New Accounting Standards Updates

6 Months Ended

Jun. 30, 2011

Notes to Condensed Consolidated Financial Statements [Abstract]

Description of New Accounting Pronouncements Not yet Adopted

New Accounting Standards Updates

In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2011-04, "Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS". The Update amends the guidance on fair value measurements to develop common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with US GAAP and International Financial Reporting Standards ("IFRS"). The Update does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. This guidance is effective during interim and annual periods beginning after December 15, 2011.

In June 2011, the FASB issued Accounting Standards Update No. 2011-05, "Comprehensive Income: Presentation of Comprehensive Income". The Update eliminates the option to present the components of comprehensive income as a part of the Statement of Changes in Shareholder's Equity and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The Update does not change the items that are required to be reported in other comprehensive income. This guidance will be adopted by Graybar for all interim and annual periods beginning after December 15, 2011. The adoption of this standards update will not have an impact on the Company's consolidated financial position, results of operations, or cash flows as it only requires a change in the format of the current presentation.