Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 15, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GRAYBAR ELECTRIC CO INC | |
Entity Central Index Key | 205,402 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 16,575,625 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Income Statement [Abstract] | |||||
Gross Sales | $ 1,697,037 | $ 1,590,576 | $ 4,806,245 | $ 4,566,880 | |
Cash discounts | (7,418) | (6,690) | (20,625) | (19,208) | |
Net Sales | 1,689,619 | 1,583,886 | 4,785,620 | 4,547,672 | |
Cost of merchandise sold | (1,370,861) | (1,280,928) | (3,881,616) | (3,692,343) | |
Gross Margin | 318,758 | 302,958 | 904,004 | 855,329 | |
Selling, general and administrative expenses | (254,969) | (244,672) | (750,266) | (717,648) | |
Depreciation and amortization | (12,283) | (10,960) | (35,158) | (32,082) | |
Other income, net | 629 | 1,187 | 3,438 | 6,746 | |
Income from Operations | 52,135 | 48,513 | 122,018 | 112,345 | |
Interest expense, net | (1,215) | (685) | (2,635) | (1,895) | |
Income before Provision for Income Taxes | 50,920 | 47,828 | 119,383 | 110,450 | |
Provision for income taxes | (20,724) | (19,431) | (48,396) | (44,414) | |
Net Income | 30,196 | 28,397 | 70,987 | 66,036 | |
Less: Net income attributable to noncontrolling interests | (67) | (86) | (178) | (177) | |
Net Income attributable to Graybar Electric Company, Inc. | $ 30,129 | $ 28,311 | $ 70,809 | $ 65,859 | |
Net Income per share of Common Stock (in dollars per share) | [1] | $ 1.82 | $ 1.73 | $ 4.28 | $ 4.02 |
Cash Dividends per share of Common Stock (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.90 | $ 0.90 | |
Average Common Shares Outstanding (Shares) | [1] | 16,573 | 16,341 | 16,558 | 16,379 |
[1] | (A)Adjusted for the declaration of a 2.5% stock dividend in 2015, shares related to which were issued in February 2016. Prior to the adjustment, the average common shares outstanding were 15,942 and 15,980 for the three and nine months ended September 30, 2015, respectively. |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Income Condensed Consolidated Statements of Income (Parenthetical) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2015 | ||
Stock Dividend | 2.50% | |||
Average Common Shares Outstanding | [1] | 16,573 | 16,341 | 16,379 |
Scenario, Previously Reported [Member] | ||||
Average Common Shares Outstanding | 15,942 | 15,980 | ||
[1] | (A)Adjusted for the declaration of a 2.5% stock dividend in 2015, shares related to which were issued in February 2016. Prior to the adjustment, the average common shares outstanding were 15,942 and 15,980 for the three and nine months ended September 30, 2015, respectively. |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 30,196 | $ 28,397 | $ 70,987 | $ 66,036 |
Other Comprehensive Income | ||||
Foreign currency translation | (1,148) | (6,082) | 4,012 | (10,738) |
Pension and postretirement benefits liability adjustment (net of tax of $(1,762), $(1,881), $(5,286), and $(5,644), respectively) | 2,767 | 2,955 | 8,301 | 8,864 |
Total Other Comprehensive Income (Loss) | 1,619 | (3,127) | 12,313 | (1,874) |
Comprehensive Income | 31,815 | 25,270 | 83,300 | 64,162 |
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax | 25 | (188) | 387 | (261) |
Comprehensive Income attributable to Graybar Electric Company, Inc. | $ 31,790 | $ 25,458 | $ 82,913 | $ 64,423 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Pension and postretirement benefits liabilities adjustment, tax | $ (1,762) | $ (1,881) | $ (5,286) | $ (5,644) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 51,111 | $ 37,931 |
Trade receivables (less allowances of $6,323 and $5,879, respectively) | 1,019,195 | 928,276 |
Merchandise inventory | 616,294 | 518,288 |
Other current assets | 25,761 | 31,305 |
Total Current Assets | 1,712,361 | 1,515,800 |
Property, at cost | ||
Land | 78,592 | 75,968 |
Buildings | 450,872 | 443,137 |
Furniture and fixtures | 284,196 | 271,605 |
Software | 87,313 | 85,423 |
Capital leases | 33,652 | 32,543 |
Total Property, at cost | 934,625 | 908,676 |
Less – accumulated depreciation and amortization | (503,888) | (474,810) |
Net Property | 430,737 | 433,866 |
Other Non-current Assets | 106,915 | 99,877 |
Total Assets | 2,250,013 | 2,049,543 |
Current Liabilities | ||
Short-term borrowings | 273,849 | 104,978 |
Current portion of long-term debt | 4,272 | 6,558 |
Trade accounts payable | 794,276 | 766,089 |
Accrued payroll and benefit costs | 89,747 | 111,069 |
Other accrued taxes | 20,624 | 16,880 |
Other current liabilities | 81,633 | 64,783 |
Total Current Liabilities | 1,264,401 | 1,070,357 |
Postretirement Benefits Liability | 70,091 | 70,303 |
Pension Liability | 123,541 | 185,211 |
Long-term Debt | 7,735 | 10,272 |
Other Non-current Liabilities | 21,718 | 25,254 |
Total Liabilities | 1,487,486 | 1,361,397 |
SHAREHOLDERS’ EQUITY | ||
Outstanding Common Stock | 331,927 | 326,482 |
Advance Payments on Subscriptions to Common Stock | 954 | 0 |
Retained Earnings | 604,627 | 548,780 |
Accumulated Other Comprehensive Loss | (178,331) | (190,435) |
Total Graybar Electric Company, Inc. Shareholders’ Equity | 759,177 | 684,827 |
Noncontrolling Interests | 3,350 | 3,319 |
Total Shareholders’ Equity | 762,527 | 688,146 |
Total Liabilities and Shareholders’ Equity | $ 2,250,013 | $ 2,049,543 |
Condensed Consolidated Balance7
Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,323 | $ 5,879 |
Common, stated value per share | $ 20 | $ 20 |
Authorized | 50,000,000 | 50,000,000 |
Issued to voting trustees | 14,322,909 | 13,668,055 |
Issued to shareholders | 2,778,957 | 2,721,926 |
In treasury, at cost | (505,514) | (65,890) |
Outstanding common stock | 16,596,352 | 16,324,091 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows from Operations | ||
Net Income | $ 70,987 | $ 66,036 |
Adjustments to reconcile net income to cash provided by operations: | ||
Depreciation and amortization | 35,158 | 32,082 |
Deferred income taxes | 2,585 | (389) |
Net gains on disposal of property | (1,786) | (4,946) |
Net income attributable to noncontrolling interests | (178) | (177) |
Changes in assets and liabilities: | ||
Trade receivables | (73,623) | (6,696) |
Merchandise inventory | (83,059) | (56,416) |
Other current assets | 5,632 | 16,126 |
Other non-current assets | 24,369 | 3,777 |
Trade accounts payable | 16,571 | 3,647 |
Accrued payroll and benefit costs | (21,835) | (30,948) |
Other current liabilities | 17,673 | (783) |
Other non-current liabilities | (51,832) | (215) |
Total adjustments to net income | (130,325) | (44,938) |
Net cash (used) provided by operations | (59,338) | 21,098 |
Cash Flows from Investing Activities | ||
Proceeds from disposal of property | 3,301 | 11,170 |
Capital expenditures for property | (24,820) | (62,078) |
Acquisition of business, net of cash acquired | (59,946) | (18,093) |
Net cash used by investing activities | (81,465) | (69,001) |
Cash Flows from Financing Activities | ||
Net increase in short-term borrowings | 168,871 | 74,320 |
Repayment of long-term debt | (1,853) | (2,736) |
Principal payments under capital leases | (4,116) | (3,969) |
Sale of common stock | 15,192 | 13,621 |
Purchases of common stock | (8,793) | (10,656) |
Sales of noncontrolling interests’ common stock | 0 | 401 |
Purchases of noncontrolling interests’ common stock | (356) | (103) |
Dividends paid | (14,962) | (14,418) |
Net cash provided by financing activities | 153,983 | 56,460 |
Net Increase in Cash | 13,180 | 8,557 |
Cash, Beginning of Year | 37,931 | 33,758 |
Cash, End of Period | 51,111 | 42,315 |
Non-cash Investing and Financing Activities | ||
Acquisitions of equipment under capital leases | $ 314 | $ 6,731 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Common Stock Subscribed, Unissued | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance at Dec. 31, 2014 | $ 681,981 | $ 317,199 | $ 0 | $ 513,672 | $ (152,193) | $ 3,303 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 66,036 | 65,859 | 177 | |||
Other comprehensive income (loss) | (1,874) | (1,436) | (438) | |||
Stock issued | 13,552 | 13,151 | 401 | |||
Stock purchased | (10,759) | (10,656) | (103) | |||
Advance payments | 470 | 470 | ||||
Dividends declared | (14,418) | (14,418) | ||||
Balance at Sep. 30, 2015 | 734,988 | 319,694 | 470 | 565,113 | (153,629) | 3,340 |
Balance at Dec. 31, 2015 | 688,146 | 326,482 | 0 | 548,780 | (190,435) | 3,319 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 70,987 | 70,809 | 178 | |||
Other comprehensive income (loss) | 12,313 | 12,104 | 209 | |||
Stock issued | 14,238 | 14,238 | ||||
Stock purchased | (9,149) | (8,793) | (356) | |||
Advance payments | 954 | 954 | ||||
Dividends declared | (14,962) | (14,962) | ||||
Balance at Sep. 30, 2016 | $ 762,527 | $ 331,927 | $ 954 | $ 604,627 | $ (178,331) | $ 3,350 |
Description of the Business
Description of the Business | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | DESCRIPTION OF THE BUSINESS Graybar Electric Company, Inc. (“Graybar”, “Company”, "we", "our", or "us") is a New York corporation, incorporated in 1925. We are engaged in the distribution of electrical and communications and data networking products and are a provider of related supply chain management and logistics services. We primarily serve customers in the construction, and commercial, institutional and government ("CIG"), as well as the industrial and utility vertical markets, with products and services that support new construction, infrastructure updates, building renovation, facility maintenance, repair and operations ("MRO"), and original equipment manufacturers ("OEM"). All products sold by us are purchased by us from others, and we neither manufacture nor contract to manufacture any products that we sell. Our business activity is primarily with customers in the United States (“U.S.”). We also have subsidiary operations with distribution facilities in Canada and Puerto Rico. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accounting policies conform to generally accepted accounting principles in the U.S. ("GAAP”) and are applied on a consistent basis among all years presented. Significant accounting policies are described below. Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by Graybar pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “Commission”) applicable to interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that our disclosures are adequate to make the information presented not misleading. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect reported amounts. Our condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Certain reclassifications were made to prior year amounts to conform to the 2016 presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended December 31, 2015 , included in our latest Annual Report on Form 10-K. In the opinion of management, this quarterly report includes all adjustments, consisting of normal recurring accruals and adjustments, necessary for the fair presentation of the financial statements presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. Principles of Consolidation The consolidated financial statements include the accounts of Graybar 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 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. Subsequent Events We have evaluated subsequent events through the time of the filing of this Quarterly Report on Form 10-Q with the Commission. No material subsequent events have occurred since September 30, 2016 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. Our standard shipping terms are FOB shipping point, under which product title passes to the customer at the time of shipment. We also earn revenue for services provided to customers for supply chain management and logistics services. Service revenue 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 We record certain outgoing freight expenses as a component of selling, general and administrative expenses. Cash and Cash Equivalents We account 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 We perform ongoing credit evaluations of our customers, and a significant portion of our trade receivables is secured by mechanic’s lien or payment bond rights. We maintain 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 our customers were to deteriorate. Merchandise Inventory Our 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. We make provisions for obsolete or excess inventories as necessary to reflect reductions in inventory value. Vendor Allowances Our agreements with many of our suppliers provide for us to earn volume incentives based on purchases during the agreement period. Based on the provisions of our vendor agreements, we develop vendor accrual rates by estimating the point at which we will have completed our performance under the agreement and the deferred amounts will be earned. We perform analyses and review historical trends to ensure the deferred amounts earned are appropriately recorded. Certain vendor agreements contain purchase volume incentives that provide for increased funding when graduated purchase volumes are met. Amounts accrued throughout the year are based on estimates of future activity levels, and could be materially impacted if actual purchase volumes differ. 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 our 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 us to concentrations of credit risk consist primarily of trade receivables. We perform ongoing credit evaluations of our customers, and a significant portion of our trade receivables may be protected by mechanic’s lien or payment bond rights. We maintain allowances for potential credit losses, and such losses historically have been within management’s expectations. Fair Value We endeavor to utilize the best available information in measuring fair value. 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. We have used fair value measurements to value our pension plan assets. Foreign Currency Exchange Rate The functional currency for our Canadian subsidiary is the Canadian dollar. Accordingly, its balance sheet amounts are translated at the exchange rates in effect at the end of each reporting period and its statements of income amounts are translated at the average rates of exchange prevailing during the current period. Currency translation adjustments are included in accumulated other comprehensive loss. Goodwill Our 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. We first perform a qualitative 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 then 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. Definite Lived Intangible Assets The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, either on a straight-line or accelerated basis over the estimated periods benefited. Customer relationships, trade names and other non-contractual intangible assets with determinable lives are amortized over periods generally ranging from 5 to 20 years. Intangible assets are tested for impairment if events or circumstances occur indicating that the respective asset might be impaired. Income Taxes We recognize 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. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe 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. We classify interest expense and penalties as part of our provision for income taxes based upon applicable federal and state interest/underpayment percentages. Other Postretirement Benefits We account 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. Our consolidated balance sheets reflect the funded status of postretirement benefits. Pension Plan We sponsor 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. Our 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 2016 have had or are expected to have a material impact on our consolidated financial statements except those noted below: In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU” or “Update”) 2016-02, “Leases (Topic 842)”. The core principle of Topic 842 requires that a lessee should recognize the assets and liabilities on the balance sheet and disclose key information about leasing arrangements. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. We are currently evaluating the impact the provisions will have on our consolidated financial statements and whether we will adopt the guidance early. In April 2015, FASB issued ASU 2015-05, "Intangibles-Goodwill and Other-Internal-use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement". This Update provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract and expensed as services are received. The Update is effective for fiscal years beginning after December 15, 2015 and interim periods. We adopted this Update on January 1, 2016. The adoption of this standard did not have a material impact on our results of operation, financial position, or cash flows. In February 2015, FASB issued ASU 2015-02, "Consolidation". The amendments in this Update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. This ASU is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. We adopted this Update on January 1, 2016. The adoption of this standard did not have a material impact on our results of operation, financial position, or cash flows. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which provides guidance on a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. In July 2015, the FASB deferred the effective date of the Update for one year. The Update will now be effective for public business entities for annual reporting periods, including interim reporting periods, beginning after December 15, 2017. The new standard provides for two alternative implementation methods. The first is to apply the new standard retrospectively to each prior reporting period presented. This method allows the use of certain practical expedients. The second method is to apply the new standard retrospectively in the year of initial adoption and record a cumulative effect adjustment for the impact of adjusting contracts open at the date of adoption. Under this transition method, we would apply this guidance retrospectively only to contracts that are not completed contracts at the date of initial application, which for us will be January 1, 2018. We would then recognize the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. This method also requires us to disclose comparative information for the year of adoption. In March 2016, FASB issued ASU 2016-08 "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)". The amendments in this Update do not change the core principle of the guidance stated in ASU 2014-09. Instead, the amendments in this ASU are intended to further clarify the implementation guidance on principal versus agent considerations. ASU 2016-08 will have the same effective date and transition requirements as the new revenue standard issued in ASU 2014-09. We continue to determine which method we will use to implement the new standard and to assess the impact the new standard is expected to have on the consolidated financial statements or on other matters or aspects of our business. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We determine our deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of our assets and liabilities, calculated using enacted applicable tax rates. We then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, we establish a valuation allowance. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the condensed consolidated financial statements. We classify interest expense and penalties as part of our provision for income taxes based upon applicable federal and state interest/underpayment percentages. We have accrued $963 and $907 in interest and penalties at September 30, 2016 and December 31, 2015 , respectively. Interest was computed on the difference between the provision for income taxes recognized in accordance with GAAP and the amount of benefit previously taken or expected to be taken in our federal, state, and local income tax returns. Our federal income tax returns for the tax years 2013 and forward are available for examination by the United States Internal Revenue Service (“IRS”). The statute of limitations for the 2013 federal return will expire on September 15, 2017, unless extended by consent. Our state income tax returns for 2011 through 2015 remain subject to examination by various state authorities with the latest period closing on December 31, 2020. We have not extended the statutes of limitations in any state jurisdictions with respect to years prior to 2011. Our unrecognized tax benefits of $2,387 and $2,247 at September 30, 2016 and December 31, 2015 , respectively, are uncertain tax positions that would impact our effective tax rate if recognized. We are periodically engaged in tax return examinations, reviews of statute of limitations periods, and settlements surrounding income taxes. We do not anticipate a material change in unrecognized tax benefits during the next twelve months. |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Capital Stock | CAPITAL STOCK Our common stock is 100% owned by active and retired employees, and there is no public trading market for our 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 New York law, a voting trust may not have a term greater than ten years. At September 30, 2016 , approximately 84% 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 holder of our common stock or voting trust interests representing our common stock ("common stock", "common shares", or "shares") may sell, transfer or otherwise dispose of any shares without first offering us the option to purchase those shares at the price at which they were issued. Additionally, a shareholder is entitled to any cash dividends, if any, accrued for the quarter in which the purchase offer is made, adjusted pro rata for the number of days such shares were held prior to the dividend record date. We also have the option to purchase at the issue price the common shares of any shareholder who ceases to be an employee for any reason other than death or retirement on a pension (except a deferred pension), and on the first anniversary of any holder's death. In the past, we have always exercised these purchase options, and we expect to continue to do so in the foreseeable future. However, we can make no assurance that we will continue to exercise our purchase option in the future. All outstanding shares have been issued at $20.00 per share. Cash dividends declared were $4,985 and $4,802 for the three months ended September 30, 2016 and 2015 , respectively. Cash dividends declared were $14,962 and $14,418 for the nine months ended September 30, 2016 and 2015 , respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Revolving Credit Facility At September 30, 2016 and December 31, 2015 , we along with Graybar Canada Limited, our Canadian operating subsidiary (“Graybar Canada”), had an unsecured, five -year, $550,000 revolving credit agreement maturing in June 2019 with Bank of America, N.A. and the other lenders named therein (the "Credit Agreement"), which includes a combined letter of credit sub-facility 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 includes a $100,000 sublimit (in U.S. or Canadian dollars) for borrowings by Graybar Canada and contains an accordion feature, which allows us to request increases to the aggregate borrowing commitments of up to $300,000 . The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, changes in the nature of our business, investments, mergers and acquisitions, issuance of equity securities, dispositions of assets and dissolution of certain subsidiaries, transactions with affiliates, restricted payments (subject to incurrence tests, with certain exceptions), as well as securitizations, factoring transactions, and transactions with sanctioned parties or in violation of certain U.S. or Canadian anti-corruption laws. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants that we are subject to during the term of the Credit Agreement. We were in compliance with all these covenants as of September 30, 2016 and December 31, 2015 . We had total letters of credit of $5,460 and $4,994 outstanding, of which none were issued under the Credit Agreement at September 30, 2016 and December 31, 2015 . The letters of credit are issued primarily to support certain workers' compensation insurance policies. There were $273,849 and $104,978 in short-term borrowings outstanding under the Credit Agreement at September 30, 2016 and December 31, 2015 , respectively. Short-term borrowings outstanding during the nine months ended September 30, 2016 and 2015 ranged from a minimum of $105,014 and $35,981 to a maximum of $311,506 and $184,188 , respectively. At September 30, 2016 , we had unused lines of credit under the Credit Agreement amounting to $276,151 available, compared to $445,022 at December 31, 2015 . These lines are available to meet our short-term cash requirements and are subject to annual fees of up to 40 basis points ( 0.40% ). Private Placement Shelf Agreements At September 30, 2016 and December 31, 2015 , we had an uncommitted $100,000 private placement Shelf Agreement with Prudential Investment Management, Inc. (the "Prudential Shelf Agreement"). The Prudential Shelf Agreement allows us to issue senior promissory notes to affiliates of Prudential at fixed rate terms to be agreed upon at the time of any issuance during a three year issuance period ending in September 2017. No notes had been issued under the Prudential Shelf Agreement as of September 30, 2016 and December 31, 2015 . On September 22, 2016, we entered into an uncommitted $100,000 private placement shelf agreement (the “MetLife Shelf Agreement”) with Metropolitan Life Insurance Company and MetLife Investment Advisors, LLC and each other affiliate of MetLife that becomes a party to the agreement (collectively, “MetLife”). Subject to the terms and conditions set forth below, the MetLife Shelf Agreement is expected to allow the Company to issue senior promissory notes to MetLife at fixed or floating rate economic terms to be agreed upon at the time of any issuance during a three-year issuance period ending in September 2019. Floating rate note interest rates will be based on London Interbank Offered Rate ("LIBOR") plus a spread. No notes have been issued under the MetLife Shelf Agreement, which ranks equally with the Company’s Credit Agreement and Prudential Shelf Agreement. Each shelf agreement contains customary representations and warranties of the Company and the investor. Each shelf agreement also contains customary events of default, including: a failure to pay principal, interest or fees when due; a failure to comply with covenants; the fact that any representation or warranty made by any of the credit parties is incorrect when given; the occurrence of an event of default under certain other indebtedness of Graybar and its subsidiaries; the commencement of certain insolvency or receivership events affecting any of the credit parties; certain actions under ERISA; and the occurrence of a change in control of Graybar (subject to certain permitted transactions as described in our Credit Agreement and in the applicable shelf agreement). Upon the occurrence of an event of default, all outstanding obligations of Graybar under any or all of these agreements may be declared immediately due and payable. Each shelf agreement contains customary affirmative and negative covenants for facilities of this type, including limitations on Graybar and its subsidiaries with respect to indebtedness, liens, changes in the nature of its business, investments, mergers and acquisitions, issuance of equity securities, dispositions of assets and dissolution of certain subsidiaries, transactions with affiliates, restricted payments (subject to incurrence tests, with certain exceptions), as well as securitizations, factoring transactions, and transactions with sanctioned parties or in violation of certain U.S. or Canadian anti-terrorism laws. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants to which we are subject during the term of the shelf agreement. These covenants are substantially similar to those contained in the Credit Agreement, subject to a number of important exceptions and qualifications set forth in the applicable shelf agreement. We were in compliance with all covenants as of September 30, 2016 and December 31, 2015 . In addition, we have agreed to a most favored lender clause which is designed to ensure that any notes issued in the future under the Prudential Shelf Agreement and MetLife Shelf Agreement will continue to be of equal ranking with our indebtedness under the Credit Agreement. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS We have a noncontributory defined benefit pension plan covering substantially all employees first hired prior to July 1, 2015 after the completion of one year of service and 1,000 hours of service. The plan provides retirement benefits based on an employee’s average earnings and years of service. These employees become 100% vested after three years of service, regardless of age. A supplemental benefit plan provides nonqualified benefits for compensation in excess of the IRS compensation limits applicable to the plan. Our 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 the contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by us from time to time. The assets of the defined benefit pension plan are invested primarily in fixed income investments and equity securities. We pay nonqualified pension benefits when they are due according to the terms of the supplemental benefit plan. We provide certain postretirement health care and life insurance benefits to retired employees. Substantially all of our 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 (except a deferred pension) under the defined benefit pension plan. Medical benefits are self-insured and claims are administered 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. We fund postretirement benefits as incurred, and accordingly, there were no assets held in the postretirement benefits plan at September 30, 2016 and December 31, 2015 . The net periodic benefit cost for the three and nine months ended September 30, 2016 and 2015 included the following components: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended Components of Net Periodic Benefit Cost 2016 2015 2016 2015 Service cost $ 6,342 $ 6,402 $ 572 $ 626 Interest cost 7,066 6,301 757 731 Expected return on plan assets (6,754 ) (7,075 ) — — Amortization of: Net actuarial loss 4,791 5,007 177 261 Prior service cost (gain) 106 113 (545 ) (545 ) Net periodic benefit cost $ 11,551 $ 10,748 $ 961 $ 1,073 Pension Benefits Postretirement Benefits Nine Months Ended Nine Months Ended Components of Net Periodic Benefit Cost 2016 2015 2016 2015 Service cost $ 19,026 $ 19,206 $ 1,716 $ 1,878 Interest cost 21,197 18,902 2,272 2,194 Expected return on plan assets (20,262 ) (21,223 ) — — Amortization of: Net actuarial loss 14,373 15,021 531 783 Prior service cost (gain) 318 339 (1,635 ) (1,635 ) Net periodic benefit cost $ 34,652 $ 32,245 $ 2,884 $ 3,220 We made qualified and nonqualified pension contributions totaling $44,002 and $10,002 during the three -month periods ended September 30, 2016 and 2015 , respectively. Contributions made during the nine -month periods ending September 30, 2016 and 2015 totaled $81,633 and $31,536 , respectively. Additional contributions totaling $2 are expected to be paid during the remainder of 2016 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2016 and 2015 : Three Months Ended Three Months Ended 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 $ 4,968 $ (439 ) $ 4,529 $ 5,268 $ (432 ) $ 4,836 Tax (benefit) expense (1,933 ) 171 (1,762 ) (2,049 ) 168 (1,881 ) Total reclassifications for the period, net of tax $ 3,035 $ (268 ) $ 2,767 $ 3,219 $ (264 ) $ 2,955 The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2016 and 2015 : Nine Months Ended Nine Months Ended 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 $ 14,904 $ (1,317 ) $ 13,587 $ 15,804 $ (1,296 ) $ 14,508 Tax (benefit) expense (5,798 ) 512 (5,286 ) (6,148 ) 504 (5,644 ) Total reclassifications for the period, net of tax $ 9,106 $ (805 ) $ 8,301 $ 9,656 $ (792 ) $ 8,864 The following table represents the activity included in accumulated other comprehensive income (loss) for the three months ended September 30, 2016 and 2015 : Three Months Ended Three Months Ended Foreign Currency Pension and Other Postretirement Benefits Total Foreign Currency Pension and Other Postretirement Benefits Total Beginning balance July 1, $ (7,507 ) $ (172,485 ) $ (179,992 ) $ (4,208 ) $ (146,568 ) $ (150,776 ) Other comprehensive income (loss) before reclassifications (1,106 ) — (1,106 ) (5,808 ) — (5,808 ) Amounts reclassified from accumulated other comprehensive income (net of tax $(1,762) and $(1,881)) — 2,767 2,767 — 2,955 2,955 Net current-period other comprehensive income (loss) (1,106 ) 2,767 1,661 (5,808 ) 2,955 (2,853 ) Ending balance September 30, $ (8,613 ) $ (169,718 ) $ (178,331 ) $ (10,016 ) $ (143,613 ) $ (153,629 ) The following table represents the activity included in accumulated other comprehensive income (loss) for the nine months ended September 30, 2016 and 2015 : Nine Months Ended Nine Months Ended Foreign Currency Pension and Other Postretirement Benefits Total Foreign Currency Pension and Other Postretirement Benefits Total Beginning balance January 1, $ (12,416 ) $ (178,019 ) $ (190,435 ) $ 284 $ (152,477 ) $ (152,193 ) Other comprehensive income (loss) before reclassifications 3,803 — 3,803 (10,300 ) — (10,300 ) Amounts reclassified from accumulated other comprehensive income (net of tax $(5,286) and $(5,644)) — 8,301 8,301 — 8,864 8,864 Net current-period other comprehensive income (loss) 3,803 8,301 12,104 (10,300 ) 8,864 (1,436 ) Ending balance September 30, $ (8,613 ) $ (169,718 ) $ (178,331 ) $ (10,016 ) $ (143,613 ) $ (153,629 ) |
Assets Held For Sale
Assets Held For Sale | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held For Sale | ASSETS HELD FOR SALE We consider 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 we expect 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, we record 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 $58 at December 31, 2015 . During the three months ended September 30, 2016 and 2015 , we sold no assets classified as held for sale and recorded no net gains on the assets held for sale. During the nine months ended September 30, 2016 , we sold an asset classified as held for sale with a net book value of $58 and recorded a net gain on the asset held for sale of $1,627 in other income, net. During the nine months ended September 30, 2015 , we sold assets classified as held for sale with a net book values of $4,669 and recorded a net gains on the assets held for sale of $4,195 in other income, net. The remaining net book value of assets still held for sale at September 30, 2016 is $553 and is recorded in net property in the condensed consolidated balance sheets. We review 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 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. For assets held for sale, impairment occurs whenever the net book value of the property listed for sale exceeds the expected selling price less estimated selling expenses. There were no impairment charges recorded during the three and nine month periods ended September 30, 2016 and 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Graybar and our subsidiaries are subject to various claims, disputes, and administrative and legal matters incidental to our past and current business activities. As a result, contingencies may arise resulting from an existing condition, situation, or set of circumstances involving an uncertainty as to the realization of a possible loss. We account for loss contingencies in accordance with 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 we deem an amount within the range to be a better estimate than any other amount within the range, that amount will 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 we believe that none of these claims, disputes, administrative, and legal matters will have a material adverse effect on our financial position, these matters are uncertain and we cannot at this time determine whether the financial impact, if any, of these matters will be material to our results of operations in the period during which such matters are resolved or a better estimate becomes available. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition | ACQUISITIONS In April 2015, we acquired 100% of the outstanding capital stock of Advantage Industrial Automation, Inc. (“Advantage”), which provides control and automation solutions to industrial users, OEMs and system integrators, for $18,093 in cash, net of cash acquired. The purchase price allocation resulted in approximately $7,057 and $8,283 of tax deductible goodwill and other intangible assets, respectively. On July 1, 2016, we purchased Cape Electrical Supply ("Cape Electric"), a regional distributor serving electrical contractors and large engineering construction firms, as well as industrial, institutional and utility customers, for approximately $59,946 in cash, net of cash acquired. The purchase price allocation is preliminary pending finalization of the valuation of the long lived assets including acquired intangible assets, which is expected to be completed in the fourth quarter of 2016. The preliminary purchase price allocation resulted in approximately $16,544 and $23,586 of tax deductible goodwill and other intangible assets, respectively. Since the date of acquisition, Advantage and Cape Electric results are reflected in our Condensed Consolidated Financial Statements. Pro forma results of these acquisitions are not material; therefore, they are not presented. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by Graybar pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “Commission”) applicable to interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that our disclosures are adequate to make the information presented not misleading. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect reported amounts. Our condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Certain reclassifications were made to prior year amounts to conform to the 2016 presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended December 31, 2015 , included in our latest Annual Report on Form 10-K. In the opinion of management, this quarterly report includes all adjustments, consisting of normal recurring accruals and adjustments, necessary for the fair presentation of the financial statements presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Graybar 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 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. |
Subsequent Events | Subsequent Events We have evaluated subsequent events through the time of the filing of this Quarterly Report on Form 10-Q with the Commission. No material subsequent events have occurred since September 30, 2016 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. Our standard shipping terms are FOB shipping point, under which product title passes to the customer at the time of shipment. We also earn revenue for services provided to customers for supply chain management and logistics services. Service revenue 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 We record certain outgoing freight expenses as a component of selling, general and administrative expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents We account 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 We perform ongoing credit evaluations of our customers, and a significant portion of our trade receivables is secured by mechanic’s lien or payment bond rights. We maintain 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 our customers were to deteriorate. |
Merchandise Inventory | Merchandise Inventory Our 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. We make provisions for obsolete or excess inventories as necessary to reflect reductions in inventory value. |
Vendor Allowances | Vendor Allowances Our agreements with many of our suppliers provide for us to earn volume incentives based on purchases during the agreement period. Based on the provisions of our vendor agreements, we develop vendor accrual rates by estimating the point at which we will have completed our performance under the agreement and the deferred amounts will be earned. We perform analyses and review historical trends to ensure the deferred amounts earned are appropriately recorded. Certain vendor agreements contain purchase volume incentives that provide for increased funding when graduated purchase volumes are met. Amounts accrued throughout the year are based on estimates of future activity levels, and could be materially impacted if actual purchase volumes differ. 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 our 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 us to concentrations of credit risk consist primarily of trade receivables. We perform ongoing credit evaluations of our customers, and a significant portion of our trade receivables may be protected by mechanic’s lien or payment bond rights. We maintain allowances for potential credit losses, and such losses historically have been within management’s expectations. |
Fair Value | Fair Value We endeavor to utilize the best available information in measuring fair value. 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. We have used fair value measurements to value our pension plan assets. |
Foreign Currency Exchange Rate | Foreign Currency Exchange Rate The functional currency for our Canadian subsidiary is the Canadian dollar. Accordingly, its balance sheet amounts are translated at the exchange rates in effect at the end of each reporting period and its statements of income amounts are translated at the average rates of exchange prevailing during the current period. Currency translation adjustments are included in accumulated other comprehensive loss. |
Goodwill | Goodwill Our 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. We first perform a qualitative 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 then 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. |
Definite Lived Intangible Assets | Definite Lived Intangible Assets The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, either on a straight-line or accelerated basis over the estimated periods benefited. Customer relationships, trade names and other non-contractual intangible assets with determinable lives are amortized over periods generally ranging from 5 to 20 years. Intangible assets are tested for impairment if events or circumstances occur indicating that the respective asset might be impaired. |
Income Taxes | Income Taxes We recognize 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. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe 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. We classify interest expense and penalties as part of our provision for income taxes based upon applicable federal and state interest/underpayment percentages. |
Other Postretirement Benefits | Other Postretirement Benefits We account 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. Our consolidated balance sheets reflect the funded status of postretirement benefits. |
Pension Plan | Pension Plan We sponsor 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. Our 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 2016 have had or are expected to have a material impact on our consolidated financial statements except those noted below: In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU” or “Update”) 2016-02, “Leases (Topic 842)”. The core principle of Topic 842 requires that a lessee should recognize the assets and liabilities on the balance sheet and disclose key information about leasing arrangements. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. We are currently evaluating the impact the provisions will have on our consolidated financial statements and whether we will adopt the guidance early. In April 2015, FASB issued ASU 2015-05, "Intangibles-Goodwill and Other-Internal-use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement". This Update provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract and expensed as services are received. The Update is effective for fiscal years beginning after December 15, 2015 and interim periods. We adopted this Update on January 1, 2016. The adoption of this standard did not have a material impact on our results of operation, financial position, or cash flows. In February 2015, FASB issued ASU 2015-02, "Consolidation". The amendments in this Update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. This ASU is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. We adopted this Update on January 1, 2016. The adoption of this standard did not have a material impact on our results of operation, financial position, or cash flows. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which provides guidance on a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. In July 2015, the FASB deferred the effective date of the Update for one year. The Update will now be effective for public business entities for annual reporting periods, including interim reporting periods, beginning after December 15, 2017. The new standard provides for two alternative implementation methods. The first is to apply the new standard retrospectively to each prior reporting period presented. This method allows the use of certain practical expedients. The second method is to apply the new standard retrospectively in the year of initial adoption and record a cumulative effect adjustment for the impact of adjusting contracts open at the date of adoption. Under this transition method, we would apply this guidance retrospectively only to contracts that are not completed contracts at the date of initial application, which for us will be January 1, 2018. We would then recognize the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. This method also requires us to disclose comparative information for the year of adoption. In March 2016, FASB issued ASU 2016-08 "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)". The amendments in this Update do not change the core principle of the guidance stated in ASU 2014-09. Instead, the amendments in this ASU are intended to further clarify the implementation guidance on principal versus agent considerations. ASU 2016-08 will have the same effective date and transition requirements as the new revenue standard issued in ASU 2014-09. We continue to determine which method we will use to implement the new standard and to assess the impact the new standard is expected to have on the consolidated financial statements or on other matters or aspects of our business. |
Pension and Other Postretirem21
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Net Benefit Costs | The net periodic benefit cost for the three and nine months ended September 30, 2016 and 2015 included the following components: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended Components of Net Periodic Benefit Cost 2016 2015 2016 2015 Service cost $ 6,342 $ 6,402 $ 572 $ 626 Interest cost 7,066 6,301 757 731 Expected return on plan assets (6,754 ) (7,075 ) — — Amortization of: Net actuarial loss 4,791 5,007 177 261 Prior service cost (gain) 106 113 (545 ) (545 ) Net periodic benefit cost $ 11,551 $ 10,748 $ 961 $ 1,073 Pension Benefits Postretirement Benefits Nine Months Ended Nine Months Ended Components of Net Periodic Benefit Cost 2016 2015 2016 2015 Service cost $ 19,026 $ 19,206 $ 1,716 $ 1,878 Interest cost 21,197 18,902 2,272 2,194 Expected return on plan assets (20,262 ) (21,223 ) — — Amortization of: Net actuarial loss 14,373 15,021 531 783 Prior service cost (gain) 318 339 (1,635 ) (1,635 ) Net periodic benefit cost $ 34,652 $ 32,245 $ 2,884 $ 3,220 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income | The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2016 and 2015 : Three Months Ended Three Months Ended 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 $ 4,968 $ (439 ) $ 4,529 $ 5,268 $ (432 ) $ 4,836 Tax (benefit) expense (1,933 ) 171 (1,762 ) (2,049 ) 168 (1,881 ) Total reclassifications for the period, net of tax $ 3,035 $ (268 ) $ 2,767 $ 3,219 $ (264 ) $ 2,955 The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2016 and 2015 : Nine Months Ended Nine Months Ended 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 $ 14,904 $ (1,317 ) $ 13,587 $ 15,804 $ (1,296 ) $ 14,508 Tax (benefit) expense (5,798 ) 512 (5,286 ) (6,148 ) 504 (5,644 ) Total reclassifications for the period, net of tax $ 9,106 $ (805 ) $ 8,301 $ 9,656 $ (792 ) $ 8,864 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table represents the activity included in accumulated other comprehensive income (loss) for the three months ended September 30, 2016 and 2015 : Three Months Ended Three Months Ended Foreign Currency Pension and Other Postretirement Benefits Total Foreign Currency Pension and Other Postretirement Benefits Total Beginning balance July 1, $ (7,507 ) $ (172,485 ) $ (179,992 ) $ (4,208 ) $ (146,568 ) $ (150,776 ) Other comprehensive income (loss) before reclassifications (1,106 ) — (1,106 ) (5,808 ) — (5,808 ) Amounts reclassified from accumulated other comprehensive income (net of tax $(1,762) and $(1,881)) — 2,767 2,767 — 2,955 2,955 Net current-period other comprehensive income (loss) (1,106 ) 2,767 1,661 (5,808 ) 2,955 (2,853 ) Ending balance September 30, $ (8,613 ) $ (169,718 ) $ (178,331 ) $ (10,016 ) $ (143,613 ) $ (153,629 ) The following table represents the activity included in accumulated other comprehensive income (loss) for the nine months ended September 30, 2016 and 2015 : Nine Months Ended Nine Months Ended Foreign Currency Pension and Other Postretirement Benefits Total Foreign Currency Pension and Other Postretirement Benefits Total Beginning balance January 1, $ (12,416 ) $ (178,019 ) $ (190,435 ) $ 284 $ (152,477 ) $ (152,193 ) Other comprehensive income (loss) before reclassifications 3,803 — 3,803 (10,300 ) — (10,300 ) Amounts reclassified from accumulated other comprehensive income (net of tax $(5,286) and $(5,644)) — 8,301 8,301 — 8,864 8,864 Net current-period other comprehensive income (loss) 3,803 8,301 12,104 (10,300 ) 8,864 (1,436 ) Ending balance September 30, $ (8,613 ) $ (169,718 ) $ (178,331 ) $ (10,016 ) $ (143,613 ) $ (153,629 ) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Accrued interest and penalties | $ 963 | $ 907 |
Unrecognized tax benefits | $ 2,387 | $ 2,247 |
Capital Stock - Captial Stock (
Capital Stock - Captial Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Equity [Abstract] | |||||
Percent of entity owned by current and retired employees | 100.00% | ||||
Percent of entity held in voting trust | 84.00% | 84.00% | |||
Common, stated value (in dollars per share) | $ 20 | $ 20 | $ 20 | ||
Dividends, Common Stock, Cash | $ 4,985 | $ 4,802 | $ 14,962 | $ 14,418 |
Debt - Credit Agreement (Detail
Debt - Credit Agreement (Details) - USD ($) | Jun. 06, 2014 | Sep. 30, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 276,151,000 | $ 445,022,000 | |
Commitment fee percentage | 0.40% | ||
Line of Credit | Credit Agreement | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Term | 5 years | ||
Maximum borrowing capacity | $ 550,000,000 | ||
Accordion feature, higher borrowing capacity option | 300,000,000 | ||
Line of Credit | Credit Agreement | Letter of Credit Sub-Facility | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 50,000,000 | ||
Line of Credit | Credit Agreement | Bridge Loan | Graybar Canada | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 100,000,000 | ||
Line of Credit | Credit Agreement | Bridge Loan | UNITED STATES | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 50,000,000 | ||
Line of Credit | Credit Agreement | Bridge Loan | CANADA | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 20,000,000 | ||
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Letters of credit outstanding, amount | $ 5,460,000 | 4,994,000 | |
Letter of Credit | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Letters of credit outstanding, amount | $ 0 | $ 0 |
Debt - Short-Term Borrowings (D
Debt - Short-Term Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Line of Credit Facility [Line Items] | |||
Short-term borrowings | $ 273,849 | $ 104,978 | |
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Short-term borrowings | 273,849 | $ 104,978 | |
Minimum | |||
Line of Credit Facility [Line Items] | |||
Short-term borrowings | 105,014 | $ 35,981 | |
Maximum | |||
Line of Credit Facility [Line Items] | |||
Short-term borrowings | $ 311,506 | $ 184,188 |
Debt - Private Placement Shelf
Debt - Private Placement Shelf Agreement (Details) - Maximum - Senior Notes - USD ($) $ in Thousands | Sep. 22, 2016 | Sep. 22, 2014 |
Prudential Private Placement Shelf Agreement | ||
Debt Instrument [Line Items] | ||
Agreement face amount | $ 100,000 | |
MetLife Private Placement Shelf Agreement | ||
Debt Instrument [Line Items] | ||
Agreement face amount | $ 100,000 |
Pension and Other Postretirem28
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||
Requisite service period | 3 years | |||
Contributions by employer | $ 44,002 | $ 10,002 | $ 81,633 | $ 31,536 |
Estimated future contributions in remainder of 2016 | $ 2 |
Pension and Other Postretirem29
Pension and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | $ 6,342 | $ 6,402 | $ 19,026 | $ 19,206 |
Interest cost | 7,066 | 6,301 | 21,197 | 18,902 |
Expected return on plan assets | (6,754) | (7,075) | (20,262) | (21,223) |
Amortization of: Net actuarial loss | 4,791 | 5,007 | 14,373 | 15,021 |
Amortization of: Prior service cost (gain) | 106 | 113 | 318 | 339 |
Net periodic benefit cost | 11,551 | 10,748 | 34,652 | 32,245 |
Other Postretirement Benefit Plans, Defined Benefit | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | 572 | 626 | 1,716 | 1,878 |
Interest cost | 757 | 731 | 2,272 | 2,194 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of: Net actuarial loss | 177 | 261 | 531 | 783 |
Amortization of: Prior service cost (gain) | (545) | (545) | (1,635) | (1,635) |
Net periodic benefit cost | $ 961 | $ 1,073 | $ 2,884 | $ 3,220 |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | $ 254,969 | $ 244,672 | $ 750,266 | $ 717,648 |
Tax (benefit) expense | 20,724 | 19,431 | 48,396 | 44,414 |
Total reclassifications for the period, net of tax | (30,196) | (28,397) | (70,987) | (66,036) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | 4,529 | 4,836 | 13,587 | 14,508 |
Tax (benefit) expense | (1,762) | (1,881) | (5,286) | (5,644) |
Total reclassifications for the period, net of tax | 2,767 | 2,955 | 8,301 | 8,864 |
Actuarial Losses Recognized | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | 4,968 | 5,268 | 14,904 | 15,804 |
Tax (benefit) expense | (1,933) | (2,049) | (5,798) | (6,148) |
Total reclassifications for the period, net of tax | 3,035 | 3,219 | 9,106 | 9,656 |
Prior Service Costs Recognized | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | (439) | (432) | (1,317) | (1,296) |
Tax (benefit) expense | 171 | 168 | 512 | 504 |
Total reclassifications for the period, net of tax | $ (268) | $ (264) | $ (805) | $ (792) |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ (179,992) | $ (150,776) | $ (190,435) | $ (152,193) |
Other comprehensive income (loss) before reclassifications | (1,106) | (5,808) | 3,803 | (10,300) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 2,767 | 2,955 | 8,301 | 8,864 |
Net current-period other comprehensive income (loss) | 1,661 | (2,853) | 12,104 | (1,436) |
Ending balance | (178,331) | (153,629) | (178,331) | (153,629) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | (1,762) | (1,881) | (5,286) | (5,644) |
Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (7,507) | (4,208) | (12,416) | 284 |
Other comprehensive income (loss) before reclassifications | (1,106) | (5,808) | 3,803 | (10,300) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income (loss) | (1,106) | (5,808) | 3,803 | (10,300) |
Ending balance | (8,613) | (10,016) | (8,613) | (10,016) |
Pension and Other Postretirement Benefits | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (172,485) | (146,568) | (178,019) | (152,477) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 2,767 | 2,955 | 8,301 | 8,864 |
Net current-period other comprehensive income (loss) | 2,767 | 2,955 | 8,301 | 8,864 |
Ending balance | $ (169,718) | $ (143,613) | $ (169,718) | $ (143,613) |
Assets Held For Sale - Assets H
Assets Held For Sale - Assets Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on impairment of property | $ 0 | $ 0 | $ 0 | $ 0 | |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Long lived assets held for sale | 553 | 553 | $ 58 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net book value of assets for sale | 0 | 0 | 58 | 4,669 | |
Net gain on sale of assets | $ 0 | $ 0 | $ 1,627 | $ 4,195 |
- Acquisition (Details)
- Acquisition (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Apr. 01, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Business Acquisition [Line Items] | ||||
Acquisition of business, net of cash acquired | $ (59,946) | $ (18,093) | ||
Advantage Industrial Automation | ||||
Business Acquisition [Line Items] | ||||
Percentage of voting interest acquired | 100.00% | |||
Acquisition of business, net of cash acquired | $ (18,093) | |||
Goodwill | 7,057 | |||
Other Intangible Assets | $ 8,283 | |||
Cape Electrical Supply | ||||
Business Acquisition [Line Items] | ||||
Acquisition of business, net of cash acquired | $ (59,946) | |||
Goodwill | 16,544 | |||
Other Intangible Assets | $ 23,586 |