Fastenal (FAST) 10-Q 16 Oct 15 2015 Q3 Quarterly report Financial data

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