Fastenal (FAST) 10-Q 17 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 13, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	fast
Entity Registrant Name	FASTENAL CO
Entity Central Index Key	815,556
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		290,165,109

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 121,166	$ 114,496
Trade accounts receivable, net of allowance for doubtful accounts of $12,178 and $12,619, respectively	537,650	462,077
Inventories	876,697	869,224
Deferred income tax assets	20,653	21,765
Other current assets	107,207	115,703
Total current assets	1,663,373	1,583,265
Property and equipment, less accumulated depreciation	805,854	763,889
Other assets, net	11,705	11,948
Total assets	2,480,932	2,359,102
Current liabilities:
Line of credit, current	79,575	90,000
Accounts payable	133,472	103,909
Accrued expenses	182,397	174,002
Income taxes payable	1,132	7,442
Total current liabilities	396,576	375,353
Line of credit, noncurrent	250,425	0
Deferred income tax liabilities	69,947	68,532
Stockholders' equity:
Preferred stock, 5,000,000 shares authorized	0	0
Common stock, 400,000,000 shares authorized, 290,149,384 and 295,867,844 shares issued and outstanding, respectively	2,902	2,959
Additional paid-in capital	2,934	33,744
Retained earnings	1,781,645	1,886,350
Accumulated other comprehensive loss	(23,497)	(7,836)
Total stockholders' equity	1,763,984	1,915,217
Total liabilities and stockholders' equity	$ 2,480,932	$ 2,359,102

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance for doubtful accounts	$ 12,178	$ 12,619
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	290,149,384	295,867,844
Common stock, shares outstanding	290,149,384	295,867,844

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 997,827	$ 949,938	$ 1,951,144	$ 1,826,439
Cost of sales	495,740	467,271	965,007	895,294
Gross profit	502,087	482,667	986,137	931,145
Operating and administrative expenses	276,644	276,016	557,031	545,859
Gain on sale of property and equipment	(390)	(196)	(498)	(412)
Operating income	225,833	206,847	429,604	385,698
Interest income	63	129	162	249
Interest expense	(797)	(194)	(1,155)	(320)
Earnings before income taxes	225,099	206,782	428,611	385,627
Income tax expense	84,742	76,268	160,648	143,182
Net earnings	$ 140,357	$ 130,514	$ 267,963	$ 242,445
Basic net earnings per share	$ 0.48	$ 0.44	$ 0.91	$ 0.82
Diluted net earnings per share	$ 0.48	$ 0.44	$ 0.91	$ 0.82
Basic weighted average shares outstanding	291,176,985	296,691,232	293,191,566	296,666,992
Diluted weighted average shares outstanding	291,830,137	297,578,419	293,870,152	297,534,473

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net earnings	$ 140,357	$ 130,514	$ 267,963	$ 242,445
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments (net of tax of $0 in 2015 and 2014)	3,789	5,386	(15,661)	549
Change in marketable securities (net of tax of $0 in 2015 and 2014)	0	0	0	2
Comprehensive income	$ 144,146	$ 135,900	$ 252,302	$ 242,996

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0
Change in marketable securities, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net earnings	$ 267,963	$ 242,445
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation of property and equipment	39,295	35,190
Gain on sale of property and equipment	(498)	(412)
Bad debt expense	4,806	5,421
Deferred income taxes	2,527	1,100
Stock-based compensation	3,441	3,000
Excess tax benefits from stock-based compensation	(1,274)	(1,488)
Amortization of non-compete agreements	263	263
Changes in operating assets and liabilities:
Trade accounts receivable	(83,552)	(93,420)
Inventories	(12,615)	(34,703)
Other current assets	8,496	(3,021)
Accounts payable	29,563	18,235
Accrued expenses	8,395	18,046
Income taxes	(5,036)	31,707
Other	(620)	566
Net cash provided by operating activities	261,154	222,929
Cash flows from investing activities:
Purchases of property and equipment	(88,020)	(97,560)
Proceeds from sale of property and equipment	4,112	2,720
Net increase in marketable securities	0	(2)
Net increase in other assets	(20)	(69)
Net cash used in investing activities	(83,928)	(94,911)
Cash flows from financing activities:
Borrowings under line of credit	790,000	380,000
Payments against line of credit	(550,000)	(310,000)
Proceeds from exercise of stock options	6,911	5,143
Excess tax benefits from stock-based compensation	1,274	1,488
Purchases of common stock	(250,425)	(8,847)
Payments of dividends	(164,736)	(148,353)
Net cash used in financing activities	(166,976)	(80,569)
Effect of exchange rate changes on cash and cash equivalents	(3,580)	(15)
Net increase in cash and cash equivalents	6,670	47,434
Cash and cash equivalents at beginning of period	114,496	58,506
Cash and cash equivalents at end of period	121,166	105,940
Supplemental disclosure of cash flow information:
Cash paid during each period for interest	1,155	320
Net cash paid during each period for income taxes	$ 162,891	$ 99,348

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	(1) Basis of Presentation The accompanying unaudited condensed 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 U.S. generally accepted accounting principles (GAAP) for interim financial information. They do not include all information and footnotes required by U.S. GAAP 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, 2014. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

Financial Instruments and Marke

Financial Instruments and Marketable Securities	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity 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 2014 annual report on Form 10-K in Note 1 of the Notes to Consolidated Financial Statements.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
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, Preferred stock $.01 /share Shares authorized 5,000,000 5,000,000 5,000,000 Shares issued and outstanding — — — Common stock $.01 /share Shares authorized 400,000,000 400,000,000 400,000,000 Shares issued and outstanding 290,149,384 295,867,844 296,764,444 Dividends On July 13, 2015 , our board of directors declared a dividend of $0.28 per share of common stock. This dividend is to be paid in cash on August 25, 2015 to shareholders of record at the close of business on July 28, 2015 . 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 on a per share basis: 2015 2014 First quarter $ 0.28 0.25 Second quarter 0.28 0.25 Third quarter 0.28 0.25 Fourth quarter 0.25 Total $ 0.84 1.00 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 Granted Option Exercise (Strike) Price Closing Stock Price on Date of Grant June 30, 2015 Date of Grant Options Outstanding Options Exercisable April 21, 2015 893,220 $ 42.00 $ 41.26 880,842 — April 22, 2014 955,000 $ 56.00 $ 50.53 807,500 5,000 April 16, 2013 205,000 $ 54.00 $ 49.25 137,500 — April 17, 2012 1,235,000 $ 54.00 $ 49.01 1,060,000 243,750 April 19, 2011 410,000 $ 35.00 $ 31.78 268,800 143,800 April 20, 2010 530,000 $ 30.00 $ 27.13 226,500 129,000 April 21, 2009 790,000 $ 27.00 $ 17.61 303,900 211,400 April 15, 2008 550,000 $ 27.00 $ 24.35 161,000 134,750 April 17, 2007 4,380,000 $ 22.50 $ 20.15 1,346,840 1,346,840 Total 9,948,220 5,192,882 2,214,540 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 April 21, 2015 1.3 % 5.00 2.7 % 26.84 % $ 7.35 April 22, 2014 1.8 % 5.00 2.0 % 28.55 % $ 9.57 April 16, 2013 0.7 % 5.00 1.6 % 37.42 % $ 12.66 April 17, 2012 0.9 % 5.00 1.4 % 39.25 % $ 13.69 April 19, 2011 2.1 % 5.00 1.6 % 39.33 % $ 11.20 April 20, 2010 2.6 % 5.00 1.5 % 39.10 % $ 8.14 April 21, 2009 1.9 % 5.00 1.0 % 38.80 % $ 3.64 April 15, 2008 2.7 % 5.00 1.0 % 30.93 % $ 7.75 April 17, 2007 4.6 % 4.85 1.0 % 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 approximately nine years after the date of grant. 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 risk-free interest rate is based on the U.S. Treasury rate over the expected life of the option at the time of grant. 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. The dividend yield is estimated over the expected life of the option based on our current dividend payout, historical dividends paid, and expected future cash dividends. Expected volatilities are based on the movement of our stock over the most recent historical period equivalent to the expected life of the option. 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, 2015 and 2014 was $3,441 and $3,000 , respectively. Unrecognized compensation expense related to outstanding unvested stock options as of June 30, 2015 was $17,707 and is expected to be recognized over a weighted average period of 5.04 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 2015 2014 2015 2014 Basic weighted average shares outstanding 293,191,566 296,666,992 291,176,985 296,691,232 Weighted shares assumed upon exercise of stock options 678,586 867,481 653,152 887,187 Diluted weighted average shares outstanding 293,870,152 297,534,473 291,830,137 297,578,419 Six-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2015 2014 2015 2014 Options to purchase shares of common stock 2,395,247 1,646,892 2,724,639 1,997,363 Weighted average exercise prices of options $ 52.97 $ 54.44 $ 51.56 $ 54.72 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, 2015
Income Tax Disclosure [Abstract]
Income Taxes	(4) Income Taxes Fastenal files income tax returns in the United States federal jurisdiction, all 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 2012 in the case of United States federal and foreign examinations and 2011 in the case of state and local examinations. As of June 30, 2015 and 2014 , the Company had $4,299 and $3,916 , 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 twelve months.

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 2015
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 pick-up trucks 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 $65,279 . We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote other than where we have established an accrual for estimated losses, which is immaterial at June 30, 2015 . To the extent our fleet contains vehicles we estimate will settle at a gain, such gains on these vehicles will be recognized when we sell the vehicle.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(6) Commitments and Contingencies Credit Facilities and Commitments On May 1, 2015, we entered into a new credit facility agreement and terminated our existing credit facility agreement. The new credit facility agreement provides us with a committed $500,000 unsecured revolving credit facility (the 'Credit Facility'). The Credit Facility includes a committed letter of credit subfacility of $55,000 . The commitments under the Credit Facility will expire (and any borrowings outstanding under the Credit Facility will become due and payable) on March 1, 2018 . In the next twelve months, we have the ability and intent to repay a portion of the outstanding line of credit obligations using cash; therefore, we have classified this portion of the line of credit as a current liability. Commitments under the Credit Facility are subject to certain financial and negative covenants, and we are currently in compliance with these covenants. Line of credit obligations and undrawn letters of credit outstanding under the Credit Facility were as follows: June 30, 2015 December 31, 2014 June 30, 2014 Line of credit, obligations outstanding $ 330,000 90,000 70,000 Less: Line of credit, current (79,575 ) (90,000 ) (70,000 ) Line of credit, noncurrent $ 250,425 — — Undrawn letters of credit - face amount $ 37,256 37,315 34,411 Borrowings under the Credit Facility generally bear interest at a rate per annum equal to the London Interbank Offered Rate (' LIBOR ') for interest periods of various lengths selected by us, plus 0.95% . Based on the interest periods we have chosen, our effective per annum interest rate at June 30, 2015 was approximately 1.1% . We pay a commitment fee for the unused portion of the Credit Facility. This fee is either 0.10% or 0.125% per annum based on our usage of the Credit Facility. Legal Contingencies The nature of our potential exposure to legal contingencies is described in our 2014 annual report on Form 10-K in Note 10 of the Notes to Consolidated Financial Statements. As of June 30, 2015 , 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, 2015
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 condensed consolidated financial statements or disclosure in the notes to the condensed consolidated 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, 2015
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	(8) New Accounting Pronouncements There has been no material change in the information regarding new accounting pronouncements disclosed in our 2014 annual report on Form 10-K in Note 13 of the Notes to Consolidated Financial Statements, with the exception of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers , issued by the Financial Accounting Standards Board (FASB) in May 2014, 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. This ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In April 2015, FASB deferred the effective date of the new standard. With this deferral, the new standard is effective for us on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect this ASU 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.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
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, Preferred stock $.01 /share Shares authorized 5,000,000 5,000,000 5,000,000 Shares issued and outstanding — — — Common stock $.01 /share Shares authorized 400,000,000 400,000,000 400,000,000 Shares issued and outstanding 290,149,384 295,867,844 296,764,444
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 on a per share basis: 2015 2014 First quarter $ 0.28 0.25 Second quarter 0.28 0.25 Third quarter 0.28 0.25 Fourth quarter 0.25 Total $ 0.84 1.00
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 Granted Option Exercise (Strike) Price Closing Stock Price on Date of Grant June 30, 2015 Date of Grant Options Outstanding Options Exercisable April 21, 2015 893,220 $ 42.00 $ 41.26 880,842 — April 22, 2014 955,000 $ 56.00 $ 50.53 807,500 5,000 April 16, 2013 205,000 $ 54.00 $ 49.25 137,500 — April 17, 2012 1,235,000 $ 54.00 $ 49.01 1,060,000 243,750 April 19, 2011 410,000 $ 35.00 $ 31.78 268,800 143,800 April 20, 2010 530,000 $ 30.00 $ 27.13 226,500 129,000 April 21, 2009 790,000 $ 27.00 $ 17.61 303,900 211,400 April 15, 2008 550,000 $ 27.00 $ 24.35 161,000 134,750 April 17, 2007 4,380,000 $ 22.50 $ 20.15 1,346,840 1,346,840 Total 9,948,220 5,192,882 2,214,540
Fair Value Assumptions for Options Granted	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 April 21, 2015 1.3 % 5.00 2.7 % 26.84 % $ 7.35 April 22, 2014 1.8 % 5.00 2.0 % 28.55 % $ 9.57 April 16, 2013 0.7 % 5.00 1.6 % 37.42 % $ 12.66 April 17, 2012 0.9 % 5.00 1.4 % 39.25 % $ 13.69 April 19, 2011 2.1 % 5.00 1.6 % 39.33 % $ 11.20 April 20, 2010 2.6 % 5.00 1.5 % 39.10 % $ 8.14 April 21, 2009 1.9 % 5.00 1.0 % 38.80 % $ 3.64 April 15, 2008 2.7 % 5.00 1.0 % 30.93 % $ 7.75 April 17, 2007 4.6 % 4.85 1.0 % 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 2015 2014 2015 2014 Basic weighted average shares outstanding 293,191,566 296,666,992 291,176,985 296,691,232 Weighted shares assumed upon exercise of stock options 678,586 867,481 653,152 887,187 Diluted weighted average shares outstanding 293,870,152 297,534,473 291,830,137 297,578,419
Anti-Dilutive Options Excluded	Six-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2015 2014 2015 2014 Options to purchase shares of common stock 2,395,247 1,646,892 2,724,639 1,997,363 Weighted average exercise prices of options $ 52.97 $ 54.44 $ 51.56 $ 54.72

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Line of Credit Obligations and Undrawn Letters of Credit Outstanding	Line of credit obligations and undrawn letters of credit outstanding under the Credit Facility were as follows: June 30, 2015 December 31, 2014 June 30, 2014 Line of credit, obligations outstanding $ 330,000 90,000 70,000 Less: Line of credit, current (79,575 ) (90,000 ) (70,000 ) Line of credit, noncurrent $ 250,425 — — Undrawn letters of credit - face amount $ 37,256 37,315 34,411

Stockholders' Equity - Authoriz

Stockholders' Equity - Authorized, Issued, and Outstanding Shares (Details) - $ / shares	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
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	290,149,384	295,867,844	296,764,444
Common stock, Shares outstanding	290,149,384	295,867,844	296,764,444

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 13, 2015	Jun. 30, 2015	Jun. 30, 2014
Schedule of Shareholders' Equity [Line Items]
Options vesting and exercisable period, maximum		8 years
Options termination period		9 years
Total stock-based compensation expense for the Fastenal stock option plan		$ 3,441	$ 3,000
Total unrecognized stock-based compensation expense		$ 17,707
Weighted average period over which total unrecognized stock-based compensation expense will be recognized		5 years 14 days
Subsequent Event [Member]
Schedule of Shareholders' Equity [Line Items]
Dividend declared date	Jul. 13, 2015
Dividend declared per share	$ 0.28
Dividend payment date	Aug. 25, 2015
Dividend payable record date	Jul. 28, 2015

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Paid Previously or Declared (Details) - $ / shares	Jul. 13, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jul. 13, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Dividends paid per share		$ 0.28	$ 0.28	$ 0.25	$ 0.25	$ 0.25	$ 0.25		$ 1
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared per share	$ 0.28
Dividends paid previously or declared, per share								$ 0.84

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options Granted (Details) - Jun. 30, 2015 - $ / shares	Total	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted		9,948,220
Options Outstanding	5,192,882	5,192,882
Options Exercisable	2,214,540	2,214,540
April 21, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted	893,220
Option Exercise (Strike) Price	$ 42
Closing Stock Price on Date of Grant	$ 41.26	$ 41.26
Options Outstanding	880,842	880,842
Options Exercisable	0	0
April 22, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted	955,000
Option Exercise (Strike) Price	$ 56
Closing Stock Price on Date of Grant	$ 50.53	$ 50.53
Options Outstanding	807,500	807,500
Options Exercisable	5,000	5,000
April 16, 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted	205,000
Option Exercise (Strike) Price	$ 54
Closing Stock Price on Date of Grant	$ 49.25	$ 49.25
Options Outstanding	137,500	137,500
Options Exercisable	0	0
April 17, 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted	1,235,000
Option Exercise (Strike) Price	$ 54
Closing Stock Price on Date of Grant	$ 49.01	$ 49.01
Options Outstanding	1,060,000	1,060,000
Options Exercisable	243,750	243,750
April 19, 2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted	410,000
Option Exercise (Strike) Price	$ 35
Closing Stock Price on Date of Grant	$ 31.78	$ 31.78
Options Outstanding	268,800	268,800
Options Exercisable	143,800	143,800
April 20, 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted	530,000
Option Exercise (Strike) Price	$ 30
Closing Stock Price on Date of Grant	$ 27.13	$ 27.13
Options Outstanding	226,500	226,500
Options Exercisable	129,000	129,000
April 21, 2009 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted	790,000
Option Exercise (Strike) Price	$ 27
Closing Stock Price on Date of Grant	$ 17.61	$ 17.61
Options Outstanding	303,900	303,900
Options Exercisable	211,400	211,400
April 15, 2008 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted	550,000
Option Exercise (Strike) Price	$ 27
Closing Stock Price on Date of Grant	$ 24.35	$ 24.35
Options Outstanding	161,000	161,000
Options Exercisable	134,750	134,750
April 17, 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted	4,380,000
Option Exercise (Strike) Price	$ 22.50
Closing Stock Price on Date of Grant	$ 20.15	$ 20.15
Options Outstanding	1,346,840	1,346,840
Options Exercisable	1,346,840	1,346,840

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions for Options Granted (Details) - 6 months ended Jun. 30, 2015 - $ / shares	Total
April 21, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	1.30%
Expected Life of Option in Years	5 years
Expected Dividend Yield	2.70%
Expected Stock Volatility	26.84%
Estimated Fair Value of Stock Option	$ 7.35
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 - Reconcil

Stockholders' Equity - Reconciliation of Denominators used in Computation of Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stockholders' Equity Note [Abstract]
Basic weighted average shares outstanding	291,176,985	296,691,232	293,191,566	296,666,992
Weighted shares assumed upon exercise of stock options	653,152	887,187	678,586	867,481
Diluted weighted average shares outstanding	291,830,137	297,578,419	293,870,152	297,534,473

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Anti-Dilutive Options Excluded (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stockholders' Equity Note [Abstract]
Options to purchase shares of common stock	2,724,639	1,997,363	2,395,247	1,646,892
Weighted average exercise prices of options	$ 51.56	$ 54.72	$ 52.97	$ 54.44

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Liabilities recorded related to gross unrecognized tax benefits	$ 4,299	$ 3,916

Operating Leases - Additional I

Operating Leases - Additional Information (Details) - Jun. 30, 2015 - Leased Vehicles [Member] - USD ($) $ in Thousands	Total
Property Subject to or Available for Operating Lease [Line Items]
Term of non-cancellable pick-up leases	1 year
Aggregate residual value guarantee	$ 65,279
Minimum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Average pick-up lease term	28 months
Maximum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Renewal options for non-cancellable pick-up leases, maximum	72 months
Average pick-up lease term	36 months

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Unsecured Debt [Member] - Credit Facility [Member] - USD ($)	6 Months Ended
	Jun. 30, 2015	May. 01, 2015
Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 500,000,000
Credit facility, expiration date	Mar. 1, 2018
Average Quarterly Utilization of Facility is Less than 20% [Member]
Credit Facility [Line Items]
Percentage fee paid for undrawn portion of credit facility	0.125%
Average Quarterly Utilization of Facility is 20% or More [Member]
Credit Facility [Line Items]
Percentage fee paid for undrawn portion of credit facility	0.10%
London Interbank Offered Rate (LIBOR) [Member]
Credit Facility [Line Items]
Interest percentage over LIBOR rate	0.95%
Revolving Credit Facility [Member]
Credit Facility [Line Items]
Effective interest rate during period on outstanding line of credit	1.10%
Letter of Credit Subfacility [Member]
Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 55,000,000

Commitments and Contingencies28

Commitments and Contingencies - Line of Credit Obligations and Undrawn Letters of Credit Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Credit Facility [Line Items]
Less: Line of credit, current	$ (79,575)	$ (90,000)
Line of credit, noncurrent	250,425	0
Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member]
Credit Facility [Line Items]
Line of credit, obligations outstanding	330,000	90,000	$ 70,000
Less: Line of credit, current	(79,575)	(90,000)	(70,000)
Line of credit, noncurrent	250,425	0	0
Credit Facility [Member] | Unsecured Debt [Member] | Letter of Credit Subfacility [Member]
Credit Facility [Line Items]
Undrawn letters of credit - face amount	$ 37,256	$ 37,315	$ 34,411