Graybar Electric (GRAYBAR) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 15, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2024
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		32,437,697
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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
		Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements Of Income [Abstract]
Net Sales		$ 2,732.7	$ 2,672.6
Cost of merchandise sold		(2,184.7)	(2,125.7)
Gross Margin		548	546.9
Selling, general and administrative expenses		(392.6)	(361.7)
Depreciation and amortization		(19.3)	(14.3)
Other income, net		6.6	0.8
Income from Operations		142.7	171.7
Non-operating expenses, net		(0.4)	(2.8)
Income before Provision for Income Taxes		142.3	168.9
Provision for income taxes		(36.8)	(43.9)
Net Income		105.5	125
Net income attributable to noncontrolling interests		(0.3)	(0.2)
Net Income attributable to Graybar Electric Company, Inc.		$ 105.2	$ 124.8
Net Income attributable to Graybar Electric Company, Inc. per share of Common Stock	[1]	$ 3.24	$ 3.87
Cash Dividends per share of Common Stock		$ 0.30	$ 0.30
Average Common Shares Outstanding	[1]	32.4	32.3
[1] Adjusted for the declaration of a 20 % stock dividend in 2023, shares related to which were issued in February 2024. Prior to the adjustment, the average common shares outstanding were 26.9 million for the three months ended March 31, 2023.

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Income (Parenthetical) shares in Millions	3 Months Ended
	Mar. 31, 2023 shares
Common stock dividend declared, percent	20%
Average common shares outstanding	32.3	[1]
Previously Reported [Member]
Average common shares outstanding	26.9
[1] Adjusted for the declaration of a 20 % stock dividend in 2023, shares related to which were issued in February 2024. Prior to the adjustment, the average common shares outstanding were 26.9 million for the three months ended March 31, 2023.

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net Income	$ 105.5	$ 125
Other Comprehensive (Loss) Income
Foreign currency translation	(4.1)	0.1
Pension and postretirement benefits liability adjustments (net of tax of $(0.4), and $(0.1), respectively)	1.1	0.2
Total Other Comprehensive (Loss) Income	(3)	0.3
Comprehensive Income	102.5	125.3
Less: comprehensive income attributable to noncontrolling interests, net of tax	0.2	0.2
Comprehensive Income attributable to Graybar Electric Company, Inc.	$ 102.3	$ 125.1

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Pension and postretirement benefits liability adjustments, tax	$ (0.4)	$ (0.1)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 167.5	$ 98.6
Trade receivables (less allowances of $14.2 and $13.6, respectively)	1,672.7	1,657.3
Merchandise inventory	836.3	908.4
Other current assets	95.3	79.6
Total Current Assets	2,771.8	2,743.9
Property, at cost
Land	96.6	97.4
Buildings	581.5	598.7
Furniture and fixtures	317.9	310.3
Software	170.1	158.7
Finance leases	13.3	13.4
Total Property, at cost	1,179.4	1,178.5
Accumulated depreciation and amortization	(682.9)	(678.6)
Net Property	496.5	499.9
Operating Lease Right-of-use Assets	218.8	219.2
Goodwill	203.3	179
Intangible Assets (less accumulated amortization of $43.1 and $38.0, respectively)	302.5	261.9
Other Non-current Assets	109.1	102.2
Total Assets	4,102	4,006.1
Current Liabilities
Current portion of long-term debt	1.9	1.9
Trade accounts payable	1,281.5	1,255.3
Accrued payroll and benefit costs	138.7	192.1
Current operating lease liabilities	54.1	51.9
Other current liabilities	250.2	222.1
Total Current Liabilities	1,726.4	1,723.3
Postretirement Benefits Liability	56	55.9
Pension Liability	101.5	107.3
Long-term Debt	2.3	2.8
Non-current Operating Lease Liabilities	181	183.4
Other Non-current Liabilities	45.1	45.1
Total Liabilities	2,112.3	2,117.8
SHAREHOLDERS’ EQUITY
Outstanding Common Stock	649.4	641.3
Advance Payments on Subscriptions to Common Stock	0.7
Retained Earnings	1,512.6	1,417.1
Accumulated Other Comprehensive Loss	(180.8)	(177.9)
Total Graybar Electric Company, Inc. Shareholders’ Equity	1,981.9	1,880.5
Noncontrolling Interests	7.8	7.8
Total Shareholders’ Equity	1,989.7	1,888.3
Total Liabilities and Shareholders’ Equity	$ 4,102	$ 4,006.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets [Abstract]
Trade receivables, allowances	$ 14.2	$ 13.6
Intangible assets, accumulated amortization	$ 43.1	$ 38
Common stock, stated value per share	$ 20	$ 20
Authorized	50,000,000	50,000,000
Issued to voting trustees	27,199,232	26,614,542
Issued to shareholders	5,609,605	5,518,543
In treasury, at cost	(340,774)	(69,174)
Outstanding Common Stock	32,468,063	32,063,911

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Net Income	$ 105.5	$ 125
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	19.3	14.3
Non-cash operating lease expense	14.5	11.7
Deferred income taxes	(2.3)	1.9
Net gain on disposal of property	(6.5)
Earnings on investment in employee deferred compensation trust	(0.3)
Net income attributable to noncontrolling interests	(0.3)	(0.2)
Changes in assets and liabilities:
Trade receivables	(0.3)	(6.4)
Merchandise inventory	79.9	63.4
Other current assets	(15.6)	0.8
Other non-current assets	(4.9)	(0.9)
Trade accounts payable	21.9	(87.9)
Accrued payroll and benefit costs	(53.6)	(61.3)
Other current liabilities	26.3	5.4
Other non-current liabilities	(18.3)	(18.8)
Total adjustments to net income	59.8	(78)
Net cash provided by operating activities	165.3	47
Cash Flows from Investing Activities
Proceeds from disposal of property	12.9	0.2
Capital expenditures for property	(21.3)	(18.6)
Amounts attributable to acquisitions	(84.1)
Net cash used by investing activities	(92.5)	(18.4)
Cash Flows from Financing Activities
Net increase in short-term borrowings		76.2
Principal payments under finance arrangements	(0.5)	(0.4)
Sales of common stock	14.2	12.8
Purchases of common stock	(5.4)	(5.4)
Purchases of noncontrolling interests’ common stock	(0.2)	(0.2)
Dividends paid	(9.7)	(8)
Contingent consideration paid	(2.3)
Net cash (used) provided by financing activities	(3.9)	75
Net Increase in Cash	68.9	103.6
Cash, Beginning of Year	98.6	69.4
Cash, End of Period	167.5	173
Non-cash Investing and Financing Activities:
Acquisitions of equipment under finance leases		0.1
Acquisitions of assets under operating leases	$ 14.5	$ 9.2

Condensed Consolidated Statem_6

Condensed Consolidated Statements Of Changes In Shareholders’ Equity - USD ($) $ in Millions	Common Stock [Member]	Common Stock Subscribed, Unissued [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interests [Member]	Total
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, 2023	641.3		1,417.1	(177.9)	7.8	1,888.3
Net income			105.2		0.3	105.5
Other comprehensive (loss) income				(2.9)	(0.1)	(3)
Stock issued	13.5					13.5
Stock purchased	(5.4)				(0.2)	(5.6)
Advance payments		0.7				0.7
Dividends declared			(9.7)			(9.7)
Balance at Mar. 31, 2024	$ 649.4	$ 0.7	$ 1,512.6	$ (180.8)	$ 7.8	$ 1,989.7

Description Of The Business

Description Of The Business	3 Months Ended
	Mar. 31, 2024
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	3 Months Ended
	Mar. 31, 2024
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, 2023. 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, 2023, 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 A reclassification has been made to prior year's financial information to conform to the March 31, 2024 presentation. The change consisted of aggregating other accrued taxes with other current liabilities within the December 31, 2023 consolidated balance sheet. The reclassification had no effect on total assets or liabilities as of December 31, 2023. Subsequent Events On May 1, 2024, we acquired substantially all of the assets and specified liabilities of a target company that was funded with cash on hand and short-term borrowings. New Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU” or “Update”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” which requires public entities to provide enhanced disclosures of significant segment expenses and other segment items. Public entities with a single reportable segment must provide all the disclosures required by Topic 280, including the significant segment expense disclosures. The guidance requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The guidance shall be applied retrospectively to all periods presented in the financial statements. We are currently evaluating the impact of adopting the Update to our required disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” which is intended to enhance the transparency and decision usefulness of income tax disclosures. The guidance addresses investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and shall be applied on a prospective basis. We are currently evaluating the impact of this Update on our consolidated financial statements and expect considerable expansion of our income tax footnote disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Construction 59.2 % 56.2 % CIG 22.7 25.2 Industrial & Utility 18.1 18.6 Total net sales 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 March 31, 2024 presentation. We had no material contract assets, contract liabilities, or deferred contract costs recorded on the condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023. In addition, for the three months ended March 31, 2024 and 2023, 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	3 Months Ended
	Mar. 31, 2024
Income Taxes [Abstract]
Income Taxes	4. INCOME TAXES Our total provision for income taxes was $ 36.8 million and $ 43.9 million for the three months ended March 31, 2024, and 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 25.9 % for the three months ended March 31, 2024 compared to 26.0 % for the three months ended March 31, 2023. In 2021, the Organization for Economic Cooperation and Development (“OECD”) introduced a framework, referred to as Pillar Two, creating a 15% global minimum effective tax rate for large multinational corporations. Effective January 1, 2024, Pillar Two legislation was enacted or substantively enacted in certain jurisdictions. However, based on the review of Pillar Two effective tax rates in all jurisdictions in which the Company operates are above 15%, the Company has concluded that there will be no ‘top-up’ tax liability for 2024. 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 2020 federal return will expire on October 15, 2024, unless extended by consent. Our state income tax returns for 2019 through 2023 remain subject to examination by various state authorities with the latest period closing on December 31, 2028. We have not extended the statutes of limitations in any state jurisdictions with respect to years prior to 2019.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt [Abstract]
Debt	5. DEBT Revolving Credit Facility At March 31, 2024 and December 31, 2023, 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 "Credit Agreement"), 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 Credit Agreement 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 Credit Agreement that included the sublimit amount, then Graybar Canada’s available capacity would be reduced by our use of such amount. The Credit Agreement contained an accordion feature, which allowed us to request increases in the aggregate borrowing commitments of up to $ 375.0 million. We were in compliance with all covenants under the Credit Agreement as of March 31, 2024 and December 31, 2023. There were no short-term borrowings as of March 31, 2024 and December 31, 2023, respectively. Short-term borrowings outstanding during the three months ended March 31, 2024 ranged from no short-term borrowings to a maximum of $ 38.0 million. Short-term borrowings outstanding during the three months ended March 31, 2023 ranged from no short-term borrowings to a maximum of $ 107.8 million. At March 31, 2024 and December 31, 2023, we had unused lines of credit under the Credit Agreement amounting to $ 746.4 million available. 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 %). We had interest income, net of $ 0.5 million for the three months ended March 31, 2024, compared to interest expense, net of $ 0.9 million for the three months ended March 31, 2023, respectively. Private Placement Shelf Agreements We have an uncommitted, unsecured $ 200.0 million private placement shelf agreement (the “Prudential Shelf Agreement”) with PGIM, Inc., which is expected to allow us to issue senior promissory notes to affiliates of PGIM, Inc. at fixed rate terms to be agreed upon at the time of any issuance during a three-year issuance period ending in August 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 are currently in negotiations to renew and extend the MetLife Shelf Agreement for another three years and expect the renewal to occur in the second quarter of 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 Credit Agreement. No notes have been issued under either the Prudential Shelf Agreement or the MetLife Shelf Agreement as of March 31, 2024 and December 31, 2023. 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 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 March 31, 2024 and December 31, 2023. Letters of Credit We had total letters of credit of $ 9.4 million outstanding as of March 31, 2024, and December 31, 2023, respectively, of which $ 3.6 million were issued under the Credit Agreement. 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	3 Months Ended
	Mar. 31, 2024
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 have an employee deferred compensation trust to meet funding obligations for nonqualified pension benefits to certain participants in the supplemental benefit plan. The assets of the trust are invested in highly liquid money market funds and U.S. Treasury securities. 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 March 31, 2024 and December 31, 2023. The net periodic benefit cost for the three months ended March 31, 2024 and 2023 included the following components: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended March 31, March 31, Components of Net Periodic Benefit Cost 2024 2023 2024 2023 Selling, general and administrative expenses: Service cost $ 5.5 $ 5.9 $ 0.4 $ 0.3 Total selling, general and administrative expenses $ 5.5 $ 5.9 $ 0.4 $ 0.3 Non-operating expenses, net: Interest cost $ 7.9 $ 8.0 $ 0.8 $ 0.9 Expected return on plan assets ( 8.0 ) ( 7.3 ) — — Amortization of net actuarial loss 1.5 0.3 — — Total non-operating expenses, net $ 1.4 $ 1.0 $ 0.8 $ 0.9 Net periodic benefit cost $ 6.9 $ 6.9 $ 1.2 $ 1.2 We made qualified and nonqualified pension contributions totaling $ 11.1 million during the three-month period ended March 31, 2024 and contributions totaling $ 13.9 million during the three-month period ended March 31, 2023. Additional contributions of $ 30.0 million are expected to be paid during the remainder of 2024, but may change at our discretion.

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, 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 $ 9.7 million and $ 8.0 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 and December 31, 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and 2023: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 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, net $ 1.5 $ 0.3 Tax benefit ( 0.4 ) ( 0.1 ) Total reclassifications for the period, net of tax $ 1.1 $ 0.2 The following table represents the activity included in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Foreign Currency Pension and Other Postretirement Benefits Total Foreign Currency Pension and Other Postretirement Benefits Total Beginning balance January 1, $ ( 10.6 ) $ ( 167.3 ) $ ( 177.9 ) $ ( 14.6 ) $ ( 138.2 ) $ ( 152.8 ) Other comprehensive (loss) income before reclassifications ( 4.0 ) — ( 4.0 ) 0.1 — 0.1 Amounts reclassified from accumulated other comprehensive income (net of tax $( 0.4 ) and $( 0.1 )) — 1.1 1.1 — 0.2 0.2 Net current-period other comprehensive (loss) income ( 4.0 ) 1.1 ( 2.9 ) 0.1 0.2 0.3 Ending balance March 31, $ ( 14.6 ) $ ( 166.2 ) $ ( 180.8 ) $ ( 14.5 ) $ ( 138.0 ) $ ( 152.5 )

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, we had $ 2.3 million and $ 38.4 million of insurance receivables recorded in other current assets and other non-current assets, respectively, and $ 2.3 million and $ 38.4 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	3 Months Ended
	Mar. 31, 2024
Acquisitions [Abstract]
Acquisitions	10. ACQUISITIONS During the three months ended March 31, 2024, we completed two acquisitions for a combined preliminary purchase price of $ 87.1 million in cash, net of cash acquired. The preliminary purchase price allocation resulted in $ 27.4 million and $ 46.0 million of tax-deductible goodwill and other intangible assets, respectively. The acquisitions were funded with cash on hand. Since the dates of acquisition, the results of the acquired businesses are reflected in our condensed consolidated financial statements. Pro forma results of the acquisitions were not material; therefore, they are not presented. Additionally, during the three months ended March 31, 2024, we received a post-closing working capital adjustment of $ 3.0 million related to a 2023 acquisition.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2024
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, 2023, 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 A reclassification has been made to prior year's financial information to conform to the March 31, 2024 presentation. The change consisted of aggregating other accrued taxes with other current liabilities within the December 31, 2023 consolidated balance sheet. The reclassification had no effect on total assets or liabilities as of December 31, 2023.
Subsequent Events	Subsequent Events On May 1, 2024, we acquired substantially all of the assets and specified liabilities of a target company that was funded with cash on hand and short-term borrowings.
New Accounting Standards	New Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU” or “Update”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” which requires public entities to provide enhanced disclosures of significant segment expenses and other segment items. Public entities with a single reportable segment must provide all the disclosures required by Topic 280, including the significant segment expense disclosures. The guidance requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The guidance shall be applied retrospectively to all periods presented in the financial statements. We are currently evaluating the impact of adopting the Update to our required disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” which is intended to enhance the transparency and decision usefulness of income tax disclosures. The guidance addresses investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and shall be applied on a prospective basis. We are currently evaluating the impact of this Update on our consolidated financial statements and expect considerable expansion of our income tax footnote disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue [Abstract]
Disaggregation of Revenue	Three Months Ended March 31, 2024 2023 Construction 59.2 % 56.2 % CIG 22.7 25.2 Industrial & Utility 18.1 18.6 Total net sales 100.0 % 100.0 %

Pension And Other Postretirem_2

Pension And Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Pension And Other Postretirement Benefits [Abstract]
Schedule Of Net Periodic Benefit Costs	Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended March 31, March 31, Components of Net Periodic Benefit Cost 2024 2023 2024 2023 Selling, general and administrative expenses: Service cost $ 5.5 $ 5.9 $ 0.4 $ 0.3 Total selling, general and administrative expenses $ 5.5 $ 5.9 $ 0.4 $ 0.3 Non-operating expenses, net: Interest cost $ 7.9 $ 8.0 $ 0.8 $ 0.9 Expected return on plan assets ( 8.0 ) ( 7.3 ) — — Amortization of net actuarial loss 1.5 0.3 — — Total non-operating expenses, net $ 1.4 $ 1.0 $ 0.8 $ 0.9 Net periodic benefit cost $ 6.9 $ 6.9 $ 1.2 $ 1.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and 2023: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 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, net $ 1.5 $ 0.3 Tax benefit ( 0.4 ) ( 0.1 ) Total reclassifications for the period, net of tax $ 1.1 $ 0.2
Changes In Accumulated Other Comprehensive Income (Loss)	The following table represents the activity included in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Foreign Currency Pension and Other Postretirement Benefits Total Foreign Currency Pension and Other Postretirement Benefits Total Beginning balance January 1, $ ( 10.6 ) $ ( 167.3 ) $ ( 177.9 ) $ ( 14.6 ) $ ( 138.2 ) $ ( 152.8 ) Other comprehensive (loss) income before reclassifications ( 4.0 ) — ( 4.0 ) 0.1 — 0.1 Amounts reclassified from accumulated other comprehensive income (net of tax $( 0.4 ) and $( 0.1 )) — 1.1 1.1 — 0.2 0.2 Net current-period other comprehensive (loss) income ( 4.0 ) 1.1 ( 2.9 ) 0.1 0.2 0.3 Ending balance March 31, $ ( 14.6 ) $ ( 166.2 ) $ ( 180.8 ) $ ( 14.5 ) $ ( 138.0 ) $ ( 152.5 )

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
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 [Member] - Revenue from Contract with Customer [Member]	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total net sales	100%	100%
Construction [Member]
Disaggregation of Revenue [Line Items]
Total net sales	59.20%	56.20%
CIG [Member]
Disaggregation of Revenue [Line Items]
Total net sales	22.70%	25.20%
Industrial & Utility [Member]
Disaggregation of Revenue [Line Items]
Total net sales	18.10%	18.60%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes [Abstract]
Total income tax provision	$ 36.8	$ 43.9
Effective tax rate	25.90%	26%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Short-term borrowings	$ 0		$ 0
Interest income (expense), net	500,000	$ (900,000)
Letters of credit outstanding	9,400,000		9,400,000
Minimum [Member]
Line of Credit Facility [Line Items]
Short-term borrowings	0	0
Maximum [Member]
Line of Credit Facility [Line Items]
Short-term borrowings	38,000,000	$ 107,800,000
Amended Credit Agreement [Member]
Line of Credit Facility [Line Items]
Remaining borrowing capacity	$ 746,400,000
Credit agreement commitment fee percentage	0.40%
Letters of credit outstanding	$ 3,600,000		3,600,000
Amended Credit Agreement [Member] | Bridge Loan [Member] | Line of credit [Member] | Graybar Canada [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000
Amended Credit Agreement [Member] | Bridge Loan [Member] | United States [Member] | Line of credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	75,000,000
Amended Credit Agreement [Member] | Bridge Loan [Member] | Canada [Member] | Line of credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	20,000,000
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Line of credit [Member]
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
Amended Credit Agreement [Member] | Letter of Credit Sub Facility [Member] | Line of credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 25,000,000
Prudential Private Placement Shelf Agreement [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200,000,000
Debt maturity date	Aug. 01, 2026
Issuance period	3 years
Notes issued face amount	$ 0		$ 0
MetLife Private Placement Shelf Agreement [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000
Debt maturity date	Jun. 01, 2024
Issuance period	3 years

Pension And Other Postretirem_3

Pension And Other Postretirement Benefits (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Pension Benefits [Member]
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
Expected employer contributions remainder of year	$ 30,000,000
Employer contributions	11,100,000	$ 13,900,000
Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 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
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Total selling, general, and administrative expenses	$ 392.6	$ 361.7
Total non-operating expenses, net	0.4	2.8
Pension Benefits [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	5.5	5.9
Total selling, general, and administrative expenses	5.5	5.9
Interest cost	7.9	8
Expected return on plan assets	(8)	(7.3)
Amortization of net actuarial loss	1.5	0.3
Total non-operating expenses, net	1.4	1
Net periodic benefit cost	6.9	6.9
Postretirement Benefits [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0.4	0.3
Total selling, general, and administrative expenses	0.4	0.3
Interest cost	0.8	0.9
Total non-operating expenses, net	0.8	0.9
Net periodic benefit cost	$ 1.2	$ 1.2

Capital Stock (Narrative) (Deta

Capital Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Capital Stock [Abstract]
Percent of stock owned by active and retired employees	100%
Percent of shares held in voting trust	83%
Common stock, stated value per share	$ 20		$ 20
Cash dividends	$ 9.7	$ 8
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

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Reclassification Out Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-operating expenses, net	$ 0.4	$ 2.8
Tax benefit	36.8	43.9
Total reclassifications for the period, net of tax	(105.5)	(125)
Reclassification out of AOCI [Member] | Actuarial Losses Recognized [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-operating expenses, net	1.5	0.3
Tax benefit	(0.4)	(0.1)
Total reclassifications for the period, net of tax	$ 1.1	$ 0.2

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 1,880.5
Ending balance	1,981.9
Amounts reclassified from accumulated other comprehensive loss, tax	(0.4)	$ (0.1)
Foreign Currency [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(10.6)	(14.6)
Other comprehensive income (loss) before reclassifications	(4)	0.1
Amounts reclassified from accumulated other comprehensive income (net of tax)
Net current-period other comprehensive (loss) income	(4)	0.1
Ending balance	(14.6)	(14.5)
Pension and Other Postretirement Benefits [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(167.3)	(138.2)
Other comprehensive income (loss) before reclassifications
Amounts reclassified from accumulated other comprehensive income (net of tax)	1.1	0.2
Net current-period other comprehensive (loss) income	1.1	0.2
Ending balance	(166.2)	(138)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(177.9)	(152.8)
Other comprehensive income (loss) before reclassifications	(4)	0.1
Amounts reclassified from accumulated other comprehensive income (net of tax)	1.1	0.2
Net current-period other comprehensive (loss) income	(2.9)	0.3
Ending balance	$ (180.8)	$ (152.5)

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments And Contigencies [Line Items]
Insurance receivables current	$ 2.3	$ 2.3
Insurance receivables non-current	38.4	38.4
Other Current Liabilities [Member]
Commitments And Contigencies [Line Items]
Liability related to asbestos claims and related insurance receivables	2.3	2.3
Other Noncurrent Liabilities [Member]
Commitments And Contigencies [Line Items]
Liability related to asbestos claims and related insurance receivables	$ 38.4	$ 38.4

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) entity
Business Acquisition [Line Items]
Number of acquisitions | entity	2
Post-closing working capital adjustment	$ 3
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Preliminary purchase price	87.1
Intangible assets	46
Preliminary purchase price, tax deductible goodwill	$ 27.4

Insider Trading Arrangements (D

Insider Trading Arrangements (Details)	3 Months Ended
	Mar. 31, 2024
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