Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024



	For the Years Ended December 31,
Components of Income before Taxes		2024		2023		2022
Domestic	$	532.5	$	591.9	$	573.6
Foreign		40.7		37.4		35.9
Income before taxes	$	573.2	$	629.3	$	609.5



	For the Years Ended December 31,
Components of Income Tax Provision		2024		2023		2022
Current expense:
U.S. Federal	$	94.7	$	109.7	$	119.5
State		23.6		29.1		28.8
Foreign		11.8		10.7		10.5
Total current expense	$	130.1	$	149.5	$	158.8
Deferred expense (benefit):
U.S. Federal	$	14.7	$	11.9	$	(2.1)
State		4.5		3.7		(0.6)
Foreign		(0.2)		(0.2)		(0.3)
Total deferred expense (benefit)	$	19.0	$	15.4	$	(3.0)
Total income tax provision	$	149.1	$	164.9	$	155.8



	For the Years Ended December 31,
	2024		2023		2022
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	3.9		4.1		3.7
Other, net	1.1		1.1		0.9
Effective tax rate	26.0	%	26.2	%	25.6	%



Assets (Liabilities)		2024		2023
Pension	$	28.9	$	23.5
Operating lease liabilities		62.2		58.8
Postretirement benefits		15.7		16.1
Inventory		8.7		25.2
Payroll accruals		4.5		6.1
Computer software		1.4		3.7
Bad debt reserves		2.1		2.0
Other deferred tax assets		23.5		19.0
Subtotal		147.0		154.4
Less: valuation allowances		(1.3)		(1.1)
Deferred tax assets		145.7		153.3
Fixed assets		(48.9)		(50.6)
Operating lease right-of-use assets		(57.3)		(54.1)
Other deferred tax liabilities		(24.3)		(23.0)
Deferred tax liabilities		(130.5)		(127.7)
Net deferred tax assets	$	15.2	$	25.6

Deferred income taxes included in non-current assets (liabilities) at December 31 were:



		2024		2023
Deferred tax assets included in other non-current assets	$	17.3	$	28.1
Deferred tax liabilities included in other non-current liabilities		(2.1)		(2.5)
Total	$	15.2	$	25.6

Operating loss and tax credit carryforwards included in net deferred tax assets, all of which expire between 2025 and 2034, at December 31 were:



		2024		2023		2022
Balance at January 1,	$	0.4	$	0.5	$	1.0
Reductions for tax positions of prior years		(0.4)		(0.1)		(0.5)
Balance at December 31,	$	—	$	0.4	$	0.5

GRAYBAR ELECTRIC CO INC 10-K