Global Industrial (GIC) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-13792
Entity Registrant Name	Global Industrial Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3262067
Entity Address, Address Line One	11 Harbor Park Drive
Entity Address, City or Town	Port Washington
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11050
City Area Code	516
Local Phone Number	608-7000
Title of 12(b) Security	Common Stock ($.01 par value)
Trading Symbol	GIC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,957,390
Entity Central Index Key	0000945114
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 20	$ 15.4
Accounts receivable, net	127.3	106.8
Inventories	189.4	172.8
Prepaid expenses and other current assets	9.6	6.4
Total current assets	346.3	301.4
Property, plant and equipment, net	18.5	16.5
Operating lease right-of-use assets	90.6	68.8
Deferred income taxes	10.6	10.3
Goodwill, intangibles and other assets	8.4	8
Total assets	474.4	405
Current liabilities:
Accounts payable	113.2	114.4
Accrued expenses and other current liabilities	45.1	50.5
Short-term debt	10	4.5
Operating lease liabilities	11.8	10.5
Total current liabilities	180.1	179.9
Operating lease liabilities	89.7	68.5
Other liabilities	2.6	3
Total liabilities	272.4	251.4
Commitments and contingencies
Shareholders’ equity:
Preferred stock	0	0
Common stock	0.4	0.4
Additional paid-in capital	200.1	195.8
Treasury stock	(19.6)	(20.4)
Retained earnings (deficit)	18.9	(25.5)
Accumulated other comprehensive income	2.2	3.3
Total shareholders’ equity	202	153.6
Total liabilities and shareholders’ equity	$ 474.4	$ 405

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 298.5	$ 277.4	$ 905.6	$ 801.1
Cost of sales	191.9	175.4	578.2	523.8
Gross profit	106.6	102	327.4	277.3
Selling, distribution & administrative expenses	79.1	71.4	239.9	215.4
Operating income from continuing operations	27.5	30.6	87.5	61.9
Interest and other expense, net	0.6	0.2	1.3	0.4
Income from continuing operations before income taxes	26.9	30.4	86.2	61.5
Provision for income taxes	6.6	7.2	21.5	11.7
Net income from continuing operations	20.3	23.2	64.7	49.8
Net (loss) income from discontinued operations, net of tax	(0.1)	(0.1)	0.3	10.5
Net income	$ 20.2	$ 23.1	$ 65	$ 60.3
Net income per common share from continuing operations:
Basic (in dollars per share)	$ 0.53	$ 0.61	$ 1.70	$ 1.31
Diluted (in dollars per share)	0.53	0.61	1.69	1.31
Net (loss) income per common share from discontinued operations:
Basic (in dollars per share)	0	0	0.01	0.28
Diluted (in dollars per share)	0	0	0.01	0.28
Net income per common share:
Net income per share - Basic (in dollars per share)	0.53	0.61	1.71	1.59
Net income per share - Diluted (in dollars per share)	$ 0.53	$ 0.61	$ 1.70	$ 1.59
Weighted average common and common equivalent shares:
Basic (in shares)	38	37.8	38	37.7
Diluted (in shares)	38.1	38	38.1	37.9
Dividends declared (in dollars per share)	$ 0.18	$ 0.16	$ 0.54	$ 0.48

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 20.2	$ 23.1	$ 65	$ 60.3
Other comprehensive income:
Foreign currency translation	(0.8)	(0.2)	(1.1)	0
Total comprehensive income	$ 19.4	$ 22.9	$ 63.9	$ 60.3

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income from continuing operations	$ 20.3	$ 23.2	$ 64.7	$ 49.8
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization			2.8	2.8
Provision for credit losses			1.8	1.8
Stock-based compensation			3.4	2
Benefit from deferred taxes			(0.6)	(2.4)
Changes in operating assets and liabilities:
Accounts receivable			(23.1)	(19.1)
Inventories			(17.1)	(9.1)
Prepaid expenses and other assets			(2.1)	(0.2)
Income taxes payable			(6.5)	2.3
Accounts payable			(0.6)	11.3
Accrued expenses, other current liabilities and other liabilities			0.8	0.1
Net cash provided by operating activities from continuing operations			23.5	39.3
Net cash (used in) provided by operating activities from discontinued operations			(0.1)	11.6
Net cash provided by operating activities			23.4	50.9
Cash flows from investing activities:
Purchases of property, plant and equipment			(4.9)	(3.4)
Net cash used in investing activities			(4.9)	(3.4)
Cash flows from financing activities:
Proceeds from short-term borrowings			114.5	19.6
Repayment of short-term borrowings			(109)	(19.6)
Dividends paid			(20.8)	(18.6)
Proceeds from issuance of common stock			0.7	3.8
Payment of payroll taxes on stock-based compensation through shares withheld			(0.4)	(2.5)
Proceeds from the issuance of common stock from employee stock purchase plan			1.4	1.1
Net cash used in financing activities			(13.6)	(16.2)
Effects of exchange rates on cash			(0.3)	(0.1)
Net increase in cash			4.6	31.2
Cash, cash equivalents and restricted cash – beginning of period			15.4	24	$ 24
Cash, cash equivalents and restricted cash – end of period	20	55.2	20	55.2	15.4
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	20	54.1	20	54.1	15.4
Restricted cash	0	1.1	0	1.1
Cash, cash equivalents and restricted cash	$ 20	$ 55.2	20	55.2	15.4
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			$ 32.9	$ 2.6	$ 2.6

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained (Deficit) Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		37,552
Beginning balance at Dec. 31, 2020	$ 106.8	$ 0.4	$ 193.5	$ (24)	$ (66.5)	$ 3.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	0.4		0.4
Issuance of restricted stock (in shares)		65
Issuance of restricted stock	0		(1.1)	1.1
Stock withheld for employee taxes (in shares)		(47)
Stock withheld for employee taxes	(1.9)			(1.9)
Proceeds from issuance of common stock (in shares)		119
Proceeds from issuance of common stock	2.3		(0.2)	2.5
Issuance of shares under employee stock purchase plan (in shares)		29
Issuance of shares under employee stock purchase plan	0.5		0.5
Dividends	(6)				(6)
Change in cumulative translation adjustment	0.1					0.1
Net income	15.2				15.2
Ending balance (in shares) at Mar. 31, 2021		37,718
Ending balance at Mar. 31, 2021	117.4	$ 0.4	193.1	(22.3)	(57.3)	3.5
Beginning balance (in shares) at Dec. 31, 2020		37,552
Beginning balance at Dec. 31, 2020	106.8	$ 0.4	193.5	(24)	(66.5)	3.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in cumulative translation adjustment	0
Net income	60.3
Ending balance (in shares) at Sep. 30, 2021		37,814
Ending balance at Sep. 30, 2021	153.3	$ 0.4	195	(21.1)	(24.4)	3.4
Beginning balance (in shares) at Mar. 31, 2021		37,718
Beginning balance at Mar. 31, 2021	117.4	$ 0.4	193.1	(22.3)	(57.3)	3.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1		1
Issuance of restricted stock (in shares)		8
Issuance of restricted stock	0		(0.1)	0.1
Stock withheld for employee taxes (in shares)		(4)
Stock withheld for employee taxes	(0.1)			(0.1)
Proceeds from issuance of common stock (in shares)		15
Proceeds from issuance of common stock	0.2		(0.2)	0.4
Dividends	(6.1)				(6.1)
Change in cumulative translation adjustment	0.1					0.1
Net income	22				22
Ending balance (in shares) at Jun. 30, 2021		37,737
Ending balance at Jun. 30, 2021	134.5	$ 0.4	193.8	(21.9)	(41.4)	3.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	0.6		0.6
Issuance of restricted stock (in shares)		3
Issuance of restricted stock	0
Stock withheld for employee taxes (in shares)		(13)
Stock withheld for employee taxes	(0.5)			(0.5)
Proceeds from issuance of common stock (in shares)		61
Proceeds from issuance of common stock	1.3			1.3
Issuance of shares under employee stock purchase plan (in shares)		26
Issuance of shares under employee stock purchase plan	0.6		0.6
Dividends	(6.1)				(6.1)
Change in cumulative translation adjustment	(0.2)					(0.2)
Net income	23.1				23.1
Ending balance (in shares) at Sep. 30, 2021		37,814
Ending balance at Sep. 30, 2021	153.3	$ 0.4	195	(21.1)	(24.4)	3.4
Beginning balance (in shares) at Dec. 31, 2021		37,854
Beginning balance at Dec. 31, 2021	153.6	$ 0.4	195.8	(20.4)	(25.5)	3.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1		1
Issuance of restricted stock (in shares)		22
Issuance of restricted stock	0		(0.4)	0.4
Stock withheld for employee taxes (in shares)		(11)
Stock withheld for employee taxes	(0.4)			(0.4)
Proceeds from issuance of common stock (in shares)		29
Proceeds from issuance of common stock	0.7		0.1	0.6
Issuance of shares under employee stock purchase plan (in shares)		23
Issuance of shares under employee stock purchase plan	0.6		0.6
Dividends	(6.8)				(6.8)
Change in cumulative translation adjustment	0.1					0.1
Net income	22				22
Ending balance (in shares) at Mar. 31, 2022		37,917
Ending balance at Mar. 31, 2022	170.8	$ 0.4	197.1	(19.8)	(10.3)	3.4
Beginning balance (in shares) at Dec. 31, 2021		37,854
Beginning balance at Dec. 31, 2021	153.6	$ 0.4	195.8	(20.4)	(25.5)	3.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in cumulative translation adjustment	(1.1)
Net income	65
Ending balance (in shares) at Sep. 30, 2022		37,958
Ending balance at Sep. 30, 2022	202	$ 0.4	200.1	(19.6)	18.9	2.2
Beginning balance (in shares) at Mar. 31, 2022		37,917
Beginning balance at Mar. 31, 2022	170.8	$ 0.4	197.1	(19.8)	(10.3)	3.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1.4		1.4
Issuance of restricted stock (in shares)		10
Issuance of restricted stock	0		(0.2)	0.2
Proceeds from issuance of common stock (in shares)		1
Proceeds from issuance of common stock	0		0	0
Dividends	(6.9)				(6.9)
Change in cumulative translation adjustment	(0.4)					(0.4)
Net income	22.8				22.8
Ending balance (in shares) at Jun. 30, 2022		37,928
Ending balance at Jun. 30, 2022	187.7	$ 0.4	198.3	(19.6)	5.6	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1		1
Issuance of shares under employee stock purchase plan (in shares)		30
Issuance of shares under employee stock purchase plan	0.8		0.8
Dividends	(6.9)				(6.9)
Change in cumulative translation adjustment	(0.8)					(0.8)
Net income	20.2				20.2
Ending balance (in shares) at Sep. 30, 2022		37,958
Ending balance at Sep. 30, 2022	$ 202	$ 0.4	$ 200.1	$ (19.6)	$ 18.9	$ 2.2

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Global Industrial Company, collectively with its subsidiaries (the "Company") are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America are not required in these interim financial statements and have been condensed or omitted. All significant intercompany accounts and transactions have been eliminated in consolidation. Global Industrial Company, through its operating subsidiaries, is a value-added industrial distributor of more than a million industrial and maintenance, repair and operation ("MRO") products in North America going to market through a system of branded e-commerce websites and relationship marketers. Global Industrial Company operates and is internally managed in one reportable business segment. The Company sells a wide array of industrial and MRO products, markets the Company has served since 1949. Because of the large number of products and product categories the Company offers, providing information on the amount of revenue derived from transactions with external customers for each product or groupings of product is impractical. The Company’s discontinued operations consist of its former North American Technology Group business, which was sold in December 2015 and has been winding down its operations since then. For the three and nine month periods ended September 30, 2022, discontinued operations incurred a net loss of $0.1 million and net income of $0.3 million, respectively (see Note 4, Discontinued Operations). For the three and nine month periods ended September 30, 2021, discontinued operations incurred a net loss of $0.1 million and net income of $10.5 million, respectively. In the opinion of management, the accompanying condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of September 30, 2022 and the results of operations for the three and nine month periods ended September 30, 2022 and 2021, statements of comprehensive income for the three and nine month periods ended September 30, 2022 and 2021, cash flows for the nine month periods ended September 30, 2022 and 2021 and changes in shareholders’ equity for the three and nine month periods ended September 30, 2022 and 2021. The December 31, 2021 Condensed Consolidated Balance Sheet has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2021 and for the year then ended included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The results for the nine month period ended September 30, 2022 are not necessarily indicative of the results for the entire year. Global Industrial Company manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation herein, fiscal years and quarters are referred to as if they ended on the traditional calendar month. The actual fiscal third quarters ended on October 1, 2022 and October 2, 2021, respectively. The third quarters of both 2022 and 2021 included 13 weeks and the first nine months of both 2022 and 2021 included 39 weeks. Recent Accounting Pronouncements Public companies in the United States are subject to the accounting and reporting requirements of various authorities, including the Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”). These authorities issue numerous pronouncements, most of which are not applicable to the Company’s current or reasonably foreseeable operating structure. There were no accounting pronouncements issued in the quarter or with future effective dates that are either applicable or are expected to have a material impact on the Company's Condensed Consolidated Financial Statements.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenues The Company believes its presentation of revenue by geography most reasonably depicts how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic and industry factors, including fluctuations in exchange rates between the U.S. and Canada. The following table presents the Company's revenue from continuing operations by geography for the three and nine months ended September 30, 2022 and 2021, respectively (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net sales: United States $ 282.0 $ 260.9 $ 849.0 $ 748.0 Canada 16.5 16.5 56.6 53.1 Consolidated $ 298.5 $ 277.4 $ 905.6 $ 801.1

Credit Losses

Credit Losses	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Credit Losses	Credit Losses The Company’s trade accounts receivable is one portfolio comprising of commercial businesses as well as public sector organizations operating in the U.S. and, to a lesser extent, Canada. The Company develops its allowances for credit losses, which represent an estimate of expected losses over the remaining contractual life of its receivables, considering customer financial condition, historical loss experience with its customers, current market economic conditions and forecasts of future economic conditions when appropriate. When the Company becomes aware of a customer's inability to meet its financial obligation, a specific reserve is recorded to reduce the receivable to the expected amount to be collected. For the balance of its trade receivables, the Company uses a loss rate method to estimate its credit loss reserve. Historical loss experience rates are calculated using receivable write-offs over a trailing twelve-month period and comparing that to the average receivable balances over the same period. That rate is applied to the current accounts receivable portfolio, excluding accounts that have been specifically reserved. Any write-offs incurred are recorded against the established reserves. The Company grants credit to commercial business customers using an electronic application process that evaluates the customer's detailed credit report, reference responses, availability under credit facilities, existing liens, tenure of management and business history, among other factors. Credit terms are typically net 30 days payment required with larger businesses eligible for up to net 90 day terms, if qualified. The following is a rollforward of the allowances for credit losses related to trade accounts receivable for September 30, 2022 (in millions): September 30, 2022 Balance at beginning of period $ 2.5 Current period provision 1.8 Write-offs - trade accounts receivable (1.4) Balance at end of period $ 2.9 The following is a rollforward of the allowances for credit losses related to trade receivables for the year ended December 31, 2021 (in millions): December 31, 2021 Balance at beginning of period $ 1.7 Current period provision 2.8 Write-offs - trade accounts receivable (2.0) Balance at end of period $ 2.5

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations In the third quarter ended September 30, 2022, the Company's discontinued operations recorded net loss of approximately $0.1 million. For the nine months ended September 30, 2022, the Company's discontinued operations recorded net income of approximately $0.3 million primarily related to the resolution of certain liabilities. The Company expects that total additional exit charges related to discontinued operations after this quarter may aggregate up to $0.5 million. In the third quarter ended September 30, 2021, the Company's discontinued operations recorded a net loss of approximately $0.1 million primarily related to professional fees, facility costs and tax benefits. For the nine months ended September 30, 2021, the Company's discontinued operations recorded net income of $10.5 million, primarily related to approximately $15.0 million in restitution receipts, approximately $2.4 million in benefit related to resolution of payable accounts offset by approximately $3.6 million of professional fees and facility costs. Discontinued operations also recorded approximately $3.3 million for the provision for income taxes.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases The Company has operating and finance leases for office and warehouse facilities, headquarters, call centers, machinery and certain computer and communications equipment which provide the right to use the underlying assets in exchange for agreed upon lease payments, determined by the payment schedule contained in each lease. The Company’s lease portfolio consists primarily of operating leases which expire at various dates through 2032. In the second quarter of 2022, the Company recorded a Right of Use ("ROU") asset and related lease liability of $32.9 million related to a new distribution facility in Canada consisting of approximately 334,000 square feet. This lease has a 10 year term unless terminated earlier as provided in the lease. The Company has sublet approximately 127,000 square feet of this facility. The sublease is for a five year term, unless terminated earlier as provided in the agreement. The Company's operating lease costs, included in continuing operations, was $4.3 million and $3.6 million for the three months ended September 30, 2022 and 2021, respectively, and $11.2 million and $10.5 million for the nine months ended September 30, 2022 and 2021, respectively. The Company recorded sublease income related to the Canadian facility sublease of approximately $0.4 million for the quarter and nine months ended September 30, 2022. Information relating to operating leases for continuing and discontinued operations updated for the Canadian lease as of September 30, 2022 and December 31, 2021 : Nine Months Ended September 30, Year Ended December 31, 2022 2021 Weighted Average Remaining Lease Term Operating leases 8.3 years 8.1 years Weighted Average Discount Rate Operating leases 5.3 % 5.2 % ROU assets obtained in exchange for operating lease obligations (in millions) $ 32.9 $ 2.6 Maturities of lease liabilities were as follows (in millions): Year Ending December 31 Operating Leases 2022 (adjusted for nine months of payments) $ 4.1 2023 17.3 2024 16.3 2025 15.3 2026 13.5 2027 11.3 Thereafter 51.4 Total lease payments 129.2 Less: interest (27.7) Total present value of lease liabilities $ 101.5

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share Net income (loss) per common share - basic was calculated based upon the weighted average number of common shares outstanding during the respective periods presented using the two-class method of computing earnings per share. The two-class method was used as the Company has outstanding restricted stock with rights to dividend participation for unvested shares. Undistributed net income is allocated between common shares outstanding and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Undistributed net losses are not allocated to our participating securities as these participating securities do not have a contractual obligation to share in losses. Net income (loss) per common share - diluted was calculated based upon the weighted average number of common shares outstanding and included the equivalent shares for dilutive options outstanding during the respective periods, including unvested options. The dilutive effect of outstanding options and restricted stock issued by the Company is reflected in net income per share - diluted using the treasury stock method. Under the treasury stock method, options will only have a dilutive effect when the average market price of common stock during the period exceeds the exercise price of the options. The following table presents the computation of basic and diluted net income (loss) per share under the two-class method for the three and nine months ended September 30, 2022 and 2021 (in millions, except for per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income from continuing operations $ 20.3 $ 23.2 64.7 49.8 Less: Distributed net income available to participating securities 0.0 0.0 (0.1) (0.1) Less: Undistributed net income available to participating securities (0.1) (0.1) (0.2) (0.1) Numerator for basic net income per share: Undistributed and distributed net income available to common shareholders $ 20.2 $ 23.1 $ 64.4 $ 49.6 Add: Undistributed net income allocated to participating securities 0.1 0.1 0.2 0.1 Less: Undistributed net income reallocated to participating securities (0.1) (0.1) (0.2) (0.1) Numerator for diluted net income per share: Undistributed and distributed net income available to common shareholders $ 20.2 $ 23.1 64.4 49.6 Denominator: Weighted average shares outstanding for basic net income per share 38.0 37.8 38.0 37.7 Effect of dilutive securities 0.1 0.2 0.1 0.2 Weighted average shares outstanding for diluted net income per share 38.1 38.0 38.1 37.9 Net income per share from continuing operations: Basic $ 0.53 $ 0.61 $ 1.70 $ 1.31 Diluted $ 0.53 $ 0.61 $ 1.69 $ 1.31 Net (loss) income from discontinued operations $ (0.1) $ (0.1) $ 0.3 $ 10.5 Less: Undistributed net income available to participating securities 0.0 0.0 0.0 (0.1) Numerator for basic net (loss) income per share: Undistributed and distributed net (loss) income available to common shareholders $ (0.1) $ (0.1) $ 0.3 $ 10.4 Add: Undistributed net income allocated to participating securities 0.0 0.0 0.0 0.1 Less: Undistributed net income reallocated to participating securities 0.0 0.0 0.0 (0.1) Numerator for diluted net (loss) income per share: Undistributed and distributed net (loss) income available to common shareholders $ (0.1) $ (0.1) $ 0.3 $ 10.4 Net (loss) income per share from discontinued operations: Basic $ 0.00 $ 0.00 $ 0.01 $ 0.28 Diluted $ 0.00 $ 0.00 $ 0.01 $ 0.28 Net income per share: Basic $ 0.53 $ 0.61 $ 1.71 $ 1.59 Diluted $ 0.53 $ 0.61 $ 1.70 $ 1.59 Potentially dilutive securities 0.1 0.1 0.1 0.1

Credit Facilities and Short-ter

Credit Facilities and Short-term Debt	9 Months Ended
	Sep. 30, 2022
Line of Credit Facility [Abstract]
Credit Facilities and Short-term Debt	Credit Facilities and Short-term DebtThe Company maintains a $75.0 million secured revolving credit facility with one financial institution. This facility has a five-year term, maturing on October 19, 2026 and provides for borrowings in the United States. The credit agreement contains certain operating, financial and other covenants, including limits on annual levels of capital expenditures, availability tests related to payments of dividends and stock repurchases and fixed charge coverage tests related to acquisitions.  The revolving credit agreement requires that a minimum level of availability be maintained. If such availability is not maintained, the Company will be required to maintain a fixed charge coverage ratio (as defined). The borrowings under the agreement are subject to borrowing base limitations of up to 85% of eligible accounts receivable and the inventory advance rate computed as the lesser of 60% or 85% of the net orderly liquidation value (“NOLV”). Borrowings are secured by substantially all of the Borrower’s assets, as defined, including all accounts, accounts receivable, inventory and certain other assets, subject to limited exceptions, including the exclusion of certain foreign assets from the collateral. The interest rate under the amended and restated facility is computed at applicable market rates based on the Secured Overnight Financing Rate (“SOFR”), the Federal Reserve Bank of New York (“NYFRB”) or the Prime Rate, plus an applicable margin. The applicable margin varies based on borrowing base availability. As of September 30, 2022, eligible collateral under the credit agreement was $75.0 million, total availability was $72.3 million, total outstanding letters of credit was $1.5 million, total outstanding borrowings was $10.0 million and total excess availability was $60.8 million. The Company was in compliance with all of the covenants of the credit agreement as of September 30, 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value standards establish the fair value hierarchy to prioritize the inputs used in valuation techniques. There are three levels to the fair value hierarchy (Level 1 is the highest priority and Level 3 is the lowest priority): Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3 - Unobservable inputs which are supported by little or no market activity. Financial instruments consist primarily of investments in cash, trade accounts receivable, outstanding debt and accounts payable. The Company determines the fair value of financial instruments based on interest rates available to the Company. At September 30, 2022 and December 31, 2021, the carrying amounts of cash, accounts receivable, outstanding debt and accounts payable are considered to be representative of their respective fair values due to their short-term nature. Cash is classified as Level 1 within the fair value hierarchy. The fair value with respect to goodwill, definite and indefinite-lived intangible assets are measured in connection with the Company’s annual impairment testing. The Company operates in one reporting unit and in the fourth quarter of each year performs a quantitative assessment of its goodwill by comparing the Company's fair market value, or market capitalization, to the carrying value of the Company, including goodwill, to determine if impairment exists. Any excess of the carrying amount over fair value would be charged to impairment expense. Long-lived assets are assets used in the Company’s operations and include leasehold improvements, warehouse and similar property used to generate sales and cash flows. If indicators of impairment are identified, long-lived assets are tested for impairment utilizing a recoverability test. The recoverability test compares the carrying value of an asset group to the undiscounted cash flows directly attributable to the asset group over the life of the primary asset. If the undiscounted cash flows of an asset group is less than the carrying value of the asset group, the fair value of the asset group is then measured. If the fair value is also determined to be less than the carrying value of the asset group, the asset group is impaired.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings The Company and its subsidiaries are from time to time involved in various lawsuits, claims, investigations and proceedings which may include commercial, employment, tax, customs and trade, customer, vendor, personal injury, creditors rights and health and safety law matters, which are handled and defended in the ordinary course of business. In addition, the Company is from time to time subjected to various assertions, claims, proceedings and requests for damages and/or indemnification concerning sales channel practices and intellectual property matters, including patent infringement suits involving technologies that are incorporated in a broad spectrum of products the Company sells or that are incorporated in the Company’s e-commerce sales channels, as well as trademark/copyright infringement claims. The Company is also audited by (or has initiated voluntary disclosure agreements with) various U.S. federal and state authorities, as well as Canadian authorities, concerning potential income tax and/or sales tax. These matters are in various stages of investigation, negotiation and/or litigation. Although the Company does not expect, based on currently available information, that the outcome in any of these matters, individually or collectively, will have a material adverse effect on its financial position or results of operations, the ultimate outcome is inherently unpredictable. Therefore, judgments could be rendered or settlements entered, that could adversely affect the Company’s operating results or cash flows in a particular period. The Company regularly assesses all of its material litigation and threatened litigation as to the probability of ultimately incurring a liability and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable and estimable. In this regard, the Company establishes accrual estimates for its various lawsuits, claims, investigations and proceedings when it is probable that an asset has been impaired or a liability incurred at the date of the financial statements and the loss can be reasonably estimated. At September 30, 2022 the Company has established accruals for certain of its various lawsuits, claims, investigations and proceedings based upon estimates of the most likely outcome in a range of loss or the minimum amounts in a range of loss if no amount within a range is a more likely estimate. The Company does not believe that at September 30, 2022 any reasonably possible losses in excess of the amounts accrued would be material to the financial statements.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The accompanying condensed consolidated financial statements of Global Industrial Company, collectively with its subsidiaries (the "Company") are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America are not required in these interim financial statements and have been condensed or omitted.  All significant intercompany accounts and transactions have been eliminated in consolidation.
Discontinued Operations	The Company’s discontinued operations consist of its former North American Technology Group business, which was sold in December 2015 and has been winding down its operations since then. For the three and nine month periods ended September 30, 2022, discontinued operations incurred a net loss of $0.1 million and net income of $0.3 million, respectively (see Note 4, Discontinued Operations). For the three and nine month periods ended September 30, 2021, discontinued operations incurred a net loss of $0.1 million and net income of $10.5 million, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Public companies in the United States are subject to the accounting and reporting requirements of various authorities, including the Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”). These authorities issue numerous pronouncements, most of which are not applicable to the Company’s current or reasonably foreseeable operating structure. There were no accounting pronouncements issued in the quarter or with future effective dates that are either applicable or are expected to have a material impact on the Company's Condensed Consolidated Financial Statements.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company's revenue from continuing operations by geography for the three and nine months ended September 30, 2022 and 2021, respectively (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net sales: United States $ 282.0 $ 260.9 $ 849.0 $ 748.0 Canada 16.5 16.5 56.6 53.1 Consolidated $ 298.5 $ 277.4 $ 905.6 $ 801.1

Credit Losses (Tables)

Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Allowance for Credit Losses on Trade Accounts Receivable	The following is a rollforward of the allowances for credit losses related to trade accounts receivable for September 30, 2022 (in millions): September 30, 2022 Balance at beginning of period $ 2.5 Current period provision 1.8 Write-offs - trade accounts receivable (1.4) Balance at end of period $ 2.9 The following is a rollforward of the allowances for credit losses related to trade receivables for the year ended December 31, 2021 (in millions): December 31, 2021 Balance at beginning of period $ 1.7 Current period provision 2.8 Write-offs - trade accounts receivable (2.0) Balance at end of period $ 2.5

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Summary of ROU Remaining Lease Term and Discount Rate	Information relating to operating leases for continuing and discontinued operations updated for the Canadian lease as of September 30, 2022 and December 31, 2021 : Nine Months Ended September 30, Year Ended December 31, 2022 2021 Weighted Average Remaining Lease Term Operating leases 8.3 years 8.1 years Weighted Average Discount Rate Operating leases 5.3 % 5.2 % ROU assets obtained in exchange for operating lease obligations (in millions) $ 32.9 $ 2.6
Maturities of Lease Liabilities	Maturities of lease liabilities were as follows (in millions): Year Ending December 31 Operating Leases 2022 (adjusted for nine months of payments) $ 4.1 2023 17.3 2024 16.3 2025 15.3 2026 13.5 2027 11.3 Thereafter 51.4 Total lease payments 129.2 Less: interest (27.7) Total present value of lease liabilities $ 101.5

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the computation of basic and diluted net income (loss) per share under the two-class method for the three and nine months ended September 30, 2022 and 2021 (in millions, except for per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income from continuing operations $ 20.3 $ 23.2 64.7 49.8 Less: Distributed net income available to participating securities 0.0 0.0 (0.1) (0.1) Less: Undistributed net income available to participating securities (0.1) (0.1) (0.2) (0.1) Numerator for basic net income per share: Undistributed and distributed net income available to common shareholders $ 20.2 $ 23.1 $ 64.4 $ 49.6 Add: Undistributed net income allocated to participating securities 0.1 0.1 0.2 0.1 Less: Undistributed net income reallocated to participating securities (0.1) (0.1) (0.2) (0.1) Numerator for diluted net income per share: Undistributed and distributed net income available to common shareholders $ 20.2 $ 23.1 64.4 49.6 Denominator: Weighted average shares outstanding for basic net income per share 38.0 37.8 38.0 37.7 Effect of dilutive securities 0.1 0.2 0.1 0.2 Weighted average shares outstanding for diluted net income per share 38.1 38.0 38.1 37.9 Net income per share from continuing operations: Basic $ 0.53 $ 0.61 $ 1.70 $ 1.31 Diluted $ 0.53 $ 0.61 $ 1.69 $ 1.31 Net (loss) income from discontinued operations $ (0.1) $ (0.1) $ 0.3 $ 10.5 Less: Undistributed net income available to participating securities 0.0 0.0 0.0 (0.1) Numerator for basic net (loss) income per share: Undistributed and distributed net (loss) income available to common shareholders $ (0.1) $ (0.1) $ 0.3 $ 10.4 Add: Undistributed net income allocated to participating securities 0.0 0.0 0.0 0.1 Less: Undistributed net income reallocated to participating securities 0.0 0.0 0.0 (0.1) Numerator for diluted net (loss) income per share: Undistributed and distributed net (loss) income available to common shareholders $ (0.1) $ (0.1) $ 0.3 $ 10.4 Net (loss) income per share from discontinued operations: Basic $ 0.00 $ 0.00 $ 0.01 $ 0.28 Diluted $ 0.00 $ 0.00 $ 0.01 $ 0.28 Net income per share: Basic $ 0.53 $ 0.61 $ 1.71 $ 1.59 Diluted $ 0.53 $ 0.61 $ 1.70 $ 1.59 Potentially dilutive securities 0.1 0.1 0.1 0.1

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reportable segments | segment			1
Net (loss) income from discontinued operations, net of tax	$ (0.1)	$ (0.1)	$ 0.3	$ 10.5
Discontinued Operations - Disposed of by Sale | NATG
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income from discontinued operations, net of tax	$ (0.1)	$ (0.1)	$ 0.3	$ 10.5

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 298.5	$ 277.4	$ 905.6	$ 801.1
Performance obligation	0		0		$ 0
United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	282	260.9	849	748
Canada
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 16.5	$ 16.5	$ 56.6	$ 53.1

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 2.5	$ 1.7
Current period provision	1.8	2.8
Write-offs - trade accounts receivable	(1.4)	(2)
Balance at end of period	$ 2.9	$ 2.5

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operations	$ (0.1)	$ (0.1)	$ 0.3	$ 10.5
Discontinued Operations - Disposed of by Sale | NATG
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operations	(0.1)	(0.1)	0.3	10.5
Disposal group, including discontinued operations, liability resolution benefit			0.3
Disposal group, including discontinued operations, professional fees, facility costs and tax benefits		$ 0.1		10.5
Restitution receipts				15
Benefit related to resolution of certain liabilities				2.4
Professional fees related to ongoing restitution proceedings				3.6
Tax effect of discontinued operation				$ 3.3
Discontinued Operations - Disposed of by Sale | NATG | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional charges (less than)	$ 0.5		$ 0.5

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) ft²	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) ft²	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 90.6		$ 90.6		$ 68.8
Operating lease, liability	101.5		101.5
Operating lease cost	4.3	$ 3.6	11.2	$ 10.5
Canada
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	32.9		32.9
Operating lease, liability	$ 32.9		$ 32.9
Distribution facility, area | ft²	334		334
Lessee, operating lease, term of contract	10 years		10 years
Facility subject to sublet | ft²	127		127
Lessee, operating lease, sublease term	5 years		5 years
Sublease income	$ 0.4		$ 0.4

Leases - Lease Expense (Details

Leases - Lease Expense (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Leases [Abstract]
Operating leases, weighted average remaining lease term (years)	8 years 3 months 18 days		8 years 1 month 6 days
Operating leases, weighted average discount rate (percent)	5.30%		5.20%
ROU assets obtained in exchange for operating lease obligations	$ 32.9	$ 2.6	$ 2.6

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Millions	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022 (adjusted for nine months of payments)	$ 4.1
2023	17.3
2024	16.3
2025	15.3
2026	13.5
2027	11.3
Thereafter	51.4
Total lease payments	129.2
Less: interest	(27.7)
Total present value of lease liabilities	$ 101.5

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share - Schedule of Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income from continuing operations	$ 20.3	$ 23.2	$ 64.7	$ 49.8
Less: Distributed net income available to participating securities	0	0	(0.1)	(0.1)
Less: Undistributed net income available to participating securities	(0.1)	(0.1)	(0.2)	(0.1)
Numerator for basic net income per share:
Undistributed and distributed net income available to common shareholders	20.2	23.1	64.4	49.6
Add: Undistributed net income allocated to participating securities	0.1	0.1	0.2	0.1
Less: Undistributed net income reallocated to participating securities	(0.1)	(0.1)	(0.2)	(0.1)
Numerator for diluted net (loss) income per share
Undistributed and distributed net income available to common shareholders	$ 20.2	$ 23.1	$ 64.4	$ 49.6
Denominator:
Weighted average shares outstanding for basic net income per share (in shares)	38	37.8	38	37.7
Effect of dilutive securities (in shares)	0.1	0.2	0.1	0.2
Weighted average shares outstanding for diluted net income per share (in shares)	38.1	38	38.1	37.9
Net income per share from continuing operations:
Net income per share from continuing operations, basic (in dollars per share)	$ 0.53	$ 0.61	$ 1.70	$ 1.31
Net income per share from continuing operations, diluted (in dollars per share)	$ 0.53	$ 0.61	$ 1.69	$ 1.31
Numerator for diluted net (loss) income per share:
Undistributed and distributed net (loss) income available to common shareholders	$ 20.2	$ 23.1	$ 64.4	$ 49.6
Net (loss) income per share from discontinued operations:
Basic (in dollars per share)	$ 0	$ 0	$ 0.01	$ 0.28
Diluted (in dollars per share)	0	0	0.01	0.28
Net income per share - Basic (in dollars per share)	0.53	0.61	1.71	1.59
Net income per share - Diluted (in dollars per share)	$ 0.53	$ 0.61	$ 1.70	$ 1.59
Potentially dilutive securities (in shares)	0.1	0.1	0.1	0.1
Discontinued Operations
Numerator for diluted net (loss) income per share
Undistributed and distributed net income available to common shareholders	$ (0.1)	$ (0.1)	$ 0.3	$ 10.4
Net (loss) income per common share from discontinued operations:
Net (loss) income from discontinued operations	(0.1)	(0.1)	0.3	10.5
Less: Undistributed net income available to participating securities	0	0	0	(0.1)
Numerator for basic net (loss) income per share:
Undistributed and distributed net (loss) income available to common shareholders	(0.1)	(0.1)	0.3	10.4
Add: Undistributed net income allocated to participating securities	0	0	0	0.1
Less: Undistributed net income reallocated to participating securities	0	0	0	(0.1)
Numerator for diluted net (loss) income per share:
Undistributed and distributed net (loss) income available to common shareholders	$ (0.1)	$ (0.1)	$ 0.3	$ 10.4

Net Income (Loss) per Common _4

Net Income (Loss) per Common Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Weighted average shares excluded from computation of diluted earnings per share (in shares)	0.1	0.1	0.1	0.1

Credit Facilities and Short-t_2

Credit Facilities and Short-term Debt (Details) - Revolving Credit Facility	9 Months Ended
	Sep. 30, 2022 USD ($) financialInstitution
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 75,000,000
Number of financial institutions | financialInstitution	1
Revolving credit facility, term	5 years
Percentage of inventory advance rate computed (lesser of)	60%
Percentage of inventory advance rate of net orderly liquidation value (lesser of)	85%
Eligible collateral under the credit facility	$ 75,000,000
Total availability	72,300,000
Letters of credit outstanding	1,500,000
Outstanding borrowings	10,000,000
Total excess availability under the credit facility	$ 60,800,000
Maximum
Line of Credit Facility [Line Items]
Percentage of eligible accounts receivable for borrowings	85%

Fair Value Measurements (Detail

Fair Value Measurements (Details)	9 Months Ended
	Sep. 30, 2022 reporting_unit
Fair Value Disclosures [Abstract]
Number of reporting units	1