Cover and table of contents
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Cover and table of contents
10-K 1 gww20181231-10k.htm 10-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2018
OR
[ ] 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 1-5684
W.W. Grainger, Inc.
(Exact name of registrant as specified in its charter)
| Illinois | 36-1150280 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
| 100 Grainger Parkway, Lake Forest, Illinois | 60045-5201 | |
| (Address of principal executive offices) | (Zip Code) | |
| (847) 535-1000 | ||
| (Registrant’s telephone number including area code) | ||
| Securities registered pursuant to Section 12(b) of the Act: | ||
| Title of each class | Name of each exchange on which registered | |
| Common Stock $0.50 par value | New York Stock Exchange |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [X] No [ ]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]
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. Yes [X] No [ ]
Indicate by check mark whether the registrant has submitted electronically 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 such shorter period that the registrant was required to submit such files). Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer [X] | Accelerated filer [ ] | Non-accelerated filer [ ] | Smaller reporting company [ ] | Emerging growth company [ ] |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [ ] No [X]
The aggregate market value of the voting common equity held by nonaffiliates of the registrant was $16,101,319,439 as of the close of trading as reported on the New York Stock Exchange on June 30, 2018. The Company does not have nonvoting common equity.
The registrant had 55,679,223 shares of the Company’s Common Stock outstanding as of January 31, 2019.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant's definitive proxy statement to be filed in connection with the annual meeting of shareholders to be held on April 24, 2019, are incorporated by reference into Part III hereof of this Form 10-K where indicated the definitive 2018 proxy statement will be filed on or about March 15, 2019.
| TABLE OF CONTENTS | Page | |||||
| PART I | ||||||
| Item 1: | BUSINESS | 3 | ||||
| Item 1A: | RISK FACTORS | 8 | ||||
| Item 1B: | UNRESOLVED STAFF COMMENTS | 12 | ||||
| Item 2: | PROPERTIES | 13 | ||||
| Item 3: | LEGAL PROCEEDINGS | 13 | ||||
| Item 4: | MINE SAFETY DISCLOSURES | 13 | ||||
| Item 4A: | EXECUTIVE OFFICERS OF THE REGISTRANT | 14 | ||||
| PART II | ||||||
| Item 5: | MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER | 15 | ||||
| MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | ||||||
| Item 6: | SELECTED FINANCIAL DATA | 17 | ||||
| Item 7: | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL | 18 | ||||
| CONDITION AND RESULTS OF OPERATIONS | ||||||
| Item 7A: | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 32 | ||||
| Item 8: | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 32 | ||||
| Item 9: | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS | 32 | ||||
| ON ACCOUNTING AND FINANCIAL DISCLOSURE | ||||||
| Item 9A: | CONTROLS AND PROCEDURES | 33 | ||||
| Item 9B: | OTHER INFORMATION | 33 | ||||
| PART III | ||||||
| Item 10: | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | 34 | ||||
| Item 11: | EXECUTIVE COMPENSATION | 34 | ||||
| Item 12: | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 34 | ||||
| Item 13: | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE | 34 | ||||
| Item 14: | PRINCIPAL ACCOUNTANT FEES AND SERVICES | 34 | ||||
| PART IV | ||||||
| Item 15: | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | 35 | ||||
| Item 16: | FORM 10-K SUMMARY | 35 | ||||
| Signatures | 75 | |||||
PART I