Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'GRAYBAR ELECTRIC CO INC | ' |
Entity Central Index Key | '0000205402 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 15,782,335 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Gross Sales | $1,523,857 | $1,473,776 | $2,841,978 | $2,761,681 | ||||
Cash discounts | -6,482 | -5,657 | -11,803 | -10,640 | ||||
Net Sales | 1,517,375 | 1,468,119 | 2,830,175 | 2,751,041 | ||||
Cost of merchandise sold | -1,235,433 | -1,204,154 | -2,298,776 | -2,251,244 | ||||
Gross Margin | 281,942 | 263,965 | 531,399 | 499,797 | ||||
Selling, general and administrative expenses | -224,949 | -218,379 | -444,874 | -432,159 | ||||
Depreciation and amortization | -9,677 | -9,000 | -19,354 | -18,017 | ||||
Other income, net | 1,429 | 645 | 2,158 | 1,202 | ||||
Income from Operations | 48,745 | 37,231 | 69,329 | 50,823 | ||||
Interest expense, net | -368 | -401 | -758 | -764 | ||||
Income before Provision for Income Taxes | 48,377 | 36,830 | 68,571 | 50,059 | ||||
Provision for income taxes | -19,270 | -14,904 | -28,114 | -20,154 | ||||
Net Income | 29,107 | 21,926 | 40,457 | 29,905 | ||||
Less: Net income attributable to noncontrolling interests | -63 | -35 | -92 | -68 | ||||
Net Income attributable to Graybar Electric Company, Inc. | $29,044 | $21,891 | $40,365 | $29,837 | ||||
Net Income per share of Common Stock(A) | $1.83 | [1] | $1.37 | [1] | $2.54 | [1] | $1.87 | [1] |
Cash Dividends per share of Common Stock(B) | $0.30 | [2] | $0.30 | [2] | $0.60 | [2] | $0.60 | [2] |
Average Common Shares Outstanding(A) | 15,842 | [1] | 15,967 | [1] | 15,890 | [1] | 15,987 | [1] |
[1] | (A)Adjusted for the declaration of a two and a half percent (2.5%) stock dividend in 2013, shares related to which were issued in February 2014. Prior to the adjustment, the average common shares outstanding were 15,578 and 15,597 for the three and six months ended June 30, 2013, respectively. | |||||||
[2] | (B)Cash dividends declared were $4,756 and $4,676 for the three months ended June 30, 2014 and 2013, respectively. Cash dividends declared were $9,548 and $9,376 for the six months ended June 30, 2014 and 2013, respectively. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Income Parenthetical (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Stock Dividend | ' | ' | 2.50% | ' | ||||
Average common shares outstanding | 15,842 | [1] | 15,967 | [1] | 15,890 | [1] | 15,987 | [1] |
Cash dividends declared | $4,756 | $4,676 | $9,548 | $9,376 | ||||
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ||||
Average common shares outstanding | ' | 15,578 | ' | 15,597 | ||||
[1] | (A)Adjusted for the declaration of a two and a half percent (2.5%) stock dividend in 2013, shares related to which were issued in February 2014. Prior to the adjustment, the average common shares outstanding were 15,578 and 15,597 for the three and six months ended June 30, 2013, respectively. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Document Period End Date | ' | ' | 30-Jun-14 | ' |
Net Income | $29,107 | $21,926 | $40,457 | $29,905 |
Other Comprehensive Income | ' | ' | ' | ' |
Foreign currency translation | 2,897 | -2,587 | 299 | -4,182 |
Pension and postretirement benefits liability adjustment (net of tax of $(1,687), $(2,754), $(3,439) and $(5,322), respectively) | 2,647 | 4,326 | 5,400 | 8,358 |
Total Other Comprehensive Income | 5,544 | 1,739 | 5,699 | 4,176 |
Comprehensive Income | 34,651 | 23,665 | 46,156 | 34,081 |
Comprehensive (income) loss attributable to noncontrolling interests, net of tax | -171 | 57 | -76 | 92 |
Comprehensive Income attributable to Graybar Electric Company, Inc. | $34,480 | $23,722 | $46,080 | $34,173 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income Parenthetical (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | ($1,687) | ($2,754) | ($3,439) | ($5,322) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $50,039 | $34,665 |
Trade receivables (less allowances of $6,811 and $6,837, respectively) | 865,313 | 823,072 |
Merchandise inventory | 463,776 | 448,386 |
Other current assets | 52,472 | 41,435 |
Total Current Assets | 1,431,600 | 1,347,558 |
Property, at cost | ' | ' |
Land | 68,351 | 66,775 |
Buildings | 417,306 | 413,159 |
Furniture and fixtures | 241,861 | 232,093 |
Software | 83,360 | 76,906 |
Capital leases | 16,802 | 14,768 |
Total Property, at cost | 827,680 | 803,701 |
Less – accumulated depreciation and amortization | -439,677 | -423,514 |
Net Property | 388,003 | 380,187 |
Other Non-current Assets | 61,682 | 66,498 |
Total Assets | 1,881,285 | 1,794,243 |
LIABILITIES | ' | ' |
Short-term borrowings | 72,450 | 82,442 |
Current portion of long-term debt | 6,048 | 2,443 |
Trade accounts payable | 734,046 | 630,198 |
Accrued payroll and benefit costs | 57,572 | 93,262 |
Other accrued taxes | 12,624 | 15,410 |
Other current liabilities | 76,674 | 73,085 |
Total Current Liabilities | 959,414 | 896,840 |
Postretirement Benefits Liability | 68,329 | 67,534 |
Pension Liability | 121,709 | 132,583 |
Long-term Debt | 6,869 | 2,731 |
Other Non-current Liabilities | 18,096 | 23,774 |
Total Liabilities | 1,174,417 | 1,123,462 |
SHAREHOLDERS’ EQUITY | ' | ' |
Outstanding Common Stock | 316,672 | 317,767 |
Advance Payments on Subscriptions to Common Stock | 860 | 0 |
Retained Earnings | 520,557 | 489,740 |
Accumulated Other Comprehensive Loss | -134,648 | -140,363 |
Total Graybar Electric Company, Inc. Shareholders’ Equity | 703,441 | 667,144 |
Noncontrolling Interests | 3,427 | 3,637 |
Total Shareholders’ Equity | 706,868 | 670,781 |
Total Liabilities and Shareholders' Equity | $1,881,285 | $1,794,243 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthetical (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $6,811 | $6,837 |
Common, stated value per share | $20 | $20 |
Authorized | 50,000,000 | 50,000,000 |
Issued to voting trustees | 13,581,682 | 13,164,362 |
Issued to shareholders | 2,808,785 | 2,765,577 |
In treasury, at cost | -556,847 | -41,576 |
Outstanding Common Stock | 15,833,620 | 15,888,363 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operations | ' | ' |
Net Income | $40,457 | $29,905 |
Adjustments to reconcile net income to cash provided by operations: | ' | ' |
Depreciation and amortization | 19,354 | 18,017 |
Deferred income taxes | -1,855 | -3,990 |
Net gains on disposal of property | -229 | -28 |
Increase (Decrease) in Cash Provided By (Used In) Operating Activities When Effect of Noncontrolling Interest is Excluded | -92 | -68 |
Changes in assets and liabilities: | ' | ' |
Trade receivables | -42,241 | -78,276 |
Merchandise inventory | -15,390 | -22,254 |
Other current assets | -9,839 | -535 |
Other non-current assets | 3,089 | 2,778 |
Trade accounts payable | 103,848 | 128,224 |
Accrued payroll and benefit costs | -35,690 | -57,107 |
Other current liabilities | 1,137 | 14,058 |
Other non-current liabilities | -6,918 | 4,742 |
Total adjustments to net income | 15,174 | 5,561 |
Net cash provided by operations | 55,631 | 35,466 |
Cash Flows from Investing Activities | ' | ' |
Proceeds from disposal of property | 304 | 123 |
Capital expenditures for property | -18,900 | -24,989 |
Net cash used by investing activities | -18,596 | -24,866 |
Cash Flows from Financing Activities | ' | ' |
Net (decrease) increase in short-term borrowings | -9,992 | 12,561 |
Repayments of Long-term Debt | 0 | -7,386 |
Principal payments under capital leases | -1,600 | -1,516 |
Sale of common stock | 10,071 | 9,036 |
Purchases of common stock | -10,306 | -7,025 |
Purchases of noncontrolling interests’ common stock | -286 | -70 |
Dividends paid | -9,548 | -9,376 |
Net cash used by financing activities | -21,661 | -3,776 |
Net Increase in Cash | 15,374 | 6,824 |
Cash, Beginning of Year | 34,665 | 37,674 |
Cash, End of Period | 50,039 | 44,498 |
Non-cash Investing and Financing Activities | ' | ' |
Acquisitions of equipment under capital leases | 2,034 | 1,789 |
Acquisition of software and maintenance under financing arrangement | $7,309 | $0 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Changes in Shareholders’ Equity (USD $) | Total | Common Stock | Common Stock Subscribed, Unissued | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 31, 2012 | $600,216 | $310,008 | $0 | $453,770 | ($166,814) | $3,252 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 29,905 | ' | ' | 29,837 | ' | 68 |
Other comprehensive income | 4,176 | ' | ' | ' | 4,336 | -160 |
Stock issued | 8,231 | 8,231 | ' | ' | ' | ' |
Stock purchased | -7,095 | -7,025 | ' | ' | ' | -70 |
Advance payments | 805 | ' | 805 | ' | ' | ' |
Dividends declared | -9,376 | ' | ' | -9,376 | ' | ' |
Balance at Jun. 30, 2013 | 626,862 | 311,214 | 805 | 474,231 | -162,478 | 3,090 |
Balance at Dec. 31, 2013 | 670,781 | 317,767 | 0 | 489,740 | -140,363 | 3,637 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 40,457 | ' | ' | 40,365 | ' | 92 |
Other comprehensive income | 5,699 | ' | ' | ' | 5,715 | -16 |
Stock issued | 9,211 | 9,211 | ' | ' | ' | ' |
Stock purchased | -10,592 | -10,306 | ' | ' | ' | -286 |
Advance payments | 860 | ' | 860 | ' | ' | ' |
Dividends declared | -9,548 | ' | ' | -9,548 | ' | ' |
Balance at Jun. 30, 2014 | $706,868 | $316,672 | $860 | $520,557 | ($134,648) | $3,427 |
Description_of_the_Business
Description of the Business | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of the Business | ' |
DESCRIPTION OF THE BUSINESS | |
Graybar Electric Company, Inc. (“Graybar” or the “Company”) is a New York corporation, incorporated in 1925. The Company is engaged in the distribution of electrical, communications and data networking (“comm/data”) products and the provision of related supply chain management and logistics services, primarily to electrical and comm/data contractors, industrial plants, federal, state and local governments, commercial users, telephone companies, and power utilities in North America. All products sold by the Company are purchased by the Company from others, and the Company neither manufactures nor contracts to manufacture any products that it sells. The Company’s business activity is primarily with customers in the United States of America (“U.S.”). Graybar also has subsidiary operations with distribution facilities in Canada and Puerto Rico. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The Company’s accounting policies conform to generally accepted accounting principles in the U.S. (“U.S. GAAP”) and are applied on a consistent basis among all periods presented. Significant accounting policies are described below. | |
Basis of Presentation | |
The condensed consolidated financial statements included herein have been prepared by Graybar Electric Company, Inc., without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “Commission”) applicable to interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that its disclosures are adequate to make the information presented not misleading. The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect reported amounts. The Company’s condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Certain reclassifications were made to prior year amounts to conform to the 2014 presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended December 31, 2013, included in the Company’s latest Annual Report on Form 10-K. | |
In the opinion of management, this quarterly report includes all adjustments, consisting of normal recurring accruals and adjustments, necessary for the fair presentation of the financial statements presented. Such interim financial information is subject to year-end adjustments. Results for interim periods are not necessarily indicative of results to be expected for the full year. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Graybar Electric Company, Inc. and its subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company in subsidiaries consolidated by the Company are accounted for and reported as noncontrolling interests. | |
Estimates | |
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. | |
Subsequent Events | |
The Company has evaluated subsequent events through the time of the filing of this Quarterly Report on Form 10-Q with the Commission. No material subsequent events have occurred since June 30, 2014 that require recognition or disclosure in these financial statements. | |
Revenue Recognition | |
Revenue is recognized when evidence of a customer arrangement exists, prices are fixed and determinable, product title, ownership and risk of loss transfers to the customer, and collectability is reasonably assured. Revenues recognized are primarily for product sales, but also include freight and handling charges. The Company’s standard shipping terms are FOB shipping point, under which product title passes to the customer at the time of shipment. The Company does, however, fulfill some customer orders based on shipping terms of FOB destination, whereby title passes to the customer at the time of delivery. The Company also earns revenue for services provided to customers for supply chain management and logistics services. Service revenue is recognized when services are rendered and completed. Revenue is reported net of all taxes assessed by governmental authorities as a result of revenue-producing transactions, primarily sales tax. | |
Outgoing Freight Expenses | |
The Company records certain outgoing freight expenses as a component of selling, general and administrative expenses. | |
Cash and Cash Equivalents | |
The Company accounts for cash on hand, deposits in banks, and other short-term, highly liquid investments with an original maturity of three months or less as cash and cash equivalents. | |
Allowance for Doubtful Accounts | |
The Company performs ongoing credit evaluations of its customers, and a significant portion of its trade receivables is secured by mechanic’s lien or payment bond rights. The Company maintains allowances to reflect the expected uncollectability of trade receivables based on past collection history and specific risks identified in the receivables portfolio. Although actual credit losses have historically been within management’s expectations, additional allowances may be required if the financial condition of the Company’s customers were to deteriorate. | |
Merchandise Inventory | |
The Company’s inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. | |
The Company makes provisions for obsolete or excess inventories as necessary to reflect reductions in inventory value. | |
Supplier Volume Incentives | |
The Company’s agreements with many of its suppliers provide for the Company to earn volume incentives based on purchases during the agreement period. These agreements typically provide for the incentives to be paid quarterly or annually in arrears. The Company estimates amounts to be received from suppliers at the end of each reporting period based on the earnout level that the Company believes is probable of being achieved. The Company records the incentive ratably over the year as a reduction of cost of merchandise sold as the related inventory is sold. Changes in the estimated amount of incentives are treated as changes in estimate and are recognized in earnings in the period in which the change in estimate occurs. In the event that the operating performance of the Company’s suppliers were to decline, there can be no assurance that amounts earned would be paid or that the volume incentives would continue to be included in future agreements. | |
Property and Depreciation | |
Property, plant and equipment are recorded at cost. Depreciation is expensed on a straight-line basis over the estimated useful lives of the related assets. Interest costs incurred to finance expenditures for major long-term construction projects are capitalized as part of the asset's historical cost and included in property, plant and equipment, then depreciated over the useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Expenditures for maintenance and repairs are charged to expense when incurred, while the costs of significant improvements, which extend the useful life of the underlying asset, are capitalized. | |
Credit Risk | |
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of trade receivables. The Company performs ongoing credit evaluations of its customers, and a significant portion of its trade receivables is secured by mechanic’s lien or payment bond rights. The Company maintains allowances for potential credit losses, and such losses historically have been within management’s expectations. | |
Fair Value | |
The Company endeavors to utilize the best available information in measuring fair value. U.S. GAAP has established a fair value hierarchy, which prioritizes the inputs used in measuring fair value. The tiers in the hierarchy include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own data inputs and assumptions. The Company has used fair value measurements to value its pension plan assets. | |
Foreign Currency Exchange Rate | |
The functional currency for the Company’s Canadian subsidiary is the Canadian dollar. Accordingly, its balance sheet amounts are translated at the exchange rates in effect at 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 | |
The Company’s goodwill is not amortized, but rather tested annually for impairment. Goodwill is reviewed annually in the fourth quarter and/or when circumstances or other events might indicate that impairment may have occurred. The Company performs either a qualitative or quantitative assessment of goodwill impairment. The qualitative assessment considers several factors including the excess fair value over carrying value as of the last quantitative impairment test, the length of time since the last fair value measurement, the current carrying value, market conditions, actual performance compared to forecasted performance, and the current business outlook. If the qualitative assessment indicates that it is more likely than not that goodwill is impaired, the reporting unit is quantitatively tested for impairment. If a quantitative assessment is required, the fair value is determined using a variety of assumptions including estimated future cash flows of the reporting unit and applicable discount rates. | |
Income Taxes | |
The Company recognizes deferred tax assets and liabilities to reflect the future tax consequences of events that have been recognized in the financial statements or tax returns. Uncertainty exists regarding tax positions taken in previously filed tax returns still subject to examination and positions expected to be taken in future returns. A deferred tax asset or liability results from the temporary difference between an item’s carrying value as reflected in the financial statements and its tax basis, and is calculated using enacted applicable tax rates. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. The Company classifies interest expense and penalties as part of its provision for income taxes based upon applicable federal and state interest/underpayment percentages. | |
Other Postretirement Benefits | |
The Company accounts for postretirement benefits other than pensions by accruing the costs of benefits to be provided over the employees’ periods of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of postretirement benefits. | |
Pension Plan | |
The Company sponsors a noncontributory defined benefit pension plan accounted for by accruing the cost to provide the benefits over the employees’ periods of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of the defined benefit pension plan. | |
New Accounting Standards | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU” or “Update”) 2014-09, “Revenue from Contracts with Customers”, which provides guidance on a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. Public business entities must implement the new guidance for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that year. Earlier application is not permitted. | |
The new standard provides for two alternative implementation methods. The first is to apply the new standard retrospectively to each prior reporting period presented. This method allows the use of certain practical expedients. The second method is to apply the new standard retrospectively in the year of initial adoption and record a cumulative effect adjustment for the impact of adjusting contracts open at the date of adoption. Under this transition method, the Company would apply this guidance retrospectively only to contracts that are not completed contracts at the date of initial application (which for the Company will be January 1, 2017). The Company would then recognize the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. This method also requires the Company to disclose comparative information for the year of adoption. | |
Graybar has not yet determined which method the Company will use to implement the new standard or the impact the new standard is expected to have on the consolidated financial statements or on other matters or aspects of the Company’s business. | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”, which provides guidance on the financial statement presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward exists. The Company adopted this Update as of January 1, 2014, and the adoption did not have a material impact on the Company's results of operations, financial position, or cash flows during the three and six months ended June 30, 2014. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The Company determines its deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of its assets and liabilities, calculated using enacted applicable tax rates. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the condensed consolidated financial statements. | |
The Company classifies interest expense and penalties as part of its provision for income taxes based upon applicable federal and state interest/underpayment percentages. The Company has accrued $1,267 and $1,220 in interest and penalties in its condensed consolidated balance sheets at June 30, 2014 and December 31, 2013, respectively. Interest was computed on the difference between the provision for income taxes recognized in accordance with U.S. GAAP and the amount of benefit previously taken or expected to be taken in the Company’s federal, state, and local income tax returns. | |
The Company’s federal income tax returns for the tax years 2008 and forward are available for examination by the United States Internal Revenue Service (“IRS”). Separately, the IRS conducted examinations of the Company’s 2008 and 2009, and 2010 and 2011 federal income tax returns. In May 2014, the Company formalized settlement of the IRS audit for each of these four years. Collectively, including interest, the Company settled the assessments for $907. This closure has been recorded in the Company’s federal income tax expense for the six months ended June 30, 2014. The Company has agreed to extend its federal statute of limitations for the 2008 through 2010 tax years until December 31, 2014. | |
The Company's state income tax returns for 2009 through 2013 remain subject to examination by various state authorities, with the latest period closing on December 31, 2018. The Company has not extended the statutes of limitations with respect to years prior to 2009. Such statutes of limitations will expire on or before December 31, 2014, unless extended. | |
The Company’s unrecognized tax benefits of $3,658 and $3,419 at June 30, 2014 and December 31, 2013, respectively, are uncertain tax positions that would impact the Company’s effective tax rate if recognized. The Company is periodically engaged in tax return examinations, reviews of statute of limitations periods, and settlements surrounding income taxes. The Company does not anticipate a material change in its unrecognized tax benefits during the next twelve months. |
Capital_Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Capital Stock | ' |
CAPITAL STOCK | |
The Company's capital stock is one hundred percent (100%) owned by its active and retired employees, and there is no public trading market for its common stock. Since 1928, substantially all of the issued and outstanding shares of common stock have been held of record by voting trustees under successive voting trust agreements. Under applicable state law, a voting trust may not have a term greater than ten years. At June 30, 2014, approximately eighty-three percent (83%) of the common stock was held in a voting trust that expires by its terms on March 15, 2017. The participation of shareholders in the voting trust is voluntary at the time the voting trust is created, but is irrevocable during its term. Shareholders who elect not to participate in the voting trust hold their common stock as shareholders of record. | |
No shareholder may sell, transfer, or otherwise dispose of shares of common stock or the voting trust interests issued with respect thereto (“common stock”, “common shares”, or “shares”) without first offering the Company the option to purchase such shares at the price at which the shares were issued. The Company also has the option to purchase at the issue price the common stock of any holder who dies or ceases to be an employee of the Company for any cause other than retirement on a Company pension. The Company has always exercised its purchase option and expects to continue to do so. All outstanding shares of the Company have been issued at $20.00 per share. |
Revolving_Credit_Facility
Revolving Credit Facility | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Revolving Credit Facility | ' |
REVOLVING CREDIT FACILITY | |
On December 31, 2013, the Company and Graybar Canada Limited, the Company's Canadian operating subsidiary (“Graybar Canada”), had an unsecured, five-year, $500,000 revolving credit agreement maturing in September 2016 with Bank of America, N.A. and other lenders named therein, which included a combined letter of credit sub-facility of up to $50,000, a U.S. swing line loan facility of up to $50,000, and a Canadian swing line loan facility of up to $20,000 (the "Credit Agreement"). The Credit Agreement also included a $100,000 sublimit (in U.S. or Canadian dollars) for borrowings by Graybar Canada and contained an accordion feature, which allowed the Company to request increases in the aggregate borrowing commitments of up to $200,000. | |
On June 6, 2014, the Company and Graybar Canada amended and extended their five-year revolving credit facility, to, among other things, increase the availability from $500,000 to $550,000, which includes a combined letter of credit sub-facility of up to $50,000, a U.S. swing-line loan facility of up to $50,000, and a Canadian swing-line loan facility of up to $20,000, pursuant to the terms and conditions of a Second Amendment to Credit Agreement, dated as of June 6, 2014 (the “Amended Credit Agreement”), by and among Graybar, as parent borrower, 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. The Amended Credit Agreement includes a $100,000 sublimit (in U.S. or Canadian dollars) for borrowings by Graybar Canada and contains an accordion feature, which allows Graybar to request increases to the aggregate borrowing commitments of up to$300,000. The five-year Amended Credit Agreement matures in June 2019. | |
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 in the Amended Credit Agreement). 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. | |
Interest on the Company’s borrowings under the Amended Credit Agreement are based on, at the borrower’s election, either (A) (i) the base rate (as defined in the Amended Credit Agreement), or (ii) LIBOR (in the case of Graybar as borrower) or (B) (i) the base rate (as defined in the agreement) or (ii) CDOR (in the case of Graybar Canada as borrower), in each case plus an applicable margin, as determined by the pricing grid set forth in the Amended Credit Agreement. In connection with such a borrowing, the applicable borrower also selects the term of the loan, up to six months. Swing line loans, which are daily loans, 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). In addition to interest payments, there are also certain fees and obligations associated with borrowings, swing-line loans, letters of credit and other administrative matters. | |
The 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%, subject to adjustment based upon the Company's consolidated leverage ratio. 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 customary affirmative and negative covenants for credit facilities of this type, including limitations on Graybar and its subsidiaries with respect to indebtedness, liens, changes in the nature of our business, investments, mergers and acquisitions, issuance of equity securities, dispositions of assets and dissolution of certain subsidiaries, transactions with affiliates, restricted payments (subject to incurrence tests, with certain exceptions), as well as securitizations, factoring transactions, and transactions with sanctioned parties or in violation of certain US or Canadian anti-corruption laws. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants to which the Company is subject during the term of the Amended Credit Agreement. The Company was in compliance with all these covenants as of June 30, 2014 and December 31, 2013. | |
The Amended Credit Agreement also provides for customary events of default, including a failure to pay principal, interest or fees when due, the fact that any representation or warranty made by any of the credit parties is materially incorrect, failure to comply with covenants, the occurrence of an event of default under certain other indebtedness of Graybar and its subsidiaries, the commencement of certain insolvency or receivership events affecting any of the credit parties, certain actions under ERISA and the occurrence of a change in control of 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. | |
At June 30, 2014, the Company had total letters of credit of $6,547 outstanding, of which $372 were issued under the $550,000 revolving credit facility. At December 31, 2013, the Company had total letters of credit of $6,886 outstanding, of which $711 were issued under the $500,000 revolving credit facility. The letters of credit are used primarily to support certain workers compensation insurance policies. | |
There were $72,450 and $82,442 in short-term borrowings outstanding under the revolving credit facility at June 30, 2014 and December 31, 2013, respectively. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||
The Company has a noncontributory defined benefit pension plan covering substantially all full-time employees. The plan provides retirement benefits based on an employee’s average earnings and years of service. Employees become one hundred percent (100%) vested after three years of service, regardless of age. The Company’s plan funding policy is to make contributions provided that the total annual contributions will not be less than the Employee Retirement Income Security Act ("ERISA") and the Pension Protection Act of 2006 minimums or greater than the maximum tax-deductible amount, to review contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by the Company from time to time. The assets of the defined benefit pension plan are invested primarily in fixed income and equity securities, money market funds, and other investments. | ||||||||||||||
The Company provides certain postretirement health care and life insurance benefits to retired employees. Substantially all of the Company’s employees hired or rehired prior to 2014 may become eligible for postretirement medical benefits if they reach the age and service requirements of the retiree medical plan and retire on a service pension under the defined benefit pension plan. Medical benefits are self-insured and claims are paid through an insurance company. The cost of coverage is determined based on the annual projected plan costs. The participant's premium or cost is determined based on Company guidelines. Postretirement life insurance benefits are insured through an insurance company. The Company funds postretirement benefits as incurred, and accordingly, there were no assets held in the postretirement benefits plan at June 30, 2014 and December 31, 2013. | ||||||||||||||
The net periodic benefit cost for the three and six months ended June 30, 2014 and 2013 included the following components: | ||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
Components of Net Periodic Benefit Cost | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 5,506 | $ | 5,534 | $ | 602 | $ | 647 | ||||||
Interest cost | 6,610 | 5,982 | 843 | 711 | ||||||||||
Expected return on plan assets | (6,637 | ) | (5,979 | ) | — | — | ||||||||
Amortization of: | ||||||||||||||
Net actuarial loss | 4,285 | 6,860 | 359 | 422 | ||||||||||
Prior service cost (gain) | 230 | 338 | (540 | ) | (540 | ) | ||||||||
Net periodic benefit cost | $ | 9,994 | $ | 12,735 | $ | 1,264 | $ | 1,240 | ||||||
Pension Benefits | Postretirement Benefits | |||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
Components of Net Periodic Benefit Cost | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 11,103 | $ | 12,059 | $ | 1,227 | $ | 1,322 | ||||||
Interest cost | 13,409 | 11,957 | 1,668 | 1,436 | ||||||||||
Expected return on plan assets | (13,312 | ) | (11,954 | ) | — | — | ||||||||
Amortization of: | ||||||||||||||
Net actuarial loss | 8,819 | 13,185 | 634 | 897 | ||||||||||
Prior service cost (gain) | 476 | 688 | (1,090 | ) | (1,090 | ) | ||||||||
Settlement loss | 789 | — | — | — | ||||||||||
Net periodic benefit cost | $ | 21,284 | $ | 25,935 | $ | 2,439 | $ | 2,565 | ||||||
The Company recorded a settlement loss that resulted from lump sum pension distributions. | ||||||||||||||
The Company made contributions to its defined benefit pension plan totaling $10,000 during each of the three-month periods ended June 30, 2014 and 2013. Contributions made during the six-month periods ended June 30, 2014 and 2013 each totaled $20,000. Additional contributions totaling $22,900 are expected to be paid during the remainder of 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Amortization of Pension and Other Postretirement Benefits Items | Amortization of Pension and Other Postretirement Benefits Items | ||||||||||||||||||||||||
Actuarial Losses Recognized | Prior Service Costs Recognized | Total | Actuarial Losses Recognized | Prior Service Costs Recognized | Total | ||||||||||||||||||||
Affected Line in Condensed Consolidated Statement of Income: | |||||||||||||||||||||||||
Selling, general and administrative | $ | 4,644 | $ | (310 | ) | $ | 4,334 | $ | 7,282 | $ | (202 | ) | $ | 7,080 | |||||||||||
expenses | |||||||||||||||||||||||||
Tax (benefit) expense | (1,808 | ) | 121 | (1,687 | ) | (2,833 | ) | 79 | (2,754 | ) | |||||||||||||||
Total reclassifications for the period, net of tax | $ | 2,836 | $ | (189 | ) | $ | 2,647 | $ | 4,449 | $ | (123 | ) | $ | 4,326 | |||||||||||
The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Amortization of Pension and Other Postretirement Benefits Items | Amortization of Pension and Other Postretirement Benefits Items | ||||||||||||||||||||||||
Actuarial Losses Recognized | Prior Service Costs Recognized | Total | Actuarial Losses Recognized | Prior Service Costs Recognized | Total | ||||||||||||||||||||
Affected Line in Condensed Consolidated Statement of Income: | |||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 9,453 | $ | (614 | ) | $ | 8,839 | $ | 14,082 | $ | (402 | ) | $ | 13,680 | |||||||||||
Tax (benefit) expense | (3,678 | ) | 239 | (3,439 | ) | (5,478 | ) | 156 | (5,322 | ) | |||||||||||||||
Total reclassifications for the period, net of tax | $ | 5,775 | $ | (375 | ) | $ | 5,400 | $ | 8,604 | $ | (246 | ) | $ | 8,358 | |||||||||||
The following table represents the activity included in accumulated other comprehensive income (loss) for the three months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Foreign Currency | Pension and Other Postretirement Benefits | Total | Foreign Currency | Pension and Other Postretirement Benefits | Total | ||||||||||||||||||||
Beginning balance April 1, | $ | 4,179 | $ | (144,263 | ) | $ | (140,084 | ) | $ | 10,513 | $ | (174,822 | ) | $ | (164,309 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | 2,789 | — | 2,789 | (2,495 | ) | — | (2,495 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (net of tax $(1,752) and $(2,568)) | — | 2,647 | 2,647 | — | 4,326 | 4,326 | |||||||||||||||||||
Net current-period other comprehensive (loss) income | 2,789 | 2,647 | 5,436 | (2,495 | ) | 4,326 | 1,831 | ||||||||||||||||||
Ending balance June 30, | $ | 6,968 | $ | (141,616 | ) | $ | (134,648 | ) | $ | 8,018 | $ | (170,496 | ) | $ | (162,478 | ) | |||||||||
The following table represents the activity included in accumulated other comprehensive income (loss) for the six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Foreign Currency | Pension and Other Postretirement Benefits | Total | Foreign Currency | Pension and Other Postretirement Benefits | Total | ||||||||||||||||||||
Beginning balance January 1, | $ | 6,653 | $ | (147,016 | ) | $ | (140,363 | ) | $ | 12,040 | $ | (178,854 | ) | $ | (166,814 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | 315 | — | 315 | (4,022 | ) | — | (4,022 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 5,400 | 5,400 | — | 8,358 | 8,358 | |||||||||||||||||||
Net current-period other comprehensive (loss) income | 315 | 5,400 | 5,715 | (4,022 | ) | 8,358 | 4,336 | ||||||||||||||||||
Ending balance June 30, | $ | 6,968 | $ | (141,616 | ) | $ | (134,648 | ) | $ | 8,018 | $ | (170,496 | ) | $ | (162,478 | ) | |||||||||
Assets_Held_For_Sale
Assets Held For Sale | 6 Months Ended |
Jun. 30, 2014 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | ' |
Assets Held For Sale | ' |
ASSETS HELD FOR SALE | |
The Company considers properties to be assets held for sale when all of the following criteria are met: (i) a formal commitment to a plan to sell a property has been made and exercised; (ii) the property is available for sale in its present condition; (iii) actions required to complete the sale of the property have been initiated; (iv) sale of the property is probable and the Company expects the sale will occur within one year; and (v) the property is being actively marketed for sale at a price that is reasonable given its current market value. | |
Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation of the property ceases. At June 30, 2014 and December 31, 2013, the net book value of assets held for sale was $7,626 and is recorded in net property in the condensed consolidated balance sheets. | |
The Company reviews long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For assets classified as held and used, impairment may occur if projected undiscounted cash flows are not adequate to cover the carrying value of the assets. In such cases, additional analysis is conducted to determine the amount of the loss to be recognized. The impairment loss is calculated as the difference between the carrying amount of the asset and its estimated fair value. The analysis requires estimates of the amount and timing of projected cash flows and, where applicable, selection of an appropriate discount rate. Such estimates are critical in determining whether any impairment charge should be recorded and the amount of such charge if an impairment loss is deemed necessary. | |
For assets held for sale, impairment occurs whenever the net book value of the property listed for sale exceeds the expected selling price less estimated selling expenses. The Company recorded no impairment charges during the three and six month periods ended June 30, 2014 and 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
The Company and its subsidiaries are subject to various claims, disputes, and administrative and legal matters incidental to the Company’s past and current business activities. As a result, contingencies may arise resulting from an existing condition, situation, or set of circumstances involving an uncertainty as to the realization of a possible loss. | |
The Company accounts for loss contingencies in accordance with U.S. GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may be probable that a loss has occurred, but the estimate of the loss is a wide range. If the Company deems some amount within the range to be a better estimate than any other amount within the range, that amount 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 the Company believes that none of these claims, disputes, and administrative and legal matters will have a material adverse effect on its financial position, these matters are uncertain and the Company cannot at this time determine whether the financial impact, if any, of these matters will be material to its results of operations in the period during which such matters are resolved or a better estimate becomes available. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The condensed consolidated financial statements included herein have been prepared by Graybar Electric Company, Inc., without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “Commission”) applicable to interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that its disclosures are adequate to make the information presented not misleading. The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect reported amounts. The Company’s condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Certain reclassifications were made to prior year amounts to conform to the 2014 presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended December 31, 2013, included in the Company’s latest Annual Report on Form 10-K. | |
In the opinion of management, this quarterly report includes all adjustments, consisting of normal recurring accruals and adjustments, necessary for the fair presentation of the financial statements presented. Such interim financial information is subject to year-end adjustments. Results for interim periods are not necessarily indicative of results to be expected for the full year. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Graybar Electric Company, Inc. and its subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company in subsidiaries consolidated by the Company are accounted for and reported as noncontrolling interests. | |
Estimates | ' |
Estimates | |
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. | |
Subsequent Events | ' |
Subsequent Events | |
The Company has evaluated subsequent events through the time of the filing of this Quarterly Report on Form 10-Q with the Commission. No material subsequent events have occurred since June 30, 2014 that require recognition or disclosure in these financial statements. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenue is recognized when evidence of a customer arrangement exists, prices are fixed and determinable, product title, ownership and risk of loss transfers to the customer, and collectability is reasonably assured. Revenues recognized are primarily for product sales, but also include freight and handling charges. The Company’s standard shipping terms are FOB shipping point, under which product title passes to the customer at the time of shipment. The Company does, however, fulfill some customer orders based on shipping terms of FOB destination, whereby title passes to the customer at the time of delivery. The Company also earns revenue for services provided to customers for supply chain management and logistics services. Service revenue is recognized when services are rendered and completed. Revenue is reported net of all taxes assessed by governmental authorities as a result of revenue-producing transactions, primarily sales tax. | |
Outgoing Freight Expenses | ' |
Outgoing Freight Expenses | |
The Company records certain outgoing freight expenses as a component of selling, general and administrative expenses. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company accounts for cash on hand, deposits in banks, and other short-term, highly liquid investments with an original maturity of three months or less as cash and cash equivalents. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts | |
The Company performs ongoing credit evaluations of its customers, and a significant portion of its trade receivables is secured by mechanic’s lien or payment bond rights. The Company maintains allowances to reflect the expected uncollectability of trade receivables based on past collection history and specific risks identified in the receivables portfolio. Although actual credit losses have historically been within management’s expectations, additional allowances may be required if the financial condition of the Company’s customers were to deteriorate. | |
Merchandise Inventory | ' |
Merchandise Inventory | |
The Company’s inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. | |
The Company makes provisions for obsolete or excess inventories as necessary to reflect reductions in inventory value. | |
Supplier Volume Incentives | ' |
Supplier Volume Incentives | |
The Company’s agreements with many of its suppliers provide for the Company to earn volume incentives based on purchases during the agreement period. These agreements typically provide for the incentives to be paid quarterly or annually in arrears. The Company estimates amounts to be received from suppliers at the end of each reporting period based on the earnout level that the Company believes is probable of being achieved. The Company records the incentive ratably over the year as a reduction of cost of merchandise sold as the related inventory is sold. Changes in the estimated amount of incentives are treated as changes in estimate and are recognized in earnings in the period in which the change in estimate occurs. In the event that the operating performance of the Company’s suppliers were to decline, there can be no assurance that amounts earned would be paid or that the volume incentives would continue to be included in future agreements. | |
Property and Depreciation | ' |
Property and Depreciation | |
Property, plant and equipment are recorded at cost. Depreciation is expensed on a straight-line basis over the estimated useful lives of the related assets. Interest costs incurred to finance expenditures for major long-term construction projects are capitalized as part of the asset's historical cost and included in property, plant and equipment, then depreciated over the useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Expenditures for maintenance and repairs are charged to expense when incurred, while the costs of significant improvements, which extend the useful life of the underlying asset, are capitalized. | |
Credit Risk | ' |
Credit Risk | |
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of trade receivables. The Company performs ongoing credit evaluations of its customers, and a significant portion of its trade receivables is secured by mechanic’s lien or payment bond rights. The Company maintains allowances for potential credit losses, and such losses historically have been within management’s expectations. | |
Fair Value | ' |
Fair Value | |
The Company endeavors to utilize the best available information in measuring fair value. U.S. GAAP has established a fair value hierarchy, which prioritizes the inputs used in measuring fair value. The tiers in the hierarchy include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own data inputs and assumptions. The Company has used fair value measurements to value its pension plan assets. | |
Foreign Currency Exchange Rate | ' |
Foreign Currency Exchange Rate | |
The functional currency for the Company’s Canadian subsidiary is the Canadian dollar. Accordingly, its balance sheet amounts are translated at the exchange rates in effect at 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 | |
The Company’s goodwill is not amortized, but rather tested annually for impairment. Goodwill is reviewed annually in the fourth quarter and/or when circumstances or other events might indicate that impairment may have occurred. The Company performs either a qualitative or quantitative assessment of goodwill impairment. The qualitative assessment considers several factors including the excess fair value over carrying value as of the last quantitative impairment test, the length of time since the last fair value measurement, the current carrying value, market conditions, actual performance compared to forecasted performance, and the current business outlook. If the qualitative assessment indicates that it is more likely than not that goodwill is impaired, the reporting unit is quantitatively tested for impairment. If a quantitative assessment is required, the fair value is determined using a variety of assumptions including estimated future cash flows of the reporting unit and applicable discount rates. | |
Income Taxes | ' |
Income Taxes | |
The Company recognizes deferred tax assets and liabilities to reflect the future tax consequences of events that have been recognized in the financial statements or tax returns. Uncertainty exists regarding tax positions taken in previously filed tax returns still subject to examination and positions expected to be taken in future returns. A deferred tax asset or liability results from the temporary difference between an item’s carrying value as reflected in the financial statements and its tax basis, and is calculated using enacted applicable tax rates. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. The Company classifies interest expense and penalties as part of its provision for income taxes based upon applicable federal and state interest/underpayment percentages. | |
Other Postretirement Benefits | ' |
Other Postretirement Benefits | |
The Company accounts for postretirement benefits other than pensions by accruing the costs of benefits to be provided over the employees’ periods of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of postretirement benefits. | |
Pension Plan | ' |
Pension Plan | |
The Company sponsors a noncontributory defined benefit pension plan accounted for by accruing the cost to provide the benefits over the employees’ periods of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of the defined benefit pension plan. | |
New Accounting Standards | ' |
New Accounting Standards | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU” or “Update”) 2014-09, “Revenue from Contracts with Customers”, which provides guidance on a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. Public business entities must implement the new guidance for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that year. Earlier application is not permitted. | |
The new standard provides for two alternative implementation methods. The first is to apply the new standard retrospectively to each prior reporting period presented. This method allows the use of certain practical expedients. The second method is to apply the new standard retrospectively in the year of initial adoption and record a cumulative effect adjustment for the impact of adjusting contracts open at the date of adoption. Under this transition method, the Company would apply this guidance retrospectively only to contracts that are not completed contracts at the date of initial application (which for the Company will be January 1, 2017). The Company would then recognize the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. This method also requires the Company to disclose comparative information for the year of adoption. | |
Graybar has not yet determined which method the Company will use to implement the new standard or the impact the new standard is expected to have on the consolidated financial statements or on other matters or aspects of the Company’s business. | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”, which provides guidance on the financial statement presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward exists. The Company adopted this Update as of January 1, 2014, and the adoption did not have a material impact on the Company's results of operations, financial position, or cash flows during the three and six months ended June 30, 2014. |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||
The net periodic benefit cost for the three and six months ended June 30, 2014 and 2013 included the following components: | ||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
Components of Net Periodic Benefit Cost | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 5,506 | $ | 5,534 | $ | 602 | $ | 647 | ||||||
Interest cost | 6,610 | 5,982 | 843 | 711 | ||||||||||
Expected return on plan assets | (6,637 | ) | (5,979 | ) | — | — | ||||||||
Amortization of: | ||||||||||||||
Net actuarial loss | 4,285 | 6,860 | 359 | 422 | ||||||||||
Prior service cost (gain) | 230 | 338 | (540 | ) | (540 | ) | ||||||||
Net periodic benefit cost | $ | 9,994 | $ | 12,735 | $ | 1,264 | $ | 1,240 | ||||||
Pension Benefits | Postretirement Benefits | |||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
Components of Net Periodic Benefit Cost | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 11,103 | $ | 12,059 | $ | 1,227 | $ | 1,322 | ||||||
Interest cost | 13,409 | 11,957 | 1,668 | 1,436 | ||||||||||
Expected return on plan assets | (13,312 | ) | (11,954 | ) | — | — | ||||||||
Amortization of: | ||||||||||||||
Net actuarial loss | 8,819 | 13,185 | 634 | 897 | ||||||||||
Prior service cost (gain) | 476 | 688 | (1,090 | ) | (1,090 | ) | ||||||||
Settlement loss | 789 | — | — | — | ||||||||||
Net periodic benefit cost | $ | 21,284 | $ | 25,935 | $ | 2,439 | $ | 2,565 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||||||||
The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Amortization of Pension and Other Postretirement Benefits Items | Amortization of Pension and Other Postretirement Benefits Items | ||||||||||||||||||||||||
Actuarial Losses Recognized | Prior Service Costs Recognized | Total | Actuarial Losses Recognized | Prior Service Costs Recognized | Total | ||||||||||||||||||||
Affected Line in Condensed Consolidated Statement of Income: | |||||||||||||||||||||||||
Selling, general and administrative | $ | 4,644 | $ | (310 | ) | $ | 4,334 | $ | 7,282 | $ | (202 | ) | $ | 7,080 | |||||||||||
expenses | |||||||||||||||||||||||||
Tax (benefit) expense | (1,808 | ) | 121 | (1,687 | ) | (2,833 | ) | 79 | (2,754 | ) | |||||||||||||||
Total reclassifications for the period, net of tax | $ | 2,836 | $ | (189 | ) | $ | 2,647 | $ | 4,449 | $ | (123 | ) | $ | 4,326 | |||||||||||
The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Amortization of Pension and Other Postretirement Benefits Items | Amortization of Pension and Other Postretirement Benefits Items | ||||||||||||||||||||||||
Actuarial Losses Recognized | Prior Service Costs Recognized | Total | Actuarial Losses Recognized | Prior Service Costs Recognized | Total | ||||||||||||||||||||
Affected Line in Condensed Consolidated Statement of Income: | |||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 9,453 | $ | (614 | ) | $ | 8,839 | $ | 14,082 | $ | (402 | ) | $ | 13,680 | |||||||||||
Tax (benefit) expense | (3,678 | ) | 239 | (3,439 | ) | (5,478 | ) | 156 | (5,322 | ) | |||||||||||||||
Total reclassifications for the period, net of tax | $ | 5,775 | $ | (375 | ) | $ | 5,400 | $ | 8,604 | $ | (246 | ) | $ | 8,358 | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
The following table represents the activity included in accumulated other comprehensive income (loss) for the six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Foreign Currency | Pension and Other Postretirement Benefits | Total | Foreign Currency | Pension and Other Postretirement Benefits | Total | ||||||||||||||||||||
Beginning balance January 1, | $ | 6,653 | $ | (147,016 | ) | $ | (140,363 | ) | $ | 12,040 | $ | (178,854 | ) | $ | (166,814 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | 315 | — | 315 | (4,022 | ) | — | (4,022 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 5,400 | 5,400 | — | 8,358 | 8,358 | |||||||||||||||||||
Net current-period other comprehensive (loss) income | 315 | 5,400 | 5,715 | (4,022 | ) | 8,358 | 4,336 | ||||||||||||||||||
Ending balance June 30, | $ | 6,968 | $ | (141,616 | ) | $ | (134,648 | ) | $ | 8,018 | $ | (170,496 | ) | $ | (162,478 | ) | |||||||||
The following table represents the activity included in accumulated other comprehensive income (loss) for the three months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Foreign Currency | Pension and Other Postretirement Benefits | Total | Foreign Currency | Pension and Other Postretirement Benefits | Total | ||||||||||||||||||||
Beginning balance April 1, | $ | 4,179 | $ | (144,263 | ) | $ | (140,084 | ) | $ | 10,513 | $ | (174,822 | ) | $ | (164,309 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | 2,789 | — | 2,789 | (2,495 | ) | — | (2,495 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (net of tax $(1,752) and $(2,568)) | — | 2,647 | 2,647 | — | 4,326 | 4,326 | |||||||||||||||||||
Net current-period other comprehensive (loss) income | 2,789 | 2,647 | 5,436 | (2,495 | ) | 4,326 | 1,831 | ||||||||||||||||||
Ending balance June 30, | $ | 6,968 | $ | (141,616 | ) | $ | (134,648 | ) | $ | 8,018 | $ | (170,496 | ) | $ | (162,478 | ) | |||||||||
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' |
Unrecognized tax benefits | $3,658 | $3,419 |
Accrued interest and penalties | 1,267 | 1,220 |
IRS settlement | $907 | ' |
Capital_Stock_Ownership_Held_D
Capital Stock Ownership Held (Details) | Jun. 30, 2014 |
Schedule of Ownership Held in Voting Trust [Line Items] | ' |
Percentage Ownership in Voting Trust | 83.00% |
Capital_Stock_Par_Value_of_Sto
Capital Stock Par Value of Stock (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Common Stock, Par or Stated Value Per Share | $20 | $20 |
Revolving_Credit_Facility_Shor
Revolving Credit Facility Short-Term Borrowings (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Other Short-term Borrowings | $72,450 | $82,442 |
Revolving_Credit_Facility_Cred
Revolving Credit Facility Credit Agreement (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Original Credit Facility [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Line of Credit [Member] | Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Line of Credit [Member] | Letter of Credit [Member] | |||||
Base Rate [Member] | Base Rate [Member] | |||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $500,000 | $550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Combined Letter of Credit Sub-Facility | ' | ' | 50,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
US Swing Line Loan Facility | ' | ' | 50,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Canadian Swing Line Loan Facility | ' | ' | 20,000 | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublimit for Borrowings by Graybar Canada | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Borrowing Commitments | ' | ' | 200,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 6,547 | 6,886 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, outstanding under revolving credit facility | $372 | $711 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | 1.00% | ' | 0.40% | ' | 1.60% |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | 'LIBOR | 'base rate loans | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 1.00% | ' | 0.00% | ' | 1.60% | ' | 0.60% | ' |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | $5,506 | $5,534 | $11,103 | $12,059 |
Interest cost | 6,610 | 5,982 | 13,409 | 11,957 |
Expected return on plan assets | -6,637 | -5,979 | -13,312 | -11,954 |
Amortization of net actuarial loss | 4,285 | 6,860 | 8,819 | 13,185 |
Amortization of prior service cost (gain) | 230 | 338 | 476 | 688 |
Settlement loss | ' | ' | 789 | 0 |
Net periodic benefit cost | 9,994 | 12,735 | 21,284 | 25,935 |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 602 | 647 | 1,227 | 1,322 |
Interest cost | 843 | 711 | 1,668 | 1,436 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss | 359 | 422 | 634 | 897 |
Amortization of prior service cost (gain) | -540 | -540 | -1,090 | -1,090 |
Settlement loss | ' | ' | 0 | 0 |
Net periodic benefit cost | $1,264 | $1,240 | $2,439 | $2,565 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits Contributions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | $10,000 | $10,000 | $20,000 | $20,000 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | $22,900 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amortization of actuarial losses reclassified to selling, general and administrative expenses, before tax | $4,644 | $7,282 | $9,453 | $14,082 |
Amortization of actuarial losses reclassified to tax (benefit) expense | -1,808 | -2,833 | -3,678 | -5,478 |
Amortization of actuarial losses reclassified to the statement of income, after tax | 2,836 | 4,449 | 5,775 | 8,604 |
Amortization of prior service costs reclassified to selling, general and administrative expenses, before tax | -310 | -202 | -614 | -402 |
Amortization of prior service costs reclassified to tax (benefit) expense | 121 | 79 | 239 | 156 |
Amortization of prior service costs reclassified to the statement of income, after tax | -189 | -123 | -375 | -246 |
Amortization of pension and other postretirement benefit items reclassified to selling, general and administrative expenses, before tax | 4,334 | 7,080 | 8,839 | 13,680 |
Amortization of pension and other postretirement benefit items reclassified to tax (benefit) expense | -1,687 | -2,754 | -3,439 | -5,322 |
Amortization of pension and other postretirement benefit items reclassified to the statement of income, after tax | $2,647 | $4,326 | $5,400 | $8,358 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) Changes in Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance April 1, | ($140,084) | ($164,309) | ($140,363) | ($166,814) |
Other comprehensive (loss) income before reclassifications | 2,789 | -2,495 | 315 | -4,022 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 2,647 | 4,326 | 5,400 | 8,358 |
Net current-period other comprehensive (loss) income | 5,436 | 1,831 | 5,715 | 4,336 |
Ending balance June 30, | -134,648 | -162,478 | -134,648 | -162,478 |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance April 1, | 4,179 | 10,513 | 6,653 | 12,040 |
Other comprehensive (loss) income before reclassifications | 2,789 | -2,495 | 315 | -4,022 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 0 | 0 | 0 | 0 |
Net current-period other comprehensive (loss) income | 2,789 | -2,495 | 315 | -4,022 |
Ending balance June 30, | 6,968 | 8,018 | 6,968 | 8,018 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance April 1, | -144,263 | -174,822 | -147,016 | -178,854 |
Other comprehensive (loss) income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 2,647 | 4,326 | 5,400 | 8,358 |
Net current-period other comprehensive (loss) income | 2,647 | 4,326 | 5,400 | 8,358 |
Ending balance June 30, | ($141,616) | ($170,496) | ($141,616) | ($170,496) |
Assets_Held_For_Sale_Assets_He
Assets Held For Sale Assets Held for Sale (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets Held-for-sale, Long Lived | $7,626 | $7,626 |
Assets_Held_For_Sale_Impairmen
Assets Held For Sale Impairment Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' |
Loss on impairment of property | $0 | $0 |