Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 24, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'FASTENAL CO | ' | ' |
Entity Central Index Key | '0000815556 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 296,772,269 | ' |
Entity Public Float | ' | ' | $12,423,671,823 |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Trading Symbol | 'fast | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $58,506 | $79,611 |
Marketable securities | 451 | 354 |
Trade accounts receivable, net of allowance for doubtful accounts of $9,248 and $6,728, respectively | 414,331 | 372,159 |
Inventories | 784,068 | 715,383 |
Deferred income tax assets | 18,248 | 14,420 |
Prepaid income taxes | 24,869 | 7,368 |
Other current assets | 107,988 | 97,361 |
Total current assets | 1,408,461 | 1,286,656 |
Property and equipment, less accumulated depreciation | 654,850 | 516,427 |
Other assets, net | 12,473 | 12,749 |
Total assets | 2,075,784 | 1,815,832 |
LIABILITIES AND STOCKHOLDER'S EQUITY | ' | ' |
Accounts payable | 91,253 | 78,019 |
Accrued expenses | 148,579 | 126,155 |
Total current liabilities | 239,832 | 204,174 |
Deferred income tax liabilities | 63,255 | 51,298 |
Commitments and contingencies (notes 5, 9, and 10) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, 5,000,000 shares authorized | 0 | 0 |
Common stock, 400,000,000 shares authorized, 296,753,544 and 296,564,382 shares issued and outstanding, respectively | 2,968 | 2,966 |
Additional paid-in capital | 69,847 | 61,436 |
Retained earnings | 1,688,781 | 1,477,601 |
Accumulated other comprehensive income | 11,101 | 18,357 |
Total stockholders' equity | 1,772,697 | 1,560,360 |
Total liabilities and stockholders' equity | $2,075,784 | $1,815,832 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Trade accounts receivable, allowance for doubtful accounts | $9,248 | $6,728 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 296,753,544 | 296,564,382 |
Common stock, shares outstanding | 296,753,544 | 296,564,382 |
Consolidated_Statements_Of_Ear
Consolidated Statements Of Earnings (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Income Statement [Abstract] | ' | ' | ' | ||
Net Sales | $3,326,106 | $3,133,577 | $2,766,859 | ||
Cost of sales | 1,606,661 | 1,519,053 | 1,332,687 | ||
Gross profit | 1,719,445 | 1,614,524 | 1,434,172 | ||
Operating and administrative expenses | 1,007,431 | 941,236 | 859,369 | ||
(Gain) loss on sale of property and equipment | -643 | -403 | 194 | ||
Operating income | 712,657 | 673,691 | 574,609 | ||
Interest income | 924 | 464 | 472 | ||
Interest expense | -113 | 0 | 0 | ||
Earnings before income taxes | 713,468 | 674,155 | 575,081 | ||
Income tax expense | 264,832 | 253,619 | 217,152 | ||
Net earnings | $448,636 | $420,536 | $357,929 | ||
Basic net earnings per share | $1.51 | [1] | $1.42 | [1] | $1.21 |
Diluted net earnings per share | $1.51 | $1.42 | $1.21 | ||
Basic weighted average shares outstanding | 296,754,160 | 296,089,348 | 295,053,790 | ||
Diluted weighted average shares outstanding | 297,683,588 | 297,150,950 | 295,868,726 | ||
[1] | Note b Amounts may not foot due to rounding difference. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net Earnings | $448,636 | $420,536 | $357,929 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustments (net of tax of $0 in 2013, 2012, and 2011) | -7,354 | 3,522 | -3,791 |
Change in marketable securities (net of tax of $0 in 2013, 2012, and 2011) | 98 | 39 | 95 |
Comprehensive income | $441,380 | $424,097 | $354,233 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Foreign currency translation adjustments, tax | $0 | $0 | $0 |
Change in marketable securities, tax | $0 | $0 | $0 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2010 | $1,282,512 | $2,948 | $2,889 | $1,258,183 | $18,492 |
Balance (in shares) at Dec. 31, 2010 | ' | 294,861,000 | ' | ' | ' |
Dividends paid in cash | -191,741 | ' | ' | -191,741 | ' |
Stock options exercised | 8,939 | 5 | 8,934 | ' | ' |
Stock options exercised (in shares) | ' | 397,000 | ' | ' | ' |
Stock-based compensation | 4,050 | ' | 4,050 | ' | ' |
Excess tax benefits from stock-based compensation | 983 | ' | 983 | ' | ' |
Net Earnings | 357,929 | ' | ' | 357,929 | ' |
Other comprehensive income (loss) | -3,696 | ' | ' | ' | -3,696 |
Balance at Dec. 31, 2011 | 1,458,976 | 2,953 | 16,856 | 1,424,371 | 14,796 |
Balance (in shares) at Dec. 31, 2011 | ' | 295,258,000 | ' | ' | ' |
Dividends paid in cash | -367,306 | ' | ' | -367,306 | ' |
Stock options exercised | 29,644 | 13 | 29,631 | ' | ' |
Stock options exercised (in shares) | ' | 1,306,000 | ' | ' | ' |
Stock-based compensation | 4,800 | ' | 4,800 | ' | ' |
Excess tax benefits from stock-based compensation | 10,149 | ' | 10,149 | ' | ' |
Net Earnings | 420,536 | ' | ' | 420,536 | ' |
Other comprehensive income (loss) | 3,561 | ' | ' | ' | 3,561 |
Balance at Dec. 31, 2012 | 1,560,360 | 2,966 | 61,436 | 1,477,601 | 18,357 |
Balance (in shares) at Dec. 31, 2012 | 296,564,382 | 296,564,000 | ' | ' | ' |
Dividends paid in cash | -237,456 | ' | ' | -237,456 | ' |
Purchases of common stock | -9,080 | -2 | -9,078 | ' | ' |
Purchases of common stock (in shares) | ' | -200,000 | ' | ' | ' |
Stock options exercised | 9,306 | 4 | 9,302 | ' | ' |
Stock options exercised (in shares) | ' | 389,000 | ' | ' | ' |
Stock-based compensation | 5,400 | ' | 5,400 | ' | ' |
Excess tax benefits from stock-based compensation | 2,787 | ' | 2,787 | ' | ' |
Net Earnings | 448,636 | ' | ' | 448,636 | ' |
Other comprehensive income (loss) | -7,256 | ' | ' | ' | -7,256 |
Balance at Dec. 31, 2013 | $1,772,697 | $2,968 | $69,847 | $1,688,781 | $11,101 |
Balance (in shares) at Dec. 31, 2013 | 296,753,544 | 296,753,000 | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net Earnings | $448,636 | $420,536 | $357,929 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation of property and equipment | 63,770 | 53,459 | 44,113 |
(Gain) loss on sale of property and equipment | -643 | -403 | 194 |
Bad debt expense | 9,421 | 9,726 | 9,217 |
Deferred income taxes | 8,129 | 15,442 | 15,747 |
Stock-based compensation | 5,400 | 4,800 | 4,050 |
Excess tax benefits from stock-based compensation | -2,787 | -10,149 | 0 |
Amortization of non-compete agreements | 421 | 593 | 593 |
Changes in operating assets and liabilities: | ' | ' | ' |
Trade accounts receivable | -51,593 | -43,291 | -77,678 |
Inventories | -68,685 | -69,231 | -88,783 |
Other current assets | -10,627 | -7,528 | -19,294 |
Accounts payable | 13,234 | 4,240 | 13,305 |
Accrued expenses | 22,424 | 14,193 | 15,550 |
Income taxes | -14,714 | 704 | -3,222 |
Other | -6,266 | 3,201 | -3,232 |
Net cash provided by operating activities | 416,120 | 396,292 | 268,489 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property and equipment | -206,540 | -138,406 | -120,043 |
Proceeds from sale of property and equipment | 4,990 | 4,524 | 3,554 |
Net (increase) decrease in marketable securities | -97 | 26,811 | 4,054 |
(Increase) decrease in other assets | -145 | -133 | 212 |
Net cash used in investing activities | -201,792 | -107,204 | -112,223 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings under line of credit | 260,000 | 0 | 0 |
Payments against line of credit | -260,000 | 0 | 0 |
Proceeds from exercise of stock options | 9,306 | 29,644 | 8,939 |
Excess tax benefits from stock-based compensation | 2,787 | 10,149 | 983 |
Purchases of common stock | -9,080 | 0 | 0 |
Payment of dividends | -237,456 | -367,306 | -191,741 |
Net cash used in financing activities | -234,443 | -327,513 | -181,819 |
Effect of exchange rate changes on cash | -990 | 360 | -464 |
Net decrease in cash and cash equivalents | -21,105 | -38,065 | -26,017 |
Cash and cash equivalents at beginning of year | 79,611 | 117,676 | 143,693 |
Cash and cash equivalents at end of year | 58,506 | 79,611 | 117,676 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid during each year for interest | 113 | 0 | 0 |
Cash paid during each year for income taxes | $270,615 | $268,357 | $205,614 |
Business_Overview_and_Summary_
Business Overview and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Business Overview and Summary of Significant Accounting Policies [Abstract] | ' |
Business Overview and Summary of Significant Accounting Policies | ' |
Business Overview and Summary of Significant Accounting Policies | |
Business Overview | |
Fastenal is a leader in the wholesale distribution of industrial and construction supplies operating a store-based business with approximately 2,700 locations. These locations are primarily in North America. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Fastenal Company and its subsidiaries (collectively referred to as ‘Fastenal’ or by such terms as ‘we’, ‘our’, or ‘us’). All material intercompany balances and transactions have been eliminated in consolidation. | |
Revenue Recognition and Accounts Receivable | |
Net sales include products, services, and freight and handling costs billed, net of any related sales incentives paid to customers and net of an estimate for product returns. We recognize revenue when persuasive evidence of an arrangement exists, title and risk of ownership have passed, the sales price is fixed or determinable, and collectibility is probable. These criteria are met at the time the product is shipped to, or picked up by, the customer. We recognize billings for freight and handling charges at the time the products are shipped to, or picked up by, the customer. We recognize services at the time the service is provided to the customer. We estimate product returns based on historical return rates. Accounts receivable are stated at their estimated net realizable value. The allowance for doubtful accounts is based on an analysis of customer accounts and our historical experience with accounts receivable write-offs. Sales taxes (and value added taxes in foreign jurisdictions) collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales in the accompanying Consolidated Statements of Earnings. | |
Foreign Currency Translation and Transactions | |
The functional currency of our foreign operations is the applicable local currency. The functional currency is translated into United States dollars for balance sheet accounts (with the exception of retained earnings) using current exchange rates as of the balance sheet date, for retained earnings at historical exchange rates, and for revenue and expense accounts using a weighted average exchange rate during the period. The translation adjustments are deferred as a separate component of stockholders’ equity captioned accumulated other comprehensive income. Gains or losses resulting from transactions denominated in foreign currencies are included in operating and administrative expenses in the Consolidated Statements of Earnings. | |
Cash and Cash Equivalents | |
We consider all investments purchased with original maturities of three months or less to be cash equivalents. | |
Financial Instruments and Marketable Securities | |
All financial instruments are carried at amounts that approximate estimated fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair value are categorized based upon the lowest level of significant input to the valuations. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based upon our own assumptions used to measure assets and liabilities at fair value. In determining fair value we use observable market data when available. | |
Marketable securities as of December 31, 2013 and 2012 consist of common stock. We classify our marketable securities as available-for-sale. Available-for-sale securities are recorded at fair value based on current market value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings but are included in comprehensive income and are reported as a separate component of stockholders’ equity until realized, unless a decline in the market value of any available-for-sale security is below cost then the amount is deemed other than temporary and is charged to earnings, resulting in the establishment of a new cost basis for the security. | |
Inventories | |
Inventories, consisting of finished goods merchandise held for resale, are stated at the lower of cost (first in, first out method) or market. | |
Property and Equipment | |
Property and equipment are stated at cost. Depreciation on buildings and equipment is provided for using the straight-line method over the anticipated economic useful lives of the related property. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by the asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. There were no impairments recorded during any of the three years reported in these consolidated financial statements. | |
Leases | |
We lease space under operating leases for certain distribution centers, stores, and manufacturing locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Any such terms are recognized as rent expense over the term of the lease. Further, the leases do not contain contingent rent provisions. Leasehold improvements on operating leases are amortized over their estimated service lives on a straight-line basis. We lease certain semi-tractors and pick-ups under operating leases. | |
Other Long-Lived Assets | |
Other assets consist of prepaid security deposits, goodwill, non-compete agreements, and other related intangible assets. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is reviewed for impairment annually. The non-compete and related intangible assets are amortized on a straight-line basis over their estimated life. | |
Accounting Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. | |
Insurance Reserves | |
We are self-insured for certain losses relating to medical, dental, workers’ compensation, and other casualty losses. Specific stop loss coverage is provided for catastrophic claims in order to limit exposure to significant claims. Losses and claims are charged to operations when it is probable a loss has been incurred and the amount can be reasonably estimated. Accrued insurance liabilities are based on claims filed and estimates of claims incurred but not reported. | |
Product Warranties | |
We offer a basic limited warranty for certain of our products. The specific terms and conditions of those warranties vary depending upon the product sold. We typically recoup these costs through product warranties we hold with the original equipment manufacturers. Our warranty expense has historically been minimal. | |
Stock-Based Compensation | |
We estimate the value of stock option grants using a Black-Scholes valuation model. Stock-based compensation expense is recognized on a straight-line basis over the vesting period. Our stock-based compensation expense is recorded in operating and administrative expenses in the Consolidated Statements of Earnings. | |
We report the benefits of tax deductions in excess of recognized stock-based compensation as cash flows from financing activities, thereby reducing net operating cash flows and increasing net financing cash flows. | |
Income Taxes | |
We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits in income tax expense. | |
Earnings Per Share | |
Basic net earnings per share is calculated using net earnings available to common stockholders divided by the weighted average number of shares of common stock outstanding during the year. Diluted net earnings per share is similar to basic net earnings per share except that the weighted average number of shares of common stock outstanding includes the incremental shares assumed to be issued upon the exercise of stock options considered to be ‘in-the-money’ (i.e. when the market price of our stock is greater than the exercise price of our outstanding stock options). | |
Segment Reporting | |
We have determined that we meet the aggregation criteria outlined in the accounting standards as our various operations have similar (1) economic characteristics, (2) products and services, (3) customers, (4) distribution channels, and (5) regulatory environments. Therefore, we report as a single business segment. |
Financial_Instruments_and_Mark
Financial Instruments and Marketable Securities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Financial Instruments and Marketable Securities [Abstract] | ' | ||||||||||||
Financial Instruments and Marketable Securities | ' | ||||||||||||
Note 2. Financial Instruments and Marketable Securities | |||||||||||||
We follow a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to measurements involving significant unobservable inputs (Level 3). The three levels of the fair value hierarchy and how they are determined are defined earlier in Note 1. | |||||||||||||
The following table presents the placement in the fair value hierarchy of assets that are measured at fair value on a recurring basis: | |||||||||||||
December 31, 2013: | Total | Level 1 | Level 2 | Level 3 | |||||||||
Common stock | $ | 451 | 451 | — | — | ||||||||
Total available-for-sale securities | $ | 451 | 451 | — | — | ||||||||
December 31, 2012: | Total | Level 1 | Level 2 | Level 3 | |||||||||
Common stock | $ | 354 | 354 | — | — | ||||||||
Total available-for-sale securities | $ | 354 | 354 | — | — | ||||||||
There were no transfers between levels during 2013 and 2012. | |||||||||||||
As of December 31, 2013, our financial assets that are measured at fair value on a recurring basis include only common stock. | |||||||||||||
Marketable securities, all treated as available-for-sale securities, consist of the following: | |||||||||||||
December 31, 2013: | Amortized Cost | Gross | Gross | Fair Value | |||||||||
Unrealized Gains | Unrealized Losses | ||||||||||||
Common stock | $ | 197 | 254 | — | 451 | ||||||||
Total available-for-sale securities | $ | 197 | 254 | — | 451 | ||||||||
December 31, 2012: | Amortized Cost | Gross | Gross | Fair Value | |||||||||
Unrealized Gains | Unrealized Losses | ||||||||||||
Common stock | $ | 197 | 157 | — | 354 | ||||||||
Total available-for-sale securities | $ | 197 | 157 | — | 354 | ||||||||
The unrealized gains and losses recorded in accumulated other comprehensive income and the realized gains and losses recorded in earnings were immaterial during the three years reported in these consolidated financial statements. | |||||||||||||
Future maturities of our available-for-sale securities consist of the following: | |||||||||||||
Less than 12 months | Greater than 12 months | ||||||||||||
December 31, 2013: | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||
Common stock | $ | 197 | 451 | — | — | ||||||||
Total available-for-sale securities | $ | 197 | 451 | — | — | ||||||||
LongLived_Assets
Long-Lived Assets | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment, Net, by Type [Abstract] | ' | |||||||||
Long-Lived Assets | ' | |||||||||
Note 3. Long-Lived Assets | ||||||||||
Property and equipment | ||||||||||
Property and equipment at year end consists of the following: | ||||||||||
Depreciable Life | 2013 | 2012 | ||||||||
in Years | ||||||||||
Land | — | $ | 36,644 | 31,831 | ||||||
Buildings and improvements | 15 to 40 | 216,852 | 200,439 | |||||||
Automated storage and retrieval equipment | 5 to 30 | 98,474 | 69,404 | |||||||
Equipment and shelving | 3 to 10 | 462,224 | 398,240 | |||||||
Transportation equipment | 3 to 5 | 57,536 | 52,093 | |||||||
Construction in progress | — | 148,172 | 88,071 | |||||||
1,019,902 | 840,078 | |||||||||
Less accumulated depreciation | (365,052 | ) | (323,651 | ) | ||||||
Net property and equipment | $ | 654,850 | 516,427 | |||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accrued Liabilities, Current [Abstract] | ' | ||||||
Accrued Expenses | ' | ||||||
Note 4. Accrued Expenses | |||||||
Accrued expenses at year end consist of the following: | |||||||
2013 | 2012 | ||||||
Payroll and related taxes | $ | 21,960 | 19,614 | ||||
Bonuses and commissions | 12,502 | 14,159 | |||||
Profit sharing contribution | 12,211 | 11,110 | |||||
Insurance | 30,880 | 25,188 | |||||
Promotions | 18,047 | 13,581 | |||||
Sales, real estate, and personal property taxes | 47,784 | 38,562 | |||||
Vehicle loss reserve and deferred rebates | 36 | 200 | |||||
Legal reserves | 795 | 531 | |||||
Other | 4,364 | 3,210 | |||||
$ | 148,579 | 126,155 | |||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
Note 5. Stockholders’ Equity | |||||||||||||||||
Our authorized, issued, and outstanding shares (stated in whole numbers) at year end consist of the following: | |||||||||||||||||
Par Value | 2013 | 2012 | |||||||||||||||
Preferred stock | .01/share | ||||||||||||||||
Authorized | 5,000,000 | 5,000,000 | |||||||||||||||
Shares issued and outstanding | — | — | |||||||||||||||
Common stock | .01/share | ||||||||||||||||
Authorized | 400,000,000 | 400,000,000 | |||||||||||||||
Shares issued and outstanding | 296,753,544 | 296,564,382 | |||||||||||||||
Dividends | |||||||||||||||||
On January 14, 2014, our board of directors declared a quarterly dividend of $0.25 per share of common stock to be paid in cash on February 28, 2014 to shareholders of record at the close of business on January 31, 2014. We paid aggregate annual dividends per share of $0.80, $1.24, and $0.65 in 2013, 2012, and 2011, respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
The following tables summarize the details of grants made under our stock option plan that are still outstanding, and the assumptions used to value these grants. All options granted were effective at the close of business on the date of grant. | |||||||||||||||||
Options | Option Exercise | Closing Stock | 31-Dec-13 | ||||||||||||||
Granted | (Strike) Price | Price on Date | |||||||||||||||
Date of Grant | of Grant | Options | Options | ||||||||||||||
Outstanding | Exercisable | ||||||||||||||||
16-Apr-13 | 205,000 | $ | 54 | $ | 49.25 | 172,500 | — | ||||||||||
17-Apr-12 | 1,235,000 | $ | 54 | $ | 49.01 | 1,127,500 | — | ||||||||||
April 19, 2011 | 410,000 | $ | 35 | $ | 31.78 | 350,000 | 25,000 | ||||||||||
April 20, 2010 | 530,000 | $ | 30 | $ | 27.13 | 300,000 | — | ||||||||||
April 21, 2009 | 790,000 | $ | 27 | $ | 17.61 | 413,300 | 173,300 | ||||||||||
April 15, 2008 | 550,000 | $ | 27 | $ | 24.35 | 206,750 | 113,000 | ||||||||||
April 17, 2007 | 4,380,000 | $ | 22.5 | $ | 20.15 | 1,786,580 | 1,131,080 | ||||||||||
Total | 8,100,000 | 4,356,630 | 1,442,380 | ||||||||||||||
Date of Grant | Risk-free | Expected Life | Expected | Expected | Estimated Fair | ||||||||||||
Interest Rate | of Option in | Dividend | Stock | Value of Stock | |||||||||||||
Years | Yield | Volatility | Option | ||||||||||||||
16-Apr-13 | 0.7 | % | 5 | 1.6 | % | 37.42 | % | $ | 12.66 | ||||||||
17-Apr-12 | 0.9 | % | 5 | 1.4 | % | 39.25 | % | $ | 13.69 | ||||||||
April 19, 2011 | 2.1 | % | 5 | 1.6 | % | 39.33 | % | $ | 11.2 | ||||||||
April 20, 2010 | 2.6 | % | 5 | 1.5 | % | 39.1 | % | $ | 8.14 | ||||||||
April 21, 2009 | 1.9 | % | 5 | 1 | % | 38.8 | % | $ | 3.64 | ||||||||
April 15, 2008 | 2.7 | % | 5 | 1 | % | 30.93 | % | $ | 7.75 | ||||||||
April 17, 2007 | 4.6 | % | 4.85 | 1 | % | 31.59 | % | $ | 5.63 | ||||||||
All of the options in the tables above vest and become exercisable over a period of up to eight years. Each option will terminate, to the extent not previously exercised, 13 months after the end of the relevant vesting period. | |||||||||||||||||
The fair value of each share-based option was estimated on the date of grant using a Black-Scholes valuation method that uses the assumptions listed above. The expected life is the average length of time over which we expect the employee groups will exercise their options, which is based on historical experience with similar grants. Expected volatilities are based on the movement of our stock over the most recent historical period equivalent to the expected life of the option. The risk-free interest rate is based on the U.S. Treasury rate over the expected life at the time of grant. The dividend yield is estimated over the expected life based on our current dividend payout, historical dividends paid, and expected future cash dividends. | |||||||||||||||||
A summary of the activity under our stock option plan is as follows: | |||||||||||||||||
Options | Exercise | Remaining | |||||||||||||||
Outstanding | Price1 | Life2 | |||||||||||||||
Outstanding as of January 1, 2013 | 4,835,792 | $ | 32.51 | 5.4 | |||||||||||||
Granted | 205,000 | $ | 54 | 8.41 | |||||||||||||
Exercised | (389,162 | ) | $ | 23.91 | |||||||||||||
Cancelled/forfeited | (295,000 | ) | $ | 35.89 | |||||||||||||
Outstanding as of December 31, 2013 | 4,356,630 | $ | 34.06 | 4.66 | |||||||||||||
Exercisable as of December 31, 2013 | 1,442,380 | $ | 23.61 | 2.74 | |||||||||||||
Options | Exercise | Remaining | |||||||||||||||
Outstanding | Price1 | Life2 | |||||||||||||||
Outstanding as of January 1, 2012 | 5,132,750 | $ | 24.92 | 4.72 | |||||||||||||
Granted | 1,235,000 | $ | 54 | 8.41 | |||||||||||||
Exercised | (1,305,708 | ) | 22.7 | ||||||||||||||
Cancelled/forfeited | (226,250 | ) | $ | 34.12 | |||||||||||||
Outstanding as of December 31, 2012 | 4,835,792 | $ | 32.51 | 5.4 | |||||||||||||
Exercisable as of December 31, 2012 | 1,168,792 | $ | 22.95 | 3.45 | |||||||||||||
1 | Weighted-average exercise price | ||||||||||||||||
2 | Weighted-average remaining contractual life in years | ||||||||||||||||
The total intrinsic value of stock options exercised during the years ended December 31, 2013, 2012, and 2011 was $9,925, $34,424, and $4,977, respectively. The intrinsic value represents the difference between the exercise price and fair value of the underlying shares at a specified date. | |||||||||||||||||
At December 31, 2013, there was $15,976 of total unrecognized compensation cost related to unvested stock options granted under the plan. The cost is expected to be recognized over a weighted average period of 4.21 years. The total grant date fair value of options vested under our stock option plan during 2013, 2012, and 2011 was $3,508, $3,866, and $9,168, respectively. | |||||||||||||||||
Total stock-based compensation expense related to our stock option plan was $5,400, $4,800, and $4,050 for 2013, 2012, and 2011, respectively. | |||||||||||||||||
Earnings Per Share | |||||||||||||||||
The following tables present a reconciliation of the denominators used in the computation of basic and diluted earnings per share and a summary of the options to purchase shares of common stock which were excluded from the diluted earnings calculation because they were anti-dilutive: | |||||||||||||||||
Reconciliation | 2013 | 2012 | 2011 | ||||||||||||||
Basic-weighted average shares outstanding | 296,754,160 | 296,089,348 | 295,053,790 | ||||||||||||||
Weighted shares assumed upon exercise of stock options | 929,428 | 1,061,602 | 814,936 | ||||||||||||||
Diluted-weighted average shares outstanding | 297,683,588 | 297,150,950 | 295,868,726 | ||||||||||||||
Summary of Anti-dilutive Options Excluded | 2013 | 2012 | 2011 | ||||||||||||||
Options to purchase shares of common stock | 1,273,527 | 847,254 | 704,384 | ||||||||||||||
Weighted-average exercise prices of options | $ | 54 | 54 | 32.05 | |||||||||||||
Any dilutive impact summarized above would relate to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive option securities then outstanding. |
Retirement_Savings_Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2013 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' |
Retirement Savings Plan | ' |
Note 6. Retirement Savings Plan | |
The Fastenal Company and Subsidiaries 401(k) and Employee Stock Ownership Plan covers all of our employees in the United States. Our employees in Canada may participate in a Registered Retirement Savings Plan. The general purpose of both of these plans is to provide additional financial security during retirement by providing employees with an incentive to make regular savings. In addition to the contributions of our employees, we make a profit sharing contribution on an annual basis based on an established formula. Our contribution under this profit sharing formula was approximately $12,211, $11,110 and $7,717 for 2013, 2012, and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
Note 7. Income Taxes | ||||||||||
Earnings before income taxes were derived from the following sources: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Domestic | $ | 697,062 | 649,098 | 545,527 | ||||||
Foreign | 16,406 | 25,057 | 29,554 | |||||||
$ | 713,468 | 674,155 | 575,081 | |||||||
Components of income tax expense (benefit) are as follows: | ||||||||||
2013:00:00 | Current | Deferred | Total | |||||||
Federal | $ | 220,588 | 8,547 | 229,135 | ||||||
State | 29,073 | 527 | 29,600 | |||||||
Foreign | 7,487 | (1,390 | ) | 6,097 | ||||||
$ | 257,148 | 7,684 | 264,832 | |||||||
2012:00:00 | Current | Deferred | Total | |||||||
Federal | $ | 202,095 | 14,742 | 216,837 | ||||||
State | 27,586 | 981 | 28,567 | |||||||
Foreign | 8,476 | (261 | ) | 8,215 | ||||||
$ | 238,157 | 15,462 | 253,619 | |||||||
2011:00:00 | Current | Deferred | Total | |||||||
Federal | $ | 164,125 | 17,343 | 181,468 | ||||||
State | 28,669 | (244 | ) | 28,425 | ||||||
Foreign | 8,683 | (1,424 | ) | 7,259 | ||||||
$ | 201,477 | 15,675 | 217,152 | |||||||
Income tax expense in the accompanying consolidated financial statements differs from the expected expense as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Federal income tax expense at the ‘expected’ rate of 35% | $ | 249,714 | 235,954 | 201,278 | ||||||
Increase (decrease) attributed to: | ||||||||||
State income taxes, net of federal benefit | 17,150 | 19,565 | 18,210 | |||||||
State tax matters | (467 | ) | 884 | 737 | ||||||
Other, net | (1,565 | ) | (2,784 | ) | (3,073 | ) | ||||
Total income tax expense | $ | 264,832 | 253,619 | 217,152 | ||||||
The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at year end are as follows: | ||||||||||
2013 | 2012 | |||||||||
Deferred income tax assets (liabilities): | ||||||||||
Inventory costing and valuation methods | $ | 3,834 | 4,045 | |||||||
Allowance for doubtful accounts receivable | 3,586 | 2,618 | ||||||||
Insurance claims payable | 10,594 | 7,825 | ||||||||
Promotions payable | 1,240 | 945 | ||||||||
Accrued legal reserves | 309 | 207 | ||||||||
Stock-based compensation | 5,974 | 4,715 | ||||||||
Federal and state benefit of uncertain tax positions | 1,158 | 1,871 | ||||||||
Foreign net operating loss and credit carryforwards | 5,089 | 3,309 | ||||||||
Foreign valuation allowances | (2,819 | ) | (2,090 | ) | ||||||
Other, net | (1,482 | ) | (952 | ) | ||||||
Total deferred income tax assets | 27,483 | 22,493 | ||||||||
Property and equipment | (72,490 | ) | (59,371 | ) | ||||||
Total deferred income tax liabilities | (72,490 | ) | (59,371 | ) | ||||||
Net deferred income tax assets (liabilities) | $ | (45,007 | ) | (36,878 | ) | |||||
A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows: | ||||||||||
2013 | 2012 | |||||||||
Balance at start of year: | $ | 5,331 | 4,653 | |||||||
Increase related to prior year tax positions | 37 | 172 | ||||||||
Decrease related to prior year tax positions | (1,695 | ) | (1,025 | ) | ||||||
Increase related to current year tax positions | 1,058 | 2,170 | ||||||||
Decrease related to statute of limitation lapses | — | — | ||||||||
Settlements | (1,449 | ) | (639 | ) | ||||||
Balance at end of year: | $ | 3,282 | 5,331 | |||||||
Included in the liability for unrecognized tax benefits is an immaterial amount for interest and penalties, both of which we classify as a component of income tax expense. The amount of unrecognized tax benefits that would favorably impact the effective tax rate, if recognized, is not material. | ||||||||||
Fastenal Company or one of its subsidiaries files income tax returns in the United States federal jurisdiction, all states, and various foreign jurisdictions. With limited exceptions, we are no longer subject to income tax examinations by taxing authorities for taxable years before 2010 in the case of United States federal and non-United States examinations and 2009 in the case of state and local examinations. | ||||||||||
In general, it is our practice and intention to reinvest the earnings of our foreign subsidiaries into our foreign operations. As of December 31, 2013, we have not made a provision for United States income taxes or for additional foreign withholding taxes on approximately $85,000 of the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that are essentially permanent in duration. Generally, such amounts become subject to United States taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred income tax liabilities related to investments in these foreign subsidiaries. |
Geographic_Information
Geographic Information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||
Geographic Information | ' | |||||||||
Note 8. Geographic Information | ||||||||||
Our revenues and long-lived assets relate to the following geographic areas: | ||||||||||
Revenues | 2013 | 2012 | 2011 | |||||||
United States | $ | 2,951,673 | 2,798,124 | 2,474,805 | ||||||
Canada | 227,756 | 218,570 | 198,592 | |||||||
Other foreign countries | 146,677 | 116,883 | 93,462 | |||||||
$ | 3,326,106 | 3,133,577 | 2,766,859 | |||||||
Long-Lived Assets | 2013 | 2012 | 2011 | |||||||
United States | $ | 632,783 | 495,609 | 426,329 | ||||||
Canada | 22,572 | 15,954 | 11,105 | |||||||
Other foreign countries | 11,968 | 17,613 | 11,376 | |||||||
$ | 667,323 | 529,176 | 448,810 | |||||||
The accounting policies of the operations in the various geographic areas are the same as those described in the summary of significant accounting policies. Long-lived assets consist of property and equipment, location security deposits, goodwill, and other intangibles. Revenues are attributed to countries based on the location of the store from which the sale occurred. No single customer represents 10% or more of our consolidated net sales. |
Operating_Leases
Operating Leases | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Leases, Operating [Abstract] | ' | |||||||||
Operating Leases | ' | |||||||||
Note 9. Operating Leases | ||||||||||
We lease space under non-cancelable operating leases for several distribution centers, several manufacturing locations, and certain store locations with initial terms of one to 60 months. Most store locations have initial lease terms of 36 to 48 months. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Any such terms are recognized as rent expense over the term of the lease. Further, the leases do not contain contingent rent provisions. Leasehold improvements, with a net book value of $1,827 at December 31, 2013, on operating leases are amortized over a 36-month period. We lease certain semi-tractors and pick-ups under operating leases. The semi-tractor leases typically have a 36-month term. The pick-up leases typically have a non-cancelable lease term of approximately one year, with renewal options for up to 72-months. Our average lease term for pick-ups is typically for 28 to 36 months. Future minimum annual rentals for the leased facilities and the leased vehicles are as follows: | ||||||||||
Leased | Leased | Total | ||||||||
Facilities | Vehicles | |||||||||
2014 | $ | 89,289 | 20,263 | 109,552 | ||||||
2015 | 65,242 | 10,796 | 76,038 | |||||||
2016 | 41,115 | 4,733 | 45,848 | |||||||
2017 | 20,575 | — | 20,575 | |||||||
2018 | 8,894 | — | 8,894 | |||||||
2019 and thereafter | — | — | — | |||||||
$ | 225,115 | 35,792 | 260,907 | |||||||
Rent expense under all operating leases was as follows: | ||||||||||
Leased | Leased | Total | ||||||||
Facilities | Vehicles | |||||||||
2013 | $ | 99,483 | 32,907 | 132,390 | ||||||
2012 | $ | 96,540 | 29,039 | 125,579 | ||||||
2011 | $ | 95,808 | 23,866 | 119,674 | ||||||
Certain operating leases for vehicles contain residual value guarantee provisions which would generally become due at the expiration of the operating lease agreement if the fair value of the leased vehicles is less than the guaranteed residual value. The aggregate residual value guarantee related to these leases is approximately $44,720. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote, except for a $36 loss on disposal reserve provided at December 31, 2013. Our fleet also contains vehicles we estimate will settle at a gain. Gains on these vehicles will be recognized when we sell or dispose of the vehicle or at the end of the lease term. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 10. Commitments and Contingencies | |
Credit Facilities and Commitments | |
In December 2012, we entered into a $125,000 unsecured revolving credit facility. The facility includes a $40,000 letter of credit subfacility. The facility will expire, and any outstanding loans under the facility will mature, on December 13, 2015. At year end there were undrawn letters of credit outstanding under the facility, with a face amount of $34,415. No loans were outstanding under the facility at year end. | |
Loans under the facility, other than swing line loans, bear interest at a rate per annum equal to, at our election, either (i) LIBOR for an interest period of one month, reset daily, plus 0.875%, or (ii) LIBOR for an interest period of one, two, three, six or twelve months as selected by us, reset at the end of the selected interest period, plus 0.875%. Swing line loans bear interest at a rate per annum equal to LIBOR for an interest period of one month, reset daily, plus 0.875%. We pay a commitment fee for the unused portion of the facility of 0.10% per annum if the average quarterly utilization of the facility is 20% or more, or 0.125% per annum if the average quarterly utilization of the facility is less than 20%. For each letter of credit issued under the facility, we pay a commission fee on the amount available to be drawn under such letter of credit equal to 0.875% per annum and, subject to certain exceptions, an issuance fee equal to 0.075% of the face amount of such letter of credit. | |
During 2001, we completed the construction of a new building for our Kansas City warehouse, and completed an expansion of this warehouse in 2004. We were required to obtain financing for the construction and expansion of this facility under an Industrial Revenue Bond ('IRB'). We subsequently purchased 100% of the outstanding bonds under the IRB at par. In addition to purchasing the outstanding obligations, we have a right of offset included in the IRB debt agreement. Accordingly, we have netted the impact of the IRB in the accompanying consolidated financial statements. The outstanding balance of the IRB was approximately $3,200 at December 31, 2013 and 2012. | |
Legal Contingencies | |
We are involved in certain legal actions. The outcomes of these legal actions are not within our complete control and may not be known for prolonged periods of time. In some actions, the claimants seek damages, as well as other relief, that could require significant expenditures or result in lost revenues. We record a liability for these legal actions when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded. As of December 31, 2013, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome. |
Sales_by_Product_Line
Sales by Product Line | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Sales by Product Line [Abstract] | ' | |||||||
Sales by Product Line | ' | |||||||
Note 11. Sales by Product Line | ||||||||
The percentages of our net sales by product line are as follows: | ||||||||
Type | Introduced | 2013 | 2012 | 2011 | ||||
Fasteners1 | 1967 | 42.10% | 44.00% | 46.90% | ||||
Tools | 1993 | 9.20% | 9.30% | 9.40% | ||||
Cutting tools | 1996 | 5.40% | 5.10% | 4.60% | ||||
Hydraulics & pneumatics | 1996 | 7.30% | 7.60% | 7.80% | ||||
Material handling | 1996 | 5.70% | 6.00% | 6.10% | ||||
Janitorial supplies | 1996 | 7.00% | 6.60% | 6.20% | ||||
Electrical supplies | 1997 | 4.60% | 4.70% | 4.70% | ||||
Welding supplies | 1997 | 4.50% | 4.30% | 3.90% | ||||
Safety supplies | 1999 | 11.20% | 9.30% | 7.90% | ||||
Metals | 2001 | 0.50% | 0.50% | 0.50% | ||||
Direct ship2 | 2004 | 1.50% | 1.60% | 1.60% | ||||
Office supplies | 2010 | 0.10% | 0.10% | 0.10% | ||||
Other | 0.90% | 0.90% | 0.30% | |||||
100.00% | 100.00% | 100.00% | ||||||
1 | Fastener product line represents fasteners and miscellaneous supplies. | |||||||
2 | Direct ship represents a cross section of products from the eleven product lines. The items included here represent certain items with historically low margins which are shipped directly from our distribution channel to our customers, bypassing our store network. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12. Subsequent Events | |
We evaluated all subsequent event activity and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements, with the exception of the dividend disclosed in note 5. |
New_and_Proposed_Accounting_Pr
New and Proposed Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New and Proposed Accounting Pronouncements | ' |
Note 13. New and Proposed Accounting Pronouncements | |
In June 2011, the Financial Accounting Standards Board ('FASB') issued Accounting Standards Update ('ASU') No. 2011-06, Comprehensive Income (Topic 820). This accounting standard update eliminates the option to present components of other comprehensive income as part of the statement of equity and requires that the total of comprehensive income, the components of net income, and the components of other comprehensive income be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. It also requires presentation on the face of the financial statements of reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. This accounting standard update was effective beginning in our first quarter of fiscal 2012. The adoption of this accounting standard did not have an impact on our financial statements other than the presentation of the required information. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out Of Accumulated Other Comprehensive Income. This accounting standard requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This accounting standard update was effective beginning in our first quarter of 2013. The adoption of this accounting standard did not have a material impact on our financial statements. | |
Proposed Accounting Pronouncements | |
In May 2013, the FASB reissued an exposure draft on lease accounting that would require entities to recognize assets and liabilities arising from lease contracts on the balance sheet. The proposed exposure draft states that lessees and lessors should apply a “right-of-use model” in accounting for all leases. Under the proposed model, lessees would recognize an asset for the right to use the leased asset, and a liability for the obligation to make rental payments over the lease term. When measuring the asset and liability, variable lease payments are excluded whereas renewal options that provide a significant economic incentive upon renewal would be included. The lease expense from real estate based leases would continue to be recorded under a straight line approach, but other leases not related to real estate would be expensed using an effective interest method that would accelerate lease expense. Comments were due by September 13, 2013 and redeliberations are anticipated in 2014. Upon issuance of a final standard, we will evaluate the impact the adoption of the guidance would have on our financial position, results of operations, and cash flows. We believe knowledge of this information is useful to the reader of our financial statements as many of our store locations and many of our vehicles are currently leased, and those leases are accounted for as operating leases. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
Note 14. Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||
(Amounts in thousands except per share information) | ||||||||||||||||
2013:00:00 | Net Sales | Gross | Pre-tax | Net | Basic Net | |||||||||||
Profit | Earnings | Earnings | Earnings | |||||||||||||
per | ||||||||||||||||
Share | ||||||||||||||||
First quarter | $ | 806,326 | 421,880 | 175,172 | 109,048 | 0.37 | ||||||||||
Second quarter | 847,596 | 442,721 | 192,379 | 121,009 | 0.41 | |||||||||||
Third quarter | 858,424 | 443,395 | 188,643 | 119,350 | 0.4 | |||||||||||
Fourth quarter | 813,760 | 411,449 | 157,274 | 99,229 | 0.33 | |||||||||||
Total | $ | 3,326,106 | 1,719,445 | 713,468 | 448,636 | 1.51 | ||||||||||
2012:00:00 | Net Sales | Gross | Pre-tax | Net | Basic Net | |||||||||||
Profit | Earnings | Earnings | Earnings | |||||||||||||
per | ||||||||||||||||
Share1 | ||||||||||||||||
First quarter | $ | 768,875 | 394,177 | 161,129 | 100,194 | 0.34 | ||||||||||
Second quarter | 804,890 | 415,151 | 179,039 | 112,306 | 0.38 | |||||||||||
Third quarter | 802,577 | 414,375 | 175,836 | 109,320 | 0.37 | |||||||||||
Fourth quarter | 757,235 | 390,821 | 158,151 | 98,716 | 0.33 | |||||||||||
Total | $ | 3,133,577 | 1,614,524 | 674,155 | 420,536 | 1.42 | ||||||||||
1 Note – Amounts may not foot due to rounding difference. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule II-Valuation and Qualifying Accounts | ' | |||||||||||||||
Schedule II—Valuation and Qualifying Accounts | ||||||||||||||||
Years ended December 31, 2013, 2012, and 2011 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Description | Balance at | “Additions” | “Other” | “Less” | Balance | |||||||||||
Beginning | Charged to | Additions | Deductions | at End | ||||||||||||
of Year | Costs and | (Deductions) | of Year | |||||||||||||
Expenses | ||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||
Allowance for doubtful accounts | $ | 6,728 | 9,421 | — | 6,901 | 9,248 | ||||||||||
Insurance reserves | $ | 25,188 | 52,658 | 1 | — | 46,966 | 2 | 30,880 | ||||||||
Year ended December 31, 2012 | ||||||||||||||||
Allowance for doubtful accounts | $ | 5,647 | 9,726 | — | 8,645 | 6,728 | ||||||||||
Insurance reserves | $ | 30,548 | 43,024 | 1 | — | 48,384 | 2 | 25,188 | ||||||||
Year ended December 31, 2011 | ||||||||||||||||
Allowance for doubtful accounts | $ | 4,761 | 9,217 | — | 8,331 | 5,647 | ||||||||||
Insurance reserves | $ | 28,067 | 46,287 | 1 | — | 43,806 | 2 | 30,548 | ||||||||
1 | Includes costs and expenses incurred for premiums and claims related to health and general insurance. | |||||||||||||||
2 | Includes costs and expenses paid for premiums and claims related to health and general insurance. | |||||||||||||||
See accompanying Report of Independent Registered Public Accounting Firm incorporated herein by reference. |
Business_Overview_and_Summary_1
Business Overview and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
Business Overview and Summary of Significant Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
The consolidated financial statements include the accounts of Fastenal Company and its subsidiaries (collectively referred to as ‘Fastenal’ or by such terms as ‘we’, ‘our’, or ‘us’). All material intercompany balances and transactions have been eliminated in consolidation. | |
Revenue Recognition and Accounts Receivable | ' |
Net sales include products, services, and freight and handling costs billed, net of any related sales incentives paid to customers and net of an estimate for product returns. We recognize revenue when persuasive evidence of an arrangement exists, title and risk of ownership have passed, the sales price is fixed or determinable, and collectibility is probable. These criteria are met at the time the product is shipped to, or picked up by, the customer. We recognize billings for freight and handling charges at the time the products are shipped to, or picked up by, the customer. We recognize services at the time the service is provided to the customer. We estimate product returns based on historical return rates. Accounts receivable are stated at their estimated net realizable value. The allowance for doubtful accounts is based on an analysis of customer accounts and our historical experience with accounts receivable write-offs. Sales taxes (and value added taxes in foreign jurisdictions) collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales in the accompanying Consolidated Statements of Earnings. | |
Foreign Currency Translation and Transactions | ' |
The functional currency of our foreign operations is the applicable local currency. The functional currency is translated into United States dollars for balance sheet accounts (with the exception of retained earnings) using current exchange rates as of the balance sheet date, for retained earnings at historical exchange rates, and for revenue and expense accounts using a weighted average exchange rate during the period. The translation adjustments are deferred as a separate component of stockholders’ equity captioned accumulated other comprehensive income. Gains or losses resulting from transactions denominated in foreign currencies are included in operating and administrative expenses in the Consolidated Statements of Earnings. | |
Cash and Cash Equivalents | ' |
We consider all investments purchased with original maturities of three months or less to be cash equivalents. | |
Financial Instruments and Marketable Securities | ' |
All financial instruments are carried at amounts that approximate estimated fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair value are categorized based upon the lowest level of significant input to the valuations. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based upon our own assumptions used to measure assets and liabilities at fair value. In determining fair value we use observable market data when available. | |
Marketable securities as of December 31, 2013 and 2012 consist of common stock. We classify our marketable securities as available-for-sale. Available-for-sale securities are recorded at fair value based on current market value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings but are included in comprehensive income and are reported as a separate component of stockholders’ equity until realized, unless a decline in the market value of any available-for-sale security is below cost then the amount is deemed other than temporary and is charged to earnings, resulting in the establishment of a new cost basis for the security. | |
Inventories | ' |
Inventories, consisting of finished goods merchandise held for resale, are stated at the lower of cost (first in, first out method) or market. | |
Property and Equipment | ' |
Property and equipment are stated at cost. Depreciation on buildings and equipment is provided for using the straight-line method over the anticipated economic useful lives of the related property. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by the asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. There were no impairments recorded during any of the three years reported in these consolidated financial statements. | |
Leases | ' |
We lease space under operating leases for certain distribution centers, stores, and manufacturing locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Any such terms are recognized as rent expense over the term of the lease. Further, the leases do not contain contingent rent provisions. Leasehold improvements on operating leases are amortized over their estimated service lives on a straight-line basis. We lease certain semi-tractors and pick-ups under operating leases. | |
Other Long-Lived Assets | ' |
Other assets consist of prepaid security deposits, goodwill, non-compete agreements, and other related intangible assets. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is reviewed for impairment annually. The non-compete and related intangible assets are amortized on a straight-line basis over their estimated life. | |
Accounting Estimates | ' |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. | |
Insurance Reserves | ' |
We are self-insured for certain losses relating to medical, dental, workers’ compensation, and other casualty losses. Specific stop loss coverage is provided for catastrophic claims in order to limit exposure to significant claims. Losses and claims are charged to operations when it is probable a loss has been incurred and the amount can be reasonably estimated. Accrued insurance liabilities are based on claims filed and estimates of claims incurred but not reported. | |
Product Warranties | ' |
We offer a basic limited warranty for certain of our products. The specific terms and conditions of those warranties vary depending upon the product sold. We typically recoup these costs through product warranties we hold with the original equipment manufacturers. Our warranty expense has historically been minimal. | |
Stock-Based Compensation | ' |
We estimate the value of stock option grants using a Black-Scholes valuation model. Stock-based compensation expense is recognized on a straight-line basis over the vesting period. Our stock-based compensation expense is recorded in operating and administrative expenses in the Consolidated Statements of Earnings. | |
We report the benefits of tax deductions in excess of recognized stock-based compensation as cash flows from financing activities, thereby reducing net operating cash flows and increasing net financing cash flows. | |
Income Taxes | ' |
We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits in income tax expense. | |
Earnings Per Share | ' |
Basic net earnings per share is calculated using net earnings available to common stockholders divided by the weighted average number of shares of common stock outstanding during the year. Diluted net earnings per share is similar to basic net earnings per share except that the weighted average number of shares of common stock outstanding includes the incremental shares assumed to be issued upon the exercise of stock options considered to be ‘in-the-money’ (i.e. when the market price of our stock is greater than the exercise price of our outstanding stock options). | |
Segment Reporting | ' |
We have determined that we meet the aggregation criteria outlined in the accounting standards as our various operations have similar (1) economic characteristics, (2) products and services, (3) customers, (4) distribution channels, and (5) regulatory environments. Therefore, we report as a single business segment. |
Geographic_Information_Policie
Geographic Information (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Segments, Geographical Areas [Abstract] | ' |
Geographic Information | ' |
The accounting policies of the operations in the various geographic areas are the same as those described in the summary of significant accounting policies. Long-lived assets consist of property and equipment, location security deposits, goodwill, and other intangibles. Revenues are attributed to countries based on the location of the store from which the sale occurred. No single customer represents 10% or more of our consolidated net sales. |
Financial_Instruments_and_Mark1
Financial Instruments and Marketable Securities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Financial Instruments and Marketable Securities [Abstract] | ' | ||||||||||||
Fair Value Hierarchy Of Assets Measured On A Recurring Basis | ' | ||||||||||||
The following table presents the placement in the fair value hierarchy of assets that are measured at fair value on a recurring basis: | |||||||||||||
December 31, 2013: | Total | Level 1 | Level 2 | Level 3 | |||||||||
Common stock | $ | 451 | 451 | — | — | ||||||||
Total available-for-sale securities | $ | 451 | 451 | — | — | ||||||||
December 31, 2012: | Total | Level 1 | Level 2 | Level 3 | |||||||||
Common stock | $ | 354 | 354 | — | — | ||||||||
Total available-for-sale securities | $ | 354 | 354 | — | — | ||||||||
Marketable Securities Treated As Available-For-Sale Securities | ' | ||||||||||||
Marketable securities, all treated as available-for-sale securities, consist of the following: | |||||||||||||
December 31, 2013: | Amortized Cost | Gross | Gross | Fair Value | |||||||||
Unrealized Gains | Unrealized Losses | ||||||||||||
Common stock | $ | 197 | 254 | — | 451 | ||||||||
Total available-for-sale securities | $ | 197 | 254 | — | 451 | ||||||||
December 31, 2012: | Amortized Cost | Gross | Gross | Fair Value | |||||||||
Unrealized Gains | Unrealized Losses | ||||||||||||
Common stock | $ | 197 | 157 | — | 354 | ||||||||
Total available-for-sale securities | $ | 197 | 157 | — | 354 | ||||||||
Future Maturities Of Available-For-Sale Securities | ' | ||||||||||||
Future maturities of our available-for-sale securities consist of the following: | |||||||||||||
Less than 12 months | Greater than 12 months | ||||||||||||
December 31, 2013: | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||
Common stock | $ | 197 | 451 | — | — | ||||||||
Total available-for-sale securities | $ | 197 | 451 | — | — | ||||||||
LongLived_Assets_Tables
Long-Lived Assets (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment, Net, by Type [Abstract] | ' | |||||||||
Schedule Of Property And Equipment | ' | |||||||||
Property and equipment at year end consists of the following: | ||||||||||
Depreciable Life | 2013 | 2012 | ||||||||
in Years | ||||||||||
Land | — | $ | 36,644 | 31,831 | ||||||
Buildings and improvements | 15 to 40 | 216,852 | 200,439 | |||||||
Automated storage and retrieval equipment | 5 to 30 | 98,474 | 69,404 | |||||||
Equipment and shelving | 3 to 10 | 462,224 | 398,240 | |||||||
Transportation equipment | 3 to 5 | 57,536 | 52,093 | |||||||
Construction in progress | — | 148,172 | 88,071 | |||||||
1,019,902 | 840,078 | |||||||||
Less accumulated depreciation | (365,052 | ) | (323,651 | ) | ||||||
Net property and equipment | $ | 654,850 | 516,427 | |||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accrued Liabilities, Current [Abstract] | ' | ||||||
Schedule Of Accrued Expenses | ' | ||||||
Accrued expenses at year end consist of the following: | |||||||
2013 | 2012 | ||||||
Payroll and related taxes | $ | 21,960 | 19,614 | ||||
Bonuses and commissions | 12,502 | 14,159 | |||||
Profit sharing contribution | 12,211 | 11,110 | |||||
Insurance | 30,880 | 25,188 | |||||
Promotions | 18,047 | 13,581 | |||||
Sales, real estate, and personal property taxes | 47,784 | 38,562 | |||||
Vehicle loss reserve and deferred rebates | 36 | 200 | |||||
Legal reserves | 795 | 531 | |||||
Other | 4,364 | 3,210 | |||||
$ | 148,579 | 126,155 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Summary of Authorized, Issued and Outstanding Shares | ' | ||||||||||||||||
Our authorized, issued, and outstanding shares (stated in whole numbers) at year end consist of the following: | |||||||||||||||||
Par Value | 2013 | 2012 | |||||||||||||||
Preferred stock | .01/share | ||||||||||||||||
Authorized | 5,000,000 | 5,000,000 | |||||||||||||||
Shares issued and outstanding | — | — | |||||||||||||||
Common stock | .01/share | ||||||||||||||||
Authorized | 400,000,000 | 400,000,000 | |||||||||||||||
Shares issued and outstanding | 296,753,544 | 296,564,382 | |||||||||||||||
Summary of Stock Option Plan Activity and Summary of Stock Options Granted | ' | ||||||||||||||||
The following tables summarize the details of grants made under our stock option plan that are still outstanding, and the assumptions used to value these grants. All options granted were effective at the close of business on the date of grant. | |||||||||||||||||
Options | Option Exercise | Closing Stock | 31-Dec-13 | ||||||||||||||
Granted | (Strike) Price | Price on Date | |||||||||||||||
Date of Grant | of Grant | Options | Options | ||||||||||||||
Outstanding | Exercisable | ||||||||||||||||
16-Apr-13 | 205,000 | $ | 54 | $ | 49.25 | 172,500 | — | ||||||||||
17-Apr-12 | 1,235,000 | $ | 54 | $ | 49.01 | 1,127,500 | — | ||||||||||
April 19, 2011 | 410,000 | $ | 35 | $ | 31.78 | 350,000 | 25,000 | ||||||||||
April 20, 2010 | 530,000 | $ | 30 | $ | 27.13 | 300,000 | — | ||||||||||
April 21, 2009 | 790,000 | $ | 27 | $ | 17.61 | 413,300 | 173,300 | ||||||||||
April 15, 2008 | 550,000 | $ | 27 | $ | 24.35 | 206,750 | 113,000 | ||||||||||
April 17, 2007 | 4,380,000 | $ | 22.5 | $ | 20.15 | 1,786,580 | 1,131,080 | ||||||||||
Total | 8,100,000 | 4,356,630 | 1,442,380 | ||||||||||||||
A summary of the activity under our stock option plan is as follows: | |||||||||||||||||
Options | Exercise | Remaining | |||||||||||||||
Outstanding | Price1 | Life2 | |||||||||||||||
Outstanding as of January 1, 2013 | 4,835,792 | $ | 32.51 | 5.4 | |||||||||||||
Granted | 205,000 | $ | 54 | 8.41 | |||||||||||||
Exercised | (389,162 | ) | $ | 23.91 | |||||||||||||
Cancelled/forfeited | (295,000 | ) | $ | 35.89 | |||||||||||||
Outstanding as of December 31, 2013 | 4,356,630 | $ | 34.06 | 4.66 | |||||||||||||
Exercisable as of December 31, 2013 | 1,442,380 | $ | 23.61 | 2.74 | |||||||||||||
Options | Exercise | Remaining | |||||||||||||||
Outstanding | Price1 | Life2 | |||||||||||||||
Outstanding as of January 1, 2012 | 5,132,750 | $ | 24.92 | 4.72 | |||||||||||||
Granted | 1,235,000 | $ | 54 | 8.41 | |||||||||||||
Exercised | (1,305,708 | ) | 22.7 | ||||||||||||||
Cancelled/forfeited | (226,250 | ) | $ | 34.12 | |||||||||||||
Outstanding as of December 31, 2012 | 4,835,792 | $ | 32.51 | 5.4 | |||||||||||||
Exercisable as of December 31, 2012 | 1,168,792 | $ | 22.95 | 3.45 | |||||||||||||
1 | Weighted-average exercise price | ||||||||||||||||
2 | Weighted-average remaining contractual life in years | ||||||||||||||||
Summary of Fair Value Assumptions for Options Granted | ' | ||||||||||||||||
Date of Grant | Risk-free | Expected Life | Expected | Expected | Estimated Fair | ||||||||||||
Interest Rate | of Option in | Dividend | Stock | Value of Stock | |||||||||||||
Years | Yield | Volatility | Option | ||||||||||||||
16-Apr-13 | 0.7 | % | 5 | 1.6 | % | 37.42 | % | $ | 12.66 | ||||||||
17-Apr-12 | 0.9 | % | 5 | 1.4 | % | 39.25 | % | $ | 13.69 | ||||||||
April 19, 2011 | 2.1 | % | 5 | 1.6 | % | 39.33 | % | $ | 11.2 | ||||||||
April 20, 2010 | 2.6 | % | 5 | 1.5 | % | 39.1 | % | $ | 8.14 | ||||||||
April 21, 2009 | 1.9 | % | 5 | 1 | % | 38.8 | % | $ | 3.64 | ||||||||
April 15, 2008 | 2.7 | % | 5 | 1 | % | 30.93 | % | $ | 7.75 | ||||||||
April 17, 2007 | 4.6 | % | 4.85 | 1 | % | 31.59 | % | $ | 5.63 | ||||||||
Reconciliation of Denominators used in Computation of Basic and Diluted Earnings per Share | ' | ||||||||||||||||
Reconciliation | 2013 | 2012 | 2011 | ||||||||||||||
Basic-weighted average shares outstanding | 296,754,160 | 296,089,348 | 295,053,790 | ||||||||||||||
Weighted shares assumed upon exercise of stock options | 929,428 | 1,061,602 | 814,936 | ||||||||||||||
Diluted-weighted average shares outstanding | 297,683,588 | 297,150,950 | 295,868,726 | ||||||||||||||
Summary of Anti-Dilutive Options Excluded | ' | ||||||||||||||||
Summary of Anti-dilutive Options Excluded | 2013 | 2012 | 2011 | ||||||||||||||
Options to purchase shares of common stock | 1,273,527 | 847,254 | 704,384 | ||||||||||||||
Weighted-average exercise prices of options | $ | 54 | 54 | 32.05 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Earnings Before Income Taxes | ' | |||||||||
Earnings before income taxes were derived from the following sources: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Domestic | $ | 697,062 | 649,098 | 545,527 | ||||||
Foreign | 16,406 | 25,057 | 29,554 | |||||||
$ | 713,468 | 674,155 | 575,081 | |||||||
Components Of Income Tax Expense (Benefit) | ' | |||||||||
Components of income tax expense (benefit) are as follows: | ||||||||||
2013:00:00 | Current | Deferred | Total | |||||||
Federal | $ | 220,588 | 8,547 | 229,135 | ||||||
State | 29,073 | 527 | 29,600 | |||||||
Foreign | 7,487 | (1,390 | ) | 6,097 | ||||||
$ | 257,148 | 7,684 | 264,832 | |||||||
2012:00:00 | Current | Deferred | Total | |||||||
Federal | $ | 202,095 | 14,742 | 216,837 | ||||||
State | 27,586 | 981 | 28,567 | |||||||
Foreign | 8,476 | (261 | ) | 8,215 | ||||||
$ | 238,157 | 15,462 | 253,619 | |||||||
2011:00:00 | Current | Deferred | Total | |||||||
Federal | $ | 164,125 | 17,343 | 181,468 | ||||||
State | 28,669 | (244 | ) | 28,425 | ||||||
Foreign | 8,683 | (1,424 | ) | 7,259 | ||||||
$ | 201,477 | 15,675 | 217,152 | |||||||
Difference In Income Tax Expense And Expected Expense | ' | |||||||||
Income tax expense in the accompanying consolidated financial statements differs from the expected expense as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Federal income tax expense at the ‘expected’ rate of 35% | $ | 249,714 | 235,954 | 201,278 | ||||||
Increase (decrease) attributed to: | ||||||||||
State income taxes, net of federal benefit | 17,150 | 19,565 | 18,210 | |||||||
State tax matters | (467 | ) | 884 | 737 | ||||||
Other, net | (1,565 | ) | (2,784 | ) | (3,073 | ) | ||||
Total income tax expense | $ | 264,832 | 253,619 | 217,152 | ||||||
Summary Of Temporary Differences That Give Rise To Deferred Income Tax Assets And Liabilities | ' | |||||||||
The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at year end are as follows: | ||||||||||
2013 | 2012 | |||||||||
Deferred income tax assets (liabilities): | ||||||||||
Inventory costing and valuation methods | $ | 3,834 | 4,045 | |||||||
Allowance for doubtful accounts receivable | 3,586 | 2,618 | ||||||||
Insurance claims payable | 10,594 | 7,825 | ||||||||
Promotions payable | 1,240 | 945 | ||||||||
Accrued legal reserves | 309 | 207 | ||||||||
Stock-based compensation | 5,974 | 4,715 | ||||||||
Federal and state benefit of uncertain tax positions | 1,158 | 1,871 | ||||||||
Foreign net operating loss and credit carryforwards | 5,089 | 3,309 | ||||||||
Foreign valuation allowances | (2,819 | ) | (2,090 | ) | ||||||
Other, net | (1,482 | ) | (952 | ) | ||||||
Total deferred income tax assets | 27,483 | 22,493 | ||||||||
Property and equipment | (72,490 | ) | (59,371 | ) | ||||||
Total deferred income tax liabilities | (72,490 | ) | (59,371 | ) | ||||||
Net deferred income tax assets (liabilities) | $ | (45,007 | ) | (36,878 | ) | |||||
Reconciliation Of The Beginning And Ending Amount Of Total Gross Unrecognized Tax Benefits | ' | |||||||||
A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows: | ||||||||||
2013 | 2012 | |||||||||
Balance at start of year: | $ | 5,331 | 4,653 | |||||||
Increase related to prior year tax positions | 37 | 172 | ||||||||
Decrease related to prior year tax positions | (1,695 | ) | (1,025 | ) | ||||||
Increase related to current year tax positions | 1,058 | 2,170 | ||||||||
Decrease related to statute of limitation lapses | — | — | ||||||||
Settlements | (1,449 | ) | (639 | ) | ||||||
Balance at end of year: | $ | 3,282 | 5,331 | |||||||
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||
Revenues By Geographic Areas | ' | |||||||||
Revenues | 2013 | 2012 | 2011 | |||||||
United States | $ | 2,951,673 | 2,798,124 | 2,474,805 | ||||||
Canada | 227,756 | 218,570 | 198,592 | |||||||
Other foreign countries | 146,677 | 116,883 | 93,462 | |||||||
$ | 3,326,106 | 3,133,577 | 2,766,859 | |||||||
Long-Lived Assets By Geographic Areas | ' | |||||||||
Long-Lived Assets | 2013 | 2012 | 2011 | |||||||
United States | $ | 632,783 | 495,609 | 426,329 | ||||||
Canada | 22,572 | 15,954 | 11,105 | |||||||
Other foreign countries | 11,968 | 17,613 | 11,376 | |||||||
$ | 667,323 | 529,176 | 448,810 | |||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Leases, Operating [Abstract] | ' | |||||||||
Future Minimum Annual Rentals | ' | |||||||||
Future minimum annual rentals for the leased facilities and the leased vehicles are as follows: | ||||||||||
Leased | Leased | Total | ||||||||
Facilities | Vehicles | |||||||||
2014 | $ | 89,289 | 20,263 | 109,552 | ||||||
2015 | 65,242 | 10,796 | 76,038 | |||||||
2016 | 41,115 | 4,733 | 45,848 | |||||||
2017 | 20,575 | — | 20,575 | |||||||
2018 | 8,894 | — | 8,894 | |||||||
2019 and thereafter | — | — | — | |||||||
$ | 225,115 | 35,792 | 260,907 | |||||||
Rent Expense | ' | |||||||||
Rent expense under all operating leases was as follows: | ||||||||||
Leased | Leased | Total | ||||||||
Facilities | Vehicles | |||||||||
2013 | $ | 99,483 | 32,907 | 132,390 | ||||||
2012 | $ | 96,540 | 29,039 | 125,579 | ||||||
2011 | $ | 95,808 | 23,866 | 119,674 | ||||||
Sales_by_Product_Line_Tables
Sales by Product Line (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Sales by Product Line [Abstract] | ' | |||||||
Percentages Of Net Sales By Product Line | ' | |||||||
The percentages of our net sales by product line are as follows: | ||||||||
Type | Introduced | 2013 | 2012 | 2011 | ||||
Fasteners1 | 1967 | 42.10% | 44.00% | 46.90% | ||||
Tools | 1993 | 9.20% | 9.30% | 9.40% | ||||
Cutting tools | 1996 | 5.40% | 5.10% | 4.60% | ||||
Hydraulics & pneumatics | 1996 | 7.30% | 7.60% | 7.80% | ||||
Material handling | 1996 | 5.70% | 6.00% | 6.10% | ||||
Janitorial supplies | 1996 | 7.00% | 6.60% | 6.20% | ||||
Electrical supplies | 1997 | 4.60% | 4.70% | 4.70% | ||||
Welding supplies | 1997 | 4.50% | 4.30% | 3.90% | ||||
Safety supplies | 1999 | 11.20% | 9.30% | 7.90% | ||||
Metals | 2001 | 0.50% | 0.50% | 0.50% | ||||
Direct ship2 | 2004 | 1.50% | 1.60% | 1.60% | ||||
Office supplies | 2010 | 0.10% | 0.10% | 0.10% | ||||
Other | 0.90% | 0.90% | 0.30% | |||||
100.00% | 100.00% | 100.00% | ||||||
1 | Fastener product line represents fasteners and miscellaneous supplies. | |||||||
2 | Direct ship represents a cross section of products from the eleven product lines. The items included here represent certain items with historically low margins which are shipped directly from our distribution channel to our customers, bypassing our store network. |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
2013:00:00 | Net Sales | Gross | Pre-tax | Net | Basic Net | |||||||||||
Profit | Earnings | Earnings | Earnings | |||||||||||||
per | ||||||||||||||||
Share | ||||||||||||||||
First quarter | $ | 806,326 | 421,880 | 175,172 | 109,048 | 0.37 | ||||||||||
Second quarter | 847,596 | 442,721 | 192,379 | 121,009 | 0.41 | |||||||||||
Third quarter | 858,424 | 443,395 | 188,643 | 119,350 | 0.4 | |||||||||||
Fourth quarter | 813,760 | 411,449 | 157,274 | 99,229 | 0.33 | |||||||||||
Total | $ | 3,326,106 | 1,719,445 | 713,468 | 448,636 | 1.51 | ||||||||||
2012:00:00 | Net Sales | Gross | Pre-tax | Net | Basic Net | |||||||||||
Profit | Earnings | Earnings | Earnings | |||||||||||||
per | ||||||||||||||||
Share1 | ||||||||||||||||
First quarter | $ | 768,875 | 394,177 | 161,129 | 100,194 | 0.34 | ||||||||||
Second quarter | 804,890 | 415,151 | 179,039 | 112,306 | 0.38 | |||||||||||
Third quarter | 802,577 | 414,375 | 175,836 | 109,320 | 0.37 | |||||||||||
Fourth quarter | 757,235 | 390,821 | 158,151 | 98,716 | 0.33 | |||||||||||
Total | $ | 3,133,577 | 1,614,524 | 674,155 | 420,536 | 1.42 | ||||||||||
1 Note – Amounts may not foot due to rounding difference. |
Business_Overview_and_Summary_2
Business Overview and Summary of Significant Accounting Policies - Additional Information (Details) | Dec. 31, 2013 |
Business Overview and Summary of Significant Accounting Policies [Abstract] | ' |
Approximate number of store locations | 2,700 |
Financial_Instruments_and_Mark2
Financial Instruments and Marketable Securities - Additional Information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Financial Instruments and Marketable Securities [Abstract] | ' | ' |
Dollar value of transfers between levels | $0 | $0 |
Financial_Instruments_and_Mark3
Financial Instruments and Marketable Securities (Fair Value Hierarchy Of Assets Measured On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | $451 | $354 |
Common Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 451 | 354 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 451 | 354 |
Level 1 | Common Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 451 | 354 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 0 | 0 |
Level 2 | Common Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 0 | 0 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 0 | 0 |
Level 3 | Common Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | $0 | $0 |
Financial_Instruments_and_Mark4
Financial Instruments and Marketable Securities (Marketable Securities Treated As Available-For-Sale Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available-for-sale securities, Amortized Cost | $197 | $197 |
Total available-for-sale securities, Gross Unrealized Gains | 254 | 157 |
Total available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Total available-for-sale securities, Fair Value | 451 | 354 |
Common Stock | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available-for-sale securities, Amortized Cost | 197 | 197 |
Total available-for-sale securities, Gross Unrealized Gains | 254 | 157 |
Total available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Total available-for-sale securities, Fair Value | $451 | $354 |
Financial_Instruments_and_Mark5
Financial Instruments and Marketable Securities (Future Maturities Of Available-For-Sale Securities) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Securities, Amortized Cost, Maturities Less Than Twelve Months | $197 |
Available-for-sale Securities, Fair Value, Maturities Less Than Twelve Months | 451 |
Available-for-sale Securities, Amortized Cost, Maturities Greater Than Twelve Months | 0 |
Available-for-sale Securities, Fair Value, Maturities Greater Than Twelve Months | 0 |
Common Stock | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Securities, Amortized Cost, Maturities Less Than Twelve Months | 197 |
Available-for-sale Securities, Fair Value, Maturities Less Than Twelve Months | 451 |
Available-for-sale Securities, Amortized Cost, Maturities Greater Than Twelve Months | 0 |
Available-for-sale Securities, Fair Value, Maturities Greater Than Twelve Months | $0 |
LongLived_Assets_Details
Long-Lived Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Land [Member] | Land [Member] | Buildings And Improvements [Member] | Buildings And Improvements [Member] | Automated Storage And Retrieval Equipment [Member] | Automated Storage And Retrieval Equipment [Member] | Equipment And Shelving [Member] | Equipment And Shelving [Member] | Transportation Equipment [Member] | Transportation Equipment [Member] | Construction In Progress [Member] | Construction In Progress [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Buildings And Improvements [Member] | Automated Storage And Retrieval Equipment [Member] | Equipment And Shelving [Member] | Transportation Equipment [Member] | Buildings And Improvements [Member] | Automated Storage And Retrieval Equipment [Member] | Equipment And Shelving [Member] | Transportation Equipment [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross property and equipment | $1,019,902 | $840,078 | $36,644 | $31,831 | $216,852 | $200,439 | $98,474 | $69,404 | $462,224 | $398,240 | $57,536 | $52,093 | $148,172 | $88,071 | ' | ' | ' | ' | ' | ' | ' | ' |
Less accumulated depreciation | -365,052 | -323,651 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net property and equipment | $654,850 | $516,427 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciable life in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '5 years | '3 years | '3 years | '40 years | '30 years | '10 years | '5 years |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ' | ' |
Payroll and related taxes | $21,960 | $19,614 |
Bonuses and commissions | 12,502 | 14,159 |
Profit sharing contribution | 12,211 | 11,110 |
Insurance | 30,880 | 25,188 |
Promotions | 18,047 | 13,581 |
Sales, real estate, and personal property taxes | 47,784 | 38,562 |
Vehicle loss reserve and deferred rebates | 36 | 200 |
Legal reserves | 795 | 531 |
Other | 4,364 | 3,210 |
Accrued expenses | $148,579 | $126,155 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 14, 2014 |
Subsequent Event [Member] | ||||
Schedule of Shareholder's Equity [Line Items] | ' | ' | ' | ' |
Dividend declared date | ' | ' | ' | 14-Jan-14 |
Dividend declared per share | ' | ' | ' | $0.25 |
Dividends payment date | ' | ' | ' | 28-Feb-14 |
Dividends payable record date | ' | ' | ' | 31-Jan-14 |
Dividends paid per share | $0.80 | $1.24 | $0.65 | ' |
Options vesting and exercisable period, maximum (in years) | '8 years | ' | ' | ' |
Options termination period after the end of the relevant vesting period (in months) | '13 months | ' | ' | ' |
Total intrinsic value of stock options exercised | $9,925 | $34,424 | $4,977 | ' |
Total unrecognized stock-based compensation expense | 15,976 | ' | ' | ' |
Weighted average period over which total unrecognized stock-based compensation expense will be recognized (in years) | '4 years 2 months 15 days | ' | ' | ' |
Total grant date fair value of options vested | 3,508 | 3,866 | 9,168 | ' |
Total stock-based compensation expense for the Fastenal option plan | $5,400 | $4,800 | $4,050 | ' |
Stockholders_Equity_Authorized
Stockholders' Equity (Authorized, Issued and Outstanding Shares) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' |
Preferred Stock, Par Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares Issued | 296,753,544 | 296,564,382 |
Common Stock, Shares Outstanding | 296,753,544 | 296,564,382 |
Stockholders_Equity_Stock_Opti
Stockholders' Equity (Stock Options Granted) (Details) (USD $) | 80 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
April 16, 2013 [Member] | April 17, 2012 [Member] | April 19, 2011 [Member] | April 20, 2010 [Member] | April 21, 2009 [Member] | April 15, 2008 [Member] | April 17, 2007 [Member] | ||
Grant Date [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Options Granted | 8,100,000 | 205,000 | 1,235,000 | 410,000 | 530,000 | 790,000 | 550,000 | 4,380,000 |
Option Exercise (Strike) Price | ' | $54 | $54 | $35 | $30 | $27 | $27 | $22.50 |
Closing Stock Price on Date of Grant | ' | $49.25 | $49.01 | $31.78 | $27.13 | $17.61 | $24.35 | $20.15 |
Options Outstanding | 4,356,630 | 172,500 | 1,127,500 | 350,000 | 300,000 | 413,300 | 206,750 | 1,786,580 |
Options Exercisable | 1,442,380 | 0 | 0 | 25,000 | 0 | 173,300 | 113,000 | 1,131,080 |
Stockholders_Equity_Fair_Value
Stockholders' Equity (Fair Value Assumptions For Options Granted) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
April 16, 2013 [Member] | ' |
Grant Date [Line Items] | ' |
Risk-free Interest Rate | 0.70% |
Expected Life of Option in Years | '5 years |
Expected Dividend Yield | 1.60% |
Expected Stock Volatility | 37.42% |
Estimated Fair Value of Stock Option | $12.66 |
April 17, 2012 [Member] | ' |
Grant Date [Line Items] | ' |
Risk-free Interest Rate | 0.90% |
Expected Life of Option in Years | '5 years |
Expected Dividend Yield | 1.40% |
Expected Stock Volatility | 39.25% |
Estimated Fair Value of Stock Option | $13.69 |
April 19, 2011 [Member] | ' |
Grant Date [Line Items] | ' |
Risk-free Interest Rate | 2.10% |
Expected Life of Option in Years | '5 years |
Expected Dividend Yield | 1.60% |
Expected Stock Volatility | 39.33% |
Estimated Fair Value of Stock Option | $11.20 |
April 20, 2010 [Member] | ' |
Grant Date [Line Items] | ' |
Risk-free Interest Rate | 2.60% |
Expected Life of Option in Years | '5 years |
Expected Dividend Yield | 1.50% |
Expected Stock Volatility | 39.10% |
Estimated Fair Value of Stock Option | $8.14 |
April 21, 2009 [Member] | ' |
Grant Date [Line Items] | ' |
Risk-free Interest Rate | 1.90% |
Expected Life of Option in Years | '5 years |
Expected Dividend Yield | 1.00% |
Expected Stock Volatility | 38.80% |
Estimated Fair Value of Stock Option | $3.64 |
April 15, 2008 [Member] | ' |
Grant Date [Line Items] | ' |
Risk-free Interest Rate | 2.70% |
Expected Life of Option in Years | '5 years |
Expected Dividend Yield | 1.00% |
Expected Stock Volatility | 30.93% |
Estimated Fair Value of Stock Option | $7.75 |
April 17, 2007 [Member] | ' |
Grant Date [Line Items] | ' |
Risk-free Interest Rate | 4.60% |
Expected Life of Option in Years | '4 years 10 months 6 days |
Expected Dividend Yield | 1.00% |
Expected Stock Volatility | 31.59% |
Estimated Fair Value of Stock Option | $5.63 |
Stockholders_Equity_Summary_Of
Stockholder's Equity (Summary Of Stock Option Plan Activity) (Details) (USD $) | 80 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | |||
Beginning Balance, Options Outstanding | ' | 4,835,792 | 5,132,750 | ' | |||
Granted, Options Outstanding | 8,100,000 | 205,000 | 1,235,000 | ' | |||
Exercised, Options Outstanding | ' | -389,162 | -1,305,708 | ' | |||
Cancelled/Forfeited, Options Outstanding | ' | -295,000 | -226,250 | ' | |||
Ending Balance, Options Outstanding | 4,356,630 | 4,356,630 | 4,835,792 | 5,132,750 | |||
Exercisable, Options Outstanding | 1,442,380 | 1,442,380 | 1,168,792 | ' | |||
Beginning Balance, Exercise Price | ' | $32.51 | [1] | $24.92 | [1] | ' | |
Granted, Exercise Price | ' | $54 | [1] | $54 | [1] | ' | |
Exercised, Exercise Price | ' | $23.91 | [1] | $22.70 | [1] | ' | |
Cancelled/Forfeited, Exercise Price | ' | $35.89 | [1] | $34.12 | [1] | ' | |
Ending Balance, Exercise Price | ' | $34.06 | [1] | $32.51 | [1] | $24.92 | [1] |
Exercisable, Exercise Price | ' | $23.61 | [1] | $22.95 | [1] | ' | |
Beginning Balance, Outstanding, Remaining Life | ' | '4 years 7 months 27 days | '5 years 4 months 24 days | [2] | '4 years 8 months 19 days | [2] | |
Granted, Remaining Life | ' | '8 years 4 months 28 days | [2] | '8 years 4 months 28 days | [2] | ' | |
Ending Balance, Outstanding, Remaining Life | ' | '4 years 7 months 27 days | '5 years 4 months 24 days | [2] | '4 years 8 months 19 days | [2] | |
Exercisable, Remaining Life | ' | '2 years 8 months 26 days | '3 years 5 months 12 days | ' | |||
[1] | Weighted-average exercise price | ||||||
[2] | Weighted-average remaining contractual life in years |
Stockholders_Equity_Reconcilia
Stockholders' Equity (Reconciliation Of Denominators Used In The Computation Of Basic And Diluted Earnings Per Share) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Basic-weighted average shares outstanding | 296,754,160 | 296,089,348 | 295,053,790 |
Weighted shares assumed upon exercise of stock options | 929,428 | 1,061,602 | 814,936 |
Diluted-weighted average shares outstanding | 297,683,588 | 297,150,950 | 295,868,726 |
Stockholders_Equity_Summary_Of1
Stockholders' Equity (Summary Of Anti-Dilutive Options Excluded) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Options to purchase shares of common stock | 1,273,527 | 847,254 | 704,384 |
Weighted-average exercise prices of options | $54 | $54 | $32.05 |
Retirement_Savings_Plan_Narrat
Retirement Savings Plan (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Contribution to employees' retirement accounts | $12,211 | $11,110 | $7,717 |
Income_Taxes_Earnings_Before_I
Income Taxes (Earnings Before Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | $697,062 | $649,098 | $545,527 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 16,406 | 25,057 | 29,554 |
Earnings before income taxes | $157,274 | $188,643 | $192,379 | $175,172 | $158,151 | $175,836 | $179,039 | $161,129 | $713,468 | $674,155 | $575,081 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal, Current | $220,588 | $202,095 | $164,125 |
State, Current | 29,073 | 27,586 | 28,669 |
Foreign, Current | 7,487 | 8,476 | 8,683 |
Current Income Tax Expense (Benefit), Total | 257,148 | 238,157 | 201,477 |
Federal, Deferred | 8,547 | 14,742 | 17,343 |
State, Deferred | 527 | 981 | -244 |
Foreign, Deferred | -1,390 | -261 | -1,424 |
Deferred Income Tax Expense (Benefit), Total | 7,684 | 15,462 | 15,675 |
Federal, Total | 229,135 | 216,837 | 181,468 |
State, Total | 29,600 | 28,567 | 28,425 |
Foreign, Total | 6,097 | 8,215 | 7,259 |
Total income tax expense | $264,832 | $253,619 | $217,152 |
Income_Taxes_Difference_In_Inc
Income Taxes (Difference In Income Tax Expense And Expected Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal income tax expense at the 'expected' rate of 35% | $249,714 | $235,954 | $201,278 |
State income taxes, net of federal benefit | 17,150 | 19,565 | 18,210 |
State tax matters | -467 | 884 | 737 |
Other, net | -1,565 | -2,784 | -3,073 |
Total income tax expense | $264,832 | $253,619 | $217,152 |
Expected rate of federal income tax expense | 35.00% | 35.00% | 35.00% |
Income_Taxes_Summary_Of_Tempor
Income Taxes (Summary Of Temporary Differences That Give Rise To Deferred Income Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Inventory costing and valuation methods | $3,834 | $4,045 |
Allowance for doubtful accounts receivable | 3,586 | 2,618 |
Insurance claims payable | 10,594 | 7,825 |
Promotions payable | 1,240 | 945 |
Accrued legal reserves | 309 | 207 |
Stock-based compensation | 5,974 | 4,715 |
Federal and state benefit of uncertain tax positions | 1,158 | 1,871 |
Foreign net operating loss and credit carryforwards | 5,089 | 3,309 |
Foreign valuation allowances | -2,819 | -2,090 |
Other, net | -1,482 | -952 |
Total deferred income tax assets | 27,483 | 22,493 |
Property and equipment | -72,490 | -59,371 |
Total deferred income tax liabilities | -72,490 | -59,371 |
Net deferred income tax assets (liabilities) | ($45,007) | ($36,878) |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Total Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Balance at start of year: | $5,331 | $4,653 |
Increase related to prior year tax positions | 37 | 172 |
Decrease related to prior year tax positions | -1,695 | -1,025 |
Increase related to current year tax positions | 1,058 | 2,170 |
Decrease related to statute of limitation lapses | 0 | 0 |
Settlements | -1,449 | -639 |
Balance at end of year: | $3,282 | $5,331 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Undistributed earnings of foreign subsidiaries | $85,000 |
Geographic_Information_Additio
Geographic Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segments, Geographical Areas [Abstract] | ' |
Number of customers that represent 10% or more of the consolidated net sales | 0 |
Geographic_Information_Revenue
Geographic Information (Revenues By Geographic Areas) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | $813,760 | $858,424 | $847,596 | $806,326 | $757,235 | $802,577 | $804,890 | $768,875 | $3,326,106 | $3,133,577 | $2,766,859 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,951,673 | 2,798,124 | 2,474,805 |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 227,756 | 218,570 | 198,592 |
Other Foreign Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $146,677 | $116,883 | $93,462 |
Geographic_Information_LongLiv
Geographic Information (Long-Lived Assets By Geographic Areas) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets | $667,323 | $529,176 | $448,810 |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets | 632,783 | 495,609 | 426,329 |
Canada [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets | 22,572 | 15,954 | 11,105 |
Other Foreign Countries [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets | $11,968 | $17,613 | $11,376 |
Operating_Leases_Additional_In
Operating Leases - Additional Information (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Initial lease term of certain distribution centers and manufacturing and store locations, minimum (in months) | '1 month |
Initial lease term of certain distribution centers and manufacturing and store locations, maximum (in months) | '60 months |
Initial lease terms of most store locations, minimum (in months) | '36 months |
Initial lease terms of most store locations, maximum (in months) | '48 months |
Leasehold improvements, net book value | $1,827 |
Amortization period of leasehold improvements on operating leases (in months) | '36 months |
Terms of semi-tractor leases (in months) | '36 months |
Term of non-cancellable pick-up leases (in years) | '1 year |
Renewal options for non-cancellable pick-up leases, maximum (in months) | '72 months |
Average pick-up lease term, minimum (in months) | '28 months |
Average pick-up lease term, maximum (in months) | '36 months |
Leased Vehicles [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Aggregate residual value guarantee | 44,720 |
Loss on disposal reserve | $36 |
Operating_Leases_Future_Minimu
Operating Leases (Future Minimum Annual Rentals) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $109,552 |
2015 | 76,038 |
2016 | 45,848 |
2017 | 20,575 |
2018 | 8,894 |
2019 and thereafter | 0 |
Total | 260,907 |
Leased Facilities [Member] | ' |
Operating Leased Assets [Line Items] | ' |
2014 | 89,289 |
2015 | 65,242 |
2016 | 41,115 |
2017 | 20,575 |
2018 | 8,894 |
2019 and thereafter | 0 |
Total | 225,115 |
Leased Vehicles [Member] | ' |
Operating Leased Assets [Line Items] | ' |
2014 | 20,263 |
2015 | 10,796 |
2016 | 4,733 |
2017 | 0 |
2018 | 0 |
2019 and thereafter | 0 |
Total | $35,792 |
Operating_Leases_Rent_Expense_
Operating Leases (Rent Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Rent expense | $132,390 | $125,579 | $119,674 |
Leased Facilities [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Rent expense | 99,483 | 96,540 | 95,808 |
Leased Vehicles [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Rent expense | $32,907 | $29,039 | $23,866 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 48 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Average Quarterly Utilization of Facility is 20% or More [Member] | Average Quarterly Utilization of Facility is Less than 20% [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Swing Line Loans [Member] | ||||
One-Month London Interbank Offer Rate, Reset Daily [Member] | One-Month, Two-Month, Three-Month, Six-Month, or Twelve-Month London Interbank Offer Rate [Member] | Revolving Credit Facility [Member] | Letter of Credit Subfacility [Member] | One-Month London Interbank Offer Rate, Reset Daily [Member] | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | $125,000,000 | $40,000,000 | ' |
Face amount of outstanding undrawn letters of credit | ' | 34,415,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, amount outstanding | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest percentage over LIBOR rate | ' | ' | ' | ' | ' | 0.88% | 0.88% | ' | ' | 0.88% |
Percentage fee paid for unused portion of line of credit | ' | ' | ' | 0.10% | 0.13% | ' | ' | ' | ' | ' |
Commission fee on amount available to be drawn on letter of credit subfacility | ' | ' | ' | ' | ' | ' | ' | ' | 0.88% | ' |
Issuance fee as percent of face amount | ' | ' | ' | ' | ' | ' | ' | ' | 0.08% | ' |
Percentage purchase of outstanding IRB bonds | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in and outstanding debt for industrial revenue bond | ' | $3,200,000 | $3,200,000 | ' | ' | ' | ' | ' | ' | ' |
Sales_by_Product_Line_Percenta
Sales by Product Line (Percentages Of Net Sales By Product Line) (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Total, percentage of net sales | 100.00% | 100.00% | 100.00% | |||
Fasteners [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '1967 | [1] | ' | ' | ||
Total, percentage of net sales | 42.10% | [1] | 44.00% | [1] | 46.90% | [1] |
Tools [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '1993 | ' | ' | |||
Total, percentage of net sales | 9.20% | 9.30% | 9.40% | |||
Cutting Tools [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '1996 | ' | ' | |||
Total, percentage of net sales | 5.40% | 5.10% | 4.60% | |||
Hydraulics And Pneumatics [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '1996 | ' | ' | |||
Total, percentage of net sales | 7.30% | 7.60% | 7.80% | |||
Material Handling [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '1996 | ' | ' | |||
Total, percentage of net sales | 5.70% | 6.00% | 6.10% | |||
Janitorial Supplies [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '1996 | ' | ' | |||
Total, percentage of net sales | 7.00% | 6.60% | 6.20% | |||
Electrical Supplies [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '1997 | ' | ' | |||
Total, percentage of net sales | 4.60% | 4.70% | 4.70% | |||
Welding Supplies [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '1997 | ' | ' | |||
Total, percentage of net sales | 4.50% | 4.30% | 3.90% | |||
Safety Supplies [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '1999 | ' | ' | |||
Total, percentage of net sales | 11.20% | 9.30% | 7.90% | |||
Metals [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '2001 | ' | ' | |||
Total, percentage of net sales | 0.50% | 0.50% | 0.50% | |||
Direct Ship [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '2004 | [2] | ' | ' | ||
Total, percentage of net sales | 1.50% | [2] | 1.60% | [2] | 1.60% | [2] |
Office Supplies [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Introduced | '2010 | ' | ' | |||
Total, percentage of net sales | 0.10% | 0.10% | 0.10% | |||
Other Product Line [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Total, percentage of net sales | 0.90% | 0.90% | 0.30% | |||
[1] | Fastener product line represents fasteners and miscellaneous supplies. | |||||
[2] | Direct ship represents a cross section of products from the eleven product lines. The items included here represent certain items with historically low margins which are shipped directly from our distribution channel to our customers, bypassing our store network. |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net Sales | $813,760 | $858,424 | $847,596 | $806,326 | $757,235 | $802,577 | $804,890 | $768,875 | $3,326,106 | $3,133,577 | $2,766,859 | ||||||||||
Gross Profit | 411,449 | 443,395 | 442,721 | 421,880 | 390,821 | 414,375 | 415,151 | 394,177 | 1,719,445 | 1,614,524 | 1,434,172 | ||||||||||
Pre-tax Earnings | 157,274 | 188,643 | 192,379 | 175,172 | 158,151 | 175,836 | 179,039 | 161,129 | 713,468 | 674,155 | 575,081 | ||||||||||
Net Earnings | $99,229 | $119,350 | $121,009 | $109,048 | $98,716 | $109,320 | $112,306 | $100,194 | $448,636 | $420,536 | $357,929 | ||||||||||
Basic Net Earnings per Share | $0.33 | [1] | $0.40 | [1] | $0.41 | [1] | $0.37 | [1] | $0.33 | [1] | $0.37 | [1] | $0.38 | [1] | $0.34 | [1] | $1.51 | [1] | $1.42 | [1] | $1.21 |
[1] | Note b Amounts may not foot due to rounding difference. |
Schedule_IIValuation_and_Quali1
Schedule II-Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance For Doubtful Accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | $6,728 | $5,647 | $4,761 | |||
bAdditionsb Charged to Costs and Expenses | 9,421 | 9,726 | 9,217 | |||
bOtherb Additions (Deductions) | 0 | 0 | 0 | |||
bLessb Deductions | 6,901 | 8,645 | 8,331 | |||
Balance at End of Year | 9,248 | 6,728 | 5,647 | |||
Insurance Reserves [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | 25,188 | 30,548 | 28,067 | |||
bAdditionsb Charged to Costs and Expenses | 52,658 | [1] | 43,024 | [1] | 46,287 | [1] |
bOtherb Additions (Deductions) | 0 | 0 | 0 | |||
bLessb Deductions | 46,966 | [2] | 48,384 | [2] | 43,806 | [2] |
Balance at End of Year | $30,880 | $25,188 | $30,548 | |||
[1] | Includes costs and expenses incurred for premiums and claims related to health and general insurance. | |||||
[2] | Includes costs and expenses paid for premiums and claims related to health and general insurance. |