Fastenal (FAST) 10-Q 15 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 11, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	fast
Entity Registrant Name	FASTENAL CO
Entity Central Index Key	815,556
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		288,965,949

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 155,458	$ 129,019
Trade accounts receivable, net of allowance for doubtful accounts of $11,123 and $11,729, respectively	537,341	468,375
Inventories	985,085	913,263
Prepaid income taxes	0	22,558
Other current assets	113,022	131,561
Total current assets	1,790,906	1,664,776
Property and equipment, net	859,490	818,889
Other assets, net	48,740	48,797
Total assets	2,699,136	2,532,462
Current liabilities:
Current portion of debt	67,610	62,050
Accounts payable	158,698	125,973
Accrued expenses	176,556	185,143
Income taxes payable	8,318	0
Total current liabilities	411,182	373,166
Long-term debt	362,390	302,950
Deferred income tax liabilities	57,402	55,057
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value, 400,000,000 shares authorized; 288,945,899 and 289,581,682 shares issued and outstanding, respectively	2,890	2,896
Additional paid-in capital	27,701	2,024
Retained earnings	1,871,813	1,842,772
Accumulated other comprehensive loss	(34,242)	(46,403)
Total stockholders' equity	1,868,162	1,801,289
Total liabilities and stockholders' equity	$ 2,699,136	$ 2,532,462

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Trade accounts receivable, allowance for doubtful accounts	$ 11,123	$ 11,729
Preferred stock
Par value (in dollars per share)	$ 0.01	$ 0.01
Authorized (in shares)	5,000,000	5,000,000
Issued (in shares)	0	0
Outstanding (in shares)	0	0
Common stock
Par value (in dollars per share)	$ 0.01	$ 0.01
Authorized (in shares)	400,000,000	400,000,000
Issued (in shares)	288,945,899	289,581,682
Outstanding (in shares)	288,945,899	289,581,682

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Net sales	$ 1,014,287	$ 997,827	$ 2,000,967	$ 1,951,144
Cost of sales	512,695	495,740	1,007,915	965,007
Gross profit	501,592	502,087	993,052	986,137
Operating and administrative expenses	292,619	276,644	582,800	557,031
Gain on sale of property and equipment	(236)	(390)	(130)	(498)
Operating income	209,209	225,833	410,382	429,604
Interest income	92	63	153	162
Interest expense	(1,484)	(797)	(2,867)	(1,155)
Earnings before income taxes	207,817	225,099	407,668	428,611
Income tax expense	76,296	84,742	149,920	160,648
Net earnings	$ 131,521	$ 140,357	$ 257,748	$ 267,963
Basic net earnings per share (in dollars per share)	$ 0.46	$ 0.48	$ 0.89	$ 0.91
Diluted net earnings per share (in dollars per share)	$ 0.45	$ 0.48	$ 0.89	$ 0.91
Basic weighted average shares outstanding (in shares)	288,918,945	291,176,985	288,863,482	293,191,566
Diluted weighted average shares outstanding (in shares)	289,119,470	291,830,137	289,132,302	293,870,152

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 131,521	$ 140,357	$ 257,748	$ 267,963
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments (net of tax of $0 in 2016 and 2015)	(1,555)	3,789	12,161	(15,661)
Comprehensive income	$ 129,966	$ 144,146	$ 269,909	$ 252,302

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net earnings	$ 257,748	$ 267,963
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation of property and equipment	47,937	39,295
Gain on sale of property and equipment	(130)	(498)
Bad debt expense	3,894	4,806
Deferred income taxes	2,345	2,527
Stock-based compensation	1,700	3,441
Excess tax benefits from stock-based compensation	(5,469)	(1,274)
Amortization of non-compete agreements	263	263
Changes in operating assets and liabilities:
Trade accounts receivable	(70,560)	(83,552)
Inventories	(68,144)	(12,615)
Other current assets	18,539	8,496
Accounts payable	32,725	29,563
Accrued expenses	(8,587)	8,395
Income taxes	36,345	(5,036)
Other	(553)	(620)
Net cash provided by operating activities	248,053	261,154
Cash flows from investing activities:
Purchases of property and equipment	(88,723)	(88,020)
Proceeds from sale of property and equipment	2,988	4,112
Other	(206)	(20)
Net cash used in investing activities	(85,941)	(83,928)
Cash flows from financing activities:
Borrowings under credit facility	435,000	790,000
Payments against credit facility	(370,000)	(550,000)
Proceeds from exercise of stock options	22,423	6,911
Excess tax benefits from stock-based compensation	5,469	1,274
Purchases of common stock	(59,440)	(250,425)
Payments of dividends	(173,188)	(164,736)
Net cash used in financing activities	(139,736)	(166,976)
Effect of exchange rate changes on cash and cash equivalents	4,063	(3,580)
Net increase in cash and cash equivalents	26,439	6,670
Cash and cash equivalents at beginning of period	129,019	114,496
Cash and cash equivalents at end of period	155,458	121,166
Supplemental disclosure of cash flow information:
Cash paid for interest	2,873	1,155
Net cash paid for income taxes	$ 110,934	$ 162,891

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	(2) Stockholders’ Equity Dividends On July 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 August 23, 2016 to shareholders of record at the close of business on July 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 0.30 0.28 Fourth quarter 0.28 Total $ 0.90 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 June 30, 2016 Date of Grant Options Outstanding Options Exercisable April 19, 2016 845,440 $ 46.00 $ 45.74 819,466 — April 21, 2015 893,220 $ 42.00 $ 41.26 775,020 — April 22, 2014 955,000 $ 56.00 $ 50.53 642,500 10,000 April 16, 2013 205,000 $ 54.00 $ 49.25 115,000 2,500 April 17, 2012 1,235,000 $ 54.00 $ 49.01 1,015,250 617,500 April 19, 2011 410,000 $ 35.00 $ 31.78 200,800 163,300 April 20, 2010 530,000 $ 30.00 $ 27.13 181,725 121,725 April 21, 2009 790,000 $ 27.00 $ 17.61 252,650 208,900 April 15, 2008 550,000 $ 27.00 $ 24.35 114,100 114,100 Total 6,413,660 4,116,511 1,238,025 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 19, 2016 1.3 % 5.00 2.6 % 26.34 % $ 8.18 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 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 six -month periods ended June 30, 2016 and 2015 was $1,700 and $3,441 , respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of June 30, 2016 was $16,993 and is expected to be recognized over a weighted average period of 4.90 years . Any future changes in estimated forfeitures will impact this amount. Earnings Per Share The following tables present a reconciliation of the denominators used in the computation of basic and diluted earnings per share and a summary of the options to purchase shares of common stock which were excluded from the diluted earnings calculation because they were anti-dilutive: Six-month Period Three-month Period Reconciliation 2016 2015 2016 2015 Basic weighted average shares outstanding 288,863,482 293,191,566 288,918,945 291,176,985 Weighted shares assumed upon exercise of stock options 268,820 678,586 200,525 653,152 Diluted weighted average shares outstanding 289,132,302 293,870,152 289,119,470 291,830,137 Six-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2016 2015 2016 2015 Options to purchase shares of common stock 2,941,864 2,395,247 3,253,343 2,724,639 Weighted average exercise price of options $ 50.39 $ 52.97 $ 49.91 $ 51.56 Any dilutive impact summarized above relates to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive option securities then outstanding.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 2013 in the case of United States federal and foreign examinations and 2012 in the case of state and local examinations. As of June 30, 2016 and 2015 , liabilities recorded related to gross unrecognized tax benefits were $5,085 and $4,299 , 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	6 Months Ended
	Jun. 30, 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 $76,442 . We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote other than where we have established an accrual for estimated losses, which is immaterial at June 30, 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	6 Months Ended
	Jun. 30, 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: June 30, 2016 December 31, 2015 Outstanding loans under unsecured revolving credit facility $ 415,000 350,000 Note payable 15,000 15,000 Total debt 430,000 365,000 Less: Current portion of debt (67,610 ) (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 June 30, 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 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. 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 June 30, 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	(7) New Accounting Pronouncements 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. The guidance will be applied on a modified retrospective basis with the earliest period presented. We are evaluating the impact of the future adoption of this standard on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The standard simplifies several aspects of the accounting for employee share-based payment transactions, including accounting for income taxes, forfeitures, and statutory tax withholdings requirements, as well as classification in the statement of cash flows. 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 and related disclosures.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
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 0.30 0.28 Fourth quarter 0.28 Total $ 0.90 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 June 30, 2016 Date of Grant Options Outstanding Options Exercisable April 19, 2016 845,440 $ 46.00 $ 45.74 819,466 — April 21, 2015 893,220 $ 42.00 $ 41.26 775,020 — April 22, 2014 955,000 $ 56.00 $ 50.53 642,500 10,000 April 16, 2013 205,000 $ 54.00 $ 49.25 115,000 2,500 April 17, 2012 1,235,000 $ 54.00 $ 49.01 1,015,250 617,500 April 19, 2011 410,000 $ 35.00 $ 31.78 200,800 163,300 April 20, 2010 530,000 $ 30.00 $ 27.13 181,725 121,725 April 21, 2009 790,000 $ 27.00 $ 17.61 252,650 208,900 April 15, 2008 550,000 $ 27.00 $ 24.35 114,100 114,100 Total 6,413,660 4,116,511 1,238,025
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 19, 2016 1.3 % 5.00 2.6 % 26.34 % $ 8.18 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
Reconciliation of Denominators used in Computation of Basic and Diluted Earnings Per Share	The following tables present a reconciliation of the denominators used in the computation of basic and diluted earnings per share and a summary of the options to purchase shares of common stock which were excluded from the diluted earnings calculation because they were anti-dilutive: Six-month Period Three-month Period Reconciliation 2016 2015 2016 2015 Basic weighted average shares outstanding 288,863,482 293,191,566 288,918,945 291,176,985 Weighted shares assumed upon exercise of stock options 268,820 678,586 200,525 653,152 Diluted weighted average shares outstanding 289,132,302 293,870,152 289,119,470 291,830,137
Anti-Dilutive Options Excluded	Six-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2016 2015 2016 2015 Options to purchase shares of common stock 2,941,864 2,395,247 3,253,343 2,724,639 Weighted average exercise price of options $ 50.39 $ 52.97 $ 49.91 $ 51.56

Debt Commitments and Continge16

Debt Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2016 December 31, 2015 Outstanding loans under unsecured revolving credit facility $ 415,000 350,000 Note payable 15,000 15,000 Total debt 430,000 365,000 Less: Current portion of debt (67,610 ) (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 - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 11, 2016	Jun. 30, 2016	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Options vesting and exercisable period, maximum		8 years
Options termination period		9 years
Total stock-based compensation expense		$ 1,700	$ 3,441
Total unrecognized stock-based compensation expense		$ 16,993
Weighted average period over which total unrecognized stock-based compensation expense will be recognized		4 years 10 months 24 days
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
	Sep. 30, 2016	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	$ 0.30	$ 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							$ 0.90

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options Granted (Details)	99 Months Ended
	Jun. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	6,413,660
Options Outstanding (in shares)	4,116,511
Options Exercisable (in shares)	1,238,025
April 19, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	845,440
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 46
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 45.74
Options Outstanding (in shares)	819,466
Options Exercisable (in shares)	0
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)	775,020
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)	642,500
Options Exercisable (in shares)	10,000
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)	115,000
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)	1,015,250
Options Exercisable (in shares)	617,500
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)	200,800
Options Exercisable (in shares)	163,300
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)	181,725
Options Exercisable (in shares)	121,725
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)	252,650
Options Exercisable (in shares)	208,900
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)	114,100
Options Exercisable (in shares)	114,100

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions for Options Granted (Details)	6 Months Ended
	Jun. 30, 2016$ / shares
April 19, 2016 [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	2.60%
Expected Stock Volatility	26.34%
Estimated Fair Value of Stock Option (in dollars per share)	$ 8.18
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

Stockholders' Equity - Reconcil

Stockholders' Equity - Reconciliation of Denominators used in Computation of Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Basic weighted average shares outstanding (in shares)	288,918,945	291,176,985	288,863,482	293,191,566
Weighted shares assumed upon exercise of stock options (in shares)	200,525	653,152	268,820	678,586
Diluted weighted average shares outstanding (in shares)	289,119,470	291,830,137	289,132,302	293,870,152

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Anti-Dilutive Options Excluded (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Options to purchase shares of common stock (in shares)	3,253,343	2,724,639	2,941,864	2,395,247
Weighted average exercise price of options (in dollars per share)	$ 49.91	$ 51.56	$ 50.39	$ 52.97

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Liabilities recorded related to gross unrecognized tax benefits	$ 5,085	$ 4,299

Operating Leases - Additional I

Operating Leases - Additional Information (Details) $ in Thousands	Jun. 30, 2016USD ($)
Leased Vehicles [Member]
Property Subject to or Available for Operating Lease [Line Items]
Aggregate residual value guarantee of pick-up leases	$ 76,442

Debt Commitments and Continge25

Debt Commitments and Contingencies - Debt Obligations and Undrawn Letters of Credit Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt	$ 430,000	$ 365,000
Less: Current portion of debt	(67,610)	(62,050)
Long-term debt	362,390	302,950
Credit Facility [Member] | Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	415,000	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 Continge26

Debt Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended
	Dec. 31, 2015	Jun. 30, 2016	Dec. 07, 2015
Debt Instrument [Line Items]
Debt	$ 365,000,000	$ 430,000,000
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]
Per annum interest rate over LIBOR		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	415,000,000
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
Annual interest rate		0.56%