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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fastenal Company | NASDAQ:FAST | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.48 | -0.70% | 67.70 | 67.00 | 68.04 | 68.57 | 67.46 | 68.49 | 3,080,550 | 00:55:03 |
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☒
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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☐
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Minnesota
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41-0948415
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, par value $.01 per share
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FAST
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The Nasdaq Stock Market LLC
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Large Accelerated Filer
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ý
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Accelerated Filer
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☐
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Non-accelerated Filer
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☐
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Smaller Reporting Company
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☐
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Emerging Growth Company
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☐
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Page
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(Unaudited)
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Assets
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March 31,
2020 |
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December 31,
2019 |
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Current assets:
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Cash and cash equivalents
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$
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160.7
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|
174.9
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Trade accounts receivable, net of allowance for doubtful accounts of $11.6 and $10.9, respectively
|
833.9
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|
741.8
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Inventories
|
1,345.5
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|
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1,366.4
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Prepaid income taxes
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—
|
|
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16.7
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Other current assets
|
124.2
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|
157.4
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Total current assets
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2,464.3
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2,457.2
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Property and equipment, net
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1,027.7
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|
1,023.2
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Operating lease right-of-use assets
|
242.4
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243.2
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Other assets
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200.3
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76.3
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Total assets
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$
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3,934.7
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3,799.9
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Liabilities and Stockholders' Equity
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Current liabilities:
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Current portion of debt
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$
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4.9
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|
3.0
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Accounts payable
|
212.1
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|
192.8
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Accrued expenses
|
227.5
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|
251.5
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Current portion of operating lease liabilities
|
96.4
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|
|
97.4
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Income taxes payable
|
39.5
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—
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Total current liabilities
|
580.4
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|
544.7
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Long-term debt
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450.1
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342.0
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Operating lease liabilities
|
147.7
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148.2
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Deferred income taxes
|
99.9
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|
|
99.4
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Stockholders' equity:
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|
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Preferred stock: $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding
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—
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—
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Common stock: $0.01 par value, 800,000,000 shares authorized, 572,817,649 and 574,128,911 shares issued and outstanding, respectively
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2.9
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2.9
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Additional paid-in capital
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24.2
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67.2
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Retained earnings
|
2,692.9
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2,633.9
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Accumulated other comprehensive loss
|
(63.4
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)
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(38.4
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)
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Total stockholders' equity
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2,656.6
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2,665.6
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Total liabilities and stockholders' equity
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$
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3,934.7
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|
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3,799.9
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(Unaudited)
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|||||
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Three Months Ended March 31,
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|||||
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2020
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2019
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Net sales
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$
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1,367.0
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1,309.3
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|
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Cost of sales
|
730.2
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|
|
684.6
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Gross profit
|
636.8
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624.7
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Operating and administrative expenses
|
365.9
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|
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363.6
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Gain on sale of property and equipment
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(0.4
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)
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(0.3
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)
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Operating income
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271.3
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261.4
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Interest income
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0.1
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0.1
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Interest expense
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(2.2
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)
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(4.0
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)
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Earnings before income taxes
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269.2
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257.5
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Income tax expense
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66.6
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63.4
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Net earnings
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$
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202.6
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194.1
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Basic net earnings per share
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$
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0.35
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0.34
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Diluted net earnings per share
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$
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0.35
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0.34
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Basic weighted average shares outstanding
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573.9
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572.2
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Diluted weighted average shares outstanding
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575.3
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573.0
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(Unaudited)
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Three Months Ended March 31,
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|||||
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2020
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2019
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Net earnings
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$
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202.6
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194.1
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Other comprehensive (loss) income, net of tax:
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Foreign currency translation adjustments (net of tax of $0.0 in 2020 and 2019)
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(25.0
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)
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3.7
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Comprehensive income
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$
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177.6
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197.8
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(Unaudited)
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Three Months Ended
March 31,
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2020
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2019
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Common stock
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Balance at beginning of period
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$
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2.9
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2.9
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Balance at end of period
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2.9
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2.9
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Additional paid-in capital
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Balance at beginning of period
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67.2
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3.0
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Stock options exercised
|
7.4
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18.1
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Purchases of common stock
|
(52.0
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)
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—
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Stock-based compensation
|
1.6
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1.6
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Balance at end of period
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24.2
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|
|
22.7
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|
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Retained earnings
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Balance at beginning of period
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2,633.9
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2,341.6
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Net earnings
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202.6
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194.1
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Dividends paid in cash
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(143.6
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)
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(123.0
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)
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Balance at end of period
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2,692.9
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|
2,412.7
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Accumulated other comprehensive (loss) income
|
|
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|
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Balance at beginning of period
|
(38.4
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)
|
|
(44.8
|
)
|
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Other comprehensive (loss) income
|
(25.0
|
)
|
|
3.7
|
|
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Balance at end of period
|
(63.4
|
)
|
|
(41.1
|
)
|
||
Total stockholders' equity
|
$
|
2,656.6
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|
|
2,397.2
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|
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Cash dividends paid per share of common stock
|
$
|
0.250
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$
|
0.215
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|
|
(Unaudited)
|
|||||
|
Three Months Ended March 31,
|
|||||
|
2020
|
|
2019
|
|||
Cash flows from operating activities:
|
|
|
|
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Net earnings
|
$
|
202.6
|
|
|
194.1
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities, net of acquisition:
|
|
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|
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Depreciation of property and equipment
|
37.6
|
|
|
35.4
|
|
|
Gain on sale of property and equipment
|
(0.4
|
)
|
|
(0.3
|
)
|
|
Bad debt expense
|
1.9
|
|
|
2.0
|
|
|
Deferred income taxes
|
0.5
|
|
|
0.6
|
|
|
Stock-based compensation
|
1.6
|
|
|
1.6
|
|
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Amortization of intangible assets
|
1.0
|
|
|
1.0
|
|
|
Changes in operating assets and liabilities, net of acquisition:
|
|
|
|
|||
Trade accounts receivable
|
(101.4
|
)
|
|
(79.5
|
)
|
|
Inventories
|
10.6
|
|
|
(13.5
|
)
|
|
Other current assets
|
33.2
|
|
|
30.1
|
|
|
Accounts payable
|
19.3
|
|
|
(9.7
|
)
|
|
Accrued expenses
|
(24.0
|
)
|
|
(8.0
|
)
|
|
Income taxes
|
56.2
|
|
|
50.7
|
|
|
Other
|
2.4
|
|
|
0.4
|
|
|
Net cash provided by operating activities
|
241.1
|
|
|
204.9
|
|
|
|
|
|
|
|||
Cash flows from investing activities:
|
|
|
|
|||
Purchases of property and equipment
|
(48.8
|
)
|
|
(54.4
|
)
|
|
Proceeds from sale of property and equipment
|
2.1
|
|
|
1.6
|
|
|
Cash paid for acquisition
|
(125.0
|
)
|
|
—
|
|
|
Other
|
—
|
|
|
0.1
|
|
|
Net cash used in investing activities
|
(171.7
|
)
|
|
(52.7
|
)
|
|
|
|
|
|
|||
Cash flows from financing activities:
|
|
|
|
|||
Proceeds from debt obligations
|
325.0
|
|
|
210.0
|
|
|
Payments against debt obligations
|
(215.0
|
)
|
|
(240.0
|
)
|
|
Proceeds from exercise of stock options
|
7.4
|
|
|
18.1
|
|
|
Purchases of common stock
|
(52.0
|
)
|
|
—
|
|
|
Payments of dividends
|
(143.6
|
)
|
|
(123.0
|
)
|
|
Net cash used in financing activities
|
(78.2
|
)
|
|
(134.9
|
)
|
|
|
|
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
(5.4
|
)
|
|
0.9
|
|
|
|
|
|
|
|||
Net (decrease) increase in cash and cash equivalents
|
(14.2
|
)
|
|
18.2
|
|
|
|
|
|
|
|||
Cash and cash equivalents at beginning of period
|
174.9
|
|
|
167.2
|
|
|
Cash and cash equivalents at end of period
|
$
|
160.7
|
|
|
185.4
|
|
|
|
|
|
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Supplemental information:
|
|
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|
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Cash paid for interest
|
$
|
2.2
|
|
|
4.0
|
|
Net cash paid for income taxes
|
$
|
10.2
|
|
|
11.7
|
|
Leased assets obtained in exchange for new operating lease liabilities
|
$
|
25.0
|
|
|
21.8
|
|
|
Three-month Period
|
|||||
|
2020
|
|
2019
|
|||
United States
|
$
|
1,166.7
|
|
|
1,124.8
|
|
Canada and Mexico
|
158.4
|
|
|
145.9
|
|
|
North America
|
1,325.1
|
|
|
1,270.7
|
|
|
All other foreign countries
|
41.9
|
|
|
38.6
|
|
|
Total revenues
|
$
|
1,367.0
|
|
|
1,309.3
|
|
|
Three-month Period
|
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|
2020
|
|
2019
|
||
Manufacturing
|
67.9
|
%
|
|
67.8
|
%
|
Non-residential construction
|
12.3
|
%
|
|
12.7
|
%
|
Other
|
19.8
|
%
|
|
19.5
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
Three-month Period
|
||||
Type
|
Introduced
|
2020
|
|
2019
|
||
Fasteners(1)
|
1967
|
32.9
|
%
|
|
34.8
|
%
|
Tools
|
1993
|
9.4
|
%
|
|
9.9
|
%
|
Cutting tools
|
1996
|
5.4
|
%
|
|
5.9
|
%
|
Hydraulics & pneumatics
|
1996
|
6.6
|
%
|
|
6.9
|
%
|
Material handling
|
1996
|
5.7
|
%
|
|
5.8
|
%
|
Janitorial supplies
|
1996
|
8.3
|
%
|
|
7.5
|
%
|
Electrical supplies
|
1997
|
4.6
|
%
|
|
4.7
|
%
|
Welding supplies
|
1997
|
4.1
|
%
|
|
4.1
|
%
|
Safety supplies
|
1999
|
19.8
|
%
|
|
17.2
|
%
|
Other
|
|
3.2
|
%
|
|
3.2
|
%
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
2020
|
|
2019
|
|||
First quarter
|
$
|
0.250
|
|
|
0.215
|
|
Second quarter
|
0.250
|
|
|
0.215
|
|
|
Third quarter
|
|
|
|
0.220
|
|
|
Fourth quarter
|
|
|
0.220
|
|
||
Total
|
$
|
0.500
|
|
|
0.870
|
|
|
Options
Granted
|
|
Option Exercise
(Strike) Price
|
|
Closing Stock Price on Date
of Grant
|
|
March 31, 2020
|
|||||||||
Date of Grant
|
|
|
|
Options
Outstanding
|
|
Options
Exercisable
|
||||||||||
January 2, 2020
|
902,263
|
|
|
$
|
38.00
|
|
|
$
|
37.230
|
|
|
900,685
|
|
|
24,964
|
|
January 2, 2019
|
1,316,924
|
|
|
$
|
26.00
|
|
|
$
|
25.705
|
|
|
1,254,462
|
|
|
29,010
|
|
January 2, 2018
|
1,087,936
|
|
|
$
|
27.50
|
|
|
$
|
27.270
|
|
|
955,006
|
|
|
324,848
|
|
January 3, 2017
|
1,529,578
|
|
|
$
|
23.50
|
|
|
$
|
23.475
|
|
|
1,140,844
|
|
|
523,176
|
|
April 19, 2016
|
1,690,880
|
|
|
$
|
23.00
|
|
|
$
|
22.870
|
|
|
1,202,444
|
|
|
435,348
|
|
April 21, 2015
|
1,786,440
|
|
|
$
|
21.00
|
|
|
$
|
20.630
|
|
|
798,495
|
|
|
411,775
|
|
April 22, 2014
|
1,910,000
|
|
|
$
|
28.00
|
|
|
$
|
25.265
|
|
|
560,340
|
|
|
318,480
|
|
April 16, 2013
|
410,000
|
|
|
$
|
27.00
|
|
|
$
|
24.625
|
|
|
89,472
|
|
|
50,722
|
|
April 17, 2012
|
2,470,000
|
|
|
$
|
27.00
|
|
|
$
|
24.505
|
|
|
446,480
|
|
|
339,678
|
|
April 19, 2011
|
820,000
|
|
|
$
|
17.50
|
|
|
$
|
15.890
|
|
|
5,000
|
|
|
5,000
|
|
Total
|
13,924,021
|
|
|
|
|
|
|
7,353,228
|
|
|
2,463,001
|
|
Date of Grant
|
Risk-free
Interest Rate
|
|
Expected Life of
Option in Years
|
|
Expected
Dividend
Yield
|
|
Expected
Stock
Volatility
|
|
Estimated Fair
Value of Stock
Option
|
|||||
January 2, 2020
|
1.7
|
%
|
|
5.00
|
|
2.4
|
%
|
|
25.70
|
%
|
|
$
|
6.81
|
|
January 2, 2019
|
2.5
|
%
|
|
5.00
|
|
2.9
|
%
|
|
23.96
|
%
|
|
$
|
4.40
|
|
January 2, 2018
|
2.2
|
%
|
|
5.00
|
|
2.3
|
%
|
|
23.45
|
%
|
|
$
|
5.02
|
|
January 3, 2017
|
1.9
|
%
|
|
5.00
|
|
2.6
|
%
|
|
24.49
|
%
|
|
$
|
4.20
|
|
April 19, 2016
|
1.3
|
%
|
|
5.00
|
|
2.6
|
%
|
|
26.34
|
%
|
|
$
|
4.09
|
|
April 21, 2015
|
1.3
|
%
|
|
5.00
|
|
2.7
|
%
|
|
26.84
|
%
|
|
$
|
3.68
|
|
April 22, 2014
|
1.8
|
%
|
|
5.00
|
|
2.0
|
%
|
|
28.55
|
%
|
|
$
|
4.79
|
|
April 16, 2013
|
0.7
|
%
|
|
5.00
|
|
1.6
|
%
|
|
37.42
|
%
|
|
$
|
6.33
|
|
April 17, 2012
|
0.9
|
%
|
|
5.00
|
|
1.4
|
%
|
|
39.25
|
%
|
|
$
|
6.85
|
|
April 19, 2011
|
2.1
|
%
|
|
5.00
|
|
1.6
|
%
|
|
39.33
|
%
|
|
$
|
5.60
|
|
|
Three-month Period
|
||||
Reconciliation
|
2020
|
|
2019
|
||
Basic weighted average shares outstanding
|
573,904,156
|
|
|
572,172,602
|
|
Weighted shares assumed upon exercise of stock options
|
1,414,674
|
|
|
821,360
|
|
Diluted weighted average shares outstanding
|
575,318,830
|
|
|
572,993,962
|
|
|
Three-month Period
|
|||||
Summary of Anti-dilutive Options Excluded
|
2020
|
|
2019
|
|||
Options to purchase shares of common stock
|
891,290
|
|
|
2,908,710
|
|
|
Weighted average exercise prices of options
|
$
|
38.00
|
|
|
26.94
|
|
|
March 31,
2020 |
|
December 31, 2019
|
|||
Outstanding loans under unsecured revolving credit facility
|
$
|
320.0
|
|
|
210.0
|
|
2.00% Senior unsecured promissory note payable
|
40.0
|
|
|
40.0
|
|
|
2.45% Senior unsecured promissory note payable
|
35.0
|
|
|
35.0
|
|
|
3.22% Senior unsecured promissory note payable
|
60.0
|
|
|
60.0
|
|
|
Total debt
|
455.0
|
|
|
345.0
|
|
|
Less: Current portion of debt
|
(4.9
|
)
|
|
(3.0
|
)
|
|
Long-term debt
|
$
|
450.1
|
|
|
342.0
|
|
|
|
|
|
|||
Outstanding letters of credit under unsecured revolving credit facility - contingent obligation
|
$
|
36.3
|
|
|
36.3
|
|
|
|
|
Change
Since:
|
|
|
Change
Since:
|
|||||
|
Q1
2020 |
Q4
2019 |
Q4
2019 |
|
Q1
2019 |
Q1
2019 |
|||||
In-market locations - absolute employee headcount
|
14,001
|
|
13,977
|
|
0.2
|
%
|
|
14,336
|
|
-2.3
|
%
|
Total absolute employee headcount
|
22,131
|
|
21,948
|
|
0.8
|
%
|
|
22,205
|
|
-0.3
|
%
|
|
|
|
|
|
|
|
|||||
Number of public branch locations
|
2,091
|
|
2,114
|
|
-1.1
|
%
|
|
2,187
|
|
-4.4
|
%
|
Number of active Onsite locations
|
1,179
|
|
1,114
|
|
5.8
|
%
|
|
945
|
|
24.8
|
%
|
Number of in-market locations
|
3,270
|
|
3,228
|
|
1.3
|
%
|
|
3,132
|
|
4.4
|
%
|
Industrial vending devices (installed count) (1)
|
92,124
|
|
89,937
|
|
2.4
|
%
|
|
83,410
|
|
10.4
|
%
|
Ratio of industrial vending devices to in-market locations
|
28:1
|
|
28:1
|
|
|
|
27:1
|
|
|
|
Three-month Period
|
|||||
|
2020
|
|
2019
|
|||
Net sales
|
$
|
1,367.0
|
|
|
1,309.3
|
|
Percentage change
|
4.4
|
%
|
|
10.4
|
%
|
|
Business days
|
64
|
|
|
63
|
|
|
Daily sales
|
$
|
21.4
|
|
|
20.8
|
|
Percentage change
|
2.8
|
%
|
|
12.2
|
%
|
|
Daily sales impact of currency fluctuations
|
-0.2
|
%
|
|
-0.5
|
%
|
|
Daily sales impact of acquisitions
|
0.0
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|||
Note – Daily sales are defined as the total net sales for the period divided by the number of business days (in the United States) in the period.
|
•
|
We signed 4,798 industrial vending devices during the first quarter of 2020. Our installed device count on March 31, 2020 was 92,124, an increase of 10.4% over March 31, 2019. Daily sales through our vending devices grew at a low double-digit pace in the first quarter of 2020 when compared to the same period of 2019 due to the increase in the installed base. These device counts do not include slightly more than 15,000 vending devices deployed as part of a lease locker program.
|
•
|
We signed 85 new Onsite locations during the first quarter of 2020. We had 1,179 active sites on March 31, 2020, which represented an increase of 24.8% from March 31, 2019. Daily sales through our Onsite locations, excluding sales transferred from branches to new Onsites, grew at a mid-single digit pace in the first quarter of 2020 over the first quarter of 2019. The contribution of newer active locations more than offset the impact of weaker demand on our more mature sites.
|
•
|
Daily sales from our national account customers grew 5.5% in the first quarter of 2020 over the first quarter of 2019.
|
|
Approximate Percentage of Total Operating and Administrative Expenses
|
Three-month Period
|
|
|
2020
|
||
Employee-related expenses
|
65% to 70%
|
0.2
|
%
|
Occupancy-related expenses
|
15% to 20%
|
1.8
|
%
|
All other operating and administrative expenses
|
15% to 20%
|
0.8
|
%
|
|
|
|
Change Since:
|
|
|
Change Since:
|
|||||
|
Q1
|
Q4
|
Q4
|
|
Q1
|
Q1
|
|||||
|
2020
|
2019
|
2019
|
|
2019
|
2019
|
|||||
In-market locations
|
12,334
|
|
12,236
|
|
0.8
|
%
|
|
12,482
|
|
-1.2
|
%
|
Total selling (includes in-market locations)
|
14,200
|
|
14,060
|
|
1.0
|
%
|
|
14,227
|
|
-0.2
|
%
|
Distribution
|
2,992
|
|
2,895
|
|
3.4
|
%
|
|
2,923
|
|
2.4
|
%
|
Manufacturing
|
675
|
|
674
|
|
0.1
|
%
|
|
700
|
|
-3.6
|
%
|
Administrative
|
1,368
|
|
1,339
|
|
2.2
|
%
|
|
1,275
|
|
7.3
|
%
|
Total
|
19,235
|
|
18,968
|
|
1.4
|
%
|
|
19,125
|
|
0.6
|
%
|
|
Three-month Period
|
|||||
|
2020
|
|
2019
|
|||
Net cash provided by operating activities
|
$
|
241.1
|
|
|
204.9
|
|
Percentage of net earnings
|
119.0
|
%
|
|
105.6
|
%
|
|
Net cash used in investing activities
|
$
|
171.7
|
|
|
52.7
|
|
Percentage of net earnings
|
84.7
|
%
|
|
27.2
|
%
|
|
Net cash used in financing activities
|
$
|
78.2
|
|
|
134.9
|
|
Percentage of net earnings
|
38.6
|
%
|
|
69.5
|
%
|
|
|
March 31
|
Twelve-month Dollar Change
|
Twelve-month Percentage Change
|
||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
||||||
Accounts receivable, net
|
|
$
|
833.9
|
|
|
793.0
|
|
|
$
|
40.9
|
|
|
5.2
|
%
|
Inventories
|
|
1,345.5
|
|
|
1,293.9
|
|
|
51.6
|
|
|
4.0
|
%
|
||
Total
|
|
$
|
2,179.4
|
|
|
2,086.9
|
|
|
$
|
92.5
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Net sales in last two months
|
|
$
|
904.1
|
|
|
862.4
|
|
|
$
|
41.7
|
|
|
4.8
|
%
|
|
(a)
|
(b)
|
(c)
|
(d)
|
||||||||
Period
|
Total Number of
Shares
Purchased
|
Average Price
Paid per Share
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs (1)
|
Maximum Number (or
Approximate Dollar
Value) of Shares that
May Yet Be Purchased
Under the Plans or
Programs (1)
|
||||||||
January 1-31, 2020
|
|
0
|
|
|
$0.00
|
|
|
0
|
|
|
4,800,000
|
|
February 1-29, 2020
|
|
0
|
|
|
$0.00
|
|
|
0
|
|
|
4,800,000
|
|
March 1-31, 2020
|
|
1,600,000
|
|
|
$32.54
|
|
|
1,600,000
|
|
|
3,200,000
|
|
Total
|
|
1,600,000
|
|
|
$32.54
|
|
|
1,600,000
|
|
|
3,200,000
|
|
(1)
|
On July 11, 2017, our board of directors established a new authorization for us to repurchase up to 10,000,000 shares of our common stock. This repurchase program has no expiration date. As of March 31, 2020, we had remaining authority to repurchase 3,200,000 shares under this authorization.
|
Exhibit Number
|
|
Description of Document
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
31
|
|
|
|
|
|
32
|
|
|
|
|
|
101
|
|
The following financial statements from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Earnings, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Stockholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements.
|
|
|
|
104
|
|
The cover page from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, formatted in Inline XBRL.
|
|
|
|
|
|
|
FASTENAL COMPANY
|
|
|
|
|
|
|
|
|
Date: April 17, 2020
|
By:
|
|
/s/ Holden Lewis
|
|
|
|
Holden Lewis
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
Date: April 17, 2020
|
By:
|
|
/s/ Sheryl A. Lisowski
|
|
|
|
Sheryl A. Lisowski
|
|
|
|
Controller, Chief Accounting Officer, and
|
|
|
|
Treasurer (Duly Authorized Officer and Principal Accounting Officer)
|
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