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Summary Of Significant Accounting Policies (Policy)
6 Months Ended
Jun. 30, 2023
Summary Of Significant Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation

The unaudited condensed consolidated financial statements included herein have been prepared by Graybar pursuant to the rules and regulations of the U.S. Securities and Exchange Commission applicable to interim financial reporting.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that our disclosures are adequate to make the information presented not misleading.  The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect reported amounts.  Our condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments.  Actual results could differ from those estimates.  These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, included in our latest Annual Report on Form 10-K.

In the opinion of management, this quarterly report includes all adjustments, consisting of normal recurring accruals and adjustments, necessary for the fair presentation of the condensed consolidated financial statements presented.  Results for interim periods are not necessarily indicative of results to be expected for the full year.
Principles of Consolidation Principles of Consolidation

The condensed consolidated financial statements include the accounts of Graybar and our subsidiary companies.  All material intercompany balances and transactions have been eliminated.  The ownership interests that are held by owners other than the Company are in subsidiaries owned by the Company and are accounted for and reported as noncontrolling interests.

Reclassifications Reclassifications

Certain reclassifications have been made to prior year's financial information to conform to the June 30, 2023 presentation. These changes consisted of disaggregating other non-current assets into separate captions within the December 31, 2022 consolidated balance sheet. The reclassifications had no effect on total assets or liabilities as of December 31, 2022.

Subsequent Events Subsequent Events

On July 14, 2023, we completed the acquisition of Shepherd Electric Supply, an electrical distributor that serves the Washington-Baltimore metropolitan area, by acquiring 100% of its outstanding equity interests. The acquisition was funded with cash on hand and short-term borrowings. We believe acquiring Shepherd will strengthen our competitive position in the Washington-Baltimore metropolitan area and provide a solid foundation for future growth. Initial purchase accounting of the transaction is not yet complete as certain financial records and preliminary valuation of the intangible assets acquired are not yet available. As such, information regarding the assets acquired and liabilities assumed, goodwill, and intangible assets cannot be determined at this time.

We also amended the Prudential Shelf Agreement on July 20, 2023, as defined in Note 5, “Debt”. The amendment, among other things, increased availability under the Prudential Shelf Agreement from $100.0 million to $200.0 million and extended the issuance period to August 2026. The other material terms of the Prudential Shelf Agreement remain unchanged.

New Accounting Standards New Accounting Standards

In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU” or “Update”) 2022-04, “Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”, which requires entities to disclose the key terms of supplier finance programs used in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. This Update does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The Update is effective for all entities for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, except for the rollforward requirement, which is effective for fiscal years beginning after December 15, 2023. The guidance would be applied retrospectively, other than the rollforward requirement, which would be applied prospectively. While we do not have a supplier finance program currently in place, we are considering introducing a supplier finance program in 2023 and, therefore, are simultaneously evaluating the impact of adopting the Update on our consolidated financial statements.

In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” which provides final guidance that defers the sunset date for applying the reference rate reform relief in ASC 848 to December 31, 2024, from December 31, 2022. The guidance is effective upon issuance. We have transitioned to the Secured Overnight Financing Rate (“SOFR”) as our reference rate effective March 29, 2023, as described in Note 5, “Debt”. The adoption of this Update did not have a material impact on our consolidated financial statements.