Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 01, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | GRAYBAR ELECTRIC CO INC | ||
Entity Central Index Key | 205402 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 15,994,205 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net Sales | $5,978,861 | $5,659,141 | $5,413,281 |
Cost of merchandise sold | -4,860,314 | -4,614,985 | -4,394,919 |
Gross Margin | 1,118,547 | 1,044,156 | 1,018,362 |
Selling, general and administrative expenses | -935,132 | -873,415 | -871,374 |
Depreciation and amortization | -39,151 | -36,944 | -32,449 |
Other income, net | 3,918 | 2,495 | 33,143 |
Income from Operations | 148,182 | 136,292 | 147,682 |
Interest expense, net | -1,371 | -1,341 | -2,234 |
Income before provision for income taxes | 146,811 | 134,951 | 145,448 |
Provision for income taxes | -59,125 | -53,677 | -58,850 |
Net Income | 87,686 | 81,274 | 86,598 |
Net income attributable to noncontrolling interests | -258 | -211 | -307 |
Net Income attributable to Graybar Electric Company, Inc. | $87,428 | $81,063 | $86,291 |
Net Income attributable to Graybar Electric Company, Inc. per share of Common Stock (usd per share) | $5.52 | $5.09 | $5.40 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $87,686 | $81,274 | $86,598 |
Other Comprehensive Income | |||
Foreign currency translation | -6,643 | -5,553 | 1,802 |
Pension and postretirement benefits liability adjustment (net of tax of $3,477, $(20,270), and $11,735, respectively) | -5,461 | 31,838 | -18,433 |
Total Other Comprehensive Income (Loss) | -12,104 | 26,285 | -16,631 |
Comprehensive Income | 75,582 | 107,559 | 69,967 |
Less: comprehensive income (loss) attributable to noncontrolling interests, net of tax | -16 | 45 | 126 |
Comprehensive Income attributable to Graybar Electric Company, Inc. | $75,598 | $107,514 | $69,841 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Parenthetical (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Pension and postretirement benefits liability adjustment (tax) | $3,477 | ($20,270) | $11,735 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $33,758 | $34,665 |
Trade receivables (less allowances of $7,073 and $6,837, respectively) | 934,535 | 823,072 |
Merchandise inventory | 461,139 | 448,386 |
Other current assets | 30,972 | 26,697 |
Total Current Assets | 1,460,404 | 1,332,820 |
Property, at cost | ||
Land | 67,879 | 66,775 |
Buildings | 429,406 | 413,159 |
Furniture and fixtures | 253,918 | 232,093 |
Software | 84,488 | 76,906 |
Capital leases | 25,135 | 14,768 |
Total Property, at cost | 860,826 | 803,701 |
Less – accumulated depreciation and amortization | -452,163 | -423,514 |
Net Property | 408,663 | 380,187 |
Other Non-current Assets | 70,046 | 66,498 |
Total Assets | 1,939,113 | 1,779,505 |
Current Liabilities | ||
Short-term borrowings | 66,342 | 82,442 |
Current portion of long-term debt | 6,241 | 2,443 |
Trade accounts payable | 726,632 | 615,460 |
Accrued payroll and benefit costs | 127,191 | 93,262 |
Other accrued taxes | 18,300 | 15,410 |
Other current liabilities | 69,148 | 73,085 |
Total Current Liabilities | 1,013,854 | 882,102 |
Postretirement Benefits Liability | 69,565 | 67,534 |
Pension Liability | 140,981 | 132,583 |
Long-term Debt | 11,595 | 2,731 |
Other Non-current Liabilities | 21,137 | 23,774 |
Total Liabilities | 1,257,132 | 1,108,724 |
SHAREHOLDERS’ EQUITY | ||
Outstanding Common Stock | 317,199 | 317,767 |
Common shares subscribed | 16,136 | 14,885 |
Less subscriptions receivable | -16,136 | -14,885 |
Retained Earnings | 513,672 | 489,740 |
Accumulated Other Comprehensive Loss | -152,193 | -140,363 |
Total Graybar Electric Company, Inc. Shareholders’ Equity | 678,678 | 667,144 |
Noncontrolling Interests | 3,303 | 3,637 |
Total Shareholders’ Equity | 681,981 | 670,781 |
Total Liabilities and Shareholders’ Equity | $1,939,113 | $1,779,505 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $7,073 | $6,837 |
Common stock stated value per share (USD per share) | $20 | $20 |
Authorized | 50,000,000 | 50,000,000 |
Issued to voting trustees | 13,159,559 | 13,164,362 |
Issued to shareholders | 2,714,853 | 2,765,577 |
In treasury, at cost | -14,482 | -41,576 |
Outstanding Common Stock | 15,859,930 | 15,888,363 |
Common Stock, Shares Subscribed | 806,811 | 744,241 |
Subscripton Receivable | -806,811 | -744,241 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operations | |||
Net Income | $87,686 | $81,274 | $86,598 |
Adjustments to reconcile net income to cash provided by operations: | |||
Depreciation and amortization | 39,151 | 36,944 | 32,449 |
Deferred income taxes | 4,096 | -3,441 | 9,877 |
Net losses (gains) on disposal of property | 24 | 418 | -30,638 |
Losses on impairment of property | 0 | 0 | 1,066 |
Net income attributable to noncontrolling interests | -258 | -211 | -307 |
Changes in assets and liabilities: | |||
Trade receivables | -111,463 | -40,682 | 29,764 |
Merchandise inventory | -12,753 | -31,633 | -20,629 |
Other current assets | -6,583 | -523 | -4,108 |
Other non-current assets | -1,859 | -127 | 4,115 |
Trade accounts payable | 111,172 | 42,208 | -52,957 |
Accrued payroll and benefit costs | 33,929 | -15,988 | -8,715 |
Other current liabilities | -6,247 | 11,955 | 7,855 |
Other non-current liabilities | -1,146 | 10,694 | 5,487 |
Total adjustments to net income | 48,063 | 9,614 | -26,741 |
Net cash provided by operations | 135,749 | 90,888 | 59,857 |
Cash Flows from Investing Activities | |||
Proceeds from disposal of property | 1,398 | 447 | 34,079 |
Capital expenditures for property | -52,495 | -58,223 | -61,362 |
Investment in affiliated company | 0 | 0 | 478 |
Net cash used by investing activities | -51,097 | -57,776 | -26,805 |
Cash Flows from Financing Activities | |||
Net (decrease) increase in short-term borrowings | -16,100 | 11,326 | 28,554 |
Repayment of long-term debt | -1,800 | -7,386 | -38,851 |
Principal payments under capital leases | -3,277 | -3,067 | -2,960 |
Sales of common stock | 14,492 | 12,839 | 11,925 |
Purchases of treasury stock | -15,060 | -12,772 | -11,172 |
Sales of noncontrolling interests’ common stock | 0 | 488 | 0 |
Purchases of noncontrolling interests’ common stock | -318 | -148 | -2,863 |
Dividends paid | -63,496 | -37,401 | -51,978 |
Net cash used by financing activities | -85,559 | -36,121 | -67,345 |
Net Decrease in Cash | -907 | -3,009 | -34,293 |
Cash, Beginning of Year | 34,665 | 37,674 | 71,967 |
Cash, End of Year | 33,758 | 34,665 | 37,674 |
Non-cash Investing and Financing Activities: | |||
Acquisitions of equipment under capital leases | 10,430 | 3,632 | 1,971 |
Acquisition of software and maintenance under financing arrangement | 7,309 | 0 | 0 |
Cash Paid During the Year for: | |||
Interest, net of amounts capitalized | 1,448 | 1,508 | 2,376 |
Income taxes, net of refunds | $64,752 | $44,676 | $58,018 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders’ Equity (USD $) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2011 | $571,394 | $257,630 | $458,139 | ($150,364) | $5,989 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Net Income | 86,598 | 86,291 | 307 | ||
Other comprehensive income (loss) | -16,631 | -16,450 | -181 | ||
Stock issued | 11,925 | 11,925 | |||
Stock purchased | -14,035 | -11,172 | -2,863 | ||
Dividends declared | -39,035 | 51,625 | -90,660 | ||
Balance at Dec. 31, 2012 | 600,216 | 310,008 | 453,770 | -166,814 | 3,252 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Net Income | 81,274 | 81,063 | 211 | ||
Other comprehensive income (loss) | 26,285 | 26,451 | -166 | ||
Stock issued | 13,327 | 12,839 | 488 | ||
Stock purchased | -12,920 | -12,772 | -148 | ||
Dividends declared | -37,401 | 7,692 | -45,093 | ||
Balance at Dec. 31, 2013 | 670,781 | 317,767 | 489,740 | -140,363 | 3,637 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Net Income | 87,686 | 87,428 | 258 | ||
Other comprehensive income (loss) | -12,104 | -11,830 | -274 | ||
Stock issued | 14,492 | 14,492 | |||
Stock purchased | -15,378 | -15,060 | -318 | ||
Dividends declared | -63,496 | -63,496 | |||
Balance at Dec. 31, 2014 | $681,981 | $317,199 | $513,672 | ($152,193) | $3,303 |
Description_of_the_Business
Description of the Business | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | DESCRIPTION OF THE BUSINESS |
Graybar Electric Company, Inc. (“Graybar”, “Company”, "we", "our", or "us") is a New York corporation, incorporated in 1925. We are engaged in the distribution of electrical and communications and data networking products, and a provider of related supply chain management and logistics services. We primarily serve customers in the construction, and commercial, institutional and government ("CIG"), as well as the industrial and utility vertical markets, with products and services that support new construction, infrastructure updates, building renovation, facility maintenance, repair and operations ("MRO"), and original equipment manufacturers ("OEM"). All products sold by us are purchased by us from others, and we neither manufacture nor contract to manufacture any products that we sell. Our business activity is primarily with customers in the United States (“U.S.”). We also have subsidiary operations with distribution facilities in Canada and Puerto Rico. |
Accounting_Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Our accounting policies conform to generally accepted accounting principles in the U.S. ("GAAP”) and are applied on a consistent basis among all years presented. Significant accounting policies are described below. | |
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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. | |
Reclassifications | |
Certain reclassifications have been made to prior years' financial information to conform to the December 31, 2014 presentation. | |
Subsequent Events | |
We have evaluated subsequent events through the time of the filing of this Annual Report on Form 10-K with the United States Securities and Exchange Commission (“SEC” or the “Commission”). No material subsequent events have occurred since December 31, 2014 that require recognition or disclosure in our financial statements, other than the asset sale disclosed in Note 5. | |
Revenue Recognition | |
Revenue is recognized when evidence of a customer arrangement exists, prices are fixed and determinable, product title, ownership and risk of loss transfers to the customer, and collectability is reasonably assured. Revenues recognized are primarily for product sales, but also include freight and handling charges. Our standard shipping terms are FOB shipping point, under which product title passes to the customer at the time of shipment. We do, however, fulfill some customer orders based on shipping terms of FOB destination, whereby title passes to the customer at the time of delivery. We also earn revenue for services provided to customers for supply chain management and logistics services. Service revenue, which accounts for less than 1% of net sales, is recognized when services are rendered and completed. Revenue is reported net of all taxes assessed by governmental authorities as a result of revenue-producing transactions, primarily sales tax. | |
Outgoing Freight Expenses | |
We record certain outgoing freight expenses as a component of selling, general and administrative expenses. These costs totaled $49,622, $48,497, and $44,672 for the years ended December 31, 2014, 2013, and 2012, 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 Doubtful Accounts | |
We perform ongoing credit evaluations of our customers, and a significant portion of our trade receivables is secured by mechanic’s lien or payment bond rights. We maintain allowances to reflect the expected uncollectability of trade receivables based on past collection history and specific risks identified in the receivables portfolio. Although actual credit losses have historically been within management’s expectations, additional allowances may be required if the financial condition of our customers were to deteriorate. | |
Merchandise Inventory | |
Our inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. | |
We make provisions for obsolete or excess inventories as necessary to reflect reductions in inventory value. | |
Vendor Allowances | |
Our agreements with many of our suppliers provide for us to earn volume incentives based on purchases during the agreement period. Based on the provisions of our vendor agreements, we develop vendor accrual rates by estimating the point at which we will have completed our performance under the agreement and the deferred amounts will be earned. We perform analysis and review historical trends to ensure the deferred amounts earned are appropriately recorded. Certain vendor agreements contain purchase volume incentives that provide for increased funding when graduated purchase volumes are met. Amounts accrued throughout the year are based on estimates of future activity levels, and could be materially impacted if actual purchase volumes differ. Changes in the estimated amount of incentives are treated as changes in estimate and are recognized in earnings in the period in which the change in estimate occurs. In the event that the operating performance of our suppliers were to decline, however, there can be no assurance that amounts earned would be paid or that the volume incentives would continue to be included in future agreements. | |
Property and Depreciation | |
Property, plant and equipment are recorded at cost. Depreciation is expensed on a straight-line basis over the estimated useful lives of the related assets. Interest costs incurred to finance expenditures for major long-term construction projects are capitalized as part of the asset's historical cost and included in property, plant and equipment, then depreciated over the useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Expenditures for maintenance and repairs are charged to expense when incurred, while the costs of significant improvements, which extend the useful life of the underlying asset, are capitalized. | |
Credit Risk | |
Financial instruments that potentially expose us to concentrations of credit risk consist primarily of trade receivables. We perform ongoing credit evaluations of our customers, and a significant portion of our trade receivables may be protected by mechanic’s lien or payment bond rights. We maintain allowances for potential credit losses and such losses historically have been within management’s expectations. | |
Fair Value | |
We endeavor to utilize the best available information in measuring fair value. GAAP has established a fair value hierarchy, which prioritizes the inputs used in measuring fair value. The tiers in the hierarchy include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own data inputs and assumptions. We have used fair value measurements to value our pension plan assets. | |
Foreign Currency Exchange Rate | |
The functional currency for our Canadian subsidiary is the Canadian dollar. Accordingly, its balance sheet amounts are translated at the exchange rates in effect at year-end and its statements of income amounts are translated at the average rates of exchange prevailing during the year. Currency translation adjustments are included in accumulated other comprehensive loss. | |
Goodwill | |
Our goodwill is not amortized, but rather tested annually for impairment. Goodwill is reviewed annually in the fourth quarter and/or when circumstances or other events might indicate that impairment may have occurred. We perform either a qualitative or quantitative assessment of goodwill impairment. The qualitative assessment considers several factors including the excess fair value over carrying value as of the last quantitative impairment test, the length of time since the last fair value measurement, the current carrying value, market conditions, actual performance compared to forecasted performance, and the current business outlook. If the qualitative assessment indicates that it is more likely than not that goodwill is impaired, the reporting unit is quantitatively tested for impairment. If a quantitative assessment is required, the fair value is determined using a variety of assumptions including estimated future cash flows of the reporting unit and applicable discount rates. As of December 31, 2014, we have completed our annual impairment test and concluded that there is no impairment of our goodwill. At December 31, 2014 and 2013, we had $6,680 of goodwill included in other non-current assets in our consolidated balance sheets. | |
Income Taxes | |
We recognize deferred tax assets and liabilities to reflect the future tax consequences of events that have been recognized in the financial statements or tax returns. Uncertainty exists regarding tax positions taken in previously filed tax returns still subject to examination and positions expected to be taken in future returns. A deferred tax asset or liability results from the temporary difference between an item’s carrying value as reflected in the financial statements and its tax basis, and is calculated using enacted applicable tax rates. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. We classify interest expense and penalties as part of our provision for income taxes based upon applicable federal and state interest/underpayment percentages. | |
Other Postretirement Benefits | |
We account for postretirement benefits other than pensions by accruing the costs of benefits to be provided over the employees’ periods of active service. These costs are determined on an actuarial basis. Our consolidated balance sheets reflect the funded status of postretirement benefits. | |
Pension Plan | |
We sponsor a noncontributory defined benefit pension plan accounted for by accruing the cost to provide the benefits over the employees’ periods of active service. These costs are determined on an actuarial basis. Our consolidated balance sheets reflect the funded status of the defined benefit pension plan. | |
New Accounting Standards | |
No new accounting standards that were issued or became effective during 2014 have had or are expected to have a material impact on our consolidated financial statements except those noted below. | |
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 two alternative implementation methods. The first is to apply the new standard retrospectively to each prior reporting period presented. This method allows the use of certain practical expedients. The second method is to apply the new standard retrospectively in the year of initial adoption and record a cumulative effect adjustment for the impact of adjusting contracts open at the date of adoption. Under this transition method, we would apply this guidance retrospectively only to contracts that are not completed contracts at the date of initial application (which for us will be January 1, 2017). We would then recognize the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. This method also requires us to disclose comparative information for the year of adoption. | |
We continue to determine which method we will use to implement the new standard and to assess the impact the new standard is expected to have on the consolidated financial statements or on other matters or aspects of our business. | |
In July 2013, the 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. We adopted this Update as of January 1, 2014, and the adoption did not have a material impact on our results of operations, financial position, or cash flows. |
Cash_Discounts_And_Doubtful_Ac
Cash Discounts And Doubtful Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Cash Discounts and Doubtful Accounts | CASH DISCOUNTS AND DOUBTFUL ACCOUNTS | |||||||||||||||
The following table summarizes the activity in the allowances for cash discounts and doubtful accounts: | ||||||||||||||||
Beginning Balance | Provision (Charged to Expense) | Deductions | Ending Balance | |||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||
Allowance for cash discounts | $ | 1,560 | $ | 25,318 | $ | (25,114 | ) | $ | 1,764 | |||||||
Allowance for doubtful accounts | 5,277 | 3,769 | (3,737 | ) | 5,309 | |||||||||||
Total | $ | 6,837 | $ | 29,087 | $ | (28,851 | ) | $ | 7,073 | |||||||
For the Year Ended December 31, 2013 | ||||||||||||||||
Allowance for cash discounts | $ | 1,411 | $ | 22,943 | $ | (22,794 | ) | $ | 1,560 | |||||||
Allowance for doubtful accounts | 5,457 | 2,028 | (2,208 | ) | 5,277 | |||||||||||
Total | $ | 6,868 | $ | 24,971 | $ | (25,002 | ) | $ | 6,837 | |||||||
For the Year Ended December 31, 2012 | ||||||||||||||||
Allowance for cash discounts | $ | 1,498 | $ | 21,228 | $ | (21,315 | ) | $ | 1,411 | |||||||
Allowance for doubtful accounts | 6,266 | 4,379 | (5,188 | ) | 5,457 | |||||||||||
Total | $ | 7,764 | $ | 25,607 | $ | (26,503 | ) | $ | 6,868 | |||||||
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY |
Our inventory is stated at the lower of cost (determined using the LIFO cost method) or market. Inventories valued using the LIFO method comprised 92% of the total inventories at December 31, 2014 and 2013. Had the first-in, first-out (“FIFO”) method been used, merchandise inventory would have been approximately $139,468 and $149,507 greater than reported under the LIFO method at December 31, 2014 and 2013, respectively. We did not liquidate any portion of previously-created LIFO layers in 2014, 2013, and 2012. | |
Reserves for excess and obsolete inventories were $4,417 and $3,747 at December 31, 2014 and 2013, respectively. The change in the reserve for excess and obsolete inventories, included in cost of merchandise sold, was $670, $247, and $(300) for the years ended December 31, 2014, 2013, and 2012, respectively. |
Property_and_Depreciation
Property and Depreciation | 12 Months Ended | |
Dec. 31, 2014 | ||
Property, Plant and Equipment [Abstract] | ||
Property and Depreciation | PROPERTY AND DEPRECIATION | |
We provide for depreciation and amortization using the straight-line method over the following estimated useful asset lives: | ||
Classification | Estimated Useful Asset Life | |
Buildings | 42 years | |
Leasehold improvements | Over the shorter of the asset’s life or the lease term | |
Furniture, fixtures, equipment and software | 3 to 14 years | |
Assets held under capital leases | Over the shorter of the asset’s life or the lease term | |
Depreciation expense was $35,040, $32,917, and $28,937 in 2014, 2013, and 2012, respectively. | ||
At the time property is retired or otherwise disposed of, the asset and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is credited or charged to other income, net. | ||
Assets held under capital leases, consisting primarily of information technology equipment, are recorded in property with the corresponding obligations carried in long-term debt. The amount capitalized is the present value at the beginning of the lease term of the aggregate future minimum lease payments. Assets held under leases which were capitalized during the year ended December 31, 2014 and 2013 were $10,430 and $3,632, respectively. | ||
We capitalize interest expense on major construction and development projects while in progress. Interest capitalized in 2014, 2013, and 2012 was $102, $182, and $56, respectively. | ||
We capitalize qualifying internal and external costs incurred to develop or obtain software for internal use during the application development stage. Costs incurred during the pre-application development and post-implementation stages are expensed as incurred. We capitalized software and software development costs of $3,501 and $3,187 in 2014 and 2013, respectively, and the amounts are recorded in furniture and fixtures. | ||
We consider properties to be assets held for sale when all of the following criteria are met: (i) a formal commitment to a plan to sell a property has been made and exercised; (ii) the property is available for sale in its present condition; (iii) actions required to complete the sale of the property have been initiated; (iv) sale of the property is probable and we expect the sale will occur within one year; and (v) the property is being actively marketed for sale at a price that is reasonable given its current market value. | ||
Upon designation as an asset held for sale, we record the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation of the property ceases. The net book value of assets held for sale was $7,669 and $7,626 at December 31, 2014 and 2013, respectively, and is recorded in net property in the consolidated balance sheet. During 2014 and 2013, we sold an asset classified as held for sale for $740 and $34, respectively, and recorded net gains on the asset held for sale of $85 and $23, respectively in other income, net. | ||
Subsequent to December 31, 2014 but prior to issuance of this report, we sold one of the locations included as an asset held for sale. The location had a net book value of $4,626 and yielded a net gain of $3,584. | ||
We review long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For assets classified as to be held and used, impairment may occur if projected undiscounted cash flows are not adequate to cover the carrying value of the assets. In such cases, additional analysis is conducted to determine the amount of the loss to be recognized. The impairment loss is calculated as the difference between the carrying amount of the asset and its estimated fair value. The analysis requires estimates of the amount and timing of projected cash flows and, where applicable, selection of an appropriate discount rate. Such estimates are critical in determining whether any impairment charge should be recorded and the amount of such charge if an impairment loss is deemed necessary. | ||
We did not record any impairment charges during 2014 and 2013 as the expected selling prices approximated the net book value of assets classified as assets held for sale. We recorded impairment losses totaling $1,066 to account for the expected losses on those assets held for sale where the net book value of the property listed for sale exceeded the estimated selling price less estimated selling expenses for the year ended December 31, 2012. The impairment losses are included in other income, net in the consolidated statements of income for the year ended December 31, 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
We determine our deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of our assets and liabilities calculated using enacted applicable tax rates. We then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, we establish a valuation allowance. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. | ||||||||||||
Our unrecognized tax benefits of $3,104, $3,419, and $3,530 as of December 31, 2014, 2013, and 2012, 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 2014, 2013, and 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | 3,419 | $ | 3,530 | $ | 3,746 | ||||||
Additions based on tax positions related to current year | 490 | 516 | 600 | |||||||||
Additions based on tax positions of prior years | — | — | — | |||||||||
Reductions for tax positions of prior years | (477 | ) | (567 | ) | (570 | ) | ||||||
Settlements | (328 | ) | (60 | ) | (246 | ) | ||||||
Balance at December 31, | $ | 3,104 | $ | 3,419 | $ | 3,530 | ||||||
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 $1,065 and $1,220 in interest and penalties at December 31, 2014 and 2013, respectively. Interest was computed on the difference between the provision for income taxes recognized in accordance with GAAP and the amount of benefit previously taken or expected to be taken in our federal, state, and local income tax returns. | ||||||||||||
Our federal income tax returns for the tax years 2011 and forward are available for examination by the United States Internal Revenue Service (“IRS”). The statute of limitation for the 2011 federal return will expire on September 15, 2015, unless extended by consent. Our state income tax returns for 2010 through 2014 remain subject to examination by various state authorities with the latest period closing on December 31, 2019. We have not extended the statutes of limitations in any state jurisdictions with respect to years prior to 2010. | ||||||||||||
The IRS concluded examinations of the Company's 2008-2011 federal income tax returns. In May 2014, we formalized settlement of the IRS audit for each of these four years. Collectively, including interest, we settled the assessments for $907. This closure has been recorded in our federal income tax expense for 2014. | ||||||||||||
A reconciliation between the “statutory” federal income tax rate and the effective tax rate in the consolidated statements of income is as follows: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
“Statutory” federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes, net of federal benefit | 3.5 | 3.6 | 3.9 | |||||||||
Other, net | 1.8 | 1.2 | 1.6 | |||||||||
Effective tax rate | 40.3 | % | 39.8 | % | 40.5 | % | ||||||
The components of income before taxes and the provision for income taxes recorded in the consolidated statements of income are as follows: | ||||||||||||
For the Years Ended | ||||||||||||
Components of Income before Taxes | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | 136,656 | $ | 127,858 | $ | 133,300 | ||||||
Foreign | 10,155 | 7,093 | 12,148 | |||||||||
Income before taxes | $ | 146,811 | $ | 134,951 | $ | 145,448 | ||||||
For the Years Ended | ||||||||||||
Components of Income Tax Provision | 2014 | 2013 | 2012 | |||||||||
Current expense | ||||||||||||
U.S. Federal | $ | 44,713 | $ | 47,790 | $ | 38,642 | ||||||
State | 7,266 | 7,066 | 6,848 | |||||||||
Foreign | 3,058 | 2,217 | 3,366 | |||||||||
Total current expense | $ | 55,037 | $ | 57,073 | $ | 48,856 | ||||||
Deferred (benefit) expense | ||||||||||||
U.S. Federal | $ | 4,049 | (2,983 | ) | 9,090 | |||||||
State | 47 | (458 | ) | 786 | ||||||||
Foreign | (8 | ) | 45 | 118 | ||||||||
Total deferred (benefit) expense | $ | 4,088 | $ | (3,396 | ) | $ | 9,994 | |||||
Total income tax provision | $ | 59,125 | $ | 53,677 | $ | 58,850 | ||||||
Deferred income taxes are provided based upon differences between the financial statement and tax bases of assets and liabilities. The following deferred tax assets (liabilities) were recorded at December 31: | ||||||||||||
Assets (Liabilities) | 2014 | 2013 | ||||||||||
Postretirement benefits | $ | 29,736 | $ | 29,260 | ||||||||
Payroll accruals | 2,912 | 3,114 | ||||||||||
Bad debt reserves | 2,106 | 2,094 | ||||||||||
Other deferred tax assets | 8,623 | 9,820 | ||||||||||
Pension | 42,836 | 41,682 | ||||||||||
Inventory | 3,351 | 4,597 | ||||||||||
Subtotal | 89,564 | 90,567 | ||||||||||
less: valuation allowances | (393 | ) | (279 | ) | ||||||||
Deferred tax assets | 89,171 | 90,288 | ||||||||||
Fixed assets | (33,857 | ) | (33,988 | ) | ||||||||
Computer software | (3,904 | ) | (3,775 | ) | ||||||||
Other deferred tax liabilities | (1,974 | ) | (1,868 | ) | ||||||||
Deferred tax liabilities | (39,735 | ) | (39,631 | ) | ||||||||
Net deferred tax assets | $ | 49,436 | $ | 50,657 | ||||||||
Deferred income taxes included in current and non-current assets (liabilities) at December 31 were: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets included in other current assets | $ | 2,777 | $ | 5,936 | ||||||||
Deferred tax assets included in other non-current assets | 47,024 | 45,135 | ||||||||||
Deferred tax liabilities included in other current liabilities | (365 | ) | (414 | ) | ||||||||
Operating loss carryforwards included in net deferred tax assets at December 31 were: | ||||||||||||
2014 | 2013 | |||||||||||
Foreign net operating losses(1) | $ | 363 | $ | 232 | ||||||||
State net operating losses(2) | 759 | 1,165 | ||||||||||
(1)Expires in 2024 | ||||||||||||
(2)Expire between 2015 and 2030 | ||||||||||||
Due to uncertainties regarding the utilization of our foreign and state net operating losses, a valuation allowance has been applied against the total deferred tax benefit at December 31, 2014. | ||||||||||||
We have undistributed earnings of non-U.S. subsidiaries of approximately $66,297 and $59,388 as of December 31, 2014 and 2013, respectively. We have not made a provision for U.S. federal and state income taxes on these accumulated but undistributed earnings, as such earnings are considered to be indefinitely reinvested outside the U.S. |
Capital_Stock
Capital Stock | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Equity [Abstract] | |||||
Capital Stock | CAPITAL STOCK | ||||
Our common stock is 100% owned by active and retired employees, and there is no public trading market for our common stock. Since 1928, substantially all of the issued and outstanding shares of common stock have been held of record by voting trustees under successive voting trust agreements. Under applicable New York law, a voting trust may not have a term greater than ten years. At December 31, 2014, approximately 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 holder of our common stock or voting trust interests representing our common stock ("common stock", "common shares", or "shares") may sell, transfer or otherwise dispose of any shares without first offering us the option to purchase those shares at the price at which they were issued. Additionally, a shareholder is entitled to any cash dividends, if any, accrued for the quarter in which the purchase offer is made, adjusted pro rata for the number of days such shares were held prior to the dividend record date. We also have the option to purchase at the issue price the common shares of any shareholder who ceases to be an employee for any reason other than death or retirement on a pension (except a deferred pension), and on the first anniversary of any holder's death. In the past, we have always exercised these purchase options and we expect to continue to do so in the foreseeable future. However, we can make no assurance that we will continue to exercise our purchase option in the future. All outstanding shares of the Company have been issued at 20.00 per share. | |||||
During 2014, eligible employees and qualified retirees subscribed for 806,811 shares totaling $16,136. Subscribers under the Plan elected to make payments under one of the following options: (i) all shares subscribed for on or before January 9, 2015; 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 9, 2015, in the case of shares paid for prior to January 9, 2015. 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 | ||||
2014 | 752,983 | 780,077 | |||
2013 | 638,647 | 681,637 | |||
2012 | 558,599 | 658,890 | |||
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, 2014 and 2013. | |||||
On December 12, 2013, our Board of Directors declared a 2.5% common stock dividend. Each shareholder was entitled to one share of common stock for every forty shares held as of January 2, 2014. The stock was issued on February 3, 2014. On December 13, 2012, our Board of Directors declared a 20% common stock dividend. Each shareholder was entitled to one share of common stock for every five shares held as of January 2, 2013. The stock was issued on February 1, 2013. |
Net_Income_Per_Share_of_Common
Net Income Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |
Net Income Per Share of Common Stock | 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 2.5% stock dividend declared in 2013 and a 20% stock dividend declared in 2012. The average number of shares used in computing net income per share of common stock at December 31, 2014, 2013, and 2012 was 15,847,690, 15,935,751, and 15,969,060, respectively. |
Debt
Debt | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Debt Disclosure [Abstract] | |||||||
Debt | DEBT | ||||||
December 31, | |||||||
Long-term Debt | 2014 | 2013 | |||||
1.85% note, unsecured, due in quarterly installments of $798 beginning in July 2014 | $ | 4,714 | $ | — | |||
through April 2016 | |||||||
1.43% note, unsecured, due in quarterly installments of $134 beginning in July 2014 | 794 | — | |||||
through April 2016 | |||||||
2.01% to 30.63% capital leases, various maturities | 12,328 | 5,174 | |||||
$ | 17,836 | $ | 5,174 | ||||
Less current portion | (6,241 | ) | (2,443 | ) | |||
Long-term Debt | $ | 11,595 | $ | 2,731 | |||
Long-term Debt matures as follows: | |||||||
2015 | $ | 6,241 | |||||
2016 | 4,174 | ||||||
2017 | 1,445 | ||||||
2018 | 964 | ||||||
2019 | 667 | ||||||
After 2019 | 4,345 | ||||||
$ | 17,836 | ||||||
The carrying amount of our outstanding long-term, fixed-rate debt exceeded its fair value by $1,331 and $323 at December 31, 2014 and 2013, respectively. The fair value of the long-term, fixed-rate debt is estimated by using yields obtained from independent pricing sources for similar types of borrowings. The fair value of our variable-rate short- and long-term debt approximates its carrying value at December 31, 2014 and 2013, respectively. | |||||||
Revolving Credit Facility | |||||||
On December 31, 2013, we along with Graybar Canada Limited, our 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 subfacility of up to $50,000, a U.S. swing line loan facility of up to $50,000, and a Canadian swing line loan facility of up to $20,000 (the "Credit Agreement"). The Credit Agreement also included a $100,000 sublimit (in U.S. or Canadian dollars) for borrowings by Graybar Canada and contained an accordion feature, which allowed us to request increases in the aggregate borrowing commitments of up to $200,000. | |||||||
On June 6, 2014, we along with Graybar Canada amended and extended the 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 the 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 us to request increases to the aggregate borrowing commitments of up to $300,000. The 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 our 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 Eurodollar rate loans plus a margin ranging from 1.00% to 1.60%, subject to adjustment based upon our 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 us and our subsidiaries with respect to indebtedness, liens, changes in the nature of our business, investments, mergers and acquisitions, issuance of equity securities, dispositions of assets and dissolution of certain subsidiaries, transactions with affiliates, restricted payments (subject to incurrence tests, with certain exceptions), as well as securitizations, factoring transactions, and transactions with sanctioned parties or in violation of certain U.S. or Canadian anti-corruption laws. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants that we are subject to during the term of the 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, 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 by us and our subsidiaries, the commencement of certain insolvency or receivership events affecting any of the credit parties, certain actions under Employee Retirement Income Security Act ("ERISA") and the occurrence of a change in control of any of the credit parties (subject to certain permitted transactions as described in the 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 December 31, 2014, we had total letters of credit of $5,725 outstanding, of which none were issued under the $550,000 revolving credit facility. At December 31, 2013, we 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. | |||||||
Short-term borrowings of $66,342 and $82,442 outstanding at December 31, 2014 and 2013, respectively, were drawn under the revolving credit facility. | |||||||
Short-term borrowings outstanding during the years ended December 31, 2014 and 2013 ranged from a minimum of $25,550 and $27,233 to a maximum of $111,912 and $126,020, respectively. The average daily amount of borrowings outstanding under short-term credit agreements during 2014 and 2013 amounted to approximately $67,000 and $68,000 at weighted-average interest rates of 1.52% and 1.58%, respectively. The weighted-average interest rate for amounts outstanding at December 31, 2014 was 1.43%. | |||||||
At December 31, 2014, we had available unused committed lines of credit amounting to $483,658, compared to $416,847 at December 31, 2013. These lines are available to meet the short-term cash requirements of the Company, and certain committed lines of credit have annual fees of up to 40 basis points (0.40%) and 35 basis points (0.35%) of the committed lines of credit as of December 31, 2014 and 2013, respectively. | |||||||
The revolving credit agreement contains various affirmative and negative covenants. We are also required to maintain certain financial ratios as defined in the agreement. We were in compliance with all covenants as of December 31, 2014 and 2013. | |||||||
Private Placement Shelf Agreement | |||||||
On September 22, 2014, we entered into an uncommitted $100,000 private placement shelf agreement with Prudential Investment Management, Inc. Subject to the terms and conditions set forth below, the facility is expected to allow us to issue senior promissory notes to affiliates of Prudential at fixed rate terms to be agreed upon at the time of any issuance during a three year issuance period ending in September 2017. At December 31, 2014, no notes had been issued under the shelf agreement. | |||||||
The term of each note issuance will be selected by us and will not exceed 12 years and will have such other particular terms as shall be set forth, in the case of any series of notes, in the Confirmation of Acceptance with respect to such series. Any notes issued under the shelf agreement will be guaranteed by our material domestic subsidiaries, if any, as described in the shelf agreement. Any future proceeds of any issuance under the facilities will be used for general corporate purposes, including working capital and capital expenditures, to refinance existing indebtedness and/or to fund potential acquisitions. | |||||||
The shelf agreement contains customary representations and warranties of the Company and Prudential. The shelf agreement also contains customary events of default, including: a failure to pay principal, interest or fees when due; a failure to comply with covenants; the fact that any representation or warranty made by any of the credit parties is incorrect when given; the occurrence of an event of default under the Amended Credit Agreement or certain other indebtedness of us and our subsidiaries; the commencement of certain insolvency or receivership events affecting any of the credit parties; certain actions under ERISA; and the occurrence of a change in control of Graybar (subject to certain permitted transactions as described in the Amended Credit Agreement). Upon the occurrence of an event of default, all outstanding obligations of Graybar under the shelf agreement may be declared immediately due and payable. | |||||||
The shelf agreement contains customary affirmative and negative covenants for facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, changes in the nature of our business, investments, mergers and acquisitions, issuance of equity securities, dispositions of assets and dissolution of certain subsidiaries, transactions with affiliates, restricted payments (subject to incurrence tests, with certain exceptions), as well as securitizations, factoring transactions, and transactions with sanctioned parties or in violation of certain U.S. or Canadian anti-terrorism laws. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants that we are subject to during the term of the shelf agreement. In addition, we have agreed to a most favored lender clause which is designed to ensure that any notes issued under the shelf agreement in the future shall continue to be of equal ranking with our indebtedness under the Amended Credit Agreement. | |||||||
The private placement shelf agreement contains various affirmative and negative covenants. We are also required to maintain certain financial ratios as defined in the agreement. We were in compliance with all covenants as of December 31, 2014. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||||
We have a noncontributory defined benefit pension plan covering substantially all employees after the completion of one year of service and 1,000 hours of service. The plan provides retirement benefits based on an employee’s average earnings and years of service. Employees become 100% vested after three years of service, regardless of age. A supplemental benefit plan provides nonqualified benefits for compensation in excess of the IRS compensation limits applicable to the plan. In December 2014, we amended the pension plan, effective July 1, 2015, to exclude employees hired or rehired on or after July 1, 2015 from participation. Active participants in the plan will continue to accrue benefits. | |||||||||||||||||||
Our plan funding policy is to make contributions provided that the total annual contributions will not be less than ERISA and the Pension Protection Act of 2006 minimums or greater than the maximum tax-deductible amount, to review the contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by us from time to time. The assets of the defined benefit pension plan are invested primarily in fixed income investments and equity securities. We pay nonqualified pension benefits when they are due according to the terms of the supplemental benefit plan. | |||||||||||||||||||
We provide certain postretirement health care and life insurance benefits to retired employees. Substantially all of our employees hired or rehired prior to 2014 may become eligible for postretirement medical benefits if they reach the age and service requirements of the retiree medical plan and retire on a service pension 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. We fund postretirement benefits as incurred, and accordingly, there were no assets held in the postretirement benefits plan at December 31, 2014 and 2013. | |||||||||||||||||||
The following table sets forth information regarding the funded status of our pension and other postretirement benefits as of December 31, 2014 and 2013: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||
Benefit obligation at beginning of period | $ | 558,650 | $ | 598,917 | $ | 76,134 | $ | 83,836 | |||||||||||
Service cost | 22,205 | 24,119 | 2,454 | 2,644 | |||||||||||||||
Interest cost | 26,817 | 23,914 | 3,338 | 2,873 | |||||||||||||||
Actuarial loss (gain) | 56,333 | (40,141 | ) | (102 | ) | (8,766 | ) | ||||||||||||
Benefits paid from plan assets | (47,420 | ) | (46,522 | ) | — | — | |||||||||||||
Benefits paid from Company assets | (1,392 | ) | (682 | ) | (6,057 | ) | (5,855 | ) | |||||||||||
Plan participants' contributions | — | — | 1,588 | 1,402 | |||||||||||||||
Administrative expenses paid | (1,032 | ) | (955 | ) | — | — | |||||||||||||
Settlements(1) | (1,473 | ) | — | — | — | ||||||||||||||
Benefit Obligation at End of Period | 612,688 | 558,650 | 77,355 | 76,134 | |||||||||||||||
Change in Plan Assets: | |||||||||||||||||||
Fair value of plan assets at beginning of period | 423,167 | 430,894 | — | — | |||||||||||||||
Actual return on plan assets | 55,450 | (250 | ) | — | — | ||||||||||||||
Employer contributions(2) | 42,865 | 40,682 | 4,469 | 4,453 | |||||||||||||||
Plan participants' contributions | — | — | 1,588 | 1,402 | |||||||||||||||
Benefits paid(2) | (48,812 | ) | (47,204 | ) | (6,057 | ) | (5,855 | ) | |||||||||||
Administrative expenses paid | (1,032 | ) | (955 | ) | — | — | |||||||||||||
Settlements(1)(2) | (1,473 | ) | — | — | — | ||||||||||||||
Fair Value of Plan Assets at End of Period | 470,165 | 423,167 | — | — | |||||||||||||||
Unfunded Status | $ | 142,523 | $ | 135,483 | $ | 77,355 | $ | 76,134 | |||||||||||
(1) We recorded a settlement loss that resulted from lump sum pension distributions. | |||||||||||||||||||
(2) Includes $2,865 and $682 paid from our assets for unfunded nonqualified benefits in fiscal years 2014 and 2013, respectively. | |||||||||||||||||||
The accumulated benefit obligation for our defined benefit pension plan was $517,857 and $476,807 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
Amounts recognized in the consolidated balance sheet for the years ended December 31 consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current accrued benefit cost | $ | 1,542 | $ | 2,900 | $ | 7,790 | $ | 8,600 | |||||||||||
Non-current accrued benefit cost | 140,981 | 132,583 | 69,565 | 67,534 | |||||||||||||||
Net amount recognized | $ | 142,523 | $ | 135,483 | $ | 77,355 | $ | 76,134 | |||||||||||
Amounts recognized in accumulated other comprehensive loss for the years ended December 31, net of tax, consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net actuarial loss | $ | 143,734 | $ | 138,186 | $ | 12,944 | $ | 13,780 | |||||||||||
Prior service cost (gain) | 992 | 1,575 | (5,193 | ) | (6,525 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | 144,726 | $ | 139,761 | $ | 7,751 | $ | 7,255 | |||||||||||
Amounts estimated to be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2015, net of tax, consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
Net actuarial loss | $ | 12,032 | $ | 614 | |||||||||||||||
Prior service cost (gain) | 276 | (1,333 | ) | ||||||||||||||||
Accumulated other comprehensive loss (income) | $ | 12,308 | $ | (719 | ) | ||||||||||||||
Weighted-average assumptions used to determine the actuarial present value of the pension and postretirement benefit obligations as of December 31 are: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Discount rate | 4.08 | % | 4.87 | % | 3.77% | 4.34% | |||||||||||||
Rate of compensation increase | 4.47 | % | 4.25 | % | — | — | |||||||||||||
Health care cost trend on covered charges | — | — | 7.5% / 5% | 7.5% / 5% | |||||||||||||||
For measurement of the postretirement benefit obligation, a 7.5% annual rate of increase in the per capita cost of covered health care benefits was assumed at December 31, 2014. This rate is assumed to decline to 5.0% at January 1, 2019 and remain at that level thereafter. A one percent increase or decrease in the assumed healthcare cost trend rate would not have had a material effect on the postretirement benefit obligations as of December 31, 2014 and 2013. | |||||||||||||||||||
The net periodic benefit cost for the years ended December 31, 2014, 2013, and 2012 included the following components: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 22,205 | $ | 24,119 | $ | 22,215 | $ | 2,454 | $ | 2,644 | $ | 2,336 | |||||||
Interest cost | 26,817 | 23,914 | 24,896 | 3,338 | 2,873 | 3,355 | |||||||||||||
Expected return on plan assets | (26,624 | ) | (23,909 | ) | (23,670 | ) | — | — | — | ||||||||||
Amortization of: | |||||||||||||||||||
Net actuarial loss | 17,639 | 26,371 | 21,116 | 1,267 | 1,794 | 1,719 | |||||||||||||
Prior service cost (gain) | 952 | 1,375 | 1,380 | (2,181 | ) | (2,181 | ) | (2,181 | ) | ||||||||||
Settlement loss | 789 | — | — | — | — | — | |||||||||||||
Net periodic benefit cost | $ | 41,778 | $ | 51,870 | $ | 45,937 | $ | 4,878 | $ | 5,130 | $ | 5,229 | |||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.87 | % | 3.95 | % | 4.75 | % | 4.34% | 3.51% | 4.25% | ||||||||||
Expected return on plan assets | 6.25 | % | 6 | % | 6.25 | % | — | — | — | ||||||||||
Rate of compensation increase | 4.25 | % | 4.25 | % | 4.5 | % | — | — | — | ||||||||||
Health care cost trend on covered charges | — | — | — | 7.5% / 5% | 8% / 5% | 8% / 5% | |||||||||||||
The expected return on plan assets assumption for the defined benefit pension plan is a long-term assumption and was determined after evaluating input from both the plan’s actuary and pension fund investment advisors, consideration of historical rates of return on plan assets, and anticipated 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 7.5% annual rate of increase in per capita cost of covered health care benefits was assumed for 2014. The rate was assumed to decline to 5.0% in 2019 and to remain at that level thereafter. A one percent increase or decrease in the assumed healthcare cost trend rate would not have had a material effect on 2014, 2013 and 2012 net periodic benefit cost. | |||||||||||||||||||
We expect to make contributions totaling $40,000 to our defined benefit pension plan and fund $1,573 for non-qualified benefits during 2015. | |||||||||||||||||||
Estimated future defined benefit pension and other postretirement benefit plan payments to plan participants for the years ending December 31 are as follows: | |||||||||||||||||||
Year | Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | ||||||||||||||||||
2015 | $ | 41,454 | $ | 7,936 | |||||||||||||||
2016 | 42,052 | 8,832 | |||||||||||||||||
2017 | 39,730 | 9,772 | |||||||||||||||||
2018 | 40,525 | 10,928 | |||||||||||||||||
2019 | 43,292 | 12,058 | |||||||||||||||||
After 2019 | 231,790 | 81,416 | |||||||||||||||||
The investment objective of our defined benefit pension plan is to ensure that there are sufficient assets to fund regular pension benefits payable to employees over the long-term life of the plan. Our defined benefit pension plan seeks to allocate plan assets in a manner that is closely duration-matched with the actuarial projected cash flow liabilities, consistent with prudent standards for preservation of capital, tolerance of investment risk, and maintenance of liquidity. Assets of the qualified pension plan are held by Comerica Bank (the "Trustee"). | |||||||||||||||||||
Our defined benefit pension plan utilizes a liability-driven investment (“LDI”) approach to help meet these objectives. The LDI strategy employs a structured fixed-income portfolio designed to reduce volatility in the plan's future funding requirements and funding status. This is accomplished by using a blend of corporate fixed-income securities, long duration government, and quasi-governmental, as well as appropriate levels of equity and alternative investments designed to optimize the plan's liability hedge ratio. In practice, the value of an asset portfolio constructed primarily of fixed income securities is inversely correlated to changes in market interest rates, at least partially offsetting changes in the value of the pension benefit obligation caused by changes in the interest rate used to discount plan liabilities. | |||||||||||||||||||
Asset allocation information for the defined benefit pension plan at December 31, 2014 and 2013 is as follows: | |||||||||||||||||||
Investment | 2014 | 2014 | 2013 | 2013 | |||||||||||||||
Actual Allocation | Target Allocation Range | Actual Allocation | Target Allocation Range | ||||||||||||||||
Equity securities-U.S. | 9 | % | 3-15% | 10 | % | 3-15% | |||||||||||||
Equity securities-International | 9 | % | 3-15% | 9 | % | 3-15% | |||||||||||||
Fixed income investments-U.S. | 61 | % | 35-75% | 56 | % | 35-75% | |||||||||||||
Fixed income investments-International | 6 | % | 3-10% | 6 | % | 3-10% | |||||||||||||
Absolute return | 7 | % | 5-15% | 9 | % | 5-15% | |||||||||||||
Real assets | 5 | % | 3-10% | 5 | % | 3-10% | |||||||||||||
Private equity | 1 | % | 0-3% | 1 | % | 0-3% | |||||||||||||
Short-term investments | 2 | % | 0-3% | 4 | % | 0-3% | |||||||||||||
Total | 100 | % | 100% | 100 | % | 100% | |||||||||||||
The following is a description of the valuation methodologies used for assets held by the defined benefit pension plan measured at fair value: | |||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Equity securities - U.S. consist of investments in U.S. corporate stocks and U.S. equity mutual funds. U.S. equity mutual funds include publicly traded mutual funds and a bank collective fund for ERISA plans. U.S. corporate stocks and U.S. equity mutual funds are primarily large-capitalization stocks (defined as companies with market capitalization of more than $10 billion). U.S. corporate stocks and publicly traded mutual funds are valued at the closing price reported on the active public market in which the individual securities are traded and are classified as Level 1. The bank collective fund for ERISA plans is valued at the net asset value ("NAV") of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. While the underlying assets of the bank collective fund are publicly available, the fund is not; thus, the bank collective fund investment is classified as Level 2. | |||||||||||||||||||
Equity securities - International | |||||||||||||||||||
Equity securities - International consist of investments in international corporate stocks and publicly traded mutual funds and are both primarily investments within developed and emerging markets. Both are valued at the closing price reported on the active public market in which the individual securities are traded and are classified as Level 1. | |||||||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Fixed income investments - U.S. consist of U.S. corporate bonds, government and government agency bonds, as well as a publicly traded mutual fund and a commingled fund, both of which invest in corporate and government debt securities within the U.S. U.S. corporate bonds, government and government agency bonds, and the publicly traded mutual fund are valued at the closing price reported on the active market in which they are traded and thus are classified as Level 1. The commingled fund is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. While the underlying assets of the commingled fund are publicly available, the fund is not; thus, the commingled fund is classified as Level 2. | |||||||||||||||||||
Fixed income investments - International | |||||||||||||||||||
Fixed income investments - International consist of international corporate bonds. International corporate bonds are valued at the closing price reported on the active market in which they are traded and thus are classified as Level 1. | |||||||||||||||||||
Absolute return | |||||||||||||||||||
Absolute return consists of investments in various hedge funds structured as fund-of-funds (defined as a single fund that invests in multiple funds). The hedge funds use various investment strategies in an attempt to generate 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. The underlying assets of the hedge funds are not publicly available; thus they are classified as Level 3. Audited financial statements are produced on an annual basis for the hedge funds. | |||||||||||||||||||
Real assets | |||||||||||||||||||
Real assets consists of natural resource funds (oil, gas and forestry) and a real estate investment trust ("REIT"). The natural resource funds are comprised of a bank collective trust for ERISA plans and a limited partnership ("LP"). The bank collective fund for ERISA plans is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. While the underlying assets of the bank collective fund are publicly available, the fund is not; thus, the fund is classified as Level 2. The LP is generally characterized as requiring a long-term commitment with limited liquidity. The value of the LP is not publicly available and thus, is classified as Level 3. The REIT is a commingled trust. The commingled trust is valued at the NAV of units of the trust. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. The underlying assets of the commingled trust are not publicly available; thus they are classified as Level 3. Audited financial statements are produced on an annual basis for the LP and REIT. | |||||||||||||||||||
Private equity | |||||||||||||||||||
Private equity is an asset class that is generally characterized as requiring long-term commitments and where liquidity is typically limited. Private equity does not have an actively traded market with readily observables prices. The investments are limited partnerships structured as fund-of-funds. The investments are diversified across typical private equity strategies including: buyouts, co-investments, secondary offerings, venture capital, and special situations. Valuations are developed using a variety of proprietary model methodologies. Valuations may be derived from publicly available sources as well as information obtained from each fund's general partner based upon public market conditions and returns. All private equity investments are classified as Level 3. Audited financial statements are produced on an annual basis for the private equity investments. | |||||||||||||||||||
Short-term investments | |||||||||||||||||||
Short-term investments consist of cash and cash equivalents in a short-term fund which is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. The short-term fund classifies the underlying assets as Level 2 within the short-term fund's financial statements; thus, the fund is classified as Level 2. | |||||||||||||||||||
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 defined benefit pension plan valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||||||||||||
There have been no changes in the methodologies for determining fair value at December 31, 2014 or 2013. | |||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, the defined benefit pension plan assets measured at fair value as of December 31, 2014 and 2013: | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Investment | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Corporate stocks | $ | 17,092 | $ | — | $ | — | $ | 17,092 | |||||||||||
Mutual funds | 18,006 | 8,733 | — | 26,739 | |||||||||||||||
Equity securities - International | |||||||||||||||||||
Corporate stocks | 946 | — | — | 946 | |||||||||||||||
Mutual funds | 43,710 | — | — | 43,710 | |||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Corporate debt | 128,033 | — | — | 128,033 | |||||||||||||||
U.S. government debt | 52,674 | — | — | 52,674 | |||||||||||||||
Mutual funds | 29,799 | 74,525 | — | 104,324 | |||||||||||||||
Fixed income investments - International | 27,784 | — | — | 27,784 | |||||||||||||||
Absolute return | — | — | 33,021 | 33,021 | |||||||||||||||
Real assets | — | 7,598 | 16,518 | 24,116 | |||||||||||||||
Private equity | — | — | 3,682 | 3,682 | |||||||||||||||
Short-term investments | — | 8,044 | — | 8,044 | |||||||||||||||
Total | $ | 318,044 | $ | 98,900 | $ | 53,221 | $ | 470,165 | |||||||||||
December 31, 2013 | |||||||||||||||||||
Investment | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Corporate stocks | $ | 20,176 | $ | — | $ | — | $ | 20,176 | |||||||||||
Mutual funds | 11,169 | 11,754 | — | 22,923 | |||||||||||||||
Equity securities - International | |||||||||||||||||||
Corporate stocks | 1,101 | — | — | 1,101 | |||||||||||||||
Mutual funds | 38,246 | — | — | 38,246 | |||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Corporate debt | 108,844 | — | — | 108,844 | |||||||||||||||
U.S. government debt | 38,870 | — | — | 38,870 | |||||||||||||||
Mutual funds | 22,756 | 63,916 | — | 86,672 | |||||||||||||||
Fixed income investments - International | 23,920 | — | — | 23,920 | |||||||||||||||
Absolute return | — | — | 39,448 | 39,448 | |||||||||||||||
Real assets | — | 8,455 | 14,737 | 23,192 | |||||||||||||||
Private equity | — | — | 3,793 | 3,793 | |||||||||||||||
Short-term investments | — | 15,982 | — | 15,982 | |||||||||||||||
Total | $ | 265,082 | $ | 100,107 | $ | 57,978 | $ | 423,167 | |||||||||||
The tables below set forth a summary of changes in the fair value of the defined benefit pension plan's Level 3 assets for the years ended December 31, 2014 and 2013: | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Absolute | Real | Private Equity | |||||||||||||||||
Return | Assets | Total | |||||||||||||||||
Balance, beginning of year | $ | 39,448 | $ | 14,737 | $ | 3,793 | $ | 57,978 | |||||||||||
Realized gains | 386 | 48 | 76 | 510 | |||||||||||||||
Unrealized gains | 1,837 | 2,065 | 432 | 4,334 | |||||||||||||||
Purchases | — | 48 | 359 | 407 | |||||||||||||||
Sales | (8,650 | ) | (380 | ) | (978 | ) | (10,008 | ) | |||||||||||
Balance, end of year | $ | 33,021 | $ | 16,518 | $ | 3,682 | $ | 53,221 | |||||||||||
December 31, 2013 | |||||||||||||||||||
Fixed Income Investments – | |||||||||||||||||||
International | Absolute | Real | Private Equity | Short-term investments | |||||||||||||||
Return | Assets | Total | |||||||||||||||||
Balance, beginning of year | $ | 22,063 | $ | 37,289 | $ | 12,702 | $ | 3,807 | $ | 6,694 | $ | 82,555 | |||||||
Realized gains | 5,721 | 831 | 16 | — | — | 6,568 | |||||||||||||
Unrealized gains (losses) | (6,629 | ) | 2,344 | 2,127 | (14 | ) | — | (2,172 | ) | ||||||||||
Purchases | — | 30,900 | — | — | — | 30,900 | |||||||||||||
Sales | (21,155 | ) | (31,916 | ) | (108 | ) | — | (6,694 | ) | (59,873 | ) | ||||||||
Balance, end of year | $ | — | $ | 39,448 | $ | 14,737 | $ | 3,793 | $ | — | $ | 57,978 | |||||||
Profit_Sharing_and_Savings_Pla
Profit Sharing and Savings Plan | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||||||||||||||
Profit Sharing and Savings Plan | PENSION AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||||
We have a noncontributory defined benefit pension plan covering substantially all employees after the completion of one year of service and 1,000 hours of service. The plan provides retirement benefits based on an employee’s average earnings and years of service. Employees become 100% vested after three years of service, regardless of age. A supplemental benefit plan provides nonqualified benefits for compensation in excess of the IRS compensation limits applicable to the plan. In December 2014, we amended the pension plan, effective July 1, 2015, to exclude employees hired or rehired on or after July 1, 2015 from participation. Active participants in the plan will continue to accrue benefits. | |||||||||||||||||||
Our plan funding policy is to make contributions provided that the total annual contributions will not be less than ERISA and the Pension Protection Act of 2006 minimums or greater than the maximum tax-deductible amount, to review the contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by us from time to time. The assets of the defined benefit pension plan are invested primarily in fixed income investments and equity securities. We pay nonqualified pension benefits when they are due according to the terms of the supplemental benefit plan. | |||||||||||||||||||
We provide certain postretirement health care and life insurance benefits to retired employees. Substantially all of our employees hired or rehired prior to 2014 may become eligible for postretirement medical benefits if they reach the age and service requirements of the retiree medical plan and retire on a service pension 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. We fund postretirement benefits as incurred, and accordingly, there were no assets held in the postretirement benefits plan at December 31, 2014 and 2013. | |||||||||||||||||||
The following table sets forth information regarding the funded status of our pension and other postretirement benefits as of December 31, 2014 and 2013: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||
Benefit obligation at beginning of period | $ | 558,650 | $ | 598,917 | $ | 76,134 | $ | 83,836 | |||||||||||
Service cost | 22,205 | 24,119 | 2,454 | 2,644 | |||||||||||||||
Interest cost | 26,817 | 23,914 | 3,338 | 2,873 | |||||||||||||||
Actuarial loss (gain) | 56,333 | (40,141 | ) | (102 | ) | (8,766 | ) | ||||||||||||
Benefits paid from plan assets | (47,420 | ) | (46,522 | ) | — | — | |||||||||||||
Benefits paid from Company assets | (1,392 | ) | (682 | ) | (6,057 | ) | (5,855 | ) | |||||||||||
Plan participants' contributions | — | — | 1,588 | 1,402 | |||||||||||||||
Administrative expenses paid | (1,032 | ) | (955 | ) | — | — | |||||||||||||
Settlements(1) | (1,473 | ) | — | — | — | ||||||||||||||
Benefit Obligation at End of Period | 612,688 | 558,650 | 77,355 | 76,134 | |||||||||||||||
Change in Plan Assets: | |||||||||||||||||||
Fair value of plan assets at beginning of period | 423,167 | 430,894 | — | — | |||||||||||||||
Actual return on plan assets | 55,450 | (250 | ) | — | — | ||||||||||||||
Employer contributions(2) | 42,865 | 40,682 | 4,469 | 4,453 | |||||||||||||||
Plan participants' contributions | — | — | 1,588 | 1,402 | |||||||||||||||
Benefits paid(2) | (48,812 | ) | (47,204 | ) | (6,057 | ) | (5,855 | ) | |||||||||||
Administrative expenses paid | (1,032 | ) | (955 | ) | — | — | |||||||||||||
Settlements(1)(2) | (1,473 | ) | — | — | — | ||||||||||||||
Fair Value of Plan Assets at End of Period | 470,165 | 423,167 | — | — | |||||||||||||||
Unfunded Status | $ | 142,523 | $ | 135,483 | $ | 77,355 | $ | 76,134 | |||||||||||
(1) We recorded a settlement loss that resulted from lump sum pension distributions. | |||||||||||||||||||
(2) Includes $2,865 and $682 paid from our assets for unfunded nonqualified benefits in fiscal years 2014 and 2013, respectively. | |||||||||||||||||||
The accumulated benefit obligation for our defined benefit pension plan was $517,857 and $476,807 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
Amounts recognized in the consolidated balance sheet for the years ended December 31 consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current accrued benefit cost | $ | 1,542 | $ | 2,900 | $ | 7,790 | $ | 8,600 | |||||||||||
Non-current accrued benefit cost | 140,981 | 132,583 | 69,565 | 67,534 | |||||||||||||||
Net amount recognized | $ | 142,523 | $ | 135,483 | $ | 77,355 | $ | 76,134 | |||||||||||
Amounts recognized in accumulated other comprehensive loss for the years ended December 31, net of tax, consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net actuarial loss | $ | 143,734 | $ | 138,186 | $ | 12,944 | $ | 13,780 | |||||||||||
Prior service cost (gain) | 992 | 1,575 | (5,193 | ) | (6,525 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | 144,726 | $ | 139,761 | $ | 7,751 | $ | 7,255 | |||||||||||
Amounts estimated to be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2015, net of tax, consist of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
Net actuarial loss | $ | 12,032 | $ | 614 | |||||||||||||||
Prior service cost (gain) | 276 | (1,333 | ) | ||||||||||||||||
Accumulated other comprehensive loss (income) | $ | 12,308 | $ | (719 | ) | ||||||||||||||
Weighted-average assumptions used to determine the actuarial present value of the pension and postretirement benefit obligations as of December 31 are: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Discount rate | 4.08 | % | 4.87 | % | 3.77% | 4.34% | |||||||||||||
Rate of compensation increase | 4.47 | % | 4.25 | % | — | — | |||||||||||||
Health care cost trend on covered charges | — | — | 7.5% / 5% | 7.5% / 5% | |||||||||||||||
For measurement of the postretirement benefit obligation, a 7.5% annual rate of increase in the per capita cost of covered health care benefits was assumed at December 31, 2014. This rate is assumed to decline to 5.0% at January 1, 2019 and remain at that level thereafter. A one percent increase or decrease in the assumed healthcare cost trend rate would not have had a material effect on the postretirement benefit obligations as of December 31, 2014 and 2013. | |||||||||||||||||||
The net periodic benefit cost for the years ended December 31, 2014, 2013, and 2012 included the following components: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 22,205 | $ | 24,119 | $ | 22,215 | $ | 2,454 | $ | 2,644 | $ | 2,336 | |||||||
Interest cost | 26,817 | 23,914 | 24,896 | 3,338 | 2,873 | 3,355 | |||||||||||||
Expected return on plan assets | (26,624 | ) | (23,909 | ) | (23,670 | ) | — | — | — | ||||||||||
Amortization of: | |||||||||||||||||||
Net actuarial loss | 17,639 | 26,371 | 21,116 | 1,267 | 1,794 | 1,719 | |||||||||||||
Prior service cost (gain) | 952 | 1,375 | 1,380 | (2,181 | ) | (2,181 | ) | (2,181 | ) | ||||||||||
Settlement loss | 789 | — | — | — | — | — | |||||||||||||
Net periodic benefit cost | $ | 41,778 | $ | 51,870 | $ | 45,937 | $ | 4,878 | $ | 5,130 | $ | 5,229 | |||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.87 | % | 3.95 | % | 4.75 | % | 4.34% | 3.51% | 4.25% | ||||||||||
Expected return on plan assets | 6.25 | % | 6 | % | 6.25 | % | — | — | — | ||||||||||
Rate of compensation increase | 4.25 | % | 4.25 | % | 4.5 | % | — | — | — | ||||||||||
Health care cost trend on covered charges | — | — | — | 7.5% / 5% | 8% / 5% | 8% / 5% | |||||||||||||
The expected return on plan assets assumption for the defined benefit pension plan is a long-term assumption and was determined after evaluating input from both the plan’s actuary and pension fund investment advisors, consideration of historical rates of return on plan assets, and anticipated 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 7.5% annual rate of increase in per capita cost of covered health care benefits was assumed for 2014. The rate was assumed to decline to 5.0% in 2019 and to remain at that level thereafter. A one percent increase or decrease in the assumed healthcare cost trend rate would not have had a material effect on 2014, 2013 and 2012 net periodic benefit cost. | |||||||||||||||||||
We expect to make contributions totaling $40,000 to our defined benefit pension plan and fund $1,573 for non-qualified benefits during 2015. | |||||||||||||||||||
Estimated future defined benefit pension and other postretirement benefit plan payments to plan participants for the years ending December 31 are as follows: | |||||||||||||||||||
Year | Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | ||||||||||||||||||
2015 | $ | 41,454 | $ | 7,936 | |||||||||||||||
2016 | 42,052 | 8,832 | |||||||||||||||||
2017 | 39,730 | 9,772 | |||||||||||||||||
2018 | 40,525 | 10,928 | |||||||||||||||||
2019 | 43,292 | 12,058 | |||||||||||||||||
After 2019 | 231,790 | 81,416 | |||||||||||||||||
The investment objective of our defined benefit pension plan is to ensure that there are sufficient assets to fund regular pension benefits payable to employees over the long-term life of the plan. Our defined benefit pension plan seeks to allocate plan assets in a manner that is closely duration-matched with the actuarial projected cash flow liabilities, consistent with prudent standards for preservation of capital, tolerance of investment risk, and maintenance of liquidity. Assets of the qualified pension plan are held by Comerica Bank (the "Trustee"). | |||||||||||||||||||
Our defined benefit pension plan utilizes a liability-driven investment (“LDI”) approach to help meet these objectives. The LDI strategy employs a structured fixed-income portfolio designed to reduce volatility in the plan's future funding requirements and funding status. This is accomplished by using a blend of corporate fixed-income securities, long duration government, and quasi-governmental, as well as appropriate levels of equity and alternative investments designed to optimize the plan's liability hedge ratio. In practice, the value of an asset portfolio constructed primarily of fixed income securities is inversely correlated to changes in market interest rates, at least partially offsetting changes in the value of the pension benefit obligation caused by changes in the interest rate used to discount plan liabilities. | |||||||||||||||||||
Asset allocation information for the defined benefit pension plan at December 31, 2014 and 2013 is as follows: | |||||||||||||||||||
Investment | 2014 | 2014 | 2013 | 2013 | |||||||||||||||
Actual Allocation | Target Allocation Range | Actual Allocation | Target Allocation Range | ||||||||||||||||
Equity securities-U.S. | 9 | % | 3-15% | 10 | % | 3-15% | |||||||||||||
Equity securities-International | 9 | % | 3-15% | 9 | % | 3-15% | |||||||||||||
Fixed income investments-U.S. | 61 | % | 35-75% | 56 | % | 35-75% | |||||||||||||
Fixed income investments-International | 6 | % | 3-10% | 6 | % | 3-10% | |||||||||||||
Absolute return | 7 | % | 5-15% | 9 | % | 5-15% | |||||||||||||
Real assets | 5 | % | 3-10% | 5 | % | 3-10% | |||||||||||||
Private equity | 1 | % | 0-3% | 1 | % | 0-3% | |||||||||||||
Short-term investments | 2 | % | 0-3% | 4 | % | 0-3% | |||||||||||||
Total | 100 | % | 100% | 100 | % | 100% | |||||||||||||
The following is a description of the valuation methodologies used for assets held by the defined benefit pension plan measured at fair value: | |||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Equity securities - U.S. consist of investments in U.S. corporate stocks and U.S. equity mutual funds. U.S. equity mutual funds include publicly traded mutual funds and a bank collective fund for ERISA plans. U.S. corporate stocks and U.S. equity mutual funds are primarily large-capitalization stocks (defined as companies with market capitalization of more than $10 billion). U.S. corporate stocks and publicly traded mutual funds are valued at the closing price reported on the active public market in which the individual securities are traded and are classified as Level 1. The bank collective fund for ERISA plans is valued at the net asset value ("NAV") of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. While the underlying assets of the bank collective fund are publicly available, the fund is not; thus, the bank collective fund investment is classified as Level 2. | |||||||||||||||||||
Equity securities - International | |||||||||||||||||||
Equity securities - International consist of investments in international corporate stocks and publicly traded mutual funds and are both primarily investments within developed and emerging markets. Both are valued at the closing price reported on the active public market in which the individual securities are traded and are classified as Level 1. | |||||||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Fixed income investments - U.S. consist of U.S. corporate bonds, government and government agency bonds, as well as a publicly traded mutual fund and a commingled fund, both of which invest in corporate and government debt securities within the U.S. U.S. corporate bonds, government and government agency bonds, and the publicly traded mutual fund are valued at the closing price reported on the active market in which they are traded and thus are classified as Level 1. The commingled fund is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. While the underlying assets of the commingled fund are publicly available, the fund is not; thus, the commingled fund is classified as Level 2. | |||||||||||||||||||
Fixed income investments - International | |||||||||||||||||||
Fixed income investments - International consist of international corporate bonds. International corporate bonds are valued at the closing price reported on the active market in which they are traded and thus are classified as Level 1. | |||||||||||||||||||
Absolute return | |||||||||||||||||||
Absolute return consists of investments in various hedge funds structured as fund-of-funds (defined as a single fund that invests in multiple funds). The hedge funds use various investment strategies in an attempt to generate 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. The underlying assets of the hedge funds are not publicly available; thus they are classified as Level 3. Audited financial statements are produced on an annual basis for the hedge funds. | |||||||||||||||||||
Real assets | |||||||||||||||||||
Real assets consists of natural resource funds (oil, gas and forestry) and a real estate investment trust ("REIT"). The natural resource funds are comprised of a bank collective trust for ERISA plans and a limited partnership ("LP"). The bank collective fund for ERISA plans is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. While the underlying assets of the bank collective fund are publicly available, the fund is not; thus, the fund is classified as Level 2. The LP is generally characterized as requiring a long-term commitment with limited liquidity. The value of the LP is not publicly available and thus, is classified as Level 3. The REIT is a commingled trust. The commingled trust is valued at the NAV of units of the trust. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. The underlying assets of the commingled trust are not publicly available; thus they are classified as Level 3. Audited financial statements are produced on an annual basis for the LP and REIT. | |||||||||||||||||||
Private equity | |||||||||||||||||||
Private equity is an asset class that is generally characterized as requiring long-term commitments and where liquidity is typically limited. Private equity does not have an actively traded market with readily observables prices. The investments are limited partnerships structured as fund-of-funds. The investments are diversified across typical private equity strategies including: buyouts, co-investments, secondary offerings, venture capital, and special situations. Valuations are developed using a variety of proprietary model methodologies. Valuations may be derived from publicly available sources as well as information obtained from each fund's general partner based upon public market conditions and returns. All private equity investments are classified as Level 3. Audited financial statements are produced on an annual basis for the private equity investments. | |||||||||||||||||||
Short-term investments | |||||||||||||||||||
Short-term investments consist of cash and cash equivalents in a short-term fund which is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. The short-term fund classifies the underlying assets as Level 2 within the short-term fund's financial statements; thus, the fund is classified as Level 2. | |||||||||||||||||||
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 defined benefit pension plan valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||||||||||||
There have been no changes in the methodologies for determining fair value at December 31, 2014 or 2013. | |||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, the defined benefit pension plan assets measured at fair value as of December 31, 2014 and 2013: | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Investment | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Corporate stocks | $ | 17,092 | $ | — | $ | — | $ | 17,092 | |||||||||||
Mutual funds | 18,006 | 8,733 | — | 26,739 | |||||||||||||||
Equity securities - International | |||||||||||||||||||
Corporate stocks | 946 | — | — | 946 | |||||||||||||||
Mutual funds | 43,710 | — | — | 43,710 | |||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Corporate debt | 128,033 | — | — | 128,033 | |||||||||||||||
U.S. government debt | 52,674 | — | — | 52,674 | |||||||||||||||
Mutual funds | 29,799 | 74,525 | — | 104,324 | |||||||||||||||
Fixed income investments - International | 27,784 | — | — | 27,784 | |||||||||||||||
Absolute return | — | — | 33,021 | 33,021 | |||||||||||||||
Real assets | — | 7,598 | 16,518 | 24,116 | |||||||||||||||
Private equity | — | — | 3,682 | 3,682 | |||||||||||||||
Short-term investments | — | 8,044 | — | 8,044 | |||||||||||||||
Total | $ | 318,044 | $ | 98,900 | $ | 53,221 | $ | 470,165 | |||||||||||
December 31, 2013 | |||||||||||||||||||
Investment | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Corporate stocks | $ | 20,176 | $ | — | $ | — | $ | 20,176 | |||||||||||
Mutual funds | 11,169 | 11,754 | — | 22,923 | |||||||||||||||
Equity securities - International | |||||||||||||||||||
Corporate stocks | 1,101 | — | — | 1,101 | |||||||||||||||
Mutual funds | 38,246 | — | — | 38,246 | |||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Corporate debt | 108,844 | — | — | 108,844 | |||||||||||||||
U.S. government debt | 38,870 | — | — | 38,870 | |||||||||||||||
Mutual funds | 22,756 | 63,916 | — | 86,672 | |||||||||||||||
Fixed income investments - International | 23,920 | — | — | 23,920 | |||||||||||||||
Absolute return | — | — | 39,448 | 39,448 | |||||||||||||||
Real assets | — | 8,455 | 14,737 | 23,192 | |||||||||||||||
Private equity | — | — | 3,793 | 3,793 | |||||||||||||||
Short-term investments | — | 15,982 | — | 15,982 | |||||||||||||||
Total | $ | 265,082 | $ | 100,107 | $ | 57,978 | $ | 423,167 | |||||||||||
The tables below set forth a summary of changes in the fair value of the defined benefit pension plan's Level 3 assets for the years ended December 31, 2014 and 2013: | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Absolute | Real | Private Equity | |||||||||||||||||
Return | Assets | Total | |||||||||||||||||
Balance, beginning of year | $ | 39,448 | $ | 14,737 | $ | 3,793 | $ | 57,978 | |||||||||||
Realized gains | 386 | 48 | 76 | 510 | |||||||||||||||
Unrealized gains | 1,837 | 2,065 | 432 | 4,334 | |||||||||||||||
Purchases | — | 48 | 359 | 407 | |||||||||||||||
Sales | (8,650 | ) | (380 | ) | (978 | ) | (10,008 | ) | |||||||||||
Balance, end of year | $ | 33,021 | $ | 16,518 | $ | 3,682 | $ | 53,221 | |||||||||||
December 31, 2013 | |||||||||||||||||||
Fixed Income Investments – | |||||||||||||||||||
International | Absolute | Real | Private Equity | Short-term investments | |||||||||||||||
Return | Assets | Total | |||||||||||||||||
Balance, beginning of year | $ | 22,063 | $ | 37,289 | $ | 12,702 | $ | 3,807 | $ | 6,694 | $ | 82,555 | |||||||
Realized gains | 5,721 | 831 | 16 | — | — | 6,568 | |||||||||||||
Unrealized gains (losses) | (6,629 | ) | 2,344 | 2,127 | (14 | ) | — | (2,172 | ) | ||||||||||
Purchases | — | 30,900 | — | — | — | 30,900 | |||||||||||||
Sales | (21,155 | ) | (31,916 | ) | (108 | ) | — | (6,694 | ) | (59,873 | ) | ||||||||
Balance, end of year | $ | — | $ | 39,448 | $ | 14,737 | $ | 3,793 | $ | — | $ | 57,978 | |||||||
Profit Sharing and Savings Plan | |||||||||||||||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||||||||||||||
Profit Sharing and Savings Plan | PROFIT SHARING AND SAVINGS PLAN | ||||||||||||||||||
We provide a defined contribution profit sharing and savings plan covering substantially all of our employees. Annual contributions by us to the profit-sharing portion of the plan are at the discretion of our management and are generally based on the profitability of the Company. Expense recognized by us under the profit-sharing portion of the plan was $56,709, $34,132, and $54,751 for the years ended December 31, 2014, 2013 and 2012, respectively. Employees may also make voluntary contributions to the savings portion of the plan subject to limitations imposed by federal tax law, ERISA, and the Pension Protection Act of 2006. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||
Rental expense was $21,891, $21,134, and $20,306 in 2014, 2013, and 2012, respectively. Future minimum rental payments required under operating leases that have either initial or remaining noncancelable lease terms in excess of one year as of December 31, 2014 are as follows: | ||||
For the Years Ending December 31, | Minimum Rental Payments | |||
2015 | $ | 20,996 | ||
2016 | 19,060 | |||
2017 | 15,295 | |||
2018 | 11,148 | |||
2019 | 8,062 | |||
After 2019 | 7,323 | |||
Graybar and our subsidiaries are subject to various claims, disputes, and administrative and legal matters incidental to our past and current business activities. As a result, contingencies arise resulting from an existing condition, situation, or set of circumstances involving an uncertainty as to the realization of a possible loss. | ||||
We account for loss contingencies in accordance with GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may be probable that a loss has occurred but the estimate of the loss is a wide range. If we deem an amount within the range to be a better estimate than any other amount within the range, that amount shall be accrued. However, if no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued. While we believe that none of these claims, disputes, administrative, and legal matters will have a material adverse effect on our financial position, these matters are uncertain and we cannot at this time determine whether the financial impact, if any, of these matters will be material to our results of operations in the period in which such matters are resolved or a better estimate becomes available. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
The components of accumulated other comprehensive income (loss) as of December 31 are as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Currency translation | $ | 284 | $ | 6,653 | |||||||||||||||||||||
Pension liability | (144,726 | ) | (139,761 | ) | |||||||||||||||||||||
Postretirement benefits liability | (7,751 | ) | (7,255 | ) | |||||||||||||||||||||
Accumulated other comprehensive loss | $ | (152,193 | ) | $ | (140,363 | ) | |||||||||||||||||||
The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
2014 | 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 | $ | 19,695 | $ | (1,229 | ) | $ | 18,466 | $ | 28,165 | $ | (806 | ) | $ | 27,359 | |||||||||||
Tax (benefit) expense | (7,661 | ) | 478 | (7,183 | ) | (10,957 | ) | 314 | (10,643 | ) | |||||||||||||||
Total reclassifications for the period, net of tax | $ | 12,034 | $ | (751 | ) | $ | 11,283 | $ | 17,208 | $ | (492 | ) | $ | 16,716 | |||||||||||
The following table represents the activity included in accumulated other comprehensive income (loss) for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
2014 | 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 before reclassifications | (6,369 | ) | — | (6,369 | ) | (5,387 | ) | — | (5,387 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (net of tax $(7,183) and $(10,643)) | — | 11,283 | 11,283 | — | 16,716 | 16,716 | |||||||||||||||||||
Actuarial gain (loss), (net of tax $10,660 and $(9,627)) | — | (16,744 | ) | (16,744 | ) | — | 15,122 | 15,122 | |||||||||||||||||
Net current-period other comprehensive (loss) income | (6,369 | ) | (5,461 | ) | (11,830 | ) | (5,387 | ) | 31,838 | 26,451 | |||||||||||||||
Ending balance December 31, | $ | 284 | $ | (152,477 | ) | $ | (152,193 | ) | $ | 6,653 | $ | (147,016 | ) | $ | (140,363 | ) | |||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||
The following tables set forth selected quarterly financial data for the years ended December 31, 2014 and 2013: | ||||||||||||||||
2014 | ||||||||||||||||
For the Quarter Ended | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Net sales | $ | 1,312,800 | $ | 1,517,375 | $ | 1,569,757 | $ | 1,578,929 | ||||||||
Gross margin | $ | 249,457 | $ | 281,942 | $ | 294,535 | $ | 292,613 | ||||||||
Net income attributable to the Company | $ | 11,321 | $ | 29,044 | $ | 30,464 | $ | 16,599 | ||||||||
Net income attributable to the Company | $ | 0.71 | $ | 1.83 | $ | 1.93 | $ | 1.05 | ||||||||
per share of common stock | ||||||||||||||||
2013 | ||||||||||||||||
For the Quarter Ended | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Net sales(A) | $ | 1,282,922 | $ | 1,468,119 | $ | 1,486,459 | $ | 1,421,641 | ||||||||
Gross margin | $ | 235,832 | $ | 263,965 | $ | 277,663 | $ | 266,696 | ||||||||
Net income attributable to the Company | $ | 7,946 | $ | 21,891 | $ | 28,633 | $ | 22,593 | ||||||||
Net income attributable to the Company | $ | 0.5 | $ | 1.37 | $ | 1.8 | $ | 1.42 | ||||||||
per share of common stock(B) | ||||||||||||||||
(A)Reclassifications have been made to prior years' net sales to conform to the quarterly 2014 information. | ||||||||||||||||
(B)All periods adjusted for a 2.5% stock dividend declared in December 2013. Prior to these adjustments, the average common shares outstanding for the first, second, third, and fourth quarters of 2013 were 15,634,284, 15,577,599, 15,507,191, and 15,493,506, respectively. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include the accounts of Graybar Electric Company, Inc. and its subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company in subsidiaries consolidated by the Company are accounted for and reported as noncontrolling interests. | |
Estimates | Estimates |
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. | |
Reclassifications | Reclassifications |
Certain reclassifications have been made to prior years' financial information to conform to the December 31, 2014 presentation. | |
Subsequent Events | Subsequent Events |
We have evaluated subsequent events through the time of the filing of this Annual Report on Form 10-K with the United States Securities and Exchange Commission (“SEC” or the “Commission”). No material subsequent events have occurred since December 31, 2014 that require recognition or disclosure in our financial statements, other than the asset sale disclosed in Note 5. | |
Revenue Recognition | Revenue Recognition |
Revenue is recognized when evidence of a customer arrangement exists, prices are fixed and determinable, product title, ownership and risk of loss transfers to the customer, and collectability is reasonably assured. Revenues recognized are primarily for product sales, but also include freight and handling charges. Our standard shipping terms are FOB shipping point, under which product title passes to the customer at the time of shipment. We do, however, fulfill some customer orders based on shipping terms of FOB destination, whereby title passes to the customer at the time of delivery. We also earn revenue for services provided to customers for supply chain management and logistics services. Service revenue, which accounts for less than 1% of net sales, is recognized when services are rendered and completed. Revenue is reported net of all taxes assessed by governmental authorities as a result of revenue-producing transactions, primarily sales tax. | |
Outgoing Freight Expenses | Outgoing Freight Expenses |
We record certain outgoing freight expenses as a component of selling, general and administrative expenses. These costs totaled $49,622, $48,497, and $44,672 for the years ended December 31, 2014, 2013, and 2012, 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 Doubtful Accounts | Allowance for Doubtful Accounts |
We perform ongoing credit evaluations of our customers, and a significant portion of our trade receivables is secured by mechanic’s lien or payment bond rights. We maintain allowances to reflect the expected uncollectability of trade receivables based on past collection history and specific risks identified in the receivables portfolio. Although actual credit losses have historically been within management’s expectations, additional allowances may be required if the financial condition of our customers were to deteriorate. | |
Merchandise Inventory | Merchandise Inventory |
Our inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. | |
We make provisions for obsolete or excess inventories as necessary to reflect reductions in inventory value. | |
Vendor Allowances | |
Vendor Allowances | |
Our agreements with many of our suppliers provide for us to earn volume incentives based on purchases during the agreement period. Based on the provisions of our vendor agreements, we develop vendor accrual rates by estimating the point at which we will have completed our performance under the agreement and the deferred amounts will be earned. We perform analysis and review historical trends to ensure the deferred amounts earned are appropriately recorded. Certain vendor agreements contain purchase volume incentives that provide for increased funding when graduated purchase volumes are met. Amounts accrued throughout the year are based on estimates of future activity levels, and could be materially impacted if actual purchase volumes differ. Changes in the estimated amount of incentives are treated as changes in estimate and are recognized in earnings in the period in which the change in estimate occurs. In the event that the operating performance of our suppliers were to decline, however, there can be no assurance that amounts earned would be paid or that the volume incentives would continue to be included in future agreements. | |
Property and Depreciation | Property and Depreciation |
Property, plant and equipment are recorded at cost. Depreciation is expensed on a straight-line basis over the estimated useful lives of the related assets. Interest costs incurred to finance expenditures for major long-term construction projects are capitalized as part of the asset's historical cost and included in property, plant and equipment, then depreciated over the useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Expenditures for maintenance and repairs are charged to expense when incurred, while the costs of significant improvements, which extend the useful life of the underlying asset, are capitalized. | |
Credit Risk | Credit Risk |
Financial instruments that potentially expose us to concentrations of credit risk consist primarily of trade receivables. We perform ongoing credit evaluations of our customers, and a significant portion of our trade receivables may be protected by mechanic’s lien or payment bond rights. We maintain allowances for potential credit losses and such losses historically have been within management’s expectations. | |
Fair Value | Fair Value |
We endeavor to utilize the best available information in measuring fair value. GAAP has established a fair value hierarchy, which prioritizes the inputs used in measuring fair value. The tiers in the hierarchy include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own data inputs and assumptions. We have used fair value measurements to value our pension plan assets. | |
Foreign Currency Exchange Rate | Foreign Currency Exchange Rate |
The functional currency for our Canadian subsidiary is the Canadian dollar. Accordingly, its balance sheet amounts are translated at the exchange rates in effect at year-end and its statements of income amounts are translated at the average rates of exchange prevailing during the year. Currency translation adjustments are included in accumulated other comprehensive loss. | |
Goodwill | Goodwill |
Our goodwill is not amortized, but rather tested annually for impairment. Goodwill is reviewed annually in the fourth quarter and/or when circumstances or other events might indicate that impairment may have occurred. We perform either a qualitative or quantitative assessment of goodwill impairment. The qualitative assessment considers several factors including the excess fair value over carrying value as of the last quantitative impairment test, the length of time since the last fair value measurement, the current carrying value, market conditions, actual performance compared to forecasted performance, and the current business outlook. If the qualitative assessment indicates that it is more likely than not that goodwill is impaired, the reporting unit is quantitatively tested for impairment. If a quantitative assessment is required, the fair value is determined using a variety of assumptions including estimated future cash flows of the reporting unit and applicable discount rates. As of December 31, 2014, we have completed our annual impairment test and concluded that there is no impairment of our goodwill. At December 31, 2014 and 2013, we had $6,680 of goodwill included in other non-current assets in our consolidated balance sheets. | |
Income Taxes | Income Taxes |
We recognize deferred tax assets and liabilities to reflect the future tax consequences of events that have been recognized in the financial statements or tax returns. Uncertainty exists regarding tax positions taken in previously filed tax returns still subject to examination and positions expected to be taken in future returns. A deferred tax asset or liability results from the temporary difference between an item’s carrying value as reflected in the financial statements and its tax basis, and is calculated using enacted applicable tax rates. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. We classify interest expense and penalties as part of our provision for income taxes based upon applicable federal and state interest/underpayment percentages. | |
Other Postretirement Benefits | |
Other Postretirement Benefits | |
We account for postretirement benefits other than pensions by accruing the costs of benefits to be provided over the employees’ periods of active service. These costs are determined on an actuarial basis. Our consolidated balance sheets reflect the funded status of postretirement benefits. | |
Pension Plan | Pension Plan |
We sponsor a noncontributory defined benefit pension plan accounted for by accruing the cost to provide the benefits over the employees’ periods of active service. These costs are determined on an actuarial basis. Our consolidated balance sheets reflect the funded status of the defined benefit pension plan. | |
New Accounting Standards | New Accounting Standards |
No new accounting standards that were issued or became effective during 2014 have had or are expected to have a material impact on our consolidated financial statements except those noted below. | |
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 two alternative implementation methods. The first is to apply the new standard retrospectively to each prior reporting period presented. This method allows the use of certain practical expedients. The second method is to apply the new standard retrospectively in the year of initial adoption and record a cumulative effect adjustment for the impact of adjusting contracts open at the date of adoption. Under this transition method, we would apply this guidance retrospectively only to contracts that are not completed contracts at the date of initial application (which for us will be January 1, 2017). We would then recognize the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. This method also requires us to disclose comparative information for the year of adoption. | |
We continue to determine which method we will use to implement the new standard and to assess the impact the new standard is expected to have on the consolidated financial statements or on other matters or aspects of our business. | |
In July 2013, the 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. We adopted this Update as of January 1, 2014, and the adoption did not have a material impact on our results of operations, financial position, or cash flows. |
Cash_Discounts_And_Doubtful_Ac1
Cash Discounts And Doubtful Accounts (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule of Cash Discounts and Doubtful Accounts | The following table summarizes the activity in the allowances for cash discounts and doubtful accounts: | |||||||||||||||
Beginning Balance | Provision (Charged to Expense) | Deductions | Ending Balance | |||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||
Allowance for cash discounts | $ | 1,560 | $ | 25,318 | $ | (25,114 | ) | $ | 1,764 | |||||||
Allowance for doubtful accounts | 5,277 | 3,769 | (3,737 | ) | 5,309 | |||||||||||
Total | $ | 6,837 | $ | 29,087 | $ | (28,851 | ) | $ | 7,073 | |||||||
For the Year Ended December 31, 2013 | ||||||||||||||||
Allowance for cash discounts | $ | 1,411 | $ | 22,943 | $ | (22,794 | ) | $ | 1,560 | |||||||
Allowance for doubtful accounts | 5,457 | 2,028 | (2,208 | ) | 5,277 | |||||||||||
Total | $ | 6,868 | $ | 24,971 | $ | (25,002 | ) | $ | 6,837 | |||||||
For the Year Ended December 31, 2012 | ||||||||||||||||
Allowance for cash discounts | $ | 1,498 | $ | 21,228 | $ | (21,315 | ) | $ | 1,411 | |||||||
Allowance for doubtful accounts | 6,266 | 4,379 | (5,188 | ) | 5,457 | |||||||||||
Total | $ | 7,764 | $ | 25,607 | $ | (26,503 | ) | $ | 6,868 | |||||||
Property_and_Depreciation_Tabl
Property and Depreciation (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Property, Plant and Equipment [Abstract] | ||
Schedule of Property and Depreciation | We provide for depreciation and amortization using the straight-line method over the following estimated useful asset lives: | |
Classification | Estimated Useful Asset Life | |
Buildings | 42 years | |
Leasehold improvements | Over the shorter of the asset’s life or the lease term | |
Furniture, fixtures, equipment and software | 3 to 14 years | |
Assets held under capital leases | Over the shorter of the asset’s life or the lease term | |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | Our uncertain tax benefits, and changes thereto, during 2014, 2013, and 2012 were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | 3,419 | $ | 3,530 | $ | 3,746 | ||||||
Additions based on tax positions related to current year | 490 | 516 | 600 | |||||||||
Additions based on tax positions of prior years | — | — | — | |||||||||
Reductions for tax positions of prior years | (477 | ) | (567 | ) | (570 | ) | ||||||
Settlements | (328 | ) | (60 | ) | (246 | ) | ||||||
Balance at December 31, | $ | 3,104 | $ | 3,419 | $ | 3,530 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the “statutory” federal income tax rate and the effective tax rate in the consolidated statements of income is as follows: | |||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
“Statutory” federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes, net of federal benefit | 3.5 | 3.6 | 3.9 | |||||||||
Other, net | 1.8 | 1.2 | 1.6 | |||||||||
Effective tax rate | 40.3 | % | 39.8 | % | 40.5 | % | ||||||
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before taxes and the provision for income taxes recorded in the consolidated statements of income are as follows: | |||||||||||
For the Years Ended | ||||||||||||
Components of Income before Taxes | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | 136,656 | $ | 127,858 | $ | 133,300 | ||||||
Foreign | 10,155 | 7,093 | 12,148 | |||||||||
Income before taxes | $ | 146,811 | $ | 134,951 | $ | 145,448 | ||||||
Schedule of Components of Income Tax Expense Benefit | ||||||||||||
For the Years Ended | ||||||||||||
Components of Income Tax Provision | 2014 | 2013 | 2012 | |||||||||
Current expense | ||||||||||||
U.S. Federal | $ | 44,713 | $ | 47,790 | $ | 38,642 | ||||||
State | 7,266 | 7,066 | 6,848 | |||||||||
Foreign | 3,058 | 2,217 | 3,366 | |||||||||
Total current expense | $ | 55,037 | $ | 57,073 | $ | 48,856 | ||||||
Deferred (benefit) expense | ||||||||||||
U.S. Federal | $ | 4,049 | (2,983 | ) | 9,090 | |||||||
State | 47 | (458 | ) | 786 | ||||||||
Foreign | (8 | ) | 45 | 118 | ||||||||
Total deferred (benefit) expense | $ | 4,088 | $ | (3,396 | ) | $ | 9,994 | |||||
Total income tax provision | $ | 59,125 | $ | 53,677 | $ | 58,850 | ||||||
Schedule of Deferred Tax Assets and Liabilities | The following deferred tax assets (liabilities) were recorded at December 31: | |||||||||||
Assets (Liabilities) | 2014 | 2013 | ||||||||||
Postretirement benefits | $ | 29,736 | $ | 29,260 | ||||||||
Payroll accruals | 2,912 | 3,114 | ||||||||||
Bad debt reserves | 2,106 | 2,094 | ||||||||||
Other deferred tax assets | 8,623 | 9,820 | ||||||||||
Pension | 42,836 | 41,682 | ||||||||||
Inventory | 3,351 | 4,597 | ||||||||||
Subtotal | 89,564 | 90,567 | ||||||||||
less: valuation allowances | (393 | ) | (279 | ) | ||||||||
Deferred tax assets | 89,171 | 90,288 | ||||||||||
Fixed assets | (33,857 | ) | (33,988 | ) | ||||||||
Computer software | (3,904 | ) | (3,775 | ) | ||||||||
Other deferred tax liabilities | (1,974 | ) | (1,868 | ) | ||||||||
Deferred tax liabilities | (39,735 | ) | (39,631 | ) | ||||||||
Net deferred tax assets | $ | 49,436 | $ | 50,657 | ||||||||
Deferred income taxes included in current and non-current assets (liabilities) at December 31 were: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets included in other current assets | $ | 2,777 | $ | 5,936 | ||||||||
Deferred tax assets included in other non-current assets | 47,024 | 45,135 | ||||||||||
Deferred tax liabilities included in other current liabilities | (365 | ) | (414 | ) | ||||||||
Summary of Operating Loss Carryforwards | Operating loss carryforwards included in net deferred tax assets at December 31 were: | |||||||||||
2014 | 2013 | |||||||||||
Foreign net operating losses(1) | $ | 363 | $ | 232 | ||||||||
State net operating losses(2) | 759 | 1,165 | ||||||||||
(1)Expires in 2024 | ||||||||||||
(2)Expire between 2015 and 2030 |
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Equity [Abstract] | |||||
Schedule of Common Stock Shares Purchased and Retired | Shown below is a summary of shares purchased and retired by the Company during the three years ended December 31: | ||||
Shares of Common Stock | |||||
Purchased | Retired | ||||
2014 | 752,983 | 780,077 | |||
2013 | 638,647 | 681,637 | |||
2012 | 558,599 | 658,890 | |||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Debt Disclosure [Abstract] | |||||||
Schedule of Long-term Debt | |||||||
December 31, | |||||||
Long-term Debt | 2014 | 2013 | |||||
1.85% note, unsecured, due in quarterly installments of $798 beginning in July 2014 | $ | 4,714 | $ | — | |||
through April 2016 | |||||||
1.43% note, unsecured, due in quarterly installments of $134 beginning in July 2014 | 794 | — | |||||
through April 2016 | |||||||
2.01% to 30.63% capital leases, various maturities | 12,328 | 5,174 | |||||
$ | 17,836 | $ | 5,174 | ||||
Less current portion | (6,241 | ) | (2,443 | ) | |||
Long-term Debt | $ | 11,595 | $ | 2,731 | |||
Schedule of Long-term Debt Maturities | |||||||
Long-term Debt matures as follows: | |||||||
2015 | $ | 6,241 | |||||
2016 | 4,174 | ||||||
2017 | 1,445 | ||||||
2018 | 964 | ||||||
2019 | 667 | ||||||
After 2019 | 4,345 | ||||||
$ | 17,836 | ||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||
Schedule of Net Funded Status | The following table sets forth information regarding the funded status of our pension and other postretirement benefits as of December 31, 2014 and 2013: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||
Benefit obligation at beginning of period | $ | 558,650 | $ | 598,917 | $ | 76,134 | $ | 83,836 | |||||||||||
Service cost | 22,205 | 24,119 | 2,454 | 2,644 | |||||||||||||||
Interest cost | 26,817 | 23,914 | 3,338 | 2,873 | |||||||||||||||
Actuarial loss (gain) | 56,333 | (40,141 | ) | (102 | ) | (8,766 | ) | ||||||||||||
Benefits paid from plan assets | (47,420 | ) | (46,522 | ) | — | — | |||||||||||||
Benefits paid from Company assets | (1,392 | ) | (682 | ) | (6,057 | ) | (5,855 | ) | |||||||||||
Plan participants' contributions | — | — | 1,588 | 1,402 | |||||||||||||||
Administrative expenses paid | (1,032 | ) | (955 | ) | — | — | |||||||||||||
Settlements(1) | (1,473 | ) | — | — | — | ||||||||||||||
Benefit Obligation at End of Period | 612,688 | 558,650 | 77,355 | 76,134 | |||||||||||||||
Change in Plan Assets: | |||||||||||||||||||
Fair value of plan assets at beginning of period | 423,167 | 430,894 | — | — | |||||||||||||||
Actual return on plan assets | 55,450 | (250 | ) | — | — | ||||||||||||||
Employer contributions(2) | 42,865 | 40,682 | 4,469 | 4,453 | |||||||||||||||
Plan participants' contributions | — | — | 1,588 | 1,402 | |||||||||||||||
Benefits paid(2) | (48,812 | ) | (47,204 | ) | (6,057 | ) | (5,855 | ) | |||||||||||
Administrative expenses paid | (1,032 | ) | (955 | ) | — | — | |||||||||||||
Settlements(1)(2) | (1,473 | ) | — | — | — | ||||||||||||||
Fair Value of Plan Assets at End of Period | 470,165 | 423,167 | — | — | |||||||||||||||
Unfunded Status | $ | 142,523 | $ | 135,483 | $ | 77,355 | $ | 76,134 | |||||||||||
(1) We recorded a settlement loss that resulted from lump sum pension distributions. | |||||||||||||||||||
(2) Includes $2,865 and $682 paid from our assets for unfunded nonqualified benefits in fiscal years 2014 and 2013, respectively. | |||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheet for the years ended December 31 consist of the following: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current accrued benefit cost | $ | 1,542 | $ | 2,900 | $ | 7,790 | $ | 8,600 | |||||||||||
Non-current accrued benefit cost | 140,981 | 132,583 | 69,565 | 67,534 | |||||||||||||||
Net amount recognized | $ | 142,523 | $ | 135,483 | $ | 77,355 | $ | 76,134 | |||||||||||
Schedule of Amounts Recognized in Accumulated Other Comprensive Income (Loss) | Amounts recognized in accumulated other comprehensive loss for the years ended December 31, net of tax, consist of the following: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net actuarial loss | $ | 143,734 | $ | 138,186 | $ | 12,944 | $ | 13,780 | |||||||||||
Prior service cost (gain) | 992 | 1,575 | (5,193 | ) | (6,525 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | 144,726 | $ | 139,761 | $ | 7,751 | $ | 7,255 | |||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | Amounts estimated to be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2015, net of tax, consist of the following: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
Net actuarial loss | $ | 12,032 | $ | 614 | |||||||||||||||
Prior service cost (gain) | 276 | (1,333 | ) | ||||||||||||||||
Accumulated other comprehensive loss (income) | $ | 12,308 | $ | (719 | ) | ||||||||||||||
Schedule of Assumptions Used | Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.87 | % | 3.95 | % | 4.75 | % | 4.34% | 3.51% | 4.25% | ||||||||||
Expected return on plan assets | 6.25 | % | 6 | % | 6.25 | % | — | — | — | ||||||||||
Rate of compensation increase | 4.25 | % | 4.25 | % | 4.5 | % | — | — | — | ||||||||||
Health care cost trend on covered charges | — | — | — | 7.5% / 5% | 8% / 5% | 8% / 5% | |||||||||||||
Weighted-average assumptions used to determine the actuarial present value of the pension and postretirement benefit obligations as of December 31 are: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Discount rate | 4.08 | % | 4.87 | % | 3.77% | 4.34% | |||||||||||||
Rate of compensation increase | 4.47 | % | 4.25 | % | — | — | |||||||||||||
Health care cost trend on covered charges | — | — | 7.5% / 5% | 7.5% / 5% | |||||||||||||||
Schedule of Net Periodic Benefit Costs | The net periodic benefit cost for the years ended December 31, 2014, 2013, and 2012 included the following components: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 22,205 | $ | 24,119 | $ | 22,215 | $ | 2,454 | $ | 2,644 | $ | 2,336 | |||||||
Interest cost | 26,817 | 23,914 | 24,896 | 3,338 | 2,873 | 3,355 | |||||||||||||
Expected return on plan assets | (26,624 | ) | (23,909 | ) | (23,670 | ) | — | — | — | ||||||||||
Amortization of: | |||||||||||||||||||
Net actuarial loss | 17,639 | 26,371 | 21,116 | 1,267 | 1,794 | 1,719 | |||||||||||||
Prior service cost (gain) | 952 | 1,375 | 1,380 | (2,181 | ) | (2,181 | ) | (2,181 | ) | ||||||||||
Settlement loss | 789 | — | — | — | — | — | |||||||||||||
Net periodic benefit cost | $ | 41,778 | $ | 51,870 | $ | 45,937 | $ | 4,878 | $ | 5,130 | $ | 5,229 | |||||||
Schedule of Expected Benefit Payments | Estimated future defined benefit pension and other postretirement benefit plan payments to plan participants for the years ending December 31 are as follows: | ||||||||||||||||||
Year | Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | ||||||||||||||||||
2015 | $ | 41,454 | $ | 7,936 | |||||||||||||||
2016 | 42,052 | 8,832 | |||||||||||||||||
2017 | 39,730 | 9,772 | |||||||||||||||||
2018 | 40,525 | 10,928 | |||||||||||||||||
2019 | 43,292 | 12,058 | |||||||||||||||||
After 2019 | 231,790 | 81,416 | |||||||||||||||||
Schedule of Allocation of Plan Assets | Asset allocation information for the defined benefit pension plan at December 31, 2014 and 2013 is as follows: | ||||||||||||||||||
Investment | 2014 | 2014 | 2013 | 2013 | |||||||||||||||
Actual Allocation | Target Allocation Range | Actual Allocation | Target Allocation Range | ||||||||||||||||
Equity securities-U.S. | 9 | % | 3-15% | 10 | % | 3-15% | |||||||||||||
Equity securities-International | 9 | % | 3-15% | 9 | % | 3-15% | |||||||||||||
Fixed income investments-U.S. | 61 | % | 35-75% | 56 | % | 35-75% | |||||||||||||
Fixed income investments-International | 6 | % | 3-10% | 6 | % | 3-10% | |||||||||||||
Absolute return | 7 | % | 5-15% | 9 | % | 5-15% | |||||||||||||
Real assets | 5 | % | 3-10% | 5 | % | 3-10% | |||||||||||||
Private equity | 1 | % | 0-3% | 1 | % | 0-3% | |||||||||||||
Short-term investments | 2 | % | 0-3% | 4 | % | 0-3% | |||||||||||||
Total | 100 | % | 100% | 100 | % | 100% | |||||||||||||
The following tables set forth, by level within the fair value hierarchy, the defined benefit pension plan assets measured at fair value as of December 31, 2014 and 2013: | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Investment | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Corporate stocks | $ | 17,092 | $ | — | $ | — | $ | 17,092 | |||||||||||
Mutual funds | 18,006 | 8,733 | — | 26,739 | |||||||||||||||
Equity securities - International | |||||||||||||||||||
Corporate stocks | 946 | — | — | 946 | |||||||||||||||
Mutual funds | 43,710 | — | — | 43,710 | |||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Corporate debt | 128,033 | — | — | 128,033 | |||||||||||||||
U.S. government debt | 52,674 | — | — | 52,674 | |||||||||||||||
Mutual funds | 29,799 | 74,525 | — | 104,324 | |||||||||||||||
Fixed income investments - International | 27,784 | — | — | 27,784 | |||||||||||||||
Absolute return | — | — | 33,021 | 33,021 | |||||||||||||||
Real assets | — | 7,598 | 16,518 | 24,116 | |||||||||||||||
Private equity | — | — | 3,682 | 3,682 | |||||||||||||||
Short-term investments | — | 8,044 | — | 8,044 | |||||||||||||||
Total | $ | 318,044 | $ | 98,900 | $ | 53,221 | $ | 470,165 | |||||||||||
December 31, 2013 | |||||||||||||||||||
Investment | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||
Equity securities - U.S. | |||||||||||||||||||
Corporate stocks | $ | 20,176 | $ | — | $ | — | $ | 20,176 | |||||||||||
Mutual funds | 11,169 | 11,754 | — | 22,923 | |||||||||||||||
Equity securities - International | |||||||||||||||||||
Corporate stocks | 1,101 | — | — | 1,101 | |||||||||||||||
Mutual funds | 38,246 | — | — | 38,246 | |||||||||||||||
Fixed income investments - U.S. | |||||||||||||||||||
Corporate debt | 108,844 | — | — | 108,844 | |||||||||||||||
U.S. government debt | 38,870 | — | — | 38,870 | |||||||||||||||
Mutual funds | 22,756 | 63,916 | — | 86,672 | |||||||||||||||
Fixed income investments - International | 23,920 | — | — | 23,920 | |||||||||||||||
Absolute return | — | — | 39,448 | 39,448 | |||||||||||||||
Real assets | — | 8,455 | 14,737 | 23,192 | |||||||||||||||
Private equity | — | — | 3,793 | 3,793 | |||||||||||||||
Short-term investments | — | 15,982 | — | 15,982 | |||||||||||||||
Total | $ | 265,082 | $ | 100,107 | $ | 57,978 | $ | 423,167 | |||||||||||
Schedule of Changes in Fair Value of Plan Assets | The tables below set forth a summary of changes in the fair value of the defined benefit pension plan's Level 3 assets for the years ended December 31, 2014 and 2013: | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Absolute | Real | Private Equity | |||||||||||||||||
Return | Assets | Total | |||||||||||||||||
Balance, beginning of year | $ | 39,448 | $ | 14,737 | $ | 3,793 | $ | 57,978 | |||||||||||
Realized gains | 386 | 48 | 76 | 510 | |||||||||||||||
Unrealized gains | 1,837 | 2,065 | 432 | 4,334 | |||||||||||||||
Purchases | — | 48 | 359 | 407 | |||||||||||||||
Sales | (8,650 | ) | (380 | ) | (978 | ) | (10,008 | ) | |||||||||||
Balance, end of year | $ | 33,021 | $ | 16,518 | $ | 3,682 | $ | 53,221 | |||||||||||
December 31, 2013 | |||||||||||||||||||
Fixed Income Investments – | |||||||||||||||||||
International | Absolute | Real | Private Equity | Short-term investments | |||||||||||||||
Return | Assets | Total | |||||||||||||||||
Balance, beginning of year | $ | 22,063 | $ | 37,289 | $ | 12,702 | $ | 3,807 | $ | 6,694 | $ | 82,555 | |||||||
Realized gains | 5,721 | 831 | 16 | — | — | 6,568 | |||||||||||||
Unrealized gains (losses) | (6,629 | ) | 2,344 | 2,127 | (14 | ) | — | (2,172 | ) | ||||||||||
Purchases | — | 30,900 | — | — | — | 30,900 | |||||||||||||
Sales | (21,155 | ) | (31,916 | ) | (108 | ) | — | (6,694 | ) | (59,873 | ) | ||||||||
Balance, end of year | $ | — | $ | 39,448 | $ | 14,737 | $ | 3,793 | $ | — | $ | 57,978 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rental payments required under operating leases that have either initial or remaining noncancelable lease terms in excess of one year as of December 31, 2014 are as follows: | |||
For the Years Ending December 31, | Minimum Rental Payments | |||
2015 | $ | 20,996 | ||
2016 | 19,060 | |||
2017 | 15,295 | |||
2018 | 11,148 | |||
2019 | 8,062 | |||
After 2019 | 7,323 | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) as of December 31 are as follows: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Currency translation | $ | 284 | $ | 6,653 | |||||||||||||||||||||
Pension liability | (144,726 | ) | (139,761 | ) | |||||||||||||||||||||
Postretirement benefits liability | (7,751 | ) | (7,255 | ) | |||||||||||||||||||||
Accumulated other comprehensive loss | $ | (152,193 | ) | $ | (140,363 | ) | |||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table represents amounts reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 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 | $ | 19,695 | $ | (1,229 | ) | $ | 18,466 | $ | 28,165 | $ | (806 | ) | $ | 27,359 | |||||||||||
Tax (benefit) expense | (7,661 | ) | 478 | (7,183 | ) | (10,957 | ) | 314 | (10,643 | ) | |||||||||||||||
Total reclassifications for the period, net of tax | $ | 12,034 | $ | (751 | ) | $ | 11,283 | $ | 17,208 | $ | (492 | ) | $ | 16,716 | |||||||||||
Amounts Recognized in Other Comprehensive Income (Loss) | The following table represents the activity included in accumulated other comprehensive income (loss) for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 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 before reclassifications | (6,369 | ) | — | (6,369 | ) | (5,387 | ) | — | (5,387 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (net of tax $(7,183) and $(10,643)) | — | 11,283 | 11,283 | — | 16,716 | 16,716 | |||||||||||||||||||
Actuarial gain (loss), (net of tax $10,660 and $(9,627)) | — | (16,744 | ) | (16,744 | ) | — | 15,122 | 15,122 | |||||||||||||||||
Net current-period other comprehensive (loss) income | (6,369 | ) | (5,461 | ) | (11,830 | ) | (5,387 | ) | 31,838 | 26,451 | |||||||||||||||
Ending balance December 31, | $ | 284 | $ | (152,477 | ) | $ | (152,193 | ) | $ | 6,653 | $ | (147,016 | ) | $ | (140,363 | ) | |||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information (Unaudited) | The following tables set forth selected quarterly financial data for the years ended December 31, 2014 and 2013: | |||||||||||||||
2014 | ||||||||||||||||
For the Quarter Ended | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Net sales | $ | 1,312,800 | $ | 1,517,375 | $ | 1,569,757 | $ | 1,578,929 | ||||||||
Gross margin | $ | 249,457 | $ | 281,942 | $ | 294,535 | $ | 292,613 | ||||||||
Net income attributable to the Company | $ | 11,321 | $ | 29,044 | $ | 30,464 | $ | 16,599 | ||||||||
Net income attributable to the Company | $ | 0.71 | $ | 1.83 | $ | 1.93 | $ | 1.05 | ||||||||
per share of common stock | ||||||||||||||||
2013 | ||||||||||||||||
For the Quarter Ended | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Net sales(A) | $ | 1,282,922 | $ | 1,468,119 | $ | 1,486,459 | $ | 1,421,641 | ||||||||
Gross margin | $ | 235,832 | $ | 263,965 | $ | 277,663 | $ | 266,696 | ||||||||
Net income attributable to the Company | $ | 7,946 | $ | 21,891 | $ | 28,633 | $ | 22,593 | ||||||||
Net income attributable to the Company | $ | 0.5 | $ | 1.37 | $ | 1.8 | $ | 1.42 | ||||||||
per share of common stock(B) | ||||||||||||||||
(A)Reclassifications have been made to prior years' net sales to conform to the quarterly 2014 information. | ||||||||||||||||
(B)All periods adjusted for a 2.5% stock dividend declared in December 2013. Prior to these adjustments, the average common shares outstanding for the first, second, third, and fourth quarters of 2013 were 15,634,284, 15,577,599, 15,507,191, and 15,493,506, respectively. |
Accounting_Policies_Concentrat
Accounting Policies (Concentration Risk) (Details) (Sales revenue, Services, Maximum) | 12 Months Ended |
Dec. 31, 2014 | |
Sales revenue | Services | Maximum | |
Concentration Risk [Line Items] | |
Service revenue, less than | 1.00% |
Summary_of_Significant_Account
Summary of Significant Accounting Policies Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Outgoing freight expenses | $49,622 | $48,497 | $44,672 |
Goodwill | $6,680 | $6,680 |
Cash_Discounts_And_Doubtful_Ac2
Cash Discounts And Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reserve for Cash Discount and Allowances for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | $6,837 | $6,868 | $7,764 |
Provision (Charged to Expense) | 29,087 | 24,971 | 25,607 |
Deductions | -28,851 | -25,002 | -26,503 |
Ending Balance | 7,073 | 6,837 | 6,868 |
Allowance for cash discounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 1,560 | 1,411 | 1,498 |
Provision (Charged to Expense) | 25,318 | 22,943 | 21,228 |
Deductions | -25,114 | -22,794 | -21,315 |
Ending Balance | 1,764 | 1,560 | 1,411 |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 5,277 | 5,457 | 6,266 |
Provision (Charged to Expense) | 3,769 | 2,028 | 4,379 |
Deductions | -3,737 | -2,208 | -5,188 |
Ending Balance | $5,309 | $5,277 | $5,457 |
Inventory_Details
Inventory (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | |||
Percentage of LIFO Inventory | 92.00% | 92.00% | |
Excess of Replacement or Current Costs over Stated LIFO Value | $139,468 | $149,507 | |
Inventory Valuation Reserves | 4,417 | 3,747 | |
Inventory Valuation Reserve | |||
Inventory [Line Items] | |||
Reserves for Obsolete Inventories, Period Increase (Decrease) | $670 | $247 | ($300) |
Property_and_Depreciation_Sche
Property and Depreciation Schedule of Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | Jan. 30, 2015 |
Property, Plant and Equipment [Line Items] | |||||
Depreciation | $35,040 | $32,917 | $28,937 | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 1,066 | ||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 7,669 | 7,626 | |||
Disposal Group, Including Discontinued Operation, Consideration | 740 | 34 | |||
Gain on sale of assets held for sale | 85 | 23 | |||
Building | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful asset life | 42 years | ||||
Furniture, Fixtures & Equipment and Software | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful asset life | 3 years | ||||
Furniture, Fixtures & Equipment and Software | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful asset life | 14 years | ||||
Software and Software Development Costs | |||||
Property, Plant and Equipment [Line Items] | |||||
Property plant and equipment additions | 3,501 | 3,187 | |||
Assets Held under Capital Leases | |||||
Property, Plant and Equipment [Line Items] | |||||
Property plant and equipment additions | 10,430 | 3,632 | |||
Capitalized Interest Costs | |||||
Property, Plant and Equipment [Line Items] | |||||
Interest costs capitalized | 102 | 182 | 56 | ||
Subsequent Event [Member] | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Gain on sale of assets held for sale | 3,584 | ||||
Disposal Group, Including Discontinued Operation, Assets | $4,626 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $3,104 | $3,419 | $3,530 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1: | 3,419 | 3,530 | 3,746 |
Additions based on tax positions related to current year | 490 | 516 | 600 |
Additions based on tax positions of prior years | 0 | 0 | 0 |
Reductions for tax positions of prior years | -477 | -567 | -570 |
Settlements | -328 | -60 | -246 |
Balance at December 31: | 3,104 | 3,419 | 3,530 |
Accrued interest and penalties | 1,065 | 1,220 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 3.50% | 3.60% | 3.90% |
Other, net | 1.80% | 1.20% | 1.60% |
Effective tax rate | 40.30% | 39.80% | 40.50% |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Income before Income Taxes, Domestic | 136,656 | 127,858 | 133,300 |
Income before Income Taxes, Foreign | 10,155 | 7,093 | 12,148 |
Income before provision for income taxes | 146,811 | 134,951 | 145,448 |
Provisions for Income Taxes Recorded in the Consolidated Statements of Income [Abstract] | |||
U.S. Federal, current expense | 44,713 | 47,790 | 38,642 |
State, current expense | 7,266 | 7,066 | 6,848 |
Foreign, current expense | 3,058 | 2,217 | 3,366 |
Total current expense | 55,037 | 57,073 | 48,856 |
U.S. Federal, deferred expense | 4,049 | -2,983 | 9,090 |
State, deferred expense | 47 | -458 | 786 |
Foreign, deferred expense | -8 | 45 | 118 |
Total deferred (benefit) expense | 4,088 | -3,396 | 9,994 |
Total income tax provision | 59,125 | 53,677 | 58,850 |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Postretirement benefits | 29,736 | 29,260 | |
Payroll accruals | 2,912 | 3,114 | |
Bad debt reserves | 2,106 | 2,094 | |
Other deferred tax assets | 8,623 | 9,820 | |
Pension | 42,836 | 41,682 | |
Inventory | 3,351 | 4,597 | |
Subtotal | 89,564 | 90,567 | |
less: valuation allowances | -393 | -279 | |
Deferred tax assets | 89,171 | 90,288 | |
Fixed assets | -33,857 | -33,988 | |
Computer software | -3,904 | -3,775 | |
Other deferred tax liabilities | -1,974 | -1,868 | |
Deferred tax liabilities | -39,735 | -39,631 | |
Net deferred tax assets | 49,436 | 50,657 | |
Deferred Tax Assets, Net, Classification [Abstract] | |||
Deferred tax assets, included in other current assets | 2,777 | 5,936 | |
Deferred tax assets, included in other non-current assets | 47,024 | 45,135 | |
Deferred tax liabilities included in other current liabilities | -365 | -414 | |
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | |||
Foreign net operating losses | 363 | 232 | |
State net operating losses | 759 | 1,165 | |
Undistributed earnings of non-U.S. subsidiaries | $66,297 | $59,388 |
Income_Taxes_Income_Tax_Examin
Income Taxes Income Tax Examination (Details) (Domestic Tax Authority, Internal Revenue Service (IRS), USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Domestic Tax Authority | Internal Revenue Service (IRS) | |
Income Tax Examination [Line Items] | |
Settled assessments | $907 |
Capital_Stock_Par_Value_of_Sto
Capital Stock Par Value of Stock (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 10, 2004 |
Class of Stock [Line Items] | ||||
Stockholders' Equity Note, Percent of Entity Owned by Current and Retired Employees | 100.00% | |||
Common stock stated value per share (USD per share) | $20 | $20 | ||
Common stock, subscriptions ( in shares) | 806,811 | |||
Common shares subscribed (in dollars) | $16,136 | |||
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | ||||
Shares of common stock purchased | 752,983 | 638,647 | 558,599 | |
Shares of common stock retired | 780,077 | 681,637 | 658,890 | |
Preferred stock shares authorized | 10,000,000 | |||
Preferred stock par or stated value per share (USD per share) | $0.01 | |||
Preferred stock outstanding (in shares) | 0 | 0 | ||
Common stock dividend declared, percent | 2.50% | 20.00% | ||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Percentage Ownership in Voting Trust | 83.00% |
Net_Income_Per_Share_of_Common1
Net Income Per Share of Common Stock (Details) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||||||
Common stock dividend declared, percent | 2.50% | 20.00% | |||||
Average shares outstanding | 15,493,506 | 15,507,191 | 15,577,599 | 15,634,284 | 15,847,690 | 15,935,751 | 15,969,060 |
Debt_LongTerm_Debt_Details
Debt Long-Term Debt (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Total Long-Term Debt and Capital Lease Obligations | $17,836 | $5,174 |
Less current portion | -6,241 | -2,443 |
Long-term Debt | 11,595 | 2,731 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2015 | 6,241 | |
2016 | 4,174 | |
2017 | 1,445 | |
2018 | 964 | |
2019 | 667 | |
After 2019 | 4,345 | |
1.85% Note | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | |
Debt Instrument, Periodic Payment | 798 | |
Total Long-Term Debt and Capital Lease Obligations | 4,714 | 0 |
1.43% Note | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.43% | |
Debt Instrument, Periodic Payment | 134 | |
Total Long-Term Debt and Capital Lease Obligations | 794 | 0 |
2.01% to 30.63% capital leases, secured by equipment, various maturities | Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Total Long-Term Debt and Capital Lease Obligations | $12,328 | $5,174 |
Credit_Agreement_Details
Credit Agreement (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 06, 2014 | |
Line of Credit Facility [Line Items] | |||
Fixed rate debt carrying amount in excess of fair value | $1,331,000 | $323,000 | |
Remaining borrowing capacity | 483,658,000 | 416,847,000 | |
Credit agreement commitment fee percentage | 0.40% | 0.35% | |
Line of credit | Credit Agreement | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 500,000,000 | 550,000,000 | |
Accordion feature, higher borrowing capacity option | 200,000,000 | ||
Debt Instrument, Term | 5 years | ||
Line of credit | Credit Agreement | Letter of Credit Sub-Facility | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 50,000,000 | ||
Line of credit | Credit Agreement | Bridge Loan | Graybar Canada | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 100,000,000 | ||
Line of credit | Credit Agreement | Bridge Loan | UNITED STATES | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 50,000,000 | ||
Line of credit | Credit Agreement | Bridge Loan | CANADA | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 20,000,000 | ||
Line of credit | Amended Credit Agreement | Minimum | Eurodollar [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Line of credit | Amended Credit Agreement | Maximum | Eurodollar [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.60% | ||
Line of credit | Amended Credit Agreement | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Accordion feature, higher borrowing capacity option | 300,000,000 | ||
Line of credit | Amended Credit Agreement | Revolving Credit Facility | Base Rate | |||
Line of Credit Facility [Line Items] | |||
Description of variable rate basis | base rate loans | ||
Line of credit | Amended Credit Agreement | Revolving Credit Facility | Eurodollar [Member] | |||
Line of Credit Facility [Line Items] | |||
Description of variable rate basis | Eurodollar rate | ||
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 | Minimum | Base Rate | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.00% | ||
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 | Revolving Credit Facility | Maximum | Base Rate | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.60% | ||
Line of credit | Amended Credit Agreement | Letter of Credit Sub-Facility | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 50,000,000 | ||
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 | 50,000,000 | ||
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% | ||
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Letters of credit outstanding | 5,725,000 | 6,886,000 | |
Letter of Credit | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Letters of credit outstanding | $0 | $711,000 |
Debt_ShortTerm_Borrowings_Deta
Debt Short-Term Borrowings (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ||
Short-term borrowings | $66,342 | $82,442 |
Short-term debt average amount outstanding | 67,000 | 68,000 |
Weighted average interest rate | 1.43% | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Short-term borrowings | 66,342 | 82,442 |
Interest rate during the period | 1.52% | 1.58% |
Minimum | ||
Line of Credit Facility [Line Items] | ||
Short-term borrowings | 25,550 | 27,233 |
Maximum | ||
Line of Credit Facility [Line Items] | ||
Short-term borrowings | $111,912 | $126,020 |
Debt_Private_Placement_Shelf_A
Debt Private Placement Shelf Agreement (Details) (Maximum, Senior Notes, Private Placement Shelf Agreement, USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Sep. 22, 2014 | Sep. 22, 2014 |
Maximum | Senior Notes | Private Placement Shelf Agreement | ||
Debt Instrument [Line Items] | ||
Agreement face amount | $100,000 | $100,000 |
Debt Instrument, Term | 12 years |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits Benefit Obligation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Award vesting period | 3 years | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | $423,167 | ||
Balance, end of year | 470,165 | 423,167 | |
Paid from Company assets for unfunded nonqualified benefits | 2,865 | 682 | |
Pension Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of period | 558,650 | 598,917 | |
Service cost | 22,205 | 24,119 | 22,215 |
Interest cost | 26,817 | 23,914 | 24,896 |
Actuarial loss (gain) | 56,333 | -40,141 | |
Benefits paid from plan assets | -47,420 | -46,522 | |
Benefits paid from Company assets | -1,392 | -682 | |
Plan participants' contributions | 0 | 0 | |
Administrative expenses paid | -1,032 | -955 | |
Settlements | -1,473 | 0 | |
Benefit obligation, end of period | 612,688 | 558,650 | 598,917 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 423,167 | 430,894 | |
Actual return on plan assets | 55,450 | -250 | |
Employer contributions | 42,865 | 40,682 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | -48,812 | -47,204 | |
Administrative expenses paid | -1,032 | -955 | |
Settlements | -1,473 | 0 | |
Balance, end of year | 470,165 | 423,167 | 430,894 |
Unfunded status | 142,523 | 135,483 | |
Accumulated benefit obligation | 517,857 | 476,807 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | |||
Current accrued benefit cost | 1,542 | 2,900 | |
Non-current accrued benefit cost | 140,981 | 132,583 | |
Net amount recognized | 142,523 | 135,483 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | |||
Net actuarial loss | 143,734 | 138,186 | |
Prior service cost (gain) | 992 | 1,575 | |
Accumulated other comprehensive loss | 144,726 | 139,761 | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Net actuarial loss | 12,032 | ||
Prior service cost (gain) | 276 | ||
Accumulated other comprehensive loss | 12,308 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.08% | 4.87% | |
Rate of compensation increase | 4.47% | 4.25% | |
Postretirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of period | 76,134 | 83,836 | |
Service cost | 2,454 | 2,644 | 2,336 |
Interest cost | 3,338 | 2,873 | 3,355 |
Actuarial loss (gain) | -102 | -8,766 | |
Benefits paid from plan assets | 0 | 0 | |
Benefits paid from Company assets | -6,057 | -5,855 | |
Plan participants' contributions | 1,588 | 1,402 | |
Administrative expenses paid | 0 | 0 | |
Settlements | 0 | 0 | |
Benefit obligation, end of period | 77,355 | 76,134 | 83,836 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 4,469 | 4,453 | |
Plan participants' contributions | 1,588 | 1,402 | |
Benefits paid | -6,057 | -5,855 | |
Administrative expenses paid | 0 | 0 | |
Settlements | 0 | 0 | |
Balance, end of year | 0 | 0 | 0 |
Unfunded status | 77,355 | 76,134 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | |||
Current accrued benefit cost | 7,790 | 8,600 | |
Non-current accrued benefit cost | 69,565 | 67,534 | |
Net amount recognized | 77,355 | 76,134 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | |||
Net actuarial loss | 12,944 | 13,780 | |
Prior service cost (gain) | -5,193 | -6,525 | |
Accumulated other comprehensive loss | 7,751 | 7,255 | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Net actuarial loss | 614 | ||
Prior service cost (gain) | -1,333 | ||
Accumulated other comprehensive loss | ($719) | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.77% | 4.34% | |
Rate of compensation increase | 0.00% | 0.00% | |
Health care cost trend rate, actuarial present value | 7.50% | 7.50% | |
Ultimate health care cost trend rate, actuarial present value | 5.00% | 5.00% | |
Health care cost trend rate, net periodic benefit cost | 7.50% | 8.00% | 8.00% |
Ultimate health care cost trend rate, net periodic benefit cost | 5.00% | 5.00% | 5.00% |
Year that rate reaches ultimate trend rate | 2019 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Health care cost trend rate assumed for next fiscal year | 7.50% | ||
Ultimate health care cost trend rate | 5.00% | ||
Estimated nonqualified benefits in next fiscal year | $1,573 | ||
Estimated future employer contributions in next fiscal year | 40,000 | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual Allocation | 100.00% | 100.00% | |
Target allocation range, maximum | 100.00% | 100.00% | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 423,167 | ||
Balance, end of year | 470,165 | 423,167 | |
Equity Securities US | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual Allocation | 9.00% | 10.00% | |
Target allocation range, minimum | 3.00% | 3.00% | |
Target allocation range, maximum | 15.00% | 15.00% | |
Corporate stocks | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 17,092 | 20,176 | |
Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 26,739 | 22,923 | |
Equity Securities International | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual Allocation | 9.00% | 9.00% | |
Target allocation range, minimum | 3.00% | 3.00% | |
Target allocation range, maximum | 15.00% | 15.00% | |
Corporate stocks | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 946 | 1,101 | |
Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 43,710 | 38,246 | |
Fixed Income Investments US | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual Allocation | 61.00% | 56.00% | |
Target allocation range, minimum | 35.00% | 35.00% | |
Target allocation range, maximum | 75.00% | 75.00% | |
Corporate debt | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 128,033 | 108,844 | |
US government debt | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 52,674 | 38,870 | |
Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 104,324 | 86,672 | |
Fixed Income Investments, Foreign [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual Allocation | 6.00% | 6.00% | |
Target allocation range, minimum | 3.00% | 3.00% | |
Target allocation range, maximum | 10.00% | 10.00% | |
Foreign Corporate Debt Securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 27,784 | 23,920 | |
Absolute Return | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual Allocation | 7.00% | 9.00% | |
Target allocation range, minimum | 5.00% | 5.00% | |
Target allocation range, maximum | 15.00% | 15.00% | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 39,448 | ||
Balance, end of year | 33,021 | 39,448 | |
Real assets | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual Allocation | 5.00% | 5.00% | |
Target allocation range, minimum | 3.00% | 3.00% | |
Target allocation range, maximum | 10.00% | 10.00% | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 23,192 | ||
Balance, end of year | 24,116 | 23,192 | |
Private equity | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual Allocation | 1.00% | 1.00% | |
Target allocation range, minimum | 0.00% | 0.00% | |
Target allocation range, maximum | 3.00% | 3.00% | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 3,793 | ||
Balance, end of year | 3,682 | 3,793 | |
Short-term Investments | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual Allocation | 2.00% | 4.00% | |
Target allocation range, minimum | 0.00% | 0.00% | |
Target allocation range, maximum | 3.00% | 3.00% | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 15,982 | ||
Balance, end of year | 8,044 | 15,982 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 318,044 | 265,082 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Corporate stocks | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 17,092 | 20,176 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 18,006 | 11,169 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Corporate stocks | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 946 | 1,101 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 43,710 | 38,246 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Corporate debt | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 128,033 | 108,844 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | US government debt | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 52,674 | 38,870 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 29,799 | 22,756 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Foreign Corporate Debt Securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 27,784 | 23,920 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Absolute Return | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Real assets | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Private equity | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) | Short-term Investments | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 98,900 | 100,107 | |
Significant Other Observable Inputs (Level 2) | Corporate stocks | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 8,733 | 11,754 | |
Significant Other Observable Inputs (Level 2) | Corporate stocks | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Corporate debt | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | US government debt | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 74,525 | 63,916 | |
Significant Other Observable Inputs (Level 2) | Foreign Corporate Debt Securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Absolute Return | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Real assets | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 7,598 | 8,455 | |
Significant Other Observable Inputs (Level 2) | Private equity | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Short-term Investments | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 8,044 | 15,982 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 53,221 | 57,978 | |
Significant Unobservable Inputs (Level 3) | Corporate stocks | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Corporate stocks | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Corporate debt | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | US government debt | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Mutual funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Foreign Corporate Debt Securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Absolute Return | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 33,021 | 39,448 | |
Significant Unobservable Inputs (Level 3) | Real assets | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 16,518 | 14,737 | |
Significant Unobservable Inputs (Level 3) | Private equity | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 3,682 | 3,793 | |
Significant Unobservable Inputs (Level 3) | Short-term Investments | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, end of year | 0 | 0 | |
Pension Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 22,205 | 24,119 | 22,215 |
Interest cost | 26,817 | 23,914 | 24,896 |
Expected return on plan assets | -26,624 | -23,909 | -23,670 |
Net actuarial loss | 17,639 | 26,371 | 21,116 |
Prior service cost (gain) | 952 | 1,375 | 1,380 |
Settlement loss | 789 | 0 | 0 |
Net periodic benefit cost | 41,778 | 51,870 | 45,937 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.87% | 3.95% | 4.75% |
Expected return on plan assets | 6.25% | 6.00% | 6.25% |
Rate of compensation increase | 4.25% | 4.25% | 4.50% |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2015 | 41,454 | ||
2016 | 42,052 | ||
2017 | 39,730 | ||
2018 | 40,525 | ||
2019 | 43,292 | ||
After 2019 | 231,790 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 423,167 | 430,894 | |
Realized gains/(losses) | 55,450 | -250 | |
Balance, end of year | 470,165 | 423,167 | 430,894 |
Pension Benefits | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 57,978 | 82,555 | |
Realized gains/(losses) | 510 | 6,568 | |
Unrealized gains/(losses) | 4,334 | -2,172 | |
Purchases | 407 | 30,900 | |
Sales | -10,008 | -59,873 | |
Balance, end of year | 53,221 | 57,978 | |
Pension Benefits | Significant Unobservable Inputs (Level 3) | Commingled funds | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 22,063 | ||
Realized gains/(losses) | 5,721 | ||
Unrealized gains/(losses) | -6,629 | ||
Purchases | 0 | ||
Sales | -21,155 | ||
Balance, end of year | 0 | ||
Pension Benefits | Significant Unobservable Inputs (Level 3) | Absolute Return | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 39,448 | 37,289 | |
Realized gains/(losses) | 386 | 831 | |
Unrealized gains/(losses) | 1,837 | 2,344 | |
Purchases | 0 | 30,900 | |
Sales | -8,650 | -31,916 | |
Balance, end of year | 33,021 | 39,448 | |
Pension Benefits | Significant Unobservable Inputs (Level 3) | Real assets | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 14,737 | 12,702 | |
Realized gains/(losses) | 48 | 16 | |
Unrealized gains/(losses) | 2,065 | 2,127 | |
Purchases | 48 | 0 | |
Sales | -380 | -108 | |
Balance, end of year | 16,518 | 14,737 | |
Pension Benefits | Significant Unobservable Inputs (Level 3) | Private equity | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 3,793 | 3,807 | |
Realized gains/(losses) | 76 | 0 | |
Unrealized gains/(losses) | 432 | -14 | |
Purchases | 359 | 0 | |
Sales | -978 | 0 | |
Balance, end of year | 3,682 | 3,793 | |
Pension Benefits | Significant Unobservable Inputs (Level 3) | Short-term Investments | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 6,694 | ||
Realized gains/(losses) | 0 | ||
Unrealized gains/(losses) | 0 | ||
Purchases | 0 | ||
Sales | -6,694 | ||
Balance, end of year | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 2,454 | 2,644 | 2,336 |
Interest cost | 3,338 | 2,873 | 3,355 |
Expected return on plan assets | 0 | 0 | 0 |
Net actuarial loss | 1,267 | 1,794 | 1,719 |
Prior service cost (gain) | -2,181 | -2,181 | -2,181 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit cost | 4,878 | 5,130 | 5,229 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.34% | 3.51% | 4.25% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Health care cost trend rate assumed for next fiscal year | 7.50% | ||
Ultimate health care cost trend rate | 5.00% | ||
Year that rate reaches ultimate trend rate | 2019 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2015 | 7,936 | ||
2016 | 8,832 | ||
2017 | 9,772 | ||
2018 | 10,928 | ||
2019 | 12,058 | ||
After 2019 | 81,416 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 0 | 0 | |
Realized gains/(losses) | 0 | 0 | |
Balance, end of year | $0 | $0 | $0 |
Profit_Sharing_and_Savings_Pla1
Profit Sharing and Savings Plan (Details) (Profit Sharing and Savings Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Profit Sharing and Savings Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Profit Sharing Costs | $56,709 | $34,132 | $54,751 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $21,891 | $21,134 | $20,306 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 20,996 | ||
2016 | 19,060 | ||
2017 | 15,295 | ||
2018 | 11,148 | ||
2019 | 8,062 | ||
After 2019 | $7,323 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Loss | ($152,193) | ($140,363) | ($166,814) |
Currency translation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Loss | 284 | 6,653 | 12,040 |
Pension and Other Postretirement Benefits | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Loss | -152,477 | -147,016 | -178,854 |
Pension Liability | Pension and Other Postretirement Benefits | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Loss | -144,726 | -139,761 | |
Postretirement Benefits | Pension and Other Postretirement Benefits | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Loss | ($7,751) | ($7,255) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Selling, general and administrative expenses | $935,132 | $873,415 | $871,374 |
Tax (benefit) expense | 59,125 | 53,677 | 58,850 |
Total reclassifications for the period, net of tax | -87,686 | -81,274 | -86,598 |
Reclassification out of AOCI | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Selling, general and administrative expenses | 18,466 | 27,359 | |
Tax (benefit) expense | -7,183 | -10,643 | |
Total reclassifications for the period, net of tax | 11,283 | 16,716 | |
Reclassification out of AOCI | Actuarial Losses Recognized | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Selling, general and administrative expenses | 19,695 | 28,165 | |
Tax (benefit) expense | -7,661 | -10,957 | |
Total reclassifications for the period, net of tax | 12,034 | 17,208 | |
Reclassification out of AOCI | Prior Service Costs Recognized | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Selling, general and administrative expenses | -1,229 | -806 | |
Tax (benefit) expense | 478 | 314 | |
Total reclassifications for the period, net of tax | ($751) | ($492) |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) Changes in Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance January 1, | ($140,363) | ($166,814) |
Other comprehensive loss before reclassifications | -6,369 | -5,387 |
Amounts reclassified from accumulated other comprehensive income (net of tax $(7,183) and $(10,643)) | 11,283 | 16,716 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | -7,183 | -10,643 |
Actuarial gain (loss), (net of tax $10,660 and $(9,627)) | -16,744 | 15,122 |
Net Unamortized Gain (Loss) Arising During Period, Tax | 10,660 | -9,627 |
Net current-period other comprehensive (loss) income | -11,830 | 26,451 |
Ending Balance December 31, | -152,193 | -140,363 |
Foreign Currency | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance January 1, | 6,653 | 12,040 |
Other comprehensive loss before reclassifications | -6,369 | -5,387 |
Amounts reclassified from accumulated other comprehensive income (net of tax $(7,183) and $(10,643)) | 0 | 0 |
Actuarial gain (loss), (net of tax $10,660 and $(9,627)) | 0 | 0 |
Net current-period other comprehensive (loss) income | -6,369 | -5,387 |
Ending Balance December 31, | 284 | 6,653 |
Pension and Other Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance January 1, | -147,016 | -178,854 |
Other comprehensive loss before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (net of tax $(7,183) and $(10,643)) | 11,283 | 16,716 |
Actuarial gain (loss), (net of tax $10,660 and $(9,627)) | -16,744 | 15,122 |
Net current-period other comprehensive (loss) income | -5,461 | 31,838 |
Ending Balance December 31, | ($152,477) | ($147,016) |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $1,578,929 | $1,569,757 | $1,517,375 | $1,312,800 | $1,421,641 | $1,486,459 | $1,468,119 | $1,282,922 | $5,978,861 | $5,659,141 | $5,413,281 |
Gross margin | 292,613 | 294,535 | 281,942 | 249,457 | 266,696 | 277,663 | 263,965 | 235,832 | 1,118,547 | 1,044,156 | 1,018,362 |
Net income attributable to the Company | $16,599 | $30,464 | $29,044 | $11,321 | $22,593 | $28,633 | $21,891 | $7,946 | $87,428 | $81,063 | $86,291 |
Net income attributable to the Company per share of common stock (usd per share) | $1.05 | $1.93 | $1.83 | $0.71 | $1.42 | $1.80 | $1.37 | $0.50 | $5.52 | $5.09 | $5.40 |
Common stock dividend declared, percent | 2.50% | 20.00% | |||||||||
Average common shares outstanding by quarter | 15,493,506 | 15,507,191 | 15,577,599 | 15,634,284 | 15,847,690 | 15,935,751 | 15,969,060 |