Item 1A. Risk Factors

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Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in Part 1, Item 1A: Risk Factors in the Company's 2023 Form 10-K.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities – Third Quarter 2024


Period	Total Number of Shares Purchased (A)	Average Price Paid per Share (B)	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (C)	Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs
Jul. 1 – Jul. 31	69,119	$934.96	69,119	4,746,710
Aug. 1 – Aug. 31	106,780	$961.49	106,780	4,639,930
Sep. 1 – Sep. 30	57,710	$970.53	57,710	4,582,220
Total	233,609		233,609

A.There were no shares withheld to satisfy tax withholding obligations.

B.Average price paid per share excludes excise tax and commissions of $0.02 per share paid.

C.Prior to April 28, 2024, purchases were made pursuant to a share repurchase program approved by Grainger's Board of Directors and announced on April 28, 2021 (2021 Program). On April 24, 2024, Grainger's Board of Directors authorized a program for the Company to repurchase an aggregate amount of up to five million shares in the open market, through privately negotiated transactions and block transactions, pursuant to a trading plan or otherwise (2024 Program) with no expiration date. In authorizing the 2024 Program, the Board of Directors terminated the 2021 Program.

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