Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 12, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
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 | 289,695,174 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 111,775 | $ 114,496 |
Trade accounts receivable, net of allowance for doubtful accounts of $11,795 and $12,619, respectively | 537,055 | 462,077 |
Inventories | 883,207 | 869,224 |
Deferred income tax assets | 20,427 | 21,765 |
Prepaid income taxes | 2,839 | 0 |
Other current assets | 117,687 | 115,703 |
Total current assets | 1,672,990 | 1,583,265 |
Property and equipment, less accumulated depreciation | 810,652 | 763,889 |
Other assets, net | 11,635 | 11,948 |
Total assets | 2,495,277 | 2,359,102 |
Current liabilities: | ||
Line of credit, current | 41,510 | 90,000 |
Accounts payable | 131,979 | 103,909 |
Accrued expenses | 194,791 | 174,002 |
Income taxes payable | 0 | 7,442 |
Total current liabilities | 368,280 | 375,353 |
Line of credit, noncurrent | 273,490 | 0 |
Deferred income tax liabilities | 70,016 | 68,532 |
Stockholders' equity: | ||
Preferred stock, 5,000,000 shares authorized | 0 | 0 |
Common stock, 400,000,000 shares authorized, 289,654,284 and 295,867,844 shares issued and outstanding, respectively | 2,897 | 2,959 |
Additional paid-in capital | 1,031 | 33,744 |
Retained earnings | 1,819,794 | 1,886,350 |
Accumulated other comprehensive loss | (40,231) | (7,836) |
Total stockholders' equity | 1,783,491 | 1,915,217 |
Total liabilities and stockholders' equity | $ 2,495,277 | $ 2,359,102 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 11,795 | $ 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 | 289,654,284 | 295,867,844 |
Common stock, shares outstanding | 289,654,284 | 295,867,844 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 995,250 | $ 980,814 | $ 2,946,394 | $ 2,807,253 |
Cost of sales | 493,025 | 482,121 | 1,458,032 | 1,377,415 |
Gross profit | 502,225 | 498,693 | 1,488,362 | 1,429,838 |
Operating and administrative expenses | 282,378 | 286,132 | 839,409 | 831,991 |
Gain on sale of property and equipment | (162) | (310) | (659) | (722) |
Operating income | 220,009 | 212,871 | 649,612 | 598,569 |
Interest income | 137 | 388 | 299 | 637 |
Interest expense | (942) | (271) | (2,096) | (591) |
Earnings before income taxes | 219,204 | 212,988 | 647,815 | 598,615 |
Income tax expense | 82,710 | 79,674 | 243,358 | 222,856 |
Net earnings | $ 136,494 | $ 133,314 | $ 404,457 | $ 375,759 |
Basic net earnings per share | $ 0.47 | $ 0.45 | $ 1.38 | $ 1.27 |
Diluted net earnings per share | $ 0.47 | $ 0.45 | $ 1.38 | $ 1.26 |
Basic weighted average shares outstanding | 289,917,768 | 296,595,100 | 292,083,511 | 296,642,783 |
Diluted weighted average shares outstanding | 290,474,539 | 297,377,594 | 292,720,637 | 297,485,083 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 136,494 | $ 133,314 | $ 404,457 | $ 375,759 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments (net of tax of $0 in 2015 and 2014) | (16,734) | (11,516) | (32,395) | (10,967) |
Change in marketable securities (net of tax of $0 in 2015 and 2014) | 0 | (256) | 0 | (254) |
Comprehensive income | $ 119,760 | $ 121,542 | $ 372,062 | $ 364,538 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 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 | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net earnings | $ 404,457 | $ 375,759 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation of property and equipment | 60,500 | 53,476 |
Gain on sale of property and equipment | (659) | (722) |
Bad debt expense | 6,768 | 8,429 |
Deferred income taxes | 2,822 | 1,414 |
Stock-based compensation | 4,641 | 4,620 |
Excess tax benefits from stock-based compensation | (1,756) | (1,925) |
Amortization of non-compete agreements | 395 | 395 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (88,420) | (116,363) |
Inventories | (24,623) | (52,311) |
Other current assets | (1,984) | (19,346) |
Accounts payable | 28,070 | 21,326 |
Accrued expenses | 20,789 | 33,564 |
Income taxes | (8,525) | 34,975 |
Other | (490) | (10,349) |
Net cash provided by operating activities | 401,985 | 332,942 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (119,462) | (143,547) |
Proceeds from sale of property and equipment | 6,696 | 4,154 |
Net decrease in marketable securities | 0 | 451 |
Net increase in other assets | (82) | (23) |
Net cash used in investing activities | (112,848) | (138,965) |
Cash flows from financing activities: | ||
Borrowings under line of credit | 965,000 | 540,000 |
Payments against line of credit | (740,000) | (435,000) |
Proceeds from exercise of stock options | 9,289 | 7,036 |
Excess tax benefits from stock-based compensation | 1,756 | 1,925 |
Purchases of common stock | (273,490) | (26,697) |
Payments of dividends | (245,983) | (222,546) |
Net cash used in financing activities | (283,428) | (135,282) |
Effect of exchange rate changes on cash and cash equivalents | (8,430) | (872) |
Net (decrease) increase in cash and cash equivalents | (2,721) | 57,823 |
Cash and cash equivalents at beginning of period | 114,496 | 58,506 |
Cash and cash equivalents at end of period | 111,775 | 116,329 |
Supplemental disclosure of cash flow information: | ||
Cash paid during each period for interest | 2,096 | 591 |
Net cash paid during each period for income taxes | $ 248,473 | $ 175,453 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 September 30, December 31, September 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 289,654,284 295,867,844 296,440,794 Dividends On October 12, 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 November 24, 2015 to shareholders of record at the close of business on October 27, 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 0.28 0.25 Total $ 1.12 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 September 30, 2015 Date of Grant Options Outstanding Options Exercisable April 21, 2015 893,220 $ 42.00 $ 41.26 841,202 — April 22, 2014 955,000 $ 56.00 $ 50.53 807,500 5,000 April 16, 2013 205,000 $ 54.00 $ 49.25 130,000 — April 17, 2012 1,235,000 $ 54.00 $ 49.01 1,047,500 243,750 April 19, 2011 410,000 $ 35.00 $ 31.78 253,800 143,800 April 20, 2010 530,000 $ 30.00 $ 27.13 220,850 127,100 April 21, 2009 790,000 $ 27.00 $ 17.61 303,100 210,600 April 15, 2008 550,000 $ 27.00 $ 24.35 159,750 134,750 April 17, 2007 4,380,000 $ 22.50 $ 20.15 1,244,640 1,244,640 Total 9,948,220 5,008,342 2,109,640 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 stock volatilities are based on the movement of our stock price 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 nine -month periods ended September 30, 2015 and 2014 was $4,641 and $4,620 , respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of September 30, 2015 was $16,296 and is expected to be recognized over a weighted average period of 4.78 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: Nine-month Period Three-month Period Reconciliation 2015 2014 2015 2014 Basic weighted average shares outstanding 292,083,511 296,642,783 289,917,768 296,595,100 Weighted shares assumed upon exercise of stock options 637,126 842,300 556,771 782,494 Diluted weighted average shares outstanding 292,720,637 297,485,083 290,474,539 297,377,594 Nine-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2015 2014 2015 2014 Options to purchase shares of common stock 2,547,639 1,823,031 3,032,532 2,169,565 Weighted average exercise prices of options $ 52.21 $ 54.60 $ 49.98 $ 54.83 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 | 9 Months Ended |
Sep. 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 September 30, 2015 and 2014 , liabilities recorded related to gross unrecognized tax benefits were $4,499 and $3,916 , respectively. Included in these liabilities for gross unrecognized tax benefits is an immaterial amount for interest and penalties, both of which we classify as a component of income tax expense. We do not anticipate significant changes in total unrecognized tax benefits during the next twelve months. |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 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 $59,699 . 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 September 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 | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (6) Commitments and Contingencies Credit Facilities and Commitments We have a $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: September 30, 2015 December 31, 2014 September 30, 2014 Line of credit, obligations outstanding $ 315,000 90,000 105,000 Less: Line of credit, current (41,510 ) (90,000 ) (105,000 ) Line of credit, noncurrent $ 273,490 — — Undrawn letters of credit - face amount $ 37,174 37,315 34,360 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 September 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 September 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 | 9 Months Ended |
Sep. 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 Condensed Consolidated Financial Statements, with the exception of the dividend disclosed in Note (3) 'Stockholders' Equity'. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [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) | 9 Months Ended |
Sep. 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 September 30, December 31, September 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 289,654,284 295,867,844 296,440,794 |
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 0.28 0.25 Total $ 1.12 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 September 30, 2015 Date of Grant Options Outstanding Options Exercisable April 21, 2015 893,220 $ 42.00 $ 41.26 841,202 — April 22, 2014 955,000 $ 56.00 $ 50.53 807,500 5,000 April 16, 2013 205,000 $ 54.00 $ 49.25 130,000 — April 17, 2012 1,235,000 $ 54.00 $ 49.01 1,047,500 243,750 April 19, 2011 410,000 $ 35.00 $ 31.78 253,800 143,800 April 20, 2010 530,000 $ 30.00 $ 27.13 220,850 127,100 April 21, 2009 790,000 $ 27.00 $ 17.61 303,100 210,600 April 15, 2008 550,000 $ 27.00 $ 24.35 159,750 134,750 April 17, 2007 4,380,000 $ 22.50 $ 20.15 1,244,640 1,244,640 Total 9,948,220 5,008,342 2,109,640 |
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: Nine-month Period Three-month Period Reconciliation 2015 2014 2015 2014 Basic weighted average shares outstanding 292,083,511 296,642,783 289,917,768 296,595,100 Weighted shares assumed upon exercise of stock options 637,126 842,300 556,771 782,494 Diluted weighted average shares outstanding 292,720,637 297,485,083 290,474,539 297,377,594 |
Anti-Dilutive Options Excluded | Nine-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2015 2014 2015 2014 Options to purchase shares of common stock 2,547,639 1,823,031 3,032,532 2,169,565 Weighted average exercise prices of options $ 52.21 $ 54.60 $ 49.98 $ 54.83 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 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: September 30, 2015 December 31, 2014 September 30, 2014 Line of credit, obligations outstanding $ 315,000 90,000 105,000 Less: Line of credit, current (41,510 ) (90,000 ) (105,000 ) Line of credit, noncurrent $ 273,490 — — Undrawn letters of credit - face amount $ 37,174 37,315 34,360 |
Stockholders' Equity - Authoriz
Stockholders' Equity - Authorized, Issued, and Outstanding Shares (Details) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 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 | 289,654,284 | 295,867,844 | 296,440,794 |
Common stock, Shares outstanding | 289,654,284 | 295,867,844 | 296,440,794 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 12, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Stockholders' Equity Note [Abstract] | |||
Options vesting and exercisable period, maximum | 8 years | ||
Options termination period | 9 years | ||
Total stock-based compensation expense | $ 4,641 | $ 4,620 | |
Total unrecognized stock-based compensation expense | $ 16,296 | ||
Weighted average period over which total unrecognized stock-based compensation expense will be recognized | 4 years 9 months 10 days | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividend declared per share | $ 0.28 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Dividends Paid Previously or Declared (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Per Share [Line Items] | ||||||||||
Dividends paid per share | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 1 | ||
Forecast [Member] | ||||||||||
Dividends Per Share [Line Items] | ||||||||||
Dividends paid per share | $ 0.28 | $ 1.12 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options Granted (Details) | 9 Months Ended | 101 Months Ended |
Sep. 30, 2015$ / sharesshares | Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Granted | 9,948,220 | |
Options Outstanding | 5,008,342 | 5,008,342 |
Options Exercisable | 2,109,640 | 2,109,640 |
April 21, 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Granted | 893,220 | |
Option Exercise (Strike) Price | $ / shares | $ 42 | |
Closing Stock Price on Date of Grant | $ / shares | $ 41.26 | $ 41.26 |
Options Outstanding | 841,202 | 841,202 |
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 | $ / shares | $ 56 | |
Closing Stock Price on Date of Grant | $ / shares | $ 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 | $ / shares | $ 54 | |
Closing Stock Price on Date of Grant | $ / shares | $ 49.25 | $ 49.25 |
Options Outstanding | 130,000 | 130,000 |
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 | $ / shares | $ 54 | |
Closing Stock Price on Date of Grant | $ / shares | $ 49.01 | $ 49.01 |
Options Outstanding | 1,047,500 | 1,047,500 |
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 | $ / shares | $ 35 | |
Closing Stock Price on Date of Grant | $ / shares | $ 31.78 | $ 31.78 |
Options Outstanding | 253,800 | 253,800 |
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 | $ / shares | $ 30 | |
Closing Stock Price on Date of Grant | $ / shares | $ 27.13 | $ 27.13 |
Options Outstanding | 220,850 | 220,850 |
Options Exercisable | 127,100 | 127,100 |
April 21, 2009 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Granted | 790,000 | |
Option Exercise (Strike) Price | $ / shares | $ 27 | |
Closing Stock Price on Date of Grant | $ / shares | $ 17.61 | $ 17.61 |
Options Outstanding | 303,100 | 303,100 |
Options Exercisable | 210,600 | 210,600 |
April 15, 2008 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Granted | 550,000 | |
Option Exercise (Strike) Price | $ / shares | $ 27 | |
Closing Stock Price on Date of Grant | $ / shares | $ 24.35 | $ 24.35 |
Options Outstanding | 159,750 | 159,750 |
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 | $ / shares | $ 22.50 | |
Closing Stock Price on Date of Grant | $ / shares | $ 20.15 | $ 20.15 |
Options Outstanding | 1,244,640 | 1,244,640 |
Options Exercisable | 1,244,640 | 1,244,640 |
Stockholders' Equity - Fair Val
Stockholders' Equity - Fair Value Assumptions for Options Granted (Details) | 9 Months Ended |
Sep. 30, 2015$ / shares | |
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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ||||
Basic weighted average shares outstanding | 289,917,768 | 296,595,100 | 292,083,511 | 296,642,783 |
Weighted shares assumed upon exercise of stock options | 556,771 | 782,494 | 637,126 | 842,300 |
Diluted weighted average shares outstanding | 290,474,539 | 297,377,594 | 292,720,637 | 297,485,083 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Anti-Dilutive Options Excluded (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ||||
Options to purchase shares of common stock (in shares) | 3,032,532 | 2,169,565 | 2,547,639 | 1,823,031 |
Weighted average exercise prices of options | $ 49.98 | $ 54.83 | $ 52.21 | $ 54.60 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Income Tax Disclosure [Abstract] | ||
Liabilities recorded related to gross unrecognized tax benefits | $ 4,499 | $ 3,916 |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) - Leased Vehicles [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |
Term of non-cancellable pick-up leases | 1 year |
Aggregate residual value guarantee | $ 59,699 |
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] | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Credit Facility [Line Items] | |
Credit facility, maximum borrowing capacity | $ 500,000,000 |
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 per annum interest rate 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 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Credit Facility [Line Items] | |||
Less: Line of credit, current | $ (41,510) | $ (90,000) | |
Line of credit, noncurrent | 273,490 | 0 | |
Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||
Credit Facility [Line Items] | |||
Line of credit, obligations outstanding | 315,000 | 90,000 | $ 105,000 |
Less: Line of credit, current | (41,510) | (90,000) | (105,000) |
Line of credit, noncurrent | 273,490 | 0 | 0 |
Credit Facility [Member] | Unsecured Debt [Member] | Letter of Credit Subfacility [Member] | |||
Credit Facility [Line Items] | |||
Undrawn letters of credit - face amount | $ 37,174 | $ 37,315 | $ 34,360 |