6.30.12-10Q

0000205402-12-000030.txt : 20120806 0000205402-12-000030.hdr.sgml : 20120806 20120806160038 ACCESSION NUMBER: 0000205402-12-000030 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120806 DATE AS OF CHANGE: 20120806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRAYBAR ELECTRIC CO INC CENTRAL INDEX KEY: 0000205402 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRICAL APPARATUS & EQUIPMENT, WIRING SUPPLIES [5063] IRS NUMBER: 130794380 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00255 FILM NUMBER: 121009836 BUSINESS ADDRESS: STREET 1: 34 N MERAMEC AVE CITY: ST LOUIS STATE: MO ZIP: 63105 BUSINESS PHONE: 3145129200 MAIL ADDRESS: STREET 1: P O BOX 7231 CITY: ST LOUIS STATE: MO ZIP: 63177 10-Q 1 a63012-10q.htm FORM 10-Q 06302012 6.30.12-10Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)



S	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012



£	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 000-00255



GRAYBAR ELECTRIC COMPANY, INC.
(Exact name of registrant as specified in its charter)

New York	13-0794380
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

34 North Meramec Avenue, St. Louis, Missouri	63105
(Address of principal executive offices)	(Zip Code)

(314) 573 - 9200
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YESS NO£

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for shorter period that the registrant was required to submit and post such files).
YESS NO£

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer£ Accelerated filer£
Non-accelerated filerS (Do not check if a smaller reporting company) Smaller reporting company£

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES£ NOS

Common Stock Outstanding at July 31, 2012: 12,965,706
(Number of Shares)

Graybar Electric Company, Inc. and Subsidiaries

Quarterly Report on Form 10-Q

For the Period Ended June 30, 2012

(Unaudited)

Table of Contents



PART I.	FINANCIAL INFORMATION			Page

	Item 1.	Financial Statements
			Condensed Consolidated Statements of Income	3
			Condensed Consolidated Statements of Comprehensive Income	4
			Condensed Consolidated Balance Sheets	5
			Condensed Consolidated Statements of Cash Flows	6
			Condensed Consolidated Statements of Changes in Shareholders’ Equity	7
			Notes to Condensed Consolidated Financial Statements	8

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		14

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		20

	Item 4.	Controls and Procedures		20

PART II.	OTHER INFORMATION

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		22

	Item 6.	Exhibits		23

	Signatures			24

	Exhibit Index			25

PART I FINANCIAL INFORMATION

Item 1. Financial Statements.



Graybar Electric Company, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
	(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
(Stated in thousands, except per share data)	2012			2011			2012			2011
Gross Sales	$	1,386,830		$	1,375,852		$	2,672,216		$	2,567,359
Cash discounts	(5,413		)	(4,882		)	(10,552		)	(9,221		)
Net Sales	1,381,417			1,370,970			2,661,664			2,558,138
Cost of merchandise sold	(1,122,742		)	(1,122,229		)	(2,156,176		)	(2,083,447		)
Gross Margin	258,675			248,741			505,488			474,691
Selling, general and administrative expenses	(209,487		)	(199,037		)	(422,222		)	(394,668		)
Depreciation and amortization	(8,164		)	(7,377		)	(15,954		)	(17,002		)
Other income, net	30,181			834			32,073			1,554
Income from Operations	71,205			43,161			99,385			64,575
Interest expense, net	(683		)	(1,812		)	(1,460		)	(3,662		)
Income before Provision for Income Taxes	70,522			41,349			97,925			60,913
Provision for income taxes	(27,665		)	(17,345		)	(38,639		)	(25,264		)
Net Income	42,857			24,004			59,286			35,649
Less: Net income attributable to noncontrolling interests	(69		)	(83		)	(143		)	(200		)
Net Income attributable to Graybar Electric Company, Inc.	$	42,788		$	23,921		$	59,143		$	35,449
Net Income per share of Common Stock (A)	$	3.29		$	1.86		$	4.54		$	2.75
Cash Dividends per share of Common Stock (B)	$	0.30		$	0.30		$	0.60		$	0.60
Average Common Shares Outstanding (A)	13,021			12,885			13,013			12,888


(A)	Adjusted for the declaration of a ten percent (10%) stock dividend in 2011, shares related to which were issued in February 2012. Prior to the adjustment, the average common shares outstanding were 11,714 and 11,716 for the three and six months ended June 30, 2011, respectively.


(B)	Cash dividends declared were $3,912 and $3,525 for the three months ended June 30, 2012 and 2011, respectively. Cash dividends declared were $7,833 and $7,053 for the six months ended June 30, 2012 and 2011, respectively.

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements.



Graybar Electric Company, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
	(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
(Stated in thousands)	2012			2011			2012			2011
Net Income	$	42,857		$	24,004		$	59,286		$	35,649
Other Comprehensive Income
Foreign currency translation	(1,963		)	(322		)	(225		)	1,508
Unrealized gain from interest rate swap
(net of tax of $61 and $247, respectively)	—			96			—			389
Pension and postretirement benefits liability adjustment
(net of tax of $2,185, $1,672, $4,286 and $2,975, respectively)	3,433			2,626			6,732			4,673
Total Other Comprehensive Income	1,470			2,400			6,507			6,570
Comprehensive Income	$	44,327		$	26,404		$	65,793		$	42,219
Comprehensive loss (income) attributable to noncontrolling interests, net of tax	16			(52		)	100			(268		)
Comprehensive Income attributable to
Graybar Electric Company, Inc.	$	44,343		$	26,352		$	65,893		$	41,951

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements.



Graybar Electric Company, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Stated in thousands, except share and per share data)					June 30, 2012			December 31, 2011
ASSETS					(Unaudited)
Current Assets
Cash and cash equivalents					$	68,844		$	71,967
Trade receivables (less allowances of $7,379 and $7,764, respectively)					767,201			797,717
Merchandise inventory					444,965			396,124
Other current assets					21,935			23,507
Total Current Assets					1,302,945			1,289,315
Property, at cost
Land					64,005			64,691
Buildings					372,295			374,008
Furniture and fixtures					201,052			188,929
Software					76,906			76,906
Capital leases					10,056			12,546
Total Property, at cost					724,314			717,080
Less – accumulated depreciation and amortization					(390,092		)	(386,150		)
Net Property					334,222			330,930
Other Non-current Assets					80,796			84,494
Total Assets					$	1,717,963		$	1,704,739
LIABILITIES
Current Liabilities
Short-term borrowings					$	101,105		$	42,562
Current portion of long-term debt					13,752			41,490
Trade accounts payable					603,971			614,004
Accrued payroll and benefit costs					53,733			117,965
Other accrued taxes					12,535			15,329
Dividends payable					—			12,943
Other current liabilities					80,258			51,289
Total Current Liabilities					865,354			895,582
Postretirement Benefits Liability					71,732			71,699
Pension Liability					127,796			136,668
Long-term Debt					2,128			10,345
Other Non-current Liabilities					20,820			19,051
Total Liabilities					1,087,830			1,133,345
SHAREHOLDERS’ EQUITY
	Shares at
Capital Stock	June 30, 2012		December 31, 2011
Common, stated value $20.00 per share
Authorized	20,000,000		20,000,000
Issued to voting trustees	10,951,924		10,611,982
Issued to shareholders	2,323,052		2,285,255
In treasury, at cost	(252,515	)	(15,725	)
Outstanding Common Stock	13,022,461		12,881,512		260,449			257,630
Advance Payments on Subscriptions to Common Stock					768			—
Retained Earnings					509,449			458,139
Accumulated Other Comprehensive Loss					(143,614		)	(150,364		)
Total Graybar Electric Company, Inc. Shareholders’ Equity					627,052			565,405
Noncontrolling Interests					3,081			5,989
Total Shareholders’ Equity					630,133			571,394
Total Liabilities and Shareholders’ Equity					$	1,717,963		$	1,704,739

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements.



Graybar Electric Company, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	(Unaudited)
	Six Months Ended June 30,
(Stated in thousands)	2012			2011
Cash Flows from Operations
Net Income	$	59,286		$	35,649
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	15,954			17,002
Deferred income taxes	1,195			(1,684		)
Net gains on disposal of property	(30,725		)	(29		)
Loss on impairment of property	257			—
Net income attributable to noncontrolling interests	(143		)	(200		)
Changes in assets and liabilities:
Trade receivables	30,516			(117,335		)
Merchandise inventory	(48,841		)	(30,533		)
Other current assets	1,572			180
Other non-current assets	(588		)	(1,112		)
Trade accounts payable	(10,033		)	131,969
Accrued payroll and benefit costs	(64,232		)	(28,271		)
Other current liabilities	25,016			29,490
Other non-current liabilities	3,966			(4,892		)
Total adjustments to net income	(76,086		)	(5,415		)
Net cash (used) provided by operations	(16,800		)	30,234
Cash Flows from Investing Activities
Proceeds from disposal of property	33,302			363
Capital expenditures for property	(21,652		)	(11,096		)
Net cash provided (used) by investing activities	11,650			(10,733		)
Cash Flows from Financing Activities
Net increase in short-term borrowings	58,543			28,452
Repayment of long-term debt	(35,101		)	(10,926		)
Principal payments under capital leases	(1,418		)	(1,652		)
Sale of common stock	8,323			7,303
Purchases of common stock	(4,736		)	(4,488		)
Purchases of noncontrolling interests’ common stock	(2,808		)	(63		)
Dividends paid	(20,776		)	(18,739		)
Net cash provided (used) by financing activities	2,027			(113		)
Net (Decrease) Increase in Cash	(3,123		)	19,388
Cash, Beginning of Year	71,967			82,356
Cash, End of Period	$	68,844		$	101,744

Non-cash Investing and Financing Activities
Acquisitions of equipment under capital leases	$	564		$	1,434

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements.



Graybar Electric Company, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

	(Unaudited, stated in thousands)

	Graybar Electric Company, Inc. Shareholders’ Equity
	Common Stock			Common Stock Subscribed, Unissued		Retained Earnings			Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total Shareholders’ Equity
December 31, 2010	$	232,400		$	—	$	423,602		$	(102,343	)	$	5,148		$	558,807
Net income						35,449						200			35,649
Other comprehensive
income									6,502			68			6,570
Stock issued	6,926														6,926
Stock purchased	(4,488		)									(63		)	(4,551		)
Advance payments				377											377
Dividends declared						(7,053		)							(7,053		)
June 30, 2011	$	234,838		$	377	$	451,998		$	(95,841	)	$	5,353		$	596,725

	Graybar Electric Company, Inc. Shareholders’ Equity
	Common Stock			Common Stock Subscribed, Unissued		Retained Earnings			Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total Shareholders’ Equity
December 31, 2011	$	257,630		$	—	$	458,139		$	(150,364	)	$	5,989		$	571,394
Net income						59,143						143			59,286
Other comprehensive
income									6,750			(243		)	6,507
Stock issued	7,555														7,555
Stock purchased	(4,736		)									(2,808		)	(7,544		)
Advance payments				768											768
Dividends declared						(7,833		)							(7,833		)
June 30, 2012	$	260,449		$	768	$	509,449		$	(143,614	)	$	3,081		$	630,133

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements.

Graybar Electric Company, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Stated in thousands, except share and per share data)

(Unaudited)


1.	Accounting Policies

Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by Graybar Electric Company, Inc. (“Graybar” or the “Company”), without audit, pursuant to the rules and regulations of the United States (“US”) Securities and Exchange Commission (the “Commission”) applicable to interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the US (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that its disclosures are adequate to make the information presented not misleading. The preparation of financial statements in accordance with US GAAP requires the use of estimates and assumptions that affect reported amounts. The Company’s condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Certain reclassifications were made to prior year amounts to conform to the 2012 presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended December 31, 2011, included in the Company’s 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 financial statements presented. Such interim financial information is subject to year-end adjustments. 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 Electric Company, Inc. and its subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company in subsidiaries consolidated by the Company are accounted for and reported as noncontrolling interests.

Merchandise Inventory

The Company’s inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. An actual valuation of inventory under the LIFO method can be made only at year-end based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation.

In assessing the ultimate realization of inventories, the Company makes judgments as to its return rights to suppliers and future demand requirements. If actual future demand, market conditions, or supplier return provisions are less favorable than those projected by management, additional inventory write-downs may be required.

New Accounting Standards Updates

In September 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU" or "Update") No. 2011-08, "Intangibles-Goodwill and Other: Testing Goodwill for Impairment". This ASU amends the guidance on testing goodwill for impairment. Under the revised guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. If entities determine, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. This Update does not change how goodwill is calculated or assigned to reporting units, nor does it revise the requirement to test goodwill annually for impairment. This guidance was adopted by Graybar for the annual period ended December 31, 2011

and all reporting periods thereafter.

In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income". This Update eliminates the option to present the components of comprehensive income as a part of the Statement of Changes in Shareholders' Equity and requires entities to present the components of comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This ASU does not change the items that are required to be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05", which deferred the requirement to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income while the FASB further deliberates this aspect of the proposal. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments also do not affect how earnings per share is calculated or presented. This guidance, as amended, was adopted by Graybar for its annual reporting period ended December 31, 2011 and all reporting periods thereafter. Although adopting the guidance did not impact the Company's accounting for comprehensive income, it affected the presentation of components of comprehensive income by eliminating the Company's historical practice of showing these items within its Consolidated Statements of Changes in Shareholders' Equity.

In May 2011, the FASB issued ASU No. 2011-04, "Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS". This 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"). This Update does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The Company adopted this Update as of January 1, 2012 and the adoption did not have a material impact on the Company's results of operations, financial position, or cash flows during the three or six months ended June 30, 2012.

The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010

The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively the "Acts") were enacted by the US Congress in March 2010. The Acts have both short- and long-term implications for benefit plan standards. Implementation of this legislation is expected to occur in phases through 2018.

The Company's healthcare costs have increased due to the Acts' raising of the maximum eligible age for covered dependents to receive benefits. The Company anticipates that the elimination of the lifetime dollar limits per covered individual, restrictions on annual dollar limits on essential benefits per covered individual, as well as other standard requirements of the Acts, will cause its healthcare costs to increase in the future. The planned enactment of the excise tax on “high cost” healthcare plans in 2018 may also cause the Company's healthcare costs to increase further.

The Company continues to evaluate the impact, if any, the Acts will have on its financial statements as new regulations under the Acts are issued. The Company expects the general trend in healthcare costs to continue to rise and the effects of the Acts, and any future legislation, could materially impact the cost to provide healthcare benefits for many employers, including the Company.


2.	Income Taxes

The Company determines its deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of its assets and liabilities, calculated using enacted applicable tax rates. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the condensed consolidated financial statements.

The Company’s unrecognized tax benefits of $4,015 and $3,746 at June 30, 2012 and December 31, 2011, respectively, are uncertain tax positions that would impact the Company’s effective tax rate if recognized. The Company is periodically engaged in tax return examinations, reviews of statute of limitations periods, and

settlements surrounding income taxes. The Company does not anticipate a material change in its unrecognized tax benefits during the next twelve months.

The Company classifies interest expense and penalties as part of its provision for income taxes based upon applicable federal and state interest/underpayment percentages. The Company has accrued $1,290 and $1,239 in interest and penalties in its condensed consolidated balance sheets at June 30, 2012 and December 31, 2011, respectively. Interest was computed on the difference between the provision for income taxes recognized in accordance with US GAAP and the amount of benefit previously taken or expected to be taken in the Company’s federal, state, and local income tax returns.

The Company's federal income tax returns for the tax years 2008 and forward are available for examination by the United States Internal Revenue Service (“IRS”). The Company's 2008 and 2009 federal income tax returns are currently under audit examination by the IRS. This examination commenced during June 2011 and is expected to be completed during 2012. Since the audit process has not yet concluded, the audit outcome cannot yet be evaluated. The Company has agreed to extend its federal statute of limitations for the 2008 tax year, which will expire on March 31, 2013, unless further extended. The Company's state income tax returns for 2007 through 2011 remain subject to examination by various state authorities, with the latest period closing on December 31, 2016. The Company has extended the statute of limitations in one state jurisdiction for the tax year 2006. The Company has not extended the statutes of limitations in any other state jurisdictions with respect to years prior to 2007. Such statutes of limitations will expire on or before November 15, 2012, unless extended.


3.	Capital Stock

The Company's capital stock is one hundred percent (100%) owned by its active and retired employees, and there is no public trading market for its 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. Under applicable state law, a voting trust may not have a term greater than ten years. At June 30, 2012, approximately eighty-two percent (82%) of the common stock was held in a voting trust that expires by its terms on March 15, 2017. 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.

No shareholder may sell, transfer, or otherwise dispose of shares of common stock or the voting trust interests issued with respect thereto (“common stock”, “common shares”, or “shares”) without first offering the Company the option to purchase such shares at the price at which the shares were issued. The Company also has the option to purchase at the issue price the common stock of any holder who dies or ceases to be an employee of the Company for any cause other than retirement on a Company pension. The Company has always exercised its purchase option and expects to continue to do so. All outstanding shares of the Company have been issued at $20.00 per share.


4.	Revolving Credit Facility

On June 30, 2011, the Company had a revolving credit agreement with a group of thirteen banks at an interest rate based on the London Interbank Offered Rate (“LIBOR”) that consisted of an unsecured, $200,000 five-year facility that was to expire in May 2012. On September 28, 2011, the Company and Graybar Canada Limited, the Company's Canadian operating subsidiary (“Graybar Canada”), entered into a new unsecured, five-year, $500,000 revolving credit agreement maturing in September 2016 with Bank of America, N.A. and other lenders named therein, which includes a combined letter of credit sub-facility of up to $50,000, a US swing line loan facility of up to $50,000, and a Canadian swing line loan facility of up to $20,000 (the "Credit Agreement"). The Credit Agreement also includes a $100,000 sublimit (in US or Canadian dollars) for borrowings by Graybar Canada and contains an accordion feature, which allows the Company to request increases in the aggregate borrowing commitments of up to $200,000. This Credit Agreement replaced the facility that had been due to expire in May 2012.

There were $101,105 and $42,562 in short-term borrowings outstanding under the revolving credit facility at June 30, 2012 and December 31, 2011, respectively.


5.	Pension and Other Postretirement Benefits

The Company has a noncontributory defined benefit pension plan covering substantially all full-time employees.

The plan provides retirement benefits based on an employee’s average earnings and years of service. Employees become one hundred percent (100%) vested after three years of service, regardless of age. The Company’s plan funding policy is to make contributions provided that the total annual contributions will not be less than the Employee Retirement Income Security Act ("ERISA") and the Pension Protection Act of 2006 minimums or greater than the maximum tax-deductible amount, to review contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by the Company from time to time. The assets of the defined benefit pension plan are invested primarily in fixed income and equity securities, money market funds, and other investments.

The Company provides certain postretirement health care and life insurance benefits to retired employees. Substantially all of the Company’s employees may become eligible for postretirement medical benefits if they reach the age and service requirements of the retiree medical plan and retire on a service pension under the defined benefit pension plan. Benefits are provided through insurance coverage, with premiums based on the benefits paid during the year. The Company funds postretirement benefits on a pay-as-you-go basis, and accordingly, there were no assets held in the postretirement benefits plan at June 30, 2012 and 2011.

The net periodic benefit cost for the three and six months ended June 30, 2012 and 2011 included the following components:



	Pension Benefits						Postretirement Benefits
	Three Months Ended June 30,						Three Months Ended June 30,
	Three Months Ended June 30,						Three Months Ended June 30,
Components of Net Periodic Benefit Cost	2012			2011			2012			2011
Service cost	$	5,532		$	4,099		$	518		$	496
Interest cost	6,123			5,642			828			914
Expected return on plan assets	(5,910		)	(5,492		)	—			—
Amortization of:
Net actuarial loss	5,408			3,527			435			460
Prior service cost (gain)	340			377			(565		)	(565		)
Net periodic benefit cost	$	11,493		$	8,153		$	1,216		$	1,305

	Pension Benefits						Postretirement Benefits
	Six Months Ended June 30,						Six Months Ended June 30,
	Six Months Ended June 30,						Six Months Ended June 30,
Components of Net Periodic Benefit Cost	2012			2011			2012			2011
Service cost	$	11,107		$	8,249		$	1,168		$	1,071
Interest cost	12,448			11,342			1,678			1,839
Expected return on plan assets	(11,835		)	(10,942		)	—			—
Amortization of:
Net actuarial loss	10,558			7,052			860			985
Prior service cost (gain)	690			702			(1,090		)	(1,090		)
Net periodic benefit cost	$	22,968		$	16,403		$	2,616		$	2,805

The Company made contributions to its defined benefit pension plan totaling $10,000 during each of the three-month periods ended June 30, 2012 and 2011. Contributions made during the six-month periods ended June 30, 2012 and 2011 each totaled $20,000. Additional contributions totaling $21,300 are expected to be paid during the remainder of 2012.


6.	Variable Interest Entity

An entity is considered to be a variable interest entity ("VIE") if its total equity investment at risk is not sufficient

to permit the entity to finance its activities without additional subordinated financial support or if its equity investors,

as a group, lack the characteristics of having a controlling financial interest. A reporting company is required to

consolidate a VIE as its primary beneficiary when it has both the power to direct the activities of the VIE that most

significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive

benefits from the VIE that could potentially be significant to the VIE.

The Company had a lease agreement with an independent lessor that was considered to be a VIE. The agreement provided $28,720 of financing for five of the Company’s distribution facilities and carried a five-year term expiring in July 2013. The financing structure used with this lease qualified as a silo of a VIE. Graybar, as lessee, retained the power to direct the operational activities that most significantly impacted the economic performance of the VIE and had an obligation to absorb losses and the right to receive benefits from the sale of the real property held by the VIE lessor. Therefore, the Company was the primary beneficiary of this VIE, and in accordance with US GAAP, consolidated the silo in its financial statements. At December 31, 2011, the consolidated silo included in the Company’s consolidated financial statements had a net property balance of $15,118, current portion of long-term debt of $27,715, and a noncontrolling interest of $1,005. Under the terms of the lease agreement, the amount guaranteed by the Company as the residual fair value of the property subject to the lease arrangement was $28,720 at December 31, 2011.

In December 2011, the Company notified the independent lessor of its intent to prepay and terminate the variable-rate lease arrangement. As a result, the Company reclassified the $27,715 debt portion of the variable-rate lease arrangement from long-term debt to current portion of long-term debt as of December 31, 2011. In March 2012, the Company terminated the lease arrangement, prepaid the $27,715 balance owed on the debt portion of the lease arrangement, and purchased the $1,005 noncontrolling interest in the consolidated silo.

7. Assets Held For Sale

The Company considers properties to be assets held for sale when all of the following criteria are met: i) a formal commitment to a plan to sell a property has been made and exercised; ii) the property is available for sale in its present condition; iii) actions required to complete the sale of the property have been initiated; iv) sale of the property is probable and the Company expects the sale will occur within one year; and v) the property is being actively marketed for sale at a price that is reasonable given its current market value.

Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation of the property ceases. The net book value of assets held for sale was $6,074 at December 31, 2011. During the three and six months ended June 30, 2012, the Company sold assets classified as held for sale for $31,908 and $33,239 respectively, and recorded net gains on the assets held for sale of $29,494 and $30,764, respectively, in other income, net. The remaining net book value of assets still held for sale at June 30, 2012 is $4,089 and is recorded in net property in the condensed consolidated balance sheet.

The Company reviews long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For assets classified as to be held and used, impairment may occur if projected undiscounted cash flows are not adequate to cover the carrying value of the assets. In such cases, additional analysis is conducted to determine the amount of the loss to be recognized. The impairment loss is calculated as the difference between the carrying amount of the asset and its estimated fair value. The analysis requires estimates of the amount and timing of projected cash flows and, where applicable, selection of an appropriate discount rate. Such estimates are critical in determining whether any impairment charge should be recorded and the amount of such charge if an impairment loss is deemed necessary.

For assets held for sale, impairment occurs whenever the net book value of the property listed for sale

exceeds the expected selling price less estimated selling expenses. The Company recorded impairment losses totaling $(82) and $(257), respectively, to account for the expected losses on two of the properties held for sale during the three- and six-month periods ended June 30, 2012. The impairment losses are included in other income, net in the condensed consolidated statements of income for the three and six months ended June 30, 2012. The Company did not record any impairment charges during the three and six months ended June 30, 2011.


8.	Derivative Financial Instruments

The Company was party to an interest rate swap agreement that effectively converted its variable-rate interest payments to a fixed-rate on amounts due under the lease arrangement discussed in Note 6. In December 2011, the Company settled the interest rate swap. The amount of loss recorded in interest expense was $3,257, of which $1,990 was recorded in accumulated other comprehensive loss at the settlement date.

Prior to settlement, the Company’s interest rate swap agreement had been designated as a cash flow hedge and was required to be measured at fair value on a recurring basis. The Company endeavored to utilize the best available information in measuring fair value. The interest rate swap was valued based on quoted data from the counterparty, corroborated with indirectly observable market data, which, combined, were deemed to be a Level 2 input in the fair value hierarchy.

Unrealized gains, net of tax, of $96 and $389 related to the swap were recorded in accumulated other comprehensive loss during the three and six months ended June 30, 2011, respectively. The loss, net of tax, reclassified from accumulated other comprehensive loss to interest expense related to the effective portion of the interest swap was $371 and $583 during the three- and six-month periods ended June 30, 2011, respectively. No ineffectiveness was recorded in the condensed consolidated statements of income during the three and six months ended June 30, 2011.


9.	Commitments and Contingencies

The Company and its subsidiaries are subject to various claims, disputes, and administrative and legal matters incidental to the Company’s past and current business activities. As a result, contingencies may arise resulting from an existing condition, situation, or set of circumstances involving an uncertainty as to the realization of a possible loss.

The Company accounts for loss contingencies in accordance with US GAAP. 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 the Company deems some 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 the Company believes that none of these claims, disputes, and administrative and legal matters will have a material adverse effect on its financial position, these matters are uncertain and the Company cannot at this time determine whether the financial impact, if any, of these matters will be material to its results of operations in the period during which such matters are resolved or a better estimate becomes available.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with our accompanying unaudited condensed consolidated financial statements and notes thereto, and our audited consolidated financial statements, notes thereto, and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended December 31, 2011, included in our Annual Report on Form 10-K for such period as filed with the United States ("US") Securities and Exchange Commission (the “Commission”). The results shown herein are not necessarily indicative of the results to be expected in any future periods.

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”), Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). These forward-looking statements generally are identified by the words “believes”, “projects”, “expects”, “anticipates”, “estimates”, “intends”, “strategy”, “plan”, “may”, “will”, “would”, “will be”, “will continue”, “will likely result”, and similar expressions. The Company intends such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the PSLRA. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse impact on the Company’s operations and future prospects on a consolidated basis include, but are not limited to: general economic conditions, particularly in the residential, commercial, and industrial building construction industries; volatility in the prices of industrial metal commodities; disruptions in the Company’s sources of supply; a sustained interruption in the operation of the Company’s information systems; adverse legal proceedings or other claims; and the inability, or limitations on the Company’s ability, to raise debt or equity capital. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially impact our financial results, is included herein and in our other filings with the Commission. Actual results and the timing of events could differ materially from the forward-looking statements as a result of certain factors, a number of which are outlined in Item 1A., “Risk Factors”, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

All dollar amounts, except per share data, are stated in thousands ($000s) in the following discussion and accompanying tables.

Background

Graybar Electric Company, Inc. (“Graybar” or the “Company”) is a New York corporation, incorporated in 1925. The Company is engaged in the distribution of electrical, communications and data networking (“comm/data”) products, and the provision of related supply chain management and logistics services, primarily to electrical and comm/data contractors, industrial plants, federal, state, and local governments, commercial users, telephone companies, and power utilities in North America. All products sold by the Company are purchased by the Company from others. The Company’s business activity is primarily with customers in the US. Graybar also has subsidiary operations with distribution facilities in Canada and Puerto Rico.

The Company’s capital stock is one hundred percent (100%) owned by its active and retired employees, and there is no public trading market for its common stock. No shareholder may sell, transfer, or otherwise dispose of shares of common stock or the voting trust interests issued with respect thereto (“common stock”, “common shares”, or “shares”) without first offering the Company the option to purchase such shares at the price at which shares were issued. The Company also has the option to purchase at the issue price the common stock of any holder who dies or ceases to be an employee of the Company for any cause other than retirement on a Company pension. The Company has always exercised its purchase option and expects to continue to do so. All outstanding shares of the Company have been issued at $20.00 per share.

Business Overview

The North American economy slowed during the second quarter, compared to the first quarter of 2012. Slow economic growth is expected to continue through the end of the year as turmoil in international financial markets and domestic political factors continue to weigh on the economy. Growth in consumer spending slowed markedly in the US during the second quarter of 2012, primarily due to continued high unemployment, a higher personal savings rate, and household deleveraging. Industrial production decelerated during the second quarter, though the manufacturing of business equipment remained robust. The growth rate of non-residential construction slowed significantly on a sequential basis during the second quarter, compared to the first quarter of 2012.

Graybar's net sales rose 4.0% during the six months ended June 30, 2012, compared to the same period in 2011. Gross margin increased 6.5% during the first half of 2012, compared to the six months ended June 30, 2011. Growth in net sales and gross margin slowed to 0.8% and 4.0%, respectively, during the second quarter of 2012, compared to the same period in 2011. Product costs remained steady and price inflation was not a significant driver of net sales growth during the first half of 2012. As a result, gross margin as a percent of net sales increased modestly to 19.0% during the six-month period ended June 30, 2012, up from 18.6% during the same period in 2011.

The Company expects its growth in net sales to closely track the growth projected for the North American economy, which is expected to continue to expand slowly in 2012. The Company also projects that its gross margin as a percent of net sales will face continued downward pressure during the remainder of the year.

Consolidated Results of Operations

The following tables sets forth certain information relating to the operations of the Company stated in thousands of dollars and as a percentage of net sales for the three and six months ended June 30, 2012 and 2011:



	Three Months Ended					Three Months Ended
	June 30, 2012					June 30, 2011
	Dollars			Percent		Dollars			Percent
Net Sales	$	1,381,417		100.0	%	$	1,370,970		100.0	%
Cost of merchandise sold	(1,122,742		)	(81.3	)	(1,122,229		)	(81.9	)
Gross Margin	258,675			18.7		248,741			18.1
Selling, general and administrative expenses	(209,487		)	(15.2	)	(199,037		)	(14.6	)
Depreciation and amortization	(8,164		)	(0.5	)	(7,377		)	(0.5	)
Other income, net	30,181			2.2		834			0.1
Income from Operations	71,205			5.2		43,161			3.1
Interest expense, net	(683		)	(0.1	)	(1,812		)	(0.1	)
Income before Provision for Income Taxes	70,522			5.1		41,349			3.0
Provision for income taxes	(27,665		)	(2.0	)	(17,345		)	(1.3	)
Net Income	42,857			3.1		24,004			1.7
Less: Net income attributable to noncontrolling interests	(69		)	—		(83		)	—
Net Income attributable to Graybar Electric Company, Inc.	$	42,788		3.1	%	$	23,921		1.7	%



	Six Months Ended					Six Months Ended
	June 30, 2012					June 30, 2011
	Dollars			Percent		Dollars			Percent
Net Sales	$	2,661,664		100.0	%	$	2,558,138		100.0	%
Cost of merchandise sold	(2,156,176		)	(81.0	)	(2,083,447		)	(81.4	)
Gross Margin	505,488			19.0		474,691			18.6
Selling, general and administrative expenses	(422,222		)	(15.9	)	(394,668		)	(15.5	)
Depreciation and amortization	(15,954		)	(0.6	)	(17,002		)	(0.7	)
Other income, net	32,073			1.2		1,554			0.1
Income from Operations	99,385			3.7		64,575			2.5
Interest expense, net	(1,460		)	(0.1	)	(3,662		)	(0.1	)
Income before Provision for Income Taxes	97,925			3.6		60,913			2.4
Provision for income taxes	(38,639		)	(1.4	)	(25,264		)	(1.0	)
Net Income	59,286			2.2		35,649			1.4
Less: Net income attributable to noncontrolling interests	(143		)	—		(200		)	—
Net Income attributable to Graybar Electric Company, Inc.	$	59,143		2.2	%	$	35,449		1.4	%

Three Months Ended June 30, 2012 Compared to Three Months Ended June 30, 2011

Net sales totaled $1,381,417 for the quarter ended June 30, 2012, compared to $1,370,970 for the quarter ended June 30, 2011, an increase of $10,447, or 0.8%. Net sales to the electrical market sector for the three months ended June 30, 2012, increased 3.5%, while net sales to the comm/data market sector decreased 4.9%, compared to the same three-month period of 2011.

Gross margin increased $9,934, or 4.0%, to $258,675 from $248,741 primarily due to higher gross margin as a percent of net sales in the second quarter of 2012, compared to the same period of 2011. The Company’s gross margin as a percent of net sales increased to 18.7% for the three months ended June 30, 2012 from 18.1% for the same period of 2011.

Selling, general and administrative expenses increased $10,450, or 5.3%, to $209,487 in the second quarter of 2012 from $199,037 in the second quarter of 2011, mainly due to higher employment-related costs. Selling, general and administrative expenses as a percentage of net sales were 15.2% in the second quarter of 2012, up from 14.6% of net sales in the second quarter of 2011.

Depreciation and amortization expenses for the three months ended June 30, 2012 increased $787, or 10.7%, to $8,164 from $7,377 in the second quarter of 2011 due to an increase in property, at cost. Depreciation and amortization expenses as a percentage of net sales totaled 0.5% for the three months ended June 30, 2012 and 2011.

Other income, net totaled $30,181 for the three months ended June 30, 2012, compared to $834 for the three months ended June 30, 2011. Other income, net consists primarily of gains on the disposal of property, trade receivable interest charges to customers, and other miscellaneous income items related to the Company’s business activities. The increase in other income, net for the three months ended June 30, 2012 was due to a substantial increase in net gains on the disposal of real property of $29,494, partially offset by an impairment loss of $(82) recorded on a property held for sale. There were no gains on the sale of real property and no impairment losses recorded during the three months ended June 30, 2011.

Income from operations totaled $71,205 for the three months ended June 30, 2012, an increase of $28,044, or 65.0%, from $43,161 for the three months ended June 30, 2011. The increase was due to substantially higher other income, net and an increase in gross margin, which combined, outpaced the increases in selling, general and administrative expenses and depreciation and amortization expenses.

Interest expense, net declined $1,129, or 62.3%, to $683 for the three months ended June 30, 2012 from $1,812 for the three months ended June 30, 2011. This reduction was due to a lower level of outstanding long-term

debt in the second quarter of 2012, compared to the same period of 2011. Long-term debt outstanding, including the current portion, was $15,880 at June 30, 2012, compared to $86,282 at June 30, 2011.

The increase in income from operations and lower interest expense, net resulted in income before provision for income taxes of $70,522 for the three months ended June 30, 2012, an increase of $29,173, or 70.6%, compared to $41,349 for the three months ended June 30, 2011.

The Company’s total provision for income taxes increased $10,320, or 59.5%, to $27,665 for the three months ended June 30, 2012, compared to $17,345 for the same period of 2011. The Company’s effective tax rate was 39.2% for the three months ended June 30, 2012, down from 41.9% for the same period of 2011. This decrease was attributable to the increase in pretax income for the three months ended June 30, 2012, compared to the three months ended June 30, 2011.

Net income attributable to Graybar Electric Company, Inc. for the three months ended June 30, 2012 increased $18,867, or 78.9%, to $42,788 from $23,921 for the three months ended June 30, 2011.

Six Months Ended June 30, 2012 Compared to Six Months Ended June 30, 2011

Net sales totaled $2,661,664 for the six-month period ended June 30, 2012, compared to $2,558,138 for the six-month period ended June 30, 2011, an increase of $103,526, or 4.0%. Net sales to the electrical market sector for the six months ended June 30, 2012, increased 6.1%, while net sales to the comm/data sector decreased 0.3%, compared to the same six-month period of 2011.

Gross margin increased $30,797, or 6.5%, to $505,488 from $474,691 due primarily to higher net sales in the first six months of 2012, compared to the same period of 2011. The Company’s gross margin as a percent of net sales increased to 19.0% for the six months ended June 30, 2012 from 18.6% for the same period of 2011.

Selling, general and administrative expenses increased $27,554, or 7.0%, to $422,222, for the six-month period ended June 30, 2012, compared to $394,668 for the six-month period ended June 30, 2011, mainly due to higher employment-related costs. Selling, general and administrative expenses as a percentage of net sales for the six-month period ended June 30, 2012 were 15.9%, up from 15.5% for the same six-month period of 2011.

Depreciation and amortization expenses for the six months ended June 30, 2012 decreased $1,048, or 6.2%, to $15,954 from $17,002 for the same six-month period in 2011 due to a reduction in software amortization. Depreciation and amortization expenses as a percentage of net sales decreased to 0.6% for the six months ended June 30, 2012, compared to 0.7% of net sales for the same six-month period in 2011.

Other income, net totaled $32,073 for the six-month period ended June 30, 2012, compared to $1,554 for the six months ended June 30, 2011. Other income, net consists primarily of gains on the disposal of property, trade receivable interest charges to customers, and other miscellaneous income items related to the Company’s business activities. The increase in other income, net for the six months ended June 30, 2012 was due to a substantial increase in net gains on the disposal of real and personal property of $30,725, partially offset by impairment losses of $(257) recorded on property held for sale, compared to gains on the disposal of property of $29 for the same period of 2011. There were no impairment losses recorded during the six months ended June 30, 2011.

Income from operations totaled $99,385 for the six-month period ended June 30, 2012, an increase of $34,810, or 53.9%, from $64,575 for the six-month period ended June 30, 2011. The increase was due to substantially higher other income, net and an increase in gross margin, which combined, outpaced the increases in selling, general and administrative expenses.

Interest expense, net declined $2,202, or 60.1%, to $1,460 for the six-month period ended June 30, 2012 from $3,662 for the six months ended June 30, 2011. This reduction was due to a lower level of outstanding long-term debt in the first half of 2012, compared to the same period of 2011. Long-term debt outstanding, including the current portion, was $15,880 at June 30, 2012, compared to $86,282 at June 30, 2011.

The increase in income from operations and lower interest expense, net resulted in income before provision for income taxes of $97,925 for the six-month period ended June 30, 2012, an increase of $37,012, or 60.8%, compared to $60,913 for the six-month period ended June 30, 2011.

The Company’s total provision for income taxes increased $13,375, or 52.9%, to $38,639 for the six months ended June 30, 2012, compared to $25,264 for the same period in 2011. The Company’s effective tax rate was 39.5% for the six months ended June 30, 2012, down from 41.5% for the same period in 2011. This decrease was attributable to increases in pretax income for the six months ended June 30, 2012, compared to the six months ended June 30, 2011.

Net income attributable to Graybar Electric Company, Inc. for the six-month period ended June 30, 2012 increased $23,694, or 66.8%, to $59,143 from $35,449 for the six months ended June 30, 2011.

Financial Condition and Liquidity

The Company generally funds its working capital requirements using cash flows generated by the collection of trade receivables and trade accounts payable terms with its suppliers, supplemented by short-term bank lines of credit. Capital assets have historically been financed by common stock sales to the Company’s employees and long-term debt.

Operating Activities

Net cash used by operations was $16,800 for the six-month period ended June 30, 2012, compared to $30,234 provided by operations during the six months ended June 30, 2011. Negative cash flows from operations for the six months ended June 30, 2012 were primarily due to a decrease in accrued payroll and benefit costs of $64,232 and an increase in merchandise inventory of $48,841, partially offset by net income of $59,286 and a decrease in trade receivables of $30,516.

The average number of days of sales in trade receivables for the three-month period ended June 30, 2012 improved moderately compared to the same three-month period ended June 30, 2011. Merchandise inventory turnover declined significantly for the three months ended June 30, 2012, compared to the three months ended June 30, 2011.

Current assets exceeded current liabilities by $437,591 at June 30, 2012, an increase of $43,858, or 11.1%, from $393,733 at December 31, 2011.

Investing Activities

Net cash provided by investing activities totaled $11,650 for the six months ended June 30, 2012, compared to net cash used by investing activities of $10,733 for the same period of 2011. Capital expenditures for property were $21,652 and $11,096, and proceeds from the disposal of property were $33,302 and $363, for the six months ended June 30, 2012 and 2011, respectively. The proceeds received for the six months ended June 30, 2012 were primarily from the sale of real property. Proceeds received during the six months ended June 30, 2011 were primarily from the sale of personal property.

Financing Activities

Net cash provided by financing activities totaled $2,027 for the six months ended June 30, 2012, compared to net cash used by financing activities of $113 for the three months ended June 30, 2011.

Cash provided by short-term borrowings was $58,543 for the six months ended June 30, 2012, compared to $28,452 for the six months ended June 30, 2011. The Company made payments on long-term debt of $35,101 and capital lease obligations of $1,418 during the six months ended June 30, 2012. During the six months ended June 30, 2011, the Company made payments on long-term debt of $10,926 and capital lease obligations of $1,652.

Cash provided by the sale of common stock amounted to $8,323 and $7,303, and purchases of stock to be held in treasury were $4,736 and $4,488, for the six months ended June 30, 2012 and 2011, respectively. Cash dividends paid were $20,776 and $18,739 for the six months ended June 30, 2012 and 2011, respectively.

Cash paid for noncontrolling interests' common stock totaled $2,808 during the six months ended June 30, 2012, and included the $1,005 equity interest in the variable-rate lease arrangement discussed in Note 6. An additional $1,803 noncontrolling interest, substantially all of which was owned by a retiring director of the Company and his affiliated investment company, was purchased by our Canadian subsidiary under the standard terms of The Graybar

Electric Canada Limited Employee Share Purchase Plan, which applies to employee stock ownership for employees of our Canadian subsidiary. Cash paid for noncontrolling interests' common stock totaled $63 during the six months ended June 30, 2011.

Cash and cash equivalents were $68,844 at June 30, 2012, compared to $71,967 at December 31, 2011, a decrease of $3,123, or 4.3%.

Liquidity

At June 30, 2012, the Company had unused lines of credit amounting to $398,895 available, compared to $457,438 at December 31, 2011. These lines are available to meet the short-term cash requirements of the Company and certain committed lines of credit had annual fees of up to 35 basis points (0.35%) of the committed lines of credit.

Short-term borrowings outstanding during the six months ended June 30, 2012 and 2011 ranged from a minimum of $35,105 and $13,800 to a maximum of $111,032 and $53,318, respectively.

The Company had a lease agreement with an independent lessor, which provided $28,720 of financing for five of the Company’s distribution facilities. The agreement carried a five-year term expiring in July 2013. The financing structure used with this lease qualified as a silo of a variable interest entity. In accordance with accounting principles generally accepted in the US ("US GAAP"), the Company, as the primary beneficiary, consolidated the silo in its financial statements. At December 31, 2011, the consolidated silo included in the Company’s consolidated financial statements had a net property balance of $15,118, current portion of long-term debt of $27,715, and a noncontrolling interest of $1,005. Under the terms of the lease agreement, the amount guaranteed by the Company as the residual fair value of the property subject to the lease arrangement was $28,720 at December 31, 2011.

The revolving credit facility and certain other note agreements contain various affirmative and negative covenants. The Company is also required to maintain certain financial ratios as defined in the agreements. The Company was in compliance with all covenants under these agreements as of June 30, 2012 and December 31, 2011.

New Accounting Standards Updates

annually for impairment. This guidance was adopted early by Graybar for the annual period ended December 31, 2011 and all reporting periods thereafter.

The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010

The Company's healthcare costs have increased due to the Acts' raising of the maximum eligible age for covered dependents to receive benefits. The Company anticipates that the elimination of the lifetime dollar limits per covered individual, restrictions on annual dollar limits on essential benefits per covered individual, as well as other standard requirements of the Acts will cause its healthcare costs to increase in the future. The planned enactment of the excise tax on “high cost” healthcare plans in 2018 may also cause the Company's healthcare costs to increase further.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes in the policies, procedures, controls, or risk profile from those provided in Item 7A., “Quantitative and Qualitative Disclosures About Market Risk”, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Item 4. Controls and Procedures.

(a) Evaluation of disclosure controls and procedures

An evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2012, was performed

under the supervision and with the participation of the Company’s management. Based on that evaluation, the Company’s management, including the Principal Executive Officer and Principal Financial Officer, concluded that the Company’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports filed or submitted by the Company under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) Changes in internal control over financial reporting

There were no changes in the Company’s internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use Of Proceeds.

The Company's capital stock is one hundred percent (100%) owned by its active and retired employees, and there is no public trading market for its 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. Under applicable state law, a voting trust may not have a term greater than ten years. The 2007 Voting Trust Agreement expires by its terms on March 15, 2017. At June 30, 2012, approximately eighty-two percent (82%) of the common stock was held in this 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.

The following table sets forth information regarding purchases of common stock by the Company pursuant to the foregoing provisions:

Issuer Purchases of Equity Securities



Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
April 1 to April 30, 2012	51,731	$20.00	N/A
May 1 to May 31, 2012	54,456	$20.00	N/A
June 1 to June 30, 2012	53,497	$20.00	N/A
Total	159,684	$20.00	N/A

Item 6. Exhibits.



(a)	Exhibits furnished in accordance with provisions of Item 601 of Regulation S-K.

	(3)	(i)	Articles of Incorporation

			(a)	Restated Certificate of Incorporation, as amended, filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated June 9, 2011 (Commission File No. 000-00255) and incorporated herein by reference.

		(ii)	Bylaws

			(a)	By-laws as amended through June 9, 2011, filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K dated June 9, 2011 (Commission File No. 000-00255) and incorporated herein by reference.

	(31)	Rule 13a-14(a)/15d-14(a) Certifications

		(31.1)		Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Principal Executive Officer.

		(31.2)		Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Principal Financial Officer.

	(32)	Section 1350 Certifications

		(32.1)		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Principal Executive Officer.

		(32.2)		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Principal Financial Officer.

	101.INS*	XBRL Instance Document

	101.SCH*	XBRL Taxonomy Extension Schema Document

	101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document

	101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document

	101.LAB*	XBRL Taxonomy Extension Label Linkbase Document

	101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

		* In accordance with Rule 406T of Regulation S-T promulgated by the Securities and Exchange Commission, Exhibit 101 is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



			GRAYBAR ELECTRIC COMPANY, INC.


	August 6, 2012		/s/ KATHLEEN M. MAZZARELLA
	Date		Kathleen M. Mazzarella
			President and Chief Executive Officer (Principal Executive Officer)

	August 6, 2012		/s/ D. BEATTY D’ALESSANDRO
	Date		D. Beatty D’Alessandro
			Senior Vice President and Chief Financial Officer (Principal Financial Officer)

	August 6, 2012		/s/ MARTIN J. BEAGEN
	Date		Martin J. Beagen
			Vice President and Controller (Principal Accounting Officer)

EXHIBIT INDEX

Exhibits



(3(i))		Articles of Incorporation

		(a)	Restated Certificate of Incorporation, as amended, filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated June 9, 2011 (Commission File No. 000-00255) and incorporated herein by reference.

(3(ii))		Bylaws

		(a)	By-laws as amended through June 9, 2011, filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K dated June 9, 2011 (Commission File No. 000-00255) and incorporated herein by reference.

(31.1	)	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Principal Executive Officer.

(31.2	)	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Principal Financial Officer.

(32.1	)	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Principal Executive Officer.

(32.2	)	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Principal Financial Officer.

101.INS*		XBRL Instance Document

101.SCH*		XBRL Taxonomy Extension Schema Document

101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

		* In accordance with Rule 406T of Regulation S-T promulgated by the Securities and Exchange Commission, Exhibit 101 is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under those sections.

EX-31.1 2 a063012-ex311.htm EXHIBIT 31.1 06.30.12-EX31.1

Exhibit 31.1

CERTIFICATION

I, Kathleen M. Mazzarella, certify that:


1)	I have reviewed this Quarterly Report on Form 10-Q of Graybar Electric Company, Inc.;


2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4)	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


5)	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



	August 6, 2012		/s/ KATHLEEN M. MAZZARELLA
	Date		Kathleen M. Mazzarella
			President and Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 a063012-ex312.htm EXHIBIT 31.2 06.30.12-EX31.2

Exhibit 31.2

CERTIFICATION

I, D. Beatty D'Alessandro, certify that:


1)	I have reviewed this Quarterly Report on Form 10-Q of Graybar Electric Company, Inc.;


2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4)	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


5)	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



	August 6, 2012		/s/ D. BEATTY D'ALESSANDRO
	Date		D. Beatty D'Alessandro
			Senior Vice President and Chief Financial Officer (Principal Financial Officer)

EX-32.1 4 a063012-ex321.htm EXHIBIT 32.1 06.30.12-EX32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Kathleen M. Mazzarella, President and Chief Executive Officer of Graybar Electric Company, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:


(1)	The Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



	August 6, 2012		/s/ KATHLEEN M. MAZZARELLA
	Date		Kathleen M. Mazzarella
			President and Chief Executive Officer (Principal Executive Officer)

EX-32.2 5 a063012-ex322.htm EXHIBIT 32.2 06.30.12-EX32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, D. Beatty D'Alessandro, Senior Vice President and Chief Financial Officer of Graybar Electric Company, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:


(1)	The Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



	August 6, 2012		/s/ D. BEATTY D'ALESSANDRO
	Date		D. Beatty D'Alessandro
			Senior Vice President and Chief Financial Officer (Principal Financial Officer)

EX-101.INS 6 graybar-20120630.xml XBRL INSTANCE DOCUMENT 0000205402 2011-04-01 2011-06-30 0000205402 2011-01-01 2011-06-30 0000205402 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2011-01-01 2011-06-30 0000205402 us-gaap:PensionPlansDefinedBenefitMember 2011-01-01 2011-06-30 0000205402 graybar:CommonStockSubscribedUnissuedMember 2011-01-01 2011-06-30 0000205402 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-01-01 2011-06-30 0000205402 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2011-01-01 2011-06-30 0000205402 us-gaap:NoncontrollingInterestMember 2011-01-01 2011-06-30 0000205402 us-gaap:RetainedEarningsMember 2011-01-01 2011-06-30 0000205402 us-gaap:ScenarioPreviouslyReportedMember 2011-01-01 2011-06-30 0000205402 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2011-04-01 2011-06-30 0000205402 us-gaap:PensionPlansDefinedBenefitMember 2011-04-01 2011-06-30 0000205402 us-gaap:ScenarioPreviouslyReportedMember 2011-04-01 2011-06-30 0000205402 2012-01-01 2012-03-31 0000205402 2012-04-01 2012-06-30 0000205402 2012-01-01 2012-06-30 0000205402 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2012-01-01 2012-06-30 0000205402 us-gaap:PensionPlansDefinedBenefitMember 2012-01-01 2012-06-30 0000205402 graybar:CommonStockSubscribedUnissuedMember 2012-01-01 2012-06-30 0000205402 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2012-01-01 2012-06-30 0000205402 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2012-01-01 2012-06-30 0000205402 us-gaap:NoncontrollingInterestMember 2012-01-01 2012-06-30 0000205402 us-gaap:RetainedEarningsMember 2012-01-01 2012-06-30 0000205402 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2012-04-01 2012-06-30 0000205402 us-gaap:PensionPlansDefinedBenefitMember 2012-04-01 2012-06-30 0000205402 2010-12-31 0000205402 graybar:CommonStockSubscribedUnissuedMember 2010-12-31 0000205402 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-31 0000205402 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2010-12-31 0000205402 us-gaap:NoncontrollingInterestMember 2010-12-31 0000205402 us-gaap:RetainedEarningsMember 2010-12-31 0000205402 2011-06-30 0000205402 graybar:CommonStockSubscribedUnissuedMember 2011-06-30 0000205402 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-06-30 0000205402 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2011-06-30 0000205402 us-gaap:NoncontrollingInterestMember 2011-06-30 0000205402 us-gaap:RetainedEarningsMember 2011-06-30 0000205402 2011-12-31 0000205402 2011-12-08 0000205402 graybar:CommonStockSubscribedUnissuedMember 2011-12-31 0000205402 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-12-31 0000205402 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2011-12-31 0000205402 us-gaap:NoncontrollingInterestMember 2011-12-31 0000205402 us-gaap:RetainedEarningsMember 2011-12-31 0000205402 2012-06-30 0000205402 2012-07-31 0000205402 graybar:CommonStockSubscribedUnissuedMember 2012-06-30 0000205402 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2012-06-30 0000205402 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2012-06-30 0000205402 us-gaap:NoncontrollingInterestMember 2012-06-30 0000205402 us-gaap:RetainedEarningsMember 2012-06-30 xbrli:pure xbrli:shares iso4217:USD iso4217:USD xbrli:shares

603971000

614004000

767201000

797717000

12535000

15329000

386150000

390092000

-150364000

-143614000

7764000

7379000

257000

82000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company reviews long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For assets classified as to be held and used, impairment may occur if projected undiscounted cash flows are not adequate to cover the carrying value of the assets. In such cases, additional analysis is conducted to determine the amount of the loss to be recognized. The impairment loss is calculated as the difference between the carrying amount of the asset and its estimated fair value. The analysis requires estimates of the amount and timing of projected cash flows and, where applicable, selection of an appropriate discount rate. Such estimates are critical in determining whether any impairment charge should be recorded and the amount of such charge if an impairment loss is deemed necessary. </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">For assets held for sale, impairment occurs whenever the net book value of the property listed for sale</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">exceeds the expected selling price less estimated selling expenses. </font></div></div>

1704739000

1717963000

1289315000

1302945000

6074000

4089000

372295000

374008000

1434000

564000

10056000

12546000

71967000

68844000

101744000

82356000

19388000

-3123000

583000

371000

<div style="font-family:Times New Roman;font-size:10pt;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Commitments and Contingencies</font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company and its subsidiaries are subject to various claims, disputes, and administrative and legal matters incidental to the Company’s past and current business activities.  As a result, contingencies may arise resulting from an existing condition, situation, or set of circumstances involving an uncertainty as to the realization of a possible loss.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company accounts for loss contingencies in accordance with US GAAP.  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 the Company deems some 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 the Company believes that none of these claims, disputes, and administrative and legal matters will have a material adverse effect on its financial position, these matters are uncertain and the Company cannot at this time determine whether the financial impact, if any, of these matters will be material to its results of operations in the period during which such matters are resolved or a better estimate becomes available.</font></div></div>

0.60

0.30

0.60

20.00

20000000000

13022461000

12881512000

768000

257630000

260449000

26352000

44343000

41951000

65893000

52000

268000

-100000

-16000

65793000

26404000

44327000

42219000

1122229000

1122742000

2083447000

2156176000

136668000

127796000

-860000

-460000

-10558000

-7052000

-985000

-3527000

-435000

-5408000

702000

-565000

377000

690000

-1090000

-565000

340000

-1090000

20000000

10000000

20000000

21300000

11835000

5492000

5910000

10942000

1678000

914000

828000

5642000

12448000

11342000

6123000

1839000

8153000

1216000

1305000

22968000

2805000

16403000

2616000

11493000

4099000

1071000

518000

8249000

5532000

496000

11107000

1168000

17002000

8164000

7377000

15954000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Prior to settlement, the Company’s interest rate swap agreement had been designated as a cash flow hedge and was required to be measured at fair value on a recurring basis. The Company endeavored to utilize the best available information in measuring fair value.  The interest rate swap was valued based on quoted data from the counterparty, corroborated with indirectly observable market data, which, combined, were deemed to be a Level 2 input in the fair value hierarchy.</font></div></div>

7833000

7053000

3525000

3912000

7833000

12943000

2.75

1.86

3.29

4.54

117965000

53733000

76906000

188929000

201052000

-29494000

-30764000

30725000

29000

505488000

474691000

258675000

248741000

28720000

69000

200000

143000

83000

70522000

60913000

97925000

41349000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company determines its deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of its assets and liabilities, calculated using enacted applicable tax rates.  The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established.  Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the condensed consolidated financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company’s unrecognized tax benefits of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$4,015</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$3,746</font><font style="font-family:Arial;font-size:10pt;"> at </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2012</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2011</font><font style="font-family:Arial;font-size:10pt;">, respectively, are uncertain tax positions that would impact the Company’s effective tax rate if recognized.  The Company is periodically engaged in tax return examinations, reviews of statute of limitations periods, and settlements surrounding income taxes. The Company does not anticipate a material change in its unrecognized tax benefits during the next twelve months.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company classifies interest expense and penalties as part of its provision for income taxes based upon applicable federal and state interest/underpayment percentages.  The Company has accrued </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$1,290</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$1,239</font><font style="font-family:Arial;font-size:10pt;"> in interest and penalties in its condensed consolidated balance sheets at </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2012</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2011</font><font style="font-family:Arial;font-size:10pt;">, respectively.  Interest was computed on the difference between the provision for income taxes recognized in accordance with US GAAP and the amount of benefit previously taken or expected to be taken in the Company’s federal, state, and local income tax returns.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company's federal income tax returns for the tax years 2008 and forward are available for examination by the United States Internal Revenue Service (“IRS”).  The Company's 2008 and 2009 federal income tax returns are currently under audit examination by the IRS. This examination commenced during June 2011 and is expected to be completed during 2012. Since the audit process has not yet concluded, the audit outcome cannot yet be evaluated. The Company has agreed to extend its federal statute of limitations for the 2008 tax year, which will expire on March 31, 2013, unless further extended.  The Company's state income tax returns for 2007 through 2011 remain subject to examination by various state authorities, with the latest period closing on December 31, 2016.  The Company has extended the statute of limitations in one state jurisdiction for the tax year 2006. The Company has not extended the statutes of limitations in any other state jurisdictions with respect to years prior to 2007.  Such statutes of limitations will expire on or before November 15, 2012, unless extended.</font></div></div>

27665000

25264000

38639000

17345000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company determines its deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of its assets and liabilities, calculated using enacted applicable tax rates.  The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established.  Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the condensed consolidated financial statements.</font></div></div>

-10033000

131969000

-30516000

117335000

-1195000

1684000

-28271000

-64232000

30533000

48841000

588000

1112000

-4892000

3966000

25016000

29490000

-180000

-1572000

3662000

1812000

683000

1460000

444965000

396124000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-left:24px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Merchandise Inventory</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company’s inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market.  LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales.  An actual valuation of inventory under the LIFO method can be made only at year-end based on the inventory levels and costs at that time.  Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In assessing the ultimate realization of inventories, the Company makes judgments as to its return rights to suppliers and future demand requirements. If actual future demand, market conditions, or supplier return provisions are less favorable than those projected by management, additional inventory write-downs may be required.</font></div></div>

64005000

64691000

1087830000

1133345000

1704739000

1717963000

895582000

865354000

September 2016

May 2012

500000000

200000000

10345000

2128000

41490000

13752000

3081000

5989000

-113000

2027000

11650000

-10733000

35449000

23921000

59143000

42788000

64575000

43161000

71205000

99385000

21935000

23507000

84494000

80796000

2626000

6732000

3433000

4673000

4286000

1672000

2975000

2185000

-225000

-1963000

-322000

1508000

6570000

1470000

6507000

2400000

6502000

6750000

-243000

68000

389000

96000

247000

61000

51289000

80258000

20820000

19051000

1005000

32073000

1554000

834000

30181000

71732000

71699000

101105000

42562000

4736000

4488000

20776000

18739000

21652000

11096000

63000

2808000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Pension and Other Postretirement Benefits</font></div><div style="line-height:120%;padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company has a noncontributory defined benefit pension plan covering substantially all full-time employees.  The plan provides retirement benefits based on an employee’s average earnings and years of service.  Employees become one hundred percent (100%) vested after three years of service, regardless of age.  The Company’s plan funding policy is to make contributions provided that the total annual contributions will not be less than the Employee Retirement Income Security Act ("ERISA") and the Pension Protection Act of 2006 minimums or greater than the maximum tax-deductible amount, to review contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by the Company from time to time.  The assets of the defined benefit pension plan are invested primarily in fixed income and equity securities, money market funds, and other investments.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company provides certain postretirement health care and life insurance benefits to retired employees. Substantially all of the Company’s employees may become eligible for postretirement medical benefits if they reach the age and service requirements of the retiree medical plan and retire on a service pension under the defined benefit pension plan. Benefits are provided through insurance coverage, with premiums based on the benefits paid during the year. The Company funds postretirement benefits on a pay-as-you-go basis, and accordingly, there were no assets held in the postretirement benefits plan at </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2012</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2011</font><font style="font-family:Arial;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:center;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The net periodic benefit cost for the three and six months ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2012</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2011</font><font style="font-family:Arial;font-size:10pt;"> included the following components: </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.6328125%;border-collapse:collapse;text-align:left;"><tr><td colspan="14" rowspan="1"></td></tr><tr><td width="47%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="5%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Pension Benefits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Postretirement Benefits</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Three Months Ended June 30,</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Three Months Ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Components of Net Periodic Benefit Cost</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2012</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2011</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2012</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2011</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Service cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">5,532</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4,099</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">518</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">496</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Interest cost</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">6,123</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,642</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">828</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">914</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Expected return on plan assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(5,910</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(5,492</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amortization of:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net actuarial loss</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">5,408</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3,527</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">435</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">460</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Prior service cost (gain)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">340</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">377</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(565</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(565</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net periodic benefit cost</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">11,493</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">8,153</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1,216</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,305</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td colspan="14" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Pension Benefits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Postretirement Benefits</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Six Months Ended June 30,</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Six Months Ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Components of Net Periodic Benefit Cost</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2012</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2011</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2012</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2011</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Service cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">11,107</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">8,249</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1,168</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,071</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Interest cost</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">12,448</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,342</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1,678</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,839</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Expected return on plan assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(11,835</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(10,942</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amortization of:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net actuarial loss</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">10,558</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">7,052</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">860</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">985</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Prior service cost (gain)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">690</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">702</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(1,090</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(1,090</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net periodic benefit cost</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">22,968</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">16,403</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2,616</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,805</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company made contributions to its defined benefit pension plan totaling </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$10,000</font><font style="font-family:Arial;font-size:10pt;"> during each of the </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:Arial;font-size:10pt;">-month periods ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2012</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2011</font><font style="font-family:Arial;font-size:10pt;">. Contributions made during the six-month periods ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2012</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2011</font><font style="font-family:Arial;font-size:10pt;"> each totaled </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$20,000</font><font style="font-family:Arial;font-size:10pt;">. Additional contributions totaling </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$21,300</font><font style="font-family:Arial;font-size:10pt;"> are expected to be paid during the remainder of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2012</font><font style="font-family:Arial;font-size:10pt;">.</font></div></div>

8323000

7303000

28452000

58543000

33239000

31908000

363000

33302000

24004000

35649000

42857000

59286000

35449000

59143000

200000

143000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Assets Held For Sale</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company considers properties to be assets held for sale when all of the following criteria are met: i) a formal commitment to a plan to sell a property has been made and exercised; ii) the property is available for sale in its present condition; iii) actions required to complete the sale of the property have been initiated; iv) sale of the property is probable and the Company expects the sale will occur within one year; and v) the property is being actively marketed for sale at a price that is reasonable given its current market value.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation of the property ceases. The net book value of assets held for sale was </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$6,074</font><font style="font-family:Arial;font-size:10pt;"> at December 31, 2011. During the three and six months ended June 30, 2012, the Company sold assets classified as held for sale for </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$31,908</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$33,239</font><font style="font-family:Arial;font-size:10pt;"> respectively, and recorded net gains on the assets held for sale of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$29,494</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$30,764</font><font style="font-family:Arial;font-size:10pt;">, respectively, in other income, net. The remaining net book value of assets still held for sale at June 30, 2012 is $</font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">4,089</font><font style="font-family:Arial;font-size:10pt;"> and is recorded in net property in the condensed consolidated balance sheet.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company reviews long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For assets classified as to be held and used, impairment may occur if projected undiscounted cash flows are not adequate to cover the carrying value of the assets. In such cases, additional analysis is conducted to determine the amount of the loss to be recognized. The impairment loss is calculated as the difference between the carrying amount of the asset and its estimated fair value. The analysis requires estimates of the amount and timing of projected cash flows and, where applicable, selection of an appropriate discount rate. Such estimates are critical in determining whether any impairment charge should be recorded and the amount of such charge if an impairment loss is deemed necessary. </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">For assets held for sale, impairment occurs whenever the net book value of the property listed for sale</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">exceeds the expected selling price less estimated selling expenses. The Company recorded impairment losses totaling </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$(82)</font><font style="font-family:Arial;font-size:10pt;"> and $</font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">(257)</font><font style="font-family:Arial;font-size:10pt;">, respectively, to account for the expected losses on two of the properties held for sale during the three- and six-month periods ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2012</font><font style="font-family:Arial;font-size:10pt;">. The impairment losses are included in other income, net in the condensed consolidated statements of income for the three and six months ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2012</font><font style="font-family:Arial;font-size:10pt;">. The Company did not record any impairment charges during the three and six months ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2011</font><font style="font-family:Arial;font-size:10pt;">.</font></div></div>

724314000

717080000

334222000

330930000

1418000

1652000

35101000

10926000

509449000

458139000

10552000

4882000

5413000

9221000

2672216000

1386830000

1375852000

2567359000

2661664000

1381417000

1370970000

2558138000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.6328125%;border-collapse:collapse;text-align:left;"><tr><td colspan="14" rowspan="1"></td></tr><tr><td width="47%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="5%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Pension Benefits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Postretirement Benefits</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Three Months Ended June 30,</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Three Months Ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Components of Net Periodic Benefit Cost</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2012</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2011</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2012</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2011</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Service cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">5,532</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4,099</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">518</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">496</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Interest cost</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">6,123</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,642</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">828</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">914</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Expected return on plan assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(5,910</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(5,492</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amortization of:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net actuarial loss</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">5,408</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3,527</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">435</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">460</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Prior service cost (gain)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">340</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">377</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(565</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(565</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net periodic benefit cost</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">11,493</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">8,153</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1,216</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,305</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td colspan="14" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Pension Benefits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-decoration:underline;">Postretirement Benefits</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Six Months Ended June 30,</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Six Months Ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Components of Net Periodic Benefit Cost</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2012</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2011</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2012</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2011</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Service cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">11,107</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">8,249</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1,168</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,071</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Interest cost</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">12,448</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,342</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1,678</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,839</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Expected return on plan assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(11,835</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(10,942</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amortization of:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net actuarial loss</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">10,558</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">7,052</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">860</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">985</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Prior service cost (gain)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">690</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">702</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(1,090</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(1,090</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net periodic benefit cost</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">22,968</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">16,403</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2,616</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,805</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

199037000

209487000

422222000

394668000

101105000

42562000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Accounting Policies</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The condensed consolidated financial statements included herein have been prepared by Graybar Electric Company, Inc. (“Graybar” or the “Company”), without audit, pursuant to the rules and regulations of the United States (“US”) Securities and Exchange Commission (the “Commission”) applicable to interim financial reporting.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the US (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that its disclosures are adequate to make the information presented not misleading.  The preparation of financial statements in accordance with US GAAP requires the use of estimates and assumptions that affect reported amounts.  The Company’s condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments.  Actual results could differ from those estimates.  Certain reclassifications were made to prior year amounts to conform to the </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2012</font><font style="font-family:Arial;font-size:10pt;"> presentation.  These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2011</font><font style="font-family:Arial;font-size:10pt;">, included in the Company’s latest Annual Report on Form 10-K.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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 financial statements presented.  Such interim financial information is subject to year-end adjustments.  Results for interim periods are not necessarily indicative of results to be expected for the full year.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:24px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Principles of Consolidation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The condensed consolidated financial statements include the accounts of Graybar Electric Company, Inc. and its subsidiary companies.  All material intercompany balances and transactions have been eliminated.  The ownership interests that are held by owners other than the Company in subsidiaries consolidated by the Company are accounted for and reported as noncontrolling interests.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:24px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Merchandise Inventory</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company’s inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market.  LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales.  An actual valuation of inventory under the LIFO method can be made only at year-end based on the inventory levels and costs at that time.  Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In assessing the ultimate realization of inventories, the Company makes judgments as to its return rights to suppliers and future demand requirements. If actual future demand, market conditions, or supplier return provisions are less favorable than those projected by management, additional inventory write-downs may be required.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:24px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">New Accounting Standards Updates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In September 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU" or "Update") No. 2011-08, "Intangibles-Goodwill and Other: Testing Goodwill for Impairment". This ASU amends the guidance on testing goodwill for impairment. Under the revised guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. If entities determine, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. This Update does not change how goodwill is calculated or assigned to reporting units, nor does it revise the requirement to test goodwill annually for impairment. This guidance was adopted by Graybar for the annual period ended December 31, 2011 and all reporting periods thereafter. </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income". This Update eliminates the option to present the components of comprehensive income as a part of the Statement of Changes in Shareholders' Equity and requires entities to present the components of comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This ASU does not change the items that are required to be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05", which deferred the requirement to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income while the FASB further deliberates this aspect of the proposal. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments also do not affect how earnings per share is calculated or presented. This guidance, as amended, was adopted by Graybar for its annual reporting period ended December 31, 2011 and all reporting periods thereafter. Although adopting the guidance did not impact the Company's accounting for comprehensive income, it affected the presentation of components of comprehensive income by eliminating the Company's historical practice of showing these items within its Consolidated Statements of Changes in Shareholders' Equity.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In May 2011, the FASB issued ASU No. 2011-04, "Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS". This 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"). This Update does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The Company adopted this Update as of January 1, 2012 and the adoption did not have a material impact on the Company's results of operations, financial position, or cash flows during the three or six months ended June 30, 2012.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively the "Acts") were enacted by the US Congress in March 2010.  The Acts have both short- and long-term implications for benefit plan standards.  Implementation of this legislation is expected to occur in phases through 2018. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company's healthcare costs have increased due to the Acts' raising of the maximum eligible age for covered dependents to receive benefits. The Company anticipates that the elimination of the lifetime dollar limits per covered individual, restrictions on annual dollar limits on essential benefits per covered individual, as well as other standard requirements of the Acts, will cause its healthcare costs to increase in the future. The planned enactment of the excise tax on “high cost” healthcare plans in 2018 may also cause the Company's healthcare costs to increase further.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company continues to evaluate the impact, if any, the Acts will have on its financial statements as new regulations under the Acts are issued.  The Company expects the general trend in healthcare costs to continue to rise and the effects of the Acts, and any future legislation, could materially impact the cost to provide healthcare benefits for many employers, including the Company.</font></div></div>

6926000

7555000

627052000

565405000

630133000

571394000

596725000

768000

5353000

-143614000

257630000

509449000

-95841000

260449000

423602000

5989000

5148000

451998000

232400000

-150364000

234838000

377000

3081000

558807000

458139000

-102343000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Capital Stock</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company's capital stock is one hundred percent (100%) owned by its active and retired employees, and there is no public trading market for its 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. Under applicable state law, a voting trust may not have a term greater than ten years. At </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2012</font><font style="font-family:Arial;font-size:10pt;">, approximately </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">eighty-two</font><font style="font-family:Arial;font-size:10pt;"> percent (</font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">82%</font><font style="font-family:Arial;font-size:10pt;">) of the common stock was held in a voting trust that expires by its terms on March 15, 2017. 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. </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">No shareholder may sell, transfer, or otherwise dispose of shares of common stock or the voting trust interests issued with respect thereto (“common stock”, “common shares”, or “shares”) without first offering the Company the option to purchase such shares at the price at which the shares were issued.  The Company also has the option to purchase at the issue price the common stock of any holder who dies or ceases to be an employee of the Company for any cause other than retirement on a Company pension.  The Company has always exercised its purchase option and expects to continue to do so. All outstanding shares of the Company have been issued at </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$20.00</font><font style="font-family:Arial;font-size:10pt;"> per share. </font></div></div>

252515000

15725000

7544000

4736000

63000

2808000

4488000

4551000

1239000

1290000

4015000

3746000

15118000

27715000

13013000

12888000

13021000

12885000

11714000

11716000

-5415000 -76086000 200000000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The condensed consolidated financial statements included herein have been prepared by Graybar Electric Company, Inc. (“Graybar” or the “Company”), without audit, pursuant to the rules and regulations of the United States (“US”) Securities and Exchange Commission (the “Commission”) applicable to interim financial reporting.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the US (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that its disclosures are adequate to make the information presented not misleading.  The preparation of financial statements in accordance with US GAAP requires the use of estimates and assumptions that affect reported amounts.  The Company’s condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments.  Actual results could differ from those estimates.  Certain reclassifications were made to prior year amounts to conform to the </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2012</font><font style="font-family:Arial;font-size:10pt;"> presentation.  These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2011</font><font style="font-family:Arial;font-size:10pt;">, included in the Company’s latest Annual Report on Form 10-K.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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 financial statements presented.  Such interim financial information is subject to year-end adjustments.  Results for interim periods are not necessarily indicative of results to be expected for the full year.</font></div></div> 20000000 3257000 1990000 50000000 768000 377000 377000 768000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively the "Acts") were enacted by the US Congress in March 2010.  The Acts have both short- and long-term implications for benefit plan standards.  Implementation of this legislation is expected to occur in phases through 2018. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company's healthcare costs have increased due to the Acts' raising of the maximum eligible age for covered dependents to receive benefits. The Company anticipates that the elimination of the lifetime dollar limits per covered individual, restrictions on annual dollar limits on essential benefits per covered individual, as well as other standard requirements of the Acts, will cause its healthcare costs to increase in the future. The planned enactment of the excise tax on “high cost” healthcare plans in 2018 may also cause the Company's healthcare costs to increase further.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company continues to evaluate the impact, if any, the Acts will have on its financial statements as new regulations under the Acts are issued.  The Company expects the general trend in healthcare costs to continue to rise and the effects of the Acts, and any future legislation, could materially impact the cost to provide healthcare benefits for many employers, including the Company.</font></div></div> -143000 -200000 2285255000 2323052000 10951924000 10611982000 28720000 -16800000 30234000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-left:24px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">New Accounting Standards Updates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In September 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU" or "Update") No. 2011-08, "Intangibles-Goodwill and Other: Testing Goodwill for Impairment". This ASU amends the guidance on testing goodwill for impairment. Under the revised guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. If entities determine, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. This Update does not change how goodwill is calculated or assigned to reporting units, nor does it revise the requirement to test goodwill annually for impairment. This guidance was adopted by Graybar for the annual period ended December 31, 2011 and all reporting periods thereafter. </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income". This Update eliminates the option to present the components of comprehensive income as a part of the Statement of Changes in Shareholders' Equity and requires entities to present the components of comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This ASU does not change the items that are required to be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05", which deferred the requirement to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income while the FASB further deliberates this aspect of the proposal. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments also do not affect how earnings per share is calculated or presented. This guidance, as amended, was adopted by Graybar for its annual reporting period ended December 31, 2011 and all reporting periods thereafter. Although adopting the guidance did not impact the Company's accounting for comprehensive income, it affected the presentation of components of comprehensive income by eliminating the Company's historical practice of showing these items within its Consolidated Statements of Changes in Shareholders' Equity.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In May 2011, the FASB issued ASU No. 2011-04, "Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS". This 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"). This Update does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The Company adopted this Update as of January 1, 2012 and the adoption did not have a material impact on the Company's results of operations, financial position, or cash flows during the three or six months ended June 30, 2012.</font></div></div> 0.82 100000000 50000000 false --12-31 Q2 2012 2012-06-30 10-Q 0000205402 12965706 Non-accelerated Filer GRAYBAR ELECTRIC CO INC (A)Adjusted for the declaration of a ten percent (10%) stock dividend in 2011, shares related to which were issued in February 2012. Prior to the adjustment, the average common shares outstanding were 11,714 and 11,716 for the three and six months ended June 30, 2011, respectively. (B)Cash dividends declared were $3,912 and $3,525 for the three months ended June 30, 2012 and 2011, respectively. Cash dividends declared were $7,833 and $7,053 for the six months ended June 30, 2012 and 2011, respectively.

EX-101.SCH 7 graybar-20120630.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2105100 - Disclosure - Accounting Policies link:presentationLink link:calculationLink link:definitionLink 2405403 - Disclosure - Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 2205201 - Disclosure - Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 2305302 - Disclosure - Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 2112100 - Disclosure - Assets Held For Sale link:presentationLink link:calculationLink link:definitionLink 2412402 - Disclosure - Assets Held For Sale Assets Held for Sale (Details) link:presentationLink link:calculationLink link:definitionLink 2412403 - Disclosure - Assets Held For Sale Impairment Loss (Details) link:presentationLink link:calculationLink link:definitionLink 2312301 - Disclosure - Assets Held For Sale (Tables) link:presentationLink link:calculationLink link:definitionLink 2107100 - Disclosure - Capital Stock link:presentationLink link:calculationLink link:definitionLink 2407402 - Disclosure - Capital Stock (Details) link:presentationLink link:calculationLink link:definitionLink 2407403 - Disclosure - Capital Stock Par Value of Stock (Details) link:presentationLink link:calculationLink link:definitionLink 2307301 - Disclosure - Capital Stock (Tables) link:presentationLink link:calculationLink link:definitionLink 2117100 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 2417402 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 2317301 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 1005000 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 1006500 - Statement - Condensed Consolidated Balance Sheets Parenthetical link:presentationLink link:calculationLink link:definitionLink 1007000 - Statement - Condensed Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 1008000 - Statement - Condensed Consolidated Statements of Changes in Shareholders’ Equity link:presentationLink link:calculationLink link:definitionLink 1003000 - Statement - Condensed Consolidated Statements of Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 1004500 - Statement - Condensed Consolidated Statements of Comprehensive Income Parenthetical link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - Condensed Consolidated Statements of Income link:presentationLink link:calculationLink link:definitionLink 1002500 - Statement - Condensed Consolidated Statements of Income Parenthetical link:presentationLink link:calculationLink link:definitionLink 2116100 - Disclosure - Derivative Financial Instruments link:presentationLink link:calculationLink link:definitionLink 2416402 - Disclosure - Derivative Financial Instruments (Details) link:presentationLink link:calculationLink link:definitionLink 2316301 - Disclosure - Derivative Financial Instruments (Tables) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document and Entity Information Document link:presentationLink link:calculationLink link:definitionLink 2106100 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 2406402 - Disclosure - Income Taxes (Details) link:presentationLink link:calculationLink link:definitionLink 2306301 - Disclosure - Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 2110100 - Disclosure - Pension and Other Postretirement Benefits link:presentationLink link:calculationLink link:definitionLink 2410403 - Disclosure - Pension and Other Postretirement Benefits Contributions (Details) link:presentationLink link:calculationLink link:definitionLink 2410402 - Disclosure - Pension and Other Postretirement Benefits Net Periodic Benefit Cost (Details) link:presentationLink link:calculationLink link:definitionLink 2310301 - Disclosure - Pension and Other Postretirement Benefits (Tables) link:presentationLink link:calculationLink link:definitionLink 2109100 - Disclosure - Revolving Credit Facility link:presentationLink link:calculationLink link:definitionLink 2409403 - Disclosure - Revolving Credit Facility Credit Agreement (Details) link:presentationLink link:calculationLink link:definitionLink 2409402 - Disclosure - Revolving Credit Facility Short-Term Borrowings (Details) link:presentationLink link:calculationLink link:definitionLink 2309301 - Disclosure - Revolving Credit Facility (Tables) link:presentationLink link:calculationLink link:definitionLink 2111100 - Disclosure - Variable Interest Entity link:presentationLink link:calculationLink link:definitionLink 2411402 - Disclosure - Variable Interest Entity (Details) link:presentationLink link:calculationLink link:definitionLink 2311301 - Disclosure - Variable Interest Entity (Tables) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 graybar-20120630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 9 graybar-20120630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 10 graybar-20120630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits Disclosure [Text Block] Variable Interest Entity [Abstract] Variable Interest Entity [Abstract] Income Statement [Abstract] Statement [Table] Statement [Table] Statement, Scenario [Axis] Statement, Scenario [Axis] Scenario, Unspecified [Domain] Scenario, Unspecified [Domain] Statement [Line Items] Statement [Line Items] Gross Sales Sales Revenue, Goods, Gross Cash discounts Sales Allowances, Goods Net Sales Revenue, Net Cost of merchandise sold Cost of Goods and Services Sold Gross Margin Gross Profit Selling, general and administrative expenses Selling, General and Administrative Expense Depreciation and amortization Depreciation, Depletion and Amortization Other income, net Other Operating Income Income from Operations Operating Income (Loss) Interest expense, net Interest Expense Income before Provision for Income Taxes Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Provision for income taxes Income Tax Expense (Benefit) Net Income Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Less: Net income attributable to noncontrolling interests Income (Loss) Attributable to Noncontrolling Interest Net Income attributable to Graybar Electric Company, Inc Net Income (Loss) Attributable to Parent Net Income per share of Common Stock Earnings Per Share, Basic Cash Dividends per share of Common Stock Common Stock, Dividends, Per Share, Cash Paid Average Common Shares Outstanding Weighted Average Number of Shares Outstanding, Basic Statement of Income and Comprehensive Income [Abstract] Net Income Other Comprehensive Income Other Comprehensive Income (Loss), Net of Tax [Abstract] Foreign currency translation Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax Unrealized gain from interest rate swap (net of tax of $61 and $247, respectively) Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax Pension and postretirement benefits liability adjustment (net of tax of $2,185, $1,672, $4,286 and $2,975, respectively) Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax Total Other Comprehensive Income Other Comprehensive Income (Loss), Net of Tax Comprehensive Income Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive loss (income) attributable to noncontrolling interests, net of tax Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive Income attributable to Graybar Electric Company, Inc. Comprehensive Income (Loss), Net of Tax, Attributable to Parent Capital Stock [Abstract] Capital Stock [Abstract] Statement, Equity Components [Axis] Statement, Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Common Stock, Par or Stated Value Per Share Common Stock, Par or Stated Value Per Share Cash Flows from Operations Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] Adjustments to reconcile net income to cash provided by operations: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Depreciation and amortization Deferred income taxes Increase (Decrease) in Deferred Income Taxes Net gains on disposal of property Gain (Loss) on Sale of Property Plant Equipment Asset Impairment Charges Asset Impairment Charges Net income attributable to noncontrolling interests Increase (Decrease) in Cash Provided By (Used In) Operating Activities When Effect of Noncontrolling Interest is Excluded Increase (Decrease) in Cash Provided By (Used In) Operating Activities When Effect of Noncontrolling Interest is Excluded Changes in assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Trade receivables Increase (Decrease) in Accounts Receivable Merchandise inventory Increase (Decrease) in Inventories Other current assets Increase (Decrease) in Prepaid Expense and Other Assets Other non-current assets Increase (Decrease) in Operating Assets Trade accounts payable Increase (Decrease) in Accounts Payable, Trade Accrued payroll and benefit costs Increase (Decrease) in Employee Related Liabilities Other current liabilities Increase (Decrease) in Other Accrued Liabilities Other non-current liabilities Increase (Decrease) in Operating Liabilities Total adjustments to net income Adjustments to Reconcile Net Income (Loss) Attributable to Parent to Cash Provided by (Used In) Operating Activities Adjustments to Reconcile Net Income (Loss) Attributable to Parent to Cash Provided by (Used In) Operating Activities Net cash provided by operations Net Cash Provided By (Used In) Operating Activities Excluding Net Income Attributable to Noncontrolling Interests Net Cash Provided By (Used In) Operating Activities Excluding Net Income Attributable to Noncontrolling Interests Cash Flows from Investing Activities Net Cash Provided by (Used in) Investing Activities [Abstract] Proceeds from disposal of property Proceeds from Sale of Property, Plant, and Equipment Capital expenditures for property Payments to Acquire Property, Plant, and Equipment Net cash used by investing activities Net Cash Provided by (Used in) Investing Activities Cash Flows from Financing Activities Net Cash Provided by (Used in) Financing Activities [Abstract] Net increase (decrease) in short-term borrowings Proceeds from (Repayments of) Short-term Debt Repayment of long-term debt Repayments of Long-term Debt Principal payments under capital leases Repayments of Long-term Capital Lease Obligations Sale of common stock Proceeds from Issuance of Common Stock Purchases of common stock Payments for Repurchase of Common Stock Purchases of noncontrolling interests' common stock Payments to Noncontrolling Interests Dividends paid Payments of Dividends, Common Stock Net cash provided (used) by financing activities Net Cash Provided by (Used in) Financing Activities Net Increase in Cash Cash and Cash Equivalents, Period Increase (Decrease) Cash, Beginning of Year Cash and Cash Equivalents, at Carrying Value Cash, End of Period Non-cash Investing and Financing Activities Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Acquisitions of equipment under capital leases Capital Lease Obligations Incurred Accounting Policies [Abstract] Basis of Presentation [Policy Text Block] Basis of Presentation [Policy Text Block] Description of Basis of Presentation [Policy Text Block] Consolidation, Policy [Policy Text Block] Consolidation, Policy [Policy Text Block] Inventory, Policy [Policy Text Block] Inventory, Policy [Policy Text Block] New Accounting Standards Updates [Policy Text Block] New Accounting Standards Updates [Policy Text Block] Description of New Accounting Standards Updates [Policy Text Block] Health Care Acts of 2010 [Policy Text Block] Health Care Acts of 2010 [Policy Text Block] Description of the Patient Protection and Affordable Care Act and the Health Care and Educational Reconciliation Act of 2010 [Policy Text Block] Income Tax, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Impairment or Disposal of Long-Lived Intangible Assets, Impairment, Policy [Policy Text Block] Asset Impairment Charges [Text Block] Derivatives, Policy [Policy Text Block] Derivatives, Policy [Policy Text Block] Condensed Consolidated Statements of Income Parenthetical [Abstract] Condensed Consolidated Statements of Income Parenthetical [Abstract] Scenario, Previously Reported [Member] Scenario, Previously Reported [Member] Stock Dividend Common Stock, Dividend Rate, Percentage Percentage rate used to calculate dividend payments on common stock Average common shares outstanding Cash dividends declared Dividends, Common Stock, Cash Revolving Credit Facility [Abstract] Revolving Credit Facility [Abstract] Line of Credit Facility [Table] Line of Credit Facility [Table] Line of Credit Facility [Axis] Line of Credit Facility [Axis] Line of Credit Facility, Lender [Domain] Line of Credit Facility, Lender [Domain] Line of Credit Facility [Line Items] Line of Credit Facility [Line Items] Line of Credit Facility, Maximum Borrowing Capacity Line of Credit Facility, Maximum Borrowing Capacity Line of Credit Facility, Expiration Date Line of Credit Facility, Expiration Date Combined Letter of Credit Sub-Facility Combined Letter of Credit Sub-Facility Combined Letter of Credit Sub-Facility US Swing Line Loan Facility US Swing Line Loan Facility US Swing Line Loan Facility Canadian Swing Line Loan Facility Canadian Swing Line Loan Facility Canadian Swing Line Loan Facility Sublimit for Borrowings by Graybar Canada Sublimit for Borrowings by Graybar Canada Sublimit for Borrowings by Graybar Canada Aggregate Borrowing Commitments Aggregate Borrowing Commitments Aggregate Borrowing Commitments Derivative Financial Instruments [Abstract] Derivative Financial Instruments [Abstract] Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table] Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table] Derivative Instrument Risk [Axis] Derivative Instrument Risk [Axis] Derivative Contract Type [Domain] Derivative Contract Type [Domain] Derivative Instruments, Gain (Loss) by Income Statement Location [Axis] Derivative Instruments, Gain (Loss) by Income Statement Location [Axis] Income Statement and Other Comprehensive Income (Loss) Location [Domain] Income Statement and Other Comprehensive Income (Loss) Location [Domain] Derivative Instruments, Gain (Loss) by Hedging Relationship [Axis] Derivative Instruments, Gain (Loss) by Hedging Relationship [Axis] Hedging Relationship [Domain] Hedging Relationship [Domain] Derivative Instruments, Gain (Loss) [Line Items] Derivative Instruments, Gain (Loss) [Line Items] Cash Flow Hedge Loss at Settlement Date Cash Flow Hedge Loss at Settlement Date The amount of loss on a cash flow hedge recorded in interest expense at settlement date Cash Flow Loss Reclassified to Interest Expense at Settlement Date Cash Flow Loss Reclassified to Interest Expense at Settlement Date The amount of loss on a cash flow hedge reclassified to interest expense from accumulated other comprehensive income at settlement date. Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax Cash Flow Hedge Loss Reclassified to Interest Expense Cash Flow Hedge Loss Reclassified to Interest Expense Income Tax Disclosure [Abstract] Income Taxes Income Tax Disclosure [Text Block] Schedule of Short-term Debt [Table] Schedule of Short-term Debt [Table] Short-term Debt, Type [Axis] Short-term Debt, Type [Axis] Short-term Debt, Type [Domain] Short-term Debt, Type [Domain] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Short-term Debt [Line Items] Short-term Debt [Line Items] Short-term Debt Short-term Debt Income Taxes [Abstract] Income Taxes [Abstract] Income Tax Contingency [Table] Income Tax Contingency [Table] Income Tax Authority [Axis] Income Tax Authority [Axis] Income Tax Authority [Domain] Income Tax Authority [Domain] Income Tax Contingency [Line Items] Income Tax Contingency [Line Items] Unrecognized Tax Benefits that Would Impact Effective Tax Rate Unrecognized Tax Benefits that Would Impact Effective Tax Rate Unrecognized Tax Benefits, Interest on Income Taxes Accrued Unrecognized Tax Benefits, Interest on Income Taxes Accrued Pension and Other Postretirement Benefits [Abstract] Pension and Other Postretirement Benefits [Abstract] Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Table] Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Table] Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Axis] Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Axis] Defined Benefit Plans and Other Postretirement Benefit Plans [Domain] Defined Benefit Plans and Other Postretirement Benefit Plans [Domain] Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] Defined Benefit Plan, Contributions by Employer Defined Benefit Plan, Contributions by Employer Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year Assets Held For Sale [Abstract] Assets Held For Sale [Abstract] Schedule of Long Lived Assets Held-for-sale [Table] Schedule of Long Lived Assets Held-for-sale [Table] Long Lived Assets Held-for-sale by Asset Type [Axis] Long Lived Assets Held-for-sale by Asset Type [Axis] Long Lived Assets Held-for-sale, Name [Domain] Long Lived Assets Held-for-sale, Name [Domain] Long Lived Assets Held-for-sale [Line Items] Long Lived Assets Held-for-sale [Line Items] Assets Held-for-sale, Long Lived Assets Held-for-sale, Long Lived Proceeds from Sale of Property, Plant, and Equipment Proceeds from Sale of Property Held-for-sale Gain (Loss) on Disposition of Property Gain (Loss) on Disposition of Property Accounting Policies Significant Accounting Policies [Text Block] Stockholders' Equity Note [Abstract] Capital Stock Stockholders' Equity Note Disclosure [Text Block] Pension Plans, Defined Benefit [Member] Pension Plans, Defined Benefit [Member] Other Postretirement Benefit Plans, Defined Benefit [Member] Other Postretirement Benefit Plans, Defined Benefit [Member] Defined Benefit Plan, Service Cost Defined Benefit Plan, Service Cost Defined Benefit Plan, Interest Cost Defined Benefit Plan, Interest Cost Defined Benefit Plan, Expected Return on Plan Assets Defined Benefit Plan, Expected Return on Plan Assets Defined Benefit Plan, Amortization of Gains (Losses) Defined Benefit Plan, Amortization of Gains (Losses) Defined Benefit Plan, Amortization of Prior Service Cost (Credit) Defined Benefit Plan, Amortization of Prior Service Cost (Credit) Defined Benefit Plan, Net Periodic Benefit Cost Defined Benefit Plan, Net Periodic Benefit Cost Statement of Financial Position [Abstract] ASSETS Assets [Abstract] Current Assets Assets, Current [Abstract] Cash and cash equivalents Trade receivables (less allowances of $7,379 and $7,764, respectively) Accounts Receivable, Net, Current Merchandise inventory Inventory, Net Other current assets Other Assets, Current Total Current Assets Assets, Current Property, at cost Property, Plant and Equipment, Gross [Abstract] Land Land Buildings Buildings and Improvements, Gross Furniture and fixtures Furniture and Fixtures, Gross Software Finite-Lived Computer Software, Gross Capital leases Capital Leased Assets, Gross Total Property, at cost Property, Plant and Equipment, Gross Less - accumulated depreciation and amortization Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Net Property Property, Plant and Equipment, Net Other Non-current Assets Other Assets, Noncurrent Total Assets Assets LIABILITIES Liabilities and Equity [Abstract] Current Liabilities Liabilities, Current [Abstract] Short-term borrowings Other Short-term Borrowings Current portion of long-term debt Long-term Debt and Capital Lease Obligations, Current Trade accounts payable Accounts Payable, Current Accrued payroll and benefit costs Employee-related Liabilities, Current Other accrued taxes Accrual for Taxes Other than Income Taxes, Current Dividends payable Dividends Payable, Current Other current liabilities Other Liabilities, Current Total Current Liabilities Liabilities, Current Postretirement Benefits Liability Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent Pension Liability Defined Benefit Pension Plan, Liabilities, Noncurrent Long-term Debt Long-term Debt and Capital Lease Obligations Other Non-current Liabilities Other Liabilities, Noncurrent Total Liabilities Liabilities SHAREHOLDERS' EQUITY Equity [Abstract] EX-101.PRE 11 graybar-20120630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 12 graybar.gif begin 644 graybar.gif M1TE&.#EAIP!@`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y M!`$`````+`````"G`&``AP``````````,P``9@``F0``S```_P`S```S,P`S M9@`SF0`SS``S_P!F``!F,P!F9@!FF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9 M_P#,``#,,P#,9@#,F0#,S`#,_P#_``#_,P#_9@#_F0#_S`#__S,``#,`,S,` M9C,`F3,`S#,`_S,S`#,S,S,S9C,SF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F M_S.9`#.9,S.99C.9F3.9S#.9_S/,`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_ M9C/_F3/_S#/__V8``&8`,V8`9F8`F68`S&8`_V8S`&8S,V8S9F8SF68SS&8S M_V9F`&9F,V9F9F9FF69FS&9F_V:9`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;, M9F;,F6;,S&;,_V;_`&;_,V;_9F;_F6;_S&;__YD``)D`,YD`9ID`F9D`S)D` M_YDS`)DS,YDS9IDSF9DSS)DS_YEF`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF9 M9IF9F9F9S)F9_YG,`)G,,YG,9IG,F9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G_ M_\P``,P`,\P`9LP`F/($.*'$FRI,F3*%.J7,FRIQ:,&Z,CLU$5BPBJ1BHQ7VJ@6V2AOS3E2!!V+(.$C1ZD$#%G'\*2@0:*P8OHUM9#AW6 M<.J>K49;UGNUC.S5@OQBO8W;LF6WM;$!;V5A+'&>I$E+S1HUNM6K:Y_KE,UZ MX%<(M(RW_])Q@:SVG=$%9<=F=3%PJX_/;S=><)9RV:VVRM^I>Q#C@9^-ME]/ MRQEDG&D#HO?9:JTT^!MI"":84R*L<;<<F!"4+0P8`&D$Z]LFF2GAZ!&>,3A:DXYULF>> M,1EI8P`>"5*HHD^6,&A'DAK9)`L)P6G"IP+A%ZEE#EH$IZ4`JO^(T&=H7L'' MGP;&:"FF!;4"@*4NG@2LC;@>9*-4H489P!78U"E7E2^>J1R=-C+[Z),F3!LG MC0.U\F.8TBJZ*4')]FC2BWRRX.2G84I5Y9$6^Z,7Z+9XS8J(GO MOY]1](:+H!`\DJ0D4$ZR>RYXR*$[$#V4JOVD1I;,]-C$`GHM`-1FS9&./\/_N'*TZ@KI\,F!-XI--*(*!'+&7<89 M];8#\4BJTBH3)##1]C(&;`DE4+WCN@YJ&N20Q9)D,:"?/4IROVZB/>>5P0)IN>!0]EK].8+._)!,,]-M^P+.XVVR9$[RR.NPV8; M_[5&RB4_@,'35.5D0Z8H<>D@L)/<_@[(*7PQ!DZCFQ:-$/4EW$%0>F/K6[J8 M)ZF&=:Y?F(*9W\AE0%Y-C22'4N#?(#<0L:VL=>_CEXY`@[&%U0E7`JQA[:1T M,N$Y#E"QXU7+_TI2)X;A<$?)F]ZP9"60]M%(&L@+UA"+!J85&D\@)O@9$GDH M*2;%C%XYW!6-_A2J7:4I3]P220IM!*,@NHA96[L4XZC%/]O5Z6C;PQ:U!`$% M/'VMCM?R4^ZNU2R7ZB6C''9F^PUFT&Z MKUL.DDLK.+9+1=T24A0S&HUT1LM9,D8V'J.8IF[3)'Y1CH\;,J$ M8.8KF3=MHBO+1,-WXZS)TMZ83IM`TE/MC*>$#BG/>MKSGOC,IS[WR2C/?OKS FGP`-J$`'2M""&O2@"$VH0A?*T(8Z]*$0C:A$)TK1BEIT*`$!`#L_ ` end XML 13 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 14 R25.htm IDEA: XBRL DOCUMENT

Revolving Credit Facility Credit Agreement (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000	$ 200,000
Line of Credit Facility, Expiration Date	September 2016	May 2012
Combined Letter of Credit Sub-Facility	50,000
US Swing Line Loan Facility	50,000
Canadian Swing Line Loan Facility	20,000
Sublimit for Borrowings by Graybar Canada	100,000
Aggregate Borrowing Commitments	$ 200,000

XML 15 R9.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Changes in Shareholders’ Equity (USD $) In Thousands, unless otherwise specified	Total	Common Stock	Common Stock Subscribed, Unissued	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Balance at Dec. 31, 2010	$ 558,807	$ 232,400	$ 0	$ 423,602	$ (102,343)	$ 5,148
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net income	35,649			35,449		200
Other comprehensive income	6,570				6,502	68
Stock issued	6,926	6,926
Stock purchased	(4,551)	(4,488)				(63)
Advance payments	377		377
Dividends declared	(7,053)			(7,053)
Balance at Jun. 30, 2011	596,725	234,838	377	451,998	(95,841)	5,353
Balance at Dec. 31, 2011	571,394	257,630	0	458,139	(150,364)	5,989
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net income	59,286			59,143		143
Other comprehensive income	6,507				6,750	(243)
Stock issued	7,555	7,555
Stock purchased	(7,544)	(4,736)				(2,808)
Advance payments	768		768
Dividends declared	(7,833)			(7,833)
Balance at Jun. 30, 2012	$ 630,133	$ 260,449	$ 768	$ 509,449	$ (143,614)	$ 3,081

- Definition

Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for all securities (common shares, preferred shares, etc.) during the period.

+ References+ Details

- Definition

This element represents Other Comprehensive Income or Loss, Net of Tax, for the period. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 22, 23, 24, 25

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e599-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(3)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A1, A4, A5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 5

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

+ Details

- Definition

Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.

+ References+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References+ Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References+ Details

EXCEL 16 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]B,V)E93$T,5]C,V0W7S1E8V)?.#$R,E\P.#,U M-C,W,SDT-SDB#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE M/D-O;F1E;G-E9%]#;VYS;VQI9&%T961?4W1A=&5M930\+W@Z3F%M93X-"B`@ M("`\>#I7;W)K#I% M>&-E;%=O#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I.86UE/DEN8V]M95]487AE#I.86UE/@T*("`@ M(#QX.E=O#I%>&-E M;%=O#I.86UE/D-A<&ET86Q?4W1O8VL\+W@Z3F%M M93X-"B`@("`\>#I7;W)K#I% M>&-E;%=O#I%>&-E;%=O#I%>&-E M;%=O#I7;W)K M#I7;W)K#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I.86UE/D%C8V]U;G1I;F=?4&]L:6-I97-?4&]L:6-I M97,\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I%>&-E;%=O&5S7T1E=&%I;',\+W@Z M3F%M93X-"B`@("`\>#I7;W)K#I7;W)K#I7;W)K#I7;W)K#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I.86UE/E9A5]$971A:3PO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D%S#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D1E#I7;W)K#I3='EL97-H M965T($A2968],T0B5V]R:W-H965T3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]B,V)E93$T,5]C,V0W7S1E8V)? M.#$R,E\P.#,U-C,W,SDT-SD-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O M0SHO8C-B964Q-#%?8S-D-U\T96-B7S@Q,C)?,#@S-38S-S,Y-#'0O:'1M;#L@ M8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^,3`M43QS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'1087)T7V(S8F5E,30Q M7V,S9#=?-&5C8E\X,3(R7S`X,S4V,S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]B,V)E M93$T,5]C,V0W7S1E8V)?.#$R,E\P.#,U-C,W,SDT-SD-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO8C-B964Q-#%?8S-D-U\T96-B7S@Q,C)?,#@S M-38S-S,Y-#'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]B,V)E93$T,5]C,V0W7S1E M8V)?.#$R,E\P.#,U-C,W,SDT-SD-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO8C-B964Q-#%?8S-D-U\T96-B7S@Q,C)?,#@S-38S-S,Y-#'0O:'1M M;#L@8VAA2!T7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA"D\+W1D/@T*("`@("`@("`\=&0@8VQA'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA3PO=&0^#0H@("`@("`@(#QT9"!C;&%S2P@870@ M8V]S=#PO=&0^#0H@("`@("`@(#QT9"!C;&%S3PO=&0^#0H@("`@("`@(#QT M9"!C;&%S3PO=&0^#0H@("`@("`@(#QT9"!C;&%S3PO=&0^#0H@("`@ M("`@(#QT9"!C;&%S3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA MF5D/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$;G5M<#XR,"PP,#`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5S/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#$Y-3QS<&%N/CPO'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3PO=&0^#0H@("`@ M("`@(#QT9"!C;&%S3PO=&0^#0H@("`@("`@(#QT9"!C;&%S M2!I;G9E3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]B,V)E93$T,5]C,V0W M7S1E8V)?.#$R,E\P.#,U-C,W,SDT-SD-"D-O;G1E;G0M3&]C871I;VXZ(&9I M;&4Z+R\O0SHO8C-B964Q-#%?8S-D-U\T96-B7S@Q,C)?,#@S-38S-S,Y-#'0O M:'1M;#L@8VAA2`H M55-$("0I/&)R/DEN(%1H;W5S86YD'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S6UE M;G1S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XW-C@\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z,3!P=#LG/CQD:78@6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P M<'0[/CQB6QE M/3-$;&EN92UH96EG:'0Z,3(P)3MT97AT+6EN9&5N=#HR-'!X.V9O;G0M6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US M:7IE.CEP=#MF;VYT+7=E:6=H=#IB;VQD.SY"87-IF4Z,3!P=#L^)B,Q-C`[/"]F;VYT/CPO9&EV/CQD:78@ M'0M:6YD96YT.C(T<'@[9F]N M="US:7IE.C$P<'0[/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[ M9F]N="US:7IE.C$P<'0[/E1H92!C;VYD96YS960@8V]N6)A6)A2!I M;F-L=61E9"!I;B!F:6YA;F-I86P@2!A8V-E<'1E9"!I;B!T:&4@55,@*"8C.#(R,#M54R!'04%0)B,X,C(Q.RD@ M:&%V92!B965N(&-O;F1E;G-E9"!O2!B96QI979E65A3I!F4Z,3!P=#L^('!R97-E;G1A=&EO;BXF(S$V,#L@5&AE3I! MF4Z,3!P=#L^+"!I;F-L=61E9"!I;B!T:&4@0V]M<&%N M>28C.#(Q-SMS(&QA=&5S="!!;FYU86P@4F5P;W)T(&]N($9OF4Z,3!P=#L^)B,Q-C`[/"]F;VYT/CPO9&EV/CQD:78@'0M:6YD96YT.C(T<'@[9F]N="US M:7IE.C$P<'0[/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N M="US:7IE.C$P<'0[/DEN('1H92!O<&EN:6]N(&]F(&UA;F%G96UE;G0L('1H M:7,@<75A2!F;W(@=&AE(&9A:7(@<')E6QE/3-$;&EN92UH96EG:'0Z,3(P M)3MT97AT+6EN9&5N=#HR-'!X.V9O;G0M#MF;VYT+7-I M>F4Z,3!P=#L^/&9O;G0@3I!F4Z,3!P=#L^5&AE(&-O;F1E;G-E9"!C;VYS;VQI9&%T960@9FEN86YC M:6%L('-T871E;65N=',@:6YC;'5D92!T:&4@86-C;W5N=',@;V8@1W)A>6)A M2!C M;VUP86YI97,N)B,Q-C`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`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`X,S4V,S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&5S/&)R/CPO&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T M>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z M,3!P=#LG/CQD:78@#MF;VYT+7-I>F4Z M,3!P=#L^/&9O;G0@3I!F4Z,3!P=#L^5&AE($-O;7!A;GD@9&5T97)M:6YE"!R871E&%B;&4@:6YC;VUE(&%N9"P@=&\@=&AE(&5X=&5N M="!I="!B96QI979EF4Z,3!P=#L^)B,Q-C`[/"]F;VYT/CPO M9&EV/CQD:78@'0M:6YD96YT M.C(T<'@[9F]N="US:7IE.C$P<'0[/CQF;VYT('-T>6QE/3-$9F]N="UF86UI M;'DZ07)I86P[9F]N="US:7IE.C$P<'0[/E1H92!#;VUP86YY)B,X,C$W.W,@ M=6YR96-O9VYI>F5D('1A>"!B96YE9FET3I!F4Z,3!P=#MC;VQO'0M9&5C;W)A=&EO;CIN;VYE.SXD-"PP,34\+V9O;G0^/&9O M;G0@3I!F4Z,3!P=#L^ M(&%N9"`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`P,#`P,#MT97AT+61E M8V]R871I;VXZ;F]N93L^)#$L,CDP/"]F;VYT/CQF;VYT('-T>6QE/3-$9F]N M="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[/B!A;F0@/"]F;VYT/CQF M;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[ M8V]L;W(Z(S`P,#`P,#MT97AT+61E8V]R871I;VXZ;F]N93L^)#$L,C,Y/"]F M;VYT/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE M.C$P<'0[/B!I;B!I;G1E3I!F4Z,3!P=#L^+"!R97-P96-T:79E;'DN)B,Q-C`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`@5&AI&%M M:6YA=&EO;B!C;VUM96YC960@9'5R:6YG($IU;F4@,C`Q,2!A;F0@:7,@97AP M96-T960@=&\@8F4@8V]M<&QE=&5D(&1U65T(&)E(&5V86QU871E9"X@(%1H92!#;VUP M86YY(&AA"!Y96%R+"!W:&EC:"!W M:6QL(&5X<&ER92!O;B!-87)C:"`S,2P@,C`Q,RP@=6YL97-S(&9U"!R971U'1E;F1E9"!T:&4@ M2!O=&AE'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$)V9O M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z,3!P=#LG/CQD M:78@6QE/3-$9F]N="UF86UI;'DZ:6YH97)I=#MF;VYT+7-I>F4Z M,3!P=#L^)B,Q-C`[/"]F;VYT/CPO9&EV/CQD:78@'0M:6YD96YT.C(T<'@[9F]N="US:7IE.C$P<'0[/CQF M;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[ M/E1H92!#;VUP86YY)W,@8V%P:71A;"!S=&]C:R!I2!I=',@86-T:79E(&%N9"!R971I65E2!A;&P@;V8@=&AE(&ES6QE/3-$ M9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[8V]L;W(Z(S`P,#`P M,#MT97AT+61E8V]R871I;VXZ;F]N93L^2G5N928C,38P.S,P+"`R,#$R/"]F M;VYT/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE M.C$P<'0[/BP@87!P2`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`@5&AE($-O;7!A;GD@:&%S(&%L M=V%Y&5R8VES960@:71S('!U3I!F4Z,3!P M=#MC;VQO'0M9&5C;W)A=&EO;CIN;VYE.SXD,C`N,#`\ M+V9O;G0^/&9O;G0@3I!F4Z,3!P=#L^('!E3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]B,V)E M93$T,5]C,V0W7S1E8V)?.#$R,E\P.#,U-C,W,SDT-SD-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO8C-B964Q-#%?8S-D-U\T96-B7S@Q,C)?,#@S M-38S-S,Y-#'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE#MF;VYT+7-I>F4Z,3!P=#L^/&9O M;G0@3I!F4Z,3!P=#L^ M3VX@2G5N92`S,"P@,C`Q,2P@=&AE($-O;7!A;GD@:&%D(&$@6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P M<'0[/B!F:79E+7EE87(@9F%C:6QI='D@=&AA="!W87,@=&\@97AP:7)E(&EN M(#PO9F]N=#X\9F]N="!S='EL93TS1&9O;G0M9F%M:6QY.D%R:6%L.V9O;G0M M2`R,#$R/"]F;VYT/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I M86P[9F]N="US:7IE.C$P<'0[/BX@($]N(%-E<'1E;6)E6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[/B!R979O M;'9I;F<@8W)E9&ET(&%G3I!F4Z,3!P=#MC M;VQO'0M9&5C;W)A=&EO;CIN;VYE.SY397!T96UB97(@ M,C`Q-CPO9F]N=#X\9F]N="!S='EL93TS1&9O;G0M9F%M:6QY.D%R:6%L.V9O M;G0M2!O9B!U M<"!T;R`\+V9O;G0^/&9O;G0@3I!F4Z,3!P=#MC;VQO'0M9&5C;W)A=&EO;CIN M;VYE.SXD-3`L,#`P/"]F;VYT/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ M07)I86P[9F]N="US:7IE.C$P<'0[/BP@82!54R!S=VEN9R!L:6YE(&QO86X@ M9F%C:6QI='D@;V8@=7`@=&\@/"]F;VYT/CQF;VYT('-T>6QE/3-$9F]N="UF M86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[8V]L;W(Z(S`P,#`P,#MT97AT M+61E8V]R871I;VXZ;F]N93L^)#4P+#`P,#PO9F]N=#X\9F]N="!S='EL93TS M1&9O;G0M9F%M:6QY.D%R:6%L.V9O;G0M2!O9B!U<"!T;R`\+V9O M;G0^/&9O;G0@3I!F4Z M,3!P=#MC;VQO'0M9&5C;W)A=&EO;CIN;VYE.SXD,C`L M,#`P/"]F;VYT/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N M="US:7IE.C$P<'0[/B`H=&AE(")#6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[8V]L M;W(Z(S`P,#`P,#MT97AT+61E8V]R871I;VXZ;F]N93L^)#$P,"PP,#`\+V9O M;G0^/&9O;G0@3I!F4Z M,3!P=#L^('-U8FQI;6ET("AI;B!54R!O2!'2!T;R!R97%U97-T(&EN8W)E87-E3I!F4Z,3!P=#MC;VQO'0M9&5C;W)A=&EO;CIN;VYE.SXD,C`P+#`P,#PO9F]N=#X\9F]N M="!S='EL93TS1&9O;G0M9F%M:6QY.D%R:6%L.V9O;G0M'0M M86QI9VXZ;&5F=#MT97AT+6EN9&5N=#HR-'!X.V9O;G0M'0M:6YD96YT M.C(T<'@[9F]N="US:7IE.C$P<'0[/CQF;VYT('-T>6QE/3-$9F]N="UF86UI M;'DZ07)I86P[9F]N="US:7IE.C$P<'0[/E1H97)E('=E3I!F4Z,3!P=#L^(&%N9"`\+V9O;G0^/&9O;G0@3I!F4Z,3!P=#MC;VQO'0M9&5C M;W)A=&EO;CIN;VYE.SXD-#(L-38R/"]F;VYT/CQF;VYT('-T>6QE/3-$9F]N M="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[/B!I;B!S:&]R="UT97)M M(&)O6QE/3-$9F]N="UF M86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[8V]L;W(Z(S`P,#`P,#MT97AT M+61E8V]R871I;VXZ;F]N93L^2G5N928C,38P.S,P+"`R,#$R/"]F;VYT/CQF M;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[ M/B!A;F0@/"]F;VYT/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[ M9F]N="US:7IE.C$P<'0[8V]L;W(Z(S`P,#`P,#MT97AT+61E8V]R871I;VXZ M;F]N93L^1&5C96UB97(F(S$V,#LS,2P@,C`Q,3PO9F]N=#X\9F]N="!S='EL M93TS1&9O;G0M9F%M:6QY.D%R:6%L.V9O;G0M2X\+V9O;G0^/"]D:78^/"]D:78^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]B,V)E93$T,5]C,V0W7S1E8V)?.#$R M,E\P.#,U-C,W,SDT-SD-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M8C-B964Q-#%?8S-D-U\T96-B7S@Q,C)?,#@S-38S-S,Y-#'0O:'1M;#L@8VAA M6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[9F]N M="UW96EG:'0Z8F]L9#L^4&5NF4Z,3!P=#L^)B,Q-C`[/"]F;VYT/CPO9&EV/CQD:78@ M'0M:6YD96YT.C(T<'@[9F]N M="US:7IE.C$P<'0[/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[ M9F]N="US:7IE.C$P<'0[/E1H92!#;VUP86YY(&AA2!D969I;F5D(&)E;F5F:70@<&5N65E M(%)E=&ER96UE;G0@26YC;VUE(%-E8W5R:71Y($%C="`H(D5225-!(BD@86YD M('1H92!096YS:6]N(%!R;W1E8W1I;VX@06-T(&]F(#(P,#8@;6EN:6UU;7,@ M;W(@9W)E871E"UD961U8W1I8FQE(&%M M;W5N="P@=&\@2!O;B!A(')E9W5L87(@8F%S:7,L(&%N9"!T;R!A;&QO=R!D:7-C2!T:&4@0V]M<&%N M>2!F&5D(&EN8V]M92!A;F0@97%U:71Y('-E8W5R:71I97,L M(&UO;F5Y(&UA6QE/3-$;&EN92UH96EG:'0Z,3(P)3MT97AT M+6EN9&5N=#HR-'!X.V9O;G0M'0M:6YD96YT.C(T<'@[9F]N="US:7IE M.C$P<'0[/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US M:7IE.C$P<'0[/E1H92!#;VUP86YY('!R;W9I9&5S(&-E28C.#(Q-SMS(&5M<&QO>65E3I!F4Z,3!P=#L^ M+CPO9F]N=#X\+V1I=CX\9&EV('-T>6QE/3-$;&EN92UH96EG:'0Z,3(P)3MT M97AT+6%L:6=N.F-E;G1E6QE/3-$;&EN92UH96EG:'0Z,3(P)3MP861D:6YG+6)O='1O;3HQ,W!X M.W1E>'0M86QI9VXZ;&5F=#MT97AT+6EN9&5N=#HR-'!X.V9O;G0M3I!F4Z,3!P=#L^(&EN8VQU9&5D('1H92!F M;VQL;W=I;F<@8V]M<&]N96YT'0M:6YD96YT.C!P>#ML:6YE+6AE:6=H=#IN M;W)M86P[<&%D9&EN9RUT;W`Z,3!P>#L^/'1A8FQE(&-E;&QP861D:6YG/3-$ M,"!C96QL6QE/3-$=&5X="UA;&EG M;CIL969T.V9O;G0M#MB;W)D97(M=&]P.C%P>"!S;VQI M9"`C,#`P,#`P.R<@'0M86QI M9VXZ8V5N=&5R.V9O;G0M#MP861D:6YG+71O<#HR<'@[<&%D9&EN M9RUB;W1T;VTZ,G!X.W!A9&1I;F6QE/3-$;W9E#MP M861D:6YG+71O<#HR<'@[<&%D9&EN9RUB;W1T;VTZ,G!X.V)O6QE/3-$ M=&5X="UA;&EG;CIC96YT97([9F]N="US:7IE.C$P<'0[/CQF;VYT('-T>6QE M/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE.C$P<'0[9F]N="UW96EG M:'0Z8F]L9#MT97AT+61E8V]R871I;VXZ=6YD97)L:6YE.SY0;W-T#MP861D:6YG+6)O='1O;3HR<'@[<&%D9&EN9RUR M:6=H=#HR<'@[(')O=W-P86X],T0Q(&-O;'-P86X],T0Q/CQD:78@6QE M/3-$9F]N="UF86UI;'DZ:6YH97)I=#MF;VYT+7-I>F4Z,3!P=#L^)B,Q-C`[ M/"]F;VYT/CPO9&EV/CPO=&0^/'1D(&-O;'-P86X],T0V(')O=W-P86X],T0R M('-T>6QE/3-$)W9E"!S;VQI9"`C,#`P,#`P.W!A9&1I;F#LG/CQD:78@F4Z,3!P=#L^/&9O;G0@3I!F4Z,3!P=#MF;VYT+7=E:6=H=#IB M;VQD.SY4:')E92!-;VYT:',@16YD960@2G5N92`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`C,#`P,#`P M.R<@'0M M86QI9VXZ;&5F=#MF;VYT+7-I>F4Z,3!P=#L^/&9O;G0@3II;FAE#MP861D:6YG+71O<#HR<'@[ M<&%D9&EN9RUB;W1T;VTZ,G!X.V)O6QE/3-$=&5X="UA;&EG;CIR:6=H M=#MF;VYT+7-I>F4Z,3!P=#L^/&9O;G0@3I! MF4Z,3!P=#L^,C`Q,3PO9F]N=#X\+V1I=CX\+W1D/CQT M9"!S='EL93TS1"=V97)T:6-A;"UA;&EG;CIB;W1T;VT[8F]R9&5R+6)O='1O M;3HQ<'@@"!S;VQI9"`C,#`P M,#`P.R<@'0M86QI9VXZ;&5F=#MF;VYT+7-I>F4Z,3!P=#L^/&9O;G0@3II;FAE#MP861D:6YG+71O<#HR<'@[<&%D9&EN9RUB M;W1T;VTZ,G!X.W!A9&1I;FF4Z,3!P=#L^/&9O;G0@3II;FAE#MP M861D:6YG+71O<#HR<'@[<&%D9&EN9RUB;W1T;VTZ,G!X.R<@'0M86QI9VXZ6QE/3-$9F]N="UF86UI;'DZ07)I86P[9F]N="US:7IE M.C$P<'0[9F]N="UW96EG:'0Z8F]L9#L^,C`Q,CPO9F]N=#X\+V1I=CX\+W1D M/CQT9"!S='EL93TS1"=V97)T:6-A;"UA;&EG;CIB;W1T;VT[8F]R9&5R+6)O M='1O;3HQ<'@@6QE/3-$9F]N="UF86UI;'DZ:6YH97)I=#MF;VYT+7-I M>F4Z,3!P=#L^/&)R(&-L96%R/3-$;F]N92\^/"]F;VYT/CPO9&EV/CPO=&0^ M/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)W9E"!S;VQI9"`C,#`P,#`P.W!A9&1I;F#MB;W)D M97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`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`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htm IDEA: XBRL DOCUMENT

Assets Held For Sale Assets Held for Sale (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012	Dec. 31, 2011
Long Lived Assets Held-for-sale [Line Items]
Assets Held-for-sale, Long Lived	$ 4,089	$ 4,089	$ 6,074
Proceeds from Sale of Property, Plant, and Equipment	31,908	33,239
Gain (Loss) on Disposition of Property	$ 29,494	$ 30,764

- Definition

The gains (losses) included in results of operations resulting from the sale or disposal of property, plant and equipment, which do not qualify for treatment as discontinued operations. This item does not include any gain (loss) recognized on the sale of oil and gas property or timber property.

+ References+ Details

XML 18 R28.htm IDEA: XBRL DOCUMENT

Variable Interest Entity (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Dec. 31, 2011
Variable Interest Entity [Line Items]
Lease Agreement Financing	$ 28,720
Variable Interest Entity, Consolidated, Carrying Amount, Assets		15,118
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities		27,715
Other Noncontrolling Interests		1,005
Guarantees, Fair Value Disclosure		$ 28,720

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents the amount of contractual guarantees to which the Company is obligated as of the balance sheet date.

+ References+ Details

XML 19 R30.htm IDEA: XBRL DOCUMENT

Assets Held For Sale Impairment Loss (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2011
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges	$ (82)	$ (257)	$ 0

- Definition

The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.

+ References+ Details

XML 20 R31.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 08, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Cash Flow Hedge Loss at Settlement Date					$ 3,257
Cash Flow Loss Reclassified to Interest Expense at Settlement Date					1,990
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	0	96	0	389
Cash Flow Hedge Loss Reclassified to Interest Expense		$ 371		$ 583

- Definition

Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 24

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(3)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 17, 20

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 55

-Paragraph 2

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 46

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 121

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

+ Details

XML 21 R8.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash Flows from Operations
Net Income	$ 59,286	$ 35,649
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	15,954	17,002
Deferred income taxes	1,195	(1,684)
Net gains on disposal of property	(30,725)	(29)
Asset Impairment Charges	257	0
Net income attributable to noncontrolling interests	(143)	(200)
Changes in assets and liabilities:
Trade receivables	30,516	(117,335)
Merchandise inventory	(48,841)	(30,533)
Other current assets	1,572	180
Other non-current assets	(588)	(1,112)
Trade accounts payable	(10,033)	131,969
Accrued payroll and benefit costs	(64,232)	(28,271)
Other current liabilities	25,016	29,490
Other non-current liabilities	3,966	(4,892)
Total adjustments to net income	(76,086)	(5,415)
Net cash provided by operations	(16,800)	30,234
Cash Flows from Investing Activities
Proceeds from disposal of property	33,302	363
Capital expenditures for property	(21,652)	(11,096)
Net cash used by investing activities	11,650	(10,733)
Cash Flows from Financing Activities
Net increase (decrease) in short-term borrowings	58,543	28,452
Repayment of long-term debt	(35,101)	(10,926)
Principal payments under capital leases	(1,418)	(1,652)
Sale of common stock	8,323	7,303
Purchases of common stock	(4,736)	(4,488)
Purchases of noncontrolling interests' common stock	(2,808)	(63)
Dividends paid	(20,776)	(18,739)
Net cash provided (used) by financing activities	2,027	(113)
Net Increase in Cash	(3,123)	19,388
Cash, Beginning of Year	71,967	82,356
Cash, End of Period	68,844	101,744
Non-cash Investing and Financing Activities
Acquisitions of equipment under capital leases	$ 564	$ 1,434

XML 22 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Gross Sales

$ 1,386,830

$ 1,375,852

$ 2,672,216

$ 2,567,359

Cash discounts

(5,413)

(4,882)

(10,552)

(9,221)

Net Sales

1,381,417

1,370,970

2,661,664

2,558,138

Cost of merchandise sold

(1,122,742)

(1,122,229)

(2,156,176)

(2,083,447)

Gross Margin

258,675

248,741

505,488

474,691

Selling, general and administrative expenses

(209,487)

(199,037)

(422,222)

(394,668)

Depreciation and amortization

(8,164)

(7,377)

(15,954)

(17,002)

Other income, net

(30,181)

(834)

(32,073)

(1,554)

Income from Operations

71,205

43,161

99,385

64,575

Interest expense, net

(683)

(1,812)

(1,460)

(3,662)

Income before Provision for Income Taxes

70,522

41,349

97,925

60,913

Provision for income taxes

(27,665)

(17,345)

(38,639)

(25,264)

Net Income

42,857

24,004

59,286

35,649

Less: Net income attributable to noncontrolling interests

(69)

(83)

(143)

(200)

Net Income attributable to Graybar Electric Company, Inc

$ 42,788

$ 23,921

$ 59,143

$ 35,449

Net Income per share of Common Stock

$ 3.29

^[1]

$ 1.86

^[1]

$ 4.54

^[1]

$ 2.75

^[1]

Cash Dividends per share of Common Stock

$ 0.30

^[2]

$ 0.30

^[2]

$ 0.60

^[2]

$ 0.60

^[2]

Average Common Shares Outstanding

13,021

^[1]

12,885

^[1]

13,013

^[1]

12,888

^[1]

[1]	(A)Adjusted for the declaration of a ten percent (10%) stock dividend in 2011, shares related to which were issued in February 2012. Prior to the adjustment, the average common shares outstanding were 11,714 and 11,716 for the three and six months ended June 30, 2011, respectively.
[2]	(B)Cash dividends declared were $3,912 and $3,525 for the three months ended June 30, 2012 and 2011, respectively. Cash dividends declared were $7,833 and $7,053 for the six months ended June 30, 2012 and 2011, respectively.

XML 23 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 68,844	$ 71,967
Trade receivables (less allowances of $7,379 and $7,764, respectively)	767,201	797,717
Merchandise inventory	444,965	396,124
Other current assets	21,935	23,507
Total Current Assets	1,302,945	1,289,315
Property, at cost
Land	64,005	64,691
Buildings	372,295	374,008
Furniture and fixtures	201,052	188,929
Software	76,906	76,906
Capital leases	10,056	12,546
Total Property, at cost	724,314	717,080
Less - accumulated depreciation and amortization	(390,092)	(386,150)
Net Property	334,222	330,930
Other Non-current Assets	80,796	84,494
Total Assets	1,717,963	1,704,739
LIABILITIES
Short-term borrowings	101,105	42,562
Current portion of long-term debt	13,752	41,490
Trade accounts payable	603,971	614,004
Accrued payroll and benefit costs	53,733	117,965
Other accrued taxes	12,535	15,329
Dividends payable	0	12,943
Other current liabilities	80,258	51,289
Total Current Liabilities	865,354	895,582
Postretirement Benefits Liability	71,732	71,699
Pension Liability	127,796	136,668
Long-term Debt	2,128	10,345
Other Non-current Liabilities	20,820	19,051
Total Liabilities	1,087,830	1,133,345
SHAREHOLDERS' EQUITY
Outstanding Common Stock	260,449	257,630
Advance Payments on Subscriptions to Common Stock	768	0
Retained Earnings	509,449	458,139
Accumulated Other Comprehensive Loss	(143,614)	(150,364)
Total Graybar Electric Company, Inc. Shareholders' Equity	627,052	565,405
Noncontrolling Interests	3,081	5,989
Total Shareholders' Equity	630,133	571,394
Total Liabilities and Shareholders' Equity	$ 1,717,963	$ 1,704,739

XML 24 R22.htm IDEA: XBRL DOCUMENT

Capital Stock (Details)	Jun. 30, 2012
Schedule of Ownership Held in Voting Trust [Line Items]
Percentage Ownership in Voting Trust	82.00%

XML 25 R24.htm IDEA: XBRL DOCUMENT

Revolving Credit Facility Short-Term Borrowings (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Short-term Debt [Line Items]
Short-term Debt	$ 101,105	$ 42,562

- Definition

Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.

+ References+ Details

XML 26 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'

'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'

'+ "\n"+' '+ "\n"+'

'+ "\n"+'

'+raw+'

'+ "\n"+'

'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 27 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets Parenthetical (USD $) In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Allowance for doubtful accounts	$ 7,379	$ 7,764
Common, stated value per share	$ 20.00	$ 20.00
Authorized	20,000,000	20,000,000
Issued to voting trustees	10,951,924	10,611,982
Issued to shareholders	2,323,052	2,285,255
In treasury, at cost	(252,515)	(15,725)
Outstanding Common Stock	13,022,461	12,881,512

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

XML 28 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Income Parenthetical (USD $)
In Thousands, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Average common shares outstanding

13,021

^[1]

12,885

^[1]

13,013

^[1]

12,888

^[1]

Cash dividends declared

$ 3,912

$ 3,525

$ 7,833

$ 7,053

Scenario, Previously Reported [Member]

Average common shares outstanding

11,714

11,716

[1]	(A)Adjusted for the declaration of a ten percent (10%) stock dividend in 2011, shares related to which were issued in February 2012. Prior to the adjustment, the average common shares outstanding were 11,714 and 11,716 for the three and six months ended June 30, 2011, respectively.

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

XML 29 R17.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company was party to an interest rate swap agreement that effectively converted its variable-rate interest payments to a fixed-rate on amounts due under the lease arrangement discussed in Note 6. In December 2011, the Company settled the interest rate swap. The amount of loss recorded in interest expense was $3,257, of which $1,990 was recorded in accumulated other comprehensive loss at the settlement date. Prior to settlement, the Company’s interest rate swap agreement had been designated as a cash flow hedge and was required to be measured at fair value on a recurring basis. The Company endeavored to utilize the best available information in measuring fair value. The interest rate swap was valued based on quoted data from the counterparty, corroborated with indirectly observable market data, which, combined, were deemed to be a Level 2 input in the fair value hierarchy. Unrealized gains, net of tax, of $96 and $389 related to the swap were recorded in accumulated other comprehensive loss during the three and six months ended June 30, 2011, respectively. The loss, net of tax, reclassified from accumulated other comprehensive loss to interest expense related to the effective portion of the interest swap was $371 and $583 during the three- and six-month periods ended June 30, 2011, respectively. No ineffectiveness was recorded in the condensed consolidated statements of income during the three and six months ended June 30, 2011.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1B

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4E

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4H

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 25

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 45

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 21: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4D

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

+ Details

XML 30 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information Document	6 Months Ended
Document and Entity Information Document	Jun. 30, 2012	Jul. 31, 2012
Entity Information [Line Items]
Entity Registrant Name	GRAYBAR ELECTRIC CO INC
Entity Central Index Key	0000205402
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		12,965,706

XML 31 R18.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


.	Commitments and Contingencies

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 14

-Paragraph 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 440

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10, 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

XML 32 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net Income	$ 42,857	$ 24,004	$ 59,286	$ 35,649
Other Comprehensive Income
Foreign currency translation	(1,963)	(322)	(225)	1,508
Unrealized gain from interest rate swap (net of tax of $61 and $247, respectively)	0	96	0	389
Pension and postretirement benefits liability adjustment (net of tax of $2,185, $1,672, $4,286 and $2,975, respectively)	3,433	2,626	6,732	4,673
Total Other Comprehensive Income	1,470	2,400	6,507	6,570
Comprehensive Income	44,327	26,404	65,793	42,219
Comprehensive loss (income) attributable to noncontrolling interests, net of tax	16	(52)	100	(268)
Comprehensive Income attributable to Graybar Electric Company, Inc.	$ 44,343	$ 26,352	$ 65,893	$ 41,951

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e540-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A5

-Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(3)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 8, 9, 10, 11, 12, 13, 14

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6508144

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e557-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

+ Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References+ Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References+ Details

- Definition

The increase (decrease) in accumulated comprehensive income during the period related to pension and other postretirement benefit plans, after tax. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References+ Details

- Definition

Change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity for the period being reported, net of tax. If an entity's functional currency is a foreign currency, translation adjustments result from the process of translating that entity's financial statements into the reporting currency. Includes gain (loss) on foreign currency forward exchange contracts. Includes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. Includes the gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) and that have been designated and have qualified as hedging instruments for hedges of the foreign currency exposure of a net investment in a foreign operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(3)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 52

-Paragraph 13, 20, 31

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 55

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 17

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 45

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 45

-Paragraph 18

-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32157-110900

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

+ Details

+ Details

+ Details

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

XML 33 R12.htm IDEA: XBRL DOCUMENT

Capital Stock	6 Months Ended
Capital Stock	Jun. 30, 2012
Stockholders' Equity Note [Abstract]
Capital Stock	Capital Stock The Company's capital stock is one hundred percent (100%) owned by its active and retired employees, and there is no public trading market for its 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. Under applicable state law, a voting trust may not have a term greater than ten years. At June 30, 2012, approximately eighty-two percent (82%) of the common stock was held in a voting trust that expires by its terms on March 15, 2017. 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. No shareholder may sell, transfer, or otherwise dispose of shares of common stock or the voting trust interests issued with respect thereto (“common stock”, “common shares”, or “shares”) without first offering the Company the option to purchase such shares at the price at which the shares were issued. The Company also has the option to purchase at the issue price the common stock of any holder who dies or ceases to be an employee of the Company for any cause other than retirement on a Company pension. The Company has always exercised its purchase option and expects to continue to do so. All outstanding shares of the Company have been issued at $20.00 per share.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 4

-Subparagraph (SAB TOPIC 4.C)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Article 4

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section C

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph d

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(d),(e))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 1

-Section B

-Paragraph 7, 11A

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 21: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 22: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 23: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

XML 34 R11.htm IDEA: XBRL DOCUMENT

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2012
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company determines its deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of its assets and liabilities, calculated using enacted applicable tax rates. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the condensed consolidated financial statements. The Company’s unrecognized tax benefits of $4,015 and $3,746 at June 30, 2012 and December 31, 2011, respectively, are uncertain tax positions that would impact the Company’s effective tax rate if recognized. The Company is periodically engaged in tax return examinations, reviews of statute of limitations periods, and settlements surrounding income taxes. The Company does not anticipate a material change in its unrecognized tax benefits during the next twelve months. The Company classifies interest expense and penalties as part of its provision for income taxes based upon applicable federal and state interest/underpayment percentages. The Company has accrued $1,290 and $1,239 in interest and penalties in its condensed consolidated balance sheets at June 30, 2012 and December 31, 2011, respectively. Interest was computed on the difference between the provision for income taxes recognized in accordance with US GAAP and the amount of benefit previously taken or expected to be taken in the Company’s federal, state, and local income tax returns. The Company's federal income tax returns for the tax years 2008 and forward are available for examination by the United States Internal Revenue Service (“IRS”). The Company's 2008 and 2009 federal income tax returns are currently under audit examination by the IRS. This examination commenced during June 2011 and is expected to be completed during 2012. Since the audit process has not yet concluded, the audit outcome cannot yet be evaluated. The Company has agreed to extend its federal statute of limitations for the 2008 tax year, which will expire on March 31, 2013, unless further extended. The Company's state income tax returns for 2007 through 2011 remain subject to examination by various state authorities, with the latest period closing on December 31, 2016. The Company has extended the statute of limitations in one state jurisdiction for the tax year 2006. The Company has not extended the statutes of limitations in any other state jurisdictions with respect to years prior to 2007. Such statutes of limitations will expire on or before November 15, 2012, unless extended.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

XML 35 R23.htm IDEA: XBRL DOCUMENT

Capital Stock Par Value of Stock (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Common Stock, Par or Stated Value Per Share	$ 20.00	$ 20.00

XML 36 R19.htm IDEA: XBRL DOCUMENT

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2012
Accounting Policies [Abstract]
Basis of Presentation [Policy Text Block]	Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Graybar Electric Company, Inc. (“Graybar” or the “Company”), without audit, pursuant to the rules and regulations of the United States (“US”) Securities and Exchange Commission (the “Commission”) applicable to interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the US (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that its disclosures are adequate to make the information presented not misleading. The preparation of financial statements in accordance with US GAAP requires the use of estimates and assumptions that affect reported amounts. The Company’s condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Certain reclassifications were made to prior year amounts to conform to the 2012 presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended December 31, 2011, included in the Company’s 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 financial statements presented. Such interim financial information is subject to year-end adjustments. Results for interim periods are not necessarily indicative of results to be expected for the full year.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The condensed consolidated financial statements include the accounts of Graybar Electric Company, Inc. and its subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company in subsidiaries consolidated by the Company are accounted for and reported as noncontrolling interests.
Inventory, Policy [Policy Text Block]	Merchandise Inventory The Company’s inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. An actual valuation of inventory under the LIFO method can be made only at year-end based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. In assessing the ultimate realization of inventories, the Company makes judgments as to its return rights to suppliers and future demand requirements. If actual future demand, market conditions, or supplier return provisions are less favorable than those projected by management, additional inventory write-downs may be required.
New Accounting Standards Updates [Policy Text Block]	New Accounting Standards Updates In September 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU" or "Update") No. 2011-08, "Intangibles-Goodwill and Other: Testing Goodwill for Impairment". This ASU amends the guidance on testing goodwill for impairment. Under the revised guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. If entities determine, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. This Update does not change how goodwill is calculated or assigned to reporting units, nor does it revise the requirement to test goodwill annually for impairment. This guidance was adopted by Graybar for the annual period ended December 31, 2011 and all reporting periods thereafter. In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income". This Update eliminates the option to present the components of comprehensive income as a part of the Statement of Changes in Shareholders' Equity and requires entities to present the components of comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This ASU does not change the items that are required to be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05", which deferred the requirement to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income while the FASB further deliberates this aspect of the proposal. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments also do not affect how earnings per share is calculated or presented. This guidance, as amended, was adopted by Graybar for its annual reporting period ended December 31, 2011 and all reporting periods thereafter. Although adopting the guidance did not impact the Company's accounting for comprehensive income, it affected the presentation of components of comprehensive income by eliminating the Company's historical practice of showing these items within its Consolidated Statements of Changes in Shareholders' Equity. In May 2011, the FASB issued ASU No. 2011-04, "Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS". This 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"). This Update does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The Company adopted this Update as of January 1, 2012 and the adoption did not have a material impact on the Company's results of operations, financial position, or cash flows during the three or six months ended June 30, 2012.
Health Care Acts of 2010 [Policy Text Block]	The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively the "Acts") were enacted by the US Congress in March 2010. The Acts have both short- and long-term implications for benefit plan standards. Implementation of this legislation is expected to occur in phases through 2018. The Company's healthcare costs have increased due to the Acts' raising of the maximum eligible age for covered dependents to receive benefits. The Company anticipates that the elimination of the lifetime dollar limits per covered individual, restrictions on annual dollar limits on essential benefits per covered individual, as well as other standard requirements of the Acts, will cause its healthcare costs to increase in the future. The planned enactment of the excise tax on “high cost” healthcare plans in 2018 may also cause the Company's healthcare costs to increase further. The Company continues to evaluate the impact, if any, the Acts will have on its financial statements as new regulations under the Acts are issued. The Company expects the general trend in healthcare costs to continue to rise and the effects of the Acts, and any future legislation, could materially impact the cost to provide healthcare benefits for many employers, including the Company.
Income Tax, Policy [Policy Text Block]	The Company determines its deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of its assets and liabilities, calculated using enacted applicable tax rates. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that recovery is not likely, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the condensed consolidated financial statements.
Impairment or Disposal of Long-Lived Intangible Assets, Impairment, Policy [Policy Text Block]	The Company reviews long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For assets classified as to be held and used, impairment may occur if projected undiscounted cash flows are not adequate to cover the carrying value of the assets. In such cases, additional analysis is conducted to determine the amount of the loss to be recognized. The impairment loss is calculated as the difference between the carrying amount of the asset and its estimated fair value. The analysis requires estimates of the amount and timing of projected cash flows and, where applicable, selection of an appropriate discount rate. Such estimates are critical in determining whether any impairment charge should be recorded and the amount of such charge if an impairment loss is deemed necessary. For assets held for sale, impairment occurs whenever the net book value of the property listed for sale exceeds the expected selling price less estimated selling expenses.
Derivatives, Policy [Policy Text Block]	Prior to settlement, the Company’s interest rate swap agreement had been designated as a cash flow hedge and was required to be measured at fair value on a recurring basis. The Company endeavored to utilize the best available information in measuring fair value. The interest rate swap was valued based on quoted data from the counterparty, corroborated with indirectly observable market data, which, combined, were deemed to be a Level 2 input in the fair value hierarchy.

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 2-6

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 3A

-Section 02, 03

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 20

-Subparagraph a(2)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 97-2

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 96-16

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 4

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 4

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.3A-02)

-URI http://asc.fasb.org/extlink&oid=6959686&loc=d3e355033-122828

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph k

-Article 1

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 325

-SubTopic 20

-URI http://asc.fasb.org/subtopic&trid=2197087

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 860

-SubTopic 40

-Section 45

-URI http://asc.fasb.org/section&trid=2197723

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2196966

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 5, 6, 16-19

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 140

-Paragraph 46

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6382870&loc=d3e33801-111570

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

+ Details

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities. Disclosure may include: (1) Each method used to account for derivative financial instruments and derivative commodity instruments ("derivatives"); (2) the types of derivatives accounted for under each method; (3) the criteria required to be met for each accounting method used, including a discussion of the criteria required to be met for hedge or deferral accounting and accrual or settlement accounting (for example, whether and how risk reduction, correlation, designation, and effectiveness tests are applied); (4) the accounting method used if the criteria specified for hedge accounting are not met; (5) the method used to account for termination of derivatives designated as hedges or derivatives used to affect directly or indirectly the terms, fair values, or cash flows of a designated item; (6) the method used to account for derivatives when the designated item matures, is sold, is extinguished, or is terminated. In addition, the method used to account for derivatives designated to an anticipated transaction, when the anticipated transaction is no longer likely to occur; and (7) where and when derivatives, and their related gains or losses are reported in the statement of financial position, cash flows, and results of operations and (8) an accounting policy decision to offset fair value amounts with counterparties. An entity may also describe its embedded derivatives, and the method(s) used to determine the fair values of derivatives and any significant assumptions used in such valuations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph n

-Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41675-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 39

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

+ Details

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 954

-SubTopic 740

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2144681

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 6-34, 43, 47, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 17

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 4

-Paragraph 11

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e32280-109318

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 48

-Paragraph 20

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 30

-URI http://asc.fasb.org/subtopic&trid=2144749

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e32247-109318

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319

+ Details

- Definition

Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 330

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6386783&loc=d3e4556-108314

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 3

-Section A

-Paragraph 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 330

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6386783&loc=d3e4492-108314

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 81-1

-Paragraph 69-75

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 330

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2126999

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

-Subparagraph a

-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.6(b))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 4

-Paragraph 3, 5-10, 15, 16, 17

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Financial Reporting Release (FRR)

-Number 206

-Chapter 2

-Paragraph b

-Subparagraph i, ii

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

+ Details

XML 37 R15.htm IDEA: XBRL DOCUMENT

Variable Interest Entity	6 Months Ended
Variable Interest Entity	Jun. 30, 2012
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable Interest Entity	Variable Interest Entity An entity is considered to be a variable interest entity ("VIE") if its total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support or if its equity investors, as a group, lack the characteristics of having a controlling financial interest. A reporting company is required to consolidate a VIE as its primary beneficiary when it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company had a lease agreement with an independent lessor that was considered to be a VIE. The agreement provided $28,720 of financing for five of the Company’s distribution facilities and carried a five-year term expiring in July 2013. The financing structure used with this lease qualified as a silo of a VIE. Graybar, as lessee, retained the power to direct the operational activities that most significantly impacted the economic performance of the VIE and had an obligation to absorb losses and the right to receive benefits from the sale of the real property held by the VIE lessor. Therefore, the Company was the primary beneficiary of this VIE, and in accordance with US GAAP, consolidated the silo in its financial statements. At December 31, 2011, the consolidated silo included in the Company’s consolidated financial statements had a net property balance of $15,118, current portion of long-term debt of $27,715, and a noncontrolling interest of $1,005. Under the terms of the lease agreement, the amount guaranteed by the Company as the residual fair value of the property subject to the lease arrangement was $28,720 at December 31, 2011. In December 2011, the Company notified the independent lessor of its intent to prepay and terminate the variable-rate lease arrangement. As a result, the Company reclassified the $27,715 debt portion of the variable-rate lease arrangement from long-term debt to current portion of long-term debt as of December 31, 2011. In March 2012, the Company terminated the lease arrangement, prepaid the $27,715 balance owed on the debt portion of the lease arrangement, and purchased the $1,005 noncontrolling interest in the consolidated silo.

XML 38 R13.htm IDEA: XBRL DOCUMENT

Revolving Credit Facility	6 Months Ended
Revolving Credit Facility	Jun. 30, 2012
Debt Disclosure [Abstract]
Revolving Credit Agreement	Revolving Credit Facility On June 30, 2011, the Company had a revolving credit agreement with a group of thirteen banks at an interest rate based on the London Interbank Offered Rate (“LIBOR”) that consisted of an unsecured, $200,000 five-year facility that was to expire in May 2012. On September 28, 2011, the Company and Graybar Canada Limited, the Company's Canadian operating subsidiary (“Graybar Canada”), entered into a new unsecured, five-year, $500,000 revolving credit agreement maturing in September 2016 with Bank of America, N.A. and other lenders named therein, which includes a combined letter of credit sub-facility of up to $50,000, a US swing line loan facility of up to $50,000, and a Canadian swing line loan facility of up to $20,000 (the "Credit Agreement"). The Credit Agreement also includes a $100,000 sublimit (in US or Canadian dollars) for borrowings by Graybar Canada and contains an accordion feature, which allows the Company to request increases in the aggregate borrowing commitments of up to $200,000. This Credit Agreement replaced the facility that had been due to expire in May 2012. There were $101,105 and $42,562 in short-term borrowings outstanding under the revolving credit facility at June 30, 2012 and December 31, 2011, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

XML 39 R14.htm IDEA: XBRL DOCUMENT

Pension and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2012

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Pension and Other Postretirement Benefits

The Company has a noncontributory defined benefit pension plan covering substantially all full-time employees. The plan provides retirement benefits based on an employee’s average earnings and years of service. Employees become one hundred percent (100%) vested after three years of service, regardless of age. The Company’s plan funding policy is to make contributions provided that the total annual contributions will not be less than the Employee Retirement Income Security Act ("ERISA") and the Pension Protection Act of 2006 minimums or greater than the maximum tax-deductible amount, to review contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by the Company from time to time. The assets of the defined benefit pension plan are invested primarily in fixed income and equity securities, money market funds, and other investments.

The net periodic benefit cost for the three and six months ended June 30, 2012 and 2011 included the following components:



	Pension Benefits						Postretirement Benefits
	Three Months Ended June 30,						Three Months Ended June 30,
	Three Months Ended June 30,						Three Months Ended June 30,
Components of Net Periodic Benefit Cost	2012			2011			2012			2011
Service cost	$	5,532		$	4,099		$	518		$	496
Interest cost	6,123			5,642			828			914
Expected return on plan assets	(5,910		)	(5,492		)	—			—
Amortization of:
Net actuarial loss	5,408			3,527			435			460
Prior service cost (gain)	340			377			(565		)	(565		)
Net periodic benefit cost	$	11,493		$	8,153		$	1,216		$	1,305

	Pension Benefits						Postretirement Benefits
	Six Months Ended June 30,						Six Months Ended June 30,
	Six Months Ended June 30,						Six Months Ended June 30,
Components of Net Periodic Benefit Cost	2012			2011			2012			2011
Service cost	$	11,107		$	8,249		$	1,168		$	1,071
Interest cost	12,448			11,342			1,678			1,839
Expected return on plan assets	(11,835		)	(10,942		)	—			—
Amortization of:
Net actuarial loss	10,558			7,052			860			985
Prior service cost (gain)	690			702			(1,090		)	(1,090		)
Net periodic benefit cost	$	22,968		$	16,403		$	2,616		$	2,805

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 158

-Paragraph 7, 21, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS106-2

-Paragraph 20, 21, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Implementation Guide (Q and A)

-Number FAS88

-Paragraph 63

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 30

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-2

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 8

-Subparagraph m

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph q

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

XML 40 R16.htm IDEA: XBRL DOCUMENT

Assets Held For Sale	6 Months Ended
Assets Held For Sale	Jun. 30, 2012
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]
Assets Held For Sale	Assets Held For Sale The Company considers properties to be assets held for sale when all of the following criteria are met: i) a formal commitment to a plan to sell a property has been made and exercised; ii) the property is available for sale in its present condition; iii) actions required to complete the sale of the property have been initiated; iv) sale of the property is probable and the Company expects the sale will occur within one year; and v) the property is being actively marketed for sale at a price that is reasonable given its current market value. Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation of the property ceases. The net book value of assets held for sale was $6,074 at December 31, 2011. During the three and six months ended June 30, 2012, the Company sold assets classified as held for sale for $31,908 and $33,239 respectively, and recorded net gains on the assets held for sale of $29,494 and $30,764, respectively, in other income, net. The remaining net book value of assets still held for sale at June 30, 2012 is $4,089 and is recorded in net property in the condensed consolidated balance sheet. The Company reviews long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For assets classified as to be held and used, impairment may occur if projected undiscounted cash flows are not adequate to cover the carrying value of the assets. In such cases, additional analysis is conducted to determine the amount of the loss to be recognized. The impairment loss is calculated as the difference between the carrying amount of the asset and its estimated fair value. The analysis requires estimates of the amount and timing of projected cash flows and, where applicable, selection of an appropriate discount rate. Such estimates are critical in determining whether any impairment charge should be recorded and the amount of such charge if an impairment loss is deemed necessary. For assets held for sale, impairment occurs whenever the net book value of the property listed for sale exceeds the expected selling price less estimated selling expenses. The Company recorded impairment losses totaling $(82) and $(257), respectively, to account for the expected losses on two of the properties held for sale during the three- and six-month periods ended June 30, 2012. The impairment losses are included in other income, net in the condensed consolidated statements of income for the three and six months ended June 30, 2012. The Company did not record any impairment charges during the three and six months ended June 30, 2011.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

XML 41 R21.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 4,015	$ 3,746
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 1,290	$ 1,239

- Definition

This element represents the amount of interest expense accrued as of the date of the statement of financial position for an underpayment of income taxes computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity.

+ References+ Details

XML 42 R26.htm IDEA: XBRL DOCUMENT

Pension and Other Postretirement Benefits Net Periodic Benefit Cost (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Pension Plans, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	$ 5,532	$ 4,099	$ 11,107	$ 8,249
Defined Benefit Plan, Interest Cost	6,123	5,642	12,448	11,342
Defined Benefit Plan, Expected Return on Plan Assets	(5,910)	(5,492)	(11,835)	(10,942)
Defined Benefit Plan, Amortization of Gains (Losses)	5,408	3,527	10,558	7,052
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	340	377	690	702
Defined Benefit Plan, Net Periodic Benefit Cost	11,493	8,153	22,968	16,403
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	518	496	1,168	1,071
Defined Benefit Plan, Interest Cost	828	914	1,678	1,839
Defined Benefit Plan, Expected Return on Plan Assets	0	0	0	0
Defined Benefit Plan, Amortization of Gains (Losses)	435	460	860	985
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	(565)	(565)	(1,090)	(1,090)
Defined Benefit Plan, Net Periodic Benefit Cost	$ 1,216	$ 1,305	$ 2,616	$ 2,805

- Definition

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (h)(3)

-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Expected Return on Plan Assets

-URI http://asc.fasb.org/extlink&oid=6512136

-Topic 715

-SubTopic 30

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Expected Return on Plan Assets

-URI http://asc.fasb.org/extlink&oid=6512171

-Topic 715

-SubTopic 60

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References+ Details

- Definition

The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (h)(1)

-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Service Cost (Component of Net Periodic Pension Cost)

-URI http://asc.fasb.org/extlink&oid=6525008

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph a, h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

XML 43 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Income Parenthetical (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Unrealized gain from interest rate swap (net of tax)	$ 0	$ 61	$ 0	$ 247
Pension and postretirement benefits liability adjustment (net of tax)	$ 2,185	$ 1,672	$ 4,286	$ 2,975

- Definition

Tax effects of the increase (decrease) to accumulated comprehensive income during the period related to benefit plans. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References+ Details

- Definition

Tax effect on the change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

+ References+ Details

XML 44 R10.htm IDEA: XBRL DOCUMENT

Accounting Policies	6 Months Ended
Accounting Policies	Jun. 30, 2012
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Graybar Electric Company, Inc. (“Graybar” or the “Company”), without audit, pursuant to the rules and regulations of the United States (“US”) Securities and Exchange Commission (the “Commission”) applicable to interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the US (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that its disclosures are adequate to make the information presented not misleading. The preparation of financial statements in accordance with US GAAP requires the use of estimates and assumptions that affect reported amounts. The Company’s condensed consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Certain reclassifications were made to prior year amounts to conform to the 2012 presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended December 31, 2011, included in the Company’s 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 financial statements presented. Such interim financial information is subject to year-end adjustments. 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 Electric Company, Inc. and its subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company in subsidiaries consolidated by the Company are accounted for and reported as noncontrolling interests. Merchandise Inventory The Company’s inventory is stated at the lower of cost (determined using the last-in, first-out (“LIFO”) cost method) or market. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. An actual valuation of inventory under the LIFO method can be made only at year-end based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. In assessing the ultimate realization of inventories, the Company makes judgments as to its return rights to suppliers and future demand requirements. If actual future demand, market conditions, or supplier return provisions are less favorable than those projected by management, additional inventory write-downs may be required. New Accounting Standards Updates In September 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU" or "Update") No. 2011-08, "Intangibles-Goodwill and Other: Testing Goodwill for Impairment". This ASU amends the guidance on testing goodwill for impairment. Under the revised guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. If entities determine, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. This Update does not change how goodwill is calculated or assigned to reporting units, nor does it revise the requirement to test goodwill annually for impairment. This guidance was adopted by Graybar for the annual period ended December 31, 2011 and all reporting periods thereafter. In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income". This Update eliminates the option to present the components of comprehensive income as a part of the Statement of Changes in Shareholders' Equity and requires entities to present the components of comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This ASU does not change the items that are required to be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05", which deferred the requirement to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income while the FASB further deliberates this aspect of the proposal. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments also do not affect how earnings per share is calculated or presented. This guidance, as amended, was adopted by Graybar for its annual reporting period ended December 31, 2011 and all reporting periods thereafter. Although adopting the guidance did not impact the Company's accounting for comprehensive income, it affected the presentation of components of comprehensive income by eliminating the Company's historical practice of showing these items within its Consolidated Statements of Changes in Shareholders' Equity. In May 2011, the FASB issued ASU No. 2011-04, "Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS". This 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"). This Update does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The Company adopted this Update as of January 1, 2012 and the adoption did not have a material impact on the Company's results of operations, financial position, or cash flows during the three or six months ended June 30, 2012. The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively the "Acts") were enacted by the US Congress in March 2010. The Acts have both short- and long-term implications for benefit plan standards. Implementation of this legislation is expected to occur in phases through 2018. The Company's healthcare costs have increased due to the Acts' raising of the maximum eligible age for covered dependents to receive benefits. The Company anticipates that the elimination of the lifetime dollar limits per covered individual, restrictions on annual dollar limits on essential benefits per covered individual, as well as other standard requirements of the Acts, will cause its healthcare costs to increase in the future. The planned enactment of the excise tax on “high cost” healthcare plans in 2018 may also cause the Company's healthcare costs to increase further. The Company continues to evaluate the impact, if any, the Acts will have on its financial statements as new regulations under the Acts are issued. The Company expects the general trend in healthcare costs to continue to rise and the effects of the Acts, and any future legislation, could materially impact the cost to provide healthcare benefits for many employers, including the Company.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

XML 45 R27.htm IDEA: XBRL DOCUMENT

Pension and Other Postretirement Benefits Contributions (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Contributions by Employer	$ 10,000	$ 10,000	$ 20,000	$ 20,000
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year	$ 21,300		$ 21,300

XML 46 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 51 160 1 true 8 0 false 4 false false R1.htm 0001000 - Document - Document and Entity Information Document Sheet http://www.graybar.com/role/DocumentAndEntityInformationDocument Document and Entity Information Document false false R2.htm 1001000 - Statement - Condensed Consolidated Statements of Income Sheet http://www.graybar.com/role/CondensedConsolidatedStatementsOfIncome Condensed Consolidated Statements of Income false false R3.htm 1002500 - Statement - Condensed Consolidated Statements of Income Parenthetical Sheet http://www.graybar.com/role/CondensedConsolidatedStatementsOfIncomeParenthetical Condensed Consolidated Statements of Income Parenthetical false false R4.htm 1003000 - Statement - Condensed Consolidated Statements of Comprehensive Income Sheet http://www.graybar.com/role/CondensedConsolidatedStatementsOfComprehensiveIncome Condensed Consolidated Statements of Comprehensive Income false false R5.htm 1004500 - Statement - Condensed Consolidated Statements of Comprehensive Income Parenthetical Sheet http://www.graybar.com/role/CondensedConsolidatedStatementsOfComprehensiveIncomeParenthetical Condensed Consolidated Statements of Comprehensive Income Parenthetical true false R6.htm 1005000 - Statement - Condensed Consolidated Balance Sheets Sheet http://www.graybar.com/role/CondensedConsolidatedBalanceSheets Condensed Consolidated Balance Sheets false false R7.htm 1006500 - Statement - Condensed Consolidated Balance Sheets Parenthetical Sheet http://www.graybar.com/role/CondensedConsolidatedBalanceSheetsParenthetical Condensed Consolidated Balance Sheets Parenthetical false false R8.htm 1007000 - Statement - Condensed Consolidated Statements of Cash Flows Sheet http://www.graybar.com/role/CondensedConsolidatedStatementsOfCashFlows Condensed Consolidated Statements of Cash Flows false false R9.htm 1008000 - Statement - Condensed Consolidated Statements of Changes in Shareholders’ Equity Sheet http://www.graybar.com/role/CondensedConsolidatedStatementsOfChangesInShareholdersEquity Condensed Consolidated Statements of Changes in Shareholders’ Equity false false R10.htm 2105100 - Disclosure - Accounting Policies Sheet http://www.graybar.com/role/AccountingPolicies Accounting Policies false false R11.htm 2106100 - Disclosure - Income Taxes Sheet http://www.graybar.com/role/IncomeTaxes Income Taxes false false R12.htm 2107100 - Disclosure - Capital Stock Sheet http://www.graybar.com/role/CapitalStock Capital Stock false false R13.htm 2109100 - Disclosure - Revolving Credit Facility Sheet http://www.graybar.com/role/RevolvingCreditFacility Revolving Credit Facility false false R14.htm 2110100 - Disclosure - Pension and Other Postretirement Benefits Sheet http://www.graybar.com/role/PensionAndOtherPostretirementBenefits Pension and Other Postretirement Benefits false false R15.htm 2111100 - Disclosure - Variable Interest Entity Sheet http://www.graybar.com/role/VariableInterestEntity Variable Interest Entity false false R16.htm 2112100 - Disclosure - Assets Held For Sale Sheet http://www.graybar.com/role/AssetsHeldForSale Assets Held For Sale false false R17.htm 2116100 - Disclosure - Derivative Financial Instruments Sheet http://www.graybar.com/role/DerivativeFinancialInstruments Derivative Financial Instruments false false R18.htm 2117100 - Disclosure - Commitments and Contingencies Sheet http://www.graybar.com/role/CommitmentsAndContingencies Commitments and Contingencies false false R19.htm 2205201 - Disclosure - Accounting Policies (Policies) Sheet http://www.graybar.com/role/AccountingPoliciesPolicies Accounting Policies (Policies) false false R20.htm 2310301 - Disclosure - Pension and Other Postretirement Benefits (Tables) Sheet http://www.graybar.com/role/PensionAndOtherPostretirementBenefitsTables Pension and Other Postretirement Benefits (Tables) false false R21.htm 2406402 - Disclosure - Income Taxes (Details) Sheet http://www.graybar.com/role/IncomeTaxesDetails Income Taxes (Details) false false R22.htm 2407402 - Disclosure - Capital Stock (Details) Sheet http://www.graybar.com/role/CapitalStockDetails Capital Stock (Details) false false R23.htm 2407403 - Disclosure - Capital Stock Par Value of Stock (Details) Sheet http://www.graybar.com/role/CapitalStockParValueOfStockDetails Capital Stock Par Value of Stock (Details) false false R24.htm 2409402 - Disclosure - Revolving Credit Facility Short-Term Borrowings (Details) Sheet http://www.graybar.com/role/RevolvingCreditFacilityShortTermBorrowingsDetails Revolving Credit Facility Short-Term Borrowings (Details) false false R25.htm 2409403 - Disclosure - Revolving Credit Facility Credit Agreement (Details) Sheet http://www.graybar.com/role/RevolvingCreditFacilityCreditAgreementDetails Revolving Credit Facility Credit Agreement (Details) false false R26.htm 2410402 - Disclosure - Pension and Other Postretirement Benefits Net Periodic Benefit Cost (Details) Sheet http://www.graybar.com/role/PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostDetails Pension and Other Postretirement Benefits Net Periodic Benefit Cost (Details) false false R27.htm 2410403 - Disclosure - Pension and Other Postretirement Benefits Contributions (Details) Sheet http://www.graybar.com/role/PensionAndOtherPostretirementBenefitsContributionsDetails Pension and Other Postretirement Benefits Contributions (Details) false false R28.htm 2411402 - Disclosure - Variable Interest Entity (Details) Sheet http://www.graybar.com/role/VariableInterestEntityDetails Variable Interest Entity (Details) false false R29.htm 2412402 - Disclosure - Assets Held For Sale Assets Held for Sale (Details) Sheet http://www.graybar.com/role/AssetsHeldForSaleAssetsHeldForSaleDetails Assets Held For Sale Assets Held for Sale (Details) false false R30.htm 2412403 - Disclosure - Assets Held For Sale Impairment Loss (Details) Sheet http://www.graybar.com/role/AssetsHeldForSaleImpairmentLossDetails Assets Held For Sale Impairment Loss (Details) false false R31.htm 2416402 - Disclosure - Derivative Financial Instruments (Details) Sheet http://www.graybar.com/role/DerivativeFinancialInstrumentsDetails Derivative Financial Instruments (Details) false false All Reports Book All Reports Process Flow-Through: 1001000 - Statement - Condensed Consolidated Statements of Income Process Flow-Through: 1002500 - Statement - Condensed Consolidated Statements of Income Parenthetical Process Flow-Through: 1003000 - Statement - Condensed Consolidated Statements of Comprehensive Income Process Flow-Through: 1004500 - Statement - Condensed Consolidated Statements of Comprehensive Income Parenthetical Process Flow-Through: 1005000 - Statement - Condensed Consolidated Balance Sheets Process Flow-Through: Removing column 'Jun. 30, 2011' Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: 1006500 - Statement - Condensed Consolidated Balance Sheets Parenthetical Process Flow-Through: 1007000 - Statement - Condensed Consolidated Statements of Cash Flows graybar-20120630.xml graybar-20120630.xsd graybar-20120630_cal.xml graybar-20120630_def.xml graybar-20120630_lab.xml graybar-20120630_pre.xml true true ZIP 47 0000205402-12-000030-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000205402-12-000030-xbrl.zip M4$L#!!0````(`""`!D'3(.TCIHH``*"N!``4`!P`9W)A>6)AOI5EON[=FG#I`LB=@&`0X`ZIA?OUDX*)*@*)&F M;%*F.]JF@$+ARZPOL_(`J'=_O1LGUHW.BSA+W_?P*>I9.AUDPSB]?M_[[?)$ M7,J/'WM__?#O__;N/TY._N%__F2I;#`=Z[2T9*ZC4@^MV[@<6;_K?A@G<%EQ MGS;'3038V5Q#D4-2.CXN,$WR?)K&(SH63.B MO0"P_KEFM#G=CPK=#I\6)]=1-)E=<145_6IT675V-K2(5PV$:?'9/_[^Z7(PTN/H9'8#6#O+ M>F#[*]=7[7K,()^T"G-X5PUXSHKR?Z/>](AY/$H!Z5L]5 M,V&0I:6^*ZUX^+ZGC*Y^)?6]9B.`4G%YWQR;'8V'YOA5K'.KPJ,7A&DY)#_^ M=^\#@C\$V0R1=V?+%[>W.EMQK^9.$YW'V7#Y_J"6O%3`\P_U`C-8XW:6AW-+ M%^ET.'>)T1^=NW1YJ]/6$"O_WBSI(+>)]T^(?C1G_H?15G.JA MKU/X4%XD45JHN!@D63'-=;'BK+B+B]G5OY0CG5]D19GK,LZU<9,+,RU<_G<] M[NO\.ZS?P[+H:P-Q=K@Y,008=Y,D'K08K6$,X^H]HA'U?"M%]3ZTEV^AJ7=G M*\$]"'6V2JHC61\CZT6]I$=F+C+S*;4<:;A,P\L2)C:R!O^<@G`R&T^R%'ZL MZ=8$#'_`X7&67I;9X,_+:;\8Y'%?#W]+XZ*8ZN%A,VZM`GH?&@V#]GJ9DGSQ)39?D(,T(P M<^"1VC,YMD[T(YVVH]-G748FM`VB/#55NQ^"2*N%/E+H40I=#G0:P80+U&D/ M7N3Z)LZF17+_64^RO'PU4?R\U`_D>4KL(XT,C8Z%M$UI]^,4TO:K=GZLHOV( M5;0]Y>!QQSV@'7>/.$1^Q0?9`R2;QRUP"3VA^&6T>(#-:+(Y$A70*=C,_K[-J/WCD+'"LBFI/MQ*B#[5?0\EC]^Q/+' MGG#P(TR-?F4'476OWS`LC3;0"2CDH9/3GMF1-HZ5H,.M!.T;28X5G3VOZ.PK M88Z5F0.IS.PK@8X5EN]:8=E76APK)=^\4O)MJ'`HWX*%LTFB.:+LD#;5R.(C#[7Z:EF=5L%P>H'OYR9#EF M.:\BRWE9&SIF.:\NR]DKPARSG,/+96P[[/YC=HM0FU M-=2#>!PEQ?O>">U52@^C07DB!`ND:V/F^H%O^Q*)D%&*F.\%+G(#WK/,;:NI MJN5W$/4X!G?Q[FP]BJV0FH[F8T@I52'V%`F8AX0OI""J0:H"KF07*68(L:V1 M?M8#'=^883_K+G#S5.?J_"NPO(5 MJ-=I.<"V\BEG*/0!J2V8"NU&R\SE=D?+W.,<\^U1Y],H";/\2W2GBRK#^#** MTCJQJ(YMHWE;4J%\+&2`10@DQFX8M#+XS!'+,F!B4WM9A&<"VYE`ZQ;%)0%1 MKA3(HRX.'(%=A[34#_VPLRC8IL3;E4!M_J^3;:N.QVL"G MK"C`^'^Y`H9M1@'AAX0QZ09V`))2VZ%A*[3-1+`L]`D0@#H=;[\)OMT*MVY% MF4.X1Q2F`NCM4!EP6?LG00($(G>%8[3:S78F7))DM^8W<((_4-FT7UY-DZ[7 MWFJ35@QC*D.?,($]["/)ZDW:AZV$^:BS??#E1=L$VBZE6KM@H0HE#4(N?"7! M^2H7\5HJ")\D(1VI*/=V)E51Z/+C>!+%N3%!";'EM2X6X,_]?L[')$#4MZDK M;4[=P$<*=A`JVBW15JBS+O/85P+8"B19#]+%R*407H)E*.K8V)%>$WN$$K;` M#DAB+P4>.T7Z*$P?86E+#P":B%0R[KH.1$P0']D!X:Y:ANF2':'\`@C])!O\ M^:AB9QBQ$"Z#I58\<%P?4W^Y+M\N79Y`NGXRTO'U MJ#S'!/W76P/O)$KBZ_0\T5=E_7.7X?I]=6 M-#86;657U>'JQM8XNK?2K+3Z&L`-,KB),?53"SQ!"VV0P`=3:S%@K3(S8Q?@ MOIG':B;,P/N#`%?6),_^3P_,+\:>`JRB\BCPPR`J1M85^)S"@E2TNG\TU/^< M5K`SJX*Q"/TF2J9Z`7EQ:GU,K6(Z&)GI=/$&IFCKMX`L2NZ+&+11VZU#FDM+J>:$$A"6Q(C7A&%=H.KM`*#AO'5 ME08/.=`P17FK=?JT^HT*8]"Q+DJP93/9%=RH%K>^]4R4'!040^(^&UO,IJHG M-G/!&7.K;%[U\]I.8;&`3:#T:&*J5&:QWUB%3F`HJ,Y<&*7F',18P.C22%4O MFY7#3Z?6I5'X`P*S?(,6,=0S8XNMU9Z!+]@SMV"N MZH,=)]K\9O3VL#`?$QG`.2(P?838.&@4_-2IM9Z>[>>G=N39;KMB:RXV"HHY"EP2*L1M5SD>-VI8%25TH:R+7:B+($@1/@]<"`O"D'F!F.55PNE6$CCFGD.?"66;C$&8 M6!E"4BY8Z(>>'3A-L49P!L=EMUCC>A3;*Q`]'CYO545R/0(Q';.1!&PR]!S$ M[!:8#RO8`481\=B&P'X"ZP9COP1C_`0ARZ\K[`34 M``PQA\S$Z=9O.5L!<16.K?&NTZHCI83<`U(0Z2$'>0PY$O"*$!'I<]6IBC+D MKC*$I_'ZTS@Q3>="I$.P[1Q"'F/9_ MTA`K_M*'K:$J)14?TX%A_W#3A%4RY(4A]Y7#P!\$=BAQ[:A\5R)D^QWK8W21 MUT_@^3KP3R2R'/M2>03R06J#@;HL:#3O,P=+&BZ#MYT=81_6UK$YQQ7#H?1< M3S%D,]O'IL?3[@M.V"W[8U@#YU',\S"V!+MV/_5=:@>C65CD`#) MMCL^!!.;;0>V&`'QS3^F!`HA5=6J+F63V.M^;8<_@2\F=@VH48:STB]OS09X@1GU/,`T>";VE:6\CO!C0.F,`R MP[^1&'C=#J]LXL-_@G&I!&PS5,[Z1#@4*TB/^?>2`ZUA%:+,"SGWN,\=04*& M?=*X&^GZL$;=@A3M&.^.Q+BHGH4`1Y4;TU*Z_G=3Y^^YU/1]/.EY6"D[%('C MUOR"F$R&W8#9HZ[[#(%6H]NA7$_L"PB[H8\\+"7W*'A6SIH"IW%,4^"I@C0BFDCTDH02S.`V(:<:ZW(H3"NQ,K M&X_CL@JWS(H#:C!$G0YB/?>MMAN4A#TA)>SI$)90GWL*\E'B/#SIX>VF)%R: M>I3:-#^_(P;6(_>(9]]&K83W<;#QE$>-U5L M.&#JY:8!<&-^T>JT:GS$X^*-*8%/IF758H"KHZ&I;Q=E#EG/C:X.)?HZ2JQQ M5(*_-!V80?5X*AR"R=]T@(Q0L(DGS1,95=O` MFL`&$AO_:@KSZZWVR,L.+YMV>U7\3MJ4\V&-X[0:D@_-^EBW<3FR?KNT_B;$ MQ3Q)@EG9><44AN61>=`*3F=I M1'%2]>@W;"-M%K!W@_WF=2E5/?F=#HOVB7B31)@7IIZ1DY'Y6A-BU`ZIHKX? M8COP&!3&`5U1*2A#8`_*X M@ZGC4>X$C@REBZ3WF!@$G:+5M(-LX?B^S960$@=8(E7CIT21P)[#W[[? M9)ZH:_ZL%&`9S_;`UU7SP9*Q&RK716#5B!#;\\(&N)0R=%X>^-QW0FRDCWP.T%=`7]M""3SP-A(-@3*1+VP(P]I?W MY(7'<->C^"K$:QN#-NB9^5(&!/8O1[A(U:T>'S/BR$YO@3ON>C4_#W;E=K:E M2.4)J>?E=@Y7L,3U7'&54^DT39OHVPH@ILS/<\ZOK* M@1C'L[N8J=TQPL>0;`]YK>.CA$@5.M+VI<`0%S/N&L@022H(7;J/GS#82U\> M\A/=%8BS'-?V'05;I6L>]?&$]#SE8_,T5R!H!S7V[(ZC?A%%K^WB!;Y+;$0% ME0SUARO[$^P&?8[SD$@P@5DVU\(^'`)S; MU`8#QE)PC$%:0FOY!JV;M\U+(E0R,Q[$I]YDK!7"FC3K0BA>:(>H@_/6HYHE=Q;8E\CEG M;D@@,_(@K&VB&]A5;-9][8\1@CN1[TMJ)RVR)![6KT;#I\']!D]=A#[$ES9R MD!(B=&F(;"7!>]H,(C=?NN&+OXBW\.C`4G_-^W_VKJRWC21)_Q6B=X#M`20C M[V,:6"#/WAYXVX8]L\`^EJ2230Q-:HI4V_KW&U%%2B13)$V)I$I&^\&@)+(8 M&1EG1N073RFOV8VE]O<-5F9O1MW%J16^_5FL_*YB)=:0L1.H/8>:!PFOG#7#RT6UYFP`NO"FK,_?P7?A&];+ MX:/10PEFB)IQN:A95:.NAMV6@YIJ/*TNNX.%MNIT@??RZM&PQ;59K7_A$B=? MQW4S_3R\Z1X*ZC8O?N&I9WO9Z>)N_J9YS:TMP2V7G8;CU>Z"%5[!IY??.Z_) MSN]%8NT7J6[J&S`'W*!J__+/9CNQ;E&F8)Q^G4RNL%#TL6[^&`([ M/X(>[>5P$PLJL8B79EAR4KHHXGU_OV<%C`"E#/ZM6\Y-I#R9Y*U'O9)[[IFG M#-)M8CB\FA_U$J)B*AKCD60MUA.H@Y.\*_VF,>?,!#':12TAYHM^44E+.=HB MLH&5";'NP(_!Z*VWZ:7+Q!D7F6'1<6)#UEV11@F\;5-03:6B>CUT_SZJ8WTQ M>U)38E#(7!FC=#Y9YWDV"Y`DXBD11W>/1^P\^U`O6GQ"4U\-9P-8\7`TG-W] M4,[P-!=BWXT'?[\=UP-.S@:HL&]-U'`S!_(.?NJC&_YIB`P/>?%[$KTW;#H!70[!1`K_H+?AE>-D&B/B1 MP;OV)OK5X`.^]>=%WQDCO[S]S;_[6OG7-#%]7=O>TN@-^"D[^\;=MM M"O;OQ9W+R6C2_.T_NI)2MP-7>-V[]4)_PX:2CH%_`2-Z!F]YWK>UCX)PY(_Z M_*Z&&.-Z+M'=(K]VO6OUMYLA>%WPTJ=9VO]4=R@3[`!+>S,8@*1]K&]F'80E M,X^)&T80BR@K5./JJAJ\A7!GAKNY]+[_G'9_'<)^SSM60#:7XJYEN5E]WK(` MG0WJ5C"O4$"QTVL,!F])?NYWXV2B)`\G2EMT%H+/KIOG9(*TM.^$JD,LK[4[ M'@T&J+W[`L;XLCH;_/[&=7%X%]^.:C"9$.V.*T19P%_5P_'9O(EI'N5C:QK$ MWQ>(B@H?:#N7L*>T8QK(U/F]*L*OPPQG]^'$R_XJ:CLQF, M)J`Z/\3"L''OP1KT9HGL8(K\,QJ^G^:!CELH\4]_!8O:=N&N_6$`\>ID6;A/ MM&!Z.-,%2H=)[FSP,Q@HD-M)\[#!5Y!,5LWTKVW">3%IF@GN^!23TS7'T3:H MP^.KX7C:(L.T/. M[&4S-%EJ4KG%X&-^WV0M%KO7(="@TRP><[R'Q'2>[!V$%Z?;P%A?MD'DTCIH MET4<))287_J`H']TM^\1Y89CFO6SG&N,,GT]AA>S]QV$/T+!OAU6%R@/PWJ* M=9,G8/V0E!(B?AH>M$5T;,;IXL32R%!B_7"EUEH(]J/NH"O;=K!)M-,J9\\'3I2/6KJ] M,'WDKROC*EHLVO>3Z:RI9^!AT2^O/&GEX_-9%AN[38*+F441C$C1.!%M]CDJ MK33AVK+BV/7<*+*-H]NXYO56 M=^"EZ`,O#RJ:2QJU'^^"9\8XF15ET3K&I;`&Y%!QEJCAOFC-/(>80VZU6B>3 MQ!YP3U$9@W=@\"3-V7A%A48M)BG$:%3)/4W6.N9>/_,.J2F%.X#04<8(*Q`LS&6$'6V8:&44LF2EX#Z3P<+Q\LA1RF:7!/EJC M'5B M20S,(/AI2X(+A1G49#^G\C@SCL+0?FJXA?@0HI@(?H5:R%58,!(%U0:&,TB* M3M=SJ?;3\!-RN`?>QU/KK),@L"$$280RFLW9&7#D4HDDM9_O.:V\]L``Q$PI M:#O11%N9G,I.$S0`W!C(K771CZ_L?@G-:V7H8;T\PXNB/`<58[1$^$2!QY9: M08..Q7T/R'SZR^5^)N8A1VM=@D#`:!Y9T`'G[W5V0DG4\4I M[JFL`B*NM+W]V(OL[]*7F]'DKF[V[9N$1,8&O*$H+%@[`YDASA/$#EO#O2H/ MJ1=7^K"8"1PQB;AB83QY"YCU=SG:P.W[6.Z)%I&_V)AF72GB`U>D"BP MR<)1(27C964-]&57'+&9"0=D7V^]7`I,6)*(C0P\`;6&*PL.YJ\I:&[SV5U1&7YZ//3@M(*C**>*H7VZ(-4PR MNV":3+F$TQ9VU_'6J42PG]K,T3IF;T+.Q$LF;3`)M5E3;:SPA7WL!2M?6@J3 MQB$/TD#RE)Q6`@>Z+J0P9UXD4Y"N[G36KTN!#VH(,_/@3W+,3BJ>',]8@N^X M&:(L(M=>\+$'H8TQD24='%6,9Q80P@D/^B1)*A&JRM8:8L7QC.'BCCBFI:_( M_!GGP-@%8".A`?(+)K$(SWTB3C%;3E-2>E?1:9D1SV):3[65,6(8-9I:C?/[ M(B<.M#5E[0-QO@C_[-I\[B,RK)]Q7E0XO#QI[4CP$"K3C(5-9%@D)(G"O!GV M"B7LZ65?KAVC+&NE(K/1!Q$R<"="2J&US$795ZJ=-NR0\M0#,Z^C]XDFM$@N MA"1"#-AEQ06E8.E-@0)",:LXH03U@$5@>8*RSN"H3`ZF7#DOD44&_*(WI1!1 MRD\J12_-']0M`ZK%(#I`]6**R4[)`EAO7;2:J?7I2J]%@@X:&B"`&1&4$9>\ M%9KX3JAR`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`F$C$"A*ODVCN@6Q'E\M-\SNVW&8 M,L/I2<09IHRR"=(W&2,1+&=(U%1)/VSXN@W93=4!UK&ME3`([0.W1D?B@L]@ M!MT<2E82FW/A0S';>HDU;&MFC99#*(#_96T4**'C9C&H"%+$XC!,E[>"3K4/ MVSNFI12.".(#!<#2(\BLTWHV&\T1X,J-F&,1/LQK M;B=:-TC[5<>8^\_4WVX0A[_=W1/A?O$S)O5!(*)@91UFX*E`%<^L/0BD(G)[ M>3NJR\O;+[>C%M>_PTJ]7)[TT>U?U4TK[[:^DW7X`.QU'RW'<0#\CD-K>PL+ M;T;0%23/4OT^UF[P%^L9X./[5C(7#R0C6XK*:?!]>CR=?!9_#;W33S M3@C^?3M$R.-N0OP7,&>W^&.%H'3#!@SEZ+8S?R@OMTV+$WQ138?3!=[HW"`@ MM&[UQV3^J-O9<`1K;!=Q@<3>S_H&^J\GS9N3+!Y9,M+> MOO?J`3_\W[<37"$)=CN9O*E_?9N($73.HXS^*EI)A>H6?#&%C,8=A36?SD# M%S&YF$)RT!+YI6K^5;?R7SN4JT[Q\2FG8<'L,QC*U[5KT^&W M0Q#\!7[Y>=I:Z5-1_BC$Z!&@.3L_A`*U:@E`'$?5=#J\'N(\(O0'WR64LTD9 MG*Z)_'U>,;CI9IUUDRZ6'-6]CSJ5:NM#,/:4QD@:?@B*7ZT).7]U-N2\M2&# MF[8._:.:DM]1^^_U>UR#05C/E6:;Q\4L96D594<_S_TS3?\S33]^FKY- M_=:59DVY0`M!.*]V7NG^N/`E";9^=H<;"$8'=7JYVOJAQH$F]56JFC%.'-A5 M4`U)D>!%(MER)5.D9%[+<\3)4#1&8G5LM7ZT('^_56TF2"4EX#^JG%62%21=`4IR[@BQ55L3=8O'SR-H./N M.W$J$Y$YX]KQ0*,CQ`0;I?`Z$\\*%-F]5P5D@O/].`-Y#VC#]IU,;50RB@<+ M4ND5)=2YD!&IS0K#K2P:D3;3MT;(T\G=3*NW*B6-P`::VYQ%LL2Q^1P(P04MP%NYI>S(M&X3`P^BR"4WR=J$ MKS)L/XJ!S-$$90KP_,W6X/O(?5_=H1$3YA#$6P@D7J+2&PT!JIR<@L[P4PN M./L8D:M?_S0:MTT!83CB/3H=N;#*`&-9F,]\-<836K8,U"+;_KIO]@;+1_( M?922)Q*[B5*M>39!9Z,YH]PYD%/1N5"5&%-D$Z7TC5%'H)1MIC0FFL%*J21C MU)YK:C)9C$I1?GT&]`.E_`VSQZ%TBP`DQQP55$0!D0"$T%Q9U0U1]BFYS0(@ MWDBQ'[$=;%G]H3O36YKY\A05BX8J)9*AG&E#*9=2F,6@'>)#B9E!M5W#%=U) MT'/IWV;&$G`;Y,%1ZB5W%H*?Q5CH!"I8WF^3>)'K.>3G(3RO?@MQ\A6&-K<0 M]'^<7,^^PF;]VN#YZUX&+H%WDQ[RS1QC$L901&]"ZK.RCA57:K6"_'2%^EWD M/)/XK1!]#LPSR1Q;T,!*^PP1VD)TG(]E+/YG$<`$X#>#>.P^G-9#I<0*SB2.+9W5YQ&]512PB" M"(XK(#9Y'[W/C$5+F,VTD`UT]7:UTV\'.<^F?6M69ZT++%OEP22"-1W\7OKV[R=K%Q.U M9!!'4Z(HM9E8B7G@/$@%_A;.4FBA+'T^6=LLA13216=2M%:%X*73N7/@G@JF M:6&/&:3:6AZ$59MM+F>.I^QX`$,`?L)0WV7('K2(D/+2LC!:?"^?;JL&9*ZN MI[D:-O^+AW8/!]I[>;(4M!2(]^AREA`$!0U!81*H]DJZMY66E;) M_JVM!:$*N5F'EHOIU#\F.&<0:&XFHQ'$K0L\C[TD("%8C6>1XYE[H%)G-\]$ M$=HG%><1:E6U]Z/LH*O:H6ZP*L6]4C+3$*SD,H&H1Q*L$N!;UO.7!5YS+U:V MZYS#2`)NT<>D8/CB^A7>_`S=5=>#<]?6DJ;OW_:/Z5D_3MUE3X0CP M<=7<_3:KOTP/H(P!5AZH9>"Y('P("EQNIXPV!Z-+R'ZV1R:<_3][5[[;1G+T7X4(`B0!9'Q]'PD0 MH,\/!K*[QGKW`6B2DKE+D0(/>_7VJ9J#HMA#CDA16MNQ_[`MB9JIJNZNH^M7 M59ZI##("MYYXQ7P[%UF8*`LW6%`N#IG+5Q$9/."LNBIKJ4EPF*R2TC/#K4BB MO?IEQ/&ON:ZJELR@DNWW&JJ3:JC&$YQ0#R]?5650X\GU9%EA`89_#(9U;V*$ M',P>+O&:O/WF;E'GRL?3:_B=R7R$B('U9P0Q5"GT;8';%@-5/0D?C$^H`5'X M^,ZW7`U&P]FH@69N5H@SF,R'HPH7<74#*OWE`- MI:SJLZ:_3V;3CXO%N"X).\3UY^ELA@@!!'I]FBQ;Q.AU->D"/]B`(JJ=!\1? M;;&@?ZR15XB0/L"+)I^J]\*+F@?=#Z:KP7RQK@FYOQH,*Z!!C:L8SF:+ST,4 M)7P(%`"\8[KZ.!GOLA<^8F79JH4J=/PR(A^`[1:B!J]85I3.-CN`M;OEXM,4 M"]<'H)Q:/M9X@GH@;1T+NSJ_A.%_\M0]P@5MYKA0-_.J?J$Z'75M^NH5*Q?$ M%:'RZP((_I5?:7&9@HOUGXD,9%^7V-L*T!T^Z`N!;VN]M0&%MD1H2W4VVGO? M1J=^7FQFH-'@4(W6!X%W#^#\UEP,IM>#AT-WR':`"KYK6FR!:D6DW,WPIE&@ M^*"J@3VH>^!J7CMZ2/^GZ>1S=711.VZP4O@:5/WM=%U_I$5+7U5K]H`;7`W` MGULN-O,QFKI==;R'UQLO)K7]&(*C.9K>(3O#`4YA0K$.1I5UJ`IJU\=TRPX& M>0Z+/0##/0,)U7C9[^K\-"=J6U:R*BM%<)GA?\-9Y3LU%>NM[W/$".]X63L. MS_5D#%'%K-X\Z]U2]?^K2M";>G7<92/X%_;K0=?H(^)+1Z/EYM60T7^E5^PR MU41@A]8^=TIHUAG1 MSJ,Z$5\AG8_$2T=4P8X.KPLIP:VOMD0%A/[U_>#_G7M7!U>/>BPTRAX>#59I ML5F!#5L/?X?WP0LFS1B6!@==?[]Q_+N,:*-XKFJM4UNOV0(,XPZIC4G\=LS' MW7",YOC-A\5ZO;C])^5@0:K--IQ-;^;_G$VNUZ]D8OZV78$.>5<[!A<.OW<_ M&2Y7L,6)J=8(?O1YN!Q7KM0#EO^ZV@%;QV7PH8J4![\B>F0\J`#'JWH7@XX: M_`Q!['PS&32=L@9_;W<&(_]Z^_/[[5?T7_\X8&S^MD,1_,<>8P8I'=5`(=BP M=6.5X0;']'90#*^O_",,EW=^"@^]Q1,V;OT<5&;5N:](J#[]:/_C(9U-U@^_ M@+H.GOQ^BN>L.E85"7!*1U@"AL83G;#[277=6(?65SL?7&S6%6>CX;S]'+QF M4D?KX',.2EN,Q2`5/=4-0MV6II73`6>R7?A*N.WJ-X4/]0T&\#E=5H4@/V`5 MPZ#1?_P*)#M#3JXWRZKPM7[I06\85K#U-SJW'U"@@13P8&\^UH)>3F[1:U]M M/OPV0>]\L;]^V'('M%+SW.%F_7&Q;.Y^*L56W=;@3EPW3O,`;SUQ<18[G6@: MAM0Q-Z?EK2Y/[Q8ED`IFHR'F-]@$*_#[UZT^WCU=R*OJ6$!A;]3 M%QR7+US5[#?&!057G^F[MMH(9;W+[OL-+.RAE^WM`GC"A^HZ>O#CXE,M02IK MT[[=$@];X;2*EV,7U`>NLE/M)3?M^$Y#1,6@'&$N"\)DDI$)[UN@HO.BZ$+' MM%)=R8Z"BO-([4EH&4Q<"RT899)P%6DPF+JV@9FLM"Q19Y+MX9\N2FU/(HD) M9TQ(GF86<:A[2I$BM9;%8$0L$NT3W3,+W3,)K M9A*.V)RC-9;PJ27VY0.OH?KW[=R-J@+3MHSEE^5P/#E92WH92;8VVZPBBRQ5 M+6BK/J@NI7)\_!M*""]0"D\@["+,]!@HYFQVUE-EO1$\"!::\B4;!=&^;"3/ MJ2V!8Q=DYF?P\*9U5>^)ZZ*#P/%B!@Q7UEXA\C^T,%T3RV%M;SB1>T,JGD+6 M!1CI+3TU4FEG$LO>4.&H#[)EA)/454O">6'"(E3R+L@8SU;SH"; MIXWD*F#EDN%94MV6`OED2\84+&B!O+L88V_GG\"^081[^A+%3!C\P8HL!4I9 M@>_8N+A*6%_"ND"=]9J9'7*>0WDO;#]QG2#0<51&PY5C3>V\AUWDR\IH88SH MVULG4-Y`L.8WAP>]'VW6'E'?6I$L[!?*/,2:L3T:P9:AA=RK..@EZ+GT]^P; M+X#*0`,3.#P^2)_C]F@30PO_A%+:M__/9>`9"LHG(;B&+2053DR(B8JV*DY8 M.-3%.1;&/IF-$P[PDWCITTF!<:==<%*$[).R6=MV1;PL/49N59]?//D MZMS?,[A)PL:L`E/$6T%RC@:8J4XW>(:F'`_/).EULPZ0=BF.^APN">9=.SCW M-@=8(YM9>^)%C*43C$5V18G!93AZMYS<#:?CUC=H[B;8X2@%FG-*L`^9HTFUY67)AD+UX6C2/1X>O?]D MXH[,B>(Q0&R"PV093^#!-W76-CAORL(.:@K3\@S*CET+^ZI+4-24F109^.?Z MH7\0CZ*<1%W4G#R/L*.;,DNA5:0V<)9YS@X\NZ:E@>"V8]"Z4/OG[RAQM6-T M_^/DQ,XE22N3I18B*Y"8"B'RIA0T$$'+*D8A]EL6[+[[!*J.5>,)HW0"S42R M88%#(&QT4\66&!S5\@X:N\GMAUJ]5)U\G1L"E1YV4C00H6;'F=)XG:O@"'`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``^1M11+Y%[0U/$/A<>!Q%*(7--%#?$AK+[$`5G;0\`\!2B(,JK>@=^ M!.<(CEW=BO,D2E4FCH#W""N(S>*"-+;Q9[60/)0E_IH(O8>JZ"/HF>0?;9L$ M/KBGR3B"#0XAAL&^7TU;$>5TT=Z0:H0Z\,N0?TXC-I^#!!E")$B]F,_ MA?/)3]_$C]XG!(/5\Q[1.O5&/-IF9R"^IUXD3I@)&F_ULX$/NQQ] M^,N_WT_NUMNY<&J7NKZW/YM:ND\MA:.$+:4@'&36JV`30VJM=2Z'%.Q?_OT# MF!OD\[)T_C#\8WJ[N?78J/HSN`!A>`<_.?&0">VCR-X$#Z;&S_^"-WD\?9M.;QC4_29-+;3GE<"`89]C?GBC6MM$, MNNR934EA<9Y$U$48.=X*CPA0C:!6.',!S%%,NKTDC4D6Z0A&F7DE/L[1^-KY MS(,'1K((49"0G&A]`2_+SGZ"[M_>GT3;)=DZVA;2YJBH,8)83X2U+#/13L1E MO+P%!HVQUZ_P&6S],)TC*ON^L[E&'^4V:,=%KI+OWFIPT(QH>]]PELIFT\0\ M=E[WWWXB;4):!R+;%K/FGI2]CFUQIY`VX^3-;:9?E=?>HS] M_:\K!'@T8W]WIV^YUQGD[:Q5CJ MN1?/&C[CF2(*@AW'G((]OG6$+"]88H3IEV0)(\K5^EDL08RHDP8C1V1@)G(F MFI[PL$J2T/*JGU8WZOT\==!V,9[ZTH=*.JV>\- M_`RF'OKLG`S9TB:&Q*R3-&4!NTMG;(L4H@Q&:58DJ\#)WNOQ\^CU)U)V&'%I MDL"A!A#^L4`@QE>A;CWD#?-&E6X1-DZ]#%E]?4X%B$4RJI7G"6$CS$<4&)A6 M$5DN!";M?C^ZYU!V.%[*R68P\HAQ3`P"NPI(7^%M":CG`F\@F-Y#Y!PA:XNC M.'^?^>`(.!I9!:EQC+W*8=NR/FI7]ET4U#N`9SH-I7K&2VHM):;4ZE\0!6<-X^"^JB$D!"T"P.!5I!Q MV_`KE+$DHW8/.UP2<#*!1Z_NJ*.9)W"]+*5X<2=2>Z-43?\I]9\D^EP"L<': M&31F#)&$X%YS$:S7S#?02P@I0M#%>3%BO^MV)PWGD'D4],!`,0;/".EH'7EU`?XA8">OQ4A'0;A2'!CDM&2@W_@G+>2;0=T4'#& M"F]0[/FPWX2$^CHM2\-0(WMP^87"`L;(8!MYJC/EN4RK@,/XY0H)GGBR!TPR M7A[#+DDQ@C\N5:OW`YBM5+8%9>9L70/D792U8SH4,5W&&1I`>7HK%.%&Y$@L M<`<^JRW#4J7/5@\OP-=1L"26L5B([:AFUONHM^&4-N"1E=W;[;[S_>>Q=DQ? M1<%LY.!_9`C+G$C.*(5+)I4#[<5*3#+==S1?@*^\6$ZF-_/:ZQK=_[*$7QY6 MW0OVC$1;CE%7$2LFFO4Q[L]["=;.!PL0VP,6!;G:'+5@+#:PL5L M"Y?L#6-/D\<%>?HBA'C8D>(J10049P_ZS#L#,(%D.[#1^XG<_PD1'L<_ M.[!XT0>L:>#<41WX5H32%[[H&\Z>ID>_-0D>K6L+EI"8C4J>$#"U!L17.QDQ MVLR+*W@JB?DRA8@/N:P#QH36A!,IG*N&0%@::..`>9YSD?114I,GR::?U!=C M^:A.LA3"-3#=0CM*533`-]Z9"(50"%WB>,17P>]1'U-J!6&Z8C)A/:IDSK#6 MD#E2EN>ISNN/+XOEHW>/!A.3<*[AO#,1<;*SQR7V409A4L<0(/+%+_%9HYK= M:+2YK1N2'"*E9WISSH8:`1$*5XKD+*E':`M.;S:<^%AD8F#K/,W\_.FGY=5% MR9VB+DH#PLM426-SRFT1HZ:D%*667_RN/$N4W2,H>J0'4:2T-%'J-:$F&ANR M;U&!5)7Q)-BUIWF27]N9/DMZ)F;'992>!8/5\4[!V:V.L=*)E*&,>IK[N3\<[L17C>IR&V/+UH3*>]LEC6E9TG,5)&`]_>6L(/C\S.OCSQKRZ< MOKLXYF(4R68A@[(,`@\=:UIEV?YA#ZCR;4CH\-ZA'@0C+)?&*T=MHK(% MCR0?RKGK78F/KULZQ_QJ<**\D5)(#V$$,=$SN[WM9MH7<<17*9DS-(Z43EL6 M(-C04="H5)`V1^("93)`U/4J+EE\H_OD\)T-A2/#N'2">@A8 M/7950'G(K#(/L=@D^^B1%Y;),VM&@+.HC-*!*&6\L4*K+6K/.E:$Y)*R+F/; M5Y7Q5%*/5F,Y&Y@R".I@W&::F-GVZ_-!EN4MA,D.]_%44L\$*&3I$DTX\%); MD"7EX-VVNB5153;K)89UA%F=A)Q-\+&=($72#F.]8`.)$&P'K5OQ4L[*^RA+ M9,=6?RK!^V#BTPH2*(1A1+C@(!HSQ-6%=P$K!C4H.**%=?R@[4ST7(/!P60'AD'#,(8Y4V.*>;%BP00AF7B[R@X2]"XE'\ M/SB8+N64=/`Z9PM^5=.X#DQ%-$4)+[22B=F@>7)P(+"!8L@V-)>2/CE1WN\*)E7';NLE]ET]+FJ5 M%\N?)W<;[/:RPCJ[Q>WM8E[5YY[K6"%$=>:/XX M'N\GZ=DL]"E_FHT2.6.#-*\<-XF0;6\K4FX5(?90YN>R\--UG&)9Q'R\>L8* M8'4YR024E1,VJP3*5K8X&/`6BQ4`$ZN[EZ";GF?1WC?V&\(K$[S)".],WHBD MMATK%2TK3*C9KY`_A_9?%FY4M9YXMUR`J5G?HV+"0CF\\;V[W=><3_%SDC!P M;"G+(C@9T?+%MF.K\KZ$-H-J8IU\]--V,9YZUB;3"(Z0CV#Y_LO>E?6XC23I M]P7V/Q"%-N`&5&[FP2,]XP9XSC;0/=WC\C[LTX`EL:HXK6M(RG;-K]^()*F+ ME%1242I*2C\8DHI'9.079V9&A+HE7.H'M!(+4Z]'PJ`_13.N#A]3Y:+>/440 M0!:E`_8=AQ.&>,`&0B1F68%O!(:H`J=`V+26^5G;^K*=F%<1OJO%YPD3 M@C\!ZB=D#M=MCM6G7>.<&Y&77)-%>23?M%7&:17G7MV2;%'];;FDT>U!-8TN MHM!:T4-+&Y?K<,G]3-89&A0>YZ(77CE#4U`YFFRC@>6:LME]EF-#55FI#/[3 M'F;#X2V6^=+BLN1WK3.(?,2\JMG2),^;K,YK?<&%U6-6BGU%\/[H$=X1I6/I M)")PBFY/V$&VZ+>V_-ZJ_CA649/A&/:L>IJ-!UB4K6SZJ;V'&.K=CQH>J<0" M6QG'MT=C"\#%*![*J$Q9\>XPW]#]9(5N._*'L53N559>P=%P^D26L MM/D$%`UOR[.>9>4T;*0UR64+TS$6I5J]6/9*P9XF]V6IJ;+`5#P?N?9YP>@R M)+V+(6[`HA1.'P9_$WS^Y$+$22K`V>5RT],(+8;C8R$L;)6,L(Y%A M\:O'-(X*;I5O'14U)K"=R2V,80:W8]FKHL>B;-12=/Q=&499DZM@#X@_//+Q M6<(`V3T;1BDB(RE[`,,S9+\5;0#:%%$T&4?I\QI?BBYULGA=V?FN@KWL)2.! MBO7>UNK2X02676A@N'C;5GDHNKN4N)FF8(12D#_LXO*0?)<-7_IECQHM+BH( M907K92DS<++BYZJJ&`Z_'."B3&"QR_\5_2'/KM3$-MXU6-*`VEU-49:X:E(3\_O*"F\2/#%P M)*EZ4*[1-HIEK^T%$8E\^#-6T.L7#0%16Q:=LXM>E,O%[BI:BB?&\\<5V):5 M\?*R#5XT?T`E`(NJD=M$Y,/<@DMA6=)M1>?#!2.E;0%JRV:&4Z`Q02VS4FIR M/E"L*[W5_E-2H-89-K]?#FD:/=]&V>WS9';[.%E6,=%R>4J4QEC[ MAO^-)Y5V>(J'BWY.&]Y1L%&U'W[Y&%IJ-/Q*?5GH(/0,XO3U6FBKL]BV#NU` M`]YQ7+4?3?ISE2`KZ\[[@DK72BJEY#M:P?P)=)_L`JI$Y<2BLFA.)TO?3M"Q M0IW:G^_:^WBBOM`OB$Q78CE]+93#[\LOAH!]!(.N[LDG4WSP]\6#\Z+#6#P< MEM=\NM%OY/<,ZZ*5W_>/J;\E@_SIH[`_F(S:A!KO_G*/S0#36YC:833-XH_5 MAQH/%K2E\T]8_Q0I&G^ZP46$=/*M_#*_^*=\L/B8-CY"TO3IAEOO5IZP].BF MIRUN)(?>IY_ZA>="J''I`^PXH9LDI91W\$5S](5+Z2P4UUHR"93)LG99_EXJ MNN6?9"UJ^4NI#J1&FG[79']/K=+X.\>PI`]?JD)/%-RMSLJ<=/.F?::^G(7; MV58Z> M_'Q3'C9A4^'Q>O%XD%(\%3`/5YI5D&^^S2KJY3'X*"Y],ZH7!S-Q'0"[S?U1 MI>U*DZ]YX`D1$N\W+F24W-,UC:F$P]TYW?QZI3H:CV7W2'\M.6YMPBN MS8G>(V&I,YF)(P/MS(Q"=UU#I>B5HE>*7BGZ3@+M3!)1Q\OBWY5;=OK[N?&M M\^?-N=&LO']HFR?ML^#H!LSH&:PU"W8IBN,B9>`*(2_OXCU="(7PXR/\PF*< MR],`R@INM(+$5AKB"B3@"@%?V$!A*GRKX'#EKJ4FH,=9Y#GWW)[9(Y0IL;D& M`)2AL,E5**P"A:,MAIR//#0K1)LJ+_DJIE_>)0A7LZU\QI6[@N_3N(]GW=,X MGZ5C;7X.7AZ*O6ZA:=:9[XV>('K;UG:!BW.(NILY\^-UPZ5"!Q>M^9SGB8Z] MP=`Q;:O\T;?2K?/:&;2U<.92/)7+A(&:=>6?;L6&,YK`$/\C3[5IDX>/AX@+ M.X*X[.#727G4IFI1O%+>2EO>BL*2XE5W#"$YTZPO&5<2=!737\RVI9Q'Y3PJYW'C7@>S->_Q/->R MF_ERY9938>.`?0X=+F?5F=H!V[.?C37HVX+@V]:EZ(YJ:^TLU4L9>F+^'=UF M$M+CHK53)JKLAY+=HQ][O'Q1E7?9/6(HP3QWP3RB^]*Y0%-I/>6QG,!CZ5'2 MVFERI1>5Z"J'I1U^D1[36\NQ*,'YN4N^KS:YD?]4YR4%R4Y!4K5>4JV7 MSF9+93.L5>NEH[%6=>10'3G:RJBICAP7D.F^U'!%*7JEZ)6B5XJ^DT`[DV34 MY;=>Z@S:.MJ1HN,+N\T,(J1']-:.(G4&(N=V3NG-Q>?DTO+V`E%NS:16X2H04$7+3#5V4N&"*MRQV5X>I=J[K1W MP2."DG3E=6V:6:-J'B$\])YHS_,\3WCLC8:.Z5OEE:KV3IWS52X3!FK6E8=Z M)>V=NFM5%'^45Z+PH_AS2OZHHONJ7=.+\M1ZSS!4HOHJ$"#OLGJZH5;NE#>B ME?.X MJ9HVG;U>[`QC MEX=3K3\HF6Y)DVB!^`IL$\VS(M M6^/(8W_Y)(<9'C]JM?'M10X`:9)^K$"VW@(%N5@J#J+WX(K7O4P^21O,4J0[ MCOI/6%X]!UZ<9@SY4QK'+8S@=@0_/I79L$R+9>>#TPP!FRLL_%BF][3&.KL' MS$HT/M48&JNY[D_Q!PU$:%EJI""5X$)09F_77^E'32C^-!%J:3T2]9-HO&_?CW!S#SH(3NFL#^!Q/HV>#"D M4.B^5TX'IQ83P?I(#-O@F^?C@)'<@0'X_0%^`8.IP[H1V$@OMN2"FU=-#KW M?<,(0L\-!$P+#PPAK-HPB-#MXPWC#X@K,?-XO_OJ,"P_/K),N:)F(CQ889"N8%MC!-PW)\W71]KQ1SSR!&3>M2KNM\ MG>+RQ?L0M(V+?AAZ@X"(`*C8?9Y*[-_](%YA+@. M=1G7N6GKH"<(+T4M\`+=\.HS1NH6]20S]O?)6(8NDR'&*U45TEWS!O/%;,O1 M`9&"!83I`2GG+80IK>ES*OW[T\_:08/SS=#3`X-8Q`@#YA@."0N_3OCC:/-JZLXLZ%(N>75A!-.BRWG2V_82IZ.A M07U=AOOFS]A1E\&YXA\SW83(L_AZG_22+!W_1$G@BOG1^ M=9)IT=)*PX+&9"P3[%-0$Z5+6"1X\`%(4[]([Z0QR&Y:)$B`O.DPSN,B MM8@/*<>W1-C7N*`L`<61@.)"@K[^V'QU(OEY+^G"0>1++"\2,]GB5=\2Y&>_ M/TOA8_Z48/6_6'L&,6I>YE.SSV40E'%++_ M!5,&QBF#=Q4E6O8##!2DJ$1$E:_*VG#>-L^4^XWS>KA+(GH3>(08KZ257T M9Q6'?0!4G'W0-%0H8QC6_63RYX+69OT!;#A1.M7LZ19O)9N::W[Q_B!L1YM**E[`-%@,5`W2Z5:"$`ACC`KB&\\V9EA:5:< MQ49XGRR7_@,5/2[:@?<)9TKO668;1/?6I@IM)B;WX0.8?P7,PW^RF3VPXBD:/X(##Q/;3]+^;)3E.(7XPR#I M1WGI#*[X%M%H,H.GE<:]\$]&T;,VGN08!2!XX"7H-GZ0,5FCP2HBAA5R>\NT MX@,+#S=Y0/S]JUB:G`%961_?C^"+LB<-MP=G,H3`]T,,\.^9)!M==!QKLUNT MT,\F\80.QD MOY3;#5Y;\>KY4,H@9G%M-G]4\6`9?20C?-5DF?7+W![#9`&:@.G1=#H$H-RC M5PI>8-RO'#]T7:>H.%(,?;1JVC107D#2'3)\00%.'X:#N$D.L5CQ%XF`]TA% MCQ78\>DWI;RW:?T,[H&^R(G\I_?4L-J@ M>=W)Q,15OU![",:5V2YG!V.#;Y,U"&-*;=6Y'*R%CK=5['B)6]H:C65I)DMIZ_A9I744[^P3=2;EL\T)FE>SXQ0D$$T\-JC9V'5@/EQ)+;6]JF'$L7 M[,-QXNBX0.UZAF<+DPO'U^V*XWH@[/J6#TYI;<_'1EI>0?4V;I.06I0$AN41 MR^:&8[M6L1;M$FYY]=U=\#?!7LCM&M7+F[]^A:`4]WYYT30!S^-7S/G^?@]> M5%2LHNR["\*S;>*X'@L!ZY[.0M\N=ST*T_$M4E^7):M[HO:@K;U![=C_0H/0 M,L/`T#V=A(9KNXP%Q:`3;5;*$[8D?BX59^9PB8F]0,[(((*8AEFB/,M@+TN M9['\<]V%>LE>9^H*4%J4,B\(/?@0^$$%3!/^4MN$95I`JEFGM4;)H=1N=O@< MG?HF\.M``-#2IY5HE6`WJU;?/4L.TF"%>1>VZ M__D"J`:A'>C4"VU0HPRP&H8.K:"J4ZOF.,/O!/^TB-8`37$NK/>*VP1%T$>[5MGGHN2'AONY7VY%-AW&K-L$` M1UU8FR7G$.*VGN0Q/9-P'H!?3G4S``QZWEQ;6J1^",9`JV[O05__*1[,<',\ M_*D\=)>Z\?#87G-IQMP)?%[ M-HWZU??].?(M&>1/'X7]P634)M1X5Q4QZ$^&PVB:Q1^K#S4>+&A;+L:X*&S` M&XMKOJ">HZ3ITPVWWNVLF;!:O*&\D1QZGW[J%YX+H<:E#[#CA+YA9\+.U#1I M>45U0Y%A\PA%AE_.PNULZ\=X,.)(F_/7L_DS/#B.)JKL@E"6+JD.4^_!VW," M:>?*URE@[@+FREG_O?%Y)CU?.XW+^3!V56@_1LVVMX1FNPTR<(60K^H"B'I=`(7PCEG!SL4XEZ`+&RA:ZZ1V*?B^^N"P*@F[;W1X@E>:6T7N#B'J+N9,_5:8U<%EPH=7+3FTK?)'WTJW%MRQ*:&MA3.7XJE<)@S4K"O_="LVG-$$AOB?JO'&QT/$A1U! M7';PZZ0\:E.U*%XI;Z4M;T5A2?&J.X:0G+DEQ.-<43^?17B%K!U]W:YCE?.X<:^#V9KW>)YK MVSZDSM@.W9SVE5S.J^+&;5YBGXMZU+T1W5UMI9JI/FB*N^R>\10@GGN@GE$]Z5S@:;2>LIC M.8''TJ.DM=/D2B\JT54.2SO$CWV_^Q=66_<2))^7V#_`R&@T390LDDM'6;0!6ZI*)B,C([XX M,B-3/EB.95+,.Y(PHPNYGB#]_4TG5NXXLEW#.]B>UV7Y'JY@>G%.X'2[S73M MTB281RF8T[5+SRV7K_N:F_/TR_B2&_HSW;PTB>2+$LGIZJ7IZJ6CV5*Y7:RG MJY<>C;73C1S3C1R'RJA--W)\!YGN[S5@?Y&"=B3)J.__ZJ47 M(VTO]$:*%[ZPNYU!BC)3Y(.5(KT8$3FV.J5G5Y\GUY;G5PBQ-5/5IRN=GD#" MO[/8Z?M#@.+6K\7"7_U@>=TK=/7 M#(,ZT_7),KP*"6BC96VZV&D*%Z:#.W;[RJ8U(>*K$``QW[8VY4\FSW'\U'2Y MT]X''BFH2:_\7)OMK)G./$+QD&?.X3S/XQ2/O:7AA>'MY)5.USN].%_E^Q2# M:=8G#_657._T6884Z+Z54@`/67- M9&-:N9N\D2E'L@,1[>D&G]^"EZ4QX^2JFG[N/ M\N0\3L[CY#SNW+XPDP^'A\>Y/+V=,Z_<=D[2\:#-"R_X'*P74^,[W=GT[.`V MG:O^C0Q4U9ESN-K"Z;R027>G*Q`.M+'=G.GR=&G3L6OF(_HO+R[:G&!O MP&69F=.E34>/BR^&L9/'=Q5Y^POT\P>"\KDK_^_I__(4E_ZQYB608"^!LT M+^/,S>?N?)GF:57C;1_7#*OK\@H7Z'+DWD=V^>M)@.=._E,]D>8L29=Q5OUZ M&1F^'.B!:UB*&:BF&3J^[:X/1E?QSW,-1KE[ M,+(2A::O::$9^+)F>+:FRS@81PLB2]X&ZKSJ:<&*:Z)XD`P>DE6(*\=I.D:/(: MVGP`7$]25G5`M5/`.U(#1S&-(-1\-;(B0W,,W_*X?MI^9`;RR=_7+,`0S3^E M2U9)[]F-]+%8QKMCJL'C>.O1:7N#A2K_$B^;\\8J>7,G;;DT"F(\Q!2G9T,]>(JI8LK/I2L@M=1/@\1S3$=<.<'+`82^XOTSS.$]S[70$[Z0*P2DKS)&OPTAL8,$MS:1%?,^F" ML5Q:E6P5E_#-Q:WT6QG?7L2E%&8LJ?).>M,6U*GR+Z)I M]XGRBU244@UD#1J)QP>-WLZDF[1>%$TMQSF"AK$`$7E'-HP MXBC]+J!I54)/Z0KY>,4-*70.W[-5S9\E5IZO\4_ZS74_C(;>"TDO:C#)Q3*M ML:/AS%5-LM@^=3,ISG#"KQ;T6B$2T&V6LFMH7B_B6DIA<$.6P""E>,[^W<#0 ML?ME_!>CQX<,77'(`$J`I1+,'>#??&TB4$\XU]I*OUWZL<%0P1$8R[^;M"1* MF=2`5P1]L*H&*UV+T<95U2Q77%!I./'E)2B0$`V@+U[BU%3KA*VIAV+]4CU$ MJ=ONQ;N!=1LD%'NHV'L.?S?R*>AT2Z6(9"8IXU60UTM9D MQZ?K-B6@N1?R\[1:(_:&YE4OJ?FW*J_U0NUH0 MQR\`%4&T44CAF3^;/"%9)BE%]A"2WJM#G&G$'Q+FD@%[\9/?MTM)``K9<*S$ M5FX>9[?"6D==YSX,)^WP[:.0%&CRQXJ58L)C^H#C'[<1--^,;F%[FKD-6,*6 M%ZSLIT-39M+6NQKVG_'9"+GK'9J=H8;4P,8<=>HC80/J:(2"KLBG__UN\GON M<20E\;=805#(X;R'N!E\!>()1@-`MP23Q_&WG1R0PRP#J_)G4]6D#3-2&(@M MT69"3]P.(V`U98F?@44H8:X$R`\?S$&DW(#D[P$HM>``H=8W(!C7RW2%>\4+,O`_UNPC.(Y MWD@JT-CCMR/CA+:JHQX#I1&OX.EA6W+(.7<$!G`WOW5P,8K),354%I3`ZZF: MX.'`\/`[B!!,)81+#$3Q&KA3E+<3,-P+&+;Y96G+0[*N-4D_Z!%*?U9`K()@ MP$NAY@QD&O01&C05"CFUB2ND>`;H4L)/F-D8QM7_*:YXY^U'59RMP5S.SQS(I.LX:SH'J"># M+J@GAM'PQ'`2@*0+$0P6.68IZMZKZ:)8'OBW/67LF@F?C%-&DX7_I$LVCEXQ MH(?!9+>SSO^AMR=QEG2II?L$S'VLC,%_ZPIUE-Y%'+IG\(:!V]9ZA5G?`5'5 M]]+Q\'6`Y^/&"WCF:-6I*[BT-),846?]^4\=\\$0SD:6#U-/59\>05.'>4#X M29QM2LOX%4^"8:X0+2[%N@U\S:0Y6W)325DD[J-+TMEEJR^C9C,!!^3!I")_ MAB69HN?VG:2V52>^H(S@YDS-0,,_N;!>W(Y");17V#]Y):W< MW0"RL],YN`T5-+[EB0>B>_XZ)/$)S3BN<0V6D\YKF/ZXA,CL\PH]L*=;5SI> MBP[*?8XY;4SL4"Z':VZ?G-K*7Z^`_Z0W)Y%[[IV\!>M:-:`>=TP%M'7//Y^@ M'I[P3^"Q]\4[>N6I;,^DDS,(^O.K%)2O.OVM*.8W*:8:0.W_0&O\L_2)\2Q# M]QUZT&<`,&F)ZG@"B/`)/GD/0LXN,DKBLKRE<5(JFHM3?5.<5C5;#;E$F;R;/CDK M,%+,HA";>4&+.P#F?.UI4=ST;(=F+;/XJ@KFR*_0M01#,B8>\TW0@+I+:S&Y M8I"=42''`JFZZL4/$XW9[::@$)&=;-V`18OGQ:H>KP&V>1[>C<@;B9QMFTV5 MVB0J=W.RP6I8EVBB1'-\"1,+;Y8VT[TO`$<>S8RTN^O0Q`KP]K:4MT?4JV8'F%VG8&9J(9H00LZU!G7 M)^@(N"DR*LFHVY2Z17MLH0F#->SW=+0DD!8H* M4A"P2U9"5-A.1$B+F-AE@.-!/'#1-'$W6,0QZZ+S<6.U#SX\HP']T1#_P-`V M2P%[9!VWBAN.[BZ3/!#@DYETLTB3!5@/'``R:A,:6WD09@4L"+LS0;^^:CE, ML7-`79^DMCVFQW!I=/?<(#TYJ]O?@/B,]7-SV93TY!PT[`*7T$C#,`=08=C9 M4@V._:J`,)R$B7&G@5,W+^X0J"4,XOY2A')]`Q^!GE$G^/([6O>=#Y@Q&NR[ M=6+CK"I:BL6J.9I)`.*<]LB!%9$JU/Q-@]FOH8P-VHPP94F6:G:7=4LI/,^; M>--L?:N=<]LM#_3JUAOJ3.X\Y7L6T"HG]3#<_+$:)FR0RFVD>F`?<:$&\);`G`AB*P7""EK_$O#37EVI!.P>Q<=7*%2:&<*L+O,H?9I#/ M>VWZ.I*_R/`2$/1WB(+O8T9U`-`(G=#_)2?T=Q;C1A8<_<]KJ.DF"]SX0CN1 M(`L_OSM_QW>G8,.SZ./YNGW>$44,'.5E_SHB;(ZI MJV*%PH*$#1,6)(B\/8EEWTF[J"\V[_#,_V#/TP7F0W>]](Y--S0L3-GELK/PYH28\':7"RY&,TQ[[***5G;X4Y@T)"``]H!O'5]D:;489#BK M[OWHP'/XZK]M%0>^;>HJG;/Q[J-^XY@TW`W4H54]G$W2H7_$`%;EK<3!2.4+ M1XBG<^%^M;A"05P\6'?B.%/D:UI>]MLUBFZ[QFQ`(Y@88A+0H&1F**OT",59>+RJ!GN2#:C(G]D4J^!%OG$6)^0`3AF#QH2QJEG2; M<-S+2]0IS`3Z:#G=I.Y$Y;\8[L;CG]/&R'DC'!SPW`J8]"SEO[K=N4=.33USF/:$4RB]28HLX^Y\QE=V3^#KZN0MWXW'\C@9K/H""H,IORHQ M.9*B$2S!O<9^UE>AL0^Q7`U^(;H'97U*5&4%%M2Q^=H2,1Z\.?`[,=LW;U@;EN&\_"B5<5J)M3S\KP0!(WY.5N83UM!>>,;_?\ M\84$LG?Q%QS%8*%X`5+'SR@:;*D?O!=[)&U$D:;5 M&8J=.(WUW8(RI%;$EP^WQR]')]H<#4_Y,.YYB9"7/!Z(DW#?Z>VLFUD^L:0X M!8]9MN^3!?^/W8PJ$/H%;.J'AZ08">S8U2W@2;C@?,%=JDN^7+QUBMK1D/*A MD+2(S\BS7)-0BD3A-6+]<("-,[%1NW7_<&=?'VC2_@/*B-#*_Y"23I/(W:+<4;:F&O5>-V5I=6@T?G1&K`W([/U#$33'3>W9#WXR+ MZ>Y1JFB[H6W8NA+Z4>09H:'8!B]2AZG`#^9?HY%]= M5,WC9K^+\]TO:=6UXL$E?V$[;VX7^GR(T_E9[L>KM(ZSWRG#L9-141080:A$ MKJ5JMF5'IF,'OA,8NF<%2F!M5-L^'Z.^4FEK*HH-I$6FJ89RH)A*:-N\+-&! MK[R-`FC+,(SG',BSS;@2>+;ANH;F^$YH*2[\;Q&CG-"6H\@^=%SP=",R-=?5==>R/=]&/>``8>F.;>AK7)"^5.G/>9K]>E*7#3N1?MHR M/I'R$DL7^U0HR[IB&)&EZ6YDA+X*8U==3HSNV[J[4:%LJI9LJ)N3,J)@;PKO MJD_6(BUR;-]R0]^)?#]T#,7GVJ7:GB('ZQ0:IJ&OUU#O36$GZ!\PD5+D;@VN MXT5#)S5\*K9/]%Y\=T`)9,77?1B,;P>:$VEAJPJ!$BD;?-=D!;Z_>U0/H?I) M.''7_+I:J*@PK:&M1IZG:\`74TB@"@/>*.TW+$5S]./EQ&Z9L%0KC'S-,F33 M\_7(-*Q0;0_24`/?W^"$8UKJUR3]Q7("M..>^'K%5U:&ANB\N:@2>">;?\ZY MK_P5TX..AJ&$`5ADL$%!!`P6O%5T57:U#=.S?GK$\3!6N3=C[V>X=ED.(P0; MH=M^X*J>Y=FR&PK+80)41_*&M&K&T>+7_66U;358BZ:EZ-%*-%^(_JK$JKH: MR+)C>4:D1U8$+C+GKR=;EKO!WU-%UTSEB(%1?S:_U-#T4`]EUPDLB-DB5_$5 MP6K-]F5G`QQ4PS)1EH^3T_L+\T>&]=9L'HJU\Z^PTS.MP'`4PY150%?%CTP[ M:'W*4'7##620'5UWCI6=^\/MMV.#X\L0.?FV#\&F;%M:*&L\A/`T%81SPR<& M=]/6E6/E\/X">\`DA6KILF([MA6YGA68GF+SD-5U?,.1C0UH,.4CEF5Y;Q#> M$QJ`F2J8,05-J4!BAPK._>W:0_RQ%Q%,10]]`(;_D(` MI9FVSM%`-QW9VX@E#<=^11+Z();J:J1Z>+J8"O;?T940&,99ZKJ!%6R:,$5_ M1?'"GDJ/7%,L-;(L/PHLW5==7>&Y#M]5MF"H;BB.<[3LO+^$'B*N=7TST!4[ M\%W/]D,+W%53Z+ZG.YJSX0E\[SQ]A*2U!=&6:\FV:EMRY-G@W/+LOA/A\:`; M&5)54W7Y:(.#_4W6MWNSIJX;IA-%BJL&(;@%BN^(A+BO:XZQD0$\50Q9,U]! MI'L(@/!58*'N*@8@A.EINJY[W.-R`MVV[.\$(/:W88<#B,`$JZ;9MNF$G@*` MH,F6"!$,7!'<\&E53;>UHS5O]^?T(:37-"P/?`7?UE47?K;`%U-;\V8$\D9* M7+.L8V7L_E'N@SQ;S8UP:0'W)D`TJT$H)D%S7K*TSV.-];#F7%<0W%"D`A090L1=9;;`*5=(_Y?&_A2TC$ MKND$ACTW*">">Q5R#W=H@XI)BR:?XX[<%2L3W`?[!@S5#V_I:#+:;TY5>+S. ME%?SUE3L*G8>,K'3D:KK>%F.M&HNLC3!(]-H.Z(X,:6MZ!/E2T3#Z'3%%(N, M\$C_&1U[5L>T?1C/',JZFE=1VX5OQ)H=W">,KZ`*Q+:2KNM]<$X;';A&9R9B M.1,.Z[K@575E4]4P"K%]M&H2/&X1!SML(,57)>N*@_DY#H-SIVECJI3%-\"+ M\7.X#7A0\$/[[:$KW/@I3C4`XO"4(>S7K9_HL%4L_!D8++4?II+W[O)Y$,4@NK';'?%R*@@)1/%`-RD3;/?:C=P`:7!=9D]=8 M$R<*$*C28%O+A+1B/J.Z?/@]+4MV77#]$M5L+8U`T+!$5;I9%!+#XAE2-=PZ MW9'*MA*&#^*G:3GF5UR-!]4!QKM7?C`6I.VM36`HJ6H5/J#2_/5-[>/[?L,M!9<=, MVM*&Z!@U`AH&[38:O.TN4Z##!V$(,-!TO$5__7B.!D^/K!@_L5\,72C/JL0R M;_B%GZ>`'XD&-^S_V;OVW[AQ:_VO#'P+[!:P'9&B1"EH`^A!]OHVFZ2QLXO^ M="%[9%O->.0[FEG;__WE.23UGI?M.$Z[6V"+'4OB.7P!Y0(E2KLNZ$`)#[6OV>&#MDI5"(Y,^ MF+*8%O"I/E?<&`R(K'X!^(1Z..T=M4"C;':7/4"]F3+=B*N$U496,:,KG!GJ MDH]N,<=4S,?SZTBI MR*XWENY%YVR!M=P/VI.E.WB?E%_F>,P-$Q+P!!R$+A$U3UH4)+R=9:2'#Q*- MJ$>Z&9XC4NPOYJ9\7'6?C!+A>TR*,'`]Q@/7-XZ11`B>C(A)O'X>ZGY28C)^ M=*'!:(#"[A>#X;GFPK@NC2L4:1A)+T@#1I@?)JX4)F,._C>(@W./L?52KQ'J MV=3X?@&M1')!7"E]QV$I9]3S4AN.I5XX"&@Q[OK?HYL>59[T*)]H')(D%0X1 M(O98X+-()E)7(@7$5=-G)!G_1YDVC^J/U`G<(`GCP/'\V/-8Z'O:ZQZE@9LZ M=!#1")S@AYDAS[>0HE@$$?^UA?N0R/Y*IY_G$47LM3^%?L)>R4/!HL*`)[?FB'R'@\VNX MZ3`A?3_PI1-[D>\(=7A@:>HK#2%EF;A4#@:-T-!Y$0W/U/7\-R@2/L'"X!KJ M33WR&6ZU^RA)DD0DD$_)'75VXDZ<2JZ4I*F;^(2+(86ITSLL/4[&;Z+GING* M@C`)0LD#0H!_UD]3)U)ZNC&+0AZ)05VDRYG_['K^FJE#]_DLMS-``.;A0QMW M*S$8IA%"F$95E2_W.UI*EOA1&%(W23T(LOF$.&X2\S01E'$ZG+0>(5V+^3@A MGZ;H>_5T,=/XC_MHFP3*ZG`9""$=#\IDU'%3:1NHB# M7T\$@&=?:J]I"6&?7)<-`YR\1LH$S\6BJ+Y:.+5J=7D)2`^J#Y[4&4]@BU_? M%^"K`O!I`V2C]50_:GR0O(E3:1M3LY@V@'+5ZASY)OI<0ZM;3?6VL-W5Z2@` MLGZ%W8&XO%>+%XQ%KRG/E429]0=GYU6Y.)_,2L".MSYVI-!H84Z]F.E>KW&#A:-Y M3EMCI-%U;LME;B/(REBV>LB"<*D7_N-1#Y\3[>DZFZI%.$,4JSI@;LB/@6JY MAB]#5'^<6A#+R$:W-AR<;B2C^:;!1GHI"0TV=QO#<(HP8^^-*P.;8B M#!UFHVE1Z5RB`M%A+^P9&AF,U+D5()PS_,H1DK9BB@$&=C%D"DCS,X3(=?O= MV*ELVO\575IMBR_[71GXR96*/7J'EM[1PP5K@XYAN- MK37(?6L[&=HZX/=JF#00!!H44(<62RUHV]9+K3?V"V0#Z?(HW9G0X-C.:0$> MU0=UNL]Z9.##+DTA"@L3IEB/YO:2J2_?F&=81TQ;^AO=M[,/;R?"U.85L-KK MP384E3`^+V0)B7=(2/`L?66YZFYUSB0HT8"23O/SY0NJ1?DA)][S9$#-<9C& MV39?S7S#R3JY6ZB2BE1YA**V.U*H3_'*$& MJJ=WCY//M+=8`%*]/ENHC_UP1X`72Q?XIK;NCY/ST\D+1NA?["J9ETM#SP$Y M.<.C8+ISH--=\5HLL3HO[P MHUECO8VT-I@=.D0?LGH[$20,;=VN-`G`@)-$4_W4&-VTV\?U8$W';=RA'MGB M!QV`^H1RUU#%C@W*B-XPE6T2UXMJ_UP[Y]I#@#D&#@Z*C[>I^YJEC2[QQQC1 M87[8HZ,EW:#+;ZAE/HU^5_>SJ_S#"M;6QTN=#?6Q2=:+LTI=P/;,=8H=SZ.. M%#X5J1][Q&<)Y\1/J1\+7W2@5.LL+8"0[,27]I+P.97;DI'@L5B&)$X&6<4.F[+)6^I!R`6D,+T^HY?N2)-6/FO1K-AFE$IQ?Y7)F"LI,^ M9'_\!&29Y:J:/7PVA&?;0.;"E'FA1UGJ!'%`?4%]UR95>0DA8QVD9CU[-1TT MFFKUO'V4!@%T4IHZS)6^1Q/'ES(E$$1/8\=UUO21_]0^,J7J;Z.&BN^LM)PG M^8=\J9-AWI=5U2V0_)3!R>JL3++J^I-Q[<8/7]2V?S+_J/UR\ZNH<9%,HM"GU`F%#:XS$9`ASIO'3`K!2VGTG?MORRY)$D8]QJ1(U!0A)$A< M)[+FUB=LD!%\Q'TG\+]G!YIS11Z7BP42XD&Z8F'8(??)G7(IDW$B@S`,J<-% M0`,"V2B^B&,G50>!0?:)8_YIJ;Y)F*[AFLO*0C(:AZX7,.>;9Y*\',56;+FGVQWV.H[0KSJKY$S?/=2G*YTO MN<7Q7+NO(7``W"AU`0Q>31==YDX!E7@+M?F9&^XA,,8>=VJNS*-M(AT3:&X] MU'.20S7589/5L9H6<#5>+:I5*Z*[6,U,'*7-#&.NF%_42K6TEU5'GB^GG9JM MTUS=]9LHF[@W5*VX;BNH1IK\/!36_*GSI5:-,%+\0&;&S2C%8"L^D^0+B)EU M>1J1QK%AGX[JS21IIAKXK93E@P^U1PXKW4:'[G"26:+6ML_D M/)\!1:>)SH$?K-TER+LVS?]/+4E=M`)GVQ70:.<D%?[6>WJ&GLS6#5%LHM0I:OOVN2$[_5B3G1JGJJ6Q M!8EQO#6#Z;]!'.5PI^@P0-ZH91=ILCU]#X0U*F&B$^?H[Z_$=?BJSSTGA\&@[5:8.9- M!M4>ZD*AC7S[Q7D.$".05F%G-(9`^PSARR9%9["1&U[U-GH*[*'#`T9[RU/J MM0*JL(J.\JYL[0_:U8BP+>:[EDH=M@G8-JTF!9X_IFBD=3:3M?HZFZLF`JT5 M7JG>!`EVY:?;_8;4O5$E:H"G138_A7O7>S77WI?97.HLJCTIGL(T\07E:9JR ME,8B"2)'W019'">$>QY?=Q-L9-\H2U_LZEK.RKO_SJ=7YG)\FB^7FG,U75,8 M<[K^!L\=*H@7D)01*7G@4I<+EP=)$J5.POF@%-&E'N_)OD6@S`5*,\2&DH@\%4\X93 M;9L\`_%K;$GP[QF`23R5QJNE19G$HL2G%=0^!YJE2W@44^DZ4KH1)\I:"5-: M[S.'IP-*%TM"]!AMG[&?MC@IN9]2D42>)Y.0>D[J>K%OX7OC(!YH93$Z7X56 M+SCZ-*&J-T(1Q0'Q/,(\-PA,N3#G;$CY]DKZ:8N+E<6A(Y+$DZ'OA31T'4?$ M-JS!_'0`2_A\I7JG"&G[_U!BFOM8H-")G777RR/4*HF)ZFX0>>COD;# MR=NDD2-3>:$N/"#K[;4&@+I> MH+L.2-"/'P^:]@IFR`:Z=NQX2]@^G4PUBI2E_OYILLB*RMP+X<>;[+ZX6=U, M#38S3LMN.MOT03K%N40C6W MH=P$%Y9&$].?S^\!&FRRS.Y!BY;S^EK-.OQX.QS1:A>^B*L1IC3BUB&2FI9Q MN7FBM*6]7"V@$Q[OJ'D]:Z(&3T,-MMFFNB[F$"II,?9C1U8/+"Z<U&\FA#%9+G)=M3(V1&THN`5,$FOQ\[K'PQ$S;--?_#V@^.T7B?[O.YQHBX^/E.&S2227NC<=S MSU.RRWQU]PM3\$YX?A0$K@P-GY031V1`@01DGIUC\HMH]1HZ2&(_&9$G2,R=B!!7IC(.JESXO*Q9#-U M5R0A9:/"=D5YE+B;)D%`PM1E*0VHDS+BAT'D&Q,2"^"F&!77)R0,QOMVD[CO M865$MCQ*UN6V0ZM'-OH&*$^CB*6)&R>I=&+7:6=10-P`F"[5OR//D41-&INV%SO)"%4# M.D7:BG]SG;YW%VY+`0^)YS&7)C*.E*WWU,20EM,RB9*ALPS(+KYO#]Y%=2[* MJ;VB?KF%L'2UMUN*!42$:0H1`9:Z@D=!2,`M1=06Y_O>MV?"L$=V.)M_8[\4 M"-ITW:3NNXGIO#_BP[O$AT\AS:E7DM?D*XSV;US"C?;G`QF=QH"XI#&A-PR% M>C8Z_7(`V5`'^A?UVH?R&)L\?8:UP@UD$E@Q*[2X;X::YKJY3`IO2LW.;,MIN]U+9"D!Y:MPI MV]H!+]@-"#@KOFJ_7C;'B#A49QIB#[CR&5PYDYVDI]/RKCQ2AX7;=B]A@)CN;EK?+;EJH#?T;OY).)3!I M/(.227W)GK42).O<`\P]RB[5P*J6_T-H&;ZSY^<$0&3F>=LD*EM76SIE8QKK MY2GK]:F7R=)AZ9KHL\%!;W);!V8^X"?0'[->:^5WM@#=M+$Q>::J M0>VE'9-(US"/U*OW9P+.`JAQ/DCSRWP!OC1+`UW5B_-SS4 MGSJ?!PF@ZL<35.CC"ONO10FG=\?1Z0;:;=J26Q/XX-#0:TQ1`5-ZW#.-=CZ8 M;47M(/G&G*U^(FL[Z\HP8_4&J55YC]FRZ\<&Y`%4&/-?2OA9WHR-<3LK;6;% M.1S:<845X&I%3I06YD9993/C1L^:D9F6&R;4#9"N[#R+8%XC"!_`@:F/0.,; MGFX^WH8A:"M[W!<67?-&8I-(#=MD;N@7&]Z+X8;9I-5U-S2,8V`3P$ZT87=# M`$J]N_6WK:?NF[6FHWG*GA4YC;WF;FZ!$*[=?QYR&/7T(YP#=71:I MJ[<.=[!YJC?J*%3760V1D0*`--7D!Z0J@->Z,,P^6!`%#U=V7D%FL@&+:F/T M-H:\VL&2OTIT$D2!>-AI&V7*@$HXA.ILDE\0&AZU?]NSFM'%-=1"3'0&R&3\ M)9QG#36+,JNM^)OJPB_'I\>Z8`$>/)&?3_O[\YI;1.N@?-,TAX)-E52S\M82 M"'5"?ACGP.=Q6C8?L7G>IIY#HR:TRF#.D4MI3:,;ZC!0+7`YS"W&6W.K^URO MO69;^/D`.^'/ZX[@1ILVNNPZJ1`N3;^%:"U3;<34V3H[GQ75]42'SXJR%9/' M`[PV7\U?[<*ID*,(0DB=@I2FEJ@7+S;6:MD>35Q#_Y,I8[5XF&AC1.NPES8R MJD5K5PQ[H8UK63M3SGNK?-%D\-=P>NJVT5=9@C>\ M'ETOW;'FR^O*6$\\@UJRPGT#8/LXEKHNJ4^:#S"[RC_>S96)N2YN M3^8MM^\V;SEM)Q%[A'!.">7$28%F("32Y1YSA"MCIU-).\>"ZX-WSG%`&S6V M"=,5_12(.&^*I2P7=?%I%3^830OSD;.]G/V4^$Q&'@_#;39.)AB22REAFLW_F`*LR'611C[;.4^I&010Q"67-H9.Z3)=T1XY/4N8? MO#M2I_@CE^CVUS74B)*6ZAA>/_()#S%2_;;>Z]_0C+A2A#RD#N-^XGNQ%_#4 M$DZ1,$X/WOV#:C'6-K).#A!U1RD@RA?PD-,XX:X?4L$*)*`!3%&4@42$1$:&(\<_)I2X=528<6B>.$?_Z#8,7V[:T[`^B?I=7?Q.E-6^_WO^ ML+WAU%=KDSE8M;6QFMC//7R3W^M"CA7'Z]7-Z^??/F M[N[N^/Y\,3LN%U=OU.)RW\"?W\"#!^;YI9K'?SU0.N!9XP`_;C^OS@3F*74V M41K^UXX@1/J=67:>SW8$+OK?V?FL*Y%J.U,WIX/)FQU$VH[X-!1IVSM/%(ES M5P8)EVJ0E3F)(NJ[S!1K"$I]9TRD;>\\420)$?0H24/!6!@Z//G_ZJYPMVT0 M"+^*%:U3(R6+`8/MJ9T$!GY/FO8`76I-D[9F&`030J,"U-9F\;K0D.,12C&8J<'E!P(&41`AM'D('EGL8JI56 M02W%:":R%"^S]YRE&,U$EA3''!6H@%'`:XR,R\=\\XJ')X$8S50M16N_!;04 MH1G-DC>AO-O#XONV[:Y7@P6[Z?81<^I^L3.1U*UORI.;[>NW3!`'(')-;2FK M!:P.&@4N*F**5[D:R%A*!-YC5=4Y175!!:FP MG]#!E0L,KW$R5N>7,6G8+2$CFF&LILR)2XQ5?'X9DYR_)7"<0<8D#V`)',DL M,HY?5RR!XPPR)KE-2^#(9IAS4GSZ)7`LSR]CDA>UA(PS^#E)R\5W:A^3'/39 M9#SQB=_2QYBMHE,]6+ZZ]GCXU^W-W3^_@8>[G]>K]F[[_=OJRR5?VYJGCZK> MW)H\AH=:'^X')4 M^D/$+H(,/];MCZX/Z?4ALNQK7Q_-I=8\9)RX![78PKX^/NMZ.#S:(NT;A]Y+ M5/2QP?Z2#>+82)WY(ABJ^V@K9=EX'>H/F/[U!Z$_7>V>H)@$;<)T/@^T8FU2 MX@>4C@Y8\^0TH[$/9%.[:"I<4DQ/-/:ZIBQA0&79ZYV6FXH0VVFYR2D9.HV# M\V*7(91.[IDM5[A_M3.:_?79O,/'_U!+`P04````"``@@`9!O%HY`L``00E#@``!#D!``#M7=MRXSB2?=^(^0>OYUEE7B12[*C:"9==[E5$3=MA MNWOFC0&""8LS%.D%*5_FZQ>@Y+(L2Q0H(D&QVB]5EH1+XN0!D$`F@,]_>YJE M1P_`BR3/OAS;GZSC(\AH'B?9W9?CWV\&IS=GD\GQW_[G+__U^;\'@W]^O?Y^ M=)[3^0RR\NB,`RDA/GI,RNG1/R"Z2%*1K1@,9&KQY[\C4L#14Y'\4M`IS,CW MG)*RJF=:EO>_G)P\/CY^>HIX^BGG=R>.9;DG/W)M32$_#5Z2#>17`]L9N/:G MIR(^/A*MR0J%\IT@"$ZJ7W\D+9)-"46Q]LD___[]IFKB M(,F*DF04C@4&1T>?>9["-;`C^?_OUY,W!=QQ\AP1_HGFLQ/Y^\DII?D\*P6& M5WF:T`0*4;<4X9)E!--IV+,^U9)/_NCU3^7P/7XZ+9':?BO:>:!'H M'$J2I/O)M9870[Q6N)G`[Y9$Z9[BOS>Y)P.4Y^SXLF_:9100B"JU.T/F=[T<[(?5*2]*;,Z;\5 MY-F47*\0ZEJLR:57I"O"_R#I'"Y9"PGK"]$KL#*]MF?2(%`^FR6E[%/%:1:? MY=5`*^P>M:E#(3>JB`V4K%P(JL#J.EX60Q9`;*60DRQL31EOY)4&F\W M4Q`CFY*\JH68$%AT8X'<%,J$DE2+]!M+1&K*32G^K51_R]=5!; MF(D&3(D@;C');J8"PFF>QF*)]>W_YDGYK*5)NXLWT-, MQ89L4VPWC=+2K_:IPT!S]:G-N*:0E(.JCW/@R0,IA=HODDR,LPE))UE1\FI# M166T4RL`6U!U"Z11.=AB*]LA38K1(/1R0TV8/-^$Q5,^3S*6\UFU5_;RFXK0 M#8II+_2BF]R2)R5`-Z36*H(Z(;=GTBJ0,M6VYFDOSI6<8/),\.%2C&3\*A<, M%@,:KT:ZKY`!2Y3&G$;E&!);K@UX$LTEN1MHOW79AIKW&Y178@S*XX0NOSH3 MZ32W4ZD20PU6[B][E-:^"=?PD*W@*??ZEU4W:7B=8<998KY6\OYA^$)[+(258" MAZ)MA7%0# M3R6(Y5&,4-%&[!'K,][`36K35UV]XPVO'C7/&5[]"MXOO,I15;K=7852!2YT M3;U)*!7CJDO5Z6.B1F1,FWEA--;;S)ORH^*J6E%QFM,WD^ZRLBH$B)$BJ@)V MYL7@CI#[$S$3VR>0EL7+-W)NM@>6O0PF^NORZ_"[F*.E]26:+^"HF+9QQSTE M$:1?CH40H6K6$"`>CH)X/'!&X]'`ML$:1-0:#?QH[-C4\BF%X&VC4QE$E?,7 ML$VT6JV!HBUT[-DCTJ8M*]0YY?0HYP*K+\?V\=$C)'?3LOIS40+A]!VCWL9Z M+5.<%//98A-LD)0P>\G/>#[#5%:N$RC1%),*/YMSOK)96*_W9>(0?,OW1\3Z M"=3?3$/;-;T_-"847NV?;%@,UZA]6Y:0.6X\BJGS$RA_+Z7E:#@9Z?IY=B<% M/8=(>@^6-M5W(`5<1FER5R&H,BHT*4<"'#LC,M3/&:>/G,$&SP21EJOBXHH\ M2T-Q-V,V9PB%_,.`.=7XZVFEAMM':FA#R1`'^)RD8@E=.;6JH?!V2K(51Y<2 M+Q0+D2CX]IB`?JX,>\H5/.1,\.?;[#[-GP&N(97KOT9FZ)+/UL M&?61+1B`F2#)>?*0Q&+QKS[3;,DA.@&+1Q$,]1/"ZR,A],%D;`G3:(38DB-D M!*)A%%/]QJC?1QKH@\D8#=Y&`IP#2S*(EP$!5RG)5EKS6YY1-:;L5:@8,X=L M.!XAF*_&5S:MMD*,0FADVGDK_2(491]R-2M(H@','WD_P7JH%:'083N,0H@IUC?/W3?FK2!9$) M(KSW1XD5?3J/JP@47NFB7$2M2K/]-I<-DG&L>2I$N7N),*HAC9X*0LNS/0O& M".LIX[:/?B]@9QAWP]!&;`LM*V)CFR$PQXP/J0OE[N37'JB:X(H,,F2*QJ2%.32[33]V`]C1378X)E6%*5*=:BYMY5%">W.\RA^LS MAN`YD26Z5%_=C'C$T(.6"6YBGE,YG\VK+6BX):5)GV.S. M'#+/H2/P03]'S*RO-7,$!3%#OL<702L#?\-!:QE&_!N4E^R6/-4[()N4%()# M8T9]A.`W,XMMS0S"A\\$G?Z>9#FO[+B=JZ?UI"&S1KXUCGH;W7(`UJP&3(T, M.M6Q@;JQI$H0,N+'T9BUVH_#;(%"5,9JNI"-";@6ALO,C,6]CUK6A[F6@!BQ MJTDQK;8]BZGLQP\DK0+[RS/"^;/HJM7RH,Z\5LD?PLCUQ]1'&.Y,DF$O3:X; MV$AXF8S?NP8*0G(QL(L96CV*;U,V,;7[@4T(0FBPF8E0'S,TPV2"$)/L00B7 M\V9?4IW_WR<.F0V>:UL(RC:S[M&G M;"W@F%#Y%<_O@9?/TF]>718D9JE[&9M1W\?KLH5LZ()E`<+RU^0@W\H6U(Q/ MITSXE8O%^3Y6#&&-2G2E6.[(N;D7@5DL5UT2CB9S&YD7%, M[-X>_M.IF/7PD_WP,:'9K_,DC:L-WBR>S.YY_K"X!'%7]Z_-%\(P9:4H$&/:BF<4!(CET@F:$ M&(D0%[XG#_+"AMG]O`1^D[/RD7#8R8\=64.(*2,6QAK2S+("DR;ZL3.S#?D: M=ADOS.U=+-F6)61Q$(_!15AMF`EB1&2'1LP,.VS/X9X#31;7U<)]"N7BFL?3 MF70W_:?Z?BMP:I[<5E6$X,2V._)P[9I!'Y(],/?QZ/7W(F!N`V]\8 M$PU;)+J`65'ZYY.UVZ:PKZ"JN1@>]R(LA23N2]8:>T3!ZV M72-EJNK0@2#V+-<;>!X#R3%[$)%`/AWHVN[8BJD=N-WXWE4&S)JQ1B5[:(V8 MQ8+%MG:?8F,/DQ[OSJ2A:,",=X]R:2B>P^+_B6@``S$JQQONZ]_H]E/(+\=W MCXP\7-\`AMW4"_IAZ<`$_WXE22;1N\SD;:N7[(UAJ&+;JQ400A6J.D1@H/O! M0#PE&`O>>[UD^&Q*^%WMF+U)AM;")C>;T?I#EWK@NL).\7S+VM-.[F)G[:!I?.@J M[,;4?!\-U\C2?)\]A!%Q28!QH:3W,7B M?]!-._;=\.R*@[!:XIG>[FO]_)XU5L-JHTC5BPF9%=FN&[?:0FSD5I`G@-6(L-C@%5_]X);*!1QU43?H=8=> M3(.A189MPFZZ/!:$QYW\\%5AZ`0B2ZJG76MZ\&NBT!H1PH:QT]=(I@/3\_OC MB?L#_98N71S@Z@?(1N+%.HU6.6S\S01,[8SE^/,JP%"\4)=A"(>M`*1PFBY> M03ILP/L5^-&I+_HP%6@T]J%3CVO?\-<9#-"IA[%OP!OQ=>_VNGVH!,_KVZF3 MJ6_@HS@]._6K]$T#B'Z^3CT+?=,#EH-KBQ+,G(OHG1+ZX]_9`JVT[(J=)X>; M%Q(R:SP*@A'"`7PS]U*A.R.,8&K(JT`!XN)"8+AACTGQXI`&I81L:$66$R-$ MW)IQ=&&I_+V#`1%2(]0BSTM?_RD5HG+8BUG*A0@4R-`3C>_=X6G3S,*$M,/9 M\"+)2$9;SH8;"I%@#\>QT]N+^+J>#?5@:GHVO(;[94>Y9#?3G)8)HBT*N_JH\HUW-F6)60CC\5C&^'QF&[G-=U\ MT0A@5Q1I_L!Y@U(J'`)PU9[C/:2[/0Z`2/HP-3V/38IB+N]DNV0K[UDJSF$; M\X;,C<$'#X%'9FZ<[6#^T@6DR77;1-XY",G5IP5_7F)W3WE2B&YZ/N?R/>`*!85'M0W4'HK1R/6'I'=WW9JF MW::KN0].-2;FZ&TM_ST3J*;)?R!^#5@_%PUZ$.U]`,T]8/_*I-:9;T4("U4>-M%9\6$6A7\B2A(+I"_-E^^.Q34VAY MMFL)Z/IJF6GCR_J339WC_''2VRA;\+7ZZC0\IP>ZZM#4[])3 MV`?5_*EL5#P[35E_3KPXMZIWIC44BM.!888$;)?NA?>-/8BG[CIT*[RYQ*T^ MZO8U7<@LPCSJM#H*\&&":W(R[JL7/`,:1[6O[92!.:(OE4DV%V/1\CB8Z%M? M@0G3=.6*FV]/)2="'TE&^/-$`%DTGGD0:PVM<4"'L37N*_GVIJ7$XQ*8^^&U,(`#$8!Q?"(F*'.P>A\W5C7@K4)#E5/GB]Z8`UW5E*%0/T( M'-+;`WRM=;-^25']ANT%M=[ZV;7#'S?2KOWV")G9-2O*2U9)>)K%-\`?$B'Q39YN>BIS=Z80/$H# M-T`X]6J(![K&?JT8&1D%H#)D?X5,&#JIO"\WGB594I2\VJU?WD-6-RXH%1`R MW_>C>(@06FV((;HM033[:KJ$#TE7=>QP<[-.`8>2"[99"UE"#&X=,CZ:U@Z#- M[;\+5)9B+AW7._?.W^40`ZGEB358?[VQ6C>^=>!CUO_2TIG?K"#1LZ*112S2 M6[;H\]&A(]>A<]Z2)&DW==]*#J%5G=.J M%GD[F9ANR^=))F;81;=Y^0VIZI59'+\&7`6N5(2JK2L9&E,9LM4"Z"H7)!%= MD5=]=#D[=5JWM-FJ<4\::[B8*\DCAO9%A%Y"EU_)3:=ZP;"7@^M1A9MEK%T2 MJA41,H=ZEDU;N1M,H;#<_FO<])5\HKVQ[=A!;]TK.(I]MS36"Z&9/91UF5]L MJ,9\6\9/(H1R%7@;47Y38H1>`0!-2A"%
78Q>.'!T4W;=CB[?HH M+:)0E[37\)"G#TEVMT#G@E#Y8@C6=5);:EM\.KWC4#4<=^&Z188?MR]_S3G/ M'\7OR`OH+7*@:OL/PA-9_@^/2K7G9+0R7%`WU[D;T\\G\J>(%"`^_#]02P,$ M%`````@`((`&02J'OXB;-0``5G<"`!@`'`!G/_[A(J^SH>Y7_6HVNLYOT4S%*Z_GO7-?U[:\G)]^^??OE^T4Y^:4H MKTX0`/ADV6MEB^9_QXMFQ\VC8XB.,?SE>S7^=GC> MF)X\?+ELVO1],?0W/&\+I90G\V^73:O\K89A4'CR][]].INC<9Q/JSJ=CK(/ M`:ZCH]_*8I)]S2Z/FG__^'KZ8H"K,KV_2,M?1L7-2?/]B:JJK*[^,YN,?5&> MI9/LU0.;U6D^J0))#66_7I?9Y<3 M`.1)'^2?WMRF>=EHU:>BJG:@?>U`NQ-NTMN\3B=G=3'Z1WLJU_3JEZ0O:?EG M.IEEGR]WH'#](#T07$S'V;3*QN%#54SR<6-$=#IIWH6SZRS(LPW!K0>)07"` M+&C<=5;GHW32"_5OCC@0*V=U^+MY9:K/ER:MKOVD^-99!FL'B\'`=3J]RJK3 MZ=EU@/"ZF(S#Y.;^9Y;7][VPM'GX&$P6-[?AUT.;_"X[#?/U3=8+B'P1YGG[/M@!V=:?="?K2 MO/#%-'#_.6A6^:4(`@L*5LXU3V?3[#*OJZ"6=9E?S!I,MJ![Y[$CL?=[5G\) MNAM"N]'C(Q/:]C')>N/LY6B[L_`UNRLF=R%>#E'T.*]].@K1 M:.+LBR^-6F!G5G9/.;N[/R9EGDC MZ--IG95953\8R_:DM^K_)IEI.5I0^OCQ.;'+Q$0^K4_&^I^-Q=IG.)G5'\E:.,Q"QQ4V:3W>G]<4PO9(Z M'_GX)KNYR,JN=+XU1I]$7H>QRM'L(CM>0M*1U#4CO4EP4))\FC?3ZZ?0YK%E M0U//>;2''\^^UUEP9L?0J>YO@558')[#0XSDNZ)NE%-OGX(="1;-$[ MD=(CA2GW$%D(#.$:2F^A80H!ZAQ]R?:D2>`6Y0+TP?AN$J3CV23[?+F:A_E\ MO(;[UF,D`@NN#-.>4VJP)$I*N,``6`TV8?"D>JH<'17E."L_?H"+7H^OQE:6 M_+(L;@:491$'J#!_KW\=38H0^'W\$.*D[.EA<(K#F^0F<]\V\OUPQ@)LP0X)3'AS$)*H(40+$#S`;=(ZK7&H+Y6 MMP%4HHB#WUSI]J8_OZ MT6#:L](;V\94=99L:]W9&<#_*^H37VU>L/5NM2:^MKR>\!=\K-&1U9T2[%CX MPY%6GG@HA-($+SAD#.E8FO%6*!+7[^D-I!AJ\*4L1EDVKGR`J*'U\V5X$F;T M^OX9`VLTHE7_Q$N"M9$4,!A>!&\9\4N^C>:VDW*@]Z@<0^`50T_^(P#7K'SX M/+5Y=5M41E&J/?U$:+I3&1\AH/E&3C-X2DIN,_0J38)K^QQ2B)I]H98IEHQ(T-U992 M*P45"%+@]=[S')MY:9_O:#E6P@EQQ"L!4,!&(2D=$`M,M`0HDB>P-N\QB(Q7 MYC^&0>Y@\R";V=7W+5(AVPR3A#F2>:8,9!I0B1'V5"V@XP[PP\Z&]*X@130H M8S@?F\F?/V@5YFX]5H*#$T:I1H)R#8(-,#;,PX]XA'@1'&[*9!BQ;ZU;_0#Z M_XIV<,F5=ZI?>TJV//G)YCHMK[)U<]_;'1*JE).,*,@]E\8K#1Q;B,-* MLL1PLGH!:JA0:>/Z_(UQT9N+01X?/O,?/G^;9F5UG=\VV)Y._RSJ?'IU7LZJ M>EW`TVFU!GIMM@UY=F9Q502S]1@)IA@!0!01 MT#L=7F4&8&`-:X(1U3!6#O/-R&5@815Q,!L@9ME9?U:$(=L.$28X[[F#F!DO ML57,"<@"$LH&Z`E`\I!"D`'EW$&3.L"W?M;>62=6>G?;#Y)892243"#FB=*8 MAEG)!L9M.)+L*UA/DJOLB5- M+^A9HPN;NB9-<<<1J;D6&#!B@K$E@0D"'*9"87\8WGU<1Z1GT&)X^FWVN48J MB"QW0;6I>[QNG!A'J?2"4\"5H](8R0#F(9+"3'*#U9[*&PM"-]8N7C1,H-4& M<\>4]%M-FB]R& M:L+:?@D`C$%O!40-U!+C8#X".#[8)LFH)(?DN^\JWU5JT@,P,7)I/Y"Y,0_[ M9ON$4$V$),(ZQ)QFUBMJEWPY+P[/*>]97L5P*/T\6G`P/O.I##R[$+H@`U6T(*Q= M@KU'9Z%_<`9SM;<\H>6=N-K<(J&M]=J&.!9:9`Q^V/"@'9*(;ES`<%BN-K!6 M`Q=B<`RX<"$V(Q8ON-$@FC^UK:O=6@CK7>WMN#]\5_LLA.!IF1=M7>SG[1/O M0[COD">>.:B`LL$K78#A/8TUQ^[B6K>6YRJUV`&0&//J@KP_IM5M-LHO\VR\ MT:%:V2VXVK`?;N,'>=\G?"(9Y$ MS:QLCKUJ+=@?VB>"0HT]I]`0104@2JGEU$>-BK6NMJ5\NPKE3=GN!D64>#BM MKM5TW/S3A/!WZ62>"JA-6I;W^?1J'KZMBXC;]$^XPRR8*L*-Y%(HA1!:FC]` M:+=5,8-MWNI)!8:`)LI;/QH5LT#IUVR4!:J#]_I[5C]J\KJ7?TVWA$#"B22` M:RT]591QXY886M&M;C+8#JV^;$!_B$19N3R]"X05Y7V@>X"0:1-\_,=N5\FZ`GUF":9-76$2;2G0SSX.% M4WV+XL>34[9')(8<]2R?-/>45('CTYO;LKA[.$AZSO0:`:_MEQCCO?(,"H"4 M-YQXR9[Q:;I51`:+H@:6?)]0Q5`)/RL#]K,R"_3Z_'OS::,ZK.R3<*^@IU9A MKIK(T5,IQ-(R$M`M+3I8/#6P*O0%4Q0U:&#/YEO9FL42LSHKSXK+^EM:9ANU M84/7!"H!O!>$8R*!`Q)(O>26,-@MR!XL&!M:*?I%*TXN;KX"^%.6+G:D;K00 MJ[HDG'DA&/%$4AQ<*(;"Q+@T@!IT*YD.%L0-K`L]H;3_N*!S/)!P&&PAL4'G MH26,&H#Q4[H)4MA)'P8+`@?6AUZQBI22G=W,)LTR)9O=EMDH?[@>([N=9/7# M_0#JIBCK_)_SYROY6Y^^[>4G$A#>)4JLD-I:)A#%XBEM(JWL=E#;8!'GP)JV M)U3W:JG6IX_7=4NX,M(U;Y[V5@ICG,%++@$1W>I$XIWJ3H](14X[_UY,1]MD MGI_:)UYI*RR@W(?0S0I(D5P&;@SA;OFJP32@_^1S9RCBY9\W)IX3RIP.2JF` M)\I*YAD&2QPL>V M0R18,FX,$&&6LEH#JK1>M40:;.+>KZ*Z2F%\OEBDE_-XY46M>BM MQDF8UL1+XZ5N#J.4G%A(GMX&[`YK[AC>;@P(7LRE9%_2^V;Y4_M%9"\[),1H M2K!P4%/!O"5T6@Y2,*\5LP!$B)HS+"U%EF]0$`+UNWRF<'2X#$,R3#(Q=`= MF]_EXVPZ;C^[K.B1<`.\UX)SCQFAF"'LP9(WSKL5RP9+60^N%?W`%"U4V6I6 M6=$C@1H*3`773DL..2,"X:5I#.;RL/*.<0*5G6':3^9BJXQ%LPY?>J^B=Z43)YQTKX>T6G01-C@ M3$F"%!:66F")ATO#Z"CNYHA"\&Z5*!J44=R,EY0_;`/NHF#;#90X8L.L2@2C MADI$G?-Z438TGG=,G<'WFT,=%+[#R:CMG$I+FA*%#R!#9!W!4DK/EZ^0@;;C MP2GO-^DZ"&S[\&[;3V-OOQ)>4.X$1$HCB`63TB"VX)`QT7&C_?O-KO8&560_ MMYV#V\`2F*?6^N:H"**!PDN%IMAT%/?[S9IVQR9*JK1M'?X'-!2VU%O@''"< M>*&$9$OO'.NN)]*^XRSH+O!$6>7]=$S>PQG/L[JJTVFSEV6-U-?T2KP!2FCK M@H?,H.76*627,Y?@![8CK*N`5I\VN",@D84^/PBQ.IM=5*,RO]WD\ZWOF$A/ MG.22&LZA918CIM$R)8=QMWSV8*Y>_Z+?'9,8TO_:G-\>8A>7EM/YEK7GJX(O M\U&^SMYO[IQXAP'%E`,F,8+-G*:6'!LE#FS%54]:T#LND1?RS[W/9FM2F5TW MP>Q=]E!U:6Y`_CVK/U^>I]_7%[VV&2F!'A+N-'&P.8@P0`'DTJ,-\'>+"@=S M!GO2D6%!BJ$PKSVD-3KQNG%"B7'`T!#0AG"6,D0^X?Y+VB0ZK[,Z'Z63ET2]D^/NL;=.AT MW'U\!=A'K/?(N9FD5?5X4V=;>_]CG\0SZXF#S@/A*38*!)06_!$<;,\(W'C:_ZZ<>(0])H;QF!06RVDU<@N.++"FG=@Z;M+Z<E+687]>5L\OH<]Q9[DK89)T&$.R*48"%V,L3* M8#F;^=)8"K6G/-JTW_G(A*YAX)`P1:[K#W2=)..&`*>-]`Q`CZDW0@:>+56V M.:+NP';0]Z@:_8.SEX4>:E9?%V7^SVS=PB5:>>`8Y@AJ+K`+-G+N5EG- M.8>@X][GF,>I]*``.X*R7O"/R=-&H@@P#.;R?'R8G%;5+!N?%W\6=3Z].B]G M59V]N0)S?8=@NJAE"B(*,4-".2>%"`2[A@&L^8'M8.]!BKWBT8,`YRKTF*IO M(;[GS1.%O"%$(=[LGZ:2("MY0RS''B+\M%'G,(KH`PAO!S1B&-WS,DNK67G_ MS%:L,;9OM$YLP$$8(PB&'%CA!=.@X;4[*E'+ETL(0A#97*KF M0^CP/B_JQLP*9K1"R@@HJ?/.2]M^42-*>8&<.#+T"D1$@JM0!#=3U((V[E MLK4\VU4NMP+D_=6KE$8`:ZRMQC?03Z[F[Q:%ZZZ(?3S:<+A M)KCWK`#Q!=_<0AK\IR]ET9SS,];W?X1YZ'3Z.1C-M`G2U:C.[QZ.``FS43Z= MA6>/7P9WK,46Q7Y^(*&>>LXX<`X*[2#RCK,%\$OAN8% MCB[S^M/&FTP>&R6.$]NL\_626LD4T!SZ)8`,Q5H)U5(#8HOM]7T!W7"+4E<; M__>LJN?1VWGQ-0MN[BB?WX?\M`OGO&B)7IN;Z`?XN41R!($.L;8C1D')'.,+ M5+V$'7.X@Y5B]JR-!R"!&'K=YE:7-7K:IGM"B1=:0<.XL=0R%IR3A0@\]QVW M=PYF!?'!O6.;PRM"E`U>=G,9@__G@;B+[.R;&!:GLRY1JU:]4\@DB8X MIXP[A>G_LG=MRVWD2/:/-G"_/.+:Z]@=R^'VQ,0^57#$DLQ8F720E-J>KU^` M9%$WLE@$"ZBB9KL?+,L$")P\`#(3B4PE#!?R&52D1U9/=%2\R@%P"6+]$9". M2-W,_YP\U#=WKVH,=2D3UJV#2F`+.)/$$@?CK;S@]GE)H43G>K9+ZU%1*PO" M152\6/SFTX^?D]ER$S?V?;*\;]VE#C>H%`4,ZK`);_^%[/W=U=?;N^N3O\[O+3ROV*KS4/QM$4_?Y*&&&M MP"J6F.90,VSESJRWTEF01M!LX0"C(.B8!32,0K>?XRX?80>CMGLG%8QB0$Q; M9(T+-K_!@C8((.?2'"?9SM^!3=5LN`[#K/?QLV=QZGWSRG'K@4<>.(RA9?NG1862T@ M'.^F4DQX;PS&`0/"%&(8H&>=3J=%N62+$Q^$ M/;VA-]#!M#E(8UVT=`(=Z:-"5#&E(/FSB M&#!`.GKQ5F>'(I[?6:5C9E*#M2,:@=\,*X,]QIJB37:;\1!1Q_7ME.2 M1KDP'-=AULLA5CFFD118`^0X=4A*U.S]$>3$R^+2H0^\"?:/XZ9!Q#.?]K*X:!:D?E6B_K`JK1)]K7_NMM.; MNS^_+Y;KIC9K1V7H:/L*<>HU$ASQ^'R;0\BH;N;M#$B[VBFM!O4BV!8UJ"_X M2M#FY5A?5O%M84F!SEZ0FPH/IQ? M1ON,7BHNF0XP$@EC)4D'#0%\AX&UA(VLLM[`K.D'Q-+G4+9>#\X_+V>V1W M5ZZ<;%QA82C6G"-!"`!8";GW?EIG<%KFN=+.Z"QDZ1N[LBZ;IEK=B;R3W1J& MF;*@EQGBI&?&6,GBUKF;*=4H+7UXMKB3`5C2"VXE&7)S9V<1G?ET==Y>J>?)@]Q$7RIE[/%]&T$30N/ MSNFF4L3;@*^#1#/I$(&<-YY1*Y5."U4JFN0ZT4F7$:7AN*("^Y?+WX'HFZ3[ M9Y/D3?N*2"`QQ80(38Q5F@)']MH:!VEF4=$LVKVRXS)X2M$B)MF-@1OAQ^>+ MBOGTP!YH9ZN8T?1Q67>X`;BTZ\HJAJ!`##(G!/80!#VO02LLKBO(WGP!F0HB M5X9G!_U&8>.,=5]:ZV:TMZR8I4I`B('35@%`D8>[8]ES:!/==]EN!,J)]AVG M^H3Q!64*)P7_/IG?UV'8+TW`UR6PKRI->`R))M)ZBJ"W`G-,X:Y&-656^9.N MH$6"\U(S*"!DE88U(W\](:P"M(&WZ9O!;Y4/HX+"@O_:XI MPT<@_`'4]&>O:=`,MZ'^:CK="&#R\&4RF\9L3AM-\F^O--WVRCS=^JJ"3DN\ M`AQK9[AE5&J+&SR,3O129E/E+Y3I\8H]6="ZX*70RV)"C_]./ MQ\U3_\W;[0A`,+[CB?I4;Y^!G91_YSZJ,%N%-,24&^VH(Q"JO9K-V=C*:/9+ MB5PH%;G3//CV[R0QVII5CH@P22.!E#!N>@YBU3ZFO*`4\)6FP4FU=^VKUZ^R7FYP^"Z/""N-7MU,<75(I9KIF@C@(-*(<6 ML?TJ=6%]C8M8/;/AG<-J`$@+Q02?5YM(*&@\8VFMG/BR* M<9DU>8E3#,9BQ]FV9+I]7,8-<3/R37C'Y_JOS;^T7Y)T:%\!1XP%!@-*N824 M`@G8LW*?^-@_FPE4X##J&;$23'E5=7TSVMW#\JE91#5^_7W1I@YW:5Y)+#S" M6"@E+#58<"GL?B-&,.U\RF8>Y>5)!L!Z\IG&2(6=:^]GQ%H_KAO_WK&HNY1N M*L2$T>$\IMA+ZK2$5NW6``,"Z[3GC]D>$.1A0P'@2FP>^S#VEAUB_YF*$`*8 M801Y)[VB4!!EFO%[P$?V+B#O-I"*RG`13>\UHZN,9,(**68(0D9;SY@`07P; MN`U0EHN3.LNX(IFH#4J#4EAH+KSW6A*\GTTP:-/N)?)',G460GLDTWFS'W\D MT\ORWUTX\*IY=7-G*ILSR/T>("0(I89;V6 MN6=*&B,A,)X#;P`0FM)F?I`2>@612VGRZESO/@VAC\>$\48O#4R`\;MV*1,2 M)*4>]GNF>^IW]9Y3P@V$.-H8;406@< M10VBX6A+NV;+MAV/D-[%L!^2S39*N9[J>AY^6,=\OJOG,@Z]WPY?\&V5-`)A MRIVP4<1&>^SVBCHA=&2IZ$;(YW+@CUL;SA350)U0WAAO"5`.2(_\7EJ2D+1H MS&S7TB.D9^\8%WH3]'8>S1QZ#N7K^9LJZ6,U0XI$6,W8$LQB*=X-EC$,5X]L M.^W16AL6R(%)F8^$G;"B/+X%%IP;*IRFAB*D&JP@Q6DF5]$$2?V3+@-P`Y,L MC4!A(4G%;="6=:PJH"&VN_>C88X8CJTL51ERG`G*F"[JM\7=OM?KV>WDX?4P MK^76WC`$N!$@[.*&,&>)UMX"%79XZB6_LOPC'`:E'2%B#6)2"VN]D=O90!W+ MT([UUKZK$-IO[<^;_0>_M0=461>4E'BG(;W7GGK78!I^7^H]QR6W]IWEV>G6 M_CQ`KN^N%E/#HIWN,"!>(HR-5LW\B-+VVF[M.\NK\Z5M&D(?CPE7P45BAPUYPXKDF'C/E*6,-CE"!4A%A%VCQB0K'D#".[`8AC6^' M.ZJX)59IY0!AP`DJA4)FCX3G:=&F1<,*>B94+S@-9BE><10W--0:RKUR0N&8 MDSCFK;:<"25X^)>3+XK&90]JH;2DE$E!M%3`0Q\S_L?9<(NE'VL4=V(*.S`4!RDI9@J:P]VEF>W*.ZS`+D^*P`(;*UR M-*;:=@1A*QEJYD$*[$'RQ-@`,%/'NK5U_JIGC_6 M?RP6T]4?R_:([L,-*JR%#[,PC-A8VQ+%6XOF!/64ISV%+6FA):L`?>!13-+J MX6'Q5ZP0N-J,]92%C&`<7SC4S M9T2EB3];,I(^=_`<^!3).5+_7`;[8/.<)?S\4.]>N:@?,5+P7YO?M_"B2_.* M,:XA\Q0Q3IPVF%J\W]B(TFGG>LF27JFLR(!.L0N1FY]UY&X,U7OIUSYV[?'F MXU78^X2E3EB'6)@4`4[O]5+E>%K4>+;:HSW*O`+Y>Y"]=OD M5[UROX(2$J0PFT^6OS?XG!T=G_%;*QQ3R2J$7-"&.!;`.2`;C(,&G5@KZ!J\ M=N-!M1QSPRQVBVMWRW^2=>]:5$A9;(B/F?NTEUQ*2?9*-,8L\7[W&CR`_2`R MQL0LG-"-?SJ=U5#D$D3?>>FJ4 M)BCL7T+O':#8)][D7(-_,"M0)2CSN5YW,BE>?2[L8$HC[9RD&E*/@&!X/P^A M06*%CVMP'%Z"0PEY-G6JOM3+34Y=/5G-;EOD>O#S%?20$XF59ZL#NN(4F]D3#VTG9_PZNJBI#O+JW.0;!I"'X\)Y1F0%"5=G@## M"?[+LGZ:+1Y7#[^_UC\7RW5+-?:N32OKL#%<:TD!,=XIB#:%9;?X$9264C/? M'V%<4:JV"/(&ZQ\40" M!O;:D[57\(;Y7/4O%S0?U_@V&$*",5(46`"8AUKB!@=CA4RB2,G+M50+(2=, M12+Y&K_2"ZY'UU);]-Z1)I6D6'!,.?!B4R+`"ZB;V6E*T^Y?2M[&I9*@)T1R M^5J>TROXV7PROYU-'C[-5\$4W;A:;+V>S!Y6KX=2R+GR/+(7`VKR0G1QN'3K MH$+62$ZP-B8(UR(A+"68ILV?O5]]E/_ MWKK%GKD;AQKK%/X^U-G7V>I_3SEXR@VBXH4F84 M3^S[)M2[V-Z1HCU:9]6Q29[P6;4UJQ1WD&O!*0K[NF$8,8<;:(`"I;(^G>6Z M&B-S.I`[$?,RCQB:X<8HNIC$^UOX[I-ND;9FE;540`B4$D%[B(EM.!;-+"GR M:+P^LGZ$=Y01O6'U49DQ.I_9^`@Q)!$.;KI']M>$HZE;IY7CA'F$'+'00,RQ MU-9OU0Z`C1*E7K'_.QQ<6212+OIR/UHUGQXO,;&=R,F-+;7+"A")"05:,:P% MBYL&=0TZBOL17QF5H,3!(,YB*/\_%U^C=!4'\+52<'1']X%CY[)C^TB'E;;( M&HTT\!@1`Z3TU&Z1@5%[2@M+.]\I^F]V9/^!>+-!%7@@_'E6N[3P<#T/ZN]:?K+[[A\5?<2B[USU_ MUNOUU@5KPT[;=JU_JFTEH7+(&(.<(@0I`80+YK8P1F%%*$Y\/9/KNBZ38SX7 M7#U(/8[B:WW[,%FM-M$JWQ9O7IHGL.'L/BN,@RII./!A$1%+/#6$8RXALX)( MEEBC+-O-?B&6Y(:Q6+Z6*R[HS)F!,N;^US;FQ_)"BZ@Y&JF<8)2F;5_9H@TR MWRL.CF^1QV9O]^C6)=C"QO,ZJA0"R%+A'6#""JBYI"P@X:!7"E*9%M>2[5EQ M9J9EQ2Y;!,SB]G'GT'#S]6P=K-6[Q?+'SH.Q_;<+`F!6]>U_W"^>PHAG6S:' M']Z2./RJ>O?=;2$N[0VJ<)I8#PFAE@>3.4"LJ'``\"!(*X4[2YC.K5\=B M3-Y]II)$:DZ@(\1Z;"V2"/K=J+6";M"J>WT!ONAG\IDC,KK*^+_K^\G#%I8C M#K(#GZH0M;%`CZ828T"4LH0T8&F.$A.Y98JPN$!0B[X0Z'Y\GK?7'/4/O/U( M9<(`E:,$6*208R(HJ[P9K[7&C\]S=!'J;Q?I93",7WRC\>8,(K4RTOI:WV]R MM\[7GR<'^V@%E$"6/A_>X!H`071*DF>O3M-LLGS M,CCZ%ZAY7,8T`GZVNIT\_$\]6;KY](C#K.WCE?J_]JYMN6TSL(TN1&4>UMI2BY&R\7[^@9,IV(I$4"5[L25Y2<0`8??H0Z&XT M&E02!$&98)7CRA'I'H@)0H?1SO+&5VLB1(;Z5,/J)B]81YTC+\`RBQ#PR#>9J/MX9_NC=>[W;6=,P$%M$2(%)A[H)P4E#S8)I[ M+:+4W6(*R0OR#^>$I@-GJ&.I)S7:I[R%?9S&H9K\=;Y>WM>=3+7JEX&-?Z@0 MVCJ0&`!0@.@M$L&$*1^7['-`E5;6IBO29_MD2A'#+<'*<^V91\P9^R`CDKJC M#Y+X1G,B+9TK*M\3D]G>.SX*:.YV7S;%^>.O^@X9UUQ8HC4'(2PXPS5A1S@L MZE899>"[Q@F4>XXN?<`9[\;*TXFVO)'R,,V*)9$JX0(DB."#FC](IH>9W MI)9*78W:[X70:^/!;,[FYJ;^\=5>YLLM-]?K,F,N3OCAJ93MGU\6NW]O[FZN MWMQ^72QW\/ESOBPSK&*3#Z?C7?T&S%AT2FP(R@6I.!4@H\%:(N.I=<'`S$JN M#6-BC`+=A*2J4N7>K9_X`6:YC-9/7NOPSSM#&2?VGC?.9\M=DAF@J0N#<\[@1:8>U MH%1BSYFC2+N)BK1W$M&OMJ4?=5><3\M,.GY&G'2>"$0<$*48X=SZ"KNX%$^: MTCDM67ZZLCH^W+-UKT^`\4344U`UW<[N,%X&&I=Y*0AI%#U-?9;CU&^5<*1\((QB0CP MB"^QI?S68AQ0U^>MAG+A9FIPI0%W&G+!=K>Z+5_)"G>[^.E5O@L:3D"\I/&)O[( M'Y+<5LN''[G8[E>0XC*^(84`*4R4C,:ZI8)84^8:.6$4`\0;3Q)GA.3H00I/ MK;*!031#!,<`3F!684>"'.L(9KP@16NR#!*DN`SN7T&*6EM:,<>QT!0TC9:O MQ7%U)Q68*OBQSH(F"%*TIE&2(,5E.+\\UY,SC4@44"NE20B"*JTJ^1C!\-J" M%*WUV=H'[8;@ZV/**PE2C$^0\8GQ8)\?)OELWHWO_S5US9`E@B%M%3>!!L:5 M%/J(GR!CO>?2W?>[5&N;00$:@PY-._!E#.DP6D85,8PRNW\:BVAIZ*-A6MYA MFWW`H"=IAL=LFOWF8UY\6RWSTK&_:,]YTB^C$$`%$S!A@C@/3-*CO:<#C)4K M.T4P*9V_UAW0:8A3)>!B`Z44S\^]=\N/J6[B'6GA\B"E0R( M,;0L5"*(EX+P2GHK?+<%+GF)CYGS+`FVDQX#[S'Z==[;ECK8*HM]]/BYP-HS M10A%-#)(T@""R\:O9D9(CG[>ZYP%(0@.$G$%96$D<\1.,CY6MM1XY[VMR3+( M>>]E>]K6F4Y+SW,IQ?WBF> MCHX/4&JC%VV%,4YY;"KYE&/\M9WWMM9GZ^.\;@B^/J:\DO/>\0DRCO'](?^V MN?FV6E\?G,VP6*YNR@)(^W^9ZR(_/$,T8;IE::>\^_Q\>FWLZ=I^&9/8F:"Q M$%3SX+PV@*@$0^+602UNK!PYGJQ-1N_9/M&]\T(K)3!R)'#I&(`]R*AE4'2L M([%:0S:1EC;#8#);:_.4@`T&Y;DN&02'!#7(.Q$1,29X@RM(:`1ICC9C`@6W MH$P'>,;8P$]^,^527#3NXTU=,TF5DTAK")Q1*[SBBE72*AO$?`V__@ILP8@$ M6+UVALS.X)L?,>9!B-\7WU>W=[=V4Q2;_Y86X.)K_)_=J2+X78:)\/I@.8M_ M<,!*2\^E*E&P!)2V'2/W@V7DC&>()`)L*MK`]Z^KXO#Z77WYJN;.6>#(6LD! MR4"L$(9Y:FC!3I!5,],>J?#][G&U6JPO56IMOTP2:Y@D,B`!6'+':5D1+S!KC7=,XTZJ'2S-8Z!O M-B%"/10<%XF;U6T4;%,<;8>MO?_M\-_[22YJ]-RF>T:$DA"W%`#E+&@0&B`* MPX%1(,1WR[`?+-MB&'4/`%0/K9OKZR*_CE;`H[VXN8VSVS_-7*/NVGY9M"<\ M$\0RII2B$)/T!5A-,)?=GJ5._L;*L'I.B=#(X?F/7S;%[L^\>'0B)BW; M>)R.SS_MCHJI<0U.=\@44P2$U$&#WQ<9"RKZZ$%J1321S<6.!Y)N^26_NKN) M#'PV[::X?%VWS%$M`<75@L6_J7:&,'20%`>KFNLQC!&:[ZNDS6!XS#8L_URR M.->&F/S)]G%!"]A;+90R,EJ(HCQZ/((!?*R"$Q<%Y--H]T?*)(!GC##)3_-L MC+*>Z9%AHLO@H7*28S!(R+BO5;(Q#C-\23N1KIHTWPN?U\6!V078YZ'Z*1)I M/NW>K+=QYRDWE\9\OA\;9Y;AZ"T$CIP,T854#DM3[:11HF[QL,NCG].O\[VQ M&5_;Y6/C+;*F3G?)E/($25!,",WB)V)H")5TRL"LRZET5U6MUGNC\]HX,+ME M?@ZJGW!??W2UV^SICZTS9@-H$SOE@YZ"IO;[>@`P5 M6OEK4:S*7:NZN'YX^7'*,,KI&;6)IS3TS``BQ*:\14:HYEP';S1U5DK*-0MJ MHC(*Q3UR!GBT(^$@/^,8B[%2$6K#+#;N MDA*CV89@S@EI[]W-8KM=?5XM'Z[;'@!N,-N[#)=QI12."V:PU@I!O8F+VP.4 M`7$T5J'VCH9](IIL1@=R#'/@Q\F>V46:K,)+AHF0D\!]=*J0UR(P`IR;"H7@ M$9VOMS"LTC>C8_IW9=CL?)&72ZQD!\-O\\4V/][0":OU8KT\_>A[0X_,24H@ M@H&\1=%_\QI10IWCTDO%,!_-$VWGH*2VD]*B,\8*<1H!MUEO-S>KJ_(M`+7.[N8NN>E-5JVX#9AB\TX$(I9PBW&"#U1YI[QP+(&:6O3F4?3T*>'.D MU=O8NLQ&6-46L^HQ:N8H+9\(EP0%B?T^*5)%C!03P0C!NE4O'RQA="X$ZX[@ M&"S;W^O_?;7>O^52,]]AA`Q2_&^A`ELU8*'3^E;AD4@^6< M#L6-).",H?;?[A;%(LXOWX;%JOAK<7.7/]ZZKM%^;;_,1!ZK\K8?2"FP5E*0 MTAGUABB+L)Y9$;*A2)`2H_IHZS__43;]%`VE^(__`U!+`P04````"``@@`9! M5DZI&?EG``!!6`4`&``<`&=R87EB87(M,C`Q,C`V,S!?;&%B+GAM;%54"0`# M?"(@4'PB(%!U>`L``00E#@``!#D!``#476MOY#:6_;[`_@=NSWSH`':L]R-( M9B"*5*.!3MIH.Y,!@D5!KJ)M;='] MU<$GV'?G[6/G[$?GNG%NZM\_%:MW@+J4%I7M`4;:QY]>/?_-K)[6?=^_J'[; M/5HD;SU(7ZM?_/OG3U>5G^=)6I1QNB3O*!L`U'SDV9I\(;>`??WUR\>#\/P+ M]L1%2NX8P9P.CR&<4Z0ZCZ&]' M7EP^;\A/[XKD8;.F_%R,<4``"VY9*]OD>&*^N- MN.Z\F3R5)%V152V>>^\&R>JG=_33XK$XOXOCS0*1VR0E*TA2^J&\7,=I$:2K MS^4]R2^SHLQ)F>2$!:S=)U!2+-=9\9B3(KBA#\7+K%F[UHQ/A><=#\>O2HZ:RQWQ91T#J"(OXM6__ M:%P`#4)0001QN@*5&V#?CQ>/[;@"?F^=^=\?+[9\[1=JMGRKGE8^W,;%3>5( MPRUU2-EG.V/%TYU\6V9@E4EK>M;J]M!/D2 M9/F*Y#25:_\JSI='*DCSQ,4RH^G*ICS?JRNW>?9P:K^S$S>PFGA*TYNDOQ*D M2Y*R=+H7TPZ>:RIVD!+\QP(&ANLZD8&@:5B:[1F>J9F!I7E68/H!TA=E%Z6/ MJI`R$#RJ4Q[(*GJDI\%]5&R*PX(R<:$,BPJS*`^^*#"X*'8D'_S.D(,*^M2: M+TIQC\8K+[69:+IZ/[.)F\-`S;[+X^>;.%_\*\Z3^&9-/J94LTA1XK1,RN18,/1MW0RAZQK(#?RCJ:$D*^J:>@L,M,A`#6U0`J>$T%4S MRE0-%LV)V#U@TQ#\0BT;IYD,&IIC:I4(#F/B#:F33.&)!4VV-YF2>L:94'Y, ME]D#N:)5KI+'SAR$AF_;KAVB($3("TP3081-3`U$7V].CFJ$8$. MTNGZD0>XZ4D9QK(YDXQ@M!N9W$K&V60Z0]>LN2Z@%T!JQJ$OA'Z@17H4XM:* MZ4<63\^*\]6*^TL[;:3",S1.BQ(U3%(4D6(2F2"R,)52G($6 M%HVK%)BP9/#QQZD`:WD@H&J-#Q MRH@@;0.E1#U?G'+"`($&T1FH,-$O#-74FO(F-7VZ,H[+N6C+2"]>ZHL,4O@T M)EBOLV]L]711&5S89A#8@>%A#V)/UI>L(+7975@YK,;PF!K67GE6C M1YM-&!?W8)44R^PQY5[>(L8:A\`HH6N$O&SQ-`IS"FEY0-2$=FB`P;:F:G7-C7%F6WX)DK^@YY-U>WY\"Z MZY[&02&,3E$&4<2?F\AFAT\UNG2$PCAA%D*M#TP_>.B:DT"(P.])./AI&"P+ M85:4GV\KY0G2U17)OR94B:ZR]6J!-6CXKA;:9A@&MF5J'NIR&^3HD"_?&&%( M?=9!L8'L%CR0?'D?IS3_(*"@R#CU8PR7PZ1$-8E"JM*R5\&J%LJVP,!5+XE* MA.8P13V:(X'7F7@I9T]_>?2`IR>,UE9M@]9"D"5LG5R9?"7[:D+0@"Z2[OFXX MGN-YD6Z9NNMAW%IWK`!S#H7(,:H\36EPGH&[&FD5:^,]K(#48+F[/I)X']@C MFI!PL>&5END/.TSO@P0-RJG[48.HZ^M>R>5^)O(FVZN7G3$5I`T6140V.5DF MU68+^GE-RGK74/"0Y67R9[T[Q'%U?LF%C37])"-/80-AYJR-`R[D?$`NR:?Q`F9 M4"YI]1[CI$)S!M*^<5J)Q`V3+76,"\;U>>F72;]ILA)I'LA)NR M82JBA"O!3=OMR08G&1UZ042/;(A2-A/)$(;_:D?V&!HX#R]@8A115\(LI0KU M2$5J&Y(AN4QY3-(X?ZX6-/]"J:%_26E:5_I6(U^8V,1! M8!C8U%W7]#2,-;^%C"$[,&MX!G-*G--D0C<5?C;)]#6I#G:BW[;1OO*'6]%. M6+)#U?&O4:B\2KN3H=4)[M:UG5RW+?'=,CX#>P[6>SW.P+Z/W2DU)SEM0TEQ M]<:#TU>2V<26&5#QYLDASIA'H32QM3G0;&$$R`RM")NV"2/?]7W?ZB9) M3-.Q>--D,2O*T^7]"%,/Z(%2.,((\,@3'101.$;9*:0VBP;O&U13=\4/D'-4 M1\7IG)4&CG#C3?T:2\OPTV>K12I5Y]^U[&I;CFTAU\0A]*"Q7:*&(=?Z,8[7 M*LYFV1+W8^/=HYD9)B"*2.'3C"T?349XQKY=/[([/,`EFZ^B0AR499[7>P.ZF`Q,&J2X5C9Y;& M"`)H0(Q]&^IV9&B>8W9&/*A!GD2-[\V3Y6JO]/%#?:0NP&NRI+]9@C![V,3I MQ$\&P-N;KCN'I?$>SB-G@:1I" M)[/LM)`-R4'!H+%=>511'FC?YZK,EG]P*HH@F\.413V-?`K3X@$4$*@0G8$* MT\22\B8O/=(RCL>92,Q()S*958M[`S5K7U7S0LG79$7256>8G69R&2>KA0U# MWW4"VZ%=5ZPC(XA\N[5M&I[)IT!23"H7I.HHEPZ?-%&2P_;=*63MA@"?R-)'?W)5D%5"?B M._++X\,-R3_?5K:+SX\ENP.8#<36.FR[V'<\K$>.CVW?]US;C%H0T-(C/BV4 M:UNY*#8P.P&L8((=G)QJ*)GZ8;)X.L[Y]+'%"5K6:Z0L`+TF_C39'A>5/7JI MIDAF(IR*G,NFJ-6B1Q1_OJT[GM,+VW%[:A:N@)[:-M?G.S&)$X^>QJV MJI*92=-6YMZAXX&5T"BR+L%V/-]TK=!"MNMY/K1"K;,0!%'$=<_M\-=RC77S MSP@.69WQM(H)X"AN3?4.U[="F\BN8,4E M,RS3F%FA\"4?A\NC6W7$!)!F)FSQXLFRC_$<]VCHA`4X$^V=TN.W=D=/2?9H MK8^RG/:CTO`QSTFZ?+[.X[2@,.J3(ZKOUM5Z]0]QDE;K#_*DH)TJ])C3_VM7 M6L<6&#F>$08FQ"@(=-WW;-WOPI3E2PD&4^)5'"T:5\"R\0646_B2XL6DI3LN MH,RU8*5'G+;86T_!CJM5UWC'6<"\[590U!Z#VF50^[P;P682MB26I$!<.T4] MFGG@.PDE`R/CZ8IK=.C\-:61>YW\258MN,\IHHB^5F?,]2.--,N,=&CJ4+>Q MKH?8-EJDM*OGR(B4"N$I#HQ;Y.".Z5^U6;1=BPSRN"2@^!9OP/NTEKZ2)N_T MR]\=O=+/OQN6>P;HLQNR9*ZNGWNV(^2-M@B6/W?8U&RT?C^ M/NS"#SW#M%WL(=9_#6%D8K>%:EFV+B.LJ<2G.*Y=,C^:)'^3T?X^*9.\GAR[ MJ=TIP#J);Y)U4CZ#N//J5:`SSG3//@-_U\\L'T$CU&S#HY'$1);IF(96P]0MVX= MFC3U2%:?XZB=$_0?^`[1^5Z>F!\G?;102^5[(A$^R<$[/1R*Z>E@YN>OE<-= M&:Z#G/0@A@>V^&C[H`B'JHLD8H=!.D;IDKJF>-3(P'2U!Q( M^!8O/=HSCL>9:,Y()UX>2"B!$I$#"6G7_'->"=WJ7_'ZD;0'@BTL!QK(@;[K M:,CVL!]&MD]-8R>,C%`/#.'S"(4M\K0CL>,(]P[+HSAI)0(U4E!!W9Z:)WXB MH3CA@X>.)F6:>PAI/,6J3R,\Q%O_L)$TUF>B;U)=.GP4H22Z>$Z4KPX[9'=O MK<@*/O]:D-7'M+L4.&!+V),R(<5;5ZAUO58[LB/7<36,=0]BW8@P[;(RN&%H M0]^`?/(X$2CU"LJ.$HW6V;=BY'WB4Y72,$V=8?'PR2X;G*^/>6U<`#?/X#WS M`B3I=V![J?G6D[,#=V6>[,@2.870H^$3E_),9'YJKU^?^3\]Z8.#Q7:[0'&= M?2&,TF1-]NXIN,X&XN^P^JZA:S#2;6R%@4[S>,>-&JR1K[M<.[%/`E#Q4,". M3VSR,&^]JI;?U(MVV,^73,\V.WJ6==7B!\YH%V#H'7 MU[?07W/&K-,%)Q6EU!.J3EHI9A*X3LM!-J-6RAG4$-E034TJJ:2?UZ0Y^B1X M8`M@_ZSG?VTK\F"@AXX;(ALY3NAV`35R(]X+<:285-Y[V459;7^-=^!-+"A# M&.L1"*F$SZ3!R_4I4UA#^:\6W=O5])$BN"5YSO1AF35WM2]TPP^AH3DN#DP[ M\$+7\[=J8$#^2]$EV!18O,W;)&M0(V]'ET'OL'1M0EY%+P*M<('W+<+O*+>@ MX[E)P:[[>59U_^=QZGHT3R[U,Q$]R4Z]ON13.F6#96][+,U5O":?;VEJ1).A M\IEMU*^FW#0A74["CW/15O1->R`3_TM/FSB)&=FPOLXOZ/:&]B:HT.::+JV"7'D MF1CKK34G0C[78*&8"=7#?0P5V,("#2[>,3Q!_@:.PJFGCG,->;_+2 M-W(UCLB9*-%8+UZ.'LD@9?"&BM=)W\"!J=_N28IO;\FR_'S[]CZWCP5^8KNI MR6KAA1Y"GAE$41"Y.G1,Y/LU>.1CI`T2KGDA5JR#OVQG-X;N2.;<%S(/&@=N MS9D'V,D[XOLS'K"=\?AX:,:#>0MJ=UD">V"[,T@*T/K\UZPT?+N3Y@&:I_*( M;7>:827BV4\U23&]D8S,LYK,9,?7S$C)YMRR1P_T=T";K7'=W)_.IO@,!R(# MA3BT_=#T[!:!@3'G=?`2#:M?0WA/OZ.B1'4L9GEQ44W%M8<4TY+D7=TADW71 M28!)Z):2@&P#1+N7]F2+*H;3R#4K,+HL9M()5>'9T?D!2>2-D,Q@N
T[+X M0I8D^G&MFL;G%,$4DPJGR"XSN,588OC&D3C M9T5%B!750U6,RE3"%B/8@CRY`+[FC4OZ1M`^6]$;X]-1N1M-V`BA^YA^I1W" M+*F?4U/VQ"L=C2[FT_4SR)4T"5PEMDDD#C'>^ M9@K8#[N1"MH.%2\%$")ZM=`DYTNLGA7U3VIB->IAXVJ$$#=^?&F^!(H4PDDD-HY5)/J>4T6UF5Z^51 MO55`JHP1Q<:PZR+'\$,OL)T(^Y[N&(;9&D:>/SISY+4WD;RF67HN66*YF1T] M6"B34C5CA#,1RA>,B0T'=ASNMPV\GUG[!2)D%'ETR/UN%_,6KD# M@`W,,U`!/;G:O<6>T#"@$/VSU;UQ7@T>"AQ!V@@%Q`^;=?9,R!>RKE*B[73H M(G"\*`I#TZ0(+"7"D/$\FEEQ+*8[:J*<.WH]HIC<`Q'>.J M-U[KQ2X`PPZ<(-#=R&9;.OZ?NVO;;21'LK^2;SL-N!=YY>613)(S#=1,%P!H:=CGT9'0B87Q9 M0?0JCE9$.]<20S'LN:`8E22>X,ZNM&A#?KQBZ.25?I'1GC3MJW`:;9M>/^^V M>\E*NY63Q)U5L)#BG9=I1C/`<@P&W#EE1.<1MFC`FLB"Q4MNW]1?2>:O&\0= M>_X9WENZ.%N:]]PNCC./MI(/V##3$F_3_/N$IW\HX-3.B_DJI5NR@AD M14UD:E?DN$XQ&X`3J/=>;3QH`^=*2@M'&B`;SH*7ITLS6;H\T'#9TOL>_1]? MW#YX^7)RU'P"_2\X2,QRI61(WC\[%0(-2%)0,B\/"KD`"%YV?_MXT`&L^?(^ M9!ST*O$7#H!KZO'JJ853@8CN':`19D=J]@'#%$G]/J2'>F_Y^"-36W\EA)NF M671"TG&BF2=9+X[]/#G-"I)F959Q+C,5@BM0#1!J5A$SX?5I.;CB#F!W>NNA MR[!7WO6$]E*$FRGL:Z;?MAN^VO4;ONJ/+UZJZ;`!D2."&B(0248<%349*JAH)F%!^@Z_DHUV^>UFV:\"D1T MY=$19LUUUD>8XM9;+Q[JZ:X_,JW*HU^;QWT&_?GV^K[=;+\UFP?6?-_.&IV&BZ-^.$)/V]I?D^DBWPGG!:NA9[C3KH.[<1R*6GIT: MJ7WZHDQ;$E\:_-2N[P[V"@Q@14F5ECS#E.20D4/1("T8-*MQ6IL)7M$\(%,; M$RL);??I+48_/<]4ZLE:6`ZME.R5="6?#NQ=0+C.L3.B5: M!Q':[S1\4FG(Y^^KY=WNA.\,8D!E,ECBC(.,\:PN4[B'P%@),G==LK4<7*J^ M;&2&MGRT7JA>!OM=F96";)J:>27?7LF"LNY5W(8]L!YJ\@)K!(IW MAD5#$72-1<2ZZ.R:AE3ZH<]J5?M;USW)577S^;9N'Q[:]?6VO?GWK"Y%S41> M$ES5N`"<`#KDC@P4V.&HCYV]X*O9X:#)30\JZ10JAQ6K):OFJ]7P=+JL5`=T MBMD=ON1ZG-G@2]23A&DN3]W(CD3C/#HTLBSU097Q01S1;J2Z/JDW,;HWE@M4 M5P6%,$=E*4DC"!^.KS->%Y7=`1P'@^%SOSVLSE76/)!K=M`F-*MN!VS4V:4C MO$LKVX>4:9RF\\D65QS/"?RW6[66Z?K^_GF^:^74DV.VD5 MP!S6)<<"U#7#0.6&>ZL5S6O;HX56QJ95M7.O??^'#[VSI=M,ZT+R['R0T/EJ MH^^C@Z>XTCHNZ$1R9.+FZLW98X$>2#(6M<^W;*DV>=>+[J648DI(794$@8+7 M#("*2$IP#D\*9A5FF.""B18RKF@(,T.@BDA>#BY;&-VJI/+ MAS8K?U-GF']1!\!N#\>^?!]BMN)?3_`N1+V9^%FI6C_UWSUU,Q*G.*B M*LH2T;)FA%8I+P\%1YB2V6,/^GH[WVQ=%-/4KLEW_!:BT2=]E=#F;KE>JQ1' MKO_^IYEOO&BF,=$N8AF276\J.5>)Y@YETL.,0AS?4&>LBK;41RV'UDYIZ:`; M99X%L```"(I@Q>HZ+\JB0,?BI*@IWPL@7VL6"OU8-9>_`:"A^,F_UC='Z7_' M_\L/4I?JO]0'J>V4U0=I1IG1!ZGN5*H](?FOQSNPZ\6)I21;=C>KMGO:-(<; M6HR`/$,YR`!'J!!9"N!P$EAE4&2V;3:Z!\J"@S%:[!UPZR_VU(LY:HX]7C-7 MTZZ'BZKAPZ2?ZD03(8LL2&&_2O;H-<*4'%VXW(U65](_D.M)XAF1DD_C[PF1 MGY!H`_T_>419+HC5RU^+&6`505E6I)PRDJ95+K)][5#`C(',3-[=;`56[[Y] M3K?L,:G\JQGZYOBX7.',LZX^3T>QJ?R>N2R1#.`F5]51JD9%TP_)T6BB)W?> M29Y/FK05;?],N=33+^UJ>?.RFT`*,E%D504112*KZY(0QFK.$:X11Y7N'J*# MA7#?UQ%4,J"Z7,9RGJ&1S\H#K9%\43X\:;V/.<,';^B\6W:J_6;3#:\R]*:? MOS4_MW2E3F4@DB."6"8X$&E1(ECF8K!<%9#I)`<>S07.#WJ$NZZU1XS)'SN4 MB8*9]#A'/K9@1(\+UX4X-A.PF.DU>W=E8IKM'DYA37>S63[V)$O2/;!O\O[) MQQ2=F"@"\!O)"R0^/6J##4;3I:5,]J2EQ4F;7&TPU!1"BB`H`&9YG@XV45:8 MK2M=#`6>-%YANTKVWY.]JODA5W,Q.16OABM)=TK#+"A'Z!I;3?I@.9+$UX\O M;]>1_@C2UBY5GUM+*I_?V@,Y$*+BF.8,(74(&<)\L`EHU"9=F.N5(8Q"-.D?3B#XY,QN)-KG[T7H>@FW^3%Z4P@YHDSU< M#PM*OW'06[E?+`1FDO>78]_T0=4+1<'+$M]O<,Q>.]7G;63='X3^2"H`87Q[ M]YQH,`*U9[%_-//5]KZ>;QIRHZ[[R0&3OC-=E!BA`G)!(1-Y42,.!].,"6XR M>?FP%WC.VD%4!W$;=?2D+\,IF![4T@O;>E/4U$2;S4RQ;GH<\U7R MM5'RNEPM=^5J]=>LXFHRF6EP/S*'^8Q<)%.75Y?:<`/=N`2D7M'^-O_YUA[+ M,P9HEL*T@+"N`,'%86),U:T1HQ*0I9'@)2"%*Y'`O-:`;!G5K0%-0*9I#[(I`78O1/-W5=L_WMX7&^W*@)N;Z?;^Z:[FB6 MY'4-0`UA3JH*U(!R6K):%)P*4`B>FXB3JZW0&G5`)L>-.JA]>+RY;]'\:?FC M4?=_Y3+G;JDRB]Z=[BHY_CV/VN8<%SV)FS(D9DK7(WO!;;+'EOQQ.:'[@*VQ MLVB>>(Y$]KRY\_94FE>:M$60-9OE#YGR_WA?M:C*,BLQ03"KLZ*L$"(5/E0M MB&K3HZ]_#F8"2]\+9!XUS(56/?F:B%$SY7(F,XAVG:=J1+8\\!N)8OGPI/4^ M^`QKG76[7C3KKED)/$)Y+ZWC2^MA?X``S3SNN;9CW?+-LOF^;' MLGWJ5L]?F\=V(X']LWGXWFQFC!=U#2G%55K6@I,L+\A@%Y8Y,$D^G8T%3D$' M?%?)$6$R0$S^V($TS4#=&=;+0R]_-\N[>SD5D1_-1IKYUY.:D=3+U#+_[CX_;3MUF&RYOE.WS6YF M=9%E95'DI$I9F@*145P,(&J&L$D>[-=RX,EC#_+P@?4@D_:(@".==.,8Y--TY.O*V@.A/-<%4@6%0P%0@A3$N!LL.*F585--HVL342 M^./L&X`-\V&7+)J;U7RT[8QG"C6W2*9@SW"#Y/3[*UZ7YM?G1KGY(C:OE9[?3[@8F3%XXO%2-8[WMQIPPPVPR3ITW*M7@!]9?.;.IL^$Y0!C!#(TCH7E7H] MC]/>(,=0H,)H76-O)7":I(#US]^^_7QZ=*85?0\!YT"/R<]G-N*CEI$125@-ICA#!2#;8*R0"5SG2,G(I M-5+@?(B1'I/V6N2=1$]2]`%_DRF1PF$H1$:41JQ#9GYHR)`%,4XJ]*E1C9%9 M^S!?KF>P0#5,,>:B*@LJL[(*E8-=1(71X0=G8Y=1I:MD!S+Y8P?3ASZ9<6RO M4\'H]:)7!LQ.IEPO&3-4,"NR(U8R.W\T%,V!*#=EDW_VV[9YZ&8ES&HB<`9` M@2M1,TQXNC-*04&SPEG6M"U=*M/J?]!#]*)G^LPZB%D04CUE7EI\3J=B`U6F M$F9,<Z,CGA94N2D7/^<_UP^/#W0=K-I_U2UL_FC_,GV6>:%3-"JE/_+ M1(8P9!54E^8)S3G"E*6N0F9M^%*YVAYP$KG;,B? M3!//$6DHD<[QB%@QW7W3$%!/!#KI*?_YN-ST6U!LOFUFHDHIA15/H<@I`*1D M!2F@4-VS`16\=%510W.7TLXCS$3A]""8ICS;RV1`BCV)HS:[DRGB:\X,=="2 M\(C5S]8C#Z5*>WKXO;M6^;::GSZU M\_7!7%H(+BI!284SCG&5$I9*"KX_3KI<25]=J:0)98J M94VBGNI/P9^9UD=`G9FL3T&AG9A;46FBX&=<']%M5[(B46MG-UJ_8\@T<9^O MYXOE?'W:*,PI*6$.10IX!JNZ*C(@C9:4$E:7V.C5!S=+H1/V/3A?@N-(JV:> M/AFCACEZ7&0:IN:3D6J9EMN3:Y21C]$PEHU[H2\2;??DS-LLW"-%VCHOD_S5 M\F&Y%>WF4/[NZ//?=S_N(,R6V[.>X<=W:>[FV^:XA=H^2"Q])Y!92BDK04[+ M$B%4<+E&`50:!9SB/*N@UJ5O/Y8"SQL'<"^/&QSA&4J9(ZEZT\1T?)K-#U%1 M:38=3$>IW3Q@3:V)^H^2,"+[?LB+1.\].=.&&%^&"G]L:BR6Z_GZ9CE?_;;N MMIM^_'7'CIAR)-0HRU$MTAPCP%/`"@AI"0%+T_*CRY:>K863IR/`Y(`P>0'1 M_J*]+Z+--.L"A-N^]>6!>!,ATV-F1-$\4QN)M/GVJ@TZ'JW??7AA]._SY?I3 MV\F4^A_-XDZJ[M=FU8_=[G[Y2)]W?8(/G8,_M;O'X^CSJ5_V==G]>W>7EP.I MS1GG.84PDW$`.>$[#WB5D]KHG%]$L`,GVB]4X(6K5XER-OF;YR\ M=/E*_6#?$OS@=C+XW?_TY&]/E/.6S0DB"HSQ`QH71SS))![9*`K\TD?HF(Z< MVXQP8$5R_C-&9LZ^;!(/1/>971GM;[03R#-($:SR%(H:%#G@Q6`S)2ESG8NU M#5UB]MPKDTV["S=2[2>D('QZF$+TJ)Q,XP>:#%79F-V(==3<%PWELR3(0JOJ M=MVO=[[)7["_H\Y8A;(L)03EF)64"EB@P6:5"Z/W-YT,3:=5`[A$H;-M?>%& MJJE6!>;36JM,J0RL5>]ITM(J!W:CTRH77\YJE3-!OBHF9Y+`71\A6`*1Y[QD MZE$\6&#*1(\(I45-D'/6Y0E&'!6-LTM.?YF;K[!Y*31,%;$@A0/[8%UB_3]" MM?UZWD?\HM/J<)Z:K;?]D:NM\V],DO7B\_:^V=3MP^.FN6_678]5_3<#FOV\ MDY:X**N4$E!0!%3&7/$!#X'"J"M(,!"!-?Z='LS7BZ2'GKS"/@C'7DF.JF&7 M\H:+F9[$1Q$N,X$/'ZD@"F_+](B^!P]>).H>WL]VXJ\B^)YG/\]0EK.:YC05 M15[6*<:BVNW`HDS50T38_4LM"'%D[J=VD8(D[=:1"K4SZ#U(D^WR19FGGV'8 MZYZ;4<@B4?#07CKOA5F0JJW>)\SMIPN:(8`((SDFF..*`@3P8)#`4NM157K,`Q")_OGVRB1KLR7-H*E&=R]6[9]*DAMED6ROF^UVU5<`^C9\.",\ MEU9S3LHR)RA%'!4021@%*:O"Z*:UN[7`>M@_E*H0]HLOU:Z@ZY+Y-CFB-&GZ MZ9'D<06\#+]FXABT1./\NU_%R:;ILT/Q^;==>HT'3'T"Q,FK%^T*[C`P)/3##^ MR8_DSHI'A]ZU[O!+E?&,HFQ^50]-=]WR=MDLOK6_[8<8WXVP=X"*H@2BAJE@ M-2U9*:JZA`7$&6"HQ*!`-C.-?Q23S4"]0+[$GFS;9$"?\.-GZD=!`\3+;-*Z M;*AL)[._?I3LYK_+1BOXO/@JG._F1B7DR?Q&8GA:2=<62=MOQ-Z\VHA=[C9B MW\^C_^EW(C6.A,8$&RZZD4V\`1T],R&'IE:[*'9N<_?W]::9KY;_VRR&5>CG M]7&1VI'-LENN[]C31O[_%_GG[>)?S?;S[;?YSQD$=2;3BK2F3"82I4`4J8W@ M&A..0%71V8]F\[W5+:%=`*")!KWT15N"/CRQ<94)CLW MDYV?5XGT5&F;]'7BXI'_8(T4FBXX,B(I2EV2@3::S]10\=ZMB49U>$;R-&<5 M$CP%B*&,0EP!B8)G@I"LPEI-H@*9OD09[*,DUW!OP'Y;\RXF@A_0E;"2(RZ;WC\^#]Z>).G#L[5NU$;RU7EQY>0) M61_TN'Q/WYJ?6RI=_?>,%"EDC`&2BRH'K,SSF@\V14:@V7K+R53PE=/Q^VIT M>RWZX=!:E,*0YT65%+2DQQ:!+AUX,A,F*TT8%-EEQ[=K_*7/"0*GV5O+C=:]>1J,D;-Y,J)S"!Z-4;4_U%W=CUNXTH: M_BNZ6&#G`!U`HO@A7I(2>39`3B:8!+M8G`O#W:U.#+BM7MN=F=Y??R39DMU. MM\SBAZ23BTS0D[BJ7DJ/BV2Q.,`K+_K.A%=^8JD"/(!07KVR5/_;MOX=,YT4 MDM,L$PP5E$K*56],$:-M9S<+H0GU^D6Z.;;8L#GH8ZF@(9."BP>$D95N82CT MEC1#^'&2)+$GS;&^/4&Y8PD2L24:9YTYC!1H`IS6QO3 MT,;NY(NUCI;$"2"A%^9,<^SE'7D@W`$*.E?R0,.XQAXK60#'76[WIV+RPR$_ MG.!4:1+G3`O,LCQAXF`)\=J2T9WF#A\?F#GM_."LVZ'E(6:X:F:8"2P8C#!0 MK0(=-;E49``J#O+-A"8Q[&.D=)US3&KZE4;NY>#GO@688$ MD2C)"L(+7,0X%_)@D,9USF/4=\/=2N#$XZP\[1>-[7"=-J_](N,!-.J$2<$T6I5+D@ M'.'>FHQ!I7R6)L;C4.^7W2Z2K81``H53SQH_YL*%9<\K:4S`8Z?EW*AC&<5[ MR'$1Q8$WQ\7D>O8E$<,9S76*,I3H&!>]O0RVO&MM9!+FN%RH8".D+7<":.B# M/%/>` MH*O`W"Q--!.SWW5R%-9^2A9&4S_3LNFVH@:5`L[/X`K/C59NP1C,TVPE,N96 MTU[CKOJ^:1ILU*9EN2D?5OO=MQ_+_?]4S^O[CX]/R[N]>G@H[YI^&_5?^:-I M)H0%HU+K+-]V^H)W?T;YV/&H]CPZN M1[WO[5_\P[QO6^A1,J/C#`8(ALU08Q.$J';J#J`V\'#-A,&AHZQ&?0?\4+MK MSO'[YGSOX>YN^US>+[A"6&NM<)K*`N&"94C7KF#)5:+J$?"`;"?[4_'ZYM3_ MIMI$IXRKZ8YV<-T/K-T&QXG4HXV+)TR[#,F8C![2%0YH+Z,T;SK["=$,S1[E M-"[:^-)TKJLVW9V'7ZK=?EON5]NV"V?G6+\9+!(DBURC6&-!$AK5T]9FG45B&?]8?4ATXV#7>6(W_&`E)6`E!HH M.`FC^$Q*40(%5XWQT(+/"#VL-N7]T=R7^BG=#3K4_HU3AYK=83>[+=Y%-$:Y M0EF&$2&R:)W#>5JGX:!%UG$\"ISR'H/HWN.H=?+JZW[\:V?!6!;2C#2J9IGQ M_`84]N4YWE@&.COE0?Z!E'KU"8$*$<&6VF94Y<]FZ MW8"UY/;$]:_VB%2=K"_!.SH">0G3?L9,!`9BP#T;:<*N?K39<]^:]U0F(A!/ MJ=:$-&LR&<\33M/.QYCG-/@BB*UC$=Z6 M8SR?U9)WQL/WHHGKL,_W>V.$V'TLH?@9`(=OIZ8\<;NZ?6XVFW;R13T^K:N7 M.JR>V5B?X7KF)7CD;W;Y$G;O.7Q;6 MXMM^$XRANSOFK20?B=WO*`@"L^LHS):ZSH%=1:H?Z1QXJ7;[U6-SOZ]^WC]O MR\Z!5WY]W'RNB:Y7N[OE^G_+Y781QSFOR2T$B07",D8I3VKOE,AR+5/M"-,@ M+DU"VCZ2Z!!*_]I?`&&UB9IPHD,\41.0,XO##*PMJ"9@!` M7P)!1WBVWQ!AH[[Z]3&"Z,;EA6*W*_>[_RK7][K:?EVN3]?&H4PE<5J@7$G% M.18Q0YDNDIP*%.>47VM-XFX@'"@./D6-4U'M5=2X95\AZ"`AK!IP'"GM*O^L M)844^;TKP$!!G[MH,RG>\Q!(Y?MYLKZ6[5.U^?YI];.\_\6'8QN9-&,BIU(S M0O*T]H#SI',@+B3H9(D_JX'3T?,[QAI7H];7Z.S5^O!0;3_LVE?+\0(WYP$P MRRFGT1[V;>!5]L!7O5U1<2#W\S\2,TGO`@3V[HUP?J4SYN;[9N5+^Z/^UBA: MX%@)GF)&BX3@I$B2N'-``T_D^;,:F)O77MK;E\//':Z7\S@"9N"<1GP8./WJ M'H279!A$:2)$6>:HDQI9@0+OIL5ZD$=`65 M%X/3\M+M2AD_BKM",I#87ODX[=4S)MI90=%"^MGST"8F8Q1:"^:!@J>]?LXU M$BEA.D%%$N>8R81WIHE2Q`\$S>U-G#,ZE&-Y4=L5@&&$]IL?3E@.92"<%?S@ MLL^>?18A&://5BYC\OUJL?-ED2I:_V)("HUUDF5"XK2S2"D"M;%W,!.8G#DBF+]OJKBSO M=[H.KS'X^T/]DZ=RNW\Y\V*A.4YESDE,DSHUU`7%NC>>2P9J0.#'8F!>=4Y& MS;`?=A&KAZAS]*:MZ=C?M!78ZO^>5T_-3B6089Z4-\/9^*+#R#:L]VOBC4PY M(^D&@.=7^IFPSW-05.V;\9C8.1K\U+OZM:5EW MYN7Y&PIDG[/&9M0;15PKWKFJ&H1T5^0:8)POH6="-V_A5&&>1VB]R^K[9O6P MNJM3%G%W5SVW/;B_5.O5W:K<]>=M%H46-*>.;346LI[=P4*NAM\^/R'-YZSQ% M<_FV^13)\2T[==0YO>8Q3I%014$S6D_54AFKE'4.T%21Q<]R>UL9YQC>[$)> MP7,7C=_$?/FTVB_74>LR-,7P)Z\+ST+KZ@MM)S\GS39,-00CSV4<9DT_I\", M0.@NG?FR^J'Y\*''SJN35_\H'V_+[2*6B.*8RXR(VBXF&:/'C<8,9Q1AT(JZ MJ['0B^G'=MRM@S?1Y?G(?QZ\A-8WN$MLN'0^IKK`57-78<,LF%\1;&BMW)?6 M,R&=OW@N5\C]"F7,M6M-<-]R)N3O+UW+[\V=:Z`1ABO)"89;BSBC7BKLU78%8"DS;MYMO'!V,&@^=FZ.`=#6C MYWB2PCCIHN9(O4G.A!K@GA^!9T(X3\%<;1!B+Y$#M;K+S5JKK&#U@Z#B/%$R M9BDCC-/.*B$:N6$+9&H2;O67!7H!%TQ:6W(%4]4'N@P%'8E=YU*!X&6E\6SI M91?-57PYB.32$^^OI_)N7][_4>Z?MYO?VRGZH:QWD:=2I!)Q+`NL4D(R05'G M@^`BZRK'OCDUP+.W;U%+]LT7Z3JWHX/?T7%5ZWABQ[VAG<.HV((P]$CX;$YG MJ?Y8_>?>51)$30\#,EN&^HCM>L#5WOR4=#WWNBDP;?T^U)^6N[\YT]5A3&SA M&G@N?MFNJNW9_#_?EO>K_0+7 M,-IZ44X0%UZ/8=NMN1_?]"KS7)S MMUJNOQP/W?4U\2Q7J4HR3BE-I,2Q8DRTMJ5"14R,&PS[L!6R7/KH7I/]]`Y& MG8=3G@>YKMM@B;1'V6?R7OJ-Z9?":.^"`9L@]58(090I66=%DJI"2"%ITEG1 MK,CAC8^,/SKP'%%\_:J^?;5J:62NCAF7`@H#(]"Q==%DH'DMQ`!2+!6;"3QL MO7^S#Y&E"$`@Y,_;;0VDWEA&$IEJ1I(<"Y+%6-2)06>,Y`)T#-W.0F`\'-VQ MV]JTU`Q"BY!RV4#C)NH4FY@>%\);[?R_7S^6"J91F!<,LYXQG0B"$6&<\Q@1T,,&/ MQ=#DJ;UK>Y;=-7\H3WZ._#H9B37P>OD5>R:OF^>@JI#/)_2+_M#Z8?='>5?6 MIF_7Y>=R?T3!`B>888YC)B771!!:3S_ZY*+(0*7I3H8"OWS?MLO[,MKVGNVB MW^K?=M%RO:[^K&=B]0_JR?E_L)N4\?8EK?_(*+ZI_\FN*;M8_2S7+]#M(S?E M#;.&L40')@]'MZ*37^VZ9)].C)U##,@TE$KX4'2B2*5'!!)4XXE3'I;."<4`C`0!\<&%C_*+=W/VH0K79EM.K\ M`O(')I09;X)I!.-+[T9+E9%AO;N."E?VBQCV&AF1H?`C/!ADL$;YWN=1'#;B5TH4E>I%RF4F"E\C31]<">DA;$ M('4;L$\.7)SQK?DGD;_US^M*6:Q[>A7):;USRD5.T\5-8[5F@@=+YX<6,X$2 M0*YF:-L"MW<-B,U]?]'`W[?5[K0YD[)89Y+2K%T_E:3VHE^SR8D$G9'U9#)P M_G&ZAF&YC^[@55R^A#6#RP2:PJAS<:O%ZTLM;J+6S>FV7LSD&\"59_UGPC'? M4?UZ`X-_TK>]7F^^[FA4? M'Y^VU<^VRFS7XF*1YUH+39,L1D+G#&M.SXSFH&:7;I8"O^.]<\`7W5$^,P*, MIQP,#;U?;>9Q[MDQ^1B9&X,Z#0#%C[XS(8VG8*H0CR"03?IYNUGMG[=E;52O M_FK^=#3(M$@T*43*1+/EK0G/LG[BAF/09L?;T>CJX!`>6@H1F< MQI$/!J;7RG5>30.E=_49`)*[IC.!D8=`*M^/&Q1"J]I>V5[EF5>/3\_UB_RU M>MC_N=R6![N)R&*MLZ:O&H]5S)O>O?WF%$U`93#.Q@(CJ7,&"B%G#0U9-*9\ M0"2UKGTXW&;>.1=UWDV$IBMR#1'*E])S`96W>"YYY5W')IW*YZ^Y- M/V*2ZBRC6&-.4J8D1?5DLL_59)S!:F)06F)(_3 M]%32EY`$LCON:&J4[?*PNUW7Y?2QR^552?^[6[/:TK+>RC(6>2:@\A4-:.L* M*!+DB,/SX_.ZZ=I7E$_;\F[5]H:I_[PNV\/5F_OSGC'O.KF(:Y@27&1<-I=2 M(9)FIPHC7O#"HHOA:+X9O<7.+0X_-:L'*-H1^T\CIOH@MPWK]$]_ND-+Z,P5%IHW^^ M,F`C_1SS7]_2>8+D7R6ZIGA*+QP,`Z]/@AS MBUD0JF3-+1%K+`I.-4WCOL"^0`JT MY&?XD:,L[3F<@+FNB>'LTK\,7+T\!"C+3-YTJ-=OGFH!!FU>U+U: MWJ[6J_VJ;*J_?KVA_514SBG+\SBK)U"%E#$14O;V4\R3Q<]R>UL9EW[[,@MY M!5=] M)M3R']=EX7L8X6S(=]G_#.4H3U1!M84FT$7Q//T6WOE,VR MC96`@)6;T-K9+-Z6<%STG`E]W.-X:R''71CS+*C:?&\L M%>7MONU$>:HJ^_UVO?K>[JWU/16HE%CS7'-))(\YPT6"3_A+%2@Q\FIYI%SI MJ=EP/%Q7M:[]/[QX]W4$T,S)K^R&R=1DB@/SJU[9QM-VHOBJB#4Z\W:JMBP@ M+8<2L2!C,A,Z!@KN,ET+*"&XF>Z7Y4O3[++O=)E+@M-,)9)D5&N,:H-]75N= M1]JTT06:"$S&0P/=9=?6]>G@G&5#7*AZAJOIX84#KJYW:AT]FKKY[6MAAHNA M7)2<"99J"Y5E4F=Q7.>*>5[$<2)Y M?C2<$RT3"'/9/8./.:0EUP-M8X&3U4VZAU*3I(O:\=C0Z>'GX^89IFJ.)PZN9[*&8" MPQ"1_9KBA1'/_'KIU<_5?;FYO\PR61YK+3/&=$HQ22E*==R;8PQTXMO61F#P M]6Y93BZMI3-CW!BJP8!V$FSB^>4[T@Q0RE7,F2#).8S+2YN]R`+;CGPC]4MD MDJ4D8U))SA)&<8;2/O6KTT%8#9BME>`E7Z]O4EA;ET=8RPC8DPRLG\V6Y`PF MB^]( M!W0C\)3KM=/1T=U=#RCH6=^0`P)(EJ8?"YM\ZF(PCFYW@](>(;YYG71->Y+/ M2N5KJ5G8H9L);,>(]*T$;PQQS5>Z7ILO-[NFN\.[7BA^BML@TIRQ!A<(IYURSGMYY4H!N__!D,C`O7Y>5!BG8O:ZJ MX:1[?$&!$W%`B>XL*W.=2W*-Q9\)`WU'956$"Q3->L/BO`=&1IC*$B0D2M*, MD*#1EBF,9B[1''TGSW'(CX^KGCK*#X67GXKI$X"T+ MK^I8[U5,MT5AMC=AK-*_V+NZYKAM+/M7\)9,E9+E%T#R$2#`B6J=V&LKV9K* M0Q?534N<:9-:DNU8\^L7X$=W2VJU`!!@TU53J9K$LH;WW`/BW`OP`GD7_)'] M\OX=91\__0#8__Q^??,/U=I[1;[DU,`B46J"<.G+;J2OM-%D;"'BH(O^>2'\ M%!+D._E47[Y497?YS1_9=I>_W[5-RU?317FW2A,'1X0REC#DTI`R[-']6BD* ME5HM3[%C>5OF"`KH88(.IVIGGRE,RBG)7"2JR@`W8%CJ#-W>/G=9+. M2(X):A>B/T9<>=[LQQ@].LKTZ3[C[]^GW6VSKHN'82,G#5@+)L3W?;5D9J(QZ\D-WGS-^."+>NJN,RX0$^X8(F@K0^*E1;:R?MEFV8"$ M/0%W.1$[P92'E2-LF;U]5L.DG2@O8Q;S/Q>8YE==DUNS[N+_&Y6!?M M*F6^`WT8.BCV/5>L!O'>(O`^8L)UXC0C!"5!0M$X3*"=?,7*J)UPL: MP8]/.^MT`/\VLX*]3=D9%3/(]T*4S*1'E;674[^[6;>U+7K0UOF]J#OXFO=' M$]]53?-;WK[_?)-]6[FI&X2,!,REQ&$?Q!W-ROY# MSQ/(X-W9GH/SC("<'EZ2>C5Q?(OSX7CUCP+NW[K.-^)J-8[Y[?UF@45IB7UY+O8)!PIP$!KZH74"(HCA@>TN>J]3V0N/QLWS. M^WN=/=YF-6#;?-W6Q;J;M5GY>"4F[,^@R]H'V#\,E[@K*J<.L7+B:)E3-?T[ M!C,R!7#+.;W=M>(DK]@X^)!=H+S@)4UG1&T"IPO1K2D>5,9>,$7U^;4HJYH_ M_[KDR[N\:5<0.M"E+(;417X(4X3B_>42`?&4BC:5'VYY.2JJ,:JR%;=XB4\! M(RS5E$R=,SE9L4J7!5%YA8Y:VV^LWD\D92#?6'6Y%(QSZ M+`R2*$20QM@E[MB5((DP#36+6O6,S5WIVAU[,2#STUF6$_!9"5:3YM.-X1;6 M#4ZNF'8:M0M117/^*'9]4R1*/ME=W^>;W39___FWO!U.:";B?NB;3E?S;RWA M_O]K19'G!(F7P)"ZXBZUU'6A[XMF3VX0N5&BLL(V9=/RPGN$*7;>Q0;\>."Y M@PK^[,`"@19T<,^4K=IE7C)+O0#IBFFH,;[MY)ER!)Y+)`T/P4(TT;A;SU-! M*[0IW+M1%U^SMON\TK3UKBMTXQK]2[ZYXZDF7O._ZG2;%LUZ6S6[.M]71[N! M[V)"/(P3+M*^'[H^2JE/PBC%$56X&\(>!'OS^8`:','NTI@!.#@@!P?HESL) M,('G,]-^CM%;B!3,XNJ+VR7FHM>F9!QDC&'H0A*E*`QQA)(PBN-HQ)2X!*M5 MHUB%8KTTY4A"TJ+,RG7!5YI'CBC?[&-S7*QIN9T!F4O,+Y>Q3:':K)ZKC^#W M*^@:ODY7=%V"I27]CZPN1+HY[BRRLN6K\J0JFVI;;$0Y3I+5]:.`]T5TO<)- MDW>@CQ?V8]B)`L\/,:8THLR)8>I&XGI/@3'R*'9ESRW,BLF>M(QN[#\@@-Z1 M*W#L"O_3X`SHO;D"O3^=!CV]FB*_8-MQDX-R1H0N,O8+$:7+^%XM8/(9$:U/ MQ9=BF]7]'_#=79WWMQ#1?'_89`5#SR6,P03#*'3#V,-1-`*"OJ=X)M\>#NL9 MZ&OBI)AY6AR)*;%B[B$P%1@&W,.?P1'R*W"$?1'2+\&QLLZ;'+=%B[I11Z44 MW#RU;\KU75]5?+31^?ZO,J^;^^+AEWR[N2[_J%H>1V[J7=-V>YXKGUMQG``' MD9LRPM]&Y+A^"'T2^![L:HO>_AICWNJ,WV/V4('`"HH2]&A!!W?X6"#[1<8" M_^=%^;+4ZW^563KKFVK=+1:[";M0]I]@O,@H/(M]`QTBJ'D.\ITNI"ES="*$ MV>/YPB'+HF.5[5?40DC"WXIFE=(T#9GKHR2-?8H1B[J:7+ZD<6G@\#35<$22 M,KJ@@"3PVE!&.?+-A2/CO-N+1I>EW'PL,DZ]_5#TQA"8CD3"W,1`I$3R=Q2' MU/S2"$,:Q!F-0K3ZDA7EBN(D=F,4>2@-,/%A@%W*$3`_X4NU$'JFXY"DV05% MHAZQ#6&4'0)ST<@"^_;BT>6)-Q^3+`R`_:CTYD"8CDN]P8F129'J[R@VJ7JF M$9VTR#,:G]X597[=YE^:%7,\/R")QWP>%1T70T@8!T$8I8F;$JE2:CN6%Q2E M!&C0H;8AF`J#82Y8V1D'>_%J,4-@/FS9&0K[D4MJ2$Q'KSU9$P.8.NG?40S3 M<$XCC.E2*!W)/N3\)>5O\%V^!_$$P`I[3L*"F(0D\AT4)`$.`FXW<)@/(^RG M*L%KLC'+\>J`[VAB/IN3BLHXG5^Y>#0KM6HA:)&LJH686=G5BRHW]SEX.##- M8\NZOTRX$4<+P?T07EK^:W+$JT25M_@Y$TB,4;N0V&'.G\K2.ZA\MN&V/762 M(L4(48]`#V'BIM0-W;@OB2`!1NRM39^)3[=9]W[;+N1LTBEFSI:I3Z)R(65! M4[UX45IN@!3-N7*H40]9&$4!(S#Q*621@YE''<8-Q2&?I:'2?=JZ-BSG3A_S MK]7V:]>[I,XW10OP79UW;=25S^QHYN=U-7C;YYOBTWJ>6_V^'[/WG$Y?J]W>1 MW^=ML'Z74PG=L'! M"[$'>;+)Q1-/I+*N2X^JVF[Q,D=7;UMYSE%6V7$VQO&9K>GYQW$A>]@7<+RZ M]!123-%?Z\7R>UGGV;;X=[[Y>U:4HC/+^_)PO46#ZZ+A$9#N:G&O+?]YM1%- M6V*7^6D4!FE(@M1'.(4(]2`]Z&)'Z;+%>9%9WE4\@`9W'#40[RHHQM/!-7\? M0/-7]@!^+/N&26WV[4R#N26,I-R28+F#J)8D2+2Z.AIBX=/P<]%8]L@Q,'@& M>M=`[]O5!1ID&1V9,\N/R[P!"UF=7,CY:@F3T%`@$BT7RWPS7)_Y@<_*1J`( M:4`QPSA$KBIBX^*AXMD!3Q3J+IT`MSW2 M!FR'JUH>0;;YYZ[I%JXV8HONX$P+'C.,B_'H<#QJ_:]_>#IVXZ7!G3M+"@BG MV=90_(G#MG!)G^J=I&8;(5'CDO7K+P\9?U4W[ZKR[AU'L^FOA1*%GKC<_,Y7 M./UQ[C`(6)#BR/$(2[`7Q\R):!S!R',AB1VI8VSVK,]X3F"$#`3FGSK0X[UO M78FT$`(!7/'R"8LC(R?*EQT4-5VV,QZ6+VF7I/6,`-L;HH5HL$4'7[W"W0Z5 MTDK\MGGR>,,?.9QFYBDYPHF+B`-CW_-3B$<,(7-"%1$V:MBR_DK/\=M'(#"K M7;5@9RCD5/=BHZ`FN,8'P(K6JI!Y1F:MC,E"%-:.;]4,+[5Q7>U^\%O&4^_^ M**Z/7`]"XD4P)(X/PX0Z9`2"8]\Q*ZZJUA>BL,,=QT`@5[U`P.+0F!);FZ-B M1W$5!^1"NON,UTGBJSM&WXT":SNH+,/3J#2HQ>_VQTA%;\PDH"CBYE,_@81" M.$)P4@+-JK"\W87HK\XA>"O#8$IQ[8R`I>Q6Z[C[7!K[[LRI>)OC\=WHJH9K MRHJJ2Y^TEG86>QSB\T)RG]5W>;."&+,8!=@-TS!.4DP; M&WGUU+0D-4WC?IJ^`"4]9?NDYX`.#/!FGI6G.3HS`2>2NI"Y-M6+RNB;IEAL M2XM39?$UE)2V35ZL.F-%WO>@7<7BGH7`94%`4Y]2+_;[+;Y$=MNBM18V#&/_/\E3FOR\\"9KTV]&KZZZ$: MW1^';=J$/Q`S&#C4PQY#49J$X?A\2A.I*^^4'SI';']4_:2D3HUD9+?!BD9@ MER'$5%Q_?/7;C#8K"YC?>KB?!W4]QQ5F]M$BX;"%B-*$IFX00!IZF%$883CJ M"(TC)E7N,]'$/+/^R?I7_0/'5!IE-<$Z@UH*H4Z>,<4X1/"/AK&#H$K88Q=!VX(5D3*-"2C.272TNMTB+ M9IUM_Y&+=M4;FK7Y"ONAY[`TPBF)$A@E7I@,^L10G#K2>Q7:!BPKQX`+],"` M0`8X-""P*:B'/G]O"\@LU*EIB!YK!G3D-2Y>D9+)U"U`3:;[4!E\EY3SD+38 MYG7"3=Q5]>,*AV&2I)Y'<"0NI\51FOB=F<1Q`P\K;GVJ/7N>'*3#!$90R@F( M(EVRZ8<]IK22#UF2C&4>3_P_FW?H,;4`G9@$_T7.,84&*748ZRS$0:)5[,=N M[$9YCTIG]:#)FOS8I@A(1'?(-)1# MF3MY[;!)FZ9Z*#!F4#^>$?&&@NC2MB`-T7;AA(I,HT-#1WK9ZHU%(64^%#6< M+$"B&Y<;#Z*54!3Z2$])5"S,K"5#>)VF)DH,JNJ)+?*F*8H<;\8UY8@,*571 M(6]QNJ+EQ*O*HD^)E+9@;FG36=MF=RN"G!CC$&&7!C&D"8Y5@I[M*BI@RPC!O3@B+0N8]YK`JZEOA'K- M1-?1^)-H:/SI/N-OQOM=V[19N2G*NQ5RD<,<+XQEDAL^%7"0Q MT8G*Y"NFT0-SF*?7Y7J[$_,3;S:%*./FRXFLV%R72?90\-?KU_S+;5ZO7"0N MD'5"G[`DI`C&A/HCD(2DD7H;3+/VK<^UX]BET?C2,-OG\X%ET*R6(ASS"_9H MP0$N$'A!48(!,?BSQWR)'IA*I)[107L#M!"-M.C@B6:8-JE4Z(=YR(%VM\VZ M+F[SS>]ET32[?#.8#A(W#A%Q/3\-?-]W&(FIG7;=DYG7*T=YYNLG(@Q-CA= MR!U(1EUZT1S3-%W26?G'O,U$'QV6U26/7LU@#0=Q[//(Y$$4A7RYG,;I(4X% M+%!+O36-6(\/(RXP`E-,LG7)D\ND9V!-3?5?T'6I=/@T,V=RWHE4+B2QG>I% M9?3]4KV'=NJ^!0=&.&I*N$T/N7$;S8BU?3N%08OI6SG6#HC9D;(78A^F?&ELO#V*:K4 MK]77KFOO=?EK459U=SE/;_6 M.FUFUJ+E@HYN*=]_'FU^&#Z/`MRV?&&_:\5EIZ"MP*O34C@"!D]4>Y88&A`Y MO9M_+-2$;Y9AL**14LR>$4NS([,0U33L5&7S95;M+WWTIO;OZ?Z#TH>J[JY" M/WIM;ZK36K_"B(8$19!!AS@P=*F']I_N&1?]U4-7M?NIS>I63FYG`J:B`<]] MD)8#DO$_KO7.ODUH:&R$P3-S?>8A6H@8S.WU\W[(ER!=6DX^U-7GHA7[%RN& M,0FI!WT*79?Y#"<,CA;BU"-J2T6%!]M?&.8M*+J5^,PS^D#"F5FIP=1"9I8. M\FKR:Z+XAK^V*2-L\A?C_>>;[%M_1(7_O,ZS)J=Y_^\5<1A)&"8)]%%*D]1! MWG[#)N6S464U8A&&Y25*O_&Y?K+Q>9'9I$_AF=DWP[@L9+;.X6DU^TNODSY? M=Y_+Z:X6,;@S_T>VW>6_Y7]U?].L'!8DU$E\!\(P=B%T8@<==FHA5@N%9FQ: MCY)]Q8A2N9-A5N7V$N:G4V,O`?0`08]P.+UZ!3J05X##[']A[JZ*4MR]M8(P MQOU"A-&P4Z?R?\.42A,XC5?@]3Y)JG$CF][7VU6L1^EGN]' M&$<4)GX4QA'=)UZ>2\8.IW)J9\2DU.Q\VNI41^P>^-_>\VBCJG=F:)63N_GX MU%*[$=YX;FY0N!'C%1`H00]S9K&38>Z,UADE?B%29]:GRN*;.J&N79PX&ZHC M'\3^"MFU8XEDAVKEH2@A?(D)_32&C,0NQ8/8(B?RB53W%RN&+:_D\.:KV-8$ M#]FCV+^6_3!NA^/SZG=Q>M54\&G1M0`*CI&"VUU[J+_NP%Z4>_VZ]UG'0+<- M\':;U2#[4NW*%E2?Q=:%&)RF&YQLVXDP'X:V`D7Y-><_KAOQA]O=(VCZ4]_\ M_Y2!DB?IG6?/G_$S^%^^FAV>5S2@J;8;P/\R`\V3,<^:HKD"?`GZ6N?YIOD97)?@+B_S.MN^\I0.G/B; M`39WHON]P2O`_2_XJ]2.5IKNKSFA7),/=LP?`WCK)3D1=*V^:PL\&&#.MS,G M!`P3*+WJH,778I.7FV85!(&#$A1X*8M3#-THP,EH('5"JK:TD'^N]?7#'@K8 MY&LN-\I+"`6.Y-8)ALG1N[1KQ#!SIK^W>R:=5^=G(3F[!O!JZJMQF:($AI#O M$Q91#'T8ID&`'']$YZ4T'(H26"FI%S/!4B])&#WX3T'"K`.TD`D]M]=V"A+4 M2%%`"4;4, MQ!`IKE[,\CQ1E6U3;%*%CP57H`4=W,5([@DJ=21VRH@L75+_O[IKVVWX$&IR<[+N]8:L.:?9MLZL?5#+DM-_X_;&JCE]+-9?N ML3K6FW+W(N"JM!W&D802$YP3F,94*EQ<8A@G.-/.[P>Q'C+3?P(,QHC!"3+H M,8,WH+4BJUF7QC3]?_4ELNV$$V2IS++B-MQ-YL>#+L9B,N5AO?R0,Y^!5(-D M6F=>/>U\5[;M[;;?K[-_ZG8M4R'C`A8RHC+!G$4DP\J@B&@>XP*:!*SV5@)' MIST>=>0V'*9^4YA,[S8Z4*@7B\[#GN&;R8RX0!G#"[Q,)@%=N5Q(R.C!D0^I M.C_4Z+?>'=DY-?DM$)0YX9W4T9SE-!,Y$F=+@@JC7;+%CY]9;094IGIC0YN> MT`1FS$UA?DI6F!:W'RB9$!<'_A:B*BX>O.]"ZTJ&?@^OW:[Y6X5/LCF(YNG^ MN'W:L2TO_7%*.ILX33R?(UB4L24T;0+GW@L,E0@WH'@(H&Y3(@PD1B_ MED-GXLY@P;91A3T#7%">\)JV\/)+NIY`78]O,^UZ2_49*3A#!:]85^"$=NX^ M7B9,3DA>F!59B!H&CVG[>'/A@<"K>^5H>^N&N=$AZKBW*9 M3*-N&YI(3K/.M$B80%D>:54R^[07.EKK(:Y`VT,#/Q0V\%=U&`H@K]=J_Q)? M4X&)1[87\MWTZM+E!OJ>Z++Y'@YC@]C3\;$YU/]6#^N<235NF2"8$XJ++GPJ MD#*9$T)@)(QNB+O8"1VGO""Q'RYBSIWF#FDFVDR/"3X9)J9#8VBI>L^1GD19 M,[L\:;)WY;(D.=*C?58W7".]:_YHCO7^^]WAJ3U65=L%((E(&40)Q"FBK"@R M2CMKA;*.ES@>`)F>*)F2Z#>8>8,W)FIT+5I,SMH MG($^NX-$"QI-#@D_]WOB$-"1J(4<\KEZT7A]>BR5>#3>L%TS)'D<,T0H[39^ M68Q$1I0M@B5$&$8V.FQD8#85;D>H++7$C#DS`0Y&FJW\SLZ7G?(&X\U5=_7X MLQ'=L402;IIW(2?MC3F_?'8PR+VU(!D#7;#@R M()C87KL0N)!MM9,+4]U#K.BPS^B-!X$3A`LL$*)8\E0D"$=$577)."9,J"YE M+BD]$T.!@[D1%.!G?+`%EY8IOE`TNN?X5F"$[=I9OA$4DS2?#;L+$20_OOPL MT6=/D'X1Z.:Q>GC:5;?;/\I#K4X;SQZ<^5!&7D`6+22(BSHH$ M4UY@GA."XP3"5&O+Z=MF8.$ZPU2%2&>@K\,8SE#!MQZL<>6H+][UE.T:E)N) MG"^VPY2;ZM$W(7Z^%V`A.NC=K?>%J4%HTU;'2T;SY[[$K=[6FS[3<+OM_^6Y M+YE-**4PIDCFZO(4%HQ+!_V_5#U%UMEO2_W&Y5(Y02CHHL](Y%'A$F1 M11AASA,B"(UA4I@4S]C:"*Q=/2SP@@N\`#,L";&F<%JGYF3/3)^N3IQ9.KK+%[H?U.]]'W M1=5+AY_"G`OD3=3FN-*]D/(<9S<:OT^AEQAUW%&%EX?#`]0_@T(5N#0O! M,XE22CE%"8,,TOXM(SB/99'&[J&K,X3KY0!&R+N_G;"#`?SJU-'32ZSKODPN M(?"L*^0M2^"V.#/&S#^CUSB4]K9>BXZP_7FI%7A[)C68;M]T_[O>]6GE-<>8 MY9@0%$DUD3K*.*(=)!JGDJ5I;-0;)B2.I2KXR(?`,FZT:F&T/-2"S23H6FNU M"%4?(?4H[3;+]S_5=RM7'47>GEZS2>B_UOOFT/?\'W"U:XP++A@14,"BH-V; M)!>RLY;G),VZ5TQF/.7_/"[$)7RY$P3XA'\H%GC!^2F^U/WX?FC[I?[LJVZ3_X# M4$L#!!0````(`""`!D'F32G%FS\``/3]`@`8`!P`9W)A>6)A&UL550)``-\(B!0?"(@4'5X"P`!!"4.```$.0$``.1=6U/<2I)^ MWXC]#ZSGF4.5ZGYBO!-UG2'":PCC%*);@&*Z)482V.ROWY*@&S!]D=22 M:+?]8.-&F9WYU5=9E5D7_?5OW^>SH_LX+Y(L_?@!_@8^',7I))LFZ?7'#W]< M',L+?7KZX6___9__\=?_.C[^I_KRZ?4O*FZ/_C2]= M,O-BQ?%Q];3_\5^741$??2^2WXO)33R//F63J*R_YZ8L;W\_.?GV[=MOWR_S MV6]9?GT2`(!.EE)KGZC^=[QX[+CZZ!@&QPC^]KV8?CCRWJ1%`_U/3_[^O?K@ MU?/?4/TT%$*7TE8+K/'JXC/+?)MG\I/K]B9Q,LKNT]!B>9[-DDL2%_^[*A-]O M\OCJXX\T#`!%H'+Y+^N%RH?;^..'(IG?SKR_)[T89.(R2F;=[/I!=@CS M=L)M#/R^1I>SCN:]%NW!N**(R^(?\6SJLOPBJM1LMVJ=S`#FO/F@!??:ZAK` M_-/Y;93D59S\E!5M^DTK10,8WIRBFR5W-TU'MTD9S2[*;/*O!O:L>KQ?(YJW MX@:I?DTZC_(_H]E=?':U@X6;E?1K<&-ZK1?JP:!L/D_*JD\5,IWJK`ZT?M[3 M;.AH(#VHB2T:N;&200UNWN9-=?1A;CJ-TR*NOJ7P0^RTFLJJ:%9-WBYN8A_9 M&MG;5,D8!OMN[)&[B9+.I3['LO^^2\J$7E[:K'\/);'[KO]T_D]S'ISYKG#>9 M0^ZB]GVC6H,=76RNQNSGDUP&2IY\.9CV3Y M>>89[`-:7DY]+JKS>)J4+IHDLV93^2V2@YGV M^#]YG<3+!4_Q:&8:7U=9 MSJ?H,OXA15HE-\OS5V+5(JNH%EDAK:U>I:U'*_VHU*^A/RKLT=;'X=.F/4.[ M6FWO=ONL-^\9ZW6*>[3=1^XB[M?JMRK[M#%VH1`#+J020"NBG-((H8`:QSVR(M`0FF4T7 MTE=Y-N^?`MD(&'NOEGWUY,?.VGL77CDM^TE[,I44,XFPXY1I$.#`:%RUI58` M6`#Y1BZ/@/5!A4U`H4.0$,85=U!KSVMCM+5<:&XYV0SV"B]73M*?/@Q55"3% MV=7YB[:H#7K8%`F;"X=IRQ_ M:,Z==2(A#:ASQ`H5&,ZM%8:Q8.$=%4QVY`WZ)7C3$ZJ;.;-Q!=&@1%IPC9IUBQ@7(H\06KACC;$?2D%^"-/T# M/,XP];3"W6:86BT2F@`:JB!@`#&F"94"+7N"_[#K,$4/FCX]HSH&9^JS!<\G M'_1-E%\WJSEMD0QEH#6EV@_$DA"JJ;(*&^V058XB9X..#&*_!(/Z!7<,(CWO MY&HP#=HN%!*,(1:2,Z@APH1S2<1R*)9N:\EA#7WX+T&?WG`=MSZY:D'V)ZV8 M"N3RY^3CA2!B?Y]EMG)NCP%:9,.`6`F0";945`DO``NX,U%0&0%.AWFG-=W(3 M3^]F\=G5IRR]_N2'ZNGJ<[Z;EGV;Z@@Y\H.[GR8Z1HA&'@0AX`(#8-36,+?_ MG;M''ORX\#L0RF/,RM=;K![JC[YZ4^3WI-C`LL8Z?&S$P/J<%C-J(,'00`@6 M_KM@^V"Z_RP;D!/9.*B_+^L^1_/89/,H23L1[ED\=($BL*K3*HPIQ83XG&;A MM;40'0[7!F!"8ZYU!OQ]:>:G./%I&<^[A;6E="B$"R0BS,'`0*`Q4U`L?";6 MDL-9Y'W/@-85[]'JHZ^,7;BQK32Z4BA$EOH_+%#2804!ELGHX<0 MMCJT]ZKR:!\`CT$AG_E-XGA:.`]196NU>^8Q%UQ1D%F=Q6^7#YW`2&E!`(4^ M4#M#L5OZK57G74U[&*J&)-806(_!L;_[$;JZM>HL-4EQFQ5)U8S/QF]@UQ;) M$`)EK*,$<(6DDL`PRQ:^!I)VG=,WWZ^RX6C-S\2L?G$>M>33X&*T?:KW4,1! MH`RJ]GE3B*04&!O!"0\@<9)N7;H>NM[S"*>G\ENVR73Z1Q%/F]=]&NH*&<86 M.UD!8[4,A+"`+S!1`G1=C-VC:4>/O%A;_QD&[5&VAFRU7#TT*`6U41/Z<9$Z M*C6D"A"!`N2(7*#`+#B@TR8#,N3'G27#-36'1)HH0\@" M`^#409:4WC\J=L7__;;@M=YY%Q(IK:!80N:8T$XJ8.ER?L-$UQU3SY#LW>:"->2ZQ'S=8Z;:(:,3V#6"-EF3+,:<=YM8A`$<,^K;8`TRV%JM[A M6W^7]4B;HNIO?G6QZ.>L;++M:;-@"/Q(:ZK-*LX:J_RX:Q!R!BG&E57:TG?* M@E<:W6Y74V,=(<`HD-;X7D\=?FF]83O/LXOLZ%'VY[H\&/R M.Q#80X;$K7?"[Q8.7ZIO$`E7/1X*Q"4P4D$'H*#&(4DD8@1)Z:3$>NOIG%8& M/T_$SKZEOAUODMLJ,)^F?V;5WM6O^5U1KBLYM=81(H(\?;'$'#JK?!B@`%:N M*<\/HN`!K'#UT[+9.`#O<$BMB4EK"D9M5?@DU#EF(:+:"60DM1SZ68%/1`TT M&`3B<%@S0$-WH%('T`=FTMJ"3WLEH9%:^-['`^JP5(CXB;KQCED_\>>,D0,J M=_??UAW(U`GU@>FTJ6[324]H08"PTH%%'C(`)?$II7=/^3F/ADYUW2"_1Y6; M_0I179'?@5CG<3ZIFN@Z7IKURJ0-7-HF&E9[`RP6BBF.`,7:@X:]$]C/DPF7 MR/U:,:E#XV:#`CY60M+D%5#OGY\P2XD$+H!"8$:IPEKXT8(:`1FAU+[7&OKB M[1%;%\A?/1A"HS3R+DGC`@("ABH`YI<[M:8;W+_'5`%GD_G8]&@A*Q^>CF3\&671MX M'4]Z@',,VOQ@YM:5YI7/AY@HS`7FQ@;4*I_I2V*6?MG.!]3WF2:[M6_6/ZJC M!IDF*\%O'PZU)14PC``F+1':!U^PZ%5,HZXWJ>Q1VC!4..F*X3A7"L[G6;J8 MT9WEM='3>F;G)Z;UV^(VT*2!=(BI"@Q5@E%@"+=".R*\S]8G\(&&5I1#^[6K[9\?SIU$NCS2W;Q4.F+;*0"^H3$*6JBSN9 MK(_,*!L80-[I[IZN12I@C`(6^IX$&+=,<=^I%MXH<)!EAUX:=W/1JAVJH^:3 M%Y,XC?(D:UJL>OE\Z!R`T@8.^Y`+)9`&(K;PR[GM-_+_A&QIV:#K>+$#C*/0 MX\F\/]+B-IXD5TD\W5J@6BL3`LJL`-PPPB$5G&KJS,(_+L5H.^!&I$FW]GUS MYJL?1'^&`A4S`5?&.&6@H-`$/M6#"X]$0+J>T]K_`M7.H:0KAN-=7-'D$LM7 M#X:$!)[A"BFEJ#52^=Q_Z8ECYH"N`=RE&5?>1]$1P_'8H._R"IC&I/CA^9`3 MJ)!C!&HL"0=82KGL,$3+`SK1V;5!5_)B-QA'J69'Q4V5MOI_JF69^VA6)[*E MCO+\P2>R=?ET4\6FB7S(+*)^X,1,"R:XE$$0+`=C@$G7G<%[.-#T1)\A8!TE MVCS>BUQ\B2>QM]J/M9_C\JD7;`HZ&\1"##'#`@.FE'!$$NH3Q"6&AG?=P[&/ M[\WI*?;TA^8H)W$7K_;Q5F[@R,O'0J"1"J1!4DBJL!^R%2`++[`F6\\X_40O MQNF'$SN@-P8'SLJ;.'\U9FY@PMN'0V*P#WD!=H'$P"!.`5SF9H;*KDOM^_C. MFW[XL#.&H\]=F\Y90T>T0<)#(K&UU33>*W^.<$'7N6K[%]B\>87TGG)A%_A& MND9O]07J?\^SHDFBVTQ!B!AP7%'*ZZFY(AZ!Y71*$W5([ZWIASB#X#H&HSY% MZ:9;/*M?A^KQH#IRU!EJ,")5-7%1$9"\ZY"RAREOW\WXX_6O[=$<@P/JSH/B M4ZEJU?9T?IMG]W5)J*B=WD".C7*AULY)1R$'@72:82?H"S]UU[6\/W!2*!0*)=[4N+[/IMH?!O\BNRF\>QZU,VB(:0LF!S;8U,ZT1"1AWG%#LL"/)31AKX MP7P9>!7HNOM@#Q/M@7G4$\+OGW]USKM"!GT,QL;W%V@P)1H@]%R*A)W?;KV' MB?K`7.H5YY&6">[F=[-JPZ*)?6--DKH1_<^SN&[-="KG65XF_U=_OM:_S4L* MO7Q%"'P_)-APH:H;C@*"^'-93!C1]7K]YE6!L2_7&YBL[]0P[QHH-Z]L;!(+ MF=3"5IU7.2.XUE:CI9<`\ZY+I^W?AGNP0;(]RB.OB'S.TDF;19'GYT,GE>$& M$.9\IFPX)(%8YLDT0%U+FOOX+N7>UT4ZPSC>TLC6-9&04*L\H25P6!I!'45@ MB8,);-71IBX7-WX.[Y.5N7L^2Z M;LX&&T-:Z0FI4M@)[82JWCD@&*[.S2Y[$MIZ->_/L^@R?+P:$/@Q][&>1P_5 M_LGF.UA?"X18*X(1MU`13IW#@7=NF8;XH'TXRRZ#4ZH7A$>Y9&I^.\L>XOA+ M7!>YW@[=&VBT53:TG"N?A0(?KK4V`$#E.\ZCOYHXU75:OH<+,(,SJF^P1PI, M^5TT%_68_O4F2D_323:/Z\\:!:N&2D+JE*068!M01)$Q)C!J@8#B MM.O+UMNOT?S\=!L,]3%X9Y+[9!JGT^8CXAJ)D&G@G.*,.40Q031`#BQ]8ZSK M"O(>[K(JR*]AAEJ7%2 MPIU!?I_:5*N:5'7L23@GK0-$R.HEA`0O1W)NMK\4:0UMQ/[5P=^A%M42W=$" MSGGF78W+)*]KNR:^2M)XJN+4_U!6RX`O/&F^QM9):7 M(=D2U/FJ,O`+#GNC-<,H$ZO7EL=I46UZZ$#.=HI"BXV?"V!.B28B(-8ZM5A& MUXYU+JS"7[$Z/RCT^U-OW;G0&E8+9\Z##`-C,1)".+;L?AJ:SC>=_8KE_$$@ M?X]4LH[WUNSERO5HZ<$G8$>.2MHE@Y4 ML'CGB3&NNLT+*R#1LCL0I#N3I7U%_J`2@9:XCE*&;[HCY@ZOC&E=83^(<+(3N*,FH\1MCIGSB[(SH&=[Y45Y'[3-%&>5J? M;7YY%N(JF22;QJGMPJ&S"!!$&*`"!;`:B^728RWY:'LV?YK0TSNF(Y^>JF?K MU3G4/+ZIR@[W\>-JXJ>L*#['Y=G5U^C[YH7@-II"Z"!F5F$+J_M3_Y^]:VUN MVU;:?PGWRT=<,YE)ZTSKON]'CF+1B2TZ2__@"T*-]DB81(D%)/O]AU M")+[[,/%+K#8#5``N8L``ORI\7MGY_F,;-2P$.>@VUNO\`"CWEY<4&(<,)3@ MN/3`F&62N)U$".;+6!D\XNJ),B=CF(,5ORVJY2J\VLIK3M1>\;D+KV!:)1J1B:85-(3(TY$"![D("L`X@)QIY))OS9J(%A8JRSS"@B"",0"TD4\AFUIC9LHT2=-OZV9-W1#-:E#,W6R]OKI] M;+;;TJB\'E-X9CUQT'D@/,5&@8!2(Q_!&>LZG)UA.1'*+%M,SU[QJ%5Y>W'A M$/2:FS`S![)K(:U&MI'(BHOLY)2NU==[2J?"F=66?$IK_(:]=9J'CXA*#ZG" MV"K?2$0)275+)KA/U+?U2,4PR[[0W=WR[^BO^^7*+A^^;&X?[M[V@FEQ/+#+ M?0I$N"-""1:D-\3*@&B M^!R+3`0\VV5"O#>Z8-P0X+21GH$07%)OA`PR6ZIL+(-Z084_>J15_\".DE&C M'C;?EJO%/^6A)@T'1A5:>>`8Y@AJ+K`+,W9MYJWFG$.07'9ARO-;K^0Y$=## MI#FXC/EQO7XHY]?+_UMN%M77Z]7#>E/N3>X]/""83&J9@HA"S)!0SDDAP@N[ M*`#6_((*;_3`@%ZQ[$'Y-?VV:_PM5/_\\D(A;PA1B,?2#5029"6/+\NQAPA# MD*CX"=;'&$#Q)R"98Z*X7I6S]RF//4^=$?E*/X$9USN=\,*SC"#EN$!/:&68HPX!$Q3PA7 MEM'49.X)5JL8TI-(1S3[;NT.AO75;6R_ZT.@MG[Y3D>^"I M4AX;&0O(6*:E,=3(XXW+)KV?!F*E0F-XF(2(E`A)I1K95'KQF"DO-G14:KO] MM$XPGM]^FM((8(VUM1@H"P%B9"Q!LZL8$8KI(R` MDCKOO&PDDI1?4*>^ODU)*H8Y6!$[G8=9^_-J&4MCS?6OO\+\_K&ZNB]7LQC4 MJIO-XL=C[9IE%?[P$/ZV_>,`^>@T`XB[SAKD-,2I::A M=K90(U57;TV(.JES!YI7:"\_#(3)Z`]O(4U#K>5.P`Q]L,+RCQ0BMH M&#>66L:"H]VHP'.??,YVDK/WN+1Y4VFK=^WDX&2`*JZ@EK9\_/DQO/RCFI\5 M_SU`RE;C"XBD"6$:XTYAJH3A0CZ!BO3P$4W&Q>U)L7((]>2@Y8<0V4>DKJH_ M9W?EU>V+%GEMFFRVNT$AL`6<26*)@S'?0'#[]$&BY$7T]MOQ_U9B#J*?+(YM M[,#V\?O];+&JLSN_S59?#UK(_0,*10&#.DP`G&+MO,#!:6HD8]Y>4-OS2?&N M%VVW*2LSR^$$=8*K+Q7 MGD/-L)7;110KG06IY)Y@JL,DR#UEY8[CQ.YDW!8?;;&$T/XF!8QJ0$Q;9(TS M5!HL:(,`/6`X\\AU2?5V7PG.?-&H+[>1^SE%0U?]:20$90KB1 MUPHY?(!^Z:P[#?!Q_;=M6[/KU6R>YL$]OT$A+!,:F:`W(9T!P@FV,_U>RM2- MQDG6]1[5ASL!]7'X]GXCT$ZL>_\VA6+">V,P#A@0IA##`#WYLCHU(;%S.;"+ MY5YOV(\TI=8N0&P0FDZ_=^Y1(*J84I![&A?XB:)"ZD9^+$GJ%-OY",/%.^B5TH1(8;PB8+NTZC`W/#6[<9)-.L?UZM)1/V%[I<5R M_,N:H(^UXUHOT1_861GZT0%$2#D.GRPB`&K(+)*L`1%IFQH&3[`_T$AKSA/5 MY`F?0WL@'W=WPI]V8K:IG7OH>QC\V6$6`U9Q&TLH>8M#Z`BD;6!4W%]0^?:1 M/XBIJ7+$XQIQQ7;=.3VY^\T*'0L2&ZP=T9@[@8'WHD$$,)):O&B237>&/X;1 M']*9CES]*C5#5ODP+7X2Z%TQ`K``FDSH5I1$G*:(.!LN;%-I*[X`/X:CA7D,ML4:[22#$ M)9>TW9B3A$-I8%K3<"_3;^&81E)@#9#CU"$I43/O1)"3TRFZU^<:RZ<<@H&# MX3\B`_VBFH6XL!]'\,#-"@H)!Y0X(H7S)D2,CIL&$<]\:F&)22:;#>$]H=T M;D?PC_)^:\BO;O_\MEQMFA;K+5W`=\<7B%.OD>"(QZ/W'$)&=2.W,R!U^_&< MG+]>:''`^>L+_!RD>_ZNGY;5UQ8\>V](W5F':D4!<5"&CYA;M7,H`$[N-G1. M+MT0U.H)[['8M-U]^!1W#*Z^W"V^SHYU*.YPEX)+I@.,1,+8F-E!0P#?8F`M M8<.WFOWW<*X?%>2>26--R5CA^NKV63FXEK/HWK&%(=Y8CT@(VHW$S"FF&R-N M&9;9MF8N>`;M`_BC@`@M#L>8<"4*"\I20NY5R MZPQ.K1/:?M/C,JU;[\CG7:!KVK`>J4_<;F"0E`5_U!`G/3/&2A;-]E92JE%J MEY9)UJ(=@6.]H)Z37U>W=A'1J>;K;G9L_\`B>*;*4*($"R&.98PZ)W?N@1>I M>UOM\[XNFU^]H#ZMI;5>EM3"%T8!DDI@4;<;]IH!N/O";/)26N?DK]$6=X=@ MW6#XYV!@?'-5S>./N`OR8W87/Z#/Y6JQG+_.;3O`P2ZW*13Q-N#K(-%,.D0@ MY\TJNI5*IZ8@3C"/J\?EW`$1'H]G*GPYJ]6O$'4C7`Z$^S5^()((#'%A`A- MC%6:`D=V'BH'J6%HYX2H^UHM0?NKS7GSZS2`+X=8F#'FM>#4&H,PP5@\N:;> MZ-2=^'/1*O87B/EZX=>GG=IJOF=BMXOUS=UR_;`J M6VR!GGKKPBJ&H$`,,B<$]A"$L*E!*UC]"V]\<0(1,Z*>AZ-[%Y^#-Q";$QYL MT'9X9,$L50)"#)RV"@"*/-SZJ9Y#F[R#,,$2QOEH\8:/?:K@&=U&Z,7R;59] M+<.K/U_-B=9^\^OE6V;JSO+XZ!:6^.6%A5.8*M3_N%WPS1E&'MT MC/7#2)/<:\8I8R4@,(2S$BDMG=Y)`Y0ZX1L>YDM,5<9[K1!24,AAM778B(]YOLS<(UB<`?#AR_IFM?A2SO^J%G6?T7=)U&%T00R4 MG&F(L`^A?/1@!=B!)G%JG]=)GMSJAS;#H9LGPVT3A"[G;K:J`L_71RW1_@&% M(E(&U\XBR@0'7'CIGSX!XE*+Y$\RT;M?<],+H#FHHFYN'KX_U'5@ZM(<$8`0 M,H;PY0]K>]1!&D5TA!3;K2CCD"H=EXE9_DZC9\?H8;".,NF^MXC MUD=I=6A8X8@(0AH)I(31X#J(52-EB$Y3"QY/LD!9OTSJ$=:LT?FGM-:5L7(, MD=93%.(0@3FF06.53LQ/14,KN.PY/12*';G];_JC?\6/5I)\U=/PCL-,O M5W_/5H=6S5N-+Q!P'`K&C!,(AR\&8"L:N1V0V=I'CK([TUKIR^&AS6,N@JO^ M8L5[%^Y]CFVO@@I;E/\X:&+Z>$"AF.6:">HHT(!R:!';66\7[&XN4N9*C.B9 M3V^LW0A*R71(I%NK4Z4T#^$%MN$[=SA,'HXV$DB?W"IWDI'^L)1*!C4'+=X+ M`>+K_EYNKFZO9S\[IPRFW[30P&GCE#84,V^-!PSMO!0?/JE<"P7#3['#DBZ; M"K)-Q1_KE3+[L(JFN'[S.L'H]_+O^E\.._,MQA?`$6.!P8!2+B&E0`+V%.XF MUPF:Y))"ADFT9[QS\.PZ?@`/JU_U^]=ONZTJ,S?+&-ANOBT/!1%MAA<2"X\P M%DH)2PT67`J[FP(03)U7)WG&;5B6#0!W3WLO,5=FN\A_'_6D'S;-2O][.:LI MMRD0$T8'/X)B+ZG3$EJU_8(8$%BG5B#HG+IZKI-E!M!SF*W=B:@#MFEW34$( M`/`7*CC&,M1-644RY)R2@WR"' M?'(1E<['UO)DWY_%VD4WE8R;GOHVP!DE+77W3E>WV\K`U7S/N[7(6^UXIR(X MST%'82KR6B/K!"/D,5@S0`&-CJ[^32NQE=K@]RN%A>;">Z\EP:*1ACJ:FB8P MY07VOO5\.&>V&\!9=^7^O"FK63#";7-EGU]?&,:LC`WC0M_CQ0DP9J'']O7^JM;WY&,`9CGUGJ87,PO#?-DL\@JYH:D;^E.W.Z8S+CON83/7+5;GX6IEXBK2Z M^76]FE7K($'4=S6O_^^NUOZ',#'7C9Q6BW4([)]OP328)%"YQZ<7SC*!C,+: M6:4@E()"N;,.1&8[?3(\UW,2M.6W,9XBQ_QX_JH"JG>+?\IY(]=598,P/X*L M/\J>OY7TAQ7.`X(]U!AJ2!V$QE'4(!JFU-0$B`E.`Q/\-++I;?GA*<5T@B$*7?"1A4;[;';A:N$T.&K7?^;OX5\BINV M]S]0GAMU0GECO"5`.2`]\CMM24)23YU,L%#>!*G=NWXRG1=_+4(P,H$L$28$LPP^CQ6*N)AXUT/C,^2E'(Q,AV7"6,3.CA"-P**\KC@2C! MN:'":6HH0JK!"E*<&IZV-\XO4V2NSVE%)B_V(_,TC8/A6Y2*VQ`DZ-AI3D-L MMZ5-@HP87E)SYSS$Z@CHU%)6'ENL?RLWBYO9WB,;:0"R)U3M MFDKL.B(##B>Y=(/^?))<`%76!:[:3GMEWIELKM%62 M2S<8SR_)!5/#XBJ+PX!XB3`V6C7R$:4OP/+TI-_622[=$#V+)!?#$.!&@!#Y M&<)>U]Y=KVJIUWZ+`7G'BNB<=,>5,*&Z1%$3YALHG'O;5@$-F`3+`J M4:"M7(J#U!JU$R1(JD+;G07I!./YASZ)&OHGZ+8UQSI M`\UL/%%W=\N_9]5-N:[?]1A+7EU>4*P454@XH9T`3&N!>"-5[/HTN`7)6&VC M;XZ?!<_\LK"\ZY%!A"Y*'%QB*J`=ZQW7-W6=%75_,]R]6,1Z/OG\@F@O:DB[PTJ'`BQ'@>&8F,4)1@(NS.*EB57 M"TO-1#H7HO2&:`[.U-/?X]')`R1Y=E4APEL3X9VV&!AG%`R?0".#,"1U(_@\ M\H=2.9$.8):9I*S3X#Z45;F:W072JOGW1;6(*SYQX=[]O(_KE(0>8H8)TX;3"W>F52B=*HO,\F*>?+*\=33+^VKOITG8WK`,@M#7K[A MD:(;>ZXNZJ:PQ.J`A22Q6HT*Q&]DHLFGH^1%.SBG`YF#'$VB_W&/YM65A96& M$LTH$`)+"RPW8F<*F<9'\X/?6VX#%VXU3L,Q#R<:POH`A%E6@<4/@Y=C^#ZQ4TN*AFJU\U/IU/"0WXU`+'Y@X*(1=\0(X%<`[( M!N,0=22W\>V^NW1.%NR_[%UI5K[ZQ<@690LDW6`=9#5TQW1;4N%*N3+AP0R`61>CT:&8WV4XC`P#\=D M:AG[2XN`E,6&^)236GO)I93DZ'9@S+*/1$P]RMP-GM>8OHP3NMM!B7,_Q\YH MH=%+E,OI[*L"TXXO9P,X["1YX>W8=B\*#D'DC;>>&J4)BI93Z&.0'?OL7;>9W%9PX^7R`'G(BD?,2:@ZQ8UZ;O5P2,B2RE\:MJY;< MV+&)+M`JC>1,419G:`BO=/J<+TAZ^[;F\^/&TWV]DR MY4.I,TBMWA,H=Y()!SV3CDH9D<6^Q$$3F)T"N'5MDALC69\H7\%ED/&R-?24 MH*'J1CYB2%)"!'5.,$8)AKO2\-Q;P)U&M8O_Z[HZ0A7FS`@+-"1*>X\@EJ4T M3(@)W#0<5NDUM49:H7T[]TNH\9P1XBBC%@OC`""VE(MC,J'DQ;D*;72_I!V, MMW>_A)-]1B*KE<.4>B-3-L&]?,*KR=\O::S?QO=+VB$Z)&,^KHL?\]739O'\ MJ?B^6D=;^WN15CT-B'.N:;`.&\.UEA00XYV""*LC?@3E)H*^1OY#2#_\4>Q-= M\;ND@X>&%8)/MPT4:ZRBPX:XQ<83"1@XBF'MQ!-J--;A^1K`G<`ZW;B(P1`2 MC)&BP`+`/-02ES@8*^0$+4T^O8:`>)!SQ&6X\-4X21'#JK/#9YH$2;'@F'+@ MQ:XTE!?PZ%]J2G-W%*\PK7^'!.H(S3X#:"]YAOQ\.5O>S6>+WY:;[?II%W-H M&2KKZOA[V:57/5'+^_\J[A_B:%-W\5?S[;S8V/GF;K':/*V;5/NZX*TA70M0 M6B.EC$FI.SC$S%N<:NXI8?%($;4,B;Y$%>K8FW]V"]3QM<$I"JD6GG&N!#-< M2"E*I`S4N848K_)Z]2",^N7^P6#*&<_JV&([FR_:&I_*Q7OU!QM$Y)N](*#X M:2,@$L8#)`5S@$5MP:=0YIS&`1:<(KBRM$PC)C#I91`@0GE^;U&ZC1@=Z:F MAN5C.F6?QO67^.W:W8ZJ9L%:*B`$2HGHU:3,D1R+4DJ*?/;]G-O@8WMEGV70 MQ=B.9=%>C_M6N1L= M#L'N$SVM-;EGVP0-!1/**B253+ M$"*2DA.LC3'*622$I60O.::2DER#V+[N[Q62[;H,8J[.+CD6,MM\\XO5OQ(V MATN#GXOM=K$#PT90JHZ%U+4-$BJ'H@S(*4*0$D"XZ$.**!16A.+L2WDW1KT, MO;X]*M(QU!TP)O7B4W&WF&TVN_-S7U9OLGYD,*GU.P/&<>%M./!QNB"6>&H( MQUQ"9@61++MN[JWYX-TQK&\5#)8OK)-*10VJ[G;_L<"9@3(50=(VY8;T0HLT MN1BIG&"4YIK-UB[,:-O0E]/Z:K0SR/W7M[-#Y0"NX'*[%P6%`+)4>`>8L`)J M+BF+2#CHE8)4YIZJNK65Y>4L[17W\4Y"[);*MWD0`FL!$5%&1V\3X0@S/X37 M9/0=336SNT=Y=?=T"`^ZY7:^C4[+U]7Z\1`/W/^N4Y0KOM<$XP;-@Y`,4$80 MBW!"#!B3E#L`N!`HNOVT=N%694DWQ=U_/*Q^_.V^F.^-:/S#6]L9?Q1VO9L7 MFW-G/WYY)D@B-2?0$6(]MA9)!/V^UU8KZ":P`=Z/$E?=`-I\,FU*@7?%PVRQ M%_!,./K$4P%1FZI5:BHQ!D0I2X@H>\U1=C+9*Z+!!9I:=85;]]K>=^5LX/;M M(\'$#BI'";!((<=$='-XV5]K378^ANO2<[:6WH[J/-CZ4O,K@U453:UN$*)K M:STDA%J.XIJ."D5+,*P4+G>->T4!AFZ&>F<0]D6'3\7#+GG^*Z_[[X\^_% MS*8IW7"P<\W M=[/%_Q:SM5O>GXE35ST>%.8(."^4U\)081`W!U([)OT4#AST0(F.T.S+1/CY MHEB;V)^'U;K:0/ST9%"<&^.C\Z.$`,JIN/3!N]X;``E2$]AK[B0UU1@XAHT&B!D']Q)(Y*#-C0JTSC)ZDQRX!,K^R/`R/_GXDW/N MXYFGDQ_EXAI'6>VXCZL=!KTX4!H``G,WIUNG#+U)0EP&9M^4V-.U.2E>/1]2 M.O=4$P=)1Z(4%D)Y(+>QC./,"WRX>R>&"IVZW[7M<7LX0P9?GHF M:`:D4IPI:(FDUB@!];['T0_VG&82H'VMJ5LBP"40]A9)>$F,\4M:E>JP0D7# MP""+*Q_$!:3&,\,95@<7R$H6IL4CFZ:%`!IZ07SDAU20EA$'*VU:8/)V22)2%6SH'!*OF690JE& MIB4(&5=*ZJ'*KDYRC:>S.M'XN1)(EX,[T!#M(:/'J[.M'PN0%V(9[#W72-?55/VV^K]?EC&-4-`I64:20E=8QI9Q25 MB!PETR`W0^`5,:5#[9[CRR60CD.6AM>>?VT2*$$:<2*8\1@)!#T@]BB=8!-* MJ7ZI>FO9DH7HH'QY-53>-;A85]DN.!W_P8Q);1R'SCG@W4%.%2WTA-(^]&AJ M.D!V"`:E:P)WJX=ENB@0>WVHUKGY\FVV_QEL9VO M=WMW#Z*A/$]Y(A%U"P%0\.B7*Z"'^V:@3#2:!5N\)"B)MC4?`$\40 M%TY9BCF,_T$22%);H_XZC7%]ZN(.WA^0X<8B!I!Q2`B"*-5VAQTQ."Z3)W`* MOF=._9()9GBM#)/6Z!>Y7O7ZE-1U:>`RWA>NG;%86Y^:^$R;P*B,'J#33$)*&&*"X*-\D.:?X+@)]G6I_P9L MRT%\)$;5C\O=8#PN&IO$JKO\3%!(8N8]I6GV$M)`R7")(I!F0A7]KLYJ#J6T M<:C_DSNAG]WC]\7JN;)8:>-WI&J,%##+".$`.1I-"]))?JTA].!M.?>)&=L! M:%/+W6X4,PXQW68[?TR5ROW3-H[KLN\_B?3;\GV$[^4\>BO6YGP@`&!DU(-2 M%"A$-$!8PHB<4\)XC7TNI:=BA_NG]`!:&SW$\[XX7+J9WQU^9.)SDXGU<&0T MU)11&CO%O8(,IT+.ABFNC'>U:YDK6A4.'NNQ6`OMB8O+=1+K::>= MVXOU4"(!B@)*(=(>$L,BE:7=H@/P:C#+++OY$_] M_KU(5;?K-WW/-@U`(T:`U((JCSVA@C-YQ(^A"52#[%#CIW=KNP)W""K5&?-V M[,IX6\`"*8*)WE7Y1I(KK&")27Q4.*[W_YJU*S,Q6-0U3UN%IOY_^WH\&' MKZD2QR;5S2C:\?3L6P(D<;A:BH!12$('$;.FQ,`CEWO+I7DBQW_3M%,-70-+ M/Z[GJ_6KE8B)))BWF]Z;O#"0.$R]D91B)^-:!VNM0(D,$-E%*JXH%^5-D;83 M+8W#W]-;Q*T8>_H5P6M.'%(*IXR?#%G.$"VEU\SFVM?VN3)7V]GBK\C13O0R M^AF&[N\@CG-8P5+!`9-4&0:UT8)*ZC#&GO/H+1`[4O:LSW??BONG1?'A:V3+ M*Y:\H6>%/6CXAF`9`L0@0[F%/II!#R'%F`#F(!%03&`+MV=>K(;`_6ICSX,? MD#%&.\80]!Q0X5*Z:@5P-,<<>\<)G<`!O6'Y.H96_CH'9*1FTC%@M1"0&8+C MR!8E+I:)"5S=&XE'G1R0::>=VSL@(Z.G'HV`EDIHII01%JI2/F%(;K;CVV!? ME_IO?$"F'>)7.ZN/O*,,M=#0XNAJ,2@M$0CAHQ5@E$\HT?.S!8NI<_MJTR/9]N$*!7C%FD*6)*I\`#AW*? M-4,3Q5SMAN(0TC5Q2\^T"-QQ(8C3U&!+72H\A"QP43+)B2)\4HE4+E/P+V.X M"T!'&([[OZF'=;$S,3W(/7W_NX`F\;DFP7D3QZ("UK`HG%+>*EA*AZ.\M\^<#C7<@#,9H(Y%F7?) M7*]K7=:ZIH%C83B0TGE*L(Y#CPI22BNTSTV'<",4:J?P!@RZ`-O1F-3`Z:QL M%^(BQR@O(6-84F^L5`[LY=0,:YA;%/`*O]6J]7 M_TJS^^Q[_,WV5%'9G-?$`6J]IB3^`ST4DEO*14)!(R>DSMY(OQ$;E<&&!ASK M".RQ*.?^_#Y?[Q1ZIH1I\\;!4Z`UIPYPCS1CBEBLET$<36I*CU1LWK\(T7:WA7;"&?9J\]/?[R-39WP16O;!HEY_*8TR%**&4;: MD;A2\(ASSSBFN1/=%95![X_,YF;TDT[O5;-F`'F=:!(!]7.!Y MK:B$3DH*E(U@>&PE`P[9W!7T%=5#[Y<4W>!ZB45UUOOE2)?HCK"'\_G;:KW]4JQ?'+8^,M;WMX]#XMK?*"@%M-A(DDJ\.&\\ MCS_P\6^U>QQ]'_X]XIMV^>JV(Z\ MGSW6&Y1S38(0%@'N!&%,DCBP%/:^E$XH-ZDL?_FJK61)-IJ#SSU'CZKIU//B M@@DBD&-<>NGLKCJ`%ZZ4#/'LLM)7&`7O?ZF2B^J@?'GQ.9N0Y>7I0+1W4L5Y MU6D/L/**>53*I"G)3XT@VF"/$*+J_J-Q?/$)H;ZT&`$C*K5;2 M,Y^J'J>5I"6L)CK?.:#_,UO/$WAE+B6WW(YUC/YT5\QJN5DMYOO^7,BB9MLF+S=UZ_CW]L35L#=X9*$=0.T>-HH)#+I$2 MHL0HE?$;RA3_*-9_K'HVQN.0:S6.JOHT]*=EZ"'P?/I##>Q\=<,0YTEA#-$: MPSA9$DF44=AHSE'$%I/:(G5]AYU/=G]>?\._X1N"0MYZ%_T9:H%1CF)AW$Y^ M3"B$;`(GY[HFPME8=)=`#[%Z/]=?_6P6L\UF_G5^=TC>=("J.KZ4\[K_[^YJ M>AL&8>A/&A\!C+0+8+S+=MTURJ8>*DVMU*K_?TZ[KM74IEM&TBC''(CPXP'V M`YO:`(!D%YABC-9J#.RN?J%"PH@9O1%9G">_V4W*PC\&*7]V]LH&J=HX<.O_1* MBSHYK3)/,8%1N$#HA58ZM;6I'%32S$AC+S9XZR&0O=\2I;%7&"ATE3(6=_],=@Z+XFSLMRM=ZP$4>3NLAWN4&M=4X8'$J4 M.0//MHC$EL7HK.=IV%?OG&!6QE"\*@+L&)1YVC6;AONWV%*SW+PV'[O%J4Y+ M!W,ZV]6!YP"T&;W9.2L]M,4HV$X,"J*0?D85QHYRY]F#B5RHQ,R M)D`EDT!;Q>2-/&B;Z(*_(7!<1//QH6WPQHXV?WP"4$L#!!0````(`""`!D%M MJ^)I.`L``)MW```4`!P`9W)A>6)A_WP9X$2E!!$@IB;+2DRD2?=#=!^@&0!!^ M]_/+-$)/1$C*V7FK=]!M(<("'E(V/F]]&K0O!E?]?NOGG_[^MW?_:+=_OWRX M1=<\B*>$*70E"%8D1,]43=!O9'A#(Q"3[;8N_2+#,QE,R!0CK)2@PUB1&RZF MUV2$XTB=MV+V5XPC.J(DA#HCHB%+!0J/%19CHC[B*9$S')#SUD2IV5FG\_S\ M?#`6^'6(Q4'`IYW#;N^P>W($1H!93)ZES[S+@_Y_E@J_#$5TP,482G:/.OKQ M$$N2%6>E`H3:4(H(&N9Q;J"R@"X0JEREJ==Q)'A:+T@H; M*),*LR"WX67)YNGK:,4_SHC*T%0387N?W7V\'ANT6D(^0H9].9UPH MQ)9H&V$Y-**Q;(\QGFD>>NUNKWW4:Z&DT=SR`"O3)HLV6P4[)%(RN].>0QV` M#BW4J:F/X!&1&U+(8*VMD6X0F]+(8#72J*HEK=!G643_:F=R;7VKW3M<4XUY MIZRG1B:W$35..U@$FFY@+E!M\C*+,,.*B]<;^.VG6B1$">7]'$3K>*IU[)VL MHZ.!9F2LH[:_3D6IS2I2PS&9Q/H*V`.SCQY%R8^)X";5::;*&GK8TXAG+\H$ M=,W'->N4)#@8\Z=.P&.FQ*MW;+/)93\:!;4R:BP$C'T:J%,4S'^MKU!(:&U= M,AE]L;X&Y"68U%8A%S)7ZRM!V1.1JK8:!;'T>GU5&*:!?RI>EDHNU]=#TJ"V M%IF,OMB`!FHFZJN0"9FK*B4P8UP9)',ONSN;43;BZ2VXJ7/X69;('\@(F?'J M69I%JT>UG9G@,R(4A<%586!O`":"C,Y;Z4RAGWS4/?0B)H';/5JD)$I^ M(%%XP\4`Z_SCQ\>27'4VZ1W:LHD!01H%`0S2.#M/P-*-FNG%&Z\ZW?0@XRSW M'`MAI9NC[.;N)J%%=_>G,TR%?K=RRV7=L8(?F)O)Y8&#CQ)SO]?+ M52NDJU-5#[+5\AC"1M.NYJHK/*,*1P/%@S\]J2B)..8[;RT9*I5'!F"7_5TO M;MDD';.;MY9T4_+^[D:CHC?OL?B,HYCC*RPG-Q%_ M7JM7V@$=A+[U[IUS>#W6UQ4@4\.>S$7?3S#D']EG@PDT^@F/0B+D^[]BJEXW M1F]%%0["?VQ*>%(EH@P5*_W7/W\\[+W]#THJW[>%1:+X%*R<0!GZ1/H,&/9] MY=((VL']45/NBU6AI*X]U6X^-I:P:]7C:`1OO%.XNQ'LTWHE59OM\'Y]O->P MC^][=873OTA';M!W#QOVW7UO/6]=$T&?0(TG#M` M'.N#)Y;UP3DBRB%1`7-/4]'#]58)_;`<"X4GEH5"%VF[NU98[?):RX5>4(X5 MPQ/+BJ&;O!U=-,P^-+Y@X7NF8#K79R,NID:Q[)DO=SY05=QU\Y%,_OESX5(O M]":XJ`"U%R_2C4'B4#)FK&N.;YC--ZU;$GR M9AF5:MS=Z.G%SD>B[F&DS$,:I+>NH-P7:`;5%;G;PU**]&\/4#7*ZL[N(EW[ MOFU44E8KY]9!=$SGNI9L[,_VKJ;J!_+$HR?*QE>"A%3=X(!&_B\C5TD[I@VG MEG2<0Z$$"V5@>T:,&Y)?%V-!3,NM%VOK83IF'J>6-+N2O>QW7LGN1L\5)`PF M7*A'(J:77`C^K$]MVPBY%;AN@I?RYFJ"33UM71&:U[1G>8&-6EFQ&L,Q*SVU MY,'5[.UJWON,!=66]YDB8(Q*5@P]^5DA[)B$]BQ9+T-"&52Z=+FG0WNA7ARL MQG#,%7J6F+>*G-T-;G87UXIME1".(7[/$MI6D_3_']G>=19/8DKOE$]L,NZ&AI34OZX"/\;RV1__"-_(`%GD!4(3'R354S]Y>]%>EZL]N4C3S8)/'*] MP_->\"<:DO#R]1/HVF=W,R*PWEY_$2CZ1)7YJD:?7'7>^@KUT"C2HN8X9!B-M`M#`(.]#[,YM/^ MQ"17H>^J+18_H5QLABN>;44+S/;I?R#A.(V1`Z)44O(:`L7<"'?!;Q$?JPBS M&:I5A^P082G-6>.//!\DO,ST/C:7`YH`;+5C^'0(G2^\!:6)N!LED[=!/%SJ MKQX%MZ[/+E@*M23?GU.=[EGX`/S<$Q'HF#HF!4N=!1O%6@BTLP1D,YUWKJ?Y M)`*XD(&@,RU\&:M/C$H9D]!\'V^QS4?FFQ!:Z8#**%PP+K%K2,+,I%_)=$B$ MS0^KBZZ144,^Q90UYKG:3,[KGH`>_2VVEKQ?;()4O]RF[%:Z^_`;Q]OUH1`)U-_K(P4"F M!(\BK5>?&;V=Q!]F=KM!0-)*M: MBN]8/5/M,]?4/(I8*D*6%%]ZN@VJW^JVEK^*3K,#&V>ZKWZ\?6/MHED?B?+L M/DG7@%OYXFMYX=7>I7)ROT9%FW=U0Y\^ST\'AN$3"[$(Y:>9'D[)%7FKILS6 M)C"O75F+J:VNT%8DO?FZP=TS@Q`[H;,^*X2NN7'.*?02+S+F+ M;>5`6?^/NS".R-THYT2_3RCQ.JNJ6K!]T\=B'G*6^GJ] M,]E'D?P?+?CY/U!+`0(>`Q0````(`""`!D'3(.TCIHH``*"N!``4`!@````` M``$```"D@0````!G`Q0````(`""`!D&\6CES"1(``!(3`0`8`!@````` M``$```"D@?2*``!G`L``00E#@``!#D!``!02P$"'@,4````"``@@`9!*H>_B)LU``!6=P(`&``8 M```````!````I(%/G0``9W)A>6)A&UL550%``-\ M(B!0=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`((`&059.J1GY9P``05@% M`!@`&````````0```*2!/-,``&=R87EB87(M,C`Q,C`V,S!?;&%B+GAM;%54 M!0`#?"(@4'5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`""`!D'F32G%FS\` M`/3]`@`8`!@```````$```"D@8<[`0!G`L``00E#@``!#D!``!02P$"'@,4````"``@@`9!;:OB M:3@+``";=P``%``8```````!````I(%T>P$`9W)A>6)A`L``00E#@``!#D!``!02P4&``````8`!@`L`@``^H8! #```` ` end XML 48 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6

Pension and Other Postretirement Benefits (Tables)
6 Months Ended

Jun. 30, 2012

Pension and Other Postretirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

Pension Benefits

Postretirement Benefits

Three Months Ended June 30,

Three Months Ended June 30,

Components of Net Periodic Benefit Cost
2012

2011

2012

2011

Service cost
$
5,532

$
4,099

$
518

$
496

Interest cost
6,123

5,642

828

914

Expected return on plan assets
(5,910
)
(5,492
)

—

—

Amortization of:

Net actuarial loss
5,408

3,527

435

460

Prior service cost (gain)
340

377

(565
)
(565
)
Net periodic benefit cost
$
11,493

$
8,153

$
1,216

$
1,305

Pension Benefits

Postretirement Benefits

Six Months Ended June 30,

Six Months Ended June 30,

Components of Net Periodic Benefit Cost
2012

2011

2012

2011

Service cost
$
11,107

$
8,249

$
1,168

$
1,071

Interest cost
12,448

11,342

1,678

1,839

Expected return on plan assets
(11,835
)
(10,942
)

—

—

Amortization of:

Net actuarial loss
10,558

7,052

860

985

Prior service cost (gain)
690

702

(1,090
)
(1,090
)
Net periodic benefit cost
$
22,968

$
16,403

$
2,616

$
2,805

X

- Details

Name: graybar_PensionAndOtherPostretirementBenefitsAbstract

Namespace Prefix: graybar_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Topic 715

-SubTopic 20

-Publisher FASB

-Number

-Article

-Subparagraph (h)

-Name Accounting Standards Codification

-Paragraph 1

-Section 50

-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

+ Details

Name: us-gaap_ScheduleOfNetBenefitCostsTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration