. The requirements are effective for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods. The Company does not expect that the adoption of this guidance will have a material impact on the Company’s results of operations, financial position, or cash flows. | |
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”, which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). The Update requires that the Company present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of AOCI based on its source and the income statement line items affected by the reclassification. The Company adopted this Update as of January 1, 2013, and the adoption did not have any impact on the Company's results of operations, financial position, or cash flows during the year ended December 31, 2013, other than additional disclosures contained in Note 14. |
Cash_Discounts_And_Doubtful_Ac
Cash Discounts And Doubtful Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
CASH DISCOUNTS AND DOUBTFUL ACCOUNTS [Abstract] | ' | |||||||||||||||
Cash Discounts and Doubtful Accounts | ' | |||||||||||||||
CASH DISCOUNTS AND DOUBTFUL ACCOUNTS | ||||||||||||||||
The following table summarizes the activity in the allowances for cash discounts and doubtful accounts: | ||||||||||||||||
Beginning Balance | Provision (Charged to Expense) | Deductions | Ending Balance | |||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||
Allowance for cash discounts | $ | 1,411 | $ | 22,943 | $ | (22,794 | ) | $ | 1,560 | |||||||
Allowance for doubtful accounts | 5,457 | 2,028 | (2,208 | ) | 5,277 | |||||||||||
Total | $ | 6,868 | $ | 24,971 | $ | (25,002 | ) | $ | 6,837 | |||||||
For the Year Ended December 31, 2012 | ||||||||||||||||
Allowance for cash discounts | $ | 1,498 | $ | 21,228 | $ | (21,315 | ) | $ | 1,411 | |||||||
Allowance for doubtful accounts | 6,266 | 4,379 | (5,188 | ) | 5,457 | |||||||||||
Total | $ | 7,764 | $ | 25,607 | $ | (26,503 | ) | $ | 6,868 | |||||||
For the Year Ended December 31, 2011 | ||||||||||||||||
Allowance for cash discounts | $ | 1,373 | $ | 20,440 | $ | (20,315 | ) | $ | 1,498 | |||||||
Allowance for doubtful accounts | 5,926 | 5,537 | (5,197 | ) | 6,266 | |||||||||||
Total | $ | 7,299 | $ | 25,977 | $ | (25,512 | ) | $ | 7,764 | |||||||
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2013 | |
Inventory Disclosure [Abstract] | ' |
Inventory | ' |
INVENTORY | |
The Company’s inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market. Inventories valued using the LIFO method comprised 92% and 90% of the total inventories at December 31, 2013 and 2012, respectively. Had the first-in, first-out (“FIFO”) method been used, merchandise inventory would have been approximately $149,507 and $150,912 greater than reported under the LIFO method at December 31, 2013 and 2012, respectively. The Company did not liquidate any portion of previously-created LIFO layers in 2013, 2012, and 2011. | |
Reserves for excess and obsolete inventories were $3,747 and $3,500 at December 31, 2013 and 2012, respectively. The change in the reserve for excess and obsolete inventories, included in cost of merchandise sold, was $247, $(300), and $(700) for the years ended December 31, 2013, 2012, and 2011, respectively. |
Property_and_Depreciation
Property and Depreciation | 12 Months Ended | |
Dec. 31, 2013 | ||
Property, Plant and Equipment [Abstract] | ' | |
Property and Depreciation | ' | |
PROPERTY AND DEPRECIATION | ||
The Company provides for depreciation and amortization using the straight-line method over the following estimated useful asset lives: | ||
Classification | Estimated Useful Asset Life | |
Buildings | 42 years | |
Leasehold improvements | Over the shorter of the asset’s life or the lease term | |
Furniture, fixtures, equipment and software | 3 to 14 years | |
Assets held under capital leases | Over the shorter of the asset’s life or the lease term | |
Depreciation expense was $32,917, $28,937, and $27,728 in 2013, 2012, and 2011, respectively. | ||
At the time property is retired or otherwise disposed of, the asset and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is credited or charged to other income, net. | ||
Assets held under capital leases, consisting primarily of information technology equipment, are recorded in property with the corresponding obligations carried in long-term debt. The amount capitalized is the present value at the beginning of the lease term of the aggregate future minimum lease payments. Assets held under leases which were capitalized during the year ended December 31, 2013 and 2012 were $3,632 and $1,971, respectively. | ||
The Company capitalizes interest expense on major construction and development projects while in progress. Interest capitalized in 2013, 2012, and 2011 was $182, $56, and $13, respectively. | ||
The Company capitalizes qualifying internal and external costs incurred to develop or obtain software for internal use during the application development stage. Costs incurred during the pre-application development and post-implementation stages are expensed as incurred. The Company capitalized software and software development costs of $3,187 and $7,583 in 2013 and 2012, respectively, and the amounts are recorded in furniture and fixtures. | ||
The Company considers properties to be assets held for sale when all of the following criteria are met: i) a formal commitment to a plan to sell a property has been made and exercised; ii) the property is available for sale in its present condition; iii) actions required to complete the sale of the property have been initiated; iv) sale of the property is probable and the Company expects the sale will occur within one year; and v) the property is being actively marketed for sale at a price that is reasonable given its current market value. | ||
Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation of the property ceases. The net book value of assets held for sale was $7,626 and $3,034 at December 31, 2013 and 2012, respectively, and is recorded in net property in the consolidated balance sheet. During 2013, the Company sold an asset classified as held for sale for $34 and recorded a net gain on the asset held for sale of $23 in other income, net. During 2012, the Company sold assets classified as held for sale for $33,486 and recorded net gains on the assets held for sale of $30,738 in other income, net. | ||
The Company reviews long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For assets classified as to be held and used, impairment may occur if projected undiscounted cash flows are not adequate to cover the carrying value of the assets. In such cases, additional analysis is conducted to determine the amount of the loss to be recognized. The impairment loss is calculated as the difference between the carrying amount of the asset and its estimated fair value. The analysis requires estimates of the amount and timing of projected cash flows and, where applicable, selection of an appropriate discount rate. Such estimates are critical in determining whether any impairment charge should be recorded and the amount of such charge if an impairment loss is deemed necessary. | ||
The Company did not record any impairment charges during 2013 as the expected selling prices approximated the net book value of assets classified as assets held for sale. The Company recorded impairment losses totaling $1,066 and $312 to account for the expected losses on those assets held for sale where the net book value of the property listed for sale exceeded the estimated selling price less estimated selling expenses for the years ended December 31, 2012 and 2011, respectively. The impairment losses are included in other income, net in the consolidated statements of income for the years ended December 31, 2012 and 2011. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
The Company determines its deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of its assets and liabilities calculated using enacted applicable tax rates. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. | ||||||||||||
The Company’s unrecognized tax benefits of $3,419, $3,530, and $3,746 as of December 31, 2013, 2012, and 2011, respectively, are uncertain tax positions that would impact the Company’s effective tax rate if recognized. The Company is periodically engaged in tax return examinations, reviews of statute of limitations periods, and settlements surrounding income taxes. The Company does not anticipate a material change in unrecognized tax benefits during the next twelve months. | ||||||||||||
The Company’s uncertain tax benefits, and changes thereto, during 2013, 2012, and 2011 were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1, | $ | 3,530 | $ | 3,746 | $ | 3,843 | ||||||
Additions based on tax positions related to current year | 516 | 600 | 593 | |||||||||
Additions based on tax positions of prior years | — | — | — | |||||||||
Reductions for tax positions of prior years | (567 | ) | (570 | ) | (579 | ) | ||||||
Settlements | (60 | ) | (246 | ) | (111 | ) | ||||||
Balance at December 31, | $ | 3,419 | $ | 3,530 | $ | 3,746 | ||||||
The Company classifies interest expense and penalties as part of its provision for income taxes based upon applicable federal and state interest/underpayment percentages. The Company has accrued $1,220 and $1,195 in interest and penalties in its statement of financial position at December 31, 2013 and 2012, respectively. Interest was computed on the difference between the provision for income taxes recognized in accordance with U.S. GAAP and the amount of benefit previously taken or expected to be taken in the Company’s federal, state, and local income tax returns. | ||||||||||||
The Company’s federal income tax returns for the tax years 2008 and forward are available for examination by the United States Internal Revenue Service (“IRS”). The IRS conducted its field examination of the Company's 2008 and 2009 federal income tax returns. On May 1, 2013, the Company received the revenue agent's report, commonly referred to as a "30-day letter". The Company disputes the proposed adjustments raised in the revenue agent's report, has filed a protest, and awaits conclusion of the appeals process. The Company continues to believe its reserve for uncertain tax benefits is adequate at December 31, 2013. The Company has agreed to extend its federal statute of limitations for the 2008 through 2010 tax years until December 31, 2014. | ||||||||||||
In addition, an examination by the IRS of the Company's 2010 and 2011 federal income tax returns commenced in April 2013. The Company received the related 30-day letter on February 10, 2014. The Company disputes the proposed adjustments, which flow from the earlier disputed findings described in the preceding paragraph, and has filed an additional protest. The Company has received the revenue agent's rebuttal and is currently awaiting appeal proceedings. | ||||||||||||
Proposed adjustments in connection with both audits are pending appeal. | ||||||||||||
The Company’s state income tax returns for 2009 through 2013 remain subject to examination by various state authorities with the latest period closing on December 31, 2018. The Company has not extended the statutes of limitations in any state jurisdictions with respect to years prior to 2009. Such statutes of limitations will expire on or before December 31, 2014, unless extended. | ||||||||||||
A reconciliation between the “statutory” federal income tax rate and the effective tax rate in the consolidated statements of income is as follows: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
“Statutory” federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes, net of federal benefit | 3.6 | 3.9 | 3.6 | |||||||||
Other, net | 1.2 | 1.6 | (0.1 | ) | ||||||||
Effective tax rate | 39.8 | % | 40.5 | % | 38.5 | % | ||||||
The components of income before taxes and the provision for income taxes recorded in the consolidated statements of income are as follows: | ||||||||||||
For the Years Ended | ||||||||||||
Components of Income before Taxes | 2013 | 2012 | 2011 | |||||||||
Domestic | $ | 127,858 | $ | 133,300 | $ | 121,770 | ||||||
Foreign | 7,093 | 12,148 | 11,419 | |||||||||
Income before taxes | $ | 134,951 | $ | 145,448 | $ | 133,189 | ||||||
For the Years Ended | ||||||||||||
Components of Income Tax Provision | 2013 | 2012 | 2011 | |||||||||
Current expense | ||||||||||||
U.S. Federal | $ | 47,790 | $ | 38,642 | $ | 41,052 | ||||||
State | 7,066 | 6,848 | 6,343 | |||||||||
Foreign | 2,217 | 3,366 | 3,579 | |||||||||
Total current expense | $ | 57,073 | $ | 48,856 | $ | 50,974 | ||||||
Deferred (benefit) expense | ||||||||||||
U.S. Federal | $ | (2,983 | ) | 9,090 | 246 | |||||||
State | (458 | ) | 786 | 178 | ||||||||
Foreign | 45 | 118 | (100 | ) | ||||||||
Total deferred (benefit) expense | $ | (3,396 | ) | $ | 9,994 | $ | 324 | |||||
Total income tax provision | $ | 53,677 | $ | 58,850 | $ | 51,298 | ||||||
Deferred income taxes are provided based upon differences between the financial statement and tax bases of assets and liabilities. The following deferred tax assets (liabilities) were recorded at December 31: | ||||||||||||
Assets (Liabilities) | 2013 | 2012 | ||||||||||
Postretirement benefits | $ | 29,260 | $ | 32,257 | ||||||||
Payroll accruals | 3,114 | 3,095 | ||||||||||
Bad debt reserves | 2,094 | 2,178 | ||||||||||
Other deferred tax assets | 9,820 | 10,359 | ||||||||||
Pension | 41,682 | 55,665 | ||||||||||
Inventory | 4,597 | 3,174 | ||||||||||
Subtotal | 90,567 | 106,728 | ||||||||||
less: valuation allowances | (279 | ) | (285 | ) | ||||||||
Deferred tax assets | 90,288 | 106,443 | ||||||||||
Fixed assets | (33,988 | ) | (32,999 | ) | ||||||||
Computer software | (3,775 | ) | (3,708 | ) | ||||||||
Other deferred tax liabilities | (1,868 | ) | (2,184 | ) | ||||||||
Deferred tax liabilities | (39,631 | ) | (38,891 | ) | ||||||||
Net deferred tax assets | $ | 50,657 | $ | 67,552 | ||||||||
Deferred tax assets included in other current assets were $5,936 and $3,678 at December 31, 2013 and 2012, respectively. Deferred tax assets included in other non-current assets were $45,135 and $64,260 at December 31, 2013 and 2012, respectively. Deferred tax liabilities included in other current liabilities were $414 and $386 at December 31, 2013 and 2012. The Company’s deferred tax assets include foreign net operating losses of $232 and $285 as of December 31, 2013 and 2012 that expire in 2024. The Company’s deferred tax assets also include state net operating loss carryforwards of $1,165 and $1,821 as of December 31, 2013 and 2012, respectively, that expire between 2014 and 2030. The Company's valuation allowance against deferred tax assets was $279 and $285 for the year ended December 31, 2013 and 2012, respectively. Due to uncertainties regarding the utilization of the Company's foreign and state net operating losses, a valuation allowance has been applied against the total deferred tax benefit at December 31, 2013. | ||||||||||||
The Company has undistributed earnings of non-U.S. subsidiaries of approximately $59,388 and $54,440 as of December 31, 2013 and 2012, respectively. The Company has not made a provision for U.S. federal and state income taxes on these accumulated but undistributed earnings, as such earnings are considered to be indefinitely reinvested outside the U.S. |
Capital_Stock
Capital Stock | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Capital Stock | ' | ||||
CAPITAL STOCK | |||||
The Company’s capital stock is one hundred percent (100%) owned by its active and retired employees, and there is no public trading market for its common stock. Since 1928, substantially all of the issued and outstanding shares of common stock have been held of record by voting trustees under successive voting trust agreements. Under applicable state law, a voting trust may not have a term greater than ten years. At December 31, 2013, approximately eighty-three percent (83%) of the common stock was held in a voting trust that expires by its terms on March 15, 2017. The participation of shareholders in the voting trust is voluntary at the time the voting trust is created, but is irrevocable during its term. Shareholders who elect not to participate in the voting trust hold their common stock as shareholders of record. | |||||
No shareholder may sell, transfer, or otherwise dispose of shares of common stock or the voting trust interests issued with respect thereto ("common stock", "common shares", or "shares") without first offering the Company the option to purchase such shares at the price at which the shares were issued. The Company also has the option to purchase at the issue price the common stock of any holder who dies or ceases to be an employee of the Company for any cause other than retirement on a Company pension. The Company has always exercised its purchase option and expects to continue to do so. All outstanding shares of the Company have been issued at $20.00 per share. | |||||
At the Company's annual meeting of shareholders on June 13, 2013, the shareholders approved an amendment to the Company's amended Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 20,000,000 to 50,000,000 shares. | |||||
During 2013, eligible employees and qualified retirees subscribed for 744,241 shares totaling $14,885. Subscribers under the Plan elected to make payments under one of the following options: (i) all shares subscribed for on or before January 10, 2014; or (ii) all shares subscribed for in installments paid through payroll deductions (or in certain cases where a subscriber is no longer on the Company’s payroll, through direct monthly payments) over an eleven-month period. | |||||
Common shares were delivered to subscribers as of January 10, 2014, in the case of shares paid for prior to January 10, 2014. Shares will be issued and delivered to subscribers on a quarterly basis, as of the tenth day of March, June, September, and December, to the extent full payments for shares are made in the case of subscriptions under the installment method. | |||||
Shown below is a summary of shares purchased and retired by the Company during the three years ended December 31: | |||||
Shares of Common Stock | |||||
Purchased | Retired | ||||
2013 | 638,647 | 681,637 | |||
2012 | 558,599 | 658,890 | |||
2011 | 463,189 | 474,219 | |||
The Company also has authorized 10,000,000 shares of Delegated Authority Preferred Stock (“preferred stock”), par value one cent ($0.01). The preferred stock may be issued in one or more series, with the designations, relative rights, preferences, and limitations of shares of each such series being fixed by a resolution of the Board of Directors of the Company. There were no shares of preferred stock outstanding at December 31, 2013 and 2012. | |||||
On December 12, 2013, the Company declared a two and a half percent (2.5%) common stock dividend. Each shareholder was entitled to one share of common stock for every forty shares held as of January 2, 2014. The stock was issued on February 3, 2014. On December 13, 2012, the Company declared a twenty percent (20%) common stock dividend. Each shareholder was entitled to one share of common stock for every five shares held as of January 2, 2013. The stock was issued on February 1, 2013. On December 8, 2011, the Company declared a ten percent (10%) common stock dividend. Each shareholder was entitled to one share of common stock for every ten shares held as of January 3, 2012. The stock was issued on February 1, 2012. |
Net_Income_Per_Share_of_Common
Net Income Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
NET INCOME PER SHARE OF COMMON STOCK [Abstract] | ' |
Net Income Per Share of Common Stock | ' |
NET INCOME PER SHARE OF COMMON STOCK | |
The per share computations for periods presented have been adjusted to reflect the new number of shares as of December 31, 2013, as a result of the stock dividend declared on December 12, 2013 payable to shareholders of record on January 2, 2014. Shares representing this dividend were issued on February 3, 2014. The computation of net income per share of common stock is based on the average number of common shares outstanding during each year, adjusted in all periods presented for the declaration of a two and a half percent (2.5%) stock dividend declared in 2013, a twenty percent (20%) stock dividend declared in 2012, and a ten percent (10%) stock dividend declared in 2011. The average number of shares used in computing net income per share of common stock at December 31, 2013, 2012, and 2011 was 15,935,751, 15,969,060, and 15,837,597, respectively. |
LongTerm_Debt_and_Borrowings_U
Long-Term Debt and Borrowings Under Short-Term Credit Agreements | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Long-Term Debt and Borrowings Under Short-Term Credit Agreements | ' | ||||||
LONG-TERM DEBT AND BORROWINGS UNDER SHORT-TERM CREDIT AGREEMENTS | |||||||
December 31, | |||||||
Long-term Debt | 2013 | 2012 | |||||
6.59% senior note, unsecured, due in semiannual installments of $3,750 beginning in | $ | — | $ | 3,750 | |||
October 2003 through April 2013 | |||||||
6.65% senior note, unsecured, due in annual installments of $3,636 beginning in June 2003 | — | 3,636 | |||||
through June 2013 | |||||||
2.01% to 30.63% capital leases, secured by equipment, various maturities | 5,174 | 4,609 | |||||
$ | 5,174 | $ | 11,995 | ||||
Less current portion | (2,443 | ) | (10,005 | ) | |||
Long-term Debt | $ | 2,731 | $ | 1,990 | |||
Long-term Debt matures as follows: | |||||||
2014 | $ | 2,443 | |||||
2015 | 1,346 | ||||||
2016 | 718 | ||||||
2017 | 276 | ||||||
2018 | 203 | ||||||
After 2018 | 188 | ||||||
$ | 5,174 | ||||||
On December 31, 2013 and December 31, 2012, the Company and Graybar Canada Limited, the Company's Canadian operating subsidiary (“Graybar Canada”), had an unsecured, five-year, $500,000 revolving credit agreement maturing in September 2016 with Bank of America, N.A. and other lenders named therein, which includes a combined letter of credit subfacility of up to $50,000, a U.S. swing line loan facility of up to $50,000, and a Canadian swing line loan facility of up to $20,000 (the "Credit Agreement"). The Credit Agreement also includes a $100,000 sublimit (in U.S. or Canadian dollars) for | |||||||
borrowings by Graybar Canada and contains an accordion feature, which allows the Company to request increases in the aggregate borrowing commitments of up to $200,000. | |||||||
Interest on the Company's borrowings under the revolving credit facility is based on, at the borrower's election, either (i) the base rate (as defined in the Credit Agreement), or (ii) LIBOR, in each case plus an applicable margin, as set forth in the pricing grid detailed in the Credit Agreement and described below. In connection with any borrowing, the applicable borrower also selects the term of the loan, up to six months, or an automatically renewing term with the consent of the lenders. Swing line loans, which are short-term loans, bear interest at a rate based on, at the borrower's election, either the base rate or on the daily floating Eurodollar rate. In addition to interest payments, there are also certain fees and obligations associated with borrowings, swing line loans, letters of credit, and other administrative matters. | |||||||
The obligations of Graybar Canada under the new revolving credit facility are secured by the guaranty of the Company and any material U.S. subsidiaries of the Company. Under no circumstances will Graybar Canada use its borrowings to benefit Graybar or its operations, including without limitation, the repayment of any of the Company's obligations under the revolving credit facility. | |||||||
The Credit Agreement provides for a quarterly commitment fee ranging from 0.20% to 0.35% per annum, subject to adjustment based upon the Company's consolidated leverage ratio for a fiscal quarter, and letter of credit fees ranging from 1.05% to 1.65% per annum payable quarterly, also subject to such adjustment. Borrowings can be either base rate loans plus a margin ranging from 0.05% to 0.65% or LIBOR loans plus a margin ranging from 1.05% to 1.65%, subject to adjustment based upon the Company's consolidated leverage ratio. Availability under the Credit Agreement is subject to the accuracy of representations and warranties, the absence of an event of default, and, in the case of Canadian borrowings denominated in Canadian dollars, the absence of a material adverse change in the national or international financial markets, which would make it impracticable to lend Canadian dollars. | |||||||
The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to indebtedness, liens, changes in the nature of business, investments, mergers and acquisitions, the issuance of equity securities, the disposition of assets and the dissolution of certain subsidiaries, transactions with affiliates, restricted payments (subject to incurrence tests, with certain exceptions), as well as securitizations and factoring transactions. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants to which the Company will be subject during the term of the Credit Agreement. | |||||||
The Credit Agreement also provides for customary events of default, including a failure to pay principal, interest or fees when due, failure to comply with covenants, the representation or warranty made by any of the credit parties being materially incorrect, the occurrence of an event of default under certain other indebtedness of the Company and its subsidiaries, the commencement of certain insolvency or receivership events affecting any of the credit parties, certain actions under the Employee Retirement Income Security Act (ERISA), and the occurrence of a change in control of any of the credit parties (subject to certain permitted transactions as described in the Credit Agreement). Upon the occurrence of an event of default, the commitments of the lenders may be terminated and all outstanding obligations of the credit parties under the Credit Agreement may be declared immediately due and payable. | |||||||
On May 29, 2013, the Company and Graybar Canada Limited amended the Credit Agreement to clarify that the Canadian Dealer Offered Rate ("CDOR") would replace Canadian LIBOR, which was discontinued by the British Bankers' Association after May 31, 2013. Effective on the amendment date, borrowings by the Canadian borrower denominated in Canadian dollars under the Credit Agreement bear interest based on, at the Canadian borrower's election, either (i) the base rate (as defined in the Credit Agreement), or (ii) CDOR, in each case plus an applicable margin, as set forth in the pricing grid detailed in the Credit Agreement. Borrowings by the Company are unaffected by this amendment to the Credit Agreement. | |||||||
At December 31, 2013, the Company had total letters of credit of $6,886 outstanding, of which $711 were issued under the $500,000 revolving credit facility. At December 31, 2012, the Company had total letters of credit of $8,938 outstanding, of which $763 were issued under the $500,000 revolving credit facility. | |||||||
Short-term borrowings of $82,442 and $71,116 outstanding at December 31, 2013 and 2012, respectively, were drawn under the revolving credit facility. | |||||||
Short-term borrowings outstanding during the years ended December 31, 2013 and 2012 ranged from a minimum of $27,530 and $35,105 to a maximum of $126,188 and $111,032, respectively. The average daily amount of borrowings outstanding under short-term credit agreements during 2013 and 2012 amounted to approximately $68,000 and $67,000 at weighted-average interest rates of 1.58% and 1.88%, respectively. The weighted-average interest rate for amounts outstanding at December 31, 2013 was 1.50%. | |||||||
At December 31, 2013, the Company had available unused lines of credit amounting to $416,847, compared to $428,121 at December 31, 2012. These lines are available to meet the short-term cash requirements of the Company, and certain committed lines of credit have annual fees of up to 35 basis points (0.35%) of the committed lines of credit as of December 31, 2013 and 2012. | |||||||
The carrying amount of the Company’s outstanding long-term, fixed-rate debt exceeded its fair value by $323 and $215 at December 31, 2013 and 2012, respectively. The fair value of the long-term, fixed-rate debt is estimated by using yields obtained from independent pricing sources for similar types of borrowings. The fair value of the Company’s variable-rate short- and long-term debt approximates its carrying value at December 31, 2013 and 2012, respectively. | |||||||
The revolving credit agreement contains various affirmative and negative covenants. The Company is also required to maintain certain financial ratios as defined in the agreement. The Company was in compliance with all covenants as of December 31, 2013 and 2012. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||||||||||
Pension and Other Postretirement Benefits | ' | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | |||||||||||||||||||
The Company has a noncontributory defined benefit pension plan covering substantially all full-time employees. The plan provides retirement benefits based on an employee’s average earnings and years of service. Employees become one hundred percent (100%) vested after three years of service regardless of age. The Company’s plan funding policy is to make contributions provided that the total annual contributions will not be less than ERISA and the Pension Protection Act of 2006 minimums or greater than the maximum tax-deductible amount, to review contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by the Company from time to time. The assets of the defined benefit pension plan are invested primarily in fixed income and equity securities, money market funds, and other investments. | |||||||||||||||||||
The Company provides certain postretirement health care and life insurance benefits to retired employees. Substantially all of the Company’s employees hired or rehired prior to 2014 may become eligible for postretirement medical benefits if they reach the age and service requirements of the retiree medical plan and retire on a service pension under the defined benefit pension plan. Medical benefits are self-insured and claims are paid through an insurance company. The cost of coverage is determined based on the annual projected plan costs. The participant's premium or cost is determined based on Company guidelines. Postretirement life insurance benefits are insured through an insurance company. The Company funds postretirement benefits as incurred, and accordingly, there were no assets held in the postretirement benefits plan at December 31, 2013 and 2012. | |||||||||||||||||||
The following table sets forth information regarding the Company’s pension and other postretirement benefits as of December 31, 2013 and 2012: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Projected benefit obligation | $ | (558,650 | ) | $ | (598,917 | ) | $ | (76,134 | ) | $ | (83,836 | ) | |||||||
Fair value of plan assets | 423,167 | 430,894 | — | — | |||||||||||||||
Funded status | $ | (135,483 | ) | $ | (168,023 | ) | $ | (76,134 | ) | $ | (83,836 | ) | |||||||
The accumulated benefit obligation for the Company’s defined benefit pension plan was $476,807 and $499,499 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
Amounts recognized in the consolidated balance sheet for the years ended December 31 consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Current accrued benefit cost | $ | (2,900 | ) | $ | (800 | ) | $ | (8,600 | ) | $ | (6,800 | ) | |||||||
Non-current accrued benefit cost | (132,583 | ) | (167,223 | ) | (67,534 | ) | (77,036 | ) | |||||||||||
Net amount recognized | $ | (135,483 | ) | $ | (168,023 | ) | $ | (76,134 | ) | $ | (83,836 | ) | |||||||
Amounts recognized in accumulated other comprehensive loss for the years ended December 31, net of tax, consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Net actuarial loss | $ | 138,186 | $ | 164,064 | $ | 13,780 | $ | 20,233 | |||||||||||
Prior service cost (gain) | 1,575 | 2,415 | (6,525 | ) | (7,858 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | 139,761 | $ | 166,479 | $ | 7,255 | $ | 12,375 | |||||||||||
Amounts estimated to be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2014, net of tax, consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
Net actuarial loss | $ | 11,120 | $ | 672 | |||||||||||||||
Prior service cost (gain) | 611 | (1,344 | ) | ||||||||||||||||
Accumulated other comprehensive loss | $ | 11,731 | $ | (672 | ) | ||||||||||||||
Weighted-average assumptions used to determine the actuarial present value of the pension and postretirement benefit obligations as of December 31 are: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Discount rate | 4.87 | % | 3.95 | % | 4.34 | % | 3.51 | % | |||||||||||
Rate of compensation increase | 4.25 | % | 4.25 | % | — | — | |||||||||||||
Health care cost trend on covered charges | — | — | 7.5% / 5% | 8% / 5% | |||||||||||||||
For measurement of the postretirement benefit obligation, a 7.50% annual rate of increase in the per capita cost of covered health care benefits was assumed at December 31, 2013. This rate is assumed to decline to 5.00% at January 1, 2019 and remain at that level thereafter. A 1.0% increase or decrease in the assumed healthcare cost trend rate would not have had a material effect on the postretirement benefit obligations as of December 31, 2013 and 2012. | |||||||||||||||||||
The following presents information regarding the plans for the years ended December 31: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Employer contributions | $ | 40,682 | $ | 40,600 | $ | 4,453 | $ | 5,843 | |||||||||||
Participant contributions | $ | — | $ | — | $ | 1,402 | $ | 1,107 | |||||||||||
Benefits paid | $ | (47,204 | ) | $ | (37,417 | ) | $ | (5,855 | ) | $ | (6,950 | ) | |||||||
The Company expects to make contributions totaling $42,900 to its defined benefit pension plan during 2014. | |||||||||||||||||||
Estimated future defined benefit pension and other postretirement benefit plan payments to plan participants for the years ending December 31 are as follows: | |||||||||||||||||||
Year | Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | ||||||||||||||||||
2014 | $ | 42,900 | $ | 8,600 | |||||||||||||||
2015 | 40,400 | 9,400 | |||||||||||||||||
2016 | 40,800 | 10,400 | |||||||||||||||||
2017 | 40,400 | 11,500 | |||||||||||||||||
2018 | 41,500 | 12,800 | |||||||||||||||||
After 2018 | 234,100 | 88,000 | |||||||||||||||||
The investment objective of the Company’s defined benefit pension plan is to ensure that there are sufficient assets to fund regular pension benefits payable to employees over the long-term life of the plan. The Company’s defined benefit pension plan seeks to allocate plan assets in a manner that is closely duration-matched with the actuarial projected cash flow liabilities, consistent with prudent standards for preservation of capital, tolerance of investment risk, and maintenance of liquidity. | |||||||||||||||||||
The Company's defined benefit pension plan utilizes a liability-driven investment (“LDI”) approach to help meet these objectives. The LDI strategy employs a structured fixed-income portfolio designed to reduce volatility in the plan's future funding requirements and funding status. This is accomplished by using a blend of long duration government, quasi-governmental, and corporate fixed-income securities, as well as appropriate levels of equity and alternative investments designed to optimize the plan's liability hedge ratio. In practice, the value of an asset portfolio constructed primarily of fixed income securities is inversely correlated to changes in market interest rates, at least partially offsetting changes in the value of the pension benefit obligation caused by changes in the interest rate used to discount plan liabilities. | |||||||||||||||||||
Asset allocation information for the defined benefit pension plan at December 31, 2013 and 2012 is as follows: | |||||||||||||||||||
Investment | 2013 | 2013 | 2012 | 2012 | |||||||||||||||
Actual Allocation | Target Allocation Range | Actual Allocation | Target Allocation Range | ||||||||||||||||
Equity securities-U.S. | 10 | % | 3-15% | 7 | % | 3-15% | |||||||||||||
Equity securities-International | 9 | % | 3-15% | 8 | % | 3-15% | |||||||||||||
Fixed income investments-U.S. | 56 | % | 35-75% | 57 | % | 35-75% | |||||||||||||
Fixed income investments-International | 6 | % | 3-10% | 12 | % | 3-10% | |||||||||||||
Absolute return | 9 | % | 5-15% | 9 | % | 5-15% | |||||||||||||
Real assets | 5 | % | 3-10% | 5 | % | 3-10% | |||||||||||||
Private equity | 1 | % | 0-3% | 1 | % | 0-3% | |||||||||||||
Short-term investments | 4 | % | 0-3% | 1 | % | 0-3% | |||||||||||||
Total | 100 | % | 100% | 100 | % | 100% | |||||||||||||
The following is a description of the valuation methodologies used for assets held by the defined benefit pension plan measured at fair value: | |||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Equity securities - U.S. consist of investments in U.S. corporate stocks and U.S. equity mutual funds. U.S. equity mutual funds include publicly traded mutual funds and a bank collective fund for ERISA plans. U.S. corporate stocks and U.S. equity mutual funds are primarily large-capitalization stocks (defined as companies with market capitalization of more than $10 billion). U.S. corporate stocks and publicly traded mutual funds are valued at the closing price reported on the active public market in which the individual securities are traded and are classified as Level 1. The bank collective fund for ERISA plans is valued at the net asset value ("NAV") of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. While the underlying assets of the bank collective fund are publicly available, the fund is not; thus, the bank collective fund investment is classified as Level 2. | |||||||||||||||||||
Equity securities - International | |||||||||||||||||||
Equity securities - International consist of investments in international corporate stocks and publicly traded mutual funds and are both primarily investments within developed and emerging markets. Both are valued at the closing price reported on the active public market in which the individual securities are traded and are classified as Level 1. | |||||||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Fixed income investments - U.S. consist of U.S. corporate bonds, government and government agency bonds, as well as a publicly traded mutual fund and a commingled fund, both of which invest in corporate and government debt securities within the U.S. U.S. corporate bonds, government and government agency bonds, and the publicly traded mutual fund are valued at the closing price reported on the active market in which they are traded and thus are classified as Level 1. The commingled fund is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. While the underlying assets of the commingled fund are publicly available, the fund is not; thus, the commingled fund is classified as Level 2. | |||||||||||||||||||
Fixed income investments - International | |||||||||||||||||||
Fixed income investments - International consist of international corporate bonds. International corporate bonds are valued at the closing price reported on the active market in which they are traded and thus are classified as Level 1. | |||||||||||||||||||
In 2012, the commingled fund was in a group trust which invested in the debt of developed and developing markets. The commingled fund was valued at the NAV of units of the fund. The NAV, as provided by the Trustee, was used as a practical expedient to estimate fair value. The NAV was based on the fair value of the underlying investments held by the fund. The underlying assets of the commingled fund were not publicly available; thus, it was classified as Level 3. Audited financial statements are produced on an annual basis for the commingled fund. | |||||||||||||||||||
Absolute return | |||||||||||||||||||
Absolute return consists of investments in various hedge funds structured as fund-of-funds (defined as a single fund that invests in multiple funds). The hedge funds use various investment strategies in an attempt to generate positive returns. A fund-of-funds is designed to help diversify and reduce the risk of the overall portfolio. The hedge funds are valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. The underlying assets of the hedge funds are not publicly available; thus they are classified as Level 3. Audited financial statements are produced on an annual basis for the hedge funds. | |||||||||||||||||||
Real assets | |||||||||||||||||||
Real assets consists of natural resource funds (oil, gas and forestry) and a real estate investment trust ("REIT"). The natural resource funds are comprised of a bank collective trust for ERISA plans and a limited partnership ("LP"). The bank collective fund for ERISA plans is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. While the underlying assets of the bank collective fund are publicly available, the fund is not; thus, the fund is classified as Level 2. The LP is generally characterized as requiring a long-term commitment with limited liquidity. The value of the LP is not publicly available and thus, is classified as Level 3. The REIT is a commingled trust. The commingled trust is valued at the NAV of units of the trust. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. The underlying assets of the commingled trust are not publicly available; thus they are classified as Level 3. Audited financial statements are produced on an annual basis for the LP and REIT. | |||||||||||||||||||
Private equity | |||||||||||||||||||
Private equity is an asset class that is generally characterized as requiring long-term commitments and where liquidity is typically limited. Private equity does not have an actively traded market with readily observables prices. The investments are limited partnerships structured as fund-of-funds. The investments are diversified across typical private equity strategies including: buyouts, co-investments, secondary offerings, venture capital, and special situations. Valuations are developed using a variety of proprietary model methodologies. Valuations may be derived from publicly available sources as well as information obtained from each fund's general partner based upon public market conditions and returns. All private equity investments are classified as Level 3. Audited financial statements are produced on an annual basis for the private equity investments. | |||||||||||||||||||
Short-term investments | |||||||||||||||||||
In 2013, short-term investments consist of cash and cash equivalents in a short-term fund which is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. The short-term fund classifies the underlying assets as Level 2 within the short-term fund's financial statements; thus, the fund is classified as Level 2. | |||||||||||||||||||
In 2012, short-term investments consisted of cash and cash equivalents which were not traded on listed exchanges and the valuation methodology used significant assumptions that were not directly observable. These investments were carried at cost, which approximated fair value, and were classified as Level 3. | |||||||||||||||||||
The methods described above may produce fair value calculations that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its defined benefit pension plan valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||||||||||||
There have been no changes in the methodologies used by the Company to determine fair value at December 31, 2013 or 2012. | |||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, the defined benefit pension plan assets measured at fair value as of December 31, 2013 and 2012: | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||
Investment | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Corporate stocks | $ | 20,176 | $ | — | $ | — | $ | 20,176 | |||||||||||
Mutual funds | 11,169 | 11,754 | — | 22,923 | |||||||||||||||
Equity securities - International | |||||||||||||||||||
Corporate stocks | 1,101 | — | — | 1,101 | |||||||||||||||
Mutual funds | 38,246 | — | — | 38,246 | |||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Corporate debt | 108,844 | — | — | 108,844 | |||||||||||||||
U.S. government debt | 38,870 | — | — | 38,870 | |||||||||||||||
Mutual funds | 22,756 | 63,916 | — | 86,672 | |||||||||||||||
Fixed income investments - International | |||||||||||||||||||
Corporate debt | 23,920 | — | — | 23,920 | |||||||||||||||
Absolute return | — | — | 39,448 | 39,448 | |||||||||||||||
Real assets | — | 8,455 | 14,737 | 23,192 | |||||||||||||||
Private equity | — | — | 3,793 | 3,793 | |||||||||||||||
Short-term investments | — | 15,982 | — | 15,982 | |||||||||||||||
Total | $ | 265,082 | $ | 100,107 | $ | 57,978 | $ | 423,167 | |||||||||||
December 31, 2012 | |||||||||||||||||||
Investment | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Corporate stocks | $ | 15,609 | $ | — | $ | — | $ | 15,609 | |||||||||||
Mutual funds | 6,505 | 8,871 | — | 15,376 | |||||||||||||||
Equity securities - International | |||||||||||||||||||
Corporate stocks | 544 | — | — | 544 | |||||||||||||||
Mutual funds | 33,603 | — | — | 33,603 | |||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Corporate debt | 120,457 | — | — | 120,457 | |||||||||||||||
U.S. government debt | 37,979 | — | — | 37,979 | |||||||||||||||
Mutual funds | 17,988 | 68,017 | — | 86,005 | |||||||||||||||
Fixed income investments - International | |||||||||||||||||||
Corporate debt | 31,725 | — | — | 31,725 | |||||||||||||||
Commingled funds | — | — | 22,063 | 22,063 | |||||||||||||||
Absolute return | — | — | 37,289 | 37,289 | |||||||||||||||
Real assets | — | 7,041 | 12,702 | 19,743 | |||||||||||||||
Private equity | — | — | 3,807 | 3,807 | |||||||||||||||
Short-term investments | — | — | 6,694 | 6,694 | |||||||||||||||
Total | $ | 264,410 | $ | 83,929 | $ | 82,555 | $ | 430,894 | |||||||||||
The tables below set forth a summary of changes in the fair value of the defined benefit pension plan's Level 3 assets for the years ended December 31, 2013 and 2012: | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||
Fixed Income Investments – | |||||||||||||||||||
International | Absolute | Real | Private Equity | Short-term investments | |||||||||||||||
Return | Assets | Total | |||||||||||||||||
Balance, beginning of year | $ | 22,063 | $ | 37,289 | $ | 12,702 | $ | 3,807 | $ | 6,694 | $ | 82,555 | |||||||
Realized gains/(losses) | 5,721 | 831 | 16 | — | — | 6,568 | |||||||||||||
Unrealized gains/(losses) | (6,629 | ) | 2,344 | 2,127 | (14 | ) | — | (2,172 | ) | ||||||||||
Purchases | — | 30,900 | — | — | — | 30,900 | |||||||||||||
Sales | (21,155 | ) | (31,916 | ) | (108 | ) | — | (6,694 | ) | (59,873 | ) | ||||||||
Balance, end of year | $ | — | $ | 39,448 | $ | 14,737 | $ | 3,793 | $ | — | $ | 57,978 | |||||||
December 31, 2012 | |||||||||||||||||||
Fixed Income Investments – | |||||||||||||||||||
International | Absolute | Real | Private Equity | Short-term investments | |||||||||||||||
Return | Assets | Total | |||||||||||||||||
Balance, beginning of year | $ | 18,314 | $ | 36,738 | $ | 17,451 | $ | 4,303 | $ | 7,681 | $ | 84,487 | |||||||
Realized gains/(losses) | 35 | 1,125 | 54 | 231 | — | 1,445 | |||||||||||||
Unrealized gains/(losses) | 1,841 | 756 | 1,320 | (347 | ) | — | 3,570 | ||||||||||||
Transfers | — | — | (7,041 | ) | — | — | (7,041 | ) | |||||||||||
Purchases | 2,000 | 3,505 | 1,239 | 183 | 95,694 | 102,621 | |||||||||||||
Sales | (127 | ) | (4,835 | ) | (321 | ) | (563 | ) | (96,681 | ) | (102,527 | ) | |||||||
Balance, end of year | $ | 22,063 | $ | 37,289 | $ | 12,702 | $ | 3,807 | $ | 6,694 | $ | 82,555 | |||||||
The net periodic benefit cost for the years ended December 31, 2013, 2012, and 2011 included the following components: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 24,119 | $ | 22,215 | $ | 16,497 | $ | 2,644 | $ | 2,336 | $ | 2,141 | |||||||
Interest cost | 23,914 | 24,896 | 22,684 | 2,873 | 3,355 | 3,679 | |||||||||||||
Expected return on plan assets | (23,909 | ) | (23,670 | ) | (21,883 | ) | — | — | — | ||||||||||
Amortization of: | |||||||||||||||||||
Net actuarial loss | 26,371 | 21,116 | 14,104 | 1,794 | 1,719 | 1,971 | |||||||||||||
Prior service cost (gain) | 1,375 | 1,380 | 1,404 | (2,181 | ) | (2,181 | ) | (2,181 | ) | ||||||||||
Net periodic benefit cost | $ | 51,870 | $ | 45,937 | $ | 32,806 | $ | 5,130 | $ | 5,229 | $ | 5,610 | |||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Discount rate | 3.95 | % | 4.75 | % | 5.5 | % | 3.51 | % | 4.25 | % | 4.75 | % | |||||||
Expected return on plan assets | 6 | % | 6.25 | % | 6.25 | % | — | — | — | ||||||||||
Rate of compensation increase | 4.25 | % | 4.5 | % | 4.25 | % | — | — | — | ||||||||||
Health care cost trend on covered charges | — | — | — | 8% / 5% | 8% / 5% | 8% / 5% | |||||||||||||
The expected return on plan assets assumption for the defined benefit pension plan is a long-term assumption and was determined after evaluating input from both the plan’s actuary and pension fund investment advisors, consideration of historical rates of return on plan assets, and anticipated rates of return on the various classes of assets in which the plan invests. | |||||||||||||||||||
For measurement of the postretirement benefits net periodic cost, an 8.00% annual rate of increase in per capita cost of covered health care benefits was assumed for 2013. The rate was assumed to decline to 5.00% in 2019 and to remain at that level thereafter. A 1.0% increase or decrease in the assumed healthcare cost trend rate would not have had a material effect on 2013, 2012 and 2011 net periodic benefit cost. |
Profit_Sharing_and_Savings_Pla
Profit Sharing and Savings Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation Related Costs [Abstract] | ' |
Compensation and Employee Benefit Plans | ' |
PROFIT SHARING AND SAVINGS PLAN | |
The Company provides a defined contribution profit sharing and savings plan covering substantially all of its full-time employees. Annual contributions by the Company to the profit-sharing portion of the plan are at the discretion of management and are generally based on the profitability of the Company. Expense recognized by the Company under the profit-sharing portion of the plan was $34,132, $54,751, and $51,894 for the years ended December 31, 2013, 2012 and 2011, respectively. Employees may also make voluntary contributions to the savings portion of the plan subject to limitations imposed by federal tax law, ERISA, and the Pension Protection Act of 2006. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Financial Instruments | ' |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Prior to December 2011, the Company was party to an interest rate swap agreement that effectively converted its variable-rate interest payments to a fixed rate on amounts due under a certain lease arrangement. The Company’s interest rate swap agreement was designated as a cash flow hedge and was required to be measured at fair value on a recurring basis. The Company endeavored to utilize the best available information in measuring fair value. The interest rate swap was valued based on quoted data from the counterparty, corroborated with indirectly observable market data, which, combined, were deemed to be a Level 2 input in the fair value hierarchy. In December 2011, the Company settled the interest rate swap. The amount of loss recorded in interest expense was $3,257, of which $1,990 was recorded in accumulated other comprehensive loss at the settlement date. | |
Unrealized gains (net of tax) of $886 related to the swap were recorded in accumulated other comprehensive loss during the year ended December 31, 2011. | |
The loss (net of tax) reclassified from accumulated other comprehensive loss to interest expense related to the effective portion of the interest rate swap was $1,080 during the year ended December 31, 2011. No ineffectiveness was recorded in the consolidated statement of income during 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
Rental expense was $21,134, $20,306, and $20,275 in 2013, 2012, and 2011, respectively. Future minimum rental payments required under operating leases that have either initial or remaining noncancelable lease terms in excess of one year as of December 31, 2013 are as follows: | ||||
For the Years Ending December 31, | Minimum Rental Payments | |||
2014 | $ | 20,537 | ||
2015 | 17,044 | |||
2016 | 14,765 | |||
2017 | 11,590 | |||
2018 | 8,049 | |||
After 2018 | 12,555 | |||
The Company and its subsidiaries are subject to various claims, disputes, and administrative and legal matters incidental to the Company’s past and current business activities. As a result, contingencies arise resulting from an existing condition, situation, or set of circumstances involving an uncertainty as to the realization of a possible loss. | ||||
The Company accounts for loss contingencies in accordance with U.S. GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may be probable that a loss has occurred but the estimate of the loss is a wide range. If the Company deems some amount within the range to be a better estimate than any other amount within the range, that amount shall be accrued. However, if no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued. While the Company believes that none of these claims, disputes, administrative, and legal matters will have a material adverse effect on its financial position, these matters are uncertain and the Company cannot at this time determine whether the financial impact, if any, of these matters will be material to its results of operations in the period in which such matters are resolved or a better estimate becomes available. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
The components of accumulated other comprehensive income (loss) as of December 31 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Currency translation | $ | 6,653 | $ | 12,040 | |||||||||||||||||||||
Pension liability | (139,761 | ) | (166,479 | ) | |||||||||||||||||||||
Postretirement benefits liability | (7,255 | ) | (12,375 | ) | |||||||||||||||||||||
Accumulated other comprehensive loss | $ | (140,363 | ) | $ | (166,814 | ) | |||||||||||||||||||
The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Amortization of Pension and Other Postretirement Benefits Items | Amortization of Pension and Other Postretirement Benefits Items | ||||||||||||||||||||||||
Actuarial Losses Recognized | Prior Service Costs Recognized | Total | Actuarial Losses Recognized | Prior Service Costs Recognized | Total | ||||||||||||||||||||
Affected Line in Condensed Consolidated Statement of Income: | |||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 28,165 | $ | (806 | ) | $ | 27,359 | $ | 22,835 | $ | (801 | ) | $ | 22,034 | |||||||||||
Tax (benefit) expense | (10,957 | ) | 314 | (10,643 | ) | (8,883 | ) | 311 | (8,572 | ) | |||||||||||||||
Total reclassifications for the period, net of tax | $ | 17,208 | $ | (492 | ) | $ | 16,716 | $ | 13,952 | $ | (490 | ) | $ | 13,462 | |||||||||||
The following table represents the activity included in accumulated other comprehensive income (loss) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Foreign Currency | Pension and Other Postretirement Benefits | Total | Foreign Currency | Pension and Other Postretirement Benefits | Total | ||||||||||||||||||||
Beginning balance January 1, | $ | 12,040 | $ | (178,854 | ) | $ | (166,814 | ) | $ | 10,057 | $ | (160,421 | ) | $ | (150,364 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (5,387 | ) | — | (5,387 | ) | 1,983 | — | 1,983 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (net of tax $(10,643) and $(8,572)) | — | 16,716 | 16,716 | — | 13,462 | 13,462 | |||||||||||||||||||
Actuarial gain (loss), (net of tax $(9,627) and $20,307) | — | 15,122 | 15,122 | — | (31,895 | ) | (31,895 | ) | |||||||||||||||||
Net current-period other comprehensive (loss) income | (5,387 | ) | 31,838 | 26,451 | 1,983 | (18,433 | ) | (16,450 | ) | ||||||||||||||||
Ending balance December 31, | $ | 6,653 | $ | (147,016 | ) | $ | (140,363 | ) | $ | 12,040 | $ | (178,854 | ) | $ | (166,814 | ) | |||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||
Quarterly financial information for 2013 and 2012, adjusted for the declaration of stock dividends of two and a half percent (2.5%) and twenty percent (20%) in 2013 and 2012, respectively, is as follows: | ||||||||||||||||
2013 | ||||||||||||||||
For the Quarter Ended | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Net sales | $ | 1,282,922 | $ | 1,468,108 | $ | 1,486,451 | $ | 1,421,660 | ||||||||
Gross margin | $ | 235,832 | $ | 263,965 | $ | 277,663 | $ | 266,696 | ||||||||
Net income attributable to the Company | $ | 7,946 | $ | 21,891 | $ | 28,633 | $ | 22,593 | ||||||||
Net income attributable to the Company | $ | 0.5 | $ | 1.37 | $ | 1.8 | $ | 1.42 | ||||||||
per share of common stock(A) | ||||||||||||||||
(A)All periods adjusted for a two and a half percent (2.5%) stock dividend declared in December 2013. Prior to these adjustments, the average common shares outstanding for the first, second and third quarters of 2013 were 15,634,284, 15,577,599, and 15,507,191, respectively. | ||||||||||||||||
2012 | ||||||||||||||||
For the Quarter Ended | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Net sales | $ | 1,280,247 | $ | 1,381,417 | $ | 1,389,292 | $ | 1,362,325 | ||||||||
Gross margin | $ | 246,813 | $ | 258,675 | $ | 256,246 | $ | 256,628 | ||||||||
Net income attributable to the Company | $ | 16,355 | $ | 42,788 | $ | 20,012 | $ | 7,136 | ||||||||
Net income attributable to the Company | $ | 1.02 | $ | 2.67 | $ | 1.26 | $ | 0.45 | ||||||||
per share of common stock(B) | ||||||||||||||||
(B)All periods adjusted for a two and a half percent (2.5%) stock dividend declared in December 2013 and a twenty percent (20%) stock dividend declared in December 2012. Prior to these adjustments, the average common shares outstanding for the first, second, third, and fourth quarters of 2012 were 13,012,497, 13,021,478, 12,973,095, and 12,946,278, respectively. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Graybar Electric Company, Inc. and its subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company in subsidiaries consolidated by the Company are accounted for and reported as noncontrolling interests. | |
Estimates | ' |
Estimates | |
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications have been made to prior years' financial information to conform to the December 31, 2013 presentation | |
Subsequent Events | ' |
Subsequent Events | |
The Company has evaluated subsequent events through the time of the filing of this Annual Report on Form 10-K with the United States Securities and Exchange Commission (“SEC” or the “Commission”). No material subsequent events have occurred since December 31, 2013 that require recognition or disclosure in these financial statements. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenue is recognized when evidence of a customer arrangement exists, prices are fixed and determinable, product title, ownership and risk of loss transfers to the customer, and collectability is reasonably assured. Revenues recognized are primarily for product sales, but also include freight and handling charges. The Company’s standard shipping terms are FOB shipping point, under which product title passes to the customer at the time of shipment. The Company does, however, fulfill some customer orders based on shipping terms of FOB destination, whereby title passes to the customer at the time of delivery. The Company also earns revenue for services provided to customers for supply chain management and logistics services. Service revenue, which accounts for less than one percent (1%) of net sales, is recognized when services are rendered and completed. Revenue is reported net of all taxes assessed by governmental authorities as a result of revenue-producing transactions, primarily sales tax. | |
Outgoing Freight Expenses | ' |
Outgoing Freight Expenses | |
The Company records certain outgoing freight expenses as a component of selling, general and administrative expenses. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company accounts for cash on hand, deposits in banks, and other short-term, highly liquid investments with an original maturity of three months or less as cash and cash equivalents. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts | |
The Company performs ongoing credit evaluations of its customers, and a significant portion of its trade receivables is secured by mechanic’s lien or payment bond rights. The Company maintains allowances to reflect the expected uncollectability of trade receivables based on past collection history and specific risks identified in the receivables portfolio. Although actual credit losses have historically been within management’s expectations, additional allowances may be required if the financial condition of the Company’s customers were to deteriorate. | |
Merchandise Inventory | ' |
Merchandise Inventory | |
The Company’s inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. | |
The Company makes provisions for obsolete or excess inventories as necessary to reflect reductions in inventory value. | |
Supplier Volume Incentives | ' |
Supplier Volume Incentives | |
The Company’s agreements with many of its suppliers provide for the Company to earn volume incentives based on purchases during the agreement period. These agreements typically provide for the incentives to be paid quarterly or annually in arrears. The Company estimates amounts to be received from suppliers at the end of each reporting period based on the earnout level that the Company believes is probable of being achieved. The Company records the incentive ratably over the year as a reduction of cost of merchandise sold as the related inventory is sold. Changes in the estimated amount of incentives are treated as changes in estimate and are recognized in earnings in the period in which the change in estimate occurs. In the event that the operating performance of the Company’s suppliers were to decline, however, there can be no assurance that amounts earned would be paid or that the volume incentives would continue to be included in future agreements. | |
Property and Depreciation | ' |
Property and Depreciation | |
Property, plant and equipment are recorded at cost. Depreciation is expensed on a straight-line basis over the estimated useful lives of the related assets. Interest costs incurred to finance expenditures for major long-term construction projects are capitalized as part of the asset's historical cost and included in property, plant and equipment, then depreciated over the useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Expenditures for maintenance and repairs are charged to expense when incurred, while the costs of significant improvements, which extend the useful life of the underlying asset, are capitalized. | |
Credit Risk | ' |
Credit Risk | |
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of trade receivables. The Company performs ongoing credit evaluations of its customers, and a significant portion of its trade receivables is secured by mechanic’s lien or payment bond rights. The Company maintains allowances for potential credit losses and such losses historically have been within management’s expectations. | |
Fair Value | ' |
Fair Value | |
The Company endeavors to utilize the best available information in measuring fair value. U.S. GAAP has established a fair value hierarchy, which prioritizes the inputs used in measuring fair value. The tiers in the hierarchy include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own data inputs and assumptions. The Company has used fair value measurements to value its pension plan assets. | |
Foreign Currency Exchange Rate | ' |
Foreign Currency Exchange Rate | |
The functional currency for the Company’s Canadian subsidiary is the Canadian dollar. Accordingly, its balance sheet amounts are translated at the exchange rates in effect at year-end and its statements of income amounts are translated at the average rates of exchange prevailing during the year. Currency translation adjustments are included in accumulated other comprehensive loss. | |
Goodwill | ' |
Goodwill | |
The Company’s goodwill is not amortized, but rather tested annually for impairment. Goodwill is reviewed annually in the fourth quarter and/or when circumstances or other events might indicate that impairment may have occurred. The Company performs either a qualitative or quantitative assessment of goodwill impairment. The qualitative assessment considers several factors including the excess fair value over carrying value as of the last quantitative impairment test, the length of time since the last fair value measurement, the current carrying value, market conditions, actual performance compared to forecasted performance, and the current business outlook. If the qualitative assessment indicates that it is more likely than not that goodwill is impaired, the reporting unit is quantitatively tested for impairment. If a quantitative assessment is required, the fair value is determined using a variety of assumptions including estimated future cash flows of the reporting unit and applicable discount rates. | |
Income Taxes | ' |
Income Taxes | |
The Company recognizes deferred tax assets and liabilities to reflect the future tax consequences of events that have been recognized in the financial statements or tax returns. Uncertainty exists regarding tax positions taken in previously filed tax returns still subject to examination and positions expected to be taken in future returns. A deferred tax asset or liability results from the temporary difference between an item’s carrying value as reflected in the financial statements and its tax basis, and is calculated using enacted applicable tax rates. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. The Company classifies interest expense and penalties as part of its provision for income taxes based upon applicable federal and state interest/underpayment percentages. | |
Other Postretirement Benefits | ' |
Other Postretirement Benefits | |
The Company accounts for postretirement benefits other than pensions by accruing the costs of benefits to be provided over the employees’ periods of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of postretirement benefits. | |
Pension Plan | ' |
Pension Plan | |
The Company sponsors a noncontributory defined benefit pension plan accounted for by accruing the cost to provide the benefits over the employees’ periods of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of the defined benefit pension plan. | |
New Accounting Standards | ' |
New Accounting Standards | |
No new accounting standards that were issued or became effective during 2013 have had or are expected to have a material impact on the Company’s consolidated financial statements. | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU” or “Update”) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” which provides guidance on the financial statement presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward exists. The requirements are effective for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods. The Company does not expect that the adoption of this guidance will have a material impact on the Company’s results of operations, financial position, or cash flows. | |
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”, which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). The Update requires that the Company present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of AOCI based on its source and the income statement line items affected by the reclassification. The Company adopted this Update as of January 1, 2013, and the adoption did not have any impact on the Company's results of operations, financial position, or cash flows during the year ended December 31, 2013, other than additional disclosures contained in Note 14. | |
Cash_Discounts_And_Doubtful_Ac1
Cash Discounts And Doubtful Accounts (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
CASH DISCOUNTS AND DOUBTFUL ACCOUNTS [Abstract] | ' | |||||||||||||||
Schedule of Cash Discounts and Doubtful Accounts | ' | |||||||||||||||
The following table summarizes the activity in the allowances for cash discounts and doubtful accounts: | ||||||||||||||||
Beginning Balance | Provision (Charged to Expense) | Deductions | Ending Balance | |||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||
Allowance for cash discounts | $ | 1,411 | $ | 22,943 | $ | (22,794 | ) | $ | 1,560 | |||||||
Allowance for doubtful accounts | 5,457 | 2,028 | (2,208 | ) | 5,277 | |||||||||||
Total | $ | 6,868 | $ | 24,971 | $ | (25,002 | ) | $ | 6,837 | |||||||
For the Year Ended December 31, 2012 | ||||||||||||||||
Allowance for cash discounts | $ | 1,498 | $ | 21,228 | $ | (21,315 | ) | $ | 1,411 | |||||||
Allowance for doubtful accounts | 6,266 | 4,379 | (5,188 | ) | 5,457 | |||||||||||
Total | $ | 7,764 | $ | 25,607 | $ | (26,503 | ) | $ | 6,868 | |||||||
For the Year Ended December 31, 2011 | ||||||||||||||||
Allowance for cash discounts | $ | 1,373 | $ | 20,440 | $ | (20,315 | ) | $ | 1,498 | |||||||
Allowance for doubtful accounts | 5,926 | 5,537 | (5,197 | ) | 6,266 | |||||||||||
Total | $ | 7,299 | $ | 25,977 | $ | (25,512 | ) | $ | 7,764 | |||||||
Property_and_Depreciation_Tabl
Property and Depreciation (Tables) | 12 Months Ended | |
Dec. 31, 2013 | ||
Property, Plant and Equipment [Abstract] | ' | |
Schedule of Property and Depreciation | ' | |
The Company provides for depreciation and amortization using the straight-line method over the following estimated useful asset lives: | ||
Classification | Estimated Useful Asset Life | |
Buildings | 42 years | |
Leasehold improvements | Over the shorter of the asset’s life or the lease term | |
Furniture, fixtures, equipment and software | 3 to 14 years | |
Assets held under capital leases | Over the shorter of the asset’s life or the lease term | |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | |||||||||||
The Company’s uncertain tax benefits, and changes thereto, during 2013, 2012, and 2011 were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1, | $ | 3,530 | $ | 3,746 | $ | 3,843 | ||||||
Additions based on tax positions related to current year | 516 | 600 | 593 | |||||||||
Additions based on tax positions of prior years | — | — | — | |||||||||
Reductions for tax positions of prior years | (567 | ) | (570 | ) | (579 | ) | ||||||
Settlements | (60 | ) | (246 | ) | (111 | ) | ||||||
Balance at December 31, | $ | 3,419 | $ | 3,530 | $ | 3,746 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
A reconciliation between the “statutory” federal income tax rate and the effective tax rate in the consolidated statements of income is as follows: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
“Statutory” federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes, net of federal benefit | 3.6 | 3.9 | 3.6 | |||||||||
Other, net | 1.2 | 1.6 | (0.1 | ) | ||||||||
Effective tax rate | 39.8 | % | 40.5 | % | 38.5 | % | ||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
The components of income before taxes and the provision for income taxes recorded in the consolidated statements of income are as follows: | ||||||||||||
For the Years Ended | ||||||||||||
Components of Income before Taxes | 2013 | 2012 | 2011 | |||||||||
Domestic | $ | 127,858 | $ | 133,300 | $ | 121,770 | ||||||
Foreign | 7,093 | 12,148 | 11,419 | |||||||||
Income before taxes | $ | 134,951 | $ | 145,448 | $ | 133,189 | ||||||
Schedule of Components of Income Tax Expense Benefit | ' | |||||||||||
For the Years Ended | ||||||||||||
Components of Income Tax Provision | 2013 | 2012 | 2011 | |||||||||
Current expense | ||||||||||||
U.S. Federal | $ | 47,790 | $ | 38,642 | $ | 41,052 | ||||||
State | 7,066 | 6,848 | 6,343 | |||||||||
Foreign | 2,217 | 3,366 | 3,579 | |||||||||
Total current expense | $ | 57,073 | $ | 48,856 | $ | 50,974 | ||||||
Deferred (benefit) expense | ||||||||||||
U.S. Federal | $ | (2,983 | ) | 9,090 | 246 | |||||||
State | (458 | ) | 786 | 178 | ||||||||
Foreign | 45 | 118 | (100 | ) | ||||||||
Total deferred (benefit) expense | $ | (3,396 | ) | $ | 9,994 | $ | 324 | |||||
Total income tax provision | $ | 53,677 | $ | 58,850 | $ | 51,298 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The following deferred tax assets (liabilities) were recorded at December 31: | ||||||||||||
Assets (Liabilities) | 2013 | 2012 | ||||||||||
Postretirement benefits | $ | 29,260 | $ | 32,257 | ||||||||
Payroll accruals | 3,114 | 3,095 | ||||||||||
Bad debt reserves | 2,094 | 2,178 | ||||||||||
Other deferred tax assets | 9,820 | 10,359 | ||||||||||
Pension | 41,682 | 55,665 | ||||||||||
Inventory | 4,597 | 3,174 | ||||||||||
Subtotal | 90,567 | 106,728 | ||||||||||
less: valuation allowances | (279 | ) | (285 | ) | ||||||||
Deferred tax assets | 90,288 | 106,443 | ||||||||||
Fixed assets | (33,988 | ) | (32,999 | ) | ||||||||
Computer software | (3,775 | ) | (3,708 | ) | ||||||||
Other deferred tax liabilities | (1,868 | ) | (2,184 | ) | ||||||||
Deferred tax liabilities | (39,631 | ) | (38,891 | ) | ||||||||
Net deferred tax assets | $ | 50,657 | $ | 67,552 | ||||||||
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Schedule of Common Stock Shares Purchased and Retired | ' | ||||
Shown below is a summary of shares purchased and retired by the Company during the three years ended December 31: | |||||
Shares of Common Stock | |||||
Purchased | Retired | ||||
2013 | 638,647 | 681,637 | |||
2012 | 558,599 | 658,890 | |||
2011 | 463,189 | 474,219 | |||
LongTerm_Debt_and_Borrowings_U1
Long-Term Debt and Borrowings Under Short-Term Credit Agreements (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Schedule of Debt | ' | ||||||
December 31, | |||||||
Long-term Debt | 2013 | 2012 | |||||
6.59% senior note, unsecured, due in semiannual installments of $3,750 beginning in | $ | — | $ | 3,750 | |||
October 2003 through April 2013 | |||||||
6.65% senior note, unsecured, due in annual installments of $3,636 beginning in June 2003 | — | 3,636 | |||||
through June 2013 | |||||||
2.01% to 30.63% capital leases, secured by equipment, various maturities | 5,174 | 4,609 | |||||
$ | 5,174 | $ | 11,995 | ||||
Less current portion | (2,443 | ) | (10,005 | ) | |||
Long-term Debt | $ | 2,731 | $ | 1,990 | |||
Schedule of Maturities of Long-term Debt | ' | ||||||
Long-term Debt matures as follows: | |||||||
2014 | $ | 2,443 | |||||
2015 | 1,346 | ||||||
2016 | 718 | ||||||
2017 | 276 | ||||||
2018 | 203 | ||||||
After 2018 | 188 | ||||||
$ | 5,174 | ||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||||||||||
Schedule of Net Funded Status | ' | ||||||||||||||||||
The following table sets forth information regarding the Company’s pension and other postretirement benefits as of December 31, 2013 and 2012: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Projected benefit obligation | $ | (558,650 | ) | $ | (598,917 | ) | $ | (76,134 | ) | $ | (83,836 | ) | |||||||
Fair value of plan assets | 423,167 | 430,894 | — | — | |||||||||||||||
Funded status | $ | (135,483 | ) | $ | (168,023 | ) | $ | (76,134 | ) | $ | (83,836 | ) | |||||||
Schedule of Amounts Recognized in Balance Sheet | ' | ||||||||||||||||||
Amounts recognized in the consolidated balance sheet for the years ended December 31 consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Current accrued benefit cost | $ | (2,900 | ) | $ | (800 | ) | $ | (8,600 | ) | $ | (6,800 | ) | |||||||
Non-current accrued benefit cost | (132,583 | ) | (167,223 | ) | (67,534 | ) | (77,036 | ) | |||||||||||
Net amount recognized | $ | (135,483 | ) | $ | (168,023 | ) | $ | (76,134 | ) | $ | (83,836 | ) | |||||||
Schedule of Amounts Recognized in Accumulated Other Comprensive Income (Loss) | ' | ||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss for the years ended December 31, net of tax, consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Net actuarial loss | $ | 138,186 | $ | 164,064 | $ | 13,780 | $ | 20,233 | |||||||||||
Prior service cost (gain) | 1,575 | 2,415 | (6,525 | ) | (7,858 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | 139,761 | $ | 166,479 | $ | 7,255 | $ | 12,375 | |||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | ' | ||||||||||||||||||
Amounts estimated to be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2014, net of tax, consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
Net actuarial loss | $ | 11,120 | $ | 672 | |||||||||||||||
Prior service cost (gain) | 611 | (1,344 | ) | ||||||||||||||||
Accumulated other comprehensive loss | $ | 11,731 | $ | (672 | ) | ||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | ||||||||||||||||||
The following presents information regarding the plans for the years ended December 31: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Employer contributions | $ | 40,682 | $ | 40,600 | $ | 4,453 | $ | 5,843 | |||||||||||
Participant contributions | $ | — | $ | — | $ | 1,402 | $ | 1,107 | |||||||||||
Benefits paid | $ | (47,204 | ) | $ | (37,417 | ) | $ | (5,855 | ) | $ | (6,950 | ) | |||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||
Estimated future defined benefit pension and other postretirement benefit plan payments to plan participants for the years ending December 31 are as follows: | |||||||||||||||||||
Year | Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | ||||||||||||||||||
2014 | $ | 42,900 | $ | 8,600 | |||||||||||||||
2015 | 40,400 | 9,400 | |||||||||||||||||
2016 | 40,800 | 10,400 | |||||||||||||||||
2017 | 40,400 | 11,500 | |||||||||||||||||
2018 | 41,500 | 12,800 | |||||||||||||||||
After 2018 | 234,100 | 88,000 | |||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, the defined benefit pension plan assets measured at fair value as of December 31, 2013 and 2012: | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||
Investment | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Corporate stocks | $ | 20,176 | $ | — | $ | — | $ | 20,176 | |||||||||||
Mutual funds | 11,169 | 11,754 | — | 22,923 | |||||||||||||||
Equity securities - International | |||||||||||||||||||
Corporate stocks | 1,101 | — | — | 1,101 | |||||||||||||||
Mutual funds | 38,246 | — | — | 38,246 | |||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Corporate debt | 108,844 | — | — | 108,844 | |||||||||||||||
U.S. government debt | 38,870 | — | — | 38,870 | |||||||||||||||
Mutual funds | 22,756 | 63,916 | — | 86,672 | |||||||||||||||
Fixed income investments - International | |||||||||||||||||||
Corporate debt | 23,920 | — | — | 23,920 | |||||||||||||||
Absolute return | — | — | 39,448 | 39,448 | |||||||||||||||
Real assets | — | 8,455 | 14,737 | 23,192 | |||||||||||||||
Private equity | — | — | 3,793 | 3,793 | |||||||||||||||
Short-term investments | — | 15,982 | — | 15,982 | |||||||||||||||
Total | $ | 265,082 | $ | 100,107 | $ | 57,978 | $ | 423,167 | |||||||||||
December 31, 2012 | |||||||||||||||||||
Investment | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Corporate stocks | $ | 15,609 | $ | — | $ | — | $ | 15,609 | |||||||||||
Mutual funds | 6,505 | 8,871 | — | 15,376 | |||||||||||||||
Equity securities - International | |||||||||||||||||||
Corporate stocks | 544 | — | — | 544 | |||||||||||||||
Mutual funds | 33,603 | — | — | 33,603 | |||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Corporate debt | 120,457 | — | — | 120,457 | |||||||||||||||
U.S. government debt | 37,979 | — | — | 37,979 | |||||||||||||||
Mutual funds | 17,988 | 68,017 | — | 86,005 | |||||||||||||||
Fixed income investments - International | |||||||||||||||||||
Corporate debt | 31,725 | — | — | 31,725 | |||||||||||||||
Commingled funds | — | — | 22,063 | 22,063 | |||||||||||||||
Absolute return | — | — | 37,289 | 37,289 | |||||||||||||||
Real assets | — | 7,041 | 12,702 | 19,743 | |||||||||||||||
Private equity | — | — | 3,807 | 3,807 | |||||||||||||||
Short-term investments | — | — | 6,694 | 6,694 | |||||||||||||||
Total | $ | 264,410 | $ | 83,929 | $ | 82,555 | $ | 430,894 | |||||||||||
Asset allocation information for the defined benefit pension plan at December 31, 2013 and 2012 is as follows: | |||||||||||||||||||
Investment | 2013 | 2013 | 2012 | 2012 | |||||||||||||||
Actual Allocation | Target Allocation Range | Actual Allocation | Target Allocation Range | ||||||||||||||||
Equity securities-U.S. | 10 | % | 3-15% | 7 | % | 3-15% | |||||||||||||
Equity securities-International | 9 | % | 3-15% | 8 | % | 3-15% | |||||||||||||
Fixed income investments-U.S. | 56 | % | 35-75% | 57 | % | 35-75% | |||||||||||||
Fixed income investments-International | 6 | % | 3-10% | 12 | % | 3-10% | |||||||||||||
Absolute return | 9 | % | 5-15% | 9 | % | 5-15% | |||||||||||||
Real assets | 5 | % | 3-10% | 5 | % | 3-10% | |||||||||||||
Private equity | 1 | % | 0-3% | 1 | % | 0-3% | |||||||||||||
Short-term investments | 4 | % | 0-3% | 1 | % | 0-3% | |||||||||||||
Total | 100 | % | 100% | 100 | % | 100% | |||||||||||||
Schedule of Changes in Fair Value of Plan Assets | ' | ||||||||||||||||||
The tables below set forth a summary of changes in the fair value of the defined benefit pension plan's Level 3 assets for the years ended December 31, 2013 and 2012: | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||
Fixed Income Investments – | |||||||||||||||||||
International | Absolute | Real | Private Equity | Short-term investments | |||||||||||||||
Return | Assets | Total | |||||||||||||||||
Balance, beginning of year | $ | 22,063 | $ | 37,289 | $ | 12,702 | $ | 3,807 | $ | 6,694 | $ | 82,555 | |||||||
Realized gains/(losses) | 5,721 | 831 | 16 | — | — | 6,568 | |||||||||||||
Unrealized gains/(losses) | (6,629 | ) | 2,344 | 2,127 | (14 | ) | — | (2,172 | ) | ||||||||||
Purchases | — | 30,900 | — | — | — | 30,900 | |||||||||||||
Sales | (21,155 | ) | (31,916 | ) | (108 | ) | — | (6,694 | ) | (59,873 | ) | ||||||||
Balance, end of year | $ | — | $ | 39,448 | $ | 14,737 | $ | 3,793 | $ | — | $ | 57,978 | |||||||
December 31, 2012 | |||||||||||||||||||
Fixed Income Investments – | |||||||||||||||||||
International | Absolute | Real | Private Equity | Short-term investments | |||||||||||||||
Return | Assets | Total | |||||||||||||||||
Balance, beginning of year | $ | 18,314 | $ | 36,738 | $ | 17,451 | $ | 4,303 | $ | 7,681 | $ | 84,487 | |||||||
Realized gains/(losses) | 35 | 1,125 | 54 | 231 | — | 1,445 | |||||||||||||
Unrealized gains/(losses) | 1,841 | 756 | 1,320 | (347 | ) | — | 3,570 | ||||||||||||
Transfers | — | — | (7,041 | ) | — | — | (7,041 | ) | |||||||||||
Purchases | 2,000 | 3,505 | 1,239 | 183 | 95,694 | 102,621 | |||||||||||||
Sales | (127 | ) | (4,835 | ) | (321 | ) | (563 | ) | (96,681 | ) | (102,527 | ) | |||||||
Balance, end of year | $ | 22,063 | $ | 37,289 | $ | 12,702 | $ | 3,807 | $ | 6,694 | $ | 82,555 | |||||||
Schedule of Net Periodic Benefit Costs | ' | ||||||||||||||||||
The net periodic benefit cost for the years ended December 31, 2013, 2012, and 2011 included the following components: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 24,119 | $ | 22,215 | $ | 16,497 | $ | 2,644 | $ | 2,336 | $ | 2,141 | |||||||
Interest cost | 23,914 | 24,896 | 22,684 | 2,873 | 3,355 | 3,679 | |||||||||||||
Expected return on plan assets | (23,909 | ) | (23,670 | ) | (21,883 | ) | — | — | — | ||||||||||
Amortization of: | |||||||||||||||||||
Net actuarial loss | 26,371 | 21,116 | 14,104 | 1,794 | 1,719 | 1,971 | |||||||||||||
Prior service cost (gain) | 1,375 | 1,380 | 1,404 | (2,181 | ) | (2,181 | ) | (2,181 | ) | ||||||||||
Net periodic benefit cost | $ | 51,870 | $ | 45,937 | $ | 32,806 | $ | 5,130 | $ | 5,229 | $ | 5,610 | |||||||
Schedule of Assumptions Used and Health Care Cost Trend Rates | ' | ||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Discount rate | 3.95 | % | 4.75 | % | 5.5 | % | 3.51 | % | 4.25 | % | 4.75 | % | |||||||
Expected return on plan assets | 6 | % | 6.25 | % | 6.25 | % | — | — | — | ||||||||||
Rate of compensation increase | 4.25 | % | 4.5 | % | 4.25 | % | — | — | — | ||||||||||
Health care cost trend on covered charges | — | — | — | 8% / 5% | 8% / 5% | 8% / 5% | |||||||||||||
Weighted-average assumptions used to determine the actuarial present value of the pension and postretirement benefit obligations as of December 31 are: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Discount rate | 4.87 | % | 3.95 | % | 4.34 | % | 3.51 | % | |||||||||||
Rate of compensation increase | 4.25 | % | 4.25 | % | — | — | |||||||||||||
Health care cost trend on covered charges | — | — | 7.5% / 5% | 8% / 5% | |||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
Future minimum rental payments required under operating leases that have either initial or remaining noncancelable lease terms in excess of one year as of December 31, 2013 are as follows: | ||||
For the Years Ending December 31, | Minimum Rental Payments | |||
2014 | $ | 20,537 | ||
2015 | 17,044 | |||
2016 | 14,765 | |||
2017 | 11,590 | |||
2018 | 8,049 | |||
After 2018 | 12,555 | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The components of accumulated other comprehensive income (loss) as of December 31 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Currency translation | $ | 6,653 | $ | 12,040 | |||||||||||||||||||||
Pension liability | (139,761 | ) | (166,479 | ) | |||||||||||||||||||||
Postretirement benefits liability | (7,255 | ) | (12,375 | ) | |||||||||||||||||||||
Accumulated other comprehensive loss | $ | (140,363 | ) | $ | (166,814 | ) | |||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Amortization of Pension and Other Postretirement Benefits Items | Amortization of Pension and Other Postretirement Benefits Items | ||||||||||||||||||||||||
Actuarial Losses Recognized | Prior Service Costs Recognized | Total | Actuarial Losses Recognized | Prior Service Costs Recognized | Total | ||||||||||||||||||||
Affected Line in Condensed Consolidated Statement of Income: | |||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 28,165 | $ | (806 | ) | $ | 27,359 | $ | 22,835 | $ | (801 | ) | $ | 22,034 | |||||||||||
Tax (benefit) expense | (10,957 | ) | 314 | (10,643 | ) | (8,883 | ) | 311 | (8,572 | ) | |||||||||||||||
Total reclassifications for the period, net of tax | $ | 17,208 | $ | (492 | ) | $ | 16,716 | $ | 13,952 | $ | (490 | ) | $ | 13,462 | |||||||||||
Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The following table represents the activity included in accumulated other comprehensive income (loss) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Foreign Currency | Pension and Other Postretirement Benefits | Total | Foreign Currency | Pension and Other Postretirement Benefits | Total | ||||||||||||||||||||
Beginning balance January 1, | $ | 12,040 | $ | (178,854 | ) | $ | (166,814 | ) | $ | 10,057 | $ | (160,421 | ) | $ | (150,364 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (5,387 | ) | — | (5,387 | ) | 1,983 | — | 1,983 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (net of tax $(10,643) and $(8,572)) | — | 16,716 | 16,716 | — | 13,462 | 13,462 | |||||||||||||||||||
Actuarial gain (loss), (net of tax $(9,627) and $20,307) | — | 15,122 | 15,122 | — | (31,895 | ) | (31,895 | ) | |||||||||||||||||
Net current-period other comprehensive (loss) income | (5,387 | ) | 31,838 | 26,451 | 1,983 | (18,433 | ) | (16,450 | ) | ||||||||||||||||
Ending balance December 31, | $ | 6,653 | $ | (147,016 | ) | $ | (140,363 | ) | $ | 12,040 | $ | (178,854 | ) | $ | (166,814 | ) | |||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information (Unaudited) | ' | |||||||||||||||
Quarterly financial information for 2013 and 2012, adjusted for the declaration of stock dividends of two and a half percent (2.5%) and twenty percent (20%) in 2013 and 2012, respectively, is as follows: | ||||||||||||||||
2013 | ||||||||||||||||
For the Quarter Ended | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Net sales | $ | 1,282,922 | $ | 1,468,108 | $ | 1,486,451 | $ | 1,421,660 | ||||||||
Gross margin | $ | 235,832 | $ | 263,965 | $ | 277,663 | $ | 266,696 | ||||||||
Net income attributable to the Company | $ | 7,946 | $ | 21,891 | $ | 28,633 | $ | 22,593 | ||||||||
Net income attributable to the Company | $ | 0.5 | $ | 1.37 | $ | 1.8 | $ | 1.42 | ||||||||
per share of common stock(A) | ||||||||||||||||
(A)All periods adjusted for a two and a half percent (2.5%) stock dividend declared in December 2013. Prior to these adjustments, the average common shares outstanding for the first, second and third quarters of 2013 were 15,634,284, 15,577,599, and 15,507,191, respectively. | ||||||||||||||||
2012 | ||||||||||||||||
For the Quarter Ended | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Net sales | $ | 1,280,247 | $ | 1,381,417 | $ | 1,389,292 | $ | 1,362,325 | ||||||||
Gross margin | $ | 246,813 | $ | 258,675 | $ | 256,246 | $ | 256,628 | ||||||||
Net income attributable to the Company | $ | 16,355 | $ | 42,788 | $ | 20,012 | $ | 7,136 | ||||||||
Net income attributable to the Company | $ | 1.02 | $ | 2.67 | $ | 1.26 | $ | 0.45 | ||||||||
per share of common stock(B) | ||||||||||||||||
(B)All periods adjusted for a two and a half percent (2.5%) stock dividend declared in December 2013 and a twenty percent (20%) stock dividend declared in December 2012. Prior to these adjustments, the average common shares outstanding for the first, second, third, and fourth quarters of 2012 were 13,012,497, 13,021,478, 12,973,095, and 12,946,278, respectively. |
Accounting_Policies_Concentrat
Accounting Policies (Concentration Risk) (Details) (Sales revenue, Maximum) | 12 Months Ended |
Dec. 31, 2013 | |
Sales revenue | Maximum | ' |
Concentration Risk [Line Items] | ' |
Concentration risk percentage | 1.00% |
Summary_of_Significant_Account
Summary of Significant Accounting Policies Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Outgoing freight expenses | $48,497 | $44,672 | $40,896 |
Goodwill | $6,680 | $6,680 | ' |
Cash_Discounts_And_Doubtful_Ac2
Cash Discounts And Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Cash Discounts [Roll Forward] | ' | ' | ' |
Beginning Balance, Allowance for Cash Discounts | $1,411 | $1,498 | $1,373 |
Provision (Charged to Expense), Allowance for Cash Discounts | 22,943 | 21,228 | 20,440 |
Deductions, Allowance for Cash Discounts | -22,794 | -21,315 | -20,315 |
Ending Balance, Allowance for Cash Discounts | 1,560 | 1,411 | 1,498 |
Allowance for Doubtful Accounts | ' | ' | ' |
Beginning Balance, Allowance for Doubtful Accounts | 5,457 | 6,266 | 5,926 |
Provision (Charged to Expense), Allowance for Doubtful Accounts | 2,028 | 4,379 | 5,537 |
Deductions, Allowance for Doubtful Accounts | -2,208 | -5,188 | -5,197 |
Ending Balance, Allowance for Doubtful Accounts | 5,277 | 5,457 | 6,266 |
Allowance for Cash Discounts and Doubtful Accounts | ' | ' | ' |
Beginning Balance, Allowance for Cash Discounts and Doubtful Accounts, Total | 6,868 | 7,764 | 7,299 |
Provision for Cash Discounts and Doubtful Accounts | 24,971 | 25,607 | 25,977 |
Deductions, Allowance for Cash Discounts and Doubtful Accounts | -25,002 | -26,503 | -25,512 |
Ending Balance, Allowance for Cash Discounts and Doubtful Accounts, Total | $6,837 | $6,868 | $7,764 |
Inventory_Details
Inventory (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Percentage of LIFO Inventory | 92.00% | 90.00% | ' |
Excess of Replacement or Current Costs over Stated LIFO Value | $149,507 | $150,912 | ' |
Inventory Valuation Reserves | 3,747 | 3,500 | ' |
Reserves for Obsolete Inventories, Period Increase (Decrease) | $247 | ($300) | ($700) |
Property_and_Depreciation_Sche
Property and Depreciation Schedule of Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | $32,917 | $28,937 | $27,728 |
Capital lease obligations incurred | 3,632 | 1,971 | 2,332 |
Assets held-for-sale | 7,626 | 3,034 | ' |
Proceeds from Sale of Property Held-for-sale | 34 | 33,486 | ' |
GainLossOnSaleAssetsHeldForSale | 23 | 30,738 | ' |
Losses on impairment of property | 0 | 1,066 | 312 |
Building | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful asset life | '42 years | ' | ' |
Furniture, Fixtures & Equipment and Software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capitalized software and development costs | 3,187 | 7,583 | ' |
Furniture, Fixtures & Equipment and Software | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful asset life | '3 years | ' | ' |
Furniture, Fixtures & Equipment and Software | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful asset life | '14 years | ' | ' |
Assets Held under Capital Leases | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capital lease obligations incurred | 3,632 | 1,971 | ' |
Capitalized Interest Costs | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Interest costs capitalized | $182 | $56 | $13 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits | $3,419 | $3,530 | $3,746 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at January 1: | 3,530 | 3,746 | 3,843 |
Additions based on tax positions related to current year | 516 | 600 | 593 |
Additions based on tax positions of prior years | 0 | 0 | 0 |
Reductions for tax positions of prior years | -567 | -570 | -579 |
Settlements | -60 | -246 | -111 |
Balance at December 31: | 3,419 | 3,530 | 3,746 |
Accrued interest and penalties | 1,220 | 1,195 | ' |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory federal tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 3.60% | 3.90% | 3.60% |
Other, net | 1.20% | 1.60% | -0.10% |
Effective tax rate | 39.80% | 40.50% | 38.50% |
Income before Income Taxes, Domestic | 127,858 | 133,300 | 121,770 |
Income before Income Taxes, Foreign | 7,093 | 12,148 | 11,419 |
Income before provision for income taxes | 134,951 | 145,448 | 133,189 |
Provisions for Income Taxes Recorded in the Consolidated Statements of Income [Abstract] | ' | ' | ' |
U.S. Federal, current expense | 47,790 | 38,642 | 41,052 |
State, current expense | 7,066 | 6,848 | 6,343 |
Foreign, current expense | 2,217 | 3,366 | 3,579 |
Total current expense | 57,073 | 48,856 | 50,974 |
U.S. Federal, deferred expense | -2,983 | 9,090 | 246 |
State, deferred expense | -458 | 786 | 178 |
Foreign, deferred expense | 45 | 118 | -100 |
Total deferred (benefit) expense | -3,396 | 9,994 | 324 |
Total income tax provision | 53,677 | 58,850 | 51,298 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' | ' |
Postretirement benefits | 29,260 | 32,257 | ' |
Payroll accruals | 3,114 | 3,095 | ' |
Bad debt reserves | 2,094 | 2,178 | ' |
Other deferred tax assets | 9,820 | 10,359 | ' |
Pension | 41,682 | 55,665 | ' |
Inventory | 4,597 | 3,174 | ' |
Subtotal | 90,567 | 106,728 | ' |
less: valuation allowances | -279 | -285 | ' |
Deferred tax assets | 90,288 | 106,443 | ' |
Fixed assets | -33,988 | -32,999 | ' |
Computer software | -3,775 | -3,708 | ' |
Other deferred tax liabilities | -1,868 | -2,184 | ' |
Deferred tax liabilities | -39,631 | -38,891 | ' |
Net deferred tax assets | 50,657 | 67,552 | ' |
Deferred tax assets, included in other current assets | 5,936 | 3,678 | ' |
Deferred tax assets, included in other non-current assets | 45,135 | 64,260 | ' |
Deferred tax liabilities, net, current | 414 | 386 | ' |
Deferred tax assets, operating loss carryforwards, foreign | 232 | 285 | ' |
Deferred tax assets, state net operting loss carryforwards | 1,165 | 1,821 | ' |
Deferred tax assets, valuation allowance | 279 | 285 | ' |
Undistributed earnings of non-U.S. subsidiaries | $59,388 | $54,440 | ' |
Capital_Stock_Details
Capital Stock (Details) | Dec. 31, 2013 |
Stockholders' Equity Note [Abstract] | ' |
Percentage Ownership in Voting Trust | 83.00% |
Capital_Stock_Par_Value_of_Sto
Capital Stock Par Value of Stock (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 10, 2004 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Common stock stated value per share | $20 | $20 | ' | ' |
Common Stock, shares authorized | 50,000,000 | 20,000,000 | ' | ' |
Common stock subscriptions (shares) | 744,241 | ' | ' | ' |
Common shares subscribed | $14,885 | $13,215 | ' | ' |
Shares Purchased and Retired [Abstract] | ' | ' | ' | ' |
Shares of common stock, purchased | 638,647 | 558,599 | 463,189 | ' |
Shares of common stock, retired | 681,637 | 658,890 | 474,219 | ' |
Preferred stock shares authorized | ' | ' | ' | 10,000,000 |
Preferred stock par or stated value per share | ' | ' | ' | $0.01 |
Preferred stock outstanding | 0 | 0 | ' | ' |
Common stock dividend declared, percent | 2.50% | 20.00% | 10.00% | ' |
Net_Income_Per_Share_of_Common1
Net Income Per Share of Common Stock (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
NET INCOME PER SHARE OF COMMON STOCK [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Dividend Declared, Percent | ' | ' | ' | ' | ' | ' | ' | 2.50% | 20.00% | 10.00% |
Average shares outstanding | 15,507,191 | 15,577,599 | 15,634,284 | 12,946,278 | 12,973,095 | 13,021,478 | 13,012,497 | 15,935,751 | 15,969,060 | 15,837,597 |
LongTerm_Debt_and_Borrowings_U2
Long-Term Debt and Borrowings Under Short-Term Credit Agreements Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total Long-Term Debt and Capital Lease Obligations | $5,174 | $11,995 |
Less current portion | -2,443 | -10,005 |
Long-term Debt and Capital Lease Obligations | 2,731 | 1,990 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | 2,443 | ' |
2015 | 1,346 | ' |
2016 | 718 | ' |
2017 | 276 | ' |
2018 | 203 | ' |
After 2018 | 188 | ' |
Long-term debt | 5,174 | ' |
Unsecured Debt | Unsecured 6.59% Senior Note Through April 2013 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Long-Term Debt and Capital Lease Obligations | 0 | 3,750 |
Unsecured Debt | Unsecured 6.65% Senior Note Through June 2013 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Long-Term Debt and Capital Lease Obligations | 0 | 3,636 |
Capital Lease Obligations | Capital Leases, Secured by Equipment, Variable Rates 2.01%-30.63%, Variable Maturities | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Long-Term Debt and Capital Lease Obligations | $5,174 | $4,609 |
Borrowings_Under_ShortTerm_Cre
Borrowings Under Short-Term Credit Agreements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2011 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $500,000 |
Sublimit for Borrowings by Graybar Canada | ' | ' | 100,000 |
Aggregate Borrowing Commitments | ' | ' | 200,000 |
Credit agreement commitment fee percentage | 0.35% | 0.35% | ' |
Short-term Debt [Abstract] | ' | ' | ' |
Letters of credit outstanding | 6,886 | 8,938 | ' |
Letters of credit, outstanding under revolving credit facility | 711 | 763 | ' |
Short-term borrowings | 82,442 | 71,116 | ' |
Short-term borrowings outstanding, daily average | 68,000 | 67,000 | ' |
Short-term borrowings weighted average interest rate | 1.58% | 1.88% | ' |
Total debt, weighted average interest rate | 1.50% | ' | ' |
Line of credit, remaining borrowing capacity | 416,847 | 428,121 | ' |
Long-term debt, fixed rate debt carrying amount in excess of fair value | 323 | 215 | ' |
Minimum | ' | ' | ' |
Short-term Debt [Abstract] | ' | ' | ' |
Short-term borrowings oustanding | 27,530 | 35,105 | ' |
Maximum | ' | ' | ' |
Short-term Debt [Abstract] | ' | ' | ' |
Short-term borrowings oustanding | 126,188 | 111,032 | ' |
Lender's Base Rate Plus Market Spread | Credit Agreement | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Description of variable rate basis | 'base rate loans | ' | ' |
Letter of Credit | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 50,000 |
Letter of Credit | Minimum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit agreement commitment fee percentage | 1.05% | ' | ' |
Letter of Credit | Maximum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit agreement commitment fee percentage | 1.65% | ' | ' |
Line of credit | Minimum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit agreement commitment fee percentage | 0.20% | ' | ' |
Line of credit | Maximum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit agreement commitment fee percentage | 0.35% | ' | ' |
Line of credit | Lender's Base Rate Plus Market Spread | Minimum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 0.05% | ' | ' |
Line of credit | Lender's Base Rate Plus Market Spread | Maximum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 0.65% | ' | ' |
Line of credit | Libor Plus Market-rate Spreads | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Description of variable rate basis | 'LIBOR | ' | ' |
Line of credit | Libor Plus Market-rate Spreads | Minimum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.05% | ' | ' |
Line of credit | Libor Plus Market-rate Spreads | Maximum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.65% | ' | ' |
UNITED STATES | US Swing line loan facility | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 50,000 |
CANADA | Canadian Swing line loan facility | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $20,000 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits Benefit Obligation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Award vesting period | '3 years | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' |
Health care cost trend rate | 7.50% | 8.00% |
Ultimate health care cost trend rate | 5.00% | 5.00% |
Pension Benefits | ' | ' |
Defined Benefit Plan Funded Status of Plan [Abstract] | ' | ' |
Projected benefit obligation | -558,650 | -598,917 |
Fair value of plan assets | 423,167 | 430,894 |
Funded status | -135,483 | -168,023 |
Accumulated benefit obligation | 476,807 | 499,499 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ' | ' |
Current accrued benefit cost | -2,900 | -800 |
Non-current accrued benefit cost | -132,583 | -167,223 |
Net amount recognized | -135,483 | -168,023 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ' | ' |
Net actuarial loss | 138,186 | 164,064 |
Prior service cost (gain) | 1,575 | 2,415 |
Accumulated other comprehensive loss | 139,761 | 166,479 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' |
Net actuarial loss | 11,120 | ' |
Prior service cost (gain) | 611 | ' |
Accumulated other comprehensive loss | 11,731 | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' |
Discount rate | 4.87% | 3.95% |
Rate of compensation increase | 4.25% | 4.25% |
Postretirement Benefits | ' | ' |
Defined Benefit Plan Funded Status of Plan [Abstract] | ' | ' |
Projected benefit obligation | -76,134 | -83,836 |
Fair value of plan assets | 0 | 0 |
Funded status | -76,134 | -83,836 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ' | ' |
Current accrued benefit cost | -8,600 | -6,800 |
Non-current accrued benefit cost | -67,534 | -77,036 |
Net amount recognized | -76,134 | -83,836 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ' | ' |
Net actuarial loss | 13,780 | 20,233 |
Prior service cost (gain) | -6,525 | -7,858 |
Accumulated other comprehensive loss | 7,255 | 12,375 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' |
Net actuarial loss | 672 | ' |
Prior service cost (gain) | -1,344 | ' |
Accumulated other comprehensive loss | -672 | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' |
Discount rate | 4.34% | 3.51% |
Rate of compensation increase | 0.00% | 0.00% |
Health care cost trend rate | 7.50% | ' |
January 1, 2019 | Postretirement Benefits | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' |
Ultimate health care cost trend rate | 5.00% | ' |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ' | ' | ' | ' |
Estimated future employer contributions in next fiscal year | $42,900 | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Actual Allocation | ' | 100.00% | 100.00% | ' |
Target allocation range, maximum | ' | 100.00% | 100.00% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Health care cost trend rate assumed for next fiscal year | ' | 8.00% | 8.00% | 8.00% |
Ultimate health care cost trend rate | ' | 5.00% | 5.00% | 5.00% |
Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ' | ' | ' | ' |
Employer contributions | ' | 40,682 | 40,600 | ' |
Participant contributions | ' | 0 | 0 | ' |
Benefits paid | ' | -47,204 | -37,417 | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
2014 | ' | 42,900 | ' | ' |
2015 | ' | 40,400 | ' | ' |
2016 | ' | 40,800 | ' | ' |
2017 | ' | 40,400 | ' | ' |
2018 | ' | 41,500 | ' | ' |
After 2018 | ' | 234,100 | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | 430,894 | ' | ' |
Unrealized gains/(losses) | ' | 23,909 | 23,670 | 21,883 |
Balance, end of year | ' | 423,167 | 430,894 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | ' | 24,119 | 22,215 | 16,497 |
Interest cost | ' | 23,914 | 24,896 | 22,684 |
Expected return on plan assets | ' | -23,909 | -23,670 | -21,883 |
Net actuarial loss | ' | 26,371 | 21,116 | 14,104 |
Prior service cost (gain) | ' | 1,375 | 1,380 | 1,404 |
Net periodic benefit cost | ' | 51,870 | 45,937 | 32,806 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Discount rate | ' | 3.95% | 4.75% | 5.50% |
Expected return on plan assets | ' | 6.00% | 6.25% | 6.25% |
Rate of compensation increase | ' | 4.25% | 4.50% | 4.25% |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ' | ' | ' | ' |
Employer contributions | ' | 4,453 | 5,843 | ' |
Participant contributions | ' | 1,402 | 1,107 | ' |
Benefits paid | ' | -5,855 | -6,950 | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
2014 | ' | 8,600 | ' | ' |
2015 | ' | 9,400 | ' | ' |
2016 | ' | 10,400 | ' | ' |
2017 | ' | 11,500 | ' | ' |
2018 | ' | 12,800 | ' | ' |
After 2018 | ' | 88,000 | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | 0 | ' | ' |
Unrealized gains/(losses) | ' | 0 | 0 | 0 |
Balance, end of year | ' | 0 | 0 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | ' | 2,644 | 2,336 | 2,141 |
Interest cost | ' | 2,873 | 3,355 | 3,679 |
Expected return on plan assets | ' | 0 | 0 | 0 |
Net actuarial loss | ' | 1,794 | 1,719 | 1,971 |
Prior service cost (gain) | ' | -2,181 | -2,181 | -2,181 |
Net periodic benefit cost | ' | 5,130 | 5,229 | 5,610 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Discount rate | ' | 3.51% | 4.25% | 4.75% |
Expected return on plan assets | ' | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | ' | 0.00% | 0.00% | 0.00% |
Equity Securities US | ' | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Actual Allocation | ' | 10.00% | 7.00% | ' |
Target allocation range, minimum | ' | 3.00% | 3.00% | ' |
Target allocation range, maximum | ' | 15.00% | 15.00% | ' |
Equity Securities International | ' | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Actual Allocation | ' | 9.00% | 8.00% | ' |
Target allocation range, minimum | ' | 3.00% | 3.00% | ' |
Target allocation range, maximum | ' | 15.00% | 15.00% | ' |
Fixed Income Investments US | ' | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Actual Allocation | ' | 56.00% | 57.00% | ' |
Target allocation range, minimum | ' | 35.00% | 35.00% | ' |
Target allocation range, maximum | ' | 75.00% | 75.00% | ' |
Fixed Income Investments International | ' | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Actual Allocation | ' | 6.00% | 12.00% | ' |
Target allocation range, minimum | ' | 3.00% | 3.00% | ' |
Target allocation range, maximum | ' | 10.00% | 10.00% | ' |
Absolute Return | ' | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Actual Allocation | ' | 9.00% | 9.00% | ' |
Target allocation range, minimum | ' | 5.00% | 5.00% | ' |
Target allocation range, maximum | ' | 15.00% | 15.00% | ' |
Real assets | ' | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Actual Allocation | ' | 5.00% | 5.00% | ' |
Target allocation range, minimum | ' | 3.00% | 3.00% | ' |
Target allocation range, maximum | ' | 10.00% | 10.00% | ' |
Private equity | ' | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Actual Allocation | ' | 1.00% | 1.00% | ' |
Target allocation range, minimum | ' | 0.00% | 0.00% | ' |
Target allocation range, maximum | ' | 3.00% | 3.00% | ' |
Short-term Investments | ' | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Actual Allocation | ' | 4.00% | 1.00% | ' |
Target allocation range, minimum | ' | 0.00% | 0.00% | ' |
Target allocation range, maximum | ' | 3.00% | 3.00% | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 265,082 | 264,410 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Corporate stocks | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 20,176 | 15,609 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 11,169 | 6,505 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Corporate stocks | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 1,101 | 544 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 38,246 | 33,603 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Corporate debt | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 108,844 | 120,457 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | US government debt | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 38,870 | 37,979 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 22,756 | 17,988 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Foreign Corporate Debt Securities | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 23,920 | 31,725 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Commingled funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | ' | 0 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Absolute Return | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Real assets | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Private equity | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Short-term Investments | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 100,107 | 83,929 | ' |
Significant Other Observable Inputs (Level 2) | Corporate stocks | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 11,754 | 8,871 | ' |
Significant Other Observable Inputs (Level 2) | Corporate stocks | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | Corporate debt | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | US government debt | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 63,916 | 68,017 | ' |
Significant Other Observable Inputs (Level 2) | Foreign Corporate Debt Securities | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | Commingled funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | ' | 0 | ' |
Significant Other Observable Inputs (Level 2) | Absolute Return | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | Real assets | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 8,455 | 7,041 | ' |
Significant Other Observable Inputs (Level 2) | Private equity | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | Short-term Investments | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 15,982 | 0 | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | 84,487 | ' |
Realized gains/(losses) | ' | ' | 1,445 | ' |
Unrealized gains/(losses) | ' | ' | 3,570 | ' |
Transfers | ' | ' | -7,041 | ' |
Purchases | ' | ' | 102,621 | ' |
Sales | ' | ' | -102,527 | ' |
Balance, end of year | ' | 57,978 | 82,555 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | ' | -3,570 | ' |
Significant Unobservable Inputs (Level 3) | Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | 82,555 | ' | ' |
Realized gains/(losses) | ' | 6,568 | ' | ' |
Unrealized gains/(losses) | ' | -2,172 | ' | ' |
Purchases | ' | 30,900 | ' | ' |
Sales | ' | -59,873 | ' | ' |
Balance, end of year | ' | 57,978 | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | 2,172 | ' | ' |
Significant Unobservable Inputs (Level 3) | Corporate stocks | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Corporate stocks | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Corporate debt | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | US government debt | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments International | Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | ' | ' |
Significant Unobservable Inputs (Level 3) | Foreign Corporate Debt Securities | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Commingled funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | 18,314 | ' |
Realized gains/(losses) | ' | ' | 35 | ' |
Unrealized gains/(losses) | ' | ' | 1,841 | ' |
Transfers | ' | ' | 0 | ' |
Purchases | ' | ' | 2,000 | ' |
Sales | ' | ' | -127 | ' |
Balance, end of year | ' | ' | 22,063 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | ' | -1,841 | ' |
Significant Unobservable Inputs (Level 3) | Commingled funds | Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | 22,063 | ' | ' |
Realized gains/(losses) | ' | 5,721 | ' | ' |
Unrealized gains/(losses) | ' | -6,629 | ' | ' |
Purchases | ' | 0 | ' | ' |
Sales | ' | -21,155 | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | 6,629 | ' | ' |
Significant Unobservable Inputs (Level 3) | Absolute Return | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | 36,738 | ' |
Realized gains/(losses) | ' | ' | 1,125 | ' |
Unrealized gains/(losses) | ' | ' | 756 | ' |
Transfers | ' | ' | 0 | ' |
Purchases | ' | ' | 3,505 | ' |
Sales | ' | ' | -4,835 | ' |
Balance, end of year | ' | 39,448 | 37,289 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | ' | -756 | ' |
Significant Unobservable Inputs (Level 3) | Absolute Return | Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | 37,289 | ' | ' |
Realized gains/(losses) | ' | 831 | ' | ' |
Unrealized gains/(losses) | ' | 2,344 | ' | ' |
Purchases | ' | 30,900 | ' | ' |
Sales | ' | -31,916 | ' | ' |
Balance, end of year | ' | 39,448 | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | -2,344 | ' | ' |
Significant Unobservable Inputs (Level 3) | Real assets | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | 17,451 | ' |
Realized gains/(losses) | ' | ' | 54 | ' |
Unrealized gains/(losses) | ' | ' | 1,320 | ' |
Transfers | ' | ' | -7,041 | ' |
Purchases | ' | ' | 1,239 | ' |
Sales | ' | ' | -321 | ' |
Balance, end of year | ' | 14,737 | 12,702 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | ' | -1,320 | ' |
Significant Unobservable Inputs (Level 3) | Real assets | Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | 12,702 | ' | ' |
Realized gains/(losses) | ' | 16 | ' | ' |
Unrealized gains/(losses) | ' | 2,127 | ' | ' |
Purchases | ' | 0 | ' | ' |
Sales | ' | -108 | ' | ' |
Balance, end of year | ' | 14,737 | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | -2,127 | ' | ' |
Significant Unobservable Inputs (Level 3) | Private equity | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | 4,303 | ' |
Realized gains/(losses) | ' | ' | 231 | ' |
Unrealized gains/(losses) | ' | ' | -347 | ' |
Transfers | ' | ' | 0 | ' |
Purchases | ' | ' | 183 | ' |
Sales | ' | ' | -563 | ' |
Balance, end of year | ' | 3,793 | 3,807 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | ' | 347 | ' |
Significant Unobservable Inputs (Level 3) | Private equity | Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | 3,807 | ' | ' |
Realized gains/(losses) | ' | 0 | ' | ' |
Unrealized gains/(losses) | ' | -14 | ' | ' |
Purchases | ' | 0 | ' | ' |
Sales | ' | 0 | ' | ' |
Balance, end of year | ' | 3,793 | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | 14 | ' | ' |
Significant Unobservable Inputs (Level 3) | Short-term Investments | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | 7,681 | ' |
Realized gains/(losses) | ' | ' | 0 | ' |
Unrealized gains/(losses) | ' | ' | 0 | ' |
Transfers | ' | ' | 0 | ' |
Purchases | ' | ' | 95,694 | ' |
Sales | ' | ' | -96,681 | ' |
Balance, end of year | ' | 0 | 6,694 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | ' | 0 | ' |
Significant Unobservable Inputs (Level 3) | Short-term Investments | Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | ' | 6,694 | ' | ' |
Realized gains/(losses) | ' | 0 | ' | ' |
Unrealized gains/(losses) | ' | 0 | ' | ' |
Purchases | ' | 0 | ' | ' |
Sales | ' | -6,694 | ' | ' |
Balance, end of year | ' | 0 | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Expected return on plan assets | ' | 0 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 423,167 | 430,894 | ' |
Estimate of Fair Value, Fair Value Disclosure | Corporate stocks | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 20,176 | 15,609 | ' |
Estimate of Fair Value, Fair Value Disclosure | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 22,923 | 15,376 | ' |
Estimate of Fair Value, Fair Value Disclosure | Corporate stocks | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 1,101 | 544 | ' |
Estimate of Fair Value, Fair Value Disclosure | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 38,246 | 33,603 | ' |
Estimate of Fair Value, Fair Value Disclosure | Corporate debt | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 108,844 | 120,457 | ' |
Estimate of Fair Value, Fair Value Disclosure | US government debt | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 38,870 | 37,979 | ' |
Estimate of Fair Value, Fair Value Disclosure | Mutual funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 86,672 | 86,005 | ' |
Estimate of Fair Value, Fair Value Disclosure | Foreign Corporate Debt Securities | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 23,920 | 31,725 | ' |
Estimate of Fair Value, Fair Value Disclosure | Commingled funds | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | ' | 22,063 | ' |
Estimate of Fair Value, Fair Value Disclosure | Absolute Return | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 39,448 | 37,289 | ' |
Estimate of Fair Value, Fair Value Disclosure | Real assets | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 23,192 | 19,743 | ' |
Estimate of Fair Value, Fair Value Disclosure | Private equity | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 3,793 | 3,807 | ' |
Estimate of Fair Value, Fair Value Disclosure | Short-term Investments | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Balance, end of year | ' | 15,982 | 6,694 | ' |
1-Jan-19 | ' | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Ultimate health care cost trend rate | ' | 5.00% | ' | ' |
Profit_Sharing_and_Savings_Pla1
Profit Sharing and Savings Plan (Details) (Deferred Profit Sharing, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Profit Sharing | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Profit Sharing Costs | $34,132 | $54,751 | $51,894 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Cash Flow Hedge Loss at Settlement Date | $3,257 |
Cash Flow Loss Reclassified to Interest Expense at Settlement Date | 1,990 |
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetofTaxBeforeSettlement | 886 |
InterestRateSwapLossReclassifiedToInterestExpense | ($1,080) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $21,134 | $20,306 | $20,275 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 20,537 | ' | ' |
2015 | 17,044 | ' | ' |
2016 | 14,765 | ' | ' |
2017 | 11,590 | ' | ' |
2018 | 8,049 | ' | ' |
After 2018 | $12,555 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Currency translation | $6,653 | $12,040 | ' |
Pension liability | -139,761 | -166,479 | ' |
Postretirement benefits liability | -7,255 | -12,375 | ' |
Accumulated Other Comprehensive Loss | ($140,363) | ($166,814) | ($150,364) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Amortization of actuarial losses reclassified to selling, general and administrative expenses, before tax | $28,165 | $22,835 |
Amortization of prior service costs reclassified to selling, general and administrative expenses, before tax | -806 | -801 |
Amortization of pension and other postretirement benefit items reclassified to selling, general and administrative expenses, before tax | 27,359 | 22,034 |
Amortization of actuarial losses reclassified to tax (benefit) expense | -10,957 | -8,883 |
Amortization of prior service costs reclassified to tax (benefit) expense | 314 | 311 |
Amortization of pension and other postretirement benefit items reclassified to tax (benefit) expense | -10,643 | -8,572 |
Amortization of actuarial losses reclassified to the statement of income, after tax | 17,208 | 13,952 |
Amortization of prior service costs reclassified to the statement of income, after tax | -492 | -490 |
Amortization of pension and other postretirement benefit items reclassified to the statement of income, after tax | $16,716 | $13,462 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) Changes in Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance January 1, | ($166,814) | ($150,364) |
Other comprehensive (loss) income before reclassifications | -5,387 | 1,983 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 16,716 | 13,462 |
Actuarial gain (loss) (net of tax) | 15,122 | -31,895 |
Net current-period other comprehensive (loss) income | 26,451 | -16,450 |
Ending Balance December 31, | -140,363 | -166,814 |
Foreign Currency | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance January 1, | 12,040 | 10,057 |
Other comprehensive (loss) income before reclassifications | -5,387 | 1,983 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 0 | 0 |
Actuarial gain (loss) (net of tax) | 0 | 0 |
Net current-period other comprehensive (loss) income | -5,387 | 1,983 |
Ending Balance December 31, | 6,653 | 12,040 |
Pension and Other Postretirement Benefits | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance January 1, | -178,854 | -160,421 |
Other comprehensive (loss) income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 16,716 | 13,462 |
Actuarial gain (loss) (net of tax) | 15,122 | -31,895 |
Net current-period other comprehensive (loss) income | 31,838 | -18,433 |
Ending Balance December 31, | ($147,016) | ($178,854) |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | $1,421,660 | $1,486,451 | $1,468,108 | $1,282,922 | $1,362,325 | $1,389,292 | $1,381,417 | $1,280,247 | $5,659,141 | $5,413,281 | $5,374,800 | |||||||||||
Gross margin | 266,696 | 277,663 | 263,965 | 235,832 | 256,628 | 256,246 | 258,675 | 246,813 | 1,044,156 | 1,018,362 | 995,259 | |||||||||||
Net income attributable to the Company | $22,593 | $28,633 | $21,891 | $7,946 | $7,136 | $20,012 | $42,788 | $16,355 | $81,063 | $86,291 | $81,425 | |||||||||||
Net income attributable to the Company per share of common stock (A) | $1.42 | [1] | $1.80 | [1] | $1.37 | [1] | $0.50 | [1] | $0.45 | [2] | $1.26 | [2] | $2.67 | [2] | $1.02 | [2] | $5.09 | [3] | $5.40 | [3] | $5.14 | [3] |
Common stock dividend declared, percent | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 20.00% | 10.00% | |||||||||||
Average common shares outstanding by quarter | ' | 15,507,191 | 15,577,599 | 15,634,284 | 12,946,278 | 12,973,095 | 13,021,478 | 13,012,497 | 15,935,751 | 15,969,060 | 15,837,597 | |||||||||||
[1] | All periods adjusted for a two and a half percent (2.5%) stock dividend declared in December 2013. Prior to these adjustments, the average common shares outstanding for the first, second and third quarters of 2013 were 15,634,284, 15,577,599, and 15,507,191, respectively. | |||||||||||||||||||||
[2] | All periods adjusted for a two and a half percent (2.5%) stock dividend declared in December 2013 and a twenty percent (20%) stock dividend declared in December 2012. Prior to these adjustments, the average common shares outstanding for the first, second, third, and fourth quarters of 2012 were 13,012,497, 13,021,478, 12,973,095, and 12,946,278, respectively. | |||||||||||||||||||||
[3] | Adjusted for the declaration of a two and a half percent (2.5%) stock dividend in December 2013, shares related to which were issued in February 2014. Prior to the adjustment, the average common shares outstanding were 15,580 and 15,451 for the years ended December 31, 2012 and 2011, respectively. |