Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 01, 2022 | Jun. 30, 2021 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-00255 | ||
Entity Registrant Name | GRAYBAR ELECTRIC COMPANY, INC. | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 13-0794380 | ||
Entity Address, Address Line One | 34 North Meramec Avenue | ||
Entity Address, City or Town | St. Louis | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63105 | ||
City Area Code | 314 | ||
Local Phone Number | 573 - 9200 | ||
Title of 12(g) Security | Common Stock - Par Value $1.00 Per Share with a | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 450,979,100 | ||
Entity Common Stock, Shares Outstanding | 23,124,356 | ||
Documents Incorporated by Reference | Portions of the documents listed below have been incorporated by reference into the indicated Part of this Annual Report on Form 10-K: Information Statement relating to the 2021 Annual Meeting of Shareholders – Part III, Items 10-14 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000205402 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | St. Louis, Missouri | ||
Auditor Firm ID | 42 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Income [Abstract] | |||
Net sales | $ 8,767.3 | $ 7,265.7 | $ 7,523.9 |
Cost of merchandise sold | (7,078.1) | (5,896.2) | (6,094.9) |
Gross Margin | 1,689.2 | 1,369.5 | 1,429 |
Selling, general and administrative expenses | (1,240.5) | (1,098.9) | (1,159.9) |
Depreciation and amortization | (49.8) | (52.8) | (50.5) |
Other income, net | 11.5 | 7 | 5 |
Income from Operations | 410.4 | 224.8 | 223.6 |
Non-operating expenses | (59.5) | (58.5) | (23.7) |
Income before Provision for Income Taxes | 350.9 | 166.3 | 199.9 |
Provision for income taxes | (87.9) | (44.2) | (55) |
Net Income | 263 | 122.1 | 144.9 |
Net income attributable to noncontrolling interests | (0.6) | (0.3) | (0.4) |
Net Income attributable to Graybar Electric Company, Inc. | $ 262.4 | $ 121.8 | $ 144.5 |
Net Income attributable to Graybar Electric Company, Inc. per share of Common Stock | $ 11.51 | $ 5.38 | $ 6.41 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net Income | $ 263 | $ 122.1 | $ 144.9 |
Other Comprehensive Income (Loss) | |||
Foreign currency translation | 0.1 | 2.8 | 4.8 |
Pension and postretirement benefits liability adjustments (net of tax of $(22.9), $(0.5), and $5.2, respectively) | 66.1 | 1.3 | (15) |
Total Other Comprehensive Income (Loss) | 66.2 | 4.1 | (10.2) |
Comprehensive Income | 329.2 | 126.2 | 134.7 |
Less: comprehensive income attributable to noncontrolling interests, net of tax | 0.6 | 0.5 | 0.5 |
Comprehensive Income attributable to Graybar Electric Company, Inc. | $ 328.6 | $ 125.7 | $ 134.2 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Pension and postretirement benefits liability adjustment (tax) | $ (22.9) | $ (0.5) | $ 5.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 48.5 | $ 131.2 |
Trade receivables (less allowances of $9.1 and $6.9, respectively) | 1,407.6 | 1,109 |
Merchandise inventory | 808.4 | 588.5 |
Other current assets | 54.8 | 56.6 |
Total Current Assets | 2,319.3 | 1,885.3 |
Property, at cost | ||
Land | 97.6 | 78.9 |
Buildings | 534.1 | 504.5 |
Furniture and fixtures | 261.7 | 255.7 |
Software | 151.4 | 153.5 |
Finance leases | 14 | 14.6 |
Total Property, at cost | 1,058.8 | 1,007.2 |
Accumulated depreciation and amortization | (622.1) | (600.6) |
Net Property | 436.7 | 406.6 |
Operating Lease Right-of-use Assets | 133.1 | 118.8 |
Other Non-current Assets | 179.9 | 140.5 |
Total Assets | 3,069 | 2,551.2 |
Current Liabilities | ||
Short-term borrowings | 124.2 | 50 |
Current portion of long-term debt | 1.9 | 2.3 |
Trade accounts payable | 1,055.4 | 884.1 |
Accrued payroll and benefit costs | 187.8 | 121.7 |
Other accrued taxes | 42.8 | 44.2 |
Current operating lease liabilities | 34 | 31.2 |
Other current liabilities | 142.9 | 104.4 |
Total Current Liabilities | 1,589 | 1,237.9 |
Postretirement Benefits Liability | 68.5 | 74.1 |
Pension Liability | 159.1 | 197.9 |
Long-term Debt | 4.2 | 5.7 |
Non-current Operating Lease Liabilities | 107.5 | 95.9 |
Other Non-current Liabilities | 8.8 | 4.7 |
Total Liabilities | 1,937.1 | 1,616.2 |
SHAREHOLDERS’ EQUITY | ||
Outstanding Common Stock | 456.7 | 452.1 |
Common shares subscribed | 21.1 | 21.1 |
Less subscriptions receivable | (21.1) | (21.1) |
Retained Earnings | 850.3 | 725.1 |
Accumulated Other Comprehensive Loss | (180.5) | (246.7) |
Total Graybar Electric Company, Inc. Shareholders’ Equity | 1,126.5 | 930.5 |
Noncontrolling Interests | 5.4 | 4.5 |
Total Shareholders’ Equity | 1,131.9 | 935 |
Total Liabilities and Shareholders’ Equity | $ 3,069 | $ 2,551.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts | $ 9.1 | $ 6.9 |
Common stock stated value per share | $ 20 | $ 20 |
Authorized | 50,000,000 | 50,000,000 |
Issued to voting trustees | 18,956,496 | 18,755,472 |
Issued to shareholders | 3,929,845 | 3,905,994 |
In treasury, at cost | (53,108) | (57,047) |
Outstanding Common Stock | 22,833,233 | 22,604,419 |
Common shares subscribed | 1,056,109 | 1,052,817 |
Less subscripton receivable | (1,056,109) | (1,052,817) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | |||
Net Income | $ 263 | $ 122.1 | $ 144.9 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 49.8 | 52.8 | 50.5 |
Non-cash operating lease expense | 34.9 | 33.8 | 30.1 |
Deferred income taxes | (14.1) | (10.2) | (3.7) |
Net gains on disposal of assets | (9.4) | (3) | (1.5) |
Losses on impairment of assets | 0.3 | 0.3 | |
Non-cash pension settlement charge | 30.4 | 27.7 | |
Net income attributable to noncontrolling interests | (0.6) | (0.3) | (0.4) |
Changes in assets and liabilities: | |||
Trade receivables | (274.5) | (5.2) | 92.2 |
Merchandise inventory | (187.6) | 68 | 4.5 |
Other current assets | 2.5 | (4.9) | 2.4 |
Other non-current assets | (2) | (1.1) | (1.7) |
Trade accounts payable | 157.9 | 48.1 | (62.8) |
Accrued payroll and benefit costs | 64.8 | (30.2) | (7.1) |
Other current liabilities | 32.6 | 25.1 | 5.8 |
Other non-current liabilities | (20.2) | (21.3) | (4.1) |
Total adjustments to net income | (135.5) | 179.6 | 104.5 |
Net cash provided by operating activities | 127.5 | 301.7 | 249.4 |
Cash Flows from Investing Activities | |||
Proceeds from disposal of property | 9.9 | 7.9 | 3.7 |
Capital expenditures for property | (70.9) | (31.1) | (43.1) |
Acquisition of businesses, net of cash acquired | (88.7) | (27.2) | |
Net cash used by investing activities | (149.7) | (50.4) | (39.4) |
Cash Flows from Financing Activities | |||
Net increase (decrease) in short-term borrowings | 74.2 | (88) | (97) |
Principal payments under finance arrangements | (2.3) | (3.9) | (3.7) |
Proceeds from advance payments on common stock prior to issuance | 2.1 | ||
Payment of deferred financing fees | (2.2) | ||
Sales of common stock | 20.5 | 19.1 | 18.5 |
Purchases of common stock | (15.9) | (16.5) | (19.2) |
Sales of noncontrolling interests’ common stock | 1.1 | 0.8 | |
Purchases of noncontrolling interests’ common stock | (0.8) | (0.9) | (0.3) |
Dividends paid | (137.2) | (90.7) | (107.2) |
Net cash used by financing activities | (60.5) | (180.9) | (208.1) |
Net (Decrease) Increase in Cash | (82.7) | 70.4 | 1.9 |
Cash, Beginning of Year | 131.2 | 60.8 | 58.9 |
Cash, End of Year | 48.5 | 131.2 | 60.8 |
Non-cash Investing and Financing Activities: | |||
Acquisitions of equipment under finance leases | 0.4 | 0.3 | 2 |
Acquisitions of assets under operating leases | 54.7 | 35.3 | 55.9 |
Cash Paid During the Year for: | |||
Interest, net of amounts capitalized | 1 | 3.8 | 6.1 |
Income taxes, net of refunds | $ 96.7 | $ 55.3 | $ 60.7 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes in Shareholders’ Equity - USD ($) $ in Millions | Common Stock Including Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total |
Balance at Dec. 31, 2018 | $ 428.8 | $ 678.1 | $ (240.3) | $ 3.9 | $ 870.5 |
Net income | 144.5 | 0.4 | 144.9 | ||
Other comprehensive (loss) income | (10.3) | 0.1 | (10.2) | ||
Stock issued | 18.5 | 0.8 | 19.3 | ||
Stock purchased | (19.2) | (0.3) | (19.5) | ||
Dividends declared | 21.4 | (128.6) | (107.2) | ||
Balance at Dec. 31, 2019 | 449.5 | 694 | (250.6) | 4.9 | 897.8 |
Net income | 121.8 | 0.3 | 122.1 | ||
Other comprehensive (loss) income | 3.9 | 0.2 | 4.1 | ||
Stock issued | 19.1 | 19.1 | |||
Stock purchased | (16.5) | (0.9) | (17.4) | ||
Dividends declared | (90.7) | (90.7) | |||
Balance at Dec. 31, 2020 | 452.1 | 725.1 | (246.7) | 4.5 | 935 |
Net income | 262.4 | 0.6 | 263 | ||
Other comprehensive (loss) income | 66.2 | 66.2 | |||
Stock issued | 20.5 | 1.1 | 21.6 | ||
Stock purchased | (15.9) | (0.8) | (16.7) | ||
Dividends declared | (137.2) | (137.2) | |||
Balance at Dec. 31, 2021 | $ 456.7 | $ 850.3 | $ (180.5) | $ 5.4 | $ 1,131.9 |
Description Of The Business
Description Of The Business | 12 Months Ended |
Dec. 31, 2021 | |
Description Of The Business [Abstract] | |
Description Of The Business | 1. 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, commercial, institutional and government ("CIG"), and industrial & 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"). In our primary role as third-party wholesale distributor, we neither manufacture nor contract to manufacture the products that we sell; however, one of our subsidiaries may contract to manufacture some of its private label lighting fixtures. Our business activity is primarily based 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 | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. 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. Principles of Consolidation The consolidated financial statements include the accounts of Graybar and our subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company are in subsidiaries owned by the Company and 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. Revenue Recognition Sales revenue is recognized when performance obligations are satisfied, which is typically upon delivery of the product to the customer. Sometimes product is purchased from the manufacturer and drop-shipped to the customer. We generally take control of the goods when shipped by the manufacturer and then recognize revenue when control of the product transfers to the customer. Revenues recognized are primarily for product sales, but may also include freight and handling charges. Our standard warehouse shipping terms are FOB shipping point, under which control passes to the customer at the time of shipment. We also earn revenue for professional services, general contracting services, and storage services. Such service revenue represented less than 1% of net sales for the years ended December 31, 2021, 2020, and 2019. Revenue is reported net of all taxes, primarily sales tax, assessed by governmental authorities as a result of revenue-producing transactions. Outgoing Freight Expenses We record 95% of outgoing freight expenses as a component of selling, general and administrative expenses. Total outgoing freight expenses were $78.9 million, $68.8 million, and $68.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. 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 Credit Losses 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 pooled on the aging of the receivables, specific risks identified in the receivables portfolio based on current conditions, and expected future economic conditions when necessary. 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, comprised entirely of finished goods, is stated at the lower of cost (generally 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 our performance under the agreements and the amounts that 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 income from operations 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 is 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, 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. 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 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 using 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 on a straight-line 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 3 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. 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. We assess uncertainty regarding tax positions taken in previously filed returns and record reserves in accordance with the guidance under Accounting Standards Codification ("ASC") 740-10, "Accounting for Uncertainty in Income Taxes". Other Postretirement Benefits We account for postretirement benefits other than pension benefits by accruing the costs of benefits to be provided over the eligible 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 eligible 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. Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and non-current operating lease liabilities on our consolidated balance sheets. Amounts related to finance leases are included in property, current portion of long-term debt, and long-term debt on our consolidated balance sheets. ROU assets and lease liabilities are recognized and measured on the date the underlying asset is made available to us. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. We use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For certain leases, such as real estate and information technology (IT) equipment, we account for the lease and non-lease components as a single lease component. For all other leases, we account for the lease and non-lease components separately. We have elected as an accounting policy not to apply the recognition requirements for short-term leases. Therefore, leases with a term of twelve months or less are not recorded on the consolidated balance sheets. Lease expenses associated with short-term leases are immaterial and are recorded in the consolidated statements of income in selling, general and administrative expenses. Additionally, for certain vehicle leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities. Non-Operating Expenses Non-operating expenses are comprised of interest expense, net and non-service cost components of the net periodic benefit cost for the pension and other postretirement benefit plans. The non-service cost components include interest cost, expected return on plan assets, amortization of net actuarial gains/losses, amortization of prior service costs/gains, and charges due to settlement of certain plan liabilities. New Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU” or “Update”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” that provides temporary relief to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative rates. This Update is effective for all entities as of March 12, 2020 through December 31, 2022. The guidance on contract modifications, which is applicable to Graybar, can be applied prospectively from any date beginning March 12, 2020 and may also be applied to modifications of existing contracts made earlier in the interim period that includes March 12, 2020. We have evaluated the impact of the adoption of the Update on our contracts and our consolidated financial statements. We do not engage in hedging transactions and we have the option under our Amended Credit Agreement, as defined in Note 12, “Debt”, to continue to use LIBOR until June 30, 2023. As such, this Update does not have a material impact on our contracts and our consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires companies to apply ASC 606, “Revenue from Contracts with Customers” to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805, which uses fair value. The guidance is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted and the guidance should be applied prospectively. We are currently evaluating the impact of adopting the Update on our consolidated financial statements, and the adoption would be dependent upon whether we pursue any acquisitions in the future. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [Abstract] | |
Revenue | 3. REVENUE The following table summarizes the percentages of our net sales attributable to each of our vertical markets for the years ended December 31, 2021, 2020 and 2019: For the Years Ended December 31, 2021 2020 2019 Construction 58.6% 58.2% 58.4%CIG 25.4 26.7 26.4 Industrial & Utility 16.0 15.1 15.2 Total net sales 100.0% 100.0% 100.0% Certain reclassifications have been made to the vertical market assigned to customers in the prior years’ information to conform to the December 31, 2021 presentation. We had no material contract assets, contract liabilities, or deferred contract costs recorded on the consolidated balance sheet as of December 31, 2021 and 2020. In addition, for the years ended December 31, 2021, 2020 and 2019, revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period is not material. |
Allowances For Cash Discounts A
Allowances For Cash Discounts And Credit Losses | 12 Months Ended |
Dec. 31, 2021 | |
Allowances For Cash Discounts And Credit Losses [Abstract] | |
Allowances For Cash Discounts And Credit Losses | 4. ALLOWANCES FOR CASH DISCOUNTS AND CREDIT LOSSES The following table summarizes the activity in the allowances for cash discounts and credit losses: Beginning Balance Provision (Charged to Expense) Deductions Ending BalanceFor the Year Ended December 31, 2021 Allowance for cash discounts$ 2.9 $ 44.3 $ (43.4) $ 3.8Allowance for credit losses 4.0 1.9 (0.6) 5.3Total$ 6.9 $ 46.2 $ (44.0) $ 9.1 For the Year Ended December 31, 2020 Allowance for cash discounts$ 2.2 $ 35.1 $ (34.4) $ 2.9Allowance for credit losses 4.0 2.6 (2.6) 4.0Total$ 6.2 $ 37.7 $ (37.0) $ 6.9 For the Year Ended December 31, 2019 Allowance for cash discounts$ 2.2 $ 35.8 $ (35.8) $ 2.2Allowance for credit losses 3.7 7.0 (6.7) 4.0Total$ 5.9 $ 42.8 $ (42.5) $ 6.2 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2021 | |
Inventory [Abstract] | |
Inventory | 5. INVENTORY Our inventory, comprised entirely of finished goods, is stated at the lower of cost (generally determined using the LIFO cost method) or market. Inventories valued using the LIFO method comprised 87% and 89% of the total inventories at December 31, 2021 and 2020, respectively. Had the first-in, first-out (“FIFO”) method been used, merchandise inventory would have been $427.9 million and $227.2 million greater than reported under the LIFO method at December 31, 2021 and 2020, respectively. We did not liquidate any portion of previously-created LIFO layers in 2021 and 2019. In 2020, we liquidated portions of previously created LIFO layers, resulting in decreases in cost of merchandise sold of $4.1 million. Reserves for excess and obsolete inventories were $14.0 million and $8.6 million at December 31, 2021 and 2020, respectively. The change in the reserve for excess and obsolete inventories, included in cost of merchandise sold, was $5.4 million, $(0.6) million, and $1.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. |
Property And Depreciation
Property And Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
Property And Depreciation [Abstract] | |
Property and Depreciation | 6. PROPERTY AND DEPRECIATION We provide for depreciation and amortization using the straight-line method over the following estimated useful asset lives: ClassificationEstimated Useful Asset LifeBuildings42 yearsLeasehold improvementsOver the shorter of the asset’s life or the lease termFurniture, fixtures, equipment and software3 to 14 yearsAssets held under finance leasesOver the shorter of the asset’s life or the lease term Depreciation expense was $36.2 million, $36.7 million, and $36.1 million in 2021, 2020, and 2019, respectively. At the time property is retired or otherwise disposed, 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. 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. There were no assets held for sale at December 31, 2021 or 2020. During the year ended December 31, 2021, we sold assets classified as held for sale with a net book value of $0.4 million, and recorded a gain of $9.1 million in other income, net. During the year ended December 31, 2020, we sold assets classified as held for sale with a net book value of $4.4 million, and recorded a net gain of $3.4 million in other income, net. We did not sell any assets classified as held for sale in 2019. We review long-lived assets 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 7. LEASES We have operating and finance leases for corporate offices, warehouse buildings, sales offices, branch locations, vehicles, and certain equipment. Our leases have remaining lease terms of one to ten years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases within one year. In addition to fixed lease payments, we incur variable lease charges that are recognized as incurred. These charges are primarily for maintenance and real estate taxes on leased facilities. The components of the lease expense for the years ended December 31, 2021, 2020, and 2019 were as follows: For the Years Ended December 31, 2021 20202019Operating lease cost $ 38.4 $ 37.9 $ 33.9Finance lease cost: Amortization of right-of-use assets 2.0 2.1 2.2Interest on lease liabilities 0.5 0.6 0.7Total finance lease cost 2.5 2.7 2.9Variable lease cost 10.5 10.6 9.5Total lease cost $ 51.4 $ 51.2 $ 46.3 Supplemental balance sheet information at December 31, 2021 and 2020 related to leases was as follows: December 31, 2021 2020Operating leases: Operating lease right-of-use assets $ 133.1 $ 118.8 Current operating lease liabilities $ 34.0 $ 31.2Non-current operating lease liabilities 107.5 95.9Total operating lease liabilities $ 141.5 $ 127.1 Finance leases: Property, at cost $ 14.0 $ 14.6Accumulated depreciation and amortization (9.2) (8.1)Net property $ 4.8 $ 6.5 Current obligations of finance leases $ 1.9 $ 2.3Finance leases, net of current obligations 4.2 5.7Total finance lease liabilities $ 6.1 $ 8.0 Weighted average remaining lease term: Operating leases 5.0 years 4.7 yearsFinance leases 4.0 years 4.4 yearsWeighted average discount rate: Operating leases 2.5% 2.9%Finance leases 7.8% 7.3% Supplemental cash flow and other information for the years ended December 31, 2021, 2020, and 2019 related to leases was as follows: For the Years Ended December 31, 2021 20202019Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 39.0 $ 37.3 $ 33.5Operating cash flows from finance leases 0.5 0.6 0.7Financing cash flows from finance leases 2.3 2.2 2.1 Right-of-use assets obtained in exchange for lease liabilities: Operating leases(A) $ 54.7 $ 35.3 $ 55.9Finance leases 0.4 0.3 2.0 (A) Includes $15.8 million and $1.6 million of operating leases established as a result of our acquisitions during 2021 and 2020, respectively. See Note 17, “Acquisitions”, for further information. Future minimum lease payments under non-cancellable leases as of December 31, 2021, were as follows: December 31, 2021 OperatingLeases FinanceLeasesFuture minimum lease payments 2022 $ 37.0 $ 2.32023 34.1 1.62024 27.2 1.42025 18.8 1.02026 13.9 0.3Thereafter 19.3 0.6Total future minimum lease payments $ 150.3 $ 7.2Less: imputed interest (8.8) (1.1)Total lease obligation $ 141.5 $ 6.1Less: current obligations (34.0) (1.9)Long-term lease obligation $ 107.5 $ 4.2 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | 8. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets increased due to the acquisitions of businesses in 2021 and 2020. See Note 17, “Acquisitions”, for further information. Goodwill The changes in the carrying amount of goodwill, included in other non-current assets in our consolidated balance sheets, for the years ended December 31 were as follows: 2021 2020Beginning balance$ 37.1 $ 30.1Goodwill acquired 20.0 7.0Ending balance$ 57.1 $ 37.1 As of December 31, 2021, we have completed our annual impairment test and concluded that there is no impairment of our goodwill. Other Intangible Assets Other intangible assets, included in other non-current assets in our consolidated balance sheets, consist of the following: As of December 31, 2021 Asset LifeWeighted Average Life Gross CarryingAmount AccumulatedAmortization Net CarryingAmountCustomer relationships6 to 20 years13.4 years $ 57.4 $ (11.6) $ 45.8Trade name5 to 20 years18.9 years 23.2 (4.6) 18.6Non-compete agreements3 to 7 years5.5 years 0.9 (0.4) 0.5Other intangible assets10 years10 years 0.1 (0.1) —Total 14.9 years $ 81.6 $ (16.7) $ 64.9 As of December 31, 2020 Asset LifeWeighted Average Life Gross CarryingAmount AccumulatedAmortization Net CarryingAmountCustomer relationships8 to 14 years11.8 years $ 30.5 $ (8.4) $ 22.1Trade name15 to 20 years19.4 years 18.2 (3.6) 14.6Non-compete agreements3 to 7 years5.6 years 0.7 (0.3) 0.4Other intangible assets10 years10 years 0.1 (0.1) —Total 14.5 years $ 49.5 $ (12.4) $ 37.1 We did not incur impairment losses related to our other intangible assets during the year ended December 31, 2021 and 2020. Amortization expense for other intangible assets was $4.3 million, $2.5 million, and $2.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. Estimated future amortization expense related to our intangible assets for the years ending December 31 is as follows: 2022$ 6.1 2023 6.1 2024 6.0 2025 5.8 2026 4.5 After 2026 36.4 $ 64.9 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 9. INCOME TAXES 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 December 31, Components of Income before Taxes 2021 2020 2019Domestic$ 327.6 $ 151.1 $ 185.1Foreign 23.3 15.2 14.8Income before taxes$ 350.9 $ 166.3 $ 199.9 For the Years Ended December 31, Components of Income Tax Provision 2021 2020 2019Current expense U.S. Federal$ 77.3 $ 38.5 $ 41.9State 18.2 11.4 12.4Foreign 6.5 4.5 4.4Total current expense$ 102.0 $ 54.4 $ 58.7Deferred (benefit) expense U.S. Federal$ (10.9) $ (7.8) $ (3.0)State (3.2) (2.3) (0.8)Foreign — (0.1) 0.1Total deferred benefit$ (14.1) $ (10.2) $ (3.7)Total income tax provision$ 87.9 $ 44.2 $ 55.0 A reconciliation between the statutory U.S. federal income tax rate and the effective tax rate in the consolidated statements of income is as follows: For the Years Ended December 31, 2021 2020 2019 Statutory U.S. federal income tax rate 21.0% 21.0% 21.0%State and local income taxes, net of federal benefit 3.3 4.3 4.5 Nondeductible meals and entertainment 0.1 0.5 1.4 Other, net 0.6 0.8 0.6 Effective tax rate25.0% 26.6% 27.5% 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 consolidated financial statements. The following deferred tax assets (liabilities) were recorded at December 31: Assets (Liabilities) 2021 2020Pension$ 32.8 $ 47.2Operating lease liabilities 34.4 31.3Postretirement benefits 19.3 20.8Inventory 25.0 12.3Other deferred tax assets 5.8 5.2Payroll accruals 7.2 7.6Bad debt reserves 0.7 0.8Subtotal 125.2 125.2Less: valuation allowances (0.5) (0.6)Deferred tax assets 124.7 124.6Fixed assets (38.8) (34.5)Operating lease right-of-use assets (32.3) (29.1)Other deferred tax liabilities (9.1) (4.9)Computer software (2.4) (2.4)Deferred tax liabilities (82.6) (70.9)Net deferred tax assets$ 42.1 $ 53.7 Deferred income taxes included in non-current assets (liabilities) at December 31 were: 2021 2020Deferred tax assets included in other non-current assets$ 45.2 $ 54.1Deferred tax liabilities included in other non-current liabilities (3.1) (0.4)Total$ 42.1 $ 53.7 Operating loss and tax credit carryforwards included in net deferred tax assets at December 31 were: 2021 2020U.S. Federal(A)$ 0.5 $ 0.5State(A) 0.2 0.3 (A)Expire between 2024 and 2030 We have placed valuation allowances of $0.5 million and $0.6 million for 2021 and 2020, respectively, relating to federal tax credits and state net operating losses that are not expected to be utilized prior to expiration. We have no material undistributed earnings of non-U.S. subsidiaries as of December 31, 2021, due to the one-time transition tax and global intangible low-taxed income (“GILTI”) provisions enacted under the Tax Cuts and Jobs Act (“TCJA”). No additional income taxes have been provided for any outside basis differences inherent in these foreign entities, as these amounts continue to be indefinitely reinvested in foreign operations. We have made an accounting policy election to treat GILTI as a period cost rather than accounting for it as part of deferred taxes. Due to the high-tax exception election made in 2020 and 2021, our GILTI period cost was immaterial in each year. Our federal income tax returns for the tax years 2018 and forward are available for examination by the United States Internal Revenue Service (“IRS”). The statute of limitation for the 2018 federal return will expire on October 15, 2022, unless extended by consent. Our state income tax returns for 2017 through 2021 remain subject to examination by various state authorities with the latest period closing on December 31, 2026. We have not extended the statutes of limitations in any state jurisdictions with respect to years prior to 2017. In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020. The CARES Act, among other things, includes tax provisions relating to refundable payroll tax credits, deferment of employer social security payments, net operating loss utilization and carryback periods, modifications to net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property (QIP). On December 27, 2020, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 was enacted as part of the Consolidated Appropriations Act, 2021, followed by the American Rescue Plan Act on March 1, 2021. These recent laws, among many other provisions, expand and extend the refundable employee retention tax credits previously made available under the CARES Act and allow a full deduction for certain business meals for the 2021 and 2022 tax years. The CARES Act and subsequent stimulus packages did not have a material impact on our income tax provision for 2020 or 2021. Our unrecognized tax benefits of $1.0 million, $1.7 million, and $1.9 million as of December 31, 2021, 2020, and 2019, respectively, are uncertain tax positions that would impact our effective tax rate if recognized. We are periodically engaged in tax return examinations, reviews of statute of limitations periods, and settlements surrounding income taxes. We do not anticipate a material change in unrecognized tax benefits during the next twelve months. Our uncertain tax benefits, and changes thereto, during 2021, 2020, and 2019 were as follows: 2021 2020 2019Balance at January 1,$ 1.7 $ 1.9 $ 2.6Additions based on tax positions related to current year — 0.2 0.2Reductions for tax positions of prior years (0.7) (0.1) (0.1)Settlements — (0.3) (0.8)Balance at December 31,$ 1.0 $ 1.7 $ 1.9 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 $0.2 million and $0.3 million in interest and penalties at December 31, 2021 and 2020, 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. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2021 | |
Capital Stock [Abstract] | |
Capital Stock | 10. 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. A new Voting Trust Agreement was established effective March 3, 2017, which expires by its terms on March 1, 2027. At December 31, 2021, approximately 83% of our outstanding common stock was held in the voting trust. 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. Shareholders may elect to participate in the voting trust at any time during the term of the voting trust. 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. 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" (as defined in our amended restated certificate of incorporation), 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. During 2021, eligible employees and qualified retirees subscribed for 1,056,109 shares totaling $21.1 million. Subscribers elected to make payments under one of the following options: (i) all shares subscribed for on or before January 14, 2022; or (ii) all shares subscribed for in installments paid through payroll deductions (or in certain cases where a subscriber is no longer on our payroll, through direct monthly payments) over an eleven-month period. Common shares were delivered to subscribers as of January 14, 2022, in the case of shares paid for on or before January 14, 2022. 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 2021 794,227 798,166 2020 824,685 830,338 2019 962,023 957,495 We also have authorized 10,000,000 shares of Delegated Authority Preferred Stock (“preferred stock”), par value one cent ($0.01). The preferred stock may be issued in one or more series, with the designations, relative rights, preferences, and limitations of shares of each such series being fixed by a resolution of our Board of Directors. There were no shares of preferred stock outstanding at December 31, 2021 and 2020. On December 12, 2019, our Board of Directors declared at 5% common stock dividend. Each shareholder was entitled to one share of common stock for every ten shares held as of December 16, 2019. The stock was issued on February 7, 2020. |
Net Income Per Share Of Common
Net Income Per Share Of Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Net Income Per Share Of Common Stock [Abstract] | |
Net Income Per Share Of Common Stock | 11. NET INCOME PER SHARE OF COMMON STOCK The computation of net income per share of common stock is based on the average number of common shares outstanding during each year, adjusted in all periods presented for the declaration of a 5% stock dividend declared in 2019. The average number of shares used in computing net income per share of common stock at December 31, 2021, 2020, and 2019 was 22,793,934 shares, 22,642,057 shares, and 22,555,240 shares, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt [Abstract] | |
Debt | 12. DEBT December 31,Long-term Debt 2021 2020Finance arrangements, various maturities, with a weighted average interest rate of 7.8%$ 6.1 $ 8.0Less current portion (1.9) (2.3)Long-term Debt$ 4.2 $ 5.7 Long-term Debt matures as follows: 2022$ 1.9 2023 1.3 2024 1.2 2025 0.9 2026 0.2 After 2026 0.6 $ 6.1 The carrying amount of our outstanding long-term, fixed-rate debt exceeded its fair value by $0.9 million and $1.3 million at December 31, 2021 and 2020, respectively. The fair value of the long-term, fixed-rate debt is estimated by calculating future cash flows at interpolated Treasury yields with similar maturities, plus an estimate of our credit risk spread. The fair value of our variable-rate short- and long-term debt approximates its carrying value at December 31, 2021 and 2020, respectively. Revolving Credit Facility At December 31, 2020, we, along with Graybar Canada Limited, our Canadian operating subsidiary (“Graybar Canada”), had an unsecured, five-year, $750.0 million committed revolving credit agreement maturing in August 2023 with Bank of America, N.A. and the other lenders named therein (the “Revolving Credit Facility”), which included a combined letter of credit sub-facility of up to $25.0 million, a U.S. swing-line loan facility of up to $75.0 million, and a Canadian swing-line loan facility of up to $20.0 million. The Revolving Credit Facility included a $100.0 million sublimit (in U.S. or Canadian dollars) for borrowings by Graybar Canada. The Revolving Credit Facility contained an accordion feature, which allowed us to request increases in the aggregate borrowing commitments of up to $375.0 million. On August 13, 2021, we, along with Graybar Canada, amended and extended the Revolving Credit Facility, pursuant to the terms and conditions of a Fourth Amendment to Credit Agreement, dated as of August 13, 2021 (the “Amended Credit Agreement”), by and among Graybar, as parent borrower and guarantor, Graybar Canada Limited, as a borrower, the lenders party thereto, Bank of America, N.A. as Domestic Administrative Agent, Domestic Swing Line Lender and Domestic L/C Issuer and Bank of America, N.A., acting through its Canada Branch, as Canadian Administrative Agent, Canadian Swing Line Lender and Canadian L/C Issuer, which includes a combined letter of credit sub-facility of up to $25.0 million, a U.S. swing-line loan facility of up to $75.0 million, and a Canadian swing-line loan facility of up to $20.0 million. The Amended Credit Agreement also includes a $100.0 million sublimit (in U.S. or Canadian dollars) available for borrowings by Graybar Canada. Our borrowing availability under the facility is reduced by the amount of borrowings by Graybar Canada, but we may use the sublimit amount to increase our borrowings, to the extent available. If we were to use available borrowings under the Amended Credit Agreement that included the sublimit amount, then Graybar Canada’s available capacity would be reduced by our use of such amount. The Amended Credit Agreement contains an accordion feature, which allows us to request increases in the aggregate borrowing commitments of up to $375.0 million. Interest on our borrowings under the Revolving Credit Facility will be based on, at the borrower’s election, either (A) (i) the base rate (as defined in the agreement) or (ii) LIBOR (in the case U.S. dollar-denominated borrowings) or (B) (i) the base rate (as defined in the agreement) or (ii) CDOR (in the case of Graybar Canada as borrower with respect to Canadian dollar-denominated borrowings), in each case plus an applicable margin, as determined by the pricing grid set forth in the Amended Credit Agreement. The Amended Credit Agreement added LIBOR fallback language to address the announced future cessation of specified dollar LIBOR tenor settings. In connection with such a borrowing, the applicable borrower will also select the term of the loan from available tenors, up to six months, or automatically renew with the consent of the lenders. Swing line loans, which are daily loans, will bear interest at a rate based on, at the borrower’s election, either (i) the base rate or (ii) the daily floating Eurodollar rate (or CDOR, in the case of Graybar Canada with respect to Canadian dollar-denominated borrowings). In addition to interest payments, there are certain fees and obligations associated with borrowings, swing-line loans, letters of credit and other administrative matters. The five-year Amended Credit Agreement matures in August 2026. Borrowings of Graybar Canada may be in U.S. dollars or Canadian dollars. The obligations of Graybar Canada are secured by the guaranty of Graybar and any material domestic subsidiaries of Graybar (as defined). Under no circumstances will Graybar Canada use its borrowings to benefit Graybar or its operations, including without limitation to repay any of Graybar’s obligations under the facility. The Amended Credit Agreement provides for a quarterly commitment fee ranging from 0.25% to 0.40% per annum, subject to adjustment based upon the consolidated leverage ratio for a fiscal quarter, and letter of credit fees ranging from 1.00% to 1.60% per annum payable quarterly, subject to such adjustment. Borrowings can be either base rate loans plus a margin ranging from 0.00% to 0.60%, or LIBOR loans plus a margin ranging from 1.00% to 1.60%, both subject to adjustment based upon the consolidated leverage ratio, or an alternative benchmark rate. Availability under the Amended Credit Agreement is subject to the accuracy of representations and warranties and absence of a 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 Amended Credit Agreement contains updated customary affirmative and negative covenants for credit facilities of this type, including limitations on us and all but certain of our subsidiaries with respect to indebtedness (with specified, limited exceptions), 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, as well as securitizations, factoring transactions, and transactions with sanctioned parties or in violation of certain US or Canadian anti-corruption and anti-money laundering laws. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants to which we will be subject during the term of the Amended Credit Agreement. The Amended 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 fact that any representation or warranty made by any of the credit parties is materially incorrect, the occurrence of an event of default under certain other indebtedness by us and our subsidiaries, the commencement of certain insolvency or receivership events affecting any of the credit parties, certain actions under the Employee Retirement Income Security Act of 1974 ("ERISA") and the occurrence of a change in control of any of the credit parties (subject to certain permitted transactions as described in the Amended 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 Amended Credit Agreement may be declared immediately due and payable. We were in compliance with all covenants under the Amended Credit Agreement and Revolving Credit Facility as of December 31, 2021 and 2020, respectively. There were $124.2 million and $50.0 million in short-term borrowings under the Amended Credit Agreement and the Revolving Credit Facility, respectively, as of December 31, 2021 and 2020. Short-term borrowings outstanding during the year ended December 31, 2021 ranged from a minimum of no short-term borrowings to a maximum of $124.2 million. Short-term borrowings outstanding during the year ended December 31, 2020 ranged from a minimum of $50.0 million to a maximum of $370.0 million. The average daily amount of borrowings outstanding under the Amended Credit Agreement and Revolving Credit Facility during 2021 and 2020 amounted to approximately $10.6 million and $191.6 million at weighted-average interest rates 1.15% and 1.55%, respectively. The weighted-average interest rate for amounts outstanding at December 31, 2021 was 1.11%. At December 31, 2021, we had available unused committed lines of credit under the Amended Credit Agreement amounting to $625.4 million, compared to $699.6 million at December 31, 2020 under the Revolving Credit Facility. Interest expense, net was $1.0 million, $3.6 million, and $5.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. Private Placement Shelf Agreements We have an uncommitted, unsecured $100.0 million private placement shelf agreement (the "Prudential Shelf Agreement") with PGIM, Inc., which is expected to allow us to issue senior promissory notes to affiliates of PGIM, Inc. at fixed rate terms to be agreed upon at the time of any issuance during a three-year issuance period ending in August 2023. We also have an uncommitted, unsecured $150.0 million private placement shelf agreement (the "MetLife Shelf Agreement") with MetLife Investment Management, LLC (formerly known as MetLife Investment Advisors, LLC), and MetLife Investment Management Limited (collectively, “MetLife”) and each other MetLife affiliate that becomes a party to the agreement. After its amendment and extension in June 2021, the MetLife Shelf Agreement is expected to allow us to issue senior promissory notes to MetLife at fixed or floating rate economic terms to be agreed upon at the time of issuance during a three-year period ending in June 2024. On August 13, 2021, we amended each of these uncommitted private placement shelf agreements to conform to specified changes in the Amended Credit Agreement. We remain obligated under a most favored lender clause which is designed to ensure that any notes in the future under the Prudential Shelf Agreement and MetLife Shelf Agreement will continue to be of equal ranking with indebtedness under our Amended Credit Agreement. No notes have been issued under either the Prudential Shelf Agreement or the MetLife Shelf Agreement as of December 31, 2021 and 2020. Each shelf agreement contains representations and warranties of the Company and the applicable lender, events of default and affirmative and negative covenants, customary for agreements of this type. After the amendment and extension of the Amended Credit Agreement and related amendments to the Prudential Shelf Agreement and MetLife Shelf Agreement, these covenants are substantially similar to those contained in the Amended Credit Agreement, subject to a number of exceptions and qualifications set forth in the applicable shelf agreement. All outstanding obligations of Graybar under one or both of these agreements may be declared immediately due and payable upon the occurrence of an event of default. We were in compliance with all covenants under the Prudential Shelf Agreement and the MetLife Shelf Agreements as of December 31, 2021 and 2020. Letters of Credit We had total letters of credit of $6.1 million outstanding at December 31, 2021, of which $0.4 million were issued under the Amended Credit Agreement. We had total letters of credit of $6.3 million outstanding at December 31, 2020, of which $0.4 million were issued under the Revolving Credit Facility. The letters of credit are issued primarily to support certain workers' compensation insurance policies. |
Pension And Other Postretiremen
Pension And Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Pension And Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits | 13. PENSION AND OTHER POSTRETIREMENT BENEFITS We have a noncontributory defined benefit pension plan (the "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 Pension Plan provides retirement benefits based on an employee’s final average earnings and years of service. A supplemental benefit plan provides nonqualified pension benefits for compensation in excess of the IRS compensation limits applicable to the Pension Plan and eligible compensation deferred by a participant. Our funding policy is to make contributions to the Pension Plan, 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 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 healthcare 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 pension (except a deferred pension) under the Pension Plan. Medical benefits are self-insured and claims are administered through a third party administrator. 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 December 31, 2021 and 2020. The following table sets forth information regarding the funded status of our pension and other postretirement benefits as of December 31, 2021 and 2020: Pension Benefits Postretirement Benefits 2021 2020 2021 2020Change in Benefit Obligation: Benefit obligation at beginning of period$ 921.8 $ 825.1 $ 80.9 $ 76.2Service cost 30.2 29.2 2.2 2.1Interest cost 23.9 26.7 1.7 2.4Actuarial (gain) loss (11.6) 134.7 (5.0) 4.9Benefits paid from plan assets (2.5) (2.1) — —Benefits paid from Company assets (1.6) (1.8) (5.6) (5.8)Plan participants' contributions — — 0.9 1.1Administrative expenses paid (1.5) (3.2) — —Settlements (116.8) (86.8) — —Benefit Obligation at End of Period 841.9 921.8 75.1 80.9Change in Plan Assets: Fair value of plan assets at beginning of period 722.0 658.4 — —Actual return on plan assets 39.5 115.7 — —Employer contributions(A) 41.6 41.8 4.7 4.7Plan participants' contributions — — 0.9 1.1Benefits paid(A) (4.1) (3.9) (5.6) (5.8)Administrative expenses paid (1.5) (3.2) — —Settlements (116.8) (86.8) — —Fair Value of Plan Assets at End of Period 680.7 722.0 — —Unfunded Status$ 161.2 $ 199.8 $ 75.1 $ 80.9 (A) Includes $1.6 million and $1.8 million paid from our assets for unfunded nonqualified pension benefits in fiscal years 2021 and 2020, respectively. The accumulated benefit obligation for our Pension Plan was $774.7 million and $844.0 million at December 31, 2021 and 2020, respectively. Amounts recognized in the consolidated balance sheet for the years ended December 31 consist of the following: Pension Benefits Postretirement Benefits 2021 2020 2021 2020Current accrued benefit cost$ 2.1 $ 1.9 $ 6.6 $ 6.8Non-current accrued benefit cost 159.1 197.9 68.5 74.1Net amount recognized$ 161.2 $ 199.8 $ 75.1 $ 80.9 Current accrued benefit cost for both pension benefits and postretirement benefits is included in other current liabilities in the consolidated balance sheets. Non-current accrued benefit cost for pension benefits and postretirement benefits are included in pension liability and postretirement benefits liability, respectively, in the consolidated balance sheets. Amounts recognized in accumulated other comprehensive loss for the years ended December 31, net of tax, consist of the following: Pension Benefits Postretirement Benefits 2021 2020 2021 2020Net actuarial loss$ 166.1 $ 227.9 $ 9.3 $ 13.6Prior service cost — — 0.1 0.1Accumulated other comprehensive loss$ 166.1 $ 227.9 $ 9.4 $ 13.7 The actuarial gain for the Pension Plan in 2021 was primarily related to increases in the discount rate compared to 2020. The actuarial loss for the Pension Plan in 2020 was primarily related to decreases in the discount rate and changes to the lump-sum interest rates used to measure the benefit obligations compared to 2019. Weighted-average assumptions used to determine the actuarial present value of the pension and postretirement benefit obligations as of December 31 are: Pension BenefitsPostretirement Benefits 2021 2020 2021 2020 Discount rate 2.86% 2.62% 2.71% 2.22%Rate of compensation increase 4.38% 4.49% — — Healthcare cost trend on covered charges — — 5.00% 5.00% The net periodic benefit cost for the years ended December 31, 2021, 2020, and 2019 included the following components: Pension Benefits Postretirement BenefitsComponents of Net Periodic Benefit Cost2021 2020 2019 2021 2020 2019Selling, general and administrative expenses: Service cost$ 30.2 $ 29.2 $ 25.6 $ 2.2 $ 2.1 $ 2.0Total selling, general and administrative expenses$ 30.2 $ 29.2 $ 25.6 $ 2.2 $ 2.1 $ 2.0Non-operating expenses: Interest cost 23.9 26.7 30.0 1.7 2.4 2.9Expected return on plan assets (30.6) (32.8) (34.1) — — —Amortization of: Net actuarial loss 32.3 30.2 19.1 0.8 0.7 0.3Settlement charge 30.4 27.7 — — — —Total non-operating expenses$ 56.0 $ 51.8 $ 15.0 $ 2.5 $ 3.1 $ 3.2Net periodic benefit cost$ 86.2 $ 81.0 $ 40.6 $ 4.7 $ 5.2 $ 5.2 During 2021, we made lump-sum pension benefit distributions and purchased nonparticipating annuity contracts exceeding the cumulative amount of service and interest cost components of the net periodic pension cost for the year, which is the settlement accounting threshold. During 2020, we made lump-sum pension benefit distributions exceeding the settlement accounting threshold. Accordingly, we recorded a non-cash pension settlement charge of $30.4 million and $27.7 million in non-operating expenses on our consolidated statements of income for the year ended December 31, 2021 and 2020, respectively. This settlement charge represented the immediate recognition into expense of a portion of the unrecognized loss within accumulated other comprehensive loss in proportion to the share of the projected benefit obligation that was settled by the lump-sum pension benefit distributions and purchases of the nonparticipating annuity contracts. Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 Discount rate2.62% / 2.72% 3.38% / 2.72% 4.31% 2.22% 3.19% 4.16%Expected return on plan assets5.00% 5.50% 5.75% — — — Rate of compensation increase4.32% 4.24% 4.36% — — — Healthcare cost trend on covered charges— — — 5.00% 5.00% 5.00% A discount rate of 2.62% was used as of January 1, 2021 to determine the net periodic benefit cost for the Pension Plan, which was increased to 2.72% effective September 30, 2021 for the remeasurement of the plan liability upon triggering settlement accounting. A discount rate of 3.38% was used as of January 1, 2020 to determine the net periodic benefit cost for the Pension Plan, which was lowered to 2.72% effective September 30, 2020 for the remeasurement of the plan liability upon triggering settlement accounting. The expected return on plan assets assumption for the 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 macroeconomic conditions, historical rates of return on plan assets, and anticipated current and long-term rates of return on the various classes of assets in which the plan invests. For measurement of the postretirement benefits net periodic cost, a 5.00% annual rate of increase in per capita cost of covered healthcare benefits was assumed for 2021. The rate was assumed to remain at 5.00% in 2022 and to remain at that level thereafter. We expect to fund $2.0 million for nonqualified pension benefits during 2022. Pension contributions are expected to be $40.0 million in 2022; however, additional contributions may be made at our discretion. Estimated future defined benefit pension and other postretirement benefit plan payments to plan participants for the years ending December 31 are as follows: YearPensionBenefits PostretirementBenefits 2022$ 58.6 $ 6.6 2023 59.3 6.9 2024 58.9 7.3 2025 59.0 7.4 2026 59.2 7.3 2027 to 2031 288.6 31.8 The investment objective of our 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. Our 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. Assets of the qualified pension plan are held by Comerica Bank (the "Trustee"). Our 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. Derivatives may also be used on fixed-income investments to manage interest rate exposure, volatility, duration, credit exposures, and asset class allocation. Derivatives are not allowed if the position creates economic portfolio leverage beyond the portfolio’s investment objectives or if used for speculative purposes. In practice, the value of an asset portfolio constructed primarily of fixed income securities is inversely correlated to changes in market interest rates, primarily 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 Pension Plan at December 31, 2021 and 2020 is as follows: Investment2021ActualAllocation 2021TargetAllocationRange2020ActualAllocation 2020TargetAllocationRangeEquity securities - U.S. 6%3-10 % 7%3-10 %Equity securities - International 6%2-10 % 10%2-10 %Fixed income investments 55%40-80 % 66%40-80 %Hedge funds 6%2-8 % 5%2-8 %Real assets 5%2-10 % 5%0-15 %Private equity 5%2-8 % 2%0-15 %Other investments 5%0-8 % 4%0-8 %Short-term investments 12%1-10 % 1%1-10 %Total 100%100 % 100%100 % Actual asset allocation may occasionally fall outside of the target allocation range until rebalancing occurs. Certain reclassifications have been made to the classes of plan assets in prior year to conform to the December 31, 2021 presentation due to a change in our investment policy in 2021. The following is a description of the valuation methodologies used for assets held by the 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. Equity securities – InternationalEquity securities - International consist of investments in international corporate stocks, publicly traded mutual funds, and a collective investment trust, and are primarily investments within developed and emerging markets. Investments other than the collective investment trust 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 collective investment trust 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. Audited financial statements are produced on an annual basis for the collective investment trust. Fixed income investmentsFixed income investments consist of U.S. and international corporate bonds, government and government agency bonds, derivatives, as well as a collective trust that invests in U.S. government debt securities. U.S. and international corporate bonds and government and government agency bonds are valued by independent pricing services using market-based cash flow generators and pricing spread models on both primary and secondary market transactions. As the significant inputs used are observable market inputs, these investments are classified as Level 2. Derivatives could include, but are not limited to, instruments such as U.S. Treasury futures, total returns swaps, and credit default swaps. Derivatives are valued by independent pricing services using direct and observable market inputs and are thus classified as Level 2. The collective trust 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. Hedge fundsHedge funds consist 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 non-correlated 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. Audited financial statements are produced on an annual basis for the hedge funds. Real assets Real assets consist of a diversified mutual fund, and two limited partnerships (“LP”) that invest in real estate. The diversified mutual fund is valued using quoted prices in an active market, and is therefore classified as Level 1. The LP investments are 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. Audited financial statements are produced on an annual basis for the LP investments. Private equityPrivate equity is an asset class that is generally characterized as requiring long-term commitments and where liquidity is typically limited. Private equity investments do not have an actively traded market with readily observable prices. The investments are limited partnerships and 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, other than a limited partnership 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. Audited financial statements are produced on an annual basis for the private equity investments. Other investmentsOther investments consist of investments in a private debt fund and a high-yield bond fund. The private debt fund is valued using unobservable inputs with limited trading activity, and is therefore classified as Level 3. The high-yield bond fund is valued using the NAV based on the fair value of the underlying investments held by the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. Audited financial statements are produced on an annual basis for the private debt fund and the high-yield bond fund. Short-term investmentsShort-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 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 we believe our 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 for determining fair value at December 31, 2021 or 2020. The following tables set forth, by level within the fair value hierarchy, the Pension Plan assets measured at fair value as of December 31, 2021 and 2020: December 31, 2021InvestmentInvestmentsMeasured atNAV Level 1 Level 2 Level 3 TotalEquity securities - U.S.$ 13.6 $ 27.3 $ — $ — $ 40.9Equity securities - International 13.9 28.4 — — 42.3Fixed income investments 96.1 — 279.7 — 375.8Hedge funds 41.8 — — — 41.8Real assets 16.4 20.3 — — 36.7Private equity 8.2 — — 21.7 29.9Other investments 20.1 — — 11.4 31.5Short-term investments 81.8 — — — 81.8Total$ 291.9 $ 76.0 $ 279.7 $ 33.1 $ 680.7 December 31, 2020InvestmentInvestmentsMeasured atNAV Level 1 Level 2 Level 3 TotalEquity securities - U.S.$ 17.3 $ 30.6 $ — $ — $ 47.9Equity securities - International 24.9 45.4 — — 70.3Fixed income investments 317.4 — 162.5 — 479.9Hedge funds 36.0 — — — 36.0Real assets 13.6 21.2 — — 34.8Private equity 2.0 — — 13.8 15.8Other investments 22.1 — — 11.4 33.5Short-term investments 3.8 — — — 3.8Total$ 437.1 $ 97.2 $ 162.5 $ 25.2 $ 722.0 Certain reclassifications have been made to the fair value hierarchy in prior year to conform to the December 31, 2021 presentation. The tables below set forth a summary of changes in the fair value of the Pension Plan's Level 3 assets for the years ended December 31, 2021 and 2020: December 31, 2021 Private Equity Other Investments TotalBalance, beginning of year$ 13.8 $ 11.4 $ 25.2Realized gains 0.8 0.2 1.0Unrealized gains 9.2 1.1 10.3Purchases 0.1 — 0.1Sales (2.2) (1.3) (3.5)Balance, end of year$ 21.7 $ 11.4 $ 33.1 December 31, 2020 Private Equity Other Investments TotalBalance, beginning of year$ 11.0 $ 11.4 $ 22.4Unrealized gains 1.0 0.6 1.6Purchases 2.5 — 2.5Sales (0.7) (0.6) (1.3)Balance, end of year$ 13.8 $ 11.4 $ 25.2 |
Profit Sharing And Savings Plan
Profit Sharing And Savings Plan | 12 Months Ended |
Dec. 31, 2021 | |
Profit Sharing And Savings Plan [Abstract] | |
Profit Sharing And Savings Plan | 14. PROFIT SHARING AND SAVINGS PLAN We provide a defined contribution profit sharing and savings plan (the "Plan") covering substantially all of our eligible employees with an individual account for each participant. Employees may make voluntary before-tax and/or after-tax contributions to the saving portion of the Plan, ranging from 2% to 50% of pay, subject to limitations imposed by federal tax law, ERISA, and the Pension Protection Act of 2006. Substantially all employees hired or rehired after July 1, 2015 are eligible to receive a Company matching contribution beginning the first month after the completion of one year of service and 1,000 hours of service. Effective July 1, 2019, eligible employees receive Company matching contributions beginning the first month after the completion of six months of service and 500 hours of service. Effective January 1, 2021, eligible employees receive Company matching contributions beginning the first pay period after the completion of six months of service and 500 hours of service. The Company match is equal to 50% of an eligible employee's before-tax or Roth payroll contribution, up to 6% of pay per payroll period, with a maximum match per payroll period of 3%. The matching contribution expense recognized by us was $4.5 million, $3.8 million, and $2.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Annual contributions made by us to the profit-sharing portion of the Plan are determined by the Board of Directors at its discretion, and are generally based on the profitability of the Company. Expense recognized by us under the profit-sharing portion of the Plan was $71.3 million, $46.8 million, and $56.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. COMMITMENTS AND CONTINGENCIES Rental expense was $42.9 million, $40.3 million, and $36.4 million in 2021, 2020, and 2019, respectively. For future minimum rental payments required under operating leases that have either initial or remaining noncancelable lease terms in excess of one year as of December 31, 2021, refer to Note 7, “Leases”. We are subject to various claims, disputes, and administrative and legal matters incidental to our past and current business activities. As a result, contingencies can arise resulting from an existing condition, situation, or set of circumstances involving an uncertainty as to the realization of a possible loss. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may be probable that a loss has occurred but the estimate of the loss is a wide range. If we deem an amount within the range to be a better estimate than any other amount within the range, that amount will be accrued. However, if no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued. While we believe that none of these claims, disputes or administrative and legal matters will have a material adverse effect on our financial position, these matters are uncertain and we cannot at this time determine whether the financial impact, if any, of these matters will be material to our results of operations in the period in which such matters are resolved or a better estimate becomes available. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 16. ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss as of December 31 are as follows: 2021 2020Currency translation$ (5.0) $ (5.1)Pension liability (166.1) (227.9)Postretirement benefits liability (9.4) (13.7)Accumulated other comprehensive loss$ (180.5) $ (246.7) The following table represents the total amounts of actuarial losses recognized that were reclassified from accumulated other comprehensive loss for the years ended December 31, 2021 and 2020: 2021 2020 Amortization of Pensionand OtherPostretirement Benefits Items Amortization of Pensionand OtherPostretirement Benefits Items Actuarial LossesRecognized Actuarial LossesRecognizedAffected Line in ConsolidatedStatement of Income: Non-operating expenses(A) $ 63.5 $ 58.6Tax benefit (16.3) (15.1)Total reclassifications for the period, net of tax $ 47.2 $ 43.5 (A) Includes a pension settlement charge of $30.4 million and $27.7 million in 2021 and 2020, respectively. The following table represents the activity included in accumulated other comprehensive loss for the years ended December 31, 2021 and 2020: 2021 2020 ForeignCurrency Pension andOtherPostretirementBenefits Total ForeignCurrency Pension andOtherPostretirementBenefits TotalBeginning balance January 1,$ (5.1) $ (241.6) $ (246.7) $ (7.7) $ (242.9) $ (250.6)Other comprehensive income before reclassifications 0.1 — 0.1 2.6 — 2.6Amounts reclassified from accumulated other comprehensive loss (net of tax $(16.3) and $(15.1)) — 47.2 47.2 — 43.5 43.5Actuarial gain (loss), (net of tax $(6.6) and $14.6) — 18.9 18.9 — (42.2) (42.2)Net current-period other comprehensive income 0.1 66.1 66.2 2.6 1.3 3.9Ending balance December 31,$ (5.0) $ (175.5) $ (180.5) $ (5.1) $ (241.6) $ (246.7) |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions [Abstract] | |
Acquisitions | 17. ACQUISITIONS In 2021, we completed acquisitions of businesses for a combined preliminary purchase price of $88.7 million in cash, net of cash acquired. The preliminary purchase price allocation resulted in $20.0 million and $32.1 million of tax-deductible goodwill and other intangible assets, respectively. In 2020, we completed an acquisition of a business for a final purchase price of $27.6 million in cash, net of cash acquired. The final purchase price allocation resulted in $7.4 million and $18.1 million of tax deductible goodwill and other intangible assets, respectively. These acquisitions will help Graybar accelerate growth, diversify our business, extend our reach, and enhance our profitability. Since the date of acquisition, the acquired subsidiaries’ results are reflected in our consolidated financial statements. Pro forma results of the acquisitions were not material; therefore, they are not presented. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information (Unaudited) [Abstract] | |
Quarterly Financial Information (Unaudited) | 18. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following tables set forth selected quarterly financial data for the years ended December 31, 2021 and 2020: 2021For the Quarter EndedMarch 31, June 30, September 30, December 31,Net sales$ 1,900.5 $ 2,232.4 $ 2,313.4 $ 2,321.0Gross margin 360.9 422.8 436.4 469.1Net income attributable to the Company 47.2 80.1 74.3 60.8Net income attributable to the Company per share of common stock$ 2.07 $ 3.51 $ 3.27 $ 2.66 2020For the Quarter EndedMarch 31, June 30, September 30, December 31,Net sales$ 1,773.2 $ 1,763.0 $ 1,877.9 $ 1,851.6Gross margin 340.4 333.3 355.2 340.6Net income attributable to the Company 21.4 37.1 34.5 28.8Net income attributable to the Company per share of common stock$ 0.94 $ 1.64 $ 1.52 $ 1.28 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Graybar and our subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company are in subsidiaries owned by the Company and 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. |
Revenue Recognition | Revenue Recognition Sales revenue is recognized when performance obligations are satisfied, which is typically upon delivery of the product to the customer. Sometimes product is purchased from the manufacturer and drop-shipped to the customer. We generally take control of the goods when shipped by the manufacturer and then recognize revenue when control of the product transfers to the customer. Revenues recognized are primarily for product sales, but may also include freight and handling charges. Our standard warehouse shipping terms are FOB shipping point, under which control passes to the customer at the time of shipment. We also earn revenue for professional services, general contracting services, and storage services. Such service revenue represented less than 1% of net sales for the years ended December 31, 2021, 2020, and 2019. Revenue is reported net of all taxes, primarily sales tax, assessed by governmental authorities as a result of revenue-producing transactions. |
Outgoing Freight Expenses | Outgoing Freight Expenses We record 95% of outgoing freight expenses as a component of selling, general and administrative expenses. Total outgoing freight expenses were $78.9 million, $68.8 million, and $68.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. |
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 Credit Losses | Allowance for Credit Losses 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 pooled on the aging of the receivables, specific risks identified in the receivables portfolio based on current conditions, and expected future economic conditions when necessary. 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, comprised entirely of finished goods, is stated at the lower of cost (generally 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 our performance under the agreements and the amounts that 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 income from operations 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 is 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, 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. |
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 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 using 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 on a straight-line 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 3 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. 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. We assess uncertainty regarding tax positions taken in previously filed returns and record reserves in accordance with the guidance under Accounting Standards Codification ("ASC") 740-10, "Accounting for Uncertainty in Income Taxes". |
Other Postretirement Benefits | Other Postretirement Benefits We account for postretirement benefits other than pension benefits by accruing the costs of benefits to be provided over the eligible 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 eligible 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. |
Leases | Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and non-current operating lease liabilities on our consolidated balance sheets. Amounts related to finance leases are included in property, current portion of long-term debt, and long-term debt on our consolidated balance sheets. ROU assets and lease liabilities are recognized and measured on the date the underlying asset is made available to us. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. We use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For certain leases, such as real estate and information technology (IT) equipment, we account for the lease and non-lease components as a single lease component. For all other leases, we account for the lease and non-lease components separately. We have elected as an accounting policy not to apply the recognition requirements for short-term leases. Therefore, leases with a term of twelve months or less are not recorded on the consolidated balance sheets. Lease expenses associated with short-term leases are immaterial and are recorded in the consolidated statements of income in selling, general and administrative expenses. Additionally, for certain vehicle leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities. |
Non-operating Expenses | Non-Operating Expenses Non-operating expenses are comprised of interest expense, net and non-service cost components of the net periodic benefit cost for the pension and other postretirement benefit plans. The non-service cost components include interest cost, expected return on plan assets, amortization of net actuarial gains/losses, amortization of prior service costs/gains, and charges due to settlement of certain plan liabilities. |
New Accounting Standards | New Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU” or “Update”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” that provides temporary relief to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative rates. This Update is effective for all entities as of March 12, 2020 through December 31, 2022. The guidance on contract modifications, which is applicable to Graybar, can be applied prospectively from any date beginning March 12, 2020 and may also be applied to modifications of existing contracts made earlier in the interim period that includes March 12, 2020. We have evaluated the impact of the adoption of the Update on our contracts and our consolidated financial statements. We do not engage in hedging transactions and we have the option under our Amended Credit Agreement, as defined in Note 12, “Debt”, to continue to use LIBOR until June 30, 2023. As such, this Update does not have a material impact on our contracts and our consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires companies to apply ASC 606, “Revenue from Contracts with Customers” to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805, which uses fair value. The guidance is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted and the guidance should be applied prospectively. We are currently evaluating the impact of adopting the Update on our consolidated financial statements, and the adoption would be dependent upon whether we pursue any acquisitions in the future. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [Abstract] | |
Disaggregation of Revenue | For the Years Ended December 31, 2021 2020 2019 Construction 58.6% 58.2% 58.4%CIG 25.4 26.7 26.4 Industrial & Utility 16.0 15.1 15.2 Total net sales 100.0% 100.0% 100.0% |
Allowances For Cash Discounts_2
Allowances For Cash Discounts And Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Allowances For Cash Discounts And Credit Losses [Abstract] | |
Schedule of Cash Discounts and Doubtful Accounts | Beginning Balance Provision (Charged to Expense) Deductions Ending BalanceFor the Year Ended December 31, 2021 Allowance for cash discounts$ 2.9 $ 44.3 $ (43.4) $ 3.8Allowance for credit losses 4.0 1.9 (0.6) 5.3Total$ 6.9 $ 46.2 $ (44.0) $ 9.1 For the Year Ended December 31, 2020 Allowance for cash discounts$ 2.2 $ 35.1 $ (34.4) $ 2.9Allowance for credit losses 4.0 2.6 (2.6) 4.0Total$ 6.2 $ 37.7 $ (37.0) $ 6.9 For the Year Ended December 31, 2019 Allowance for cash discounts$ 2.2 $ 35.8 $ (35.8) $ 2.2Allowance for credit losses 3.7 7.0 (6.7) 4.0Total$ 5.9 $ 42.8 $ (42.5) $ 6.2 |
Property And Depreciation (Tabl
Property And Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property And Depreciation [Abstract] | |
Schedule Of Property And Depreciation | ClassificationEstimated Useful Asset LifeBuildings42 yearsLeasehold improvementsOver the shorter of the asset’s life or the lease termFurniture, fixtures, equipment and software3 to 14 yearsAssets held under finance leasesOver the shorter of the asset’s life or the lease term |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule Of Lease Expense | For the Years Ended December 31, 2021 20202019Operating lease cost $ 38.4 $ 37.9 $ 33.9Finance lease cost: Amortization of right-of-use assets 2.0 2.1 2.2Interest on lease liabilities 0.5 0.6 0.7Total finance lease cost 2.5 2.7 2.9Variable lease cost 10.5 10.6 9.5Total lease cost $ 51.4 $ 51.2 $ 46.3 |
Schedule Of Supplemental Balance Sheet Information | December 31, 2021 2020Operating leases: Operating lease right-of-use assets $ 133.1 $ 118.8 Current operating lease liabilities $ 34.0 $ 31.2Non-current operating lease liabilities 107.5 95.9Total operating lease liabilities $ 141.5 $ 127.1 Finance leases: Property, at cost $ 14.0 $ 14.6Accumulated depreciation and amortization (9.2) (8.1)Net property $ 4.8 $ 6.5 Current obligations of finance leases $ 1.9 $ 2.3Finance leases, net of current obligations 4.2 5.7Total finance lease liabilities $ 6.1 $ 8.0 Weighted average remaining lease term: Operating leases 5.0 years 4.7 yearsFinance leases 4.0 years 4.4 yearsWeighted average discount rate: Operating leases 2.5% 2.9%Finance leases 7.8% 7.3% |
Schedule Of Supplemental Cash Flow And Other Information | Supplemental cash flow and other information for the years ended December 31, 2021, 2020, and 2019 related to leases was as follows: For the Years Ended December 31, 2021 20202019Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 39.0 $ 37.3 $ 33.5Operating cash flows from finance leases 0.5 0.6 0.7Financing cash flows from finance leases 2.3 2.2 2.1 Right-of-use assets obtained in exchange for lease liabilities: Operating leases(A) $ 54.7 $ 35.3 $ 55.9Finance leases 0.4 0.3 2.0 (A) Includes $15.8 million and $1.6 million of operating leases established as a result of our acquisitions during 2021 and 2020, respectively. See Note 17, “Acquisitions”, for further information. |
Schedule Of Maturity Of Lease Liabilities | December 31, 2021 OperatingLeases FinanceLeasesFuture minimum lease payments 2022 $ 37.0 $ 2.32023 34.1 1.62024 27.2 1.42025 18.8 1.02026 13.9 0.3Thereafter 19.3 0.6Total future minimum lease payments $ 150.3 $ 7.2Less: imputed interest (8.8) (1.1)Total lease obligation $ 141.5 $ 6.1Less: current obligations (34.0) (1.9)Long-term lease obligation $ 107.5 $ 4.2 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Other Intangible Assets [Abstract] | |
Schedule of Goodwill | 2021 2020Beginning balance$ 37.1 $ 30.1Goodwill acquired 20.0 7.0Ending balance$ 57.1 $ 37.1 |
Schedule of Finite-Lived Intangible Assets | As of December 31, 2021 Asset LifeWeighted Average Life Gross CarryingAmount AccumulatedAmortization Net CarryingAmountCustomer relationships6 to 20 years13.4 years $ 57.4 $ (11.6) $ 45.8Trade name5 to 20 years18.9 years 23.2 (4.6) 18.6Non-compete agreements3 to 7 years5.5 years 0.9 (0.4) 0.5Other intangible assets10 years10 years 0.1 (0.1) —Total 14.9 years $ 81.6 $ (16.7) $ 64.9 As of December 31, 2020 Asset LifeWeighted Average Life Gross CarryingAmount AccumulatedAmortization Net CarryingAmountCustomer relationships8 to 14 years11.8 years $ 30.5 $ (8.4) $ 22.1Trade name15 to 20 years19.4 years 18.2 (3.6) 14.6Non-compete agreements3 to 7 years5.6 years 0.7 (0.3) 0.4Other intangible assets10 years10 years 0.1 (0.1) —Total 14.5 years $ 49.5 $ (12.4) $ 37.1 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | 2022$ 6.1 2023 6.1 2024 6.0 2025 5.8 2026 4.5 After 2026 36.4 $ 64.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule Of Income Before Income Tax, Domestic And Foreign | For the Years Ended December 31, Components of Income before Taxes 2021 2020 2019Domestic$ 327.6 $ 151.1 $ 185.1Foreign 23.3 15.2 14.8Income before taxes$ 350.9 $ 166.3 $ 199.9 |
Schedule Of Components Of Income Tax Expense Benefit | For the Years Ended December 31, Components of Income Tax Provision 2021 2020 2019Current expense U.S. Federal$ 77.3 $ 38.5 $ 41.9State 18.2 11.4 12.4Foreign 6.5 4.5 4.4Total current expense$ 102.0 $ 54.4 $ 58.7Deferred (benefit) expense U.S. Federal$ (10.9) $ (7.8) $ (3.0)State (3.2) (2.3) (0.8)Foreign — (0.1) 0.1Total deferred benefit$ (14.1) $ (10.2) $ (3.7)Total income tax provision$ 87.9 $ 44.2 $ 55.0 |
Schedule Of Effective Income Tax Rate Reconciliation | For the Years Ended December 31, 2021 2020 2019 Statutory U.S. federal income tax rate 21.0% 21.0% 21.0%State and local income taxes, net of federal benefit 3.3 4.3 4.5 Nondeductible meals and entertainment 0.1 0.5 1.4 Other, net 0.6 0.8 0.6 Effective tax rate25.0% 26.6% 27.5% |
Schedule Of Deferred Tax Assets And Liabilities | Assets (Liabilities) 2021 2020Pension$ 32.8 $ 47.2Operating lease liabilities 34.4 31.3Postretirement benefits 19.3 20.8Inventory 25.0 12.3Other deferred tax assets 5.8 5.2Payroll accruals 7.2 7.6Bad debt reserves 0.7 0.8Subtotal 125.2 125.2Less: valuation allowances (0.5) (0.6)Deferred tax assets 124.7 124.6Fixed assets (38.8) (34.5)Operating lease right-of-use assets (32.3) (29.1)Other deferred tax liabilities (9.1) (4.9)Computer software (2.4) (2.4)Deferred tax liabilities (82.6) (70.9)Net deferred tax assets$ 42.1 $ 53.7 Deferred income taxes included in non-current assets (liabilities) at December 31 were: 2021 2020Deferred tax assets included in other non-current assets$ 45.2 $ 54.1Deferred tax liabilities included in other non-current liabilities (3.1) (0.4)Total$ 42.1 $ 53.7 |
Summary Of Operating Loss Carryforwards | Operating loss and tax credit carryforwards included in net deferred tax assets at December 31 were: 2021 2020U.S. Federal(A)$ 0.5 $ 0.5State(A) 0.2 0.3 (A)Expire between 2024 and 2030 |
Schedule Of Unrecognized Tax Benefits Roll Forward | 2021 2020 2019Balance at January 1,$ 1.7 $ 1.9 $ 2.6Additions based on tax positions related to current year — 0.2 0.2Reductions for tax positions of prior years (0.7) (0.1) (0.1)Settlements — (0.3) (0.8)Balance at December 31,$ 1.0 $ 1.7 $ 1.9 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Capital Stock [Abstract] | |
Schedule of Common Stock Shares Purchased and Retired | Shares of Common Stock Purchased Retired 2021 794,227 798,166 2020 824,685 830,338 2019 962,023 957,495 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt [Abstract] | |
Schedule Of Long-term Debt | December 31,Long-term Debt 2021 2020Finance arrangements, various maturities, with a weighted average interest rate of 7.8%$ 6.1 $ 8.0Less current portion (1.9) (2.3)Long-term Debt$ 4.2 $ 5.7 |
Schedule Of Long-term Debt Maturities | Long-term Debt matures as follows: 2022$ 1.9 2023 1.3 2024 1.2 2025 0.9 2026 0.2 After 2026 0.6 $ 6.1 |
Pension And Other Postretirem_2
Pension And Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Pension And Other Postretirement Benefits [Abstract] | |
Schedule Of Net Funded Status | Pension Benefits Postretirement Benefits 2021 2020 2021 2020Change in Benefit Obligation: Benefit obligation at beginning of period$ 921.8 $ 825.1 $ 80.9 $ 76.2Service cost 30.2 29.2 2.2 2.1Interest cost 23.9 26.7 1.7 2.4Actuarial (gain) loss (11.6) 134.7 (5.0) 4.9Benefits paid from plan assets (2.5) (2.1) — —Benefits paid from Company assets (1.6) (1.8) (5.6) (5.8)Plan participants' contributions — — 0.9 1.1Administrative expenses paid (1.5) (3.2) — —Settlements (116.8) (86.8) — —Benefit Obligation at End of Period 841.9 921.8 75.1 80.9Change in Plan Assets: Fair value of plan assets at beginning of period 722.0 658.4 — —Actual return on plan assets 39.5 115.7 — —Employer contributions(A) 41.6 41.8 4.7 4.7Plan participants' contributions — — 0.9 1.1Benefits paid(A) (4.1) (3.9) (5.6) (5.8)Administrative expenses paid (1.5) (3.2) — —Settlements (116.8) (86.8) — —Fair Value of Plan Assets at End of Period 680.7 722.0 — —Unfunded Status$ 161.2 $ 199.8 $ 75.1 $ 80.9 (A) Includes $1.6 million and $1.8 million paid from our assets for unfunded nonqualified pension benefits in fiscal years 2021 and 2020, respectively. |
Schedule Of Amounts Recognized In Balance Sheet | Pension Benefits Postretirement Benefits 2021 2020 2021 2020Current accrued benefit cost$ 2.1 $ 1.9 $ 6.6 $ 6.8Non-current accrued benefit cost 159.1 197.9 68.5 74.1Net amount recognized$ 161.2 $ 199.8 $ 75.1 $ 80.9 |
Schedule Of Amounts Recognized In Accumulated Other Comprensive Income (Loss) | Pension Benefits Postretirement Benefits 2021 2020 2021 2020Net actuarial loss$ 166.1 $ 227.9 $ 9.3 $ 13.6Prior service cost — — 0.1 0.1Accumulated other comprehensive loss$ 166.1 $ 227.9 $ 9.4 $ 13.7 |
Schedule Of Net Periodic Benefit Costs | The net periodic benefit cost for the years ended December 31, 2021, 2020, and 2019 included the following components: Pension Benefits Postretirement BenefitsComponents of Net Periodic Benefit Cost2021 2020 2019 2021 2020 2019Selling, general and administrative expenses: Service cost$ 30.2 $ 29.2 $ 25.6 $ 2.2 $ 2.1 $ 2.0Total selling, general and administrative expenses$ 30.2 $ 29.2 $ 25.6 $ 2.2 $ 2.1 $ 2.0Non-operating expenses: Interest cost 23.9 26.7 30.0 1.7 2.4 2.9Expected return on plan assets (30.6) (32.8) (34.1) — — —Amortization of: Net actuarial loss 32.3 30.2 19.1 0.8 0.7 0.3Settlement charge 30.4 27.7 — — — —Total non-operating expenses$ 56.0 $ 51.8 $ 15.0 $ 2.5 $ 3.1 $ 3.2Net periodic benefit cost$ 86.2 $ 81.0 $ 40.6 $ 4.7 $ 5.2 $ 5.2 During 2021, we made lump-sum pension benefit distributions and purchased nonparticipating annuity contracts exceeding the cumulative amount of service and interest cost components of the net periodic pension cost for the year, which is the settlement accounting threshold. During 2020, we made lump-sum pension benefit distributions exceeding the settlement accounting threshold. Accordingly, we recorded a non-cash pension settlement charge of $30.4 million and $27.7 million in non-operating expenses on our consolidated statements of income for the year ended December 31, 2021 and 2020, respectively. This settlement charge represented the immediate recognition into expense of a portion of the unrecognized loss within accumulated other comprehensive loss in proportion to the share of the projected benefit obligation that was settled by the lump-sum pension benefit distributions and purchases of the nonparticipating annuity contracts. Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 Discount rate2.62% / 2.72% 3.38% / 2.72% 4.31% 2.22% 3.19% 4.16%Expected return on plan assets5.00% 5.50% 5.75% — — — Rate of compensation increase4.32% 4.24% 4.36% — — — Healthcare cost trend on covered charges— — — 5.00% 5.00% 5.00% |
Schedule Of Expected Benefit Payments | YearPensionBenefits PostretirementBenefits 2022$ 58.6 $ 6.6 2023 59.3 6.9 2024 58.9 7.3 2025 59.0 7.4 2026 59.2 7.3 2027 to 2031 288.6 31.8 |
Schedule Of Allocation Of Plan Assets | Investment2021ActualAllocation 2021TargetAllocationRange2020ActualAllocation 2020TargetAllocationRangeEquity securities - U.S. 6%3-10 % 7%3-10 %Equity securities - International 6%2-10 % 10%2-10 %Fixed income investments 55%40-80 % 66%40-80 %Hedge funds 6%2-8 % 5%2-8 %Real assets 5%2-10 % 5%0-15 %Private equity 5%2-8 % 2%0-15 %Other investments 5%0-8 % 4%0-8 %Short-term investments 12%1-10 % 1%1-10 %Total 100%100 % 100%100 % |
Schedule Of Changes In Fair Value Of Plan Assets | The following tables set forth, by level within the fair value hierarchy, the Pension Plan assets measured at fair value as of December 31, 2021 and 2020: December 31, 2021InvestmentInvestmentsMeasured atNAV Level 1 Level 2 Level 3 TotalEquity securities - U.S.$ 13.6 $ 27.3 $ — $ — $ 40.9Equity securities - International 13.9 28.4 — — 42.3Fixed income investments 96.1 — 279.7 — 375.8Hedge funds 41.8 — — — 41.8Real assets 16.4 20.3 — — 36.7Private equity 8.2 — — 21.7 29.9Other investments 20.1 — — 11.4 31.5Short-term investments 81.8 — — — 81.8Total$ 291.9 $ 76.0 $ 279.7 $ 33.1 $ 680.7 December 31, 2020InvestmentInvestmentsMeasured atNAV Level 1 Level 2 Level 3 TotalEquity securities - U.S.$ 17.3 $ 30.6 $ — $ — $ 47.9Equity securities - International 24.9 45.4 — — 70.3Fixed income investments 317.4 — 162.5 — 479.9Hedge funds 36.0 — — — 36.0Real assets 13.6 21.2 — — 34.8Private equity 2.0 — — 13.8 15.8Other investments 22.1 — — 11.4 33.5Short-term investments 3.8 — — — 3.8Total$ 437.1 $ 97.2 $ 162.5 $ 25.2 $ 722.0 Certain reclassifications have been made to the fair value hierarchy in prior year to conform to the December 31, 2021 presentation. The tables below set forth a summary of changes in the fair value of the Pension Plan's Level 3 assets for the years ended December 31, 2021 and 2020: December 31, 2021 Private Equity Other Investments TotalBalance, beginning of year$ 13.8 $ 11.4 $ 25.2Realized gains 0.8 0.2 1.0Unrealized gains 9.2 1.1 10.3Purchases 0.1 — 0.1Sales (2.2) (1.3) (3.5)Balance, end of year$ 21.7 $ 11.4 $ 33.1 December 31, 2020 Private Equity Other Investments TotalBalance, beginning of year$ 11.0 $ 11.4 $ 22.4Unrealized gains 1.0 0.6 1.6Purchases 2.5 — 2.5Sales (0.7) (0.6) (1.3)Balance, end of year$ 13.8 $ 11.4 $ 25.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | 2021 2020Currency translation$ (5.0) $ (5.1)Pension liability (166.1) (227.9)Postretirement benefits liability (9.4) (13.7)Accumulated other comprehensive loss$ (180.5) $ (246.7) |
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) | The following table represents the total amounts of actuarial losses recognized that were reclassified from accumulated other comprehensive loss for the years ended December 31, 2021 and 2020: 2021 2020 Amortization of Pensionand OtherPostretirement Benefits Items Amortization of Pensionand OtherPostretirement Benefits Items Actuarial LossesRecognized Actuarial LossesRecognizedAffected Line in ConsolidatedStatement of Income: Non-operating expenses(A) $ 63.5 $ 58.6Tax benefit (16.3) (15.1)Total reclassifications for the period, net of tax $ 47.2 $ 43.5 (A) Includes a pension settlement charge of $30.4 million and $27.7 million in 2021 and 2020, respectively. |
Changes In Accumlated Other Comprehensive Income (Loss) | 2021 2020 ForeignCurrency Pension andOtherPostretirementBenefits Total ForeignCurrency Pension andOtherPostretirementBenefits TotalBeginning balance January 1,$ (5.1) $ (241.6) $ (246.7) $ (7.7) $ (242.9) $ (250.6)Other comprehensive income before reclassifications 0.1 — 0.1 2.6 — 2.6Amounts reclassified from accumulated other comprehensive loss (net of tax $(16.3) and $(15.1)) — 47.2 47.2 — 43.5 43.5Actuarial gain (loss), (net of tax $(6.6) and $14.6) — 18.9 18.9 — (42.2) (42.2)Net current-period other comprehensive income 0.1 66.1 66.2 2.6 1.3 3.9Ending balance December 31,$ (5.0) $ (175.5) $ (180.5) $ (5.1) $ (241.6) $ (246.7) |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | 2021For the Quarter EndedMarch 31, June 30, September 30, December 31,Net sales$ 1,900.5 $ 2,232.4 $ 2,313.4 $ 2,321.0Gross margin 360.9 422.8 436.4 469.1Net income attributable to the Company 47.2 80.1 74.3 60.8Net income attributable to the Company per share of common stock$ 2.07 $ 3.51 $ 3.27 $ 2.66 2020For the Quarter EndedMarch 31, June 30, September 30, December 31,Net sales$ 1,773.2 $ 1,763.0 $ 1,877.9 $ 1,851.6Gross margin 340.4 333.3 355.2 340.6Net income attributable to the Company 21.4 37.1 34.5 28.8Net income attributable to the Company per share of common stock$ 0.94 $ 1.64 $ 1.52 $ 1.28 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Outgoing freight expenses | $ 78.9 | $ 68.8 | $ 68.5 |
Minimum | |||
Concentration Risk [Line Items] | |||
Amortization period | 3 years | ||
Maximum | |||
Concentration Risk [Line Items] | |||
Amortization period | 20 years | ||
Sales revenue | Professional Services, General Contracting Services, And Storage Services | Maximum | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 1.00% | ||
Freight Expenses As Selling, General And Administrative Expenses | Outgoing Freight Expenses | Professional Services, General Contracting Services, And Storage Services | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 95.00% |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue [Abstract] | ||
Contract assets, contract liabilities, or deferred contract costs recorded |
Revenue (Schedule of New Accoun
Revenue (Schedule of New Accounting Pronouncements) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue [Abstract] | |||||||||||
Net sales | $ 2,321 | $ 2,313.4 | $ 2,232.4 | $ 1,900.5 | $ 1,851.6 | $ 1,877.9 | $ 1,763 | $ 1,773.2 | $ 8,767.3 | $ 7,265.7 | $ 7,523.9 |
Cost of merchandise sold | 7,078.1 | 5,896.2 | $ 6,094.9 | ||||||||
Merchandise inventory | 808.4 | 588.5 | 808.4 | 588.5 | |||||||
Other current assets | 54.8 | 56.6 | 54.8 | 56.6 | |||||||
Other non-current liabilities | 8.8 | 4.7 | 8.8 | 4.7 | |||||||
Retained Earnings | $ 850.3 | $ 725.1 | $ 850.3 | $ 725.1 |
Revenue (Disaggregation Of Reve
Revenue (Disaggregation Of Revenue) (Details) - Product Concentration Risk [Member] - Revenue from Contract with Customer [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | 100.00% | 100.00% | 100.00% |
Construction | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 58.60% | 58.20% | 58.40% |
CIG | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 25.40% | 26.70% | 26.40% |
Industrial & Utility | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 16.00% | 15.10% | 15.20% |
Allowances For Cash Discounts_3
Allowances For Cash Discounts And Credit Losses (Schedule of Cash Discounts and Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | $ 6.9 | $ 6.2 | $ 5.9 |
Provision (Charged to Expense) | 46.2 | 37.7 | 42.8 |
Deductions | (44) | (37) | (42.5) |
Ending Balance | 9.1 | 6.9 | 6.2 |
Allowance for cash discounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 2.9 | 2.2 | 2.2 |
Provision (Charged to Expense) | 44.3 | 35.1 | 35.8 |
Deductions | (43.4) | (34.4) | (35.8) |
Ending Balance | 3.8 | 2.9 | 2.2 |
Allowance for credit losses | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 4 | 4 | 3.7 |
Provision (Charged to Expense) | 1.9 | 2.6 | 7 |
Deductions | (0.6) | (2.6) | (6.7) |
Ending Balance | $ 5.3 | $ 4 | $ 4 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory [Line Items] | |||
Percentage of LIFO Inventory | 87.00% | 89.00% | |
Excess of Replacement or Current Costs over Stated LIFO Value | $ 427,900,000 | $ 227,200,000 | |
Inventory, LIFO Reserve, Effect on Income, Net | 0 | 4,100,000 | $ 0 |
Inventory Valuation Reserves | 14,000,000 | 8,600,000 | |
Inventory Valuation Reserve | |||
Inventory [Line Items] | |||
Reserves for Obsolete Inventories, Period Increase (Decrease) | $ 5,400,000 | $ (600,000) | $ 1,400,000 |
Property And Depreciation (Narr
Property And Depreciation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 36,200,000 | $ 36,700,000 | $ 36,100,000 |
Net book value of sold assets held for sale | 400,000 | 4,400,000 | $ 0 |
Gain on sale of assets held for sale | 9,100,000 | 3,400,000 | |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Net book value of assets held for sale | $ 0 | $ 0 |
Property And Depreciation (Sche
Property And Depreciation (Schedule Of Property And Depreciation) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building | |
Property, Plant and Equipment [Line Items] | |
Estimated useful asset life | 42 years |
Furniture, Fixtures & Equipment and Software [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful asset life | 3 years |
Furniture, Fixtures & Equipment and Software [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful asset life | 14 years |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating and finance lease, option to terminate | 1 year | |
Operating lease liabilities | $ 141.5 | $ 127.1 |
Operating lease right-of-use assets | 133.1 | 118.8 |
Finance lease, net | $ 4.8 | $ 6.5 |
Minimum | ||
Operating lease, remaining lease terms | 1 year | |
Finance lease, remaining lease terms | 1 year | |
Maximum | ||
Operating lease, remaining lease terms | 10 years | |
Finance lease, remaining lease terms | 10 years | |
Operating and finance lease, option to extend | 5 years |
Leases (Schedule Of Lease Expen
Leases (Schedule Of Lease Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 38.4 | $ 37.9 | $ 33.9 |
Amortization of right-of-use assets | 2 | 2.1 | 2.2 |
Interest on lease liabilities | 0.5 | 0.6 | 0.7 |
Total finance lease cost | 2.5 | 2.7 | 2.9 |
Variable lease cost | 10.5 | 10.6 | 9.5 |
Total lease cost | $ 51.4 | $ 51.2 | $ 46.3 |
Leases (Schedule Of Supplementa
Leases (Schedule Of Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 133.1 | $ 118.8 |
Current operating lease liabilities | 34 | 31.2 |
Non-current operating lease liabilities | 107.5 | 95.9 |
Total operating lease liabilities | 141.5 | 127.1 |
Finance leases | 14 | 14.6 |
Accumulated depreciation and amortization | (9.2) | (8.1) |
Net property | 4.8 | 6.5 |
Current obligations of finance leases | 1.9 | 2.3 |
Finance leases, net of current obligations | 4.2 | 5.7 |
Total finance lease liabilities | $ 6.1 | $ 8 |
Weighted average remaining lease term, Operating leases | 5 years | 4 years 8 months 12 days |
Weighted average remaining lease term, Finance leases | 4 years | 4 years 4 months 24 days |
Weighted average discount rate, Operating leases | 2.50% | 2.90% |
Weighted average discount rate, Finance leases | 7.80% | 7.30% |
Leases (Schedule Of Supplemen_2
Leases (Schedule Of Supplemental Cash Flow And Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 39 | $ 37.3 | $ 33.5 |
Operating cash flows from finance leases | 0.5 | 0.6 | 0.7 |
Financing cash flows from finance leases | 2.3 | 2.2 | 2.1 |
Right-of-use assets obtained in exchange for lease liabilities, Operating leases | 54.7 | 35.3 | 55.9 |
Right-of-use assets obtained in exchange for lease liabilities, Finance leases | 0.4 | 0.3 | $ 2 |
Operating leases acquired | $ 15.8 | $ 1.6 |
Leases (Schedule Of Maturity Of
Leases (Schedule Of Maturity Of Lease Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022, Operating Leases | $ 37 | |
2023, Operating Leases | 34.1 | |
2024, Operating Leases | 27.2 | |
2025, Operating Leases | 18.8 | |
2026, Operating Leases | 13.9 | |
Thereafter, Operating Leases | 19.3 | |
Total future minimum lease payments, Operating Leases | 150.3 | |
Less: imputed interest, Operating Leases | (8.8) | |
Total operating lease liabilities | 141.5 | $ 127.1 |
Less: current obligations, Operating Leases | (34) | (31.2) |
Long-term lease obligation, Operating Leases | 107.5 | 95.9 |
2022, Finance Leases | 2.3 | |
2023, Finance Leases | 1.6 | |
2024, Finance Leases | 1.4 | |
2025, Finance Leases | 1 | |
2026, Finance Leases | 0.3 | |
Thereafter, Finance Leases | 0.6 | |
Total future minimum lease payments, Finance Leases | 7.2 | |
Less: imputed interest, Finance Leases | (1.1) | |
Total finance lease liabilities | 6.1 | 8 |
Less: current obligations, Finance Leases | (1.9) | (2.3) |
Long-term lease obligation, Finance Leases | $ 4.2 | $ 5.7 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 4.3 | $ 2.5 | $ 2.5 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 37.1 | $ 30.1 |
Goodwill Acquired | 20 | 7 |
Ending Balance | $ 57.1 | $ 37.1 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Finite Lived Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 81.6 | $ 49.5 |
Accumulated Amortization | (16.7) | (12.4) |
Total Net Carrying Amount | $ 64.9 | $ 37.1 |
Weighted Average Life | 14 years 10 months 24 days | 14 years 6 months |
Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Asset Life | 3 years | |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Asset Life | 20 years | |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 57.4 | $ 30.5 |
Accumulated Amortization | (11.6) | (8.4) |
Total Net Carrying Amount | $ 45.8 | $ 22.1 |
Weighted Average Life | 13 years 4 months 24 days | 11 years 9 months 18 days |
Customer Relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Asset Life | 6 years | 8 years |
Customer Relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Asset Life | 20 years | 14 years |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 23.2 | $ 18.2 |
Accumulated Amortization | (4.6) | (3.6) |
Total Net Carrying Amount | $ 18.6 | $ 14.6 |
Weighted Average Life | 18 years 10 months 24 days | 19 years 4 months 24 days |
Trade Names | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Asset Life | 5 years | 15 years |
Trade Names | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Asset Life | 20 years | 20 years |
Noncompete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 0.9 | $ 0.7 |
Accumulated Amortization | (0.4) | (0.3) |
Total Net Carrying Amount | $ 0.5 | $ 0.4 |
Weighted Average Life | 5 years 6 months | 5 years 7 months 6 days |
Noncompete Agreements | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Asset Life | 3 years | 3 years |
Noncompete Agreements | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Asset Life | 7 years | 7 years |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 0.1 | $ 0.1 |
Accumulated Amortization | $ (0.1) | $ (0.1) |
Asset Life | 10 years | |
Weighted Average Life | 10 years | 10 years |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Finite Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill And Other Intangible Assets [Abstract] | ||
2022 | $ 6.1 | |
2023 | 6.1 | |
2024 | 6 | |
2025 | 5.8 | |
2026 | 4.5 | |
After 2026 | 36.4 | |
Total Net Carrying Amount | $ 64.9 | $ 37.1 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Unrecognized tax benefits | $ 1 | $ 1.7 | $ 1.9 |
Accrued interest and penalties | 0.2 | 0.3 | |
Domestic Tax Authority [Member] | |||
Valuation allowance | $ 0.5 | $ 0.6 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1: | $ 1.7 | $ 1.9 | $ 2.6 |
Additions based on tax positions related to current year | 0.2 | 0.2 | |
Reductions for tax positions of prior years | (0.7) | (0.1) | (0.1) |
Settlements | (0.3) | (0.8) | |
Balance at December 31: | $ 1 | $ 1.7 | $ 1.9 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal tax rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal benefit | 3.30% | 4.30% | 4.50% |
Meals and entertainment | 0.10% | 0.50% | 1.40% |
Other, net | 0.60% | 0.80% | 0.60% |
Effective tax rate | 25.00% | 26.60% | 27.50% |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Income Tax, Domestic And Foreign) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Income before Income Taxes, Domestic | $ 327.6 | $ 151.1 | $ 185.1 |
Income before Income Taxes, Foreign | 23.3 | 15.2 | 14.8 |
Income before Provision for Income Taxes | $ 350.9 | $ 166.3 | $ 199.9 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components Of Income Tax Expense Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Provisions for Income Taxes Recorded in the Consolidated Statements of Income [Abstract] | |||
U.S. Federal, current expense | $ 77.3 | $ 38.5 | $ 41.9 |
State, current expense | 18.2 | 11.4 | 12.4 |
Foreign, current expense | 6.5 | 4.5 | 4.4 |
Total current expense | 102 | 54.4 | 58.7 |
U.S. Federal, deferred expense | (10.9) | (7.8) | (3) |
State, deferred expense | (3.2) | (2.3) | (0.8) |
Foreign, deferred expense | (0.1) | 0.1 | |
Total deferred (benefit) expense | (14.1) | (10.2) | (3.7) |
Total income tax provision | $ 87.9 | $ 44.2 | $ 55 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Pension | $ 32.8 | $ 47.2 |
Operating lease liabilities | 34.4 | 31.3 |
Postretirement benefits | 19.3 | 20.8 |
Inventory | 25 | 12.3 |
Other deferred tax assets | 5.8 | 5.2 |
Payroll accruals | 7.2 | 7.6 |
Bad debt reserves | 0.7 | 0.8 |
Subtotal | 125.2 | 125.2 |
less: valuation allowances | (0.5) | (0.6) |
Deferred tax assets | 124.7 | 124.6 |
Fixed assets | (38.8) | (34.5) |
Operating lease right-of-use assets | (32.3) | (29.1) |
Other deferred tax liabilities | (9.1) | (4.9) |
Computer software | (2.4) | (2.4) |
Deferred tax liabilities | (82.6) | (70.9) |
Net deferred tax assets | 42.1 | 53.7 |
Deferred Tax Assets, Net, Classification [Abstract] | ||
Net deferred tax assets | 42.1 | 53.7 |
Other Noncurrent Assets [Member] | ||
Deferred Tax Assets, Net, Classification [Abstract] | ||
Deferred tax assets, included in other non-current assets | 45.2 | 54.1 |
Other Noncurrent Liabilities [Member] | ||
Deferred Tax Assets, Net, Classification [Abstract] | ||
Deferred tax liabilities included in other non-current liabilities | $ (3.1) | $ (0.4) |
Income Taxes (Summary Of Operat
Income Taxes (Summary Of Operating Loss Carryforwards) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||
U.S. Federal | $ 0.5 | $ 0.5 |
State | $ 0.2 | $ 0.3 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Percent of stock owned by active and retired employees | 100.00% | ||
Common stock stated value per share | $ 20 | $ 20 | |
Cash dvidends | $ 137.2 | $ 90.7 | $ 107.2 |
Common stock, subscriptions ( in shares) | 1,056,109 | ||
Common shares subscribed (in dollars) | $ 21.1 | ||
Common stock dividend declared, percent | 5.00% | ||
Preferred stock shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock par or stated value per share (USD per share) | $ 0.01 | $ 0.01 | |
Preferred stock outstanding (in shares) | 0 | 0 | |
2017 Voting Trust | Common Stock | |||
Class of Stock [Line Items] | |||
Percent of shares held in voting trust | 83.00% |
Capital Stock (Schedule of Comm
Capital Stock (Schedule of Common Stock Shares Purchased and Retired) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Capital Stock [Abstract] | |||
Shares of common stock purchased | 794,227 | 824,685 | 962,023 |
Shares of common stock retired | 798,166 | 830,338 | 957,495 |
Net Income Per Share Of Commo_2
Net Income Per Share Of Common Stock (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income Per Share Of Common Stock [Abstract] | |||
Common stock dividend declared, percent | 5.00% | ||
Average shares outstanding | 22,793,934 | 22,642,057 | 22,555,240 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 13, 2021 | |
Line of Credit Facility [Line Items] | ||||
Fixed rate debt carrying amount in excess of fair value | $ 900,000 | $ 1,300,000 | ||
Short-term borrowings | 124,200,000 | 50,000,000 | ||
Interest expense, net | $ 1,000,000 | 3,800,000 | $ 6,100,000 | |
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Weighted average interest rate | 1.11% | |||
Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding | $ 6,100,000 | 6,300,000 | ||
Amended Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding | $ 400,000 | 400,000 | ||
Amended Credit Agreement | Minimum | Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.00% | |||
Amended Credit Agreement | Minimum | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
Amended Credit Agreement | Maximum | Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.60% | |||
Amended Credit Agreement | Maximum | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.60% | |||
Amended Credit Agreement | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Short-term borrowings | $ 124,200,000 | 50,000,000 | ||
Short-term debt average amount outstanding | 10,600,000 | $ 191,600,000 | ||
Interest rate during the period | 1.55% | |||
Debt instrument interest expense | 1,000,000 | $ 3,600,000 | $ 5,500,000 | |
Unused Commitments, Extend Credit | 625,400,000 | 699,600,000 | ||
Amended Credit Agreement | Revolving Credit Facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Short-term borrowings | 0 | 50,000,000 | ||
Amended Credit Agreement | Revolving Credit Facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Short-term borrowings | $ 124,200,000 | 370,000,000 | ||
Amended Credit Agreement | Revolving Credit Facility | Weighted Average | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate during the period | 1.15% | |||
Prudential Private Placement Shelf Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Agreement face amount | $ 100,000,000 | |||
Notes issued face amount | 0 | 0 | ||
MetLife Private Placement Shelf Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Agreement face amount | 150,000,000 | |||
Notes issued face amount | $ 0 | $ 0 | ||
Prudential Shelf Agreement Or MetLife Shelf Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Issuance period | 3 years | |||
Line of credit | Amended Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 750,000,000 | |||
Debt instrument, term | 5 years | |||
Line of credit | Amended Credit Agreement | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Accordian feature, increase limit | $ 375,000,000 | |||
Line of credit | Amended Credit Agreement | Revolving Credit Facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Credit agreement commitment fee percentage | 0.25% | |||
Line of credit | Amended Credit Agreement | Revolving Credit Facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Credit agreement commitment fee percentage | 0.40% | |||
Line of credit | Amended Credit Agreement | Letter of Credit Sub-Facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 25,000,000 | |||
Line of credit | Amended Credit Agreement | Bridge Loan | Graybar Canada | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 100,000,000 | |||
Line of credit | Amended Credit Agreement | Bridge Loan | UNITED STATES | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 75,000,000 | |||
Line of credit | Amended Credit Agreement | Bridge Loan | CANADA | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 20,000,000 | |||
Line of credit | Amended Credit Agreement | Letter of Credit | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Credit agreement commitment fee percentage | 1.00% | |||
Line of credit | Amended Credit Agreement | Letter of Credit | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Credit agreement commitment fee percentage | 1.60% | |||
Line of credit | Fourth Amended Credit Agreement [Member] | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Accordian feature, increase limit | $ 375,000,000 | |||
Line of credit | Fourth Amended Credit Agreement [Member] | Letter of Credit Sub-Facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 25,000,000 | |||
Line of credit | Fourth Amended Credit Agreement [Member] | Bridge Loan | Graybar Canada | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 100,000,000 | |||
Line of credit | Fourth Amended Credit Agreement [Member] | Bridge Loan | UNITED STATES | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 75,000,000 | |||
Line of credit | Fourth Amended Credit Agreement [Member] | Bridge Loan | CANADA | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 20,000,000 |
Debt (Schedule Of Long-term Deb
Debt (Schedule Of Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total | $ 6.1 | |
Less current portion | (1.9) | $ (2.3) |
Long-term Debt | 4.2 | 5.7 |
Capital leases, various maturities, with a weighted average interest rate of 6.16% | ||
Debt Instrument [Line Items] | ||
Total | $ 6.1 | $ 8 |
Weighted average interest rate | 7.80% | 7.80% |
Debt (Schedule Of Long-term D_2
Debt (Schedule Of Long-term Debt Maturities) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Long-term Debt matures as follows: | |
2022 | $ 1.9 |
2023 | 1.3 |
2024 | 1.2 |
2025 | 0.9 |
2026 | 0.2 |
After 2026 | 0.6 |
Total | $ 6.1 |
Pension And Other Postretirem_3
Pension And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Required term of service to be eligible for plan match | 1 year 1000 hours | ||||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate, Actuarial Present Value | 5.00% | 5.00% | |||||
Estimated nonqualified benefits in next fiscal year | $ 2 | ||||||
Non-cash pension settlement charge | 30.4 | $ 27.7 | |||||
Estimated future employer contributions | $ 40 | 40 | |||||
Pension Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.72% | 2.72% | 2.62% | 3.38% | 4.31% | ||
Non-cash pension settlement charge | 30.4 | 27.7 | |||||
Accumulated benefit obligation | $ 774.7 | $ 844 | $ 774.7 | $ 844 | |||
Postretirement Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.22% | 3.19% | 4.16% | ||||
Healthcare cost trend on covered charges | 5.00% | 5.00% | 5.00% |
Pension And Other Postretirem_4
Pension And Other Postretirement Benefits Benefit Obligation (Schedule Of Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | $ 722 | ||
Balance, end of year | 680.7 | $ 722 | |
Paid from Company assets for unfunded nonqualified benefits | 1.6 | 1.8 | |
Pension Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of period | 921.8 | 825.1 | |
Service cost | 30.2 | 29.2 | $ 25.6 |
Interest cost | 23.9 | 26.7 | 30 |
Actuarial loss (gain) | (11.6) | 134.7 | |
Benefits paid from plan assets | (2.5) | (2.1) | |
Benefits paid from Company assets | (1.6) | (1.8) | |
Plan participants' contributions | |||
Administrative expenses paid | (1.5) | (3.2) | |
Settlements | (116.8) | (86.8) | |
Benefit obligation, end of period | 841.9 | 921.8 | 825.1 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 722 | 658.4 | |
Actual return on plan assets | 39.5 | 115.7 | |
Employer contributions | 41.6 | 41.8 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | |||
Benefits paid | (4.1) | (3.9) | |
Administrative expenses paid | (1.5) | (3.2) | |
Settlements | (116.8) | (86.8) | |
Balance, end of year | 680.7 | 722 | 658.4 |
Unfunded status | 161.2 | 199.8 | |
Postretirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of period | 80.9 | 76.2 | |
Service cost | 2.2 | 2.1 | 2 |
Interest cost | 1.7 | 2.4 | 2.9 |
Actuarial loss (gain) | (5) | 4.9 | |
Benefits paid from plan assets | |||
Benefits paid from Company assets | (5.6) | (5.8) | |
Plan participants' contributions | 0.9 | 1.1 | |
Administrative expenses paid | |||
Settlements | |||
Benefit obligation, end of period | 75.1 | 80.9 | 76.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | |||
Actual return on plan assets | |||
Employer contributions | 4.7 | 4.7 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0.9 | 1.1 | |
Benefits paid | (5.6) | (5.8) | |
Administrative expenses paid | |||
Settlements | |||
Balance, end of year | |||
Unfunded status | $ 75.1 | $ 80.9 |
Pension And Other Postretirem_5
Pension And Other Postretirement Benefits (Schedule Of Amounts Recognized In Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits | ||
Liability, Defined Benefit Plan [Abstract] | ||
Current accrued benefit cost | $ 2.1 | $ 1.9 |
Non-current accrued benefit cost | 159.1 | 197.9 |
Net amount recognized | 161.2 | 199.8 |
Postretirement Benefits | ||
Liability, Defined Benefit Plan [Abstract] | ||
Current accrued benefit cost | 6.6 | 6.8 |
Non-current accrued benefit cost | 68.5 | 74.1 |
Net amount recognized | $ 75.1 | $ 80.9 |
Pension And Other Postretirem_6
Pension And Other Postretirement Benefits (Schedule Of Amounts Recognized In Accumulated Other Comprensive Income (Loss)) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ||
Net actuarial loss | $ 166.1 | $ 227.9 |
Accumulated other comprehensive loss | 166.1 | 227.9 |
Postretirement Benefits | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ||
Net actuarial loss | 9.3 | 13.6 |
Prior service cost (gain) | 0.1 | 0.1 |
Accumulated other comprehensive loss | $ 9.4 | $ 13.7 |
Pension And Other Postretirem_7
Pension And Other Postretirement Benefits (Schedule Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Total selling, general, and administrative expenses | $ 1,240.5 | $ 1,098.9 | $ 1,159.9 | ||||
Settlement charge | 30.4 | 27.7 | |||||
Total non-operating expenses | 59.5 | 58.5 | 23.7 | ||||
Pension Benefits | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | 30.2 | 29.2 | 25.6 | ||||
Total selling, general, and administrative expenses | 30.2 | 29.2 | 25.6 | ||||
Interest cost | 23.9 | 26.7 | 30 | ||||
Expected return on plan assets | (30.6) | (32.8) | (34.1) | ||||
Net actuarial loss | 32.3 | 30.2 | 19.1 | ||||
Settlement charge | 30.4 | 27.7 | |||||
Total non-operating expenses | 56 | 51.8 | 15 | ||||
Net periodic benefit cost | $ 86.2 | $ 81 | $ 40.6 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Discount rate | 2.72% | 2.72% | 2.62% | 3.38% | 4.31% | ||
Expected return on plan assets | 5.00% | 5.50% | 5.75% | ||||
Rate of compensation increase | 4.32% | 4.24% | 4.36% | ||||
Postretirement Benefits | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | $ 2.2 | $ 2.1 | $ 2 | ||||
Total selling, general, and administrative expenses | 2.2 | 2.1 | 2 | ||||
Interest cost | 1.7 | 2.4 | 2.9 | ||||
Net actuarial loss | 0.8 | 0.7 | 0.3 | ||||
Total non-operating expenses | 2.5 | 3.1 | 3.2 | ||||
Net periodic benefit cost | $ 4.7 | $ 5.2 | $ 5.2 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Discount rate | 2.22% | 3.19% | 4.16% | ||||
Healthcare cost trend on covered charges | 5.00% | 5.00% | 5.00% |
Pension And Other Postretirem_8
Pension And Other Postretirement Benefits (Schedule Of Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Defined Benefit Plan, Healthcare cost trend on covered charges | 5.00% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate, Actuarial Present Value | 5.00% | |
Pension Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 2.86% | 2.62% |
Rate of compensation increase | 4.38% | 4.49% |
Postretirement Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 2.71% | 2.22% |
Defined Benefit Plan, Healthcare cost trend on covered charges | 5.00% | 5.00% |
Pension And Other Postretirem_9
Pension And Other Postretirement Benefits (Schedule Of Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Pension Benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2022 | $ 58.6 |
2023 | 59.3 |
2024 | 58.9 |
2025 | 59 |
2026 | 59.2 |
2027 to 2031 | 288.6 |
Postretirement Benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2022 | 6.6 |
2023 | 6.9 |
2024 | 7.3 |
2025 | 7.4 |
2026 | 7.3 |
2027 to 2031 | $ 31.8 |
Pension And Other Postretire_10
Pension And Other Postretirement Benefits (Schedule Of Allocation Of Plan Assets) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual Allocation | 100.00% | 100.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | 100.00% |
Equity Securities - U.S. | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual Allocation | 6.00% | 7.00% |
Equity Securities - International | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual Allocation | 6.00% | 10.00% |
Fixed Income Investments | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual Allocation | 55.00% | 66.00% |
Hedge Funds | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual Allocation | 6.00% | 5.00% |
Private Equity | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual Allocation | 5.00% | 2.00% |
Real assets | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual Allocation | 5.00% | 5.00% |
Other | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual Allocation | 5.00% | 4.00% |
Short-term Investments | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual Allocation | 12.00% | 1.00% |
Minimum | Equity Securities - U.S. | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3.00% | 3.00% |
Minimum | Equity Securities - International | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 2.00% | 2.00% |
Minimum | Fixed Income Investments | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | 40.00% |
Minimum | Hedge Funds | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 2.00% | 2.00% |
Minimum | Private Equity | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 2.00% | 0.00% |
Minimum | Real assets | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 2.00% | 0.00% |
Minimum | Other | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% |
Minimum | Short-term Investments | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 1.00% | 1.00% |
Maximum | Equity Securities - U.S. | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | 10.00% |
Maximum | Equity Securities - International | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | 10.00% |
Maximum | Fixed Income Investments | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% | 80.00% |
Maximum | Hedge Funds | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 8.00% | 8.00% |
Maximum | Private Equity | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 8.00% | 15.00% |
Maximum | Real assets | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | 15.00% |
Maximum | Other | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 8.00% | 8.00% |
Maximum | Short-term Investments | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | 10.00% |
Pension And Other Postretire_11
Pension And Other Postretirement Benefits (Schedule Of Changes In Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | $ 680.7 | $ 722 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 722 | |
Balance, end of year | 680.7 | 722 |
Investments Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 291.9 | 437.1 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 437.1 | |
Balance, end of year | 291.9 | 437.1 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 76 | 97.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 97.2 | |
Balance, end of year | 76 | 97.2 |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 279.7 | 162.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 162.5 | |
Balance, end of year | 279.7 | 162.5 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 33.1 | 25.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 25.2 | 22.4 |
Realized gains | 1 | |
Unrealized gains | 10.3 | 1.6 |
Purchases | 0.1 | 2.5 |
Sales | (3.5) | (1.3) |
Balance, end of year | 33.1 | 25.2 |
Equity Securities - U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 40.9 | 47.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 47.9 | |
Balance, end of year | 40.9 | 47.9 |
Equity Securities - U.S. | Investments Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 13.6 | 17.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 17.3 | |
Balance, end of year | 13.6 | 17.3 |
Equity Securities - U.S. | Quoted Prices in Active Markets for Identical Inputs (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 27.3 | 30.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 30.6 | |
Balance, end of year | 27.3 | 30.6 |
Equity Securities - International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 42.3 | 70.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 70.3 | |
Balance, end of year | 42.3 | 70.3 |
Equity Securities - International | Investments Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 13.9 | 24.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 24.9 | |
Balance, end of year | 13.9 | 24.9 |
Equity Securities - International | Quoted Prices in Active Markets for Identical Inputs (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 28.4 | 45.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 45.4 | |
Balance, end of year | 28.4 | 45.4 |
Fixed Income Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 375.8 | 479.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 479.9 | |
Balance, end of year | 375.8 | 479.9 |
Fixed Income Investments | Investments Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 96.1 | 317.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 317.4 | |
Balance, end of year | 96.1 | 317.4 |
Fixed Income Investments | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 279.7 | 162.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 162.5 | |
Balance, end of year | 279.7 | 162.5 |
Hedge Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 41.8 | 36 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 36 | |
Balance, end of year | 41.8 | 36 |
Hedge Funds | Investments Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 41.8 | 36 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 36 | |
Balance, end of year | 41.8 | 36 |
Real assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 36.7 | 34.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 34.8 | |
Balance, end of year | 36.7 | 34.8 |
Real assets | Investments Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 16.4 | 13.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 13.6 | |
Balance, end of year | 16.4 | 13.6 |
Real assets | Quoted Prices in Active Markets for Identical Inputs (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 20.3 | 21.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 21.2 | |
Balance, end of year | 20.3 | 21.2 |
Private Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 29.9 | 15.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 15.8 | |
Balance, end of year | 29.9 | 15.8 |
Private Equity | Investments Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 8.2 | 2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 2 | |
Balance, end of year | 8.2 | 2 |
Private Equity | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 21.7 | 13.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 13.8 | 11 |
Realized gains | 0.8 | |
Unrealized gains | 9.2 | 1 |
Purchases | 0.1 | 2.5 |
Sales | (2.2) | (0.7) |
Balance, end of year | 21.7 | 13.8 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 31.5 | 33.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 33.5 | |
Balance, end of year | 31.5 | 33.5 |
Other | Investments Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 20.1 | 22.1 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 22.1 | |
Balance, end of year | 20.1 | 22.1 |
Other | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 11.4 | 11.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 11.4 | 11.4 |
Realized gains | 0.2 | |
Unrealized gains | 1.1 | 0.6 |
Purchases | ||
Sales | (1.3) | (0.6) |
Balance, end of year | 11.4 | 11.4 |
Short-term Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 81.8 | 3.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 3.8 | |
Balance, end of year | 81.8 | 3.8 |
Short-term Investments | Investments Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets measured at net asset value | 81.8 | 3.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance, beginning of year | 3.8 | |
Balance, end of year | $ 81.8 | $ 3.8 |
Profit Sharing And Savings Pl_2
Profit Sharing And Savings Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 48 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Required term of service to be eligible for plan match | 6 months 500 hours | 1 year 1000 hours | ||
Profit Sharing and Savings Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Voluntary contribution, minimum percent of employee pay | 2.00% | |||
Voluntary contribution, maximum percent of employee pay | 50.00% | |||
Percentage of employee contribution matched by employer | 50.00% | |||
Percent of employee pay eligible for matching contributions | 6.00% | |||
Employer matching contribution percentage maximum of pay | 3.00% | |||
Employer Matching Contribution | $ 4.5 | $ 3.8 | $ 2.7 | |
Discretionary Employer Contribution | $ 71.3 | $ 46.8 | $ 56.8 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |||
Rent expense | $ 42.9 | $ 40.3 | $ 36.4 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Currency translation | $ (5) | $ (5.1) |
Accumulated Other Comprehensive Loss | (180.5) | (246.7) |
Pension Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Benefits liability | (166.1) | (227.9) |
Accumulated Other Comprehensive Loss | (166.1) | (227.9) |
Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Benefits liability | $ (9.4) | $ (13.7) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Reclassification Out Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Non-operating expenses | $ 59.5 | $ 58.5 | $ 23.7 |
Tax benefit | 87.9 | 44.2 | 55 |
Total reclassifications for the period, net of tax | (263) | (122.1) | $ (144.9) |
Non-cash pension settlement charge | 30.4 | 27.7 | |
Reclassification out of AOCI | Actuarial Losses Recognized | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Non-operating expenses | 63.5 | 58.6 | |
Tax benefit | (16.3) | (15.1) | |
Total reclassifications for the period, net of tax | $ 47.2 | $ 43.5 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss (Changes In Accumlated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 930.5 | |
Retained Earnings | 850.3 | $ 725.1 |
Ending balance | 1,126.5 | 930.5 |
Amounts reclassified from accumulated other comprehensive loss, tax | (16.3) | (15.1) |
Actuarial loss, tax | (6.6) | 14.6 |
Foreign Currency | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (5.1) | (7.7) |
Other comprehensive (loss) income before reclassifications | 0.1 | 2.6 |
Amounts reclassified from accumulated other comprehensive loss (net of tax) | ||
Actuarial gain (loss) (net of tax) | ||
Net current-period other comprehensive (loss) income | 0.1 | 2.6 |
Ending balance | (5) | (5.1) |
Pension and Other Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (241.6) | (242.9) |
Other comprehensive (loss) income before reclassifications | ||
Amounts reclassified from accumulated other comprehensive loss (net of tax) | 47.2 | 43.5 |
Actuarial gain (loss) (net of tax) | 18.9 | (42.2) |
Net current-period other comprehensive (loss) income | 66.1 | 1.3 |
Ending balance | (175.5) | (241.6) |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (246.7) | (250.6) |
Other comprehensive (loss) income before reclassifications | 0.1 | 2.6 |
Amounts reclassified from accumulated other comprehensive loss (net of tax) | 47.2 | 43.5 |
Actuarial gain (loss) (net of tax) | 18.9 | (42.2) |
Net current-period other comprehensive (loss) income | 66.2 | 3.9 |
Ending balance | $ (180.5) | $ (246.7) |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 57.1 | $ 37.1 | $ 30.1 |
Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | 88.7 | ||
Goodwill | 20 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 32.1 | ||
Shingle & Gibb Automation, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | 27.6 | ||
Goodwill | 7.4 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 18.1 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Schedule Of Quarterly Financial Information (Unaudited)) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||
Net sales | $ 2,321 | $ 2,313.4 | $ 2,232.4 | $ 1,900.5 | $ 1,851.6 | $ 1,877.9 | $ 1,763 | $ 1,773.2 | $ 8,767.3 | $ 7,265.7 | $ 7,523.9 |
Gross margin | 469.1 | 436.4 | 422.8 | 360.9 | 340.6 | 355.2 | 333.3 | 340.4 | 1,689.2 | 1,369.5 | 1,429 |
Net income (loss) attributable to the Company | $ 60.8 | $ 74.3 | $ 80.1 | $ 47.2 | $ 28.8 | $ 34.5 | $ 37.1 | $ 21.4 | $ 262.4 | $ 121.8 | $ 144.5 |
Net income (loss) attributable to the Company per share of common stock (usd per share) | $ 2.66 | $ 3.27 | $ 3.51 | $ 2.07 | $ 1.28 | $ 1.52 | $ 1.64 | $ 0.94 | $ 11.51 | $ 5.38 | $ 6.41 |
Common stock dividend declared, percent | 5.00% | ||||||||||
Average common shares outstanding by quarter | 22,793,934 | 22,642,057 | 22,555,240 |