Graybar Electric (GRAYBAR) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 15, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-00255
Entity Registrant Name	GRAYBAR ELECTRIC COMPANY, INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-0794380
Entity Address, Address Line One	34 North Meramec Avenue
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63105
City Area Code	314
Local Phone Number	573 - 9200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,694,183
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0000205402

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements Of Income [Abstract]
Net Sales		$ 2,852.6	$ 2,789.7	$ 8,317.3	$ 7,844.1
Cost of merchandise sold		(2,283.7)	(2,215.5)	(6,640.6)	(6,250.8)
Gross Margin		568.9	574.2	1,676.7	1,593.3
Selling, general and administrative expenses		(389.6)	(369.7)	(1,126.9)	(1,044.4)
Depreciation and amortization		(18)	(13.4)	(47.6)	(39.6)
Other income, net		1.6	0.2	3.5	2.6
Income from Operations		162.9	191.3	505.7	511.9
Non-operating expenses		(2.7)	(21.3)	(8.6)	(32.3)
Income before Provision for Income Taxes		160.2	170	497.1	479.6
Provision for income taxes		(42.1)	(43.7)	(129.6)	(123.1)
Net Income		118.1	126.3	367.5	356.5
Net income attributable to noncontrolling interests		(0.4)	(0.2)	(0.8)	(0.6)
Net Income attributable to Graybar Electric Company, Inc.		$ 117.7	$ 126.1	$ 366.7	$ 355.9
Net Income attributable to Graybar Electric Company, Inc. per share of Common Stock	[1]	$ 4.40	$ 4.73	$ 13.68	$ 13.38
Cash Dividends per share of Common Stock		$ 0.30	$ 0.30	$ 0.90	$ 0.90
Average Common Shares Outstanding	[1]	26.7	26.6	26.8	26.6
[1] Adjusted for the declaration of a 15 % stock dividend in 2022, shares related to which were issued in February 2023. Prior to the adjustment, the average common shares outstanding were 23.1 million for the three and nine months ended September 30, 2022.

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Income (Parenthetical) - shares shares in Millions		3 Months Ended	9 Months Ended
		Sep. 30, 2022	Sep. 30, 2022
Common stock dividend declared, percent			15%
Average common shares outstanding	[1]	26.6	26.6
Previously Reported
Average common shares outstanding		23.1	23.1
[1] Adjusted for the declaration of a 15 % stock dividend in 2022, shares related to which were issued in February 2023. Prior to the adjustment, the average common shares outstanding were 23.1 million for the three and nine months ended September 30, 2022.

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net Income	$ 118.1	$ 126.3	$ 367.5	$ 356.5
Other Comprehensive Income
Foreign currency translation	(4.4)	(9.7)	(0.7)	(12)
Pension and postretirement benefits liability adjustments (net of tax of $(-), $(5.5), $(0.2) and $(8.5), respectively)	0.3	15.7	0.7	24.4
Total Other Comprehensive (Loss) Income	(4.1)	6		12.4
Comprehensive Income	114	132.3	367.5	368.9
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax	0.1	(0.1)	0.6	0.3
Comprehensive Income attributable to Graybar Electric Company, Inc.	$ 113.9	$ 132.4	$ 366.9	$ 368.6

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Pension and postretirement benefits liability adjustments, tax	$ 0	$ (5.5)	$ (0.2)	$ (8.5)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 73.3	$ 69.4
Trade receivables (less allowances of $14.3 and $13.4, respectively)	1,781.9	1,673
Merchandise inventory	918.6	1,026.3
Other current assets	83.3	83.7
Total Current Assets	2,857.1	2,852.4
Property, at cost
Land	97.3	97.3
Buildings	590.4	562.1
Furniture and fixtures	308.5	282.9
Software	151.3	148
Finance leases	12.9	12.8
Total Property, at cost	1,160.4	1,103.1
Accumulated depreciation and amortization	(670.5)	(641.9)
Net Property	489.9	461.2
Operating Lease Right-of-use Assets	191.3	175.3
Goodwill	180.9	83.1
Intangible Assets (less accumulated amortization of $33.5 and $23.0, respectively)	268.7	91.3
Other Non-current Assets	87.8	85.8
Total Assets	4,075.7	3,749.1
Current Liabilities
Short-term borrowings	102	31.6
Current portion of long-term debt	1.7	1.6
Trade accounts payable	1,307.6	1,276.8
Accrued payroll and benefit costs	166.8	219.2
Other accrued taxes	32.8	34.3
Current operating lease liabilities	49.7	43.9
Other current liabilities	210.3	213.5
Total Current Liabilities	1,870.9	1,820.9
Postretirement Benefits Liability	55.5	55.5
Pension Liability	57.4	140.8
Long-term Debt	3	3.9
Non-current Operating Lease Liabilities	158.5	147.1
Other Non-current Liabilities	55.9	55.3
Total Liabilities	2,201.2	2,223.5
SHAREHOLDERS’ EQUITY
Outstanding Common Stock	535	531.8
Advance Payments on Subscriptions to Common Stock	1.1
Retained Earnings	1,483.5	1,141
Accumulated Other Comprehensive Loss	(152.6)	(152.8)
Total Graybar Electric Company, Inc. Shareholders’ Equity	1,867	1,520
Noncontrolling Interests	7.5	5.6
Total Shareholders’ Equity	1,874.5	1,525.6
Total Liabilities and Shareholders’ Equity	$ 4,075.7	$ 3,749.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets [Abstract]
Trade receivables, allowances	$ 14.3	$ 13.4
Intangible Assets, Accumulated Amortization	$ 33.5	$ 23
Common stock, stated value per share	$ 20	$ 20
Authorized	50,000,000	50,000,000
Issued to voting trustees	22,899,208	22,085,481
Issued to shareholders	4,711,944	4,568,288
In treasury, at cost	(862,174)	(63,563)
Outstanding Common Stock	26,748,978	26,590,206

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net Income	$ 367.5	$ 356.5
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	47.6	39.6
Non-cash operating lease expense	36.8	28.7
Deferred income taxes	22.5	(8.9)
Net gain on disposal of property	(0.5)	(0.2)
Losses on impairment of assets	0.4
Non-cash pension settlement charge		15.9
Earnings on investment in employee deferred compensation trust	(0.5)
Net income attributable to noncontrolling interests	(0.8)	(0.6)
Changes in assets and liabilities:
Trade receivables	(10.1)	(260.7)
Merchandise inventory	162.9	(184.5)
Other current assets	1.7	(20.7)
Other non-current assets	(1.1)	(1.7)
Trade accounts payable	(27.2)	238.4
Accrued payroll and benefit costs	(57.4)	(22.7)
Other current liabilities	(5.6)	24.8
Other non-current liabilities	(119.7)	(38.1)
Total adjustments to net income	49	(190.7)
Net cash provided by operating activities	416.5	165.8
Cash Flows from Investing Activities
Proceeds from disposal of property	0.8	0.5
Capital expenditures for property	(58.7)	(41.1)
Acquisitions, net of cash acquired	(380.2)	(18.7)
Investment in employee deferred compensation trust	(25)
Net cash used by investing activities	(463.1)	(59.3)
Cash Flows from Financing Activities
Net increase (decrease) in short-term borrowings	70.4	(83)
Principal payments under finance arrangements	(1.3)	(1.7)
Sales of common stock	20.3	18
Purchases of common stock	(16)	(11.6)
Sales of noncontrolling interests’ common stock	1.5
Purchases of noncontrolling interests’ common stock	(0.2)	(0.4)
Dividends paid	(24.2)	(20.9)
Net cash provided (used) by financing activities	50.5	(99.6)
Net Increase in Cash	3.9	6.9
Cash, Beginning of Year	69.4	48.5
Cash, End of Period	73.3	55.4
Non-cash Investing and Financing Activities
Acquisitions of equipment under finance leases	0.5	1.3
Acquisitions of assets under operating leases	$ 53.2	$ 55.3

Condensed Consolidated Statem_6

Condensed Consolidated Statements Of Changes In Shareholders’ Equity - USD ($) $ in Millions	Common Stock	Common Stock Subscribed, Unissued	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Total
Balance at Dec. 31, 2021	$ 456.7		$ 850.3	$ (180.5)	$ 5.4	$ 1,131.9
Net income			102.2		0.2	102.4
Other comprehensive (loss) income				6.5	0.1	6.6
Stock issued	10.4					10.4
Stock purchased	(4.1)				(0.3)	(4.4)
Advance payments		$ 1.1				1.1
Dividends declared			(7)			(7)
Balance at Mar. 31, 2022	463	1.1	945.5	(174)	5.4	1,241
Balance at Dec. 31, 2021	456.7		850.3	(180.5)	5.4	1,131.9
Net income						356.5
Other comprehensive (loss) income						12.4
Balance at Sep. 30, 2022	462.1	1	1,185.3	(167.8)	5.3	1,485.9
Balance at Mar. 31, 2022	463	1.1	945.5	(174)	5.4	1,241
Net income			127.6		0.2	127.8
Other comprehensive (loss) income				(0.1)	(0.1)	(0.2)
Stock issued	3.7					3.7
Stock purchased	(4.2)				(0.1)	(4.3)
Advance payments		(0.6)				(0.6)
Dividends declared			(6.9)			(6.9)
Balance at Jun. 30, 2022	462.5	0.5	1,066.2	(174.1)	5.4	1,360.5
Net income			126.1		0.2	126.3
Other comprehensive (loss) income				6.3	(0.3)	6
Stock issued	2.9					2.9
Stock purchased	(3.3)					(3.3)
Advance payments		0.5				0.5
Dividends declared			(7)			(7)
Balance at Sep. 30, 2022	462.1	1	1,185.3	(167.8)	5.3	1,485.9
Balance at Dec. 31, 2022	531.8		1,141	(152.8)	5.6	1,525.6
Net income			124.8		0.2	125
Other comprehensive (loss) income				0.3		0.3
Stock issued	11.6					11.6
Stock purchased	(5.4)				(0.2)	(5.6)
Advance payments		1.2				1.2
Dividends declared			(8)			(8)
Balance at Mar. 31, 2023	538	1.2	1,257.8	(152.5)	5.6	1,650.1
Balance at Dec. 31, 2022	531.8		1,141	(152.8)	5.6	1,525.6
Net income						367.5
Balance at Sep. 30, 2023	535	1.1	1,483.5	(152.6)	7.5	1,874.5
Balance at Mar. 31, 2023	538	1.2	1,257.8	(152.5)	5.6	1,650.1
Net income			124.2		0.2	124.4
Other comprehensive (loss) income				3.7	0.1	3.8
Stock issued	4.1					4.1
Stock purchased	(6.1)					(6.1)
Dividends declared			(8.1)			(8.1)
Balance at Jun. 30, 2023	536	1.2	1,373.9	(148.8)	5.9	1,768.2
Net income			117.7		0.4	118.1
Other comprehensive (loss) income				(3.8)	(0.3)	(4.1)
Stock issued	3.5					5
Stock issued					1.5
Stock purchased	(4.5)					(4.5)
Advance payments		(0.1)				(0.1)
Dividends declared			(8.1)			(8.1)
Balance at Sep. 30, 2023	$ 535	$ 1.1	$ 1,483.5	$ (152.6)	$ 7.5	$ 1,874.5

Description Of The Business

Description Of The Business	9 Months Ended
	Sep. 30, 2023
Description Of The Business [Abstract]
Description Of The Business	1. DESCRIPTION OF THE BUSINESS Graybar Electric Company, Inc. (“Graybar”, “Company”, "we", "our", or "us") is a New York corporation, incorporated in 1925. We are engaged in the distribution of electrical and communications and data networking products and are a provider of related supply chain management and logistics services. We primarily serve customers in the construction, commercial, institutional and government ("CIG"), and industrial & utility vertical markets, with products and services that support new construction, infrastructure updates, building renovation, facility maintenance, repair and operations ("MRO"), and original equipment manufacturers ("OEM"). In our primary role as third-party wholesale distributor, we neither manufacture nor contract to manufacture the products that we sell; however, one of our subsidiaries may contract to manufacture some of its private label lighting fixtures. Our business activity is primarily based in the United States (“U.S.”). We also have subsidiary operations with distribution facilities in Canada and Puerto Rico.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accounting policies conform to generally accepted accounting principles in the U.S. ("GAAP”) and are applied on a consistent basis among all years presented. The full summary of our significant accounting policies is included in our latest Annual Report on Form 10-K for the year ended December 31 , 2022. Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by Graybar pursuant to the rules and regulations of the U.S. Securities and Exchange Commission applicable to interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that our disclosures are adequate to make the information presented not misleading. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect reported amounts. Our condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, included in our latest Annual Report on Form 10-K. In the opinion of management, this quarterly report includes all adjustments, consisting of normal recurring accruals and adjustments, necessary for the fair presentation of the condensed consolidated financial statements presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. Principles of Consolidation The condensed consolidated financial statements include the accounts of Graybar and our subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company are in subsidiaries owned by the Company and are accounted for and reported as noncontrolling interests. Reclassifications Certain reclassifications have been made to prior year's financial information to conform to the September 30, 2023 presentation. These changes consisted of disaggregating other non-current assets into separate captions within the December 31, 2022 consolidated balance sheet. The reclassifications had no effect on total assets or liabilities as of December 31, 2022. New Accounting Standards In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU” or “Update”) 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” which provides final guidance that defers the sunset date for applying the reference rate reform relief in Accounting Standards Codification ("ASC") 848 to December 31, 2024, from December 31, 2022. The guidance is effective upon issuance. We have transitioned to the Secured Overnight Financing Rate (“SOFR”) as our reference rate effective March 29, 2023, as described in Note 5, “Debt”. The adoption of this Update did not have a material impact on our consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
Revenue [Abstract]
Revenue	3. REVENUE The following table summarizes the percentages of our net sales attributable to each of our vertical markets for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Construction 59.4 % 55.8 % 57.7 % 56.7 % CIG 22.6 26.5 24.1 25.9 Industrial & Utility 18.0 17.7 18.2 17.4 Total net sales 100.0 % 100.0 % 100.0 % 100.0 % Certain reclassifications have been made to the vertical market assigned to customers in the prior year’s information to conform to the September 30, 2023 presentation. We had no material contract assets, contract liabilities, or deferred contract costs recorded on the condensed consolidated balance sheet as of September 30, 2023 and December 31, 2022. In addition, for the three and nine months ended September 30, 2023 and 2022, revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period was not material.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Taxes [Abstract]
Income Taxes	4. INCOME TAXES Our total provision for income taxes was $ 42.1 million and $ 129.6 million for the three and nine months ended September 30, 2023, respectively. We record our income tax provision using a full-year forecasted methodology, including discrete items in the period in which they occur. Our year-to-date effective tax rate was 26.1 % for the nine months ended September 30, 2023 compared to 25.7 % for the nine months ended September 30, 2022. Our federal income tax returns for the tax years 2020 and forward are available for examination by the U.S. Internal Revenue Service (“IRS”). The statute of limitations for the 2019 federal return expired on October 15, 2023. Our state income tax returns for 2018 through 2022 remain subject to examination by various state authorities with the latest period closing on December 31, 2027. We have not extended the statutes of limitations in any state jurisdictions with respect to years prior to 2018.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt [Abstract]
Debt	5. DEBT Revolving Credit Facility At December 31, 2022, we, along with Graybar Canada Limited, our Canadian operating subsidiary ("Graybar Canada"), had an unsecured, five-year , $ 750.0 million committed revolving credit agreement maturing in August 2026 with Bank of America, N.A. and the other lenders named therein (the "Revolving Credit Facility "), which included a combined letter of credit sub-facility of up to $ 25.0 million, a U.S. swing-line loan facility of up to $ 75.0 million, and a Canadian swing-line loan facility of up to $ 20.0 million. The Revolving Credit Facility included a $ 100.0 million sublimit (in U.S. or Canadian dollars) available for borrowings by Graybar Canada. Our borrowing availability under the facility is reduced by the amount of borrowings by Graybar Canada, but we may use the sublimit amount to increase our borrowings, to the extent available. If we were to use available borrowings under the Revolving Credit Facility that included the sublimit amount, then Graybar Canada’s available capacity would be reduced by our use of such amount. The Revolving Credit Facility contained an accordion feature, which allowed us to request increases in the aggregate borrowing commitments of up to $ 375.0 million. On March 29, 2023, we, along with Graybar Canada, amended the Revolving Credit Facility, pursuant to the terms and conditions of a Fifth Amendment to Credit Agreement, dated as of March 29, 2023 (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 replaced the London Interbank Offered Rate (“LIBOR”)-based Eurodollar reference interest rate with a reference interest rate based on Term SOFR and introduced transition language for the Canadian Dealer Offered Rate (“CDOR”), in anticipation of the eventual discontinuation of CDOR, which is expected to be on or before June 28, 2024. Our borrowing availability remains unchanged under the Amended Credit Agreement. The Amended Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and all but certain of our subsidiaries with respect to indebtedness (with specified, limited exceptions), liens, changes in the nature of our business, investments, mergers and acquisitions, issuance of equity securities, dispositions of assets and dissolution of certain subsidiaries, transactions with affiliates, as well as securitizations, factoring transactions, and transactions with sanctioned parties or in violation of certain US or Canadian anti-corruption and anti-money laundering laws. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants to which we will be subject during the term of the Amended Credit Agreement. We were in compliance with all covenants under the Amended Credit Agreement and Revolving Credit Facility, respectively, as of September 30, 2023 and December 31, 2022. There were $ 102.0 million in short-term borrowings as of September 30, 2023, of which all were under the Amended Credit Agreement. There were $ 31.6 million in short-term borrowings as of December 31, 2022, of which $ 30.0 million were under the Revolving Credit Facility. Short-term borrowings outstanding during the nine months ended September 30, 2023 ranged from no short-term borrowings to a maximum of $ 232.0 million. Short-term borrowings outstanding during the nine months ended September 30, 2022 ranged from no short-term borrowings to a maximum of $ 173.1 million. At September 30, 2023, we had unused lines of credit under the Amended Credit Agreement amounting to $ 645.7 million available, compared to $ 718.1 million at December 31, 2022 under the Revolving Credit Facility. These lines are available to meet our short-term cash requirements and are subject to annual fees of up to 40 basis points ( 0.40 %). Interest expense, net was $ 1.5 million and $ 0.8 million for the three months ended September 30, 2023 and 2022, respectively. Interest expense, net was $ 3.9 million and $ 2.3 million for the nine months ended September 30, 2023 and 2022, respectively. Private Placement Shelf Agreements We have an uncommitted, unsecured private placement shelf agreement (the “Prudential Shelf Agreement”) with PGIM, Inc., which is expected to allow us to issue senior promissory notes to affiliates of PGIM, Inc. at fixed rate terms to be agreed upon at the time of any issuance during a three-year issuance period. On July 20, 2023, we amended the Prudential Shelf Agreement to increase borrowing availability from $ 100.0 million to $ 200.0 million and to extend the issuance period to August 2026. We also have an uncommitted, unsecured $ 150.0 million private placement shelf agreement (the "MetLife Shelf Agreement") with MetLife Investment Management, LLC (formerly known as MetLife Investment Advisors, LLC), and MetLife Investment Management Limited (collectively, “MetLife”) and each other MetLife affiliate that becomes a party to the agreement. The MetLife Shelf Agreement is expected to allow us to issue senior promissory notes to MetLife at fixed or floating rate economic terms to be agreed upon at the time of issuance during a three-year issuance period ending in June 2024 . We remain obligated under a most favored lender clause which is designed to ensure that any notes in the future under the Prudential Shelf Agreement and MetLife Shelf Agreement will continue to be of equal ranking with indebtedness under our Amended Credit Agreement. No notes have been issued under either the Prudential Shelf Agreement or the MetLife Shelf Agreement as of September 30, 2023 and December 31, 2022. Each shelf agreement contains representations and warranties of the Company and the applicable lender, events of default and affirmative and negative covenants, customary for agreements of this type. These covenants are substantially similar to those contained in the Amended Credit Agreement, subject to a number of exceptions and qualifications set forth in the applicable shelf agreement. All outstanding obligations of Graybar under one or both of these agreements may be declared immediately due and payable upon the occurrence of an event of default. We were in compliance with all covenants under the Prudential Shelf Agreement and the MetLife Shelf Agreement as of September 30, 2023 and December 31, 2022. Letters of Credit We had total letters of credit of $ 8.1 million outstanding at September 30, 2023, of which $ 2.3 million were issued under the Amended Credit Agreement. We had total letters of credit of $ 7.8 million outstanding at December 31, 2022, of which $ 1.9 million were issued under the Revolving Credit Facility. The letters of credit are issued primarily to support certain workers' compensation insurance policies and support performance under certain customer contracts.

Pension And Other Postretiremen

Pension And Other Postretirement Benefits	9 Months Ended
	Sep. 30, 2023
Pension And Other Postretirement Benefits [Abstract]
Pension And Other Postretirement Benefits	6. PENSION AND OTHER POSTRETIREMENT BENEFITS We have a noncontributory defined benefit pension plan (the "Pension Plan") covering substantially all employees first hired prior to July 1, 2015 after the completion of one year of service and 1,000 hours of service . The Pension Plan provides retirement benefits based on an employee’s final average earnings and years of service. A supplemental benefit plan provides nonqualified pension benefits for compensation in excess of the IRS compensation limits applicable to the Pension Plan and eligible compensation deferred by a participant. Our funding policy is to make contributions to the Pension Plan, provided that the total annual contributions will not be less than the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Pension Protection Act of 2006 minimums or greater than the maximum tax-deductible amount, to review the contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by us from time to time. The assets of the Pension Plan are invested primarily in fixed income investments and equity securities. We pay nonqualified pension benefits when they are due according to the terms of the supplemental benefit plan. We provide certain postretirement healthcare and life insurance benefits to retired employees. Substantially all of our employees hired or rehired prior to 2014 may become eligible for postretirement medical benefits if they reach the age and service requirements of the retiree medical plan and retire on a pension (except a deferred pension) under the Pension Plan. Postretirement life insurance benefits are insured through an insurance company. We fund postretirement benefits as incurred, and accordingly, there were no assets held in the postretirement benefits plan at September 30, 2023 and December 31, 2022. The net periodic benefit cost for the three and nine months ended September 30, 2023 and 2022 included the following components: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended September 30, September 30, Components of Net Periodic Benefit Cost 2023 2022 2023 2022 Selling, general and administrative expenses: Service cost $ 6.1 $ 7.0 $ 0.3 $ 0.5 Total selling, general and administrative expenses $ 6.1 $ 7.0 $ 0.3 $ 0.5 Non-operating expenses: Interest cost $ 8.0 $ 5.9 $ 0.9 $ 0.5 Expected return on plan assets ( 7.2 ) ( 7.6 ) — — Amortization of net actuarial loss 0.3 5.7 — 0.1 Settlement charge — 15.9 — — Total non-operating expenses $ 1.1 $ 19.9 $ 0.9 $ 0.6 Net periodic benefit cost $ 7.2 $ 26.9 $ 1.2 $ 1.1 Pension Benefits Postretirement Benefits Nine Months Ended Nine Months Ended September 30, September 30, Components of Net Periodic Benefit Cost 2023 2022 2023 2022 Selling, general and administrative expenses: Service cost $ 18.3 $ 21.0 $ 1.0 $ 1.5 Total selling, general and administrative expenses $ 18.3 $ 21.0 $ 1.0 $ 1.5 Non-operating expenses: Interest cost $ 23.9 $ 17.9 $ 2.6 $ 1.5 Expected return on plan assets ( 21.7 ) ( 22.8 ) — — Amortization of net actuarial loss 0.9 17.1 — 0.4 Settlement charge — 15.9 — — Total non-operating expenses $ 3.1 $ 28.1 $ 2.6 $ 1.9 Net periodic benefit cost $ 21.4 $ 49.1 $ 3.6 $ 3.4 During the nine months ended September 30, 2022, we made lump-sum pension benefit distributions exceeding the cumulative amount of service and interest cost components of the net periodic pension cost for the year. Accordingly, we recorded a non-cash pension settlement charge of $ 15.9 million in non-operating expenses on our condensed consolidated statements of income for the nine months ended September 30, 2022. This settlement charge represented the immediate recognition into expense of a portion of the unrecognized loss within accumulated other comprehensive loss in proportion to the share of the projected benefit obligation that was settled by the lump-sum pension benefit distributions. We made qualified and nonqualified pension contributions totaling $ 80.0 million during the three-month period ended September 30, 2023 and contributions totaling $ 22.8 million during the three-month period ended September 30, 2022. Contributions made during the nine-month periods ended September 30, 2023 and 2022 totaled $ 103.9 million and $ 44.8 million, respectively. No additional contributions are expected to be paid during the remainder of 2023, but may change at our discretion.

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2023
Capital Stock [Abstract]
Capital Stock	7. 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. A new Voting Trust Agreement was established effective March 3, 2017, which expires by its terms on March 1, 2027 because under applicable New York law, a voting trust may not have a term greater than ten years. At September 30, 2023, approximately 83 % of our outstanding common stock was held in the voting trust. The participation of shareholders in the voting trust is voluntary at the time the voting trust is created, but is irrevocable during its term. Shareholders who elect not to participate in the voting trust hold their common stock as shareholders of record. Shareholders may elect to participate in the voting trust at any time during the term of the voting trust. No holder of our common stock or voting trust interests representing our common stock ("common stock", "common shares", or "shares") may sell, transfer or otherwise dispose of any shares without first offering us the option to purchase those shares at the price at which they were issued. We also have the option to purchase at the issue price the common shares of any shareholder who ceases to be an employee for any reason other than death or "retirement" (as defined in our amended restated certificate of incorporation), and on the first anniversary of any holder's death. In the past, we have always exercised these purchase options, and we expect to continue to do so in the foreseeable future. However, we can make no assurance that we will continue to exercise our purchase option in the future. All outstanding shares have been issued at $ 20.00 per share. Cash dividends paid were $ 8.1 million and $ 7.0 million for the three months ended September 30, 2023 and 2022, respectively. Cash dividends paid were $ 24.2 million and $ 20.9 million for the nine months ended September 30, 2023 and 2022, respectively. 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 September 30, 2023 and December 31, 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2023
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	8. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table represents amounts reclassified from accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Amortization of Pension and Other Postretirement Benefits Items Amortization of Pension and Other Postretirement Benefits Items Actuarial Losses Recognized Actuarial Losses Recognized Affected Line in Condensed Consolidated Statement of Income: Non-operating expenses (A) $ 0.3 $ 21.7 Tax benefit — ( 5.6 ) Total reclassifications for the period, net of tax $ 0.3 $ 16.1 (A) A settlement charge of $ 15.9 million is included in 2022 non-operating expenses. The following table represents amounts reclassified from accumulated other comprehensive loss for the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Amortization of Pension and Other Postretirement Benefits Items Amortization of Pension and Other Postretirement Benefits Items Actuarial Losses Recognized Actuarial Losses Recognized Affected Line in Condensed Consolidated Statement of Income: Non-operating expenses (B) $ 0.9 $ 33.4 Tax benefit ( 0.2 ) ( 8.6 ) Total reclassifications for the period, net of tax $ 0.7 $ 24.8 (B) A settlement charge of $ 15.9 million is included in 2022 non-operating expenses. The following table represents the activity included in accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Foreign Currency Pension and Other Postretirement Benefits Total Foreign Currency Pension and Other Postretirement Benefits Total Beginning balance July 1, $ ( 11.0 ) $ ( 137.8 ) $ ( 148.8 ) $ ( 7.3 ) $ ( 166.8 ) $ ( 174.1 ) Other comprehensive loss before reclassifications ( 4.1 ) — ( 4.1 ) ( 9.4 ) — ( 9.4 ) Amounts reclassified from accumulated other comprehensive income (net of tax $( — ) and $( 5.6 )) — 0.3 0.3 — 16.1 16.1 Actuarial loss (net of tax of $ — and $ 0.1 ) — — — — ( 0.4 ) ( 0.4 ) Net current-period other comprehensive (loss) income ( 4.1 ) 0.3 ( 3.8 ) ( 9.4 ) 15.7 6.3 Ending balance September 30, $ ( 15.1 ) $ ( 137.5 ) $ ( 152.6 ) $ ( 16.7 ) $ ( 151.1 ) $ ( 167.8 ) The following table represents the activity included in accumulated other comprehensive loss for the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Foreign Currency Pension and Other Postretirement Benefits Total Foreign Currency Pension and Other Postretirement Benefits Total Beginning balance January 1, $ ( 14.6 ) $ ( 138.2 ) $ ( 152.8 ) $ ( 5.0 ) $ ( 175.5 ) $ ( 180.5 ) Other comprehensive loss before reclassifications ( 0.5 ) — ( 0.5 ) ( 11.7 ) — ( 11.7 ) Amounts reclassified from accumulated other comprehensive income (net of tax $( 0.2 ) and $( 8.6 )) — 0.7 0.7 — 24.8 24.8 Actuarial loss (net of tax of $ — and $ 0.1 ) — — — — ( 0.4 ) ( 0.4 ) Net current-period other comprehensive (loss) income ( 0.5 ) 0.7 0.2 ( 11.7 ) 24.4 12.7 Ending balance September 30, $ ( 15.1 ) $ ( 137.5 ) $ ( 152.6 ) $ ( 16.7 ) $ ( 151.1 ) $ ( 167.8 )

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments And Contingencies [Abstract]
Commitments And Contingencies	9. COMMITMENTS AND CONTINGENCIES We 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 have in place insurance coverage for litigation defense and claim settlement costs incurred in connection with our asbestos claims. We estimate the value of probable insurance recoveries associated with our asbestos reserve based on management’s interpretations and estimates surrounding the available or applicable insurance coverage. We estimate the future payments for litigation defense and claim settlement costs based on our historical liabilities and current and projected caseloads. At September 30, 2023 and December 31, 2022, we had $ 2.5 million and $ 41.5 million of insurance receivables recorded in other current assets and other non-current assets, respectively, and $ 2.5 million and $ 41.5 million recorded in other current liabilities and other non-current liabilities, respectively, related to our asbestos litigation defense and claims settlement reserve. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may be probable that a loss has occurred but the estimate of the loss is a wide range. If we deem an amount within the range to be a better estimate than any other amount within the range, that amount will be accrued. However, if no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued. While we believe that none of these claims, disputes, administrative, and legal matters will have a material adverse effect on our financial position, these matters are uncertain and we cannot at this time determine whether the financial impact, if any, of these matters will be material to our results of operations in the period in which such matters are resolved or a better estimate becomes available.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2023
Acquisitions [Abstract]
Acquisitions	10. ACQUISITIONS During the nine months ended September 30, 2023, we completed two acquisitions for a combined preliminary purchase price of $ 380.2 million in cash, net of cash acquired. The acquisitions were financed using cash on hand and short-term borrowings. The 2023 acquisition s present a strategic opportunity for us to expand our reach in current markets and provide a solid foundation for growth into new markets. The following table sets forth the preliminary purchase price allocation and summarizes the estimated fair values of the assets acquired and liabilities assumed at the respective dates of the acquisitions. The purchase price allocation is preliminary pending finalization of the calculations of the fair values of the assets acquired and liabilities assumed, and the valuations of the acquired identifiable intangible assets. Fair Value Current Assets $ 153.5 Property 5.0 Goodwill 97.8 Intangible Assets 187.9 Other Non-current Assets 0.4 Current Liabilities ( 64.4 ) Total combined preliminary purchase price $ 380.2 The fully tax-deductible goodwill resulting from the acquisitions largely consists of our expected future product sales and synergies from combining the newly acquired subsidiaries’ products and services with our existing product and service offerings. The following table sets forth the components of preliminary identifiable intangible assets acquired and their useful lives as of the respective dates of the acquisition s: Weighted Average Life (in years) Fair Value Customer relationships 14.9 $ 146.1 Trade name 15.0 38.2 Other intangibles 6.3 2.4 Non-Compete Agreements 5.0 1.2 Total Intangible Assets 14.7 $ 187.9 The fair values of the identified customer relationships and trade name intangible assets were estimated using the multi-period excess earnings and relief-from-royalty methods, respectively. Significant inputs used to value these identifiable intangible assets included projected revenues and expected operating margins, customer attrition rates, discount rates, and royalty rates. Since the respective dates of the acquisitions, the results of the newly acquired subsidiaries are reflected in our Condensed Consolidated Financial Statements, which consisted of approximately $ 155.9 million in revenue and $ 1.3 million in operating income. Pro forma results of the acquisitions were not material; therefore, they are not presented .

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2023
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by Graybar pursuant to the rules and regulations of the U.S. Securities and Exchange Commission applicable to interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that our disclosures are adequate to make the information presented not misleading. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect reported amounts. Our condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, included in our latest Annual Report on Form 10-K. In the opinion of management, this quarterly report includes all adjustments, consisting of normal recurring accruals and adjustments, necessary for the fair presentation of the condensed consolidated financial statements presented. Results for interim periods are not necessarily indicative of results to be expected for the full year.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Graybar and our subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company are in subsidiaries owned by the Company and are accounted for and reported as noncontrolling interests.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year's financial information to conform to the September 30, 2023 presentation. These changes consisted of disaggregating other non-current assets into separate captions within the December 31, 2022 consolidated balance sheet. The reclassifications had no effect on total assets or liabilities as of December 31, 2022.
New Accounting Standards	New Accounting Standards In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU” or “Update”) 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” which provides final guidance that defers the sunset date for applying the reference rate reform relief in Accounting Standards Codification ("ASC") 848 to December 31, 2024, from December 31, 2022. The guidance is effective upon issuance. We have transitioned to the Secured Overnight Financing Rate (“SOFR”) as our reference rate effective March 29, 2023, as described in Note 5, “Debt”. The adoption of this Update did not have a material impact on our consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue [Abstract]
Disaggregation of Revenue	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Construction 59.4 % 55.8 % 57.7 % 56.7 % CIG 22.6 26.5 24.1 25.9 Industrial & Utility 18.0 17.7 18.2 17.4 Total net sales 100.0 % 100.0 % 100.0 % 100.0 %

Pension And Other Postretirem_2

Pension And Other Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2023
Pension And Other Postretirement Benefits [Abstract]
Schedule Of Net Periodic Benefit Costs	Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended September 30, September 30, Components of Net Periodic Benefit Cost 2023 2022 2023 2022 Selling, general and administrative expenses: Service cost $ 6.1 $ 7.0 $ 0.3 $ 0.5 Total selling, general and administrative expenses $ 6.1 $ 7.0 $ 0.3 $ 0.5 Non-operating expenses: Interest cost $ 8.0 $ 5.9 $ 0.9 $ 0.5 Expected return on plan assets ( 7.2 ) ( 7.6 ) — — Amortization of net actuarial loss 0.3 5.7 — 0.1 Settlement charge — 15.9 — — Total non-operating expenses $ 1.1 $ 19.9 $ 0.9 $ 0.6 Net periodic benefit cost $ 7.2 $ 26.9 $ 1.2 $ 1.1 Pension Benefits Postretirement Benefits Nine Months Ended Nine Months Ended September 30, September 30, Components of Net Periodic Benefit Cost 2023 2022 2023 2022 Selling, general and administrative expenses: Service cost $ 18.3 $ 21.0 $ 1.0 $ 1.5 Total selling, general and administrative expenses $ 18.3 $ 21.0 $ 1.0 $ 1.5 Non-operating expenses: Interest cost $ 23.9 $ 17.9 $ 2.6 $ 1.5 Expected return on plan assets ( 21.7 ) ( 22.8 ) — — Amortization of net actuarial loss 0.9 17.1 — 0.4 Settlement charge — 15.9 — — Total non-operating expenses $ 3.1 $ 28.1 $ 2.6 $ 1.9 Net periodic benefit cost $ 21.4 $ 49.1 $ 3.6 $ 3.4

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2023
Accumulated Other Comprehensive Loss [Abstract]
Reclassification Out Of Accumulated Other Comprehensive Income (Loss)	The following table represents amounts reclassified from accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Amortization of Pension and Other Postretirement Benefits Items Amortization of Pension and Other Postretirement Benefits Items Actuarial Losses Recognized Actuarial Losses Recognized Affected Line in Condensed Consolidated Statement of Income: Non-operating expenses (A) $ 0.3 $ 21.7 Tax benefit — ( 5.6 ) Total reclassifications for the period, net of tax $ 0.3 $ 16.1 (A) A settlement charge of $ 15.9 million is included in 2022 non-operating expenses. The following table represents amounts reclassified from accumulated other comprehensive loss for the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Amortization of Pension and Other Postretirement Benefits Items Amortization of Pension and Other Postretirement Benefits Items Actuarial Losses Recognized Actuarial Losses Recognized Affected Line in Condensed Consolidated Statement of Income: Non-operating expenses (B) $ 0.9 $ 33.4 Tax benefit ( 0.2 ) ( 8.6 ) Total reclassifications for the period, net of tax $ 0.7 $ 24.8 (B) A settlement charge of $ 15.9 million is included in 2022 non-operating expenses.
Changes In Accumulated Other Comprehensive Income (Loss)	The following table represents the activity included in accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Foreign Currency Pension and Other Postretirement Benefits Total Foreign Currency Pension and Other Postretirement Benefits Total Beginning balance July 1, $ ( 11.0 ) $ ( 137.8 ) $ ( 148.8 ) $ ( 7.3 ) $ ( 166.8 ) $ ( 174.1 ) Other comprehensive loss before reclassifications ( 4.1 ) — ( 4.1 ) ( 9.4 ) — ( 9.4 ) Amounts reclassified from accumulated other comprehensive income (net of tax $( — ) and $( 5.6 )) — 0.3 0.3 — 16.1 16.1 Actuarial loss (net of tax of $ — and $ 0.1 ) — — — — ( 0.4 ) ( 0.4 ) Net current-period other comprehensive (loss) income ( 4.1 ) 0.3 ( 3.8 ) ( 9.4 ) 15.7 6.3 Ending balance September 30, $ ( 15.1 ) $ ( 137.5 ) $ ( 152.6 ) $ ( 16.7 ) $ ( 151.1 ) $ ( 167.8 ) The following table represents the activity included in accumulated other comprehensive loss for the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Foreign Currency Pension and Other Postretirement Benefits Total Foreign Currency Pension and Other Postretirement Benefits Total Beginning balance January 1, $ ( 14.6 ) $ ( 138.2 ) $ ( 152.8 ) $ ( 5.0 ) $ ( 175.5 ) $ ( 180.5 ) Other comprehensive loss before reclassifications ( 0.5 ) — ( 0.5 ) ( 11.7 ) — ( 11.7 ) Amounts reclassified from accumulated other comprehensive income (net of tax $( 0.2 ) and $( 8.6 )) — 0.7 0.7 — 24.8 24.8 Actuarial loss (net of tax of $ — and $ 0.1 ) — — — — ( 0.4 ) ( 0.4 ) Net current-period other comprehensive (loss) income ( 0.5 ) 0.7 0.2 ( 11.7 ) 24.4 12.7 Ending balance September 30, $ ( 15.1 ) $ ( 137.5 ) $ ( 152.6 ) $ ( 16.7 ) $ ( 151.1 ) $ ( 167.8 )

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2023
Acquisitions [Abstract]
Estimated Fair Values of Assets Acquired and Liabilities Assumed	Fair Value Current Assets $ 153.5 Property 5.0 Goodwill 97.8 Intangible Assets 187.9 Other Non-current Assets 0.4 Current Liabilities ( 64.4 ) Total combined preliminary purchase price $ 380.2
Components of Preliminary Identifiable Intangible Assets Acquired and Useful Lives	Weighted Average Life (in years) Fair Value Customer relationships 14.9 $ 146.1 Trade name 15.0 38.2 Other intangibles 6.3 2.4 Non-Compete Agreements 5.0 1.2 Total Intangible Assets 14.7 $ 187.9

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Revenue [Abstract]
Contract assets, contract liabilities, or deferred contract costs recorded	$ 0	$ 0

Revenue (Disaggregation Of Reve

Revenue (Disaggregation Of Revenue) (Details) - Product Concentration Risk - Revenue from Contract with Customer	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total net sales	100%	100%	100%	100%
Construction
Disaggregation of Revenue [Line Items]
Total net sales	59.40%	55.80%	57.70%	56.70%
CIG
Disaggregation of Revenue [Line Items]
Total net sales	22.60%	26.50%	24.10%	25.90%
Industrial & Utility
Disaggregation of Revenue [Line Items]
Total net sales	18%	17.70%	18.20%	17.40%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Taxes [Abstract]
Total income tax provision	$ 42.1	$ 43.7	$ 129.6	$ 123.1
Effective tax rate			26.10%	25.70%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jul. 20, 2023	Jul. 19, 2023
Line of Credit Facility [Line Items]
Short-term borrowings	$ 102,000,000		$ 102,000,000		$ 31,600,000
Interest expense, net	1,500,000	$ 800,000	3,900,000	$ 2,300,000
Letters of credit outstanding	8,100,000		8,100,000		7,800,000
Minimum
Line of Credit Facility [Line Items]
Short-term borrowings	0	0	0	0
Maximum
Line of Credit Facility [Line Items]
Short-term borrowings	232,000,000	$ 173,100,000	232,000,000	$ 173,100,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Short-term borrowings					30,000,000
Amended Credit Agreement
Line of Credit Facility [Line Items]
Remaining borrowing capacity	645,700,000		$ 645,700,000		718,100,000
Credit agreement commitment fee percentage			0.40%
Letters of credit outstanding	2,300,000		$ 2,300,000		1,900,000
Prudential Private Placement Shelf Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 200,000,000	$ 100,000,000
Issuance period			3 years
MetLife Private Placement Shelf Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	150,000,000		$ 150,000,000
Debt maturity date			Jun. 01, 2024
Issuance period			3 years
Prudential Shelf Agreement Or MetLife Shelf Agreement
Line of Credit Facility [Line Items]
Notes issued face amount	$ 0		$ 0		0
Line of credit | Amended Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity					750,000,000
Accordion feature, increase limit					$ 375,000,000
Expiration date					Aug. 01, 2026
Debt instrument, term					5 years
Line of credit | Amended Credit Agreement | Letter of Credit Sub-Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 25,000,000
Line of credit | Amended Credit Agreement | Bridge Loan | Graybar Canada
Line of Credit Facility [Line Items]
Maximum borrowing capacity					100,000,000
Line of credit | Amended Credit Agreement | Bridge Loan | UNITED STATES
Line of Credit Facility [Line Items]
Maximum borrowing capacity					75,000,000
Line of credit | Amended Credit Agreement | Bridge Loan | CANADA
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 20,000,000

Pension And Other Postretirem_3

Pension And Other Postretirement Benefits (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Non-cash pension settlement charge		$ 15,900,000		$ 15,900,000
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Required term of service to be eligible for plan match			one year of service and 1,000 hours of service
Non-cash pension settlement charge		15,900,000		15,900,000
Expected employer contributions remainder of year	$ 0		$ 0
Employer contributions	80,000,000	$ 22,800,000	103,900,000	$ 44,800,000
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 0		$ 0		$ 0

Pension And Other Postretirem_4

Pension And Other Postretirement Benefits (Schedule Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Total selling, general, and administrative expenses	$ 389.6	$ 369.7	$ 1,126.9	$ 1,044.4
Settlement charge		15.9		15.9
Total non-operating expenses	2.7	21.3	8.6	32.3
Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	6.1	7	18.3	21
Total selling, general, and administrative expenses	6.1	7	18.3	21
Interest cost	8	5.9	23.9	17.9
Expected return on plan assets	(7.2)	(7.6)	(21.7)	(22.8)
Amortization of net actuarial loss	0.3	5.7	0.9	17.1
Settlement charge		15.9		15.9
Total non-operating expenses	1.1	19.9	3.1	28.1
Net periodic benefit cost	7.2	26.9	21.4	49.1
Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0.3	0.5	1	1.5
Total selling, general, and administrative expenses	0.3	0.5	1	1.5
Interest cost	0.9	0.5	2.6	1.5
Amortization of net actuarial loss		0.1		0.4
Total non-operating expenses	0.9	0.6	2.6	1.9
Net periodic benefit cost	$ 1.2	$ 1.1	$ 3.6	$ 3.4

Capital Stock (Narrative) (Deta

Capital Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Capital Stock [Abstract]
Percent of stock owned by active and retired employees			100%
Percent of shares held in voting trust	83%		83%
Common stock, stated value per share	$ 20		$ 20		$ 20
Cash dividends	$ 8.1	$ 7	$ 24.2	$ 20.9
Preferred stock shares authorized	10,000,000		10,000,000
Preferred stock par or stated value per share (USD per share)	$ 0.01		$ 0.01
Preferred stock outstanding (in shares)	0		0		0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Reclassification Out Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-operating expenses	$ 2.7			$ 21.3			$ 8.6	$ 32.3
Tax benefit	42.1			43.7			129.6	123.1
Total reclassifications for the period, net of tax	(118.1)	$ (124.4)	$ (125)	(126.3)	$ (127.8)	$ (102.4)	(367.5)	(356.5)
Non-cash pension settlement charge				15.9				15.9
Reclassification out of AOCI | Actuarial Losses Recognized
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-operating expenses	0.3			21.7			0.9	33.4
Tax benefit				(5.6)			(0.2)	(8.6)
Total reclassifications for the period, net of tax	$ 0.3			$ 16.1			$ 0.7	$ 24.8

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 1,520
Ending balance	$ 1,867		1,867
Amounts reclassified from accumulated other comprehensive loss, tax	0	$ (5.6)	(0.2)	$ (8.6)
Actuarial loss, tax	0	0.1	0	0.1
Foreign Currency
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(11)	(7.3)	(14.6)	(5)
Other comprehensive loss before reclassifications	(4.1)	(9.4)	(0.5)	(11.7)
Amounts reclassified from accumulated other comprehensive income (net of tax)
Actuarial loss (net of tax)
Net current-period other comprehensive (loss) income	(4.1)	(9.4)	(0.5)	(11.7)
Ending balance	(15.1)	(16.7)	(15.1)	(16.7)
Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(137.8)	(166.8)	(138.2)	(175.5)
Other comprehensive loss before reclassifications
Amounts reclassified from accumulated other comprehensive income (net of tax)	0.3	16.1	0.7	24.8
Actuarial loss (net of tax)		(0.4)		(0.4)
Net current-period other comprehensive (loss) income	0.3	15.7	0.7	24.4
Ending balance	(137.5)	(151.1)	(137.5)	(151.1)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(148.8)	(174.1)	(152.8)	(180.5)
Other comprehensive loss before reclassifications	(4.1)	(9.4)	(0.5)	(11.7)
Amounts reclassified from accumulated other comprehensive income (net of tax)	0.3	16.1	0.7	24.8
Actuarial loss (net of tax)		(0.4)		(0.4)
Net current-period other comprehensive (loss) income	(3.8)	6.3	0.2	12.7
Ending balance	$ (152.6)	$ (167.8)	$ (152.6)	$ (167.8)

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Insurance receivables current	$ 2.5	$ 2.5
Insurance receivables non-current	41.5	41.5
Other Current Liabilities
Liability related to asbestos claims and related insurance receivables	2.5	2.5
Other Noncurrent Liabilities
Liability related to asbestos claims and related insurance receivables	$ 41.5	$ 41.5

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) entity
Business Acquisition [Line Items]
Number of acquisitions | entity	2
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Preliminary purchase price	$ 380.2
Revenue since date of acquisition	155.9
Operating income since date of acquisition	$ 1.3

Acquisitions (Estimated Fair Va

Acquisitions (Estimated Fair Values Of Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 180.9	$ 83.1
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Current Assets	153.5
Property	5
Goodwill	97.8
Intangible assets	187.9
Other Non-current Assets	0.4
Current Liabilities	(64.4)
Total combined preliminary purchase price	$ 380.2

Acquisitions (Components Of Pre

Acquisitions (Components Of Preliminary Identifiable Intangible Assets Acquired And Useful Lives) (Details) - Series of Individually Immaterial Business Acquisitions [Member] $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Weighted Average Life	14 years 8 months 12 days
Fair value	$ 187.9
Customer Relationships
Business Acquisition [Line Items]
Weighted Average Life	14 years 10 months 24 days
Fair value	$ 146.1
Trade Name
Business Acquisition [Line Items]
Weighted Average Life	15 years
Fair value	$ 38.2
Other Intangibles
Business Acquisition [Line Items]
Weighted Average Life	6 years 3 months 18 days
Fair value	$ 2.4
Non-Compete Agreement
Business Acquisition [Line Items]
Weighted Average Life	5 years
Fair value	$ 1.2

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false