Fastenal (FAST) 10-Q 15 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 11, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		288,883,249

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 150,552	$ 129,019
Trade accounts receivable, net of allowance for doubtful accounts of $11,434 and $11,729, respectively	533,485	468,375
Inventories	965,054	913,263
Prepaid income taxes	0	22,558
Other current assets	118,089	131,561
Total current assets	1,767,180	1,664,776
Property and equipment, net	826,736	818,889
Other assets, net	48,865	48,797
Total assets	2,642,781	2,532,462
Current liabilities:
Current portion of debt	7,610	62,050
Accounts payable	158,496	125,973
Accrued expenses	179,351	185,143
Income taxes payable	56,216	0
Total current liabilities	401,673	373,166
Long-term debt	362,390	302,950
Deferred income tax liabilities	56,842	55,057
Stockholders' equity:
Preferred stock, 5,000,000 shares authorized	0	0
Common stock, 400,000,000 shares authorized, 288,872,549 and 289,581,682 shares issued and outstanding, respectively	2,889	2,896
Additional paid-in capital	24,716	2,024
Retained earnings	1,826,958	1,842,772
Accumulated other comprehensive loss	(32,687)	(46,403)
Total stockholders' equity	1,821,876	1,801,289
Total liabilities and stockholders' equity	$ 2,642,781	$ 2,532,462

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance for doubtful accounts	$ 11,434	$ 11,729
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	288,872,549	289,581,682
Common stock, shares outstanding (in shares)	288,872,549	289,581,682

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 986,680	$ 953,317
Cost of sales	495,220	469,267
Gross profit	491,460	484,050
Operating and administrative expenses	290,181	280,387
Loss (gain) on sale of property and equipment	106	(108)
Operating income	201,173	203,771
Interest income	61	99
Interest expense	(1,383)	(358)
Earnings before income taxes	199,851	203,512
Income tax expense	73,624	75,906
Net earnings	$ 126,227	$ 127,606
Basic net earnings per share (in dollars per share)	$ 0.44	$ 0.43
Diluted net earnings per share (in dollars per share)	$ 0.44	$ 0.43
Basic weighted average shares outstanding (in shares)	288,808,019	295,237,625
Diluted weighted average shares outstanding (in shares)	289,123,603	295,936,718

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 126,227	$ 127,606
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments (net of tax of $0 in 2016 and 2015)	13,716	(19,450)
Comprehensive income	$ 139,943	$ 108,156

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net earnings	$ 126,227	$ 127,606
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation of property and equipment	23,286	19,412
Loss (gain) on sale of property and equipment	106	(108)
Bad debt expense	2,070	2,883
Deferred income taxes	1,785	416
Stock-based compensation	1,000	1,620
Excess tax benefits from stock-based compensation	(5,092)	(451)
Amortization of non-compete agreements	132	132
Changes in operating assets and liabilities:
Trade accounts receivable	(64,372)	(66,065)
Inventories	(47,112)	(5,151)
Other current assets	13,472	18,140
Accounts payable	32,523	28,325
Accrued expenses	(5,792)	(5,059)
Income taxes	83,866	59,195
Other	(737)	(790)
Net cash provided by operating activities	161,362	180,105
Cash flows from investing activities:
Purchases of property and equipment	(29,681)	(43,922)
Proceeds from sale of property and equipment	949	1,663
Other	(200)	(23)
Net cash used in investing activities	(28,932)	(42,282)
Cash flows from financing activities:
Borrowings under credit facility	180,000	175,000
Payments against credit facility	(175,000)	(140,000)
Proceeds from exercise of stock options	20,514	2,080
Excess tax benefits from stock-based compensation	5,092	451
Purchases of common stock	(59,440)	(81,865)
Payments of dividends	(86,522)	(82,846)
Net cash used in financing activities	(115,356)	(127,180)
Effect of exchange rate changes on cash and cash equivalents	4,459	(4,349)
Net increase in cash and cash equivalents	21,533	6,294
Cash and cash equivalents at beginning of period	129,019	114,496
Cash and cash equivalents at end of period	150,552	120,790
Supplemental disclosure of cash flow information:
Cash paid for interest	1,389	358
Net cash (received) paid for income taxes	$ (12,197)	$ 16,292

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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, 2015 . In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	(2) Stockholders’ Equity Our authorized, issued, and outstanding shares (stated in whole numbers) consist of the following: Par Value March 31, December 31, March 31, 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 288,872,549 289,581,682 293,955,044 Dividends On April 11, 2016 , our board of directors declared a dividend of $0.30 per share of common stock. This dividend is to be paid in cash on May 24, 2016 to shareholders of record at the close of business on April 26, 2016 . 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: 2016 2015 First quarter $ 0.30 0.28 Second quarter 0.30 0.28 Third quarter 0.28 Fourth quarter 0.28 Total $ 0.60 1.12 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 March 31, 2016 Date of Grant Options Outstanding Options Exercisable April 21, 2015 893,220 $ 42.00 $ 41.26 806,206 — April 22, 2014 955,000 $ 56.00 $ 50.53 690,000 5,000 April 16, 2013 205,000 $ 54.00 $ 49.25 125,000 2,500 April 17, 2012 1,235,000 $ 54.00 $ 49.01 1,033,250 341,250 April 19, 2011 410,000 $ 35.00 $ 31.78 245,300 145,300 April 20, 2010 530,000 $ 30.00 $ 27.13 186,700 96,700 April 21, 2009 790,000 $ 27.00 $ 17.61 269,100 179,100 April 15, 2008 550,000 $ 27.00 $ 24.35 118,250 93,250 April 17, 2007 4,380,000 $ 22.50 $ 20.15 38,275 38,275 Total 9,948,220 3,512,081 901,375 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 . Generally, each option will terminate approximately nine years after the grant date. 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 three -month periods ended March 31, 2016 and 2015 was $1,000 and $1,620 , respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of March 31, 2016 was $13,391 and is expected to be recognized over a weighted average period of 4.50 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: Three-month Period Reconciliation 2016 2015 Basic weighted average shares outstanding 288,808,019 295,237,625 Weighted shares assumed upon exercise of stock options 315,584 699,093 Diluted weighted average shares outstanding 289,123,603 295,936,718 Three-month Period Summary of Anti-dilutive Options Excluded 2016 2015 Options to purchase shares of common stock 2,661,571 2,066,000 Weighted average exercise price of options $ 50.89 $ 54.82 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	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	(3) 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 March 31, 2016 and 2015 , liabilities recorded related to gross unrecognized tax benefits were $5,808 and $4,122 , 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	3 Months Ended
	Mar. 31, 2016
Leases, Operating [Abstract]
Operating Leases	(4) Operating Leases 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 $68,455 . 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 March 31, 2016 . 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.

Debt Commitments and Contingenc

Debt Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Debt Commitments and Contingencies	(5) Debt Commitments and Contingencies Credit Facility, Note Payable, and Commitments Debt obligations and undrawn letters of credit outstanding at the end of each period were as follows: March 31, 2016 December 31, 2015 Unsecured revolving credit facility $ 355,000 350,000 Note payable 15,000 15,000 Total debt 370,000 365,000 Less: Current portion of debt (7,610 ) (62,050 ) Long-term debt $ 362,390 302,950 Undrawn letters of credit under unsecured revolving credit facility - face amount $ 36,267 36,266 Unsecured Revolving Credit Facility We have a $700,000 unsecured revolving credit facility ('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. The Credit Facility contains certain financial and other covenants, and our right to borrow under the Credit Facility is conditioned upon, among other things, our compliance with these covenants. We are currently in compliance with these covenants. 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% . A change in LIBOR impacts the interest rate on our borrowings, which in turn impacts interest expense incurred and cash flows. Based on the interest periods we have chosen, our weighted per annum interest rate at March 31, 2016 was approximately 1.4% . 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. Note Payable On December 7, 2015, we signed an agreement to acquire, effective January 2, 2017, certain assets related to the collection and management of certain portions of our business and financial data from Apex Industrial Technologies, LLC ('Apex'), a provider of automated point-of-use dispensing and supply chain technologies. The agreement includes a transition arrangement which requires us to assume responsibility for certain software that is licensed by Apex assuming that hosting services are transitioned from Apex to us. The total consideration for the assets and transition arrangement is $27,000 , of which $12,000 was paid in cash in December 2015 to cover costs associated with decoupling systems and programs, transition planning expenses, completing system enhancements, and engaging in training to effectively and efficiently transfer hosting activities to us. The remaining $15,000 covers equipment costs and post transfer expenses related to the transition, and is payable in installments pursuant to an unsecured note, with the final payment due in December 2017. Payment of the $15,000 is dependent upon the transfer of hosting activities to us. We also reserve the right to terminate the transition of hosting services from Apex to us and, if we decide to exercise that option, then we will not be required to make the $15,000 in payments and Apex will continue to provide us with fee-based hosting services. The note bears interest at an annual rate of 0.56% . Interest on the unpaid principal balance of the note is due and payable on the last day of each calendar quarter, commencing on December 31, 2015. Legal Contingencies The nature of our potential exposure to legal contingencies is described in our 2015 annual report on Form 10-K in Note 9 of the Notes to Consolidated Financial Statements. As of March 31, 2016 , there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	(6) 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 (2) 'Stockholders' Equity'.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	(7) New Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-11, Simplifying the Measurement of Inventory which changes the measurement principle for inventory for entities using first-in, first-out (FIFO) or average cost from the lower of cost or market to lower of cost and net realizable value. This standard defines net realizable value as estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. This standard should be applied prospectively. We are evaluating the impact of the future adoption of this standard, but we do not expect the adoption to have a material effect on our consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which defers the effective date of ASU 2014-09 for all entities by one year. This update is effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. ASU 2014-09 was to become effective for us beginning January 2017. ASU 2015-14 defers our effective date until January 2018. We are evaluating the impact 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. In February 2016, the FASB, issued ASU 2016-02, Leases , which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact of the future adoption of this standard on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The guidance will be effective for annual reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact of the future adoption of this standard on our consolidated financial statements.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, December 31, March 31, 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 288,872,549 289,581,682 293,955,044
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: 2016 2015 First quarter $ 0.30 0.28 Second quarter 0.30 0.28 Third quarter 0.28 Fourth quarter 0.28 Total $ 0.60 1.12
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 March 31, 2016 Date of Grant Options Outstanding Options Exercisable April 21, 2015 893,220 $ 42.00 $ 41.26 806,206 — April 22, 2014 955,000 $ 56.00 $ 50.53 690,000 5,000 April 16, 2013 205,000 $ 54.00 $ 49.25 125,000 2,500 April 17, 2012 1,235,000 $ 54.00 $ 49.01 1,033,250 341,250 April 19, 2011 410,000 $ 35.00 $ 31.78 245,300 145,300 April 20, 2010 530,000 $ 30.00 $ 27.13 186,700 96,700 April 21, 2009 790,000 $ 27.00 $ 17.61 269,100 179,100 April 15, 2008 550,000 $ 27.00 $ 24.35 118,250 93,250 April 17, 2007 4,380,000 $ 22.50 $ 20.15 38,275 38,275 Total 9,948,220 3,512,081 901,375
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: Three-month Period Reconciliation 2016 2015 Basic weighted average shares outstanding 288,808,019 295,237,625 Weighted shares assumed upon exercise of stock options 315,584 699,093 Diluted weighted average shares outstanding 289,123,603 295,936,718
Anti-Dilutive Options Excluded	Three-month Period Summary of Anti-dilutive Options Excluded 2016 2015 Options to purchase shares of common stock 2,661,571 2,066,000 Weighted average exercise price of options $ 50.89 $ 54.82

Debt Commitments and Continge16

Debt Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Debt Obligations and Undrawn Letters of Credit Outstanding	Debt obligations and undrawn letters of credit outstanding at the end of each period were as follows: March 31, 2016 December 31, 2015 Unsecured revolving credit facility $ 355,000 350,000 Note payable 15,000 15,000 Total debt 370,000 365,000 Less: Current portion of debt (7,610 ) (62,050 ) Long-term debt $ 362,390 302,950 Undrawn letters of credit under unsecured revolving credit facility - face amount $ 36,267 36,266

Stockholders' Equity - Authoriz

Stockholders' Equity - Authorized, Issued, and Outstanding Shares (Details) - $ / shares	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Preferred stock
Par Value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Shares issued (in shares)	0	0	0
Shares outstanding (in shares)	0	0	0
Common stock
Par Value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Shares authorized (in shares)	400,000,000	400,000,000	400,000,000
Shares issued (in shares)	288,872,549	289,581,682	293,955,044
Shares outstanding (in shares)	288,872,549	289,581,682	293,955,044

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 11, 2016	Mar. 31, 2016	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Options vesting and exercisable period, maximum		8 years
Options termination period		9 years
Total stock-based compensation expense		$ 1,000	$ 1,620
Total unrecognized stock-based compensation expense		$ 13,391
Weighted average period over which total unrecognized stock-based compensation expense will be recognized		4 years 6 months
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.30

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Paid Previously or Declared (Details) - $ / shares	3 Months Ended						12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Dividends Per Share [Line Items]
Dividends paid (in dollars per share)		$ 0.30	$ 0.28	$ 0.28	$ 0.28	$ 0.28		$ 1.12
Forecast [Member]
Dividends Per Share [Line Items]
Dividends paid (in dollars per share)	$ 0.30						$ 0.60

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options Granted (Details)	107 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	9,948,220
Options Outstanding (in shares)	3,512,081
Options Exercisable (in shares)	901,375
April 21, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	893,220
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 42
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 41.26
Options Outstanding (in shares)	806,206
Options Exercisable (in shares)	0
April 22, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	955,000
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 56
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 50.53
Options Outstanding (in shares)	690,000
Options Exercisable (in shares)	5,000
April 16, 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	205,000
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 54
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 49.25
Options Outstanding (in shares)	125,000
Options Exercisable (in shares)	2,500
April 17, 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,235,000
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 54
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 49.01
Options Outstanding (in shares)	1,033,250
Options Exercisable (in shares)	341,250
April 19, 2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	410,000
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 35
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 31.78
Options Outstanding (in shares)	245,300
Options Exercisable (in shares)	145,300
April 20, 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	530,000
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 30
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 27.13
Options Outstanding (in shares)	186,700
Options Exercisable (in shares)	96,700
April 21, 2009 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	790,000
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 27
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 17.61
Options Outstanding (in shares)	269,100
Options Exercisable (in shares)	179,100
April 15, 2008 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	550,000
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 27
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 24.35
Options Outstanding (in shares)	118,250
Options Exercisable (in shares)	93,250
April 17, 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	4,380,000
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 22.50
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 20.15
Options Outstanding (in shares)	38,275
Options Exercisable (in shares)	38,275

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions for Options Granted (Details)	3 Months Ended
	Mar. 31, 2016$ / 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 (in dollars per share)	$ 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 (in dollars per share)	$ 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 (in dollars per share)	$ 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 (in dollars per share)	$ 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 (in dollars per share)	$ 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 (in dollars per share)	$ 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 (in dollars per share)	$ 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 (in dollars per share)	$ 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 (in dollars per share)	$ 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
	Mar. 31, 2016	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Basic weighted average shares outstanding (in shares)	288,808,019	295,237,625
Weighted shares assumed upon exercise of stock options (in shares)	315,584	699,093
Diluted weighted average shares outstanding (in shares)	289,123,603	295,936,718

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Anti-Dilutive Options Excluded (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Options to purchase shares of common stock (in shares)	2,661,571	2,066,000
Weighted average exercise price of options (in dollars per share)	$ 50.89	$ 54.82

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Liabilities recorded related to gross unrecognized tax benefits	$ 5,808	$ 4,122

Operating Leases - Additional I

Operating Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2016USD ($)
Leased Vehicles [Member]
Property Subject to or Available for Operating Lease [Line Items]
Aggregate residual value guarantee of pick-up leases	$ 68,455

Debt Commitments and Continge26

Debt Commitments and Contingencies - Debt Obligations and Undrawn Letters of Credit Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt	$ 370,000	$ 365,000
Less: Current portion of debt	(7,610)	(62,050)
Long-term debt	362,390	302,950
Credit Facility [Member] | Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	355,000	350,000
Credit Facility [Member] | Letter of Credit Subfacility [Member]
Debt Instrument [Line Items]
Undrawn letters of credit under unsecured revolving credit facility - face amount	36,267	36,266
Note Payable [Member]
Debt Instrument [Line Items]
Total debt	$ 15,000	$ 15,000

Debt Commitments and Continge27

Debt Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2015	Mar. 31, 2016	Dec. 07, 2015
Debt Instrument [Line Items]
Debt	$ 365,000,000	$ 370,000,000
Apex Industrial Technologies, LLC [Member]
Debt Instrument [Line Items]
Consideration for assets and transition arrangement			$ 27,000,000
Cash paid for assets and transition arrangement	12,000,000
Credit Facility [Member]
Debt Instrument [Line Items]
Weighted per annum interest rate on outstanding line of credit		1.40%
Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Percentage fee paid for undrawn portion of credit facility		0.10%
Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Percentage fee paid for undrawn portion of credit facility		0.125%
Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest percentage over LIBOR rate		0.95%
Credit Facility [Member] | Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 700,000,000
Debt	350,000,000	355,000,000
Credit Facility [Member] | Letter of Credit Subfacility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		55,000,000
Note Payable [Member]
Debt Instrument [Line Items]
Debt	$ 15,000,000	$ 15,000,000
Interest rate		0.56%