1000 - CONDENSED CONSOLIDATED S
1000 - CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | ||||
In Thousands, except Share data | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||
Net sales | $1,533,263 | $1,756,856 | $2,998,511 | $3,417,902 |
Cost of merchandise sold | 908,295 | 1,050,979 | 1,744,128 | 2,032,091 |
Gross profit | 624,968 | 705,877 | 1,254,383 | 1,385,811 |
Warehousing, marketing and administrative expenses | 471,039 | 521,042 | 941,240 | 1,015,153 |
Operating earnings | 153,929 | 184,835 | 313,143 | 370,658 |
Other income and (expense): | ||||
Interest income | 273 | 1,236 | 674 | 2,040 |
Interest expense | (2,318) | (3,765) | (4,536) | (5,198) |
Equity in net income (loss) of unconsolidated entities | 707 | 1,343 | 783 | 2,080 |
Other nonoperating income | 234 | 796 | 237 | 1,431 |
Other nonoperating expense | (1,199) | (65) | (207) | (131) |
Total other income and (expense) | (2,303) | (455) | (3,049) | 222 |
Earnings before income taxes | 151,626 | 184,380 | 310,094 | 370,880 |
Income taxes | 59,160 | 71,201 | 121,250 | 143,463 |
Net earnings (loss) | $92,466 | $113,179 | $188,844 | $227,417 |
Earnings per share: | ||||
Earnings per share: Basic | 1.23 | 1.44 | 2.5 | 2.88 |
Earnings per share: Diluted | 1.21 | 1.42 | 2.46 | 2.83 |
Weighted average number of shares outstanding: Basic | 73,443,360 | 76,542,071 | 73,852,588 | 77,241,860 |
Weighted average number of shares outstanding: Diluted | 74,558,636 | 78,028,077 | 74,853,304 | 78,641,274 |
Cash dividends paid per share | 0.46 | 0.4 | 0.86 | 0.75 |
2000 - CONDENSED CONSOLIDATED S
2000 - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (USD $) | ||||
In Thousands | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS | ||||
Net earnings (loss) | $92,466 | $113,179 | $188,844 | $227,417 |
Other comprehensive earnings (losses): | ||||
Foreign currency translation adjustments, net of tax (expense) benefit | 34,022 | 2,459 | 17,957 | (7,439) |
Comprehensive earnings | $126,488 | $115,638 | $206,801 | $219,978 |
2010 - Paranthetical Data to th
2010 - Paranthetical Data to the Condensed Consolidated Statements of Comprehensive Earnings (USD $) | ||||
In Thousands | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
Other comprehensive earnings (losses): | ||||
Foreign currency translation adjustments, tax (expense) benefit | ($4,135) | ($409) | ($2,351) | $1,599 |
3000 - CONDENSED CONSOLIDATED B
3000 - CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | ||
In Thousands | Jun. 30, 2009
| Dec. 31, 2008
|
CURRENT ASSETS | ||
Cash and cash equivalents | $416,291 | $396,290 |
Accounts receivable (less allowances for doubtful accounts of $27,955 and $26,481, respectively | 582,431 | 589,416 |
Inventories | 899,843 | 1,009,932 |
Prepaid expenses and other assets | 72,479 | 95,915 |
Deferred income taxes | 53,981 | 52,556 |
Total current assets | 2,025,025 | 2,144,109 |
PROPERTY, BUILDINGS AND EQUIPMENT | 2,181,430 | 2,131,863 |
Less accumulated depreciation and amortization | 1,252,634 | 1,201,552 |
Property, buildings and equipment - net | 928,796 | 930,311 |
DEFERRED INCOME TAXES | 110,723 | 97,442 |
INVESTMENT IN UNCONSOLIDATED ENTITIES | 19,645 | 20,830 |
GOODWILL | 218,841 | 213,159 |
OTHER ASSETS AND INTANGIBLES - NET | 102,735 | 109,566 |
TOTAL ASSETS | 3,405,765 | 3,515,417 |
CURRENT LIABILITIES | ||
Short-term debt | 25,499 | 19,960 |
Current maturities of long-term debt | 42,090 | 21,257 |
Trade accounts payable | 255,373 | 290,802 |
Accrued compensation and benefits | 119,887 | 162,380 |
Accrued contributions to employees' profit sharing plans | 55,421 | 146,922 |
Accrued expenses | 80,778 | 118,633 |
Income taxes payable | 2,564 | 1,780 |
Total current liabilities | 581,612 | 761,734 |
LONG-TERM DEBT (less current maturities) | 467,395 | 488,228 |
DEFERRED INCOME TAXES AND TAX UNCERTAINTIES | 35,872 | 33,219 |
ACCRUED EMPLOYMENT-RELATED BENEFITS | 210,208 | 198,431 |
SHAREHOLDERS' EQUITY | ||
Common Stock - $0.50 par value - 300,000,000 shares authorized; issued 109,659,219 shares | 54,830 | 54,830 |
Additional contributed capital | 576,433 | 564,728 |
Retained earnings | 3,794,397 | 3,670,726 |
Accumulated other comprehensive earnings (losses) | (20,568) | (38,525) |
Treasury stock, at cost - 36,036,038 and 34,878,190 shares, respectively | (2,294,414) | (2,217,954) |
Total shareholders' equity | 2,110,678 | 2,033,805 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $3,405,765 | $3,515,417 |
3010 - Paranthetical Data to th
3010 - Paranthetical Data to the Condensed Consolidated Balance Sheets (USD $) | ||
In Thousands, except Share data | Jun. 30, 2009
| Dec. 31, 2008
|
CURRENT ASSETS | ||
Allowance for doubtful accounts receivable | $27,955 | $26,481 |
SHAREHOLDERS' EQUITY | ||
Cumulative Preferred Stock - $5 par value | 5 | 5 |
Cumulative Preferred Stock - 12,000,000 shares authorized | 12,000,000 | 12,000,000 |
Common Stock - $0.50 par value | 0.5 | 0.5 |
Common Stock - 300,000,000 shares authorized | 300,000,000 | 300,000,000 |
Common Stock - 109,659,219 shares issued | 109,659,219 | 109,659,219 |
Treasury stock, shares | 36,036,038 | 34,878,190 |
4000 - CONDENSED CONSOLIDATED S
4000 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | ||
In Thousands | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings (loss) | $188,844 | $227,417 |
Provision for losses on accounts receivable | 8,237 | 9,053 |
Deferred income taxes and tax uncertainties | (14,404) | (10,693) |
Depreciation and amortization | 68,505 | 64,895 |
Stock-based compensation | 24,841 | 27,478 |
Tax benefit of stock incentive plans | 685 | 1,097 |
Net gains on sales of property, buildings and equipment | 53 | (3,366) |
(Income) from unconsolidated entities - net | (783) | (2,080) |
Change in operating assets and liabilities - net of business acquisitions | ||
(Increase) decrease in accounts receivable | 6,618 | (82,929) |
(Increase) decrease in inventories | 120,528 | (22,107) |
(Increase) decrease in prepaid expenses and other assets | 24,004 | (12,591) |
Increase (decrease) in trade accounts payable | (41,776) | 27,761 |
Increase (decrease) in other current liabilities | (163,188) | (101,329) |
Increase (decrease) in current income taxes payable | 878 | (8,800) |
Increase (decrease) in accrued employment-related benefits cost | 11,730 | 6,781 |
Other - net | (2,162) | (1,865) |
Net cash provided by operating activities | 232,610 | 118,722 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property, buildings and equipment - net of dispositions | (46,796) | (97,613) |
Additions to capitalized software | (5,108) | (4,166) |
Net cash acquired (paid) for business acquisitions | 1,345 | (6,868) |
Other - net | 948 | 19,429 |
Net cash used in investing activities | (49,611) | (89,218) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in short-term debt | 0 | (95,947) |
Borrowings under line of credit | 2,996 | 7,442 |
Payments against line of credit | (816) | (111) |
Proceeds from issuance of long-term debt | 0 | 500,000 |
Stock options exercised | 21,476 | 31,891 |
Excess tax benefits from stock-based compensation | 5,412 | 9,369 |
Purchase of treasury stock | (127,696) | (270,950) |
Cash dividends paid | (65,174) | (59,351) |
Net cash (used in) provided by financing activities | (163,802) | 122,343 |
Exchange rate effect on cash and cash equivalents | 804 | (7,050) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 20,001 | 144,797 |
Cash and cash equivalents at beginning of year | 396,290 | 113,437 |
Cash and cash equivalents at end of period | $416,291 | $258,234 |
6000 - BACKGROUND AND BASIS OF
6000 - BACKGROUND AND BASIS OF PRESENTATION | |
6 Months Ended
Jun. 30, 2009 | |
Background and Basis of Presentation [Abstract] | |
1. BACKGROUND AND BASIS OF PRESENTATION | W.W. Grainger, Inc. distributes facilities maintenance products and provides services used by businesses and institutions primarily in the United States, Canada and Mexico to keep their facilities and equipment running.In this report, the words Company or Grainger mean W.W. Grainger, Inc. and its subsidiaries. The Condensed Consolidated Financial Statements of the Company and the related notes are unaudited and should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2008, included in the Companys Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC). The Condensed Consolidated Balance Sheet as of December 31, 2008, has been derived from the audited consolidated financial statements at that date, but does not include all of the disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. The unaudited financial information reflects all adjustments (primarily consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of the statements contained herein. The Company has evaluated subsequent events through July 31, 2009, the date the financial statements were issued. |
6010 - SUMMARY OF SIGNIFICANT A
6010 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
6 Months Ended
Jun. 30, 2009 | |
Summary of Significant Accounting Policies [Abstract] | |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NEW ACCOUNTING STANDARDS In April 2009, the Financial Accounting Standards Board (FASB) issued FASB Staff Position FAS 141(R)-1, Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arise from Contingencies (FSP 141(R)-1).FSP 141(R)-1 requires that assets acquired and liabilities assumed in a business combination that arise from contingencies be recognized at fair value if fair value can be reasonably estimated.If fair value of such an asset or liability cannot be reasonably estimated, the asset or liability would generally be recognized in accordance with FASB Statement No. 5, Accounting for Contingencies, and FASB Interpretation No. 14, Reasonable Estimation of the Amount of a Loss. This FSP is effective for assets or liabilities arising from contingencies in business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008.The Company does not expect the adoption of FSP 141(R)-1 to have a material effect on its results of operations or financial position. In April 2009, the FASB issued three Staff Positions intended to provide application guidance and revise the disclosures regarding fair value measurements and impairment of securities.A summary of each Staff Position is as follows: FSP 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly, addresses the determination of fair values when there is no active market or where the price inputs represent distressed sales.FSP 157-4 reaffirms the view in SFASNo.157 that the objective of fair value measurement is to reflect an assets sale price in an orderly transaction at the date of the financial statements. FSP 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments, enhances consistency in financial reporting by increasing the frequency of fair value disclosures to a quarterly basis for any financial instruments that are not currently reflected on the balance sheet at fair value. FSP 115-2, FAS 124-2, and EITF 99-20-2, Recognition and Presentation of Other-Than-Temporary Impairments, provides additional guidance designed to create greater consistency to the timing of impairment recognition and provide greater clarity about the credit and noncredit components of impaired debt securities that are not expected to be sold. The three Staff Positions are effective for interim and annual periods ending after June 15, 2009.The adoption of these FSPs did not have a material effect on the Companys results of operations or financial position. In May 2009, the FASB issued Statement of Financial Accounting Standards No. 165, Subsequent Events (SFAS No. 165) to provide authoritative accounting literature for subsequent events which was previously addressed only in auditing literature.SFAS No. 165 addresses events that occur after the balance sheet date but before the issuance of the financial statements.It distinguishes between subsequent events that should be recognized in the financial statements and those that should |
6020 - ACQUISITIONS
6020 - ACQUISITIONS | |
6 Months Ended
Jun. 30, 2009 | |
3. ACQUISITIONS | In June 2009, the Company acquired the remaining 50.1% of its joint venture in India, Asia Pacific Brands India Private Limited (Asia Pacific Brands), for $1.2 million.Asia Pacific Brands had revenue of approximately US$32 million for its fiscal year ended March 31, 2009.The Company originally paid $5.4 million for its ownership interest which was effective July 21, 2008.At the time of the original investment, the Company and its joint venture partner each made a $1.1 million capital infusion which was intended to help grow the business.In the fourth quarter of 2008, the Company wrote-off its investment in this joint venture due to the economic slowdown in India and the loss of a major supplier which accounted for approximately 25% of the joint ventures annual revenue.These conditions severely affected Asia Pacific Brands ability to secure additional financing to meet its current obligations and continue as a going concern.Up through the time that the investment was written-off, the Company used the equity method to account for this investment.Over the past six months Asia Pacific Brands business has improved.It has been able to streamline its operations, strengthen its management and enhance its supplier base.The results of Asia Pacific Brands are now included in the Companys consolidated results from the date of acquisition.Due to the immaterial nature of this transaction, disclosure of pro forma results were not considered necessary. |
6030 - INVESTMNET IN UNCONSOLID
6030 - INVESTMNET IN UNCONSOLIDATED ENTITIES | |
6 Months Ended
Jun. 30, 2009 | |
Investments in Unconsolidated Entities [Abstract] | |
4. INVESTMENTS IN UNCONSOLIDATED ENTITIES | On June 19, 2009, the Company announced that it plans to become a majority owner of MonotaRO, a direct marketer of maintenance, repair and operating supplies in Japan, in which the Company currently has a 38.3% ownership interest.MonotaRO held a shareholder meeting which authorized the repurchase of 1.83 million shares.In August, the Company plans to initiate a tender offer bid for 380,000 MonotaRO shares, allowing the Company to achieve a majority interest in MonotaRO.The Company expects to invest approximately $4.0 million through the tender offer bid process.The tender is anticipated to be completed in the third quarter.At the time majority ownership is obtained, the Company will recognize 100% of the fair value of acquired assets and assumed liabilities.It is anticipated that this transaction will result in consolidation of MonotaROs results and trigger realization of a one time gain which could be significant. |
6040 - DIVIDEND
6040 - DIVIDEND | |
6 Months Ended
Jun. 30, 2009 | |
Dividends [Abstract] | |
5. DIVIDEND | On July 29, 2009, the Companys Board of Directors declared a quarterly dividend of 46 cents per share, payable September 1, 2009, to shareholders of record on August 10, 2009. |
6050 - WARRANTY RESERVES
6050 - WARRANTY RESERVES | |
6 Months Ended
Jun. 30, 2009 | |
Warranty Reserves [Abstract] | |
6. WARRANTY RESERVES | The Company generally warrants the products it sells against defects for one year.For a significant portion of warranty claims, the manufacturer of the product is responsible for the expenses associated with this warranty program.For warranty expenses not covered by the manufacturer, the Company provides a reserve for future costs based on historical experience.The warranty reserve activity was as follows (in thousands of dollars): Six Months Ended June 30, 2009 2008 Beginning balance $ 3,218 $ 3,442 Returns (5,626 ) (5,997 ) Provision 5,550 6,064 Ending balance $ 3,142 $ 3,509 |
6060 - EMPLOYEE BENEFITS
6060 - EMPLOYEE BENEFITS | |
6 Months Ended
Jun. 30, 2009 | |
Employee Benefits [Abstract] | |
7. EMPLOYEE BENEFITS | Retirement Plans A majority of the Companys employees are covered by a noncontributory profit sharing plan.This plan provides for annual employer contributions based upon a formula related primarily to earnings before federal income taxes with a minimum contribution of 8% and a maximum contribution of 18% of total eligible compensation paid to all eligible employees. Postretirement Benefits The Company has a postretirement healthcare benefits plan that provides coverage for a majority of its employees and their dependents should they elect to maintain such coverage upon retirement. Covered employees become eligible for participation when they qualify for retirement while working for the Company.Participation in the plan is voluntary and requires participants to make contributions toward the cost of the plan, as determined by the Company. The net periodic benefit costs charged to operating expenses, which are valued at the measurement date of January 1 and recognized evenly throughout the year, consisted of the following components (in thousands of dollars): Three Months EndedJune 30, Six Months EndedJune 30, 2009 2008 2009 2008 Service cost $ 3,076 $ 2,425 $ 6,152 $ 4,850 Interest cost 2,682 2,372 5,365 4,745 Expected return on assets (851 ) (1,116 ) (1,701 ) (2,232 ) Amortization of transition asset (35 ) (36 ) (71 ) (72 ) Amortization of unrecognized losses 1,033 328 2,067 656 Amortization of prior service credits (318 ) (304 ) (607 ) (608 ) Net periodic benefit costs $ 5,587 $ 3,669 $ 11,205 $ 7,339 The Company has established a Group Benefit Trust to fund the plan and process benefit payments.The funding of the trust is an estimated amount, which is intended to allow the maximum deductible contribution under the Internal Revenue Code of 1986 (IRC), as amended.There are no minimum funding requirements and the Company intends to follow its practice of funding the maximum deductible contribution under the IRC.During the three and six months ended June 30, 2009, the Company contributed $1.0 million and $1.8 million, respectively, to the trust. |
6070 - SEGMENT INFORMATION
6070 - SEGMENT INFORMATION | |
6 Months Ended
Jun. 30, 2009 | |
Segment Information [Abstract] | |
8. SEGMENT INFORMATION | Effective January 1, 2009 the Company revised its segment disclosure.The Company has two reportable segments:the United States and Canada.In the first quarter of 2009, the Company integrated the Lab Safety Supply business into the Grainger Industrial Supply business and results are now reported under the United States segment.The Canada segment reflects the results for Acklands Grainger, Inc., the Companys Canadian branch-based distribution business.Other Businesses include the following:Grainger, S.A. de C.V. (Mexico), Asia Pacific Brands India Private Limited (India), Grainger Caribe Inc. (Puerto Rico), Grainger China LLC (China) and Grainger Panama S.A. (Panama).These businesses generate revenue through the distribution of facilities maintenance products.Prior year segment amounts have been restated in a consistent manner.Following is a summary of segment results (in thousands of dollars): Three Months Ended June 30, 2009 United States Canada Other Businesses Total Total net sales $ 1,353,795 $ 160,724 $ 27,901 $ 1,542,420 Intersegment net sales (8,957 ) (81 ) (119 ) (9,157 ) Net sales to external customers $ 1,344,838 $ 160,643 $ 27,782 $ 1,533,263 Segment operating earnings (losses) $ 176,533 $ 9,740 $ (3,284 ) $ 182,989 Three Months Ended June 30, 2008 United States Canada Other Businesses Total Total net sales $ 1,542,921 $ 197,867 $ 30,527 $ 1,771,315 Intersegment net sales (14,285 ) (174 ) (14,459 ) Net sales to external customers $ 1,528,636 $ 197,867 $ 30,353 $ 1,756,856 Segment operating earnings (losses) $ 209,721 $ 16,013 $ (1,927 ) $ 223,807 Six Months Ended June 30, 2009 United States Canada Other Businesses Total Total net sales $ 2,662,532 $ 304,519 $ 50,433 $ 3,017,484 Intersegment net sales (18,650 ) (93 ) (230 ) (18,973 ) Net sales to external customers $ 2,643,882 $ 304,426 $ 50,203 $ 2,998,511 Segment operating earnings (losses) $ 349,718 $ 15,694 $ (6,218 ) $ 359,194 Six Months Ended June 30, 2008 United States Canada Other Businesses Total Total net sales $ 3,012,276 $ 375,170 $ 55,072 $ 3,442,518 Intersegment net sales (24,388 ) (228 ) (24,616 ) Net sales to external customers $ 2,987,888 $ 375,170 $ 54,844 $ 3,417,902 Segment operating earnings (losses) $ 404,854 $ 27,688 $ (6,151 ) $ 426,391 United States Canada Other Businesses Total Segment assets: June 30, 2009 $ 2,173,493 $ 464,849 $ 147,237 $ 2,785,579 December 31, 2008 $ 2,310,484 $ 448,660 $ 133,111 $ 2,892,255 Following are reconciliations of segment information with the consolidated totals per the financial statements (in thousands of dollars): Three Months Ended Ju |
6080 - EARNINGS PER SHARE
6080 - EARNINGS PER SHARE | |
6 Months Ended
Jun. 30, 2009 | |
9. EARNINGS PER SHARE | In June 2008, the FASB issued Staff Position EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities (FSP 03-6-1).FSP 03-6-1 states that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method.Upon adoption, a company is required to retrospectively adjust its earnings per share data presentation to conform with the FSP 03-6-1 provisions.FSP 03-6-1 is effective for fiscal years beginning after December 15, 2008. On January 1, 2009, the Company adopted FSP 03-6-1.The Companys unvested share-based payment awards, such as certain Performance Shares, Restricted Stock and Restricted Stock Units that contain nonforfeitable rights to dividends meet the criteria of a participating security as defined by FSP 03-6-1.The adoption of FSP 03-6-1 has changed the methodology of computing the Companys earnings per share to the two-class method from the treasury stock method.As a result, the Company has restated previously reported earnings per share.This change has not affected previously reported consolidated net earnings or net cash flows from operations.Under the two-class method, earnings are allocated between common stock and participating securities.FSP 03-6-1 provides guidance that the presentation of basic and diluted earnings per share is required only for each class of common stock and not for participating securities.As such, the Company will present basic and diluted earnings per share for its one class of common stock. The two-class method includes an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and undistributed earnings for the period.The Companys reported net earnings is reduced by the amount allocated to participating securities to arrive at the earnings allocated to common stock shareholders for purposes of calculating earnings per share. The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock or the two-class method.The Company has determined the two-class method to be the more dilutive.As such, the earnings allocated to common stock shareholders in the basic earnings per share calculation is adjusted for the reallocation of undistributed earnings to participating securities as prescribed by FSP 03-6-1 to arrive at the earnings allocated to common stock shareholders for calculating the diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share under the two-class method as prescribed by FSP 03-6-1 (in thousands of dollars, except for share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2009 2008 2009 2008 Net earnings as reported $ 92,466 $ 113,179 $ 188,844 $ 227,417 Less: Distributed earnings available to participating securities (750 ) (673 ) (1,440 ) (1,18 |
6090 - CONTINGENCIES AND LEGAL
6090 - CONTINGENCIES AND LEGAL MATTERSS | |
6 Months Ended
Jun. 30, 2009 | |
Contingencies and Legal Matters [Abstract] | |
10. CONTINGENCIES AND LEGAL MATTERS | As previously reported, in December 2007, the Company received a letter from the Commercial Litigation Branch of the Civil Division of the Department of Justice (the DOJ) regarding the Companys contract with the United States General Services Administration (the GSA).The letter suggested that the Company had not complied with its disclosure obligations and the contracts pricing provisions, and had potentially overcharged government customers under the contract. Discussions relating to the Companys compliance with its disclosure obligations and the contracts pricing provisions are ongoing.The timing and outcome of these discussions are uncertain and could include settlement or civil litigation by the DOJ to recover, among other amounts, treble damages and penalties under the False Claims Act.While this matter is not expected to have a material adverse effect on the Companys financial position, an unfavorable resolution could result in significant payments by the Company.The Company continues to believe that it has complied with the GSA contract in all material respects. |
Document Information
Document Information | |
6 Months Ended
Jun. 30, 2009 | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Amendment Description | none |
Document Period End Date | 2009-06-30 |
Entity Information
Entity Information (USD $) | |
6 Months Ended
Jun. 30, 2009 | |
Entity Information [Line Items] | |
Entity Registrant Name | W.W. Grainger, Inc. |
Entity Central Index Key | 0000277135 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Public Float | $5,681,567,963 |
Entity Common Stock, Shares Outstanding | 73,623,181 |