Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 10, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'fast | ' |
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 | ' | 296,770,069 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $105,940 | $58,506 |
Marketable securities | 453 | 451 |
Trade accounts receivable, net of allowance for doubtful accounts of $10,588 and $9,248, respectively | 502,330 | 414,331 |
Inventories | 818,771 | 784,068 |
Deferred income tax assets | 17,279 | 18,248 |
Prepaid income taxes | 0 | 24,869 |
Other current assets | 111,009 | 107,988 |
Total current assets | 1,555,782 | 1,408,461 |
Property and equipment, less accumulated depreciation | 714,912 | 654,850 |
Other assets, net | 12,279 | 12,473 |
Total assets | 2,282,973 | 2,075,784 |
Current liabilities: | ' | ' |
Line of credit | 70,000 | 0 |
Accounts payable | 109,488 | 91,253 |
Accrued expenses | 166,625 | 148,579 |
Income taxes payable | 5,350 | 0 |
Total current liabilities | 351,463 | 239,832 |
Deferred income tax liabilities | 63,386 | 63,255 |
Stockholders' equity: | ' | ' |
Preferred stock, 5,000,000 shares authorized | 0 | 0 |
Common stock, 400,000,000 shares authorized, 296,764,444 and 296,753,544 shares issued and outstanding, respectively | 2,968 | 2,968 |
Additional paid-in capital | 70,631 | 69,847 |
Retained earnings | 1,782,873 | 1,688,781 |
Accumulated other comprehensive income | 11,652 | 11,101 |
Total stockholders' equity | 1,868,124 | 1,772,697 |
Total liabilities and stockholders' equity | $2,282,973 | $2,075,784 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Trade accounts receivable, allowance for doubtful accounts | $10,588 | $9,248 |
Preferred stock, Shares authorized | 5,000,000 | 5,000,000 |
Common stock, Shares authorized | 400,000,000 | 400,000,000 |
Common stock, Shares issued | 296,764,444 | 296,753,544 |
Common stock, Shares outstanding | 296,764,444 | 296,753,544 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $949,938 | $847,596 | $1,826,439 | $1,653,922 |
Cost of sales | 467,271 | 404,875 | 895,294 | 789,321 |
Gross profit | 482,667 | 442,721 | 931,145 | 864,601 |
Operating and administrative expenses | 276,016 | 250,750 | 545,859 | 498,084 |
Gain on sale of property and equipment | -196 | -243 | -412 | -456 |
Operating income | 206,847 | 192,214 | 385,698 | 366,973 |
Interest income | 129 | 168 | 249 | 615 |
Interest expense | -194 | -3 | -320 | -37 |
Earnings before income taxes | 206,782 | 192,379 | 385,627 | 367,551 |
Income tax expense | 76,268 | 71,370 | 143,182 | 137,494 |
Net earnings | $130,514 | $121,009 | $242,445 | $230,057 |
Basic net earnings per share | $0.44 | $0.41 | $0.82 | $0.78 |
Diluted net earnings per share | $0.44 | $0.41 | $0.82 | $0.77 |
Basic weighted average shares outstanding | 296,691,232 | 296,778,588 | 296,666,992 | 296,711,326 |
Diluted weighted average shares outstanding | 297,578,419 | 297,722,270 | 297,534,473 | 297,689,550 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $130,514 | $121,009 | $242,445 | $230,057 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments (net of tax of $0 in 2014 and 2013) | 5,386 | -3,288 | 549 | -7,359 |
Change in marketable securities (net of tax of $0 in 2014 and 2013) | 0 | 20 | 2 | 83 |
Comprehensive income | $135,900 | $117,741 | $242,996 | $222,781 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustments, tax | $0 | $0 | $0 | $0 |
Change in marketable securities, tax | $0 | $0 | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $242,445 | $230,057 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation of property and equipment | 35,190 | 30,969 |
Gain on sale of property and equipment | -412 | -456 |
Bad debt expense | 5,421 | 4,336 |
Deferred income taxes | 1,100 | -220 |
Stock-based compensation | 3,000 | 2,700 |
Excess tax benefits from stock-based compensation | -1,488 | -2,093 |
Amortization of non-compete agreements | 263 | 158 |
Changes in operating assets and liabilities: | ' | ' |
Trade accounts receivable | -93,420 | -68,629 |
Inventories | -34,703 | -9,724 |
Other current assets | -3,021 | -8,515 |
Accounts payable | 18,235 | 11,734 |
Accrued expenses | 18,046 | 13,135 |
Income taxes | 31,707 | 16,558 |
Other | 566 | -6,145 |
Net cash provided by operating activities | 222,929 | 213,865 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -97,560 | -92,561 |
Proceeds from sale of property and equipment | 2,720 | 2,904 |
Net increase in marketable securities | -2 | -83 |
Net (increase) decrease in other assets | -69 | 37 |
Net cash used in investing activities | -94,911 | -89,703 |
Cash flows from financing activities: | ' | ' |
Borrowings under line of credit | 380,000 | 30,000 |
Payments against line of credit | -310,000 | -30,000 |
Proceeds from exercise of stock options | 5,143 | 7,118 |
Excess tax benefits from stock-based compensation | 1,488 | 2,093 |
Purchases of common stock | -8,847 | 0 |
Payments of dividends | -148,353 | -89,000 |
Net cash used in financing activities | -80,569 | -79,789 |
Effect of exchange rate changes on cash | -15 | -1,131 |
Net increase in cash and cash equivalents | 47,434 | 43,242 |
Cash and cash equivalents at beginning of period | 58,506 | 79,611 |
Cash and cash equivalents at end of period | 105,940 | 122,853 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid during each period for interest | 320 | 37 |
Net cash paid during each period for income taxes | $99,348 | $120,716 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
(1) Basis of Presentation | |
The accompanying unaudited consolidated financial statements of Fastenal Company and subsidiaries (collectively referred to as the Company, Fastenal, or by terms such as we, our, or us) have been prepared in accordance with United States generally accepted accounting principles for interim financial information. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as described herein, there has been no material change in the information disclosed in the notes to consolidated financial statements included in our consolidated financial statements as of and for the year ended December 31, 2013. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. |
Financial_Instruments_and_Mark
Financial Instruments and Marketable Securities | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Financial Instruments and Marketable Securities [Abstract] | ' | ||||||||||||
Financial Instruments and Marketable Securities | ' | ||||||||||||
(2) Financial Instruments and Marketable Securities | |||||||||||||
Due to the varying short-term cash needs of our business, we periodically have marketable securities. We value these assets utilizing 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 unobservable inputs (Level 3). The three levels of the fair value hierarchy and how they are determined are defined in our 2013 annual report on Form 10-K in Note 1 of the Notes to Consolidated Financial Statements. | |||||||||||||
The following table presents the placement in the fair value hierarchy of assets that are measured at fair value on a recurring basis: | |||||||||||||
June 30, 2014: | Total | Level 1 | Level 2 | Level 3 | |||||||||
Common stock | $ | 453 | 453 | — | — | ||||||||
Total available-for-sale securities | $ | 453 | 453 | — | — | ||||||||
December 31, 2013: | Total | Level 1 | Level 2 | Level 3 | |||||||||
Common stock | $ | 451 | 451 | — | — | ||||||||
Total available-for-sale securities | $ | 451 | 451 | — | — | ||||||||
June 30, 2013: | Total | Level 1 | Level 2 | Level 3 | |||||||||
Common stock | $ | 437 | 437 | — | — | ||||||||
Total available-for-sale securities | $ | 437 | 437 | — | — | ||||||||
There were no transfers between levels during the six and three month periods ended June 30, 2014 and 2013. | |||||||||||||
As of June 30, 2014, December 31, 2013, and June 30, 2013, our financial assets that are measured at fair value on a recurring basis consisted of common stock. | |||||||||||||
Marketable securities, all treated as available-for-sale securities, consist of the following: | |||||||||||||
June 30, 2014: | Amortized | Gross | Gross | Fair Value | |||||||||
Cost | Unrealized | Unrealized | |||||||||||
Gains | Losses | ||||||||||||
Common stock | $ | 197 | 256 | — | 453 | ||||||||
Total available-for-sale securities | $ | 197 | 256 | — | 453 | ||||||||
December 31, 2013: | Amortized | Gross | Gross | Fair Value | |||||||||
Cost | Unrealized | Unrealized | |||||||||||
Gains | Losses | ||||||||||||
Common stock | $ | 197 | 254 | — | 451 | ||||||||
Total available-for-sale securities | $ | 197 | 254 | — | 451 | ||||||||
June 30, 2013: | Amortized | Gross | Gross | Fair Value | |||||||||
Cost | Unrealized | Unrealized | |||||||||||
Gains | Losses | ||||||||||||
Common stock | $ | 197 | 240 | — | 437 | ||||||||
Total available-for-sale securities | $ | 197 | 240 | — | 437 | ||||||||
The unrealized gains and losses recorded in accumulated other comprehensive income and the realized gains and losses recorded in earnings were immaterial during the periods 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 | ||||||||||||
June 30, 2014: | Amortized | Fair | Amortized | Fair | |||||||||
Cost | Value | Cost | Value | ||||||||||
Common stock | $ | 197 | 453 | — | — | ||||||||
Total available-for-sale securities | $ | 197 | 453 | — | — | ||||||||
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
(3) Stockholders’ Equity | |||||||||||||||||
Our authorized, issued, and outstanding shares (stated in whole numbers) consist of the following: | |||||||||||||||||
Par Value | June 30, | December 31, | June 30, | ||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Preferred stock | $0.01 | /share | |||||||||||||||
Shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||||
Shares issued and outstanding | — | — | — | ||||||||||||||
Common stock | $0.01 | /share | |||||||||||||||
Shares authorized | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||||||
Shares issued and outstanding | 296,764,444 | 296,753,544 | 296,860,119 | ||||||||||||||
Dividends | |||||||||||||||||
On July 10, 2014, our board of directors declared a dividend of $0.25 per share of common stock. This dividend is to be paid in cash on August 22, 2014 to shareholders of record at the close of business on July 25, 2014. Since 2011 we have paid quarterly dividends. Our board of directors expects to continue paying quarterly dividends, provided the future determination as to payment of dividends will depend on the financial needs of the Company and such other factors as deemed relevant by the board of directors. | |||||||||||||||||
The following table presents the dividends either paid previously or declared by our board of directors for future payment: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
First quarter | $ | 0.25 | 0.1 | ||||||||||||||
Second quarter | 0.25 | 0.2 | |||||||||||||||
Third quarter | 0.25 | 0.25 | |||||||||||||||
Fourth quarter | 0.25 | ||||||||||||||||
Total | $ | 0.75 | 0.8 | ||||||||||||||
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 options. All options granted were effective at the close of business on the date of grant. | |||||||||||||||||
Options | Option | Closing | 30-Jun-14 | ||||||||||||||
Granted | Exercise | Stock Price | |||||||||||||||
(Strike) | on Date | ||||||||||||||||
Date of Grant | Price | of Grant | Options | Options | |||||||||||||
Outstanding | Exercisable | ||||||||||||||||
April 22, 2014 | 942,500 | $ | 56 | $ | 50.53 | 912,500 | — | ||||||||||
April 16, 2013 | 205,000 | $ | 54 | $ | 49.25 | 162,500 | — | ||||||||||
April 17, 2012 | 1,235,000 | $ | 54 | $ | 49.01 | 1,105,000 | — | ||||||||||
April 19, 2011 | 410,000 | $ | 35 | $ | 31.78 | 330,000 | 25,000 | ||||||||||
April 20, 2010 | 530,000 | $ | 30 | $ | 27.13 | 271,050 | 136,050 | ||||||||||
April 21, 2009 | 790,000 | $ | 27 | $ | 17.61 | 388,700 | 208,700 | ||||||||||
April 15, 2008 | 550,000 | $ | 27 | $ | 24.35 | 185,000 | 127,500 | ||||||||||
April 17, 2007 | 4,380,000 | $ | 22.5 | $ | 20.15 | 1,629,730 | 1,314,730 | ||||||||||
Total | 9,042,500 | 4,984,480 | 1,811,980 | ||||||||||||||
Date of Grant | Risk-free | Expected Life of | Expected | Expected | Estimated Fair | ||||||||||||
Interest Rate | Option in Years | Dividend | Stock | Value of Stock | |||||||||||||
Yield | Volatility | Option | |||||||||||||||
April 22, 2014 | 1.8 | % | 5 | 2 | % | 28.55 | % | $ | 9.57 | ||||||||
April 16, 2013 | 0.7 | % | 5 | 1.6 | % | 37.42 | % | $ | 12.66 | ||||||||
April 17, 2012 | 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 in approximately nine years. | |||||||||||||||||
The fair value of each share-based option is 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. | |||||||||||||||||
Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period. The stock-based compensation expense for the six month periods ended June 30, 2014 and 2013 was $3,000 and $2,700, respectively. Unrecognized compensation expense related to outstanding unvested stock options as of June 30, 2014 was $20,024 and is expected to be recognized over a weighted average period of 4.76 years. Any future changes in estimated forfeitures will impact this amount. | |||||||||||||||||
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: | |||||||||||||||||
Six-month Period | Three-month Period | ||||||||||||||||
Reconciliation | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic weighted average shares outstanding | 296,666,992 | 296,711,326 | 296,691,232 | 296,778,588 | |||||||||||||
Weighted shares assumed upon exercise of stock options | 867,481 | 978,224 | 887,187 | 943,682 | |||||||||||||
Diluted weighted average shares outstanding | 297,534,473 | 297,689,550 | 297,578,419 | 297,722,270 | |||||||||||||
Six-month Period | Three-month Period | ||||||||||||||||
Summary of Anti-dilutive Options Excluded | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Options to purchase shares of common stock | 1,646,892 | 1,238,356 | 1,997,363 | 1,307,857 | |||||||||||||
Weighted average exercise prices of options | $ | 54.44 | $ | 54 | $ | 54.72 | $ | 54 | |||||||||
Any dilutive impact summarized above relates to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive option securities then outstanding. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
(4) Income Taxes | |
Fastenal, or one of its subsidiaries, files income tax returns in the United States federal jurisdiction, numerous states, and various local and foreign jurisdictions. With limited exceptions, we are no longer subject to income tax examinations by taxing authorities for taxable years before 2011 in the case of United States federal and non-United States examinations and 2010 in the case of state and local examinations. | |
As of June 30, 2014 and 2013, the Company had $3,916 and $7,660, respectively, of liabilities recorded related to gross unrecognized tax benefits. Included in this 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 Company does not anticipate its total unrecognized tax benefits will change significantly during the next 12 months. |
Operating_Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2014 | |
Leases, Operating [Abstract] | ' |
Operating Leases | ' |
(5) Operating Leases | |
We lease certain pick-up trucks under operating leases. These leases have a non-cancellable lease term of one year, with renewal options for up to 72 months. The pick-up truck leases include an early buy out clause we generally exercise, thereby giving the leases an effective term of 28-36 months. Certain operating leases for vehicles contain residual value guarantee provisions which would 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 $56,711. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote, except for a $19 loss on disposal reserve provided at June 30, 2014. 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 | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(6) Commitments and Contingencies | |
Credit Facilities and Commitments | |
We have an unsecured revolving credit facility totaling $170,000 which expires December 13, 2015. The facility includes a $40,000 letter of credit subfacility. At June 30, 2014 and 2013 there were undrawn letters of credit outstanding under this facility, with a face amount of $34,411 and $29,250, respectively, and there were loans outstanding under this facility of $70,000 and $0, respectively. We have the right to prepay this debt and intend to repay this amount using cash within the next twelve months; therefore, we have classified the debt as a current liability. Loans under the facility are subject to certain financial covenants, and we are currently in compliance with these covenants. | |
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%. The outstanding loan amount at June 30, 2014 bears interest at a rate per annum equal to option (i) noted above. 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. | |
Legal Contingencies | |
The nature of our potential exposure to legal contingencies is described in our 2013 annual report on Form 10-K in Note 10 of the Notes to Consolidated Financial Statements. As of June 30, 2014 there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(7) 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 (3) 'Stockholders' Equity'. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
(8) New Accounting Pronouncements | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for us on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Financial_Instruments_and_Mark1
Financial Instruments and Marketable Securities (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Financial Instruments and Marketable Securities [Abstract] | ' | ||||||||||||
Fair Value Hierarchy of Assets Measured on 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: | |||||||||||||
June 30, 2014: | Total | Level 1 | Level 2 | Level 3 | |||||||||
Common stock | $ | 453 | 453 | — | — | ||||||||
Total available-for-sale securities | $ | 453 | 453 | — | — | ||||||||
December 31, 2013: | Total | Level 1 | Level 2 | Level 3 | |||||||||
Common stock | $ | 451 | 451 | — | — | ||||||||
Total available-for-sale securities | $ | 451 | 451 | — | — | ||||||||
June 30, 2013: | Total | Level 1 | Level 2 | Level 3 | |||||||||
Common stock | $ | 437 | 437 | — | — | ||||||||
Total available-for-sale securities | $ | 437 | 437 | — | — | ||||||||
Marketable Securities Treated as Available-for-Sale Securities | ' | ||||||||||||
Marketable securities, all treated as available-for-sale securities, consist of the following: | |||||||||||||
June 30, 2014: | Amortized | Gross | Gross | Fair Value | |||||||||
Cost | Unrealized | Unrealized | |||||||||||
Gains | Losses | ||||||||||||
Common stock | $ | 197 | 256 | — | 453 | ||||||||
Total available-for-sale securities | $ | 197 | 256 | — | 453 | ||||||||
December 31, 2013: | Amortized | Gross | Gross | Fair Value | |||||||||
Cost | Unrealized | Unrealized | |||||||||||
Gains | Losses | ||||||||||||
Common stock | $ | 197 | 254 | — | 451 | ||||||||
Total available-for-sale securities | $ | 197 | 254 | — | 451 | ||||||||
June 30, 2013: | Amortized | Gross | Gross | Fair Value | |||||||||
Cost | Unrealized | Unrealized | |||||||||||
Gains | Losses | ||||||||||||
Common stock | $ | 197 | 240 | — | 437 | ||||||||
Total available-for-sale securities | $ | 197 | 240 | — | 437 | ||||||||
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 | ||||||||||||
June 30, 2014: | Amortized | Fair | Amortized | Fair | |||||||||
Cost | Value | Cost | Value | ||||||||||
Common stock | $ | 197 | 453 | — | — | ||||||||
Total available-for-sale securities | $ | 197 | 453 | — | — | ||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Authorized, Issued, and Outstanding Shares | ' | ||||||||||||||||
Our authorized, issued, and outstanding shares (stated in whole numbers) consist of the following: | |||||||||||||||||
Par Value | June 30, | December 31, | June 30, | ||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Preferred stock | $0.01 | /share | |||||||||||||||
Shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||||
Shares issued and outstanding | — | — | — | ||||||||||||||
Common stock | $0.01 | /share | |||||||||||||||
Shares authorized | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||||||
Shares issued and outstanding | 296,764,444 | 296,753,544 | 296,860,119 | ||||||||||||||
Schedule of Dividends Paid Previously or Declared | ' | ||||||||||||||||
The following table presents the dividends either paid previously or declared by our board of directors for future payment: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
First quarter | $ | 0.25 | 0.1 | ||||||||||||||
Second quarter | 0.25 | 0.2 | |||||||||||||||
Third quarter | 0.25 | 0.25 | |||||||||||||||
Fourth quarter | 0.25 | ||||||||||||||||
Total | $ | 0.75 | 0.8 | ||||||||||||||
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 options. All options granted were effective at the close of business on the date of grant. | |||||||||||||||||
Options | Option | Closing | 30-Jun-14 | ||||||||||||||
Granted | Exercise | Stock Price | |||||||||||||||
(Strike) | on Date | ||||||||||||||||
Date of Grant | Price | of Grant | Options | Options | |||||||||||||
Outstanding | Exercisable | ||||||||||||||||
April 22, 2014 | 942,500 | $ | 56 | $ | 50.53 | 912,500 | — | ||||||||||
April 16, 2013 | 205,000 | $ | 54 | $ | 49.25 | 162,500 | — | ||||||||||
April 17, 2012 | 1,235,000 | $ | 54 | $ | 49.01 | 1,105,000 | — | ||||||||||
April 19, 2011 | 410,000 | $ | 35 | $ | 31.78 | 330,000 | 25,000 | ||||||||||
April 20, 2010 | 530,000 | $ | 30 | $ | 27.13 | 271,050 | 136,050 | ||||||||||
April 21, 2009 | 790,000 | $ | 27 | $ | 17.61 | 388,700 | 208,700 | ||||||||||
April 15, 2008 | 550,000 | $ | 27 | $ | 24.35 | 185,000 | 127,500 | ||||||||||
April 17, 2007 | 4,380,000 | $ | 22.5 | $ | 20.15 | 1,629,730 | 1,314,730 | ||||||||||
Total | 9,042,500 | 4,984,480 | 1,811,980 | ||||||||||||||
Fair Value Assumptions for Options Granted | ' | ||||||||||||||||
Date of Grant | Risk-free | Expected Life of | Expected | Expected | Estimated Fair | ||||||||||||
Interest Rate | Option in Years | Dividend | Stock | Value of Stock | |||||||||||||
Yield | Volatility | Option | |||||||||||||||
April 22, 2014 | 1.8 | % | 5 | 2 | % | 28.55 | % | $ | 9.57 | ||||||||
April 16, 2013 | 0.7 | % | 5 | 1.6 | % | 37.42 | % | $ | 12.66 | ||||||||
April 17, 2012 | 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 | ' | ||||||||||||||||
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: | |||||||||||||||||
Six-month Period | Three-month Period | ||||||||||||||||
Reconciliation | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic weighted average shares outstanding | 296,666,992 | 296,711,326 | 296,691,232 | 296,778,588 | |||||||||||||
Weighted shares assumed upon exercise of stock options | 867,481 | 978,224 | 887,187 | 943,682 | |||||||||||||
Diluted weighted average shares outstanding | 297,534,473 | 297,689,550 | 297,578,419 | 297,722,270 | |||||||||||||
Anti-Dilutive Options Excluded | ' | ||||||||||||||||
Six-month Period | Three-month Period | ||||||||||||||||
Summary of Anti-dilutive Options Excluded | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Options to purchase shares of common stock | 1,646,892 | 1,238,356 | 1,997,363 | 1,307,857 | |||||||||||||
Weighted average exercise prices of options | $ | 54.44 | $ | 54 | $ | 54.72 | $ | 54 | |||||||||
Financial_Instruments_and_Mark2
Financial Instruments and Marketable Securities - Fair Value Hierarchy of Assets Measured on Recurring Basis (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available-for-sale securities | $453 | $451 | $437 |
Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available-for-sale securities | 453 | 451 | 437 |
Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available-for-sale securities | 0 | 0 | 0 |
Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available-for-sale securities | 0 | 0 | 0 |
Common stock [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available-for-sale securities | 453 | 451 | 437 |
Common stock [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available-for-sale securities | 453 | 451 | 437 |
Common stock [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available-for-sale securities | 0 | 0 | 0 |
Common stock [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available-for-sale securities | $0 | $0 | $0 |
Financial_Instruments_and_Mark3
Financial Instruments and Marketable Securities - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Financial Instruments and Marketable Securities [Abstract] | ' | ' | ' | ' |
Dollar value of transfers between levels | $0 | $0 | $0 | $0 |
Financial_Instruments_and_Mark4
Financial Instruments and Marketable Securities - Marketable Securities Treated as Available-for-Sale Securities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Total available-for-sale securities, Amortized Cost | $197 | $197 | $197 |
Total available-for-sale securities, Gross Unrealized Gains | 256 | 254 | 240 |
Total available-for-sale securities, Gross Unrealized Losses | 0 | 0 | 0 |
Total available-for-sale securities, Fair Value | 453 | 451 | 437 |
Common stock [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Total available-for-sale securities, Amortized Cost | 197 | 197 | 197 |
Total available-for-sale securities, Gross Unrealized Gains | 256 | 254 | 240 |
Total available-for-sale securities, Gross Unrealized Losses | 0 | 0 | 0 |
Total available-for-sale securities, Fair Value | $453 | $451 | $437 |
Financial_Instruments_and_Mark5
Financial Instruments and Marketable Securities - Future Maturities of Available-For-Sale Securities (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale securities, Amortized Cost, Maturities Less than 12 Months | $197 |
Available-for-sale securities, Fair Value, Maturities Less than 12 Months | 453 |
Available-for-sale securities, Amortized Cost, Maturities Greater than 12 Months | 0 |
Available-for-sale securities, Fair Value, Maturities Greater than 12 Months | 0 |
Common stock [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale securities, Amortized Cost, Maturities Less than 12 Months | 197 |
Available-for-sale securities, Fair Value, Maturities Less than 12 Months | 453 |
Available-for-sale securities, Amortized Cost, Maturities Greater than 12 Months | 0 |
Available-for-sale securities, Fair Value, Maturities Greater than 12 Months | $0 |
Stockholders_Equity_Authorized
Stockholders' Equity - Authorized, Issued, and Outstanding Shares (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Preferred stock, Par Value per share | $0.01 | $0.01 | $0.01 |
Preferred stock, Shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, Shares issued | 0 | 0 | 0 |
Preferred stock, Shares outstanding | 0 | 0 | 0 |
Common stock, Par Value per share | $0.01 | $0.01 | $0.01 |
Common stock, Shares authorized | 400,000,000 | 400,000,000 | 400,000,000 |
Common stock, Shares issued | 296,764,444 | 296,753,544 | 296,860,119 |
Common stock, Shares outstanding | 296,764,444 | 296,753,544 | 296,860,119 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Details) (USD $) | 6 Months Ended | 0 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 10, 2014 |
Subsequent Event [Member] | |||
Schedule of Shareholders' Equity [Line Items] | ' | ' | ' |
Dividend declared date | ' | ' | 10-Jul-14 |
Dividend declared per share | ' | ' | $0.25 |
Dividends payment date | ' | ' | 22-Aug-14 |
Dividends payable record date | ' | ' | 25-Jul-14 |
Options vesting and exercisable period, maximum | '8 years | ' | ' |
Options termination period | '9 years | ' | ' |
Total stock-based compensation expense for the Fastenal stock option plan | $3,000 | $2,700 | ' |
Total unrecognized stock-based compensation expense | $20,024 | ' | ' |
Weighted average period over which total unrecognized stock-based compensation expense will be recognized | '4 years 9 months 3 days | ' | ' |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Dividends Paid Previously or Declared (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | |||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Jul. 10, 2014 | Jul. 10, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | ||||||||
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid per share | $0.25 | $0.25 | $0.25 | $0.25 | $0.20 | $0.10 | $0.80 | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared per share | ' | ' | ' | ' | ' | ' | ' | $0.25 | ' |
Dividend paid previously or declared, per share | ' | ' | ' | ' | ' | ' | ' | ' | $0.75 |
Stockholders_Equity_Stock_Opti
Stockholders' Equity - Stock Options Granted (Details) (USD $) | 86 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
April 22, 2014 [Member] | 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] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Granted | 9,042,500 | 942,500 | 205,000 | 1,235,000 | 410,000 | 530,000 | 790,000 | 550,000 | 4,380,000 |
Option Exercise (Strike) Price | ' | $56 | $54 | $54 | $35 | $30 | $27 | $27 | $22.50 |
Closing Stock Price on Date of Grant | ' | $50.53 | $49.25 | $49.01 | $31.78 | $27.13 | $17.61 | $24.35 | $20.15 |
Options Outstanding | 4,984,480 | 912,500 | 162,500 | 1,105,000 | 330,000 | 271,050 | 388,700 | 185,000 | 1,629,730 |
Options Exercisable | 1,811,980 | 0 | 0 | 0 | 25,000 | 136,050 | 208,700 | 127,500 | 1,314,730 |
Stockholders_Equity_Fair_Value
Stockholders' Equity - Fair Value Assumptions for Options Granted (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
April 22, 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free Interest Rate | 1.80% |
Expected Life of Option in Years | '5 years |
Expected Dividend Yield | 2.00% |
Expected Stock Volatility | 28.55% |
Estimated Fair Value of Stock Option | $9.57 |
April 16, 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [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] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [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] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [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] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [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] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [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] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [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] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [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_Reconcilia
Stockholders' Equity - Reconciliation of Denominators used in Computation of Basic and Diluted Earnings Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Basic weighted average shares outstanding | 296,691,232 | 296,778,588 | 296,666,992 | 296,711,326 |
Weighted shares assumed upon exercise of stock options | 887,187 | 943,682 | 867,481 | 978,224 |
Diluted weighted average shares outstanding | 297,578,419 | 297,722,270 | 297,534,473 | 297,689,550 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Anti-Dilutive Options Excluded (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Options to purchase shares of common stock | 1,997,363 | 1,307,857 | 1,646,892 | 1,238,356 |
Weighted average exercise prices of options | $54.72 | $54 | $54.44 | $54 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Liabilities recorded related to gross unrecognized tax benefits | $3,916 | $7,660 |
Operating_Leases_Additional_In
Operating Leases - Additional Information (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Leases, Operating [Abstract] | ' |
Term of non-cancellable pick-up truck leases (in years) | '1 year |
Renewal options for non-cancellable pick-up truck leases, maximum (in months) | '72 months |
Average pick-up truck lease term, minimum (in months) | '28 months |
Average pick-up truck lease term, maximum (in months) | '36 months |
Aggregate residual value guarantee | $56,711 |
Loss on disposal reserve | $19 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Unsecured Debt [Member], Revolving Credit Facility [Member], USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility, maximum borrowing capacity | $170,000,000 | ' |
Line of credit, amount outstanding | 70,000,000 | 0 |
Average Quarterly Utilization of Facility is Less than 20% [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Percentage fee paid for unused portion of revolving credit facility | 0.13% | ' |
Average Quarterly Utilization of Facility is 20% or More [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Percentage fee paid for unused portion of revolving credit facility | 0.10% | ' |
One-Month London Interbank Offer Rate, Reset Daily [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest percentage over LIBOR rate | 0.88% | ' |
One-Month, Two-Month, Three-Month, Six-Month, or Twelve-Month London Interbank Offer Rate [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest percentage over LIBOR rate | 0.88% | ' |
Letter of Credit Subfacility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility, maximum borrowing capacity | 40,000,000 | ' |
Face amount of outstanding undrawn letters of credit | $34,411,000 | $29,250,000 |
Percentage fee paid for unused portion of revolving credit facility | 0.88% | ' |
Revolving credit facility, issuance fee as percent of face amount | 0.08% | ' |
Swing Line Loan [Member] | One-Month London Interbank Offer Rate, Reset Daily [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest percentage over LIBOR rate | 0.88% | ' |