XML 33 R16.htm IDEA: XBRL DOCUMENT
v3.24.0.1

EMPLOYEE BENEFITS | 12 Months Ended
--- | ---
Dec. 31, 2023
EMPLOYEE BENEFITS [Abstract] |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS The Company provides various retirement benefits to eligible team members, including contributions to defined contribution plans, pension benefits associated with defined benefit plans, postretirement medical benefits and other benefits. Eligibility requirements and benefit levels vary depending on team member location. Various foreign benefit plans cover team members in accordance with local legal requirements. Defined Contribution Plans A majority of the Company's U.S. team members are covered by a retirement savings plan, which provides for an automatic contribution e qual to 6% of the eligible team member's total eligible compensation. The total retirement savings plan expense was $85 million, $87 million, and $78 million for 2023, 2022 and 2021, respectively. The Company sponsors additional defined contribution plans available to certain U.S. and foreign team members for which contributions are made by the Company and participating team members. The expense associated with these defined contribution plans totaled $21 million, $11 million and $16 million for 2023, 2022 and 2021, respectively. Postretirement Healthcare Benefits Plans The Company has a postretirement healthcare benefit plan that provides coverage for certain U.S. team mem bers. C overed team members become eligible for participation when they qualify for retirement while working for the Company. Participation in the plan is voluntary and requires participants to make contributions toward the cost of the plan, as determined by the Company. The net periodic benefits costs were valued with a measurement date of January 1 for each year and consisted of the following components (in millions of dollars):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
SG&A |  |  |  |  |
Service cost | $ | 2 |  |  | $ | 4 |  |  | $ | 5 |
Other (income) expense |  |  |  |  |
Interest cost | 5 |  |  | 4 |  |  | 3 |
Expected return on assets | (6) |  | (8) |  |  | (8) |
Amortization of prior service credit | (10) |  | (10) |  |  | (9) |
Amortization of unrecognized gains | (7) |  | (9) |  |  | (8) |
Net periodic benefits | $ | (16) |  |  | $ | (19) |  |  | $ | (17) |
Reconciliations of the beginning and ending balances of the postretirement benefit asset, which is calculated as of December 31 measurement date, the fair value of plan assets available for benefits and the funded status of the benefit asset follow (in millions of dollars):
| 2023 |  | 2022
Benefit obligation at beginning of year | $ | 112 |  |  | $ | 153 |
Service cost | 2 |  |  | 4 |
Interest cost | 5 |  |  | 4 |
Plan participants' contributions | 3 |  |  | 3 |
Actuarial loss (gains) | 2 |  |  | (40) |
Benefits paid | (10) |  |  | (12) |
Benefit obligation at end of year | $ | 114 |  |  | $ | 112 |
Plan assets available for benefits at beginning of year | $ | 162 |  |  | $ | 207 |
Actual returns on plan assets | 18 |  |  | (36) |
Plan participants' contributions | 3 |  |  | 3 |
Benefits paid | (10) |  |  | (12) |
Plan assets available for benefits at end of year | 173 |  |  | 162 |
Noncurrent postretirement benefit asset | $ | 59 |  |  | $ | 50 |
The amounts recognized in AOCE consisted of the following (in millions of dollars):
| As of December 31,
| 2023 |  | 2022
Prior service credit | $ | 23 |  |  | $ | 33 |
Unrecognized gains | 79 |  |  | 77 |
Deferred tax liability | (25) |  |  | (28) |
Net accumulated gains | $ | 77 |  |  | $ | 82 |
The Company has elected to amortize the amount of net unrecognized gains over a period equal to the average remaining service period for active plan participants expected to retire and receive benefits of approximately 10 years for 2023. The postretirement benefit obligation is determined by applying the terms of the plan and actuarial models. These models include various actuarial assumptions, including discount rates, long-term rates of return on plan assets, healthcare cost trend rate, mortality and cost-sharing between the Company and the retirees. The actuarial loss recognized during the plan year is primarily related to the change in discount rate assumption. The following assumptions were used to determine net periodic benefit co sts as of January 1:
| 2023 |  | 2022 |  | 2021
Discount rate | 4.92 | % |  | 2.57 | % |  | 2.17 | %
Long-term rate of return on plan assets – net of tax | 4.04 | % |  | 4.04 | % |  | 4.04 | %
Initial healthcare cost trend rate |  |  |  |  |
Pre age 65 | 7.50 | % |  | 6.50 | % |  | 5.81 | %
Ultimate healthcare cost trend rate | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Year ultimate healthcare cost trend rate reached | 2033 |  | 2030 |  | 2026
The following assumptions were used to determine benefit obligations as of December 31:
| 2023 |  | 2022 |  | 2021
Discount rate | 4.73 | % |  | 4.92 | % |  | 2.57 | %
Expected long-term rate of return on plan assets – net of tax | 4.04 | % |  | 4.04 | % |  | 4.04 | %
Initial healthcare cost trend rate |  |  |  |  |
Pre age 65 | 7.20 | % |  | 7.50 | % |  | 6.50 | %
Ultimate healthcare cost trend rate | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Year ultimate healthcare cost trend rate reached | 2033 |  | 2033 |  | 2030
The Company's investment strategy reflects the long-term nature of the plan obligation and seeks to reach a balance allocation between Fixed Income securities and Equities of approximately 65% and 35%, respectively. Current allocations may differ from targeted allocations based on investment results and other timing factors. The plan's assets are stated at fair value, which represents the net asset value of shares held by the plan in the registered investment companies at the quoted market prices (Level 1 input) or at significant other observable inputs (Level 2 input). The plan assets available for benefits consisted of the following as of December 31 (in millions of dollars):
| 2023 |  | 2022
Asset class: |  |  |
Level 1 inputs: |  |  |
Mutual funds: |  |  |
Funds – municipal/provincial bonds | $ | — |  |  | $ | 8 |
Funds – corporate bonds fund | 10 |  |  | 3 |
Level 2 inputs: |  |  |
Fixed income: |  |  |
Corporate bonds | 56 |  |  | 57 |
Government/municipal bonds | 9 |  |  | 12 |
Equity funds | 88 |  |  | 73 |
Plan assets | 163 |  |  | 153 |
Trust assets | 10 |  |  | 9 |
Plan assets available for benefits | $ | 173 |  |  | $ | 162 |
The Company forecasts the following benefit payments related to postretirement (which include a projection for expected future team member service) for the next ten years (in millions of dollars):
Year |  | Estimated Gross Benefit Payments
2024 |  | $ | 9 |
2025 |  | 10 |
2026 |  | 10 |
2027 |  | 9 |
2028 |  | 8 |
2029-2033 |  | 41 |
Total |  | $ | 87 |

X
- Definition EMPLOYEE BENEFITS [Abstract] + References No definition available. + Details
Name: | gww_EmployeeBenefitsAbstract
Namespace Prefix: | gww_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration