Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 20, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
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 | 289,247,424 | ||
Entity Public Float | $ 12,778,423,898 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Trading Symbol | fast |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 112,735 | $ 129,019 |
Trade accounts receivable, net of allowance for doubtful accounts of $11,249 and $11,729, respectively | 499,716 | 468,375 |
Inventories | 992,989 | 913,263 |
Prepaid income taxes | 12,907 | 22,558 |
Other current assets | 102,423 | 131,561 |
Total current assets | 1,720,770 | 1,664,776 |
Property and equipment, net | 899,697 | 818,889 |
Other assets, net | 48,417 | 48,797 |
Total assets | 2,668,884 | 2,532,462 |
Current liabilities: | ||
Current portion of debt | 10,482 | 62,050 |
Accounts payable | 108,740 | 125,973 |
Accrued expenses | 156,422 | 185,143 |
Total current liabilities | 275,644 | 373,166 |
Long-term debt | 379,518 | 302,950 |
Deferred income tax liabilities | 80,628 | 55,057 |
Commitments and contingencies (Notes 4, 8, and 9) | ||
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; 289,161,924 and 289,581,682 shares issued and outstanding, respectively | 2,892 | 2,896 |
Additional paid-in capital | 37,363 | 2,024 |
Retained earnings | 1,940,143 | 1,842,772 |
Accumulated other comprehensive income (loss) | (47,304) | (46,403) |
Total stockholders' equity | 1,933,094 | 1,801,289 |
Total liabilities and stockholders' equity | $ 2,668,884 | $ 2,532,462 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Trade accounts receivable, allowance for doubtful accounts | $ 11,249 | $ 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) | 289,161,924 | 289,581,682 |
Outstanding (in shares) | 289,161,924 | 289,581,682 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 3,962,036 | $ 3,869,187 | $ 3,733,507 |
Cost of sales | 1,997,259 | 1,920,253 | 1,836,105 |
Gross profit | 1,964,777 | 1,948,934 | 1,897,402 |
Operating and administrative expenses | 1,169,470 | 1,121,590 | 1,110,776 |
Gain on sale of property and equipment | (532) | (1,411) | (964) |
Operating income | 795,839 | 828,755 | 787,590 |
Interest income | 394 | 373 | 759 |
Interest expense | (6,504) | (3,108) | (915) |
Earnings before income taxes | 789,729 | 826,020 | 787,434 |
Income tax expense | 290,251 | 309,659 | 293,284 |
Net earnings | $ 499,478 | $ 516,361 | $ 494,150 |
Basic net earnings per share (in dollars per share) | $ 1.73 | $ 1.77 | $ 1.67 |
Diluted net earnings per share (in dollars per share) | $ 1.73 | $ 1.77 | $ 1.66 |
Basic weighted average shares outstanding (in shares) | 288,949,525 | 291,453,107 | 296,490,378 |
Diluted weighted average shares outstanding (in shares) | 289,157,523 | 292,045,442 | 297,313,244 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 499,478 | $ 516,361 | $ 494,150 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments (net of tax of $0 in 2016, 2015, and 2014) | (901) | (38,567) | (18,683) |
Change in marketable securities (net of tax of $0 in 2016, 2015, and 2014) | 0 | 0 | (254) |
Comprehensive income | $ 498,577 | $ 477,794 | $ 475,213 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 |
Change in marketable securities, tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2013 | $ 1,772,697 | $ 2,968 | $ 69,847 | $ 1,688,781 | $ 11,101 |
Balance (in shares) at Dec. 31, 2013 | 296,753,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Dividends paid in cash | (296,581) | (296,581) | |||
Purchases of common stock | (52,942) | $ (12) | (52,930) | 0 | |
Purchases of common stock (in shares) | (1,200,000) | ||||
Stock options exercised | 7,697 | $ 3 | 7,694 | ||
Stock options exercised (in shares) | 315,000 | ||||
Stock-based compensation | 7,039 | 7,039 | |||
Excess tax benefits from stock-based compensation | 2,094 | 2,094 | |||
Net earnings | 494,150 | 494,150 | |||
Other comprehensive income (loss) | (18,937) | (18,937) | |||
Balance at Dec. 31, 2014 | 1,915,217 | $ 2,959 | 33,744 | 1,886,350 | (7,836) |
Balance (in shares) at Dec. 31, 2014 | 295,868,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Dividends paid in cash | (327,101) | (327,101) | |||
Purchases of common stock | (292,951) | $ (71) | (60,042) | (232,838) | |
Purchases of common stock (in shares) | (7,100,000) | ||||
Stock options exercised | 19,099 | $ 8 | 19,091 | ||
Stock options exercised (in shares) | 814,000 | ||||
Stock-based compensation | 5,841 | 5,841 | |||
Excess tax benefits from stock-based compensation | 3,390 | 3,390 | |||
Net earnings | 516,361 | 516,361 | |||
Other comprehensive income (loss) | (38,567) | (38,567) | |||
Balance at Dec. 31, 2015 | $ 1,801,289 | $ 2,896 | 2,024 | 1,842,772 | (46,403) |
Balance (in shares) at Dec. 31, 2015 | 289,581,682 | 289,582,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Dividends paid in cash | $ (346,588) | (346,588) | |||
Purchases of common stock | (59,440) | $ (16) | (3,905) | (55,519) | |
Purchases of common stock (in shares) | (1,600,000) | ||||
Stock options exercised | 29,272 | $ 12 | 29,260 | ||
Stock options exercised (in shares) | 1,180,000 | ||||
Stock-based compensation | 4,100 | 4,100 | |||
Excess tax benefits from stock-based compensation | 5,884 | 5,884 | |||
Net earnings | 499,478 | 499,478 | |||
Other comprehensive income (loss) | (901) | (901) | |||
Balance at Dec. 31, 2016 | $ 1,933,094 | $ 2,892 | $ 37,363 | $ 1,940,143 | $ (47,304) |
Balance (in shares) at Dec. 31, 2016 | 289,161,924 | 289,162,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net earnings | $ 499,478 | $ 516,361 | $ 494,150 |
Adjustments to reconcile net earnings to net cash provided by operating activities, net of acquisitions: | |||
Depreciation of property and equipment | 103,525 | 86,071 | 72,145 |
Gain on sale of property and equipment | (532) | (1,411) | (964) |
Bad debt expense | 8,550 | 8,769 | 11,480 |
Deferred income taxes | 25,571 | 8,290 | 1,760 |
Stock-based compensation | 4,100 | 5,841 | 7,039 |
Excess tax benefits from stock-based compensation | (5,884) | (3,390) | (2,094) |
Amortization of non-compete agreements | 527 | 527 | 527 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Trade accounts receivable | (40,490) | (20,608) | (63,418) |
Inventories | (80,853) | (47,830) | (87,622) |
Other current assets | 29,138 | (15,778) | (7,510) |
Accounts payable | (17,233) | 20,617 | 12,501 |
Accrued expenses | (28,721) | 11,141 | 25,263 |
Income taxes | 15,535 | (26,610) | 34,405 |
Other | 1,288 | 4,950 | 1,730 |
Net cash provided by operating activities | 513,999 | 546,940 | 499,392 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (189,451) | (155,168) | (189,474) |
Cash paid for acquisitions | 0 | (23,493) | (5,575) |
Proceeds from sale of property and equipment | 6,505 | 9,941 | 5,819 |
Net decrease in marketable securities | 0 | 0 | 451 |
Other | (5,147) | (11,907) | (2) |
Net cash used in investing activities | (188,093) | (180,627) | (188,781) |
Cash flows from financing activities: | |||
Borrowings under debt obligations | 950,000 | 1,215,000 | 705,000 |
Payments against debt obligations | (920,000) | (955,000) | (615,000) |
Proceeds from exercise of stock options | 29,272 | 19,099 | 7,697 |
Excess tax benefits from stock-based compensation | 5,884 | 3,390 | 2,094 |
Purchases of common stock | (59,440) | (292,951) | (52,942) |
Payments of dividends | (346,588) | (327,101) | (296,581) |
Net cash used in financing activities | (340,872) | (337,563) | (249,732) |
Effect of exchange rate changes on cash and cash equivalents | (1,318) | (14,227) | (4,889) |
Net (decrease) increase in cash and cash equivalents | (16,284) | 14,523 | 55,990 |
Cash and cash equivalents at beginning of year | 129,019 | 114,496 | 58,506 |
Cash and cash equivalents at end of year | 112,735 | 129,019 | 114,496 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 6,183 | 3,103 | 915 |
Net cash paid for income taxes | $ 248,329 | $ 327,034 | $ 257,514 |
Business Overview and Summary o
Business Overview and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Business Overview and Summary of Significant Accounting Policies | Note 1. Business Overview and Summary of Significant Accounting Policies Business Overview Fastenal is a leader in the wholesale distribution of industrial and construction supplies operating a store-based business with approximately 2,500 locations. These locations are primarily in North America. Principles of Consolidation The consolidated financial statements include the accounts of Fastenal Company and its subsidiaries (collectively referred to as 'Fastenal' or by terms such as 'we', 'our', or 'us'). All material intercompany balances and transactions have been eliminated in consolidation. Revenue Recognition and Accounts Receivable Net sales include products, services, shipping and handling charges, and lease fees billed, net of any related sales incentives, and net of an estimate for product returns. We recognize revenue when persuasive evidence of an arrangement exists, title and risk of ownership have passed, the sales price is fixed or determinable, and collectibility is reasonably assured. These criteria are met at the time the product is shipped to or picked up by the customer. We recognize services at the time the service is completed and product is provided to the customer. We recognize revenue for shipping and handling charges at the time the products are shipped to or picked up by the customer. We recognize revenue for lease fees on a straight-line basis over the corresponding lease term. We estimate product returns based on historical return rates. Accounts receivable are stated at their estimated net realizable value. The allowance for doubtful accounts is based on an analysis of customer accounts and our historical experience with accounts receivable write-offs. Sales taxes (and value added taxes in foreign jurisdictions) collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Foreign Currency Translation and Transactions The functional currency of our foreign operations is typically the applicable local currency. The functional currency is translated into United States dollars for balance sheet accounts, except retained earnings, using current exchange rates as of the balance sheet date, for retained earnings at historical exchange rates, and for revenue and expense accounts using a weighted average exchange rate during the period. The translation adjustments are deferred as a separate component of stockholders' equity captioned accumulated other comprehensive income (loss). Gains or losses resulting from transactions denominated in foreign currencies are included in cost of sales or operating and administrative expenses. Cash and Cash Equivalents We consider all investments purchased with original maturities of three months or less to be cash equivalents. Financial Instruments and Marketable Securities All financial instruments are carried at amounts that approximate fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair value are categorized based upon the lowest level of significant input to the valuations. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based upon our own assumptions used to measure assets and liabilities at fair value. In determining fair value we use observable market data when available. Due to the varying short-term cash needs of our business, we periodically have available-for-sale marketable securities. We did not have any marketable securities as of December 31, 2016 or December 31, 2015 . Available-for-sale securities are recorded at fair value based on current market value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings but are included in accumulated other comprehensive income (loss) as a separate component of stockholders' equity until realized. If a decline in the market value of any available-for-sale security is below cost and is deemed other than temporary, it is charged to net earnings resulting in the establishment of a new cost basis for the security. Inventories Inventories, consisting of finished goods merchandise held for resale, are stated at the lower of cost (first in, first out method) or market. Property and Equipment Property and equipment are stated at cost. Depreciation on property and equipment is provided for using the straight-line method over the anticipated economic useful lives of the related property. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by the asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. There were no impairments recorded during any of the three years reported in these consolidated financial statements. Leases We lease space under operating leases for certain distribution centers, stores, and manufacturing locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Any such terms are recognized as rent expense over the term of the lease. Further, the leases do not contain contingent rent provisions. Leasehold improvements on operating leases are amortized over their estimated service lives on a straight-line basis, or the remaining lease term, whichever is shorter. We lease certain semi-tractors, pick-ups, and equipment under operating leases. Other Long-Lived Assets Other assets consist of prepaid deposits, goodwill, non-compete agreements, and other related intangible assets. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is reviewed for impairment annually. The non-compete and related intangible assets are amortized on a straight-line basis over their estimated life. Accounting Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ from those estimates. Insurance Reserves We are self-insured for certain losses relating to medical, dental, workers' compensation, and other casualty losses. Specific stop loss coverage is provided for catastrophic claims in order to limit exposure to significant claims. Losses and claims are charged to operations when it is probable a loss has been incurred and the amount can be reasonably estimated. Accrued insurance liabilities are based on claims filed but unpaid and estimates of claims incurred but not reported. Product Warranties We offer a basic limited warranty for certain of our products. The specific terms and conditions of those warranties vary depending upon the product sold. We typically recoup these costs through product warranties we hold with the original equipment manufacturers. Our warranty expense has historically been minimal. Stock-Based Compensation We estimate the value of stock option grants using a Black-Scholes valuation model. Stock-based compensation expense is recognized on a straight-line basis over the vesting period. Our stock-based compensation expense is recorded in operating and administrative expenses. We report the benefits of tax deductions in excess of recognized stock-based compensation as cash flows from financing activities, thereby reducing net cash flows from operating activities and increasing net cash flows from financing activities. Income Taxes We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits in income tax expense. Earnings Per Share Basic net earnings per share is calculated using net earnings available to common stockholders divided by the weighted average number of shares of common stock outstanding during the year. Diluted net earnings per share is similar to basic net earnings per share except that the weighted average number of shares of common stock outstanding includes the incremental shares assumed to be issued upon the exercise of stock options considered to be 'in-the-money' (i.e. when the market price of our stock is greater than the exercise price of our outstanding stock options). Segment Reporting We have determined that for our North American operations we meet the aggregation criteria outlined in the accounting standards as our various operations have similar (1) economic characteristics, (2) products and services, (3) customers, (4) distribution channels, and (5) regulatory environments. Considering the insignificance of our operations outside of North America, we report as a single business segment. |
Long-Lived Assets
Long-Lived Assets | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |
Long-Lived Assets | Note 2. Long-Lived Assets Property and equipment Property and equipment at year end consisted of the following: Depreciable Life in Years 2016 2015 Land — $ 37,339 37,671 Buildings and improvements 15 to 40 297,093 271,302 Automated distribution and warehouse equipment 5 to 30 216,276 204,708 Shelving, industrial vending, and equipment 3 to 10 723,854 548,921 Transportation equipment 3 to 5 71,750 61,429 Construction in progress — 152,523 200,892 1,498,835 1,324,923 Less accumulated depreciation (599,138 ) (506,034 ) Property and equipment, net $ 899,697 818,889 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 3. Accrued Expenses Accrued expenses at year end consisted of the following: 2016 2015 Payroll and related taxes $ 23,180 24,407 Bonuses and commissions 14,156 15,441 Profit sharing contribution 8,665 13,669 Insurance reserves 34,640 31,821 Promotions 24,853 25,261 Indirect taxes 43,443 66,563 Deferred revenue 2,767 2,875 Legal reserves 1,393 1,930 Other 3,325 3,176 Accrued expenses $ 156,422 185,143 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 4. Stockholders' Equity Dividends On January 17, 2017 , our board of directors declared a quarterly dividend of $0.32 per share of common stock to be paid in cash on February 28, 2017 to shareholders of record at the close of business on February 1, 2017 . We paid aggregate annual dividends per share of $1.20 , $1.12 , and $1.00 in 2016 , 2015 , and 2014 , respectively. Stock Options Effective January 3, 2017, the compensation committee of our board of directors granted to our employees options to purchase a total of 764,789 shares of our common stock at an exercise strike price of $47.00 per share. The closing stock price on the effective date of the grant was $46.95 per share. The following tables summarize the details of options granted under our stock option plan that were still outstanding as of December 31, 2016, and the assumptions used to value those grants. All such grants 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 December 31, 2016 Date of Grant Options Outstanding Options Exercisable April 19, 2016 845,440 $ 46.00 $ 45.74 789,363 — April 21, 2015 893,220 $ 42.00 $ 41.26 738,834 — April 22, 2014 955,000 $ 56.00 $ 50.53 608,750 122,500 April 16, 2013 205,000 $ 54.00 $ 49.25 115,000 3,500 April 17, 2012 1,235,000 $ 54.00 $ 49.01 981,500 682,250 April 19, 2011 410,000 $ 35.00 $ 31.78 83,900 46,400 April 20, 2010 530,000 $ 30.00 $ 27.13 147,300 94,800 April 21, 2009 790,000 $ 27.00 $ 17.61 228,650 186,150 April 15, 2008 550,000 $ 27.00 $ 24.35 64,650 64,650 Total 6,413,660 3,757,947 1,200,250 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. A summary of activities under our stock option plan consisted of the following: Options Outstanding Exercise Price (1) Remaining Life (2) Outstanding as of January 1, 2016 4,530,982 $ 41.49 4.89 Granted 845,440 $ 46.00 8.41 Exercised (1,180,242 ) $ 24.80 Cancelled/forfeited (438,233 ) $ 49.49 Outstanding as of December 31, 2016 3,757,947 $ 46.81 5.85 Exercisable as of December 31, 2016 1,200,250 $ 45.93 3.74 Options Outstanding Exercise (1) Remaining Life (2) Outstanding as of January 1, 2015 4,712,330 $ 38.52 4.59 Granted 893,220 $ 42.00 8.41 Exercised (813,838 ) $ 23.47 Cancelled/forfeited (260,730 ) $ 45.84 Outstanding as of December 31, 2015 4,530,982 $ 41.49 4.89 Exercisable as of December 31, 2015 1,792,242 $ 31.00 2.15 (1) Weighted average exercise price. (2) Weighted average remaining contractual life in years. The total intrinsic value of stock options exercised during the years ended December 31, 2016 , 2015 , and 2014 was $23,236 , $14,174 , and $7,466 , respectively. The intrinsic value represents the difference between the exercise price and fair value of the underlying shares at the date of exercise. At December 31, 2016 , there was $14,455 of total unrecognized stock-based compensation expense related to outstanding unvested stock options granted under the plan. This expense is expected to be recognized over a weighted average period of 4.56 years. Any future change in estimated forfeitures will impact this amount. The total grant date fair value of stock options vested under our stock option plan during 2016 , 2015 , and 2014 was $7,083 , $5,143 , and $7,287 , respectively. Total stock-based compensation expense related to our stock option plan was $4,100 , $5,841 , and $7,039 for 2016 , 2015 , and 2014 , respectively. 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: Reconciliation 2016 2015 2014 Basic weighted average shares outstanding 288,949,525 291,453,107 296,490,378 Weighted shares assumed upon exercise of stock options 207,998 592,335 822,866 Diluted weighted average shares outstanding 289,157,523 292,045,442 297,313,244 Summary of Anti-dilutive Options Excluded 2016 2015 2014 Options to purchase shares of common stock 3,095,343 2,611,367 1,903,767 Weighted average exercise prices of options $ 50.09 51.89 54.67 Any dilutive impact summarized above related to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive stock options then outstanding. |
Retirement Savings Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Retirement Savings Plan | Note 5. Retirement Savings Plan The Fastenal Company and Subsidiaries 401(k) and Employee Stock Ownership Plan covers all of our employees in the United States. Our employees in Canada may participate in a Registered Retirement Savings Plan. The general purpose of both of these plans is to provide additional financial security during retirement by providing employees with an incentive to make regular savings contributions. In addition to the participation of our employees, we make annual profit sharing contributions based on an established formula. The expense recorded under this profit sharing formula was approximately $8,665 , $13,669 , and $11,460 for 2016 , 2015 , and 2014 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6. Income Taxes Earnings before income taxes were derived from the following sources: 2016 2015 2014 Domestic $ 739,383 785,916 757,896 Foreign 50,346 40,104 29,538 Earnings before income taxes $ 789,729 826,020 787,434 Components of income tax expense (benefit) were as follows: 2016: Current Deferred Total Federal $ 223,837 23,149 246,986 State 28,231 1,236 29,467 Foreign 12,634 1,164 13,798 Income tax expense $ 264,702 25,549 290,251 2015: Current Deferred Total Federal $ 256,748 7,362 264,110 State 31,297 227 31,524 Foreign 13,677 348 14,025 Income tax expense $ 301,722 7,937 309,659 2014: Current Deferred Total Federal $ 250,527 1,919 252,446 State 30,768 256 31,024 Foreign 10,518 (704 ) 9,814 Income tax expense $ 291,813 1,471 293,284 Income tax expense in the accompanying consolidated financial statements differed from the expected expense as follows: 2016 2015 2014 Federal income tax expense at the 'expected' rate of 35% $ 276,405 289,107 275,602 Increase (decrease) attributed to: State income taxes, net of federal benefit 20,038 21,613 20,549 Other, net (6,192 ) (1,061 ) (2,867 ) Total income tax expense $ 290,251 309,659 293,284 Effective income tax rate 36.8 % 37.5 % 37.2 % The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at year end consisted of the following: 2016 2015 Deferred income tax assets (liabilities): Inventory costing and valuation methods $ 4,788 4,556 Allowance for doubtful accounts 4,339 4,529 Insurance reserves 11,489 10,930 Promotions payable 1,651 1,738 Stock-based compensation 6,789 8,270 Federal and state benefit of uncertain tax positions 1,908 1,911 Foreign net operating loss and credit carryforwards 5,121 5,155 Foreign valuation allowances (3,998 ) (3,406 ) Other, net 2,123 1,541 Total deferred income tax assets 34,210 35,224 Property and equipment (114,838 ) (90,281 ) Total deferred income tax liabilities (114,838 ) (90,281 ) Net deferred income tax liabilities $ (80,628 ) (55,057 ) A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits was as follows: 2016 2015 Balance at beginning of year: $ 5,417 3,772 Increase related to prior year tax positions 194 704 Decrease related to prior year tax positions — (43 ) Increase related to current year tax positions 846 984 Decrease related to statute of limitation lapses (1,050 ) — Balance at end of year: $ 5,407 5,417 Included in the liability 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. The amount of gross unrecognized tax benefits that would favorably impact the effective tax rate, if recognized, is not material. We do not anticipate significant changes in total unrecognized tax benefits during the next twelve months. 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 2014 in the case of United States federal examinations, and 2012 in the case of foreign, state, and local examinations. In general, it is our practice and intention to permanently reinvest the earnings of our foreign subsidiaries and repatriate earnings only when the tax impact is zero or very minimal. As of December 31, 2016 , we have not made a provision for United States income taxes or for additional foreign withholding taxes on $147,000 of unremitted earnings. Such earnings are considered to be indefinitely reinvested and, accordingly, no U.S. federal or state deferred income taxes have been provided on this amount or any additional excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries. Earnings is the most significant component of the basis difference which is indefinitely reinvested. Generally, such amounts become subject to United States taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred income tax liabilities related to investments in these foreign subsidiaries. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2016 | |
Segments, Geographical Areas [Abstract] | |
Geographic Information | Note 7. Geographic Information Our revenues and long-lived assets related to the following geographic areas: Revenues 2016 2015 2014 United States $ 3,493,459 3,441,141 3,308,226 Canada 228,685 223,270 238,590 Other foreign countries 239,892 204,776 186,691 Total revenues $ 3,962,036 3,869,187 3,733,507 Long-Lived Assets 2016 2015 2014 United States $ 899,133 821,063 725,189 Canada 33,164 32,290 37,580 Other foreign countries 15,817 14,333 13,068 Total long-lived assets $ 948,114 867,686 775,837 The accounting policies of the operations in the various geographic areas are the same as those described in the summary of significant accounting policies. Long-lived assets consist of net property and equipment, deposits, goodwill, and other net intangibles. Revenues are attributed to countries based on the location of the store from which the sale occurred. In each of the years presented in the table above, no single customer represented 5% or more of our consolidated net sales. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Operating [Abstract] | |
Operating Leases | Note 8. Operating Leases We lease space under non-cancelable operating leases for several distribution centers, several manufacturing locations, and certain store locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Any such terms are recognized as rent expense over the term of the lease. Further, the leases do not contain contingent rent provisions. The net book value of leasehold improvements at December 31, 2016 was $3,122 . We lease certain semi-tractors and pick-ups under operating leases. Future minimum lease payments for all operating leases are as follows: Leased Facilities and Equipment Leased Vehicles Total 2017 $ 97,456 31,989 129,445 2018 72,345 20,453 92,798 2019 47,070 8,917 55,987 2020 28,571 1,575 30,146 2021 11,620 — 11,620 2022 and thereafter 1,386 — 1,386 Total minimum lease payments $ 258,448 62,934 321,382 Rent expense under all operating leases was as follows: Leased Facilities and Equipment Leased Vehicles Total 2016 $ 110,123 42,663 152,786 2015 $ 105,961 38,178 144,139 2014 $ 103,294 35,731 139,025 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 was approximately $76,808 . 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 was immaterial at December 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 | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Commitments and Contingencies | Note 9. Debt Commitments and Contingencies Credit Facility, Notes Payable, and Commitments Debt obligations and letters of credit outstanding at year end consisted of the following: 2016 2015 Outstanding loans under unsecured revolving Credit Facility $ 305,000 350,000 2.00% Senior unsecured promissory note payable 40,000 — 2.45% Senior unsecured promissory note payable 35,000 — Note payable under asset purchase agreement 10,000 15,000 Total debt 390,000 365,000 Less: Current portion of debt (10,482 ) (62,050 ) Long-term debt $ 379,518 302,950 Outstanding letters of credit under unsecured revolving Credit Facility - contingent obligation $ 36,267 36,266 Unsecured Revolving Credit Facility We have a $700,000 committed 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 loans using cash; therefore, we have classified this portion 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% . Based on the interest periods we have chosen, our weighted per annum interest rate at December 31, 2016 was approximately 1.7% . 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. Senior Unsecured Promissory Notes Payable On July 20, 2016 (the 'Effective Date'), we entered into a master note agreement (the 'Master Note Agreement') with certain institutional lenders, pursuant to which, during the period commencing on the Effective Date and ending three years thereafter, we may issue at our discretion in private placements, and the institutional lenders may purchase at their discretion, senior unsecured promissory notes of the Company (the 'Notes') in the aggregate principal amount outstanding from time to time of up to $200,000 . The Notes will bear interest at either a fixed rate, or a floating rate based on LIBOR for an interest period of one , three , or six months . The Notes will mature no later than 12 years after the date of issuance thereof, in the case of fixed rate Notes, or 10 years after the date of issuance thereof, in the case of floating rate Notes. All of the Notes will be prepayable at our option in whole or in part. The Master Note Agreement contains certain financial and other covenants. We are currently in compliance with these covenants. Two series of unsecured senior Notes are currently outstanding under the Master Note Agreement, each of which was issued on the Effective Date. The first series of Notes ('Series A') is in an aggregate principal amount of $40,000 , is due and payable in full on July 20, 2021, and bears interest at a fixed rate of 2.00% per annum. The second series of Notes ('Series B') is in an aggregate principal amount of $35,000 , is due and payable in full on July 20, 2022, and bears interest at a fixed rate of 2.45% per annum. There is no amortization of the Series A and Series B Notes prior to their maturity dates. Interest on such Notes is payable quarterly in arrears on January 20, April 20, July 20, and October 20 of each year, beginning on October 20, 2016. The carrying value of our Series A and Series B Notes approximates fair value. The fair value was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as level 2 inputs within the fair value hierarchy. Note Payable Under Asset Purchase Agreement On December 7, 2015, we signed an agreement to purchase, effective January 2, 2017 ('Asset Purchase Effective Date'), 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. The total consideration for the assets is $27,000 , of which $12,000 was paid in cash in December 2015 in advance of the Asset Purchase Effective Date. The remaining $15,000 is payable in installments pursuant to an unsecured note. The first $5,000 installment was paid in December 2016, while the two remaining installments of $5,000 each will be paid in June 2017 and December 2017. 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. In 2015, the $15,000 note represented a non-cash investing and financing activity in our Consolidated Statements of Cash Flows, while the payments made in 2016 and 2015 are included in our Consolidated Statements of Cash Flows as net cash used in investing activities in 'Other'. Legal Contingencies We are involved in certain legal actions. The outcomes of these legal actions are not within our complete control and may not be known for prolonged periods of time. In some actions, the claimants seek damages, as well as other relief, that could require significant expenditures or result in lost revenues. We record a liability for these legal actions when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded. As of December 31, 2016 , there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome. |
Sales by Product Line
Sales by Product Line | 12 Months Ended |
Dec. 31, 2016 | |
Sales by Product Line [Abstract] | |
Sales by Product Line | Note 10. Sales by Product Line The percentages of our sales by product line were as follows: Type Introduced 2016 2015 2014 Fasteners (1) 1967 36.6% 38.3% 40.2% Tools 1993 9.9% 9.5% 9.3% Cutting tools 1996 5.7% 5.6% 5.5% Hydraulics & pneumatics 1996 6.9% 7.2% 7.2% Material handling 1996 6.4% 6.5% 6.1% Janitorial supplies 1996 7.6% 7.5% 7.3% Electrical supplies 1997 4.8% 4.7% 4.7% Welding supplies 1997 4.6% 4.7% 4.7% Safety supplies (2) 1999 14.9% 13.9% 12.8% Metals 2001 0.5% 0.5% 0.4% Direct ship (3) 2004 0.5% 0.4% 1.0% Office supplies 2010 0.1% 0.1% 0.1% Other 1.5% 1.1% 0.7% 100.0% 100.0% 100.0% (1) Fastener product line represents fasteners and miscellaneous supplies. (2) The safety supplies product line has expanded, as a percentage of sales, in the last several years due to our industrial vending program. (3) Direct ship represents a cross section of products from the remaining product lines. The items included here represent certain items with historically low margins which are shipped directly from our distribution channel to our customers, bypassing our store network. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events We evaluated all subsequent event activity and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the Notes to Consolidated Financial Statements, with the exception of the dividend declaration and stock option grant disclosed in Note 4. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | Note 12. New Accounting Pronouncements In August 2015, the Financial Accounting Standards Board ('FASB') issued Accounting Standards Update ('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 which is when we plan to adopt this standard. The ASU permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The ASU also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. While we are still in the process of evaluating the effect of adoption on our consolidated financial statements and are currently assessing our contracts with customers, we do not currently expect a material impact on our results of operations, cash flows or financial position. We anticipate we will expand our consolidated financial statement disclosures in order to comply with the new ASU. We have not yet concluded on our transition method upon adoption, but plan to select a transition method by the middle of 2017. In February 2016, 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. Based on the effective date, this guidance would apply beginning January 2019 which is when we plan to adopt this ASU. While we are still in the process of evaluating the effect of adoption on our consolidated financial statements and are currently assessing our leases, we expect the adoption will lead to a material increase in the assets and liabilities recorded on our consolidated balance sheet. As part of our assessment, we will need to determine the impact of lease extension provisions provided in our facility and vehicle leases which will impact the amount of the right of use asset and lease liability recorded under the new ASU. 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 consolidated 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. We are currently evaluating the impact of the updated guidance and believe the adoption of the guidance will impact our accounting for excess tax benefits and deficiencies. We are in the process of determining the financial statement impact and are currently unable to estimate the impact on our consolidated financial statements and related disclosures. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 13. Selected Quarterly Financial Data (Unaudited) (Amounts in thousands except per share information) 2016: Net Sales Gross Profit Pre-tax Earnings Net Earnings Basic Net per Share (1) Diluted Net Earnings per Share First quarter $ 986,680 491,460 199,851 126,227 0.44 0.44 Second quarter 1,014,287 501,592 207,817 131,521 0.46 0.45 Third quarter 1,013,122 499,834 201,239 126,925 0.44 0.44 Fourth quarter 947,947 471,891 180,822 114,805 0.40 0.40 Total $ 3,962,036 1,964,777 789,729 499,478 1.73 1.73 2015: Net Sales Gross Profit Pre-tax Earnings Net Earnings Basic Net Earnings per Share Diluted Net Earnings per Share First quarter $ 953,317 484,050 203,512 127,606 0.43 0.43 Second quarter 997,827 502,087 225,099 140,357 0.48 0.48 Third quarter 995,250 502,225 219,204 136,494 0.47 0.47 Fourth quarter 922,793 460,572 178,205 111,904 0.39 0.39 Total $ 3,869,187 1,948,934 826,020 516,361 1.77 1.77 (1) Amounts may not foot due to rounding difference. |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II-Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts Years ended December 31, 2016 , 2015 , and 2014 (Amounts in thousands) Description Balance at Beginning of Year “Additions” Charged to Costs and Expenses “Other” Additions (Deductions) “Less” Deductions Balance at End of Year Year ended December 31, 2016 Allowance for doubtful accounts $ 11,729 8,550 — 9,030 11,249 Insurance reserves $ 31,821 62,313 (1) — 59,494 (2) 34,640 Year ended December 31, 2015 Allowance for doubtful accounts $ 12,619 8,769 — 9,659 11,729 Insurance reserves $ 31,137 54,341 (1) — 53,657 (2) 31,821 Year ended December 31, 2014 Allowance for doubtful accounts $ 9,248 11,480 — 8,109 12,619 Insurance reserves $ 30,880 52,858 (1) — 52,601 (2) 31,137 (1) Includes costs and expenses incurred for premiums and claims related to health and general insurance. (2) Includes costs and expenses paid for premiums and claims related to health and general insurance. See accompanying Report of Independent Registered Public Accounting Firm incorporated herein by reference. |
Business Overview and Summary23
Business Overview and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The consolidated financial statements include the accounts of Fastenal Company and its subsidiaries (collectively referred to as 'Fastenal' or by terms such as 'we', 'our', or 'us'). All material intercompany balances and transactions have been eliminated in consolidation. |
Revenue Recognition and Accounts Receivable | Net sales include products, services, shipping and handling charges, and lease fees billed, net of any related sales incentives, and net of an estimate for product returns. We recognize revenue when persuasive evidence of an arrangement exists, title and risk of ownership have passed, the sales price is fixed or determinable, and collectibility is reasonably assured. These criteria are met at the time the product is shipped to or picked up by the customer. We recognize services at the time the service is completed and product is provided to the customer. We recognize revenue for shipping and handling charges at the time the products are shipped to or picked up by the customer. We recognize revenue for lease fees on a straight-line basis over the corresponding lease term. We estimate product returns based on historical return rates. Accounts receivable are stated at their estimated net realizable value. The allowance for doubtful accounts is based on an analysis of customer accounts and our historical experience with accounts receivable write-offs. Sales taxes (and value added taxes in foreign jurisdictions) collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. |
Foreign Currency Translation and Transactions | The functional currency of our foreign operations is typically the applicable local currency. The functional currency is translated into United States dollars for balance sheet accounts, except retained earnings, using current exchange rates as of the balance sheet date, for retained earnings at historical exchange rates, and for revenue and expense accounts using a weighted average exchange rate during the period. The translation adjustments are deferred as a separate component of stockholders' equity captioned accumulated other comprehensive income (loss). Gains or losses resulting from transactions denominated in foreign currencies are included in cost of sales or operating and administrative expenses. |
Cash and Cash Equivalents | We consider all investments purchased with original maturities of three months or less to be cash equivalents. |
Financial Instruments and Marketable Securities | All financial instruments are carried at amounts that approximate fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair value are categorized based upon the lowest level of significant input to the valuations. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based upon our own assumptions used to measure assets and liabilities at fair value. In determining fair value we use observable market data when available. Due to the varying short-term cash needs of our business, we periodically have available-for-sale marketable securities. We did not have any marketable securities as of December 31, 2016 or December 31, 2015 . Available-for-sale securities are recorded at fair value based on current market value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings but are included in accumulated other comprehensive income (loss) as a separate component of stockholders' equity until realized. If a decline in the market value of any available-for-sale security is below cost and is deemed other than temporary, it is charged to net earnings resulting in the establishment of a new cost basis for the security. |
Inventories | Inventories, consisting of finished goods merchandise held for resale, are stated at the lower of cost (first in, first out method) or market. |
Property and Equipment | Property and equipment are stated at cost. Depreciation on property and equipment is provided for using the straight-line method over the anticipated economic useful lives of the related property. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by the asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. |
Leases | We lease space under operating leases for certain distribution centers, stores, and manufacturing locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Any such terms are recognized as rent expense over the term of the lease. Further, the leases do not contain contingent rent provisions. Leasehold improvements on operating leases are amortized over their estimated service lives on a straight-line basis, or the remaining lease term, whichever is shorter. We lease certain semi-tractors, pick-ups, and equipment under operating leases. |
Other Long-Lived Assets | Other assets consist of prepaid deposits, goodwill, non-compete agreements, and other related intangible assets. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is reviewed for impairment annually. The non-compete and related intangible assets are amortized on a straight-line basis over their estimated life. |
Accounting Estimates | The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ from those estimates. |
Insurance Reserves | We are self-insured for certain losses relating to medical, dental, workers' compensation, and other casualty losses. Specific stop loss coverage is provided for catastrophic claims in order to limit exposure to significant claims. Losses and claims are charged to operations when it is probable a loss has been incurred and the amount can be reasonably estimated. Accrued insurance liabilities are based on claims filed but unpaid and estimates of claims incurred but not reported. |
Product Warranties | We offer a basic limited warranty for certain of our products. The specific terms and conditions of those warranties vary depending upon the product sold. We typically recoup these costs through product warranties we hold with the original equipment manufacturers. Our warranty expense has historically been minimal. |
Stock-Based Compensation | We estimate the value of stock option grants using a Black-Scholes valuation model. Stock-based compensation expense is recognized on a straight-line basis over the vesting period. Our stock-based compensation expense is recorded in operating and administrative expenses. We report the benefits of tax deductions in excess of recognized stock-based compensation as cash flows from financing activities, thereby reducing net cash flows from operating activities and increasing net cash flows from financing activities. |
Income Taxes | We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits in income tax expense. |
Earnings Per Share | Basic net earnings per share is calculated using net earnings available to common stockholders divided by the weighted average number of shares of common stock outstanding during the year. Diluted net earnings per share is similar to basic net earnings per share except that the weighted average number of shares of common stock outstanding includes the incremental shares assumed to be issued upon the exercise of stock options considered to be 'in-the-money' (i.e. when the market price of our stock is greater than the exercise price of our outstanding stock options). |
Segment Reporting | We have determined that for our North American operations we meet the aggregation criteria outlined in the accounting standards as our various operations have similar (1) economic characteristics, (2) products and services, (3) customers, (4) distribution channels, and (5) regulatory environments. Considering the insignificance of our operations outside of North America, we report as a single business segment. |
Long-Lived Assets (Tables)
Long-Lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |
Schedule Of Property And Equipment | Property and equipment at year end consisted of the following: Depreciable Life in Years 2016 2015 Land — $ 37,339 37,671 Buildings and improvements 15 to 40 297,093 271,302 Automated distribution and warehouse equipment 5 to 30 216,276 204,708 Shelving, industrial vending, and equipment 3 to 10 723,854 548,921 Transportation equipment 3 to 5 71,750 61,429 Construction in progress — 152,523 200,892 1,498,835 1,324,923 Less accumulated depreciation (599,138 ) (506,034 ) Property and equipment, net $ 899,697 818,889 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Expenses | Accrued expenses at year end consisted of the following: 2016 2015 Payroll and related taxes $ 23,180 24,407 Bonuses and commissions 14,156 15,441 Profit sharing contribution 8,665 13,669 Insurance reserves 34,640 31,821 Promotions 24,853 25,261 Indirect taxes 43,443 66,563 Deferred revenue 2,767 2,875 Legal reserves 1,393 1,930 Other 3,325 3,176 Accrued expenses $ 156,422 185,143 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stock Option Plan Activity and Stock Options Granted | The following tables summarize the details of options granted under our stock option plan that were still outstanding as of December 31, 2016, and the assumptions used to value those grants. All such grants 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 December 31, 2016 Date of Grant Options Outstanding Options Exercisable April 19, 2016 845,440 $ 46.00 $ 45.74 789,363 — April 21, 2015 893,220 $ 42.00 $ 41.26 738,834 — April 22, 2014 955,000 $ 56.00 $ 50.53 608,750 122,500 April 16, 2013 205,000 $ 54.00 $ 49.25 115,000 3,500 April 17, 2012 1,235,000 $ 54.00 $ 49.01 981,500 682,250 April 19, 2011 410,000 $ 35.00 $ 31.78 83,900 46,400 April 20, 2010 530,000 $ 30.00 $ 27.13 147,300 94,800 April 21, 2009 790,000 $ 27.00 $ 17.61 228,650 186,150 April 15, 2008 550,000 $ 27.00 $ 24.35 64,650 64,650 Total 6,413,660 3,757,947 1,200,250 A summary of activities under our stock option plan consisted of the following: Options Outstanding Exercise Price (1) Remaining Life (2) Outstanding as of January 1, 2016 4,530,982 $ 41.49 4.89 Granted 845,440 $ 46.00 8.41 Exercised (1,180,242 ) $ 24.80 Cancelled/forfeited (438,233 ) $ 49.49 Outstanding as of December 31, 2016 3,757,947 $ 46.81 5.85 Exercisable as of December 31, 2016 1,200,250 $ 45.93 3.74 Options Outstanding Exercise (1) Remaining Life (2) Outstanding as of January 1, 2015 4,712,330 $ 38.52 4.59 Granted 893,220 $ 42.00 8.41 Exercised (813,838 ) $ 23.47 Cancelled/forfeited (260,730 ) $ 45.84 Outstanding as of December 31, 2015 4,530,982 $ 41.49 4.89 Exercisable as of December 31, 2015 1,792,242 $ 31.00 2.15 (1) Weighted average exercise price. (2) Weighted average remaining contractual life in years. |
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: Reconciliation 2016 2015 2014 Basic weighted average shares outstanding 288,949,525 291,453,107 296,490,378 Weighted shares assumed upon exercise of stock options 207,998 592,335 822,866 Diluted weighted average shares outstanding 289,157,523 292,045,442 297,313,244 |
Anti-Dilutive Options Excluded | Summary of Anti-dilutive Options Excluded 2016 2015 2014 Options to purchase shares of common stock 3,095,343 2,611,367 1,903,767 Weighted average exercise prices of options $ 50.09 51.89 54.67 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Earnings Before Income Taxes | Earnings before income taxes were derived from the following sources: 2016 2015 2014 Domestic $ 739,383 785,916 757,896 Foreign 50,346 40,104 29,538 Earnings before income taxes $ 789,729 826,020 787,434 |
Components Of Income Tax Expense (Benefit) | Components of income tax expense (benefit) were as follows: 2016: Current Deferred Total Federal $ 223,837 23,149 246,986 State 28,231 1,236 29,467 Foreign 12,634 1,164 13,798 Income tax expense $ 264,702 25,549 290,251 2015: Current Deferred Total Federal $ 256,748 7,362 264,110 State 31,297 227 31,524 Foreign 13,677 348 14,025 Income tax expense $ 301,722 7,937 309,659 2014: Current Deferred Total Federal $ 250,527 1,919 252,446 State 30,768 256 31,024 Foreign 10,518 (704 ) 9,814 Income tax expense $ 291,813 1,471 293,284 |
Difference In Income Tax Expense And Expected Expense | Income tax expense in the accompanying consolidated financial statements differed from the expected expense as follows: 2016 2015 2014 Federal income tax expense at the 'expected' rate of 35% $ 276,405 289,107 275,602 Increase (decrease) attributed to: State income taxes, net of federal benefit 20,038 21,613 20,549 Other, net (6,192 ) (1,061 ) (2,867 ) Total income tax expense $ 290,251 309,659 293,284 Effective income tax rate 36.8 % 37.5 % 37.2 % |
Summary Of Temporary Differences That Give Rise To Deferred Income Tax Assets And Liabilities | The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at year end consisted of the following: 2016 2015 Deferred income tax assets (liabilities): Inventory costing and valuation methods $ 4,788 4,556 Allowance for doubtful accounts 4,339 4,529 Insurance reserves 11,489 10,930 Promotions payable 1,651 1,738 Stock-based compensation 6,789 8,270 Federal and state benefit of uncertain tax positions 1,908 1,911 Foreign net operating loss and credit carryforwards 5,121 5,155 Foreign valuation allowances (3,998 ) (3,406 ) Other, net 2,123 1,541 Total deferred income tax assets 34,210 35,224 Property and equipment (114,838 ) (90,281 ) Total deferred income tax liabilities (114,838 ) (90,281 ) Net deferred income tax liabilities $ (80,628 ) (55,057 ) |
Reconciliation Of The Beginning And Ending Amount Of Total Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits was as follows: 2016 2015 Balance at beginning of year: $ 5,417 3,772 Increase related to prior year tax positions 194 704 Decrease related to prior year tax positions — (43 ) Increase related to current year tax positions 846 984 Decrease related to statute of limitation lapses (1,050 ) — Balance at end of year: $ 5,407 5,417 |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segments, Geographical Areas [Abstract] | |
Revenues and Long-Lived Assets By Geographic Areas | Our revenues and long-lived assets related to the following geographic areas: Revenues 2016 2015 2014 United States $ 3,493,459 3,441,141 3,308,226 Canada 228,685 223,270 238,590 Other foreign countries 239,892 204,776 186,691 Total revenues $ 3,962,036 3,869,187 3,733,507 Long-Lived Assets 2016 2015 2014 United States $ 899,133 821,063 725,189 Canada 33,164 32,290 37,580 Other foreign countries 15,817 14,333 13,068 Total long-lived assets $ 948,114 867,686 775,837 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Operating [Abstract] | |
Future Minimum Lease Payments | Future minimum lease payments for all operating leases are as follows: Leased Facilities and Equipment Leased Vehicles Total 2017 $ 97,456 31,989 129,445 2018 72,345 20,453 92,798 2019 47,070 8,917 55,987 2020 28,571 1,575 30,146 2021 11,620 — 11,620 2022 and thereafter 1,386 — 1,386 Total minimum lease payments $ 258,448 62,934 321,382 |
Rent Expense | Rent expense under all operating leases was as follows: Leased Facilities and Equipment Leased Vehicles Total 2016 $ 110,123 42,663 152,786 2015 $ 105,961 38,178 144,139 2014 $ 103,294 35,731 139,025 |
Debt Commitments and Continge30
Debt Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Obligations and Letters of Credit Outstanding | Debt obligations and letters of credit outstanding at year end consisted of the following: 2016 2015 Outstanding loans under unsecured revolving Credit Facility $ 305,000 350,000 2.00% Senior unsecured promissory note payable 40,000 — 2.45% Senior unsecured promissory note payable 35,000 — Note payable under asset purchase agreement 10,000 15,000 Total debt 390,000 365,000 Less: Current portion of debt (10,482 ) (62,050 ) Long-term debt $ 379,518 302,950 Outstanding letters of credit under unsecured revolving Credit Facility - contingent obligation $ 36,267 36,266 |
Sales by Product Line (Tables)
Sales by Product Line (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Sales by Product Line [Abstract] | |
Percentages Of Sales By Product Line | The percentages of our sales by product line were as follows: Type Introduced 2016 2015 2014 Fasteners (1) 1967 36.6% 38.3% 40.2% Tools 1993 9.9% 9.5% 9.3% Cutting tools 1996 5.7% 5.6% 5.5% Hydraulics & pneumatics 1996 6.9% 7.2% 7.2% Material handling 1996 6.4% 6.5% 6.1% Janitorial supplies 1996 7.6% 7.5% 7.3% Electrical supplies 1997 4.8% 4.7% 4.7% Welding supplies 1997 4.6% 4.7% 4.7% Safety supplies (2) 1999 14.9% 13.9% 12.8% Metals 2001 0.5% 0.5% 0.4% Direct ship (3) 2004 0.5% 0.4% 1.0% Office supplies 2010 0.1% 0.1% 0.1% Other 1.5% 1.1% 0.7% 100.0% 100.0% 100.0% (1) Fastener product line represents fasteners and miscellaneous supplies. (2) The safety supplies product line has expanded, as a percentage of sales, in the last several years due to our industrial vending program. (3) Direct ship represents a cross section of products from the remaining product lines. The items included here represent certain items with historically low margins which are shipped directly from our distribution channel to our customers, bypassing our store network. |
Selected Quarterly Financial 32
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | (Amounts in thousands except per share information) 2016: Net Sales Gross Profit Pre-tax Earnings Net Earnings Basic Net per Share (1) Diluted Net Earnings per Share First quarter $ 986,680 491,460 199,851 126,227 0.44 0.44 Second quarter 1,014,287 501,592 207,817 131,521 0.46 0.45 Third quarter 1,013,122 499,834 201,239 126,925 0.44 0.44 Fourth quarter 947,947 471,891 180,822 114,805 0.40 0.40 Total $ 3,962,036 1,964,777 789,729 499,478 1.73 1.73 2015: Net Sales Gross Profit Pre-tax Earnings Net Earnings Basic Net Earnings per Share Diluted Net Earnings per Share First quarter $ 953,317 484,050 203,512 127,606 0.43 0.43 Second quarter 997,827 502,087 225,099 140,357 0.48 0.48 Third quarter 995,250 502,225 219,204 136,494 0.47 0.47 Fourth quarter 922,793 460,572 178,205 111,904 0.39 0.39 Total $ 3,869,187 1,948,934 826,020 516,361 1.77 1.77 (1) Amounts may not foot due to rounding difference. |
Business Overview and Summary33
Business Overview and Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)location | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounting Policies [Abstract] | |||
Approximate number of store locations | location | 2,500 | ||
Impairment of long-lived assets | $ | $ 0 | $ 0 | $ 0 |
Long-Lived Assets (Details)
Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property and Equipment, Net [Line Items] | ||
Property and equipment | $ 1,498,835 | $ 1,324,923 |
Less accumulated depreciation | (599,138) | (506,034) |
Property and equipment, net | 899,697 | 818,889 |
Land [Member] | ||
Property and Equipment, Net [Line Items] | ||
Property and equipment | 37,339 | 37,671 |
Buildings And Improvements [Member] | ||
Property and Equipment, Net [Line Items] | ||
Property and equipment | 297,093 | 271,302 |
Automated Distribution And Warehouse Equipment [Member] | ||
Property and Equipment, Net [Line Items] | ||
Property and equipment | 216,276 | 204,708 |
Shelving, Industrial Vending, And Equipment [Member] | ||
Property and Equipment, Net [Line Items] | ||
Property and equipment | 723,854 | 548,921 |
Transportation Equipment [Member] | ||
Property and Equipment, Net [Line Items] | ||
Property and equipment | 71,750 | 61,429 |
Construction In Progress [Member] | ||
Property and Equipment, Net [Line Items] | ||
Property and equipment | $ 152,523 | $ 200,892 |
Minimum [Member] | Buildings And Improvements [Member] | ||
Property and Equipment, Net [Line Items] | ||
Depreciable life in years | 15 years | |
Minimum [Member] | Automated Distribution And Warehouse Equipment [Member] | ||
Property and Equipment, Net [Line Items] | ||
Depreciable life in years | 5 years | |
Minimum [Member] | Shelving, Industrial Vending, And Equipment [Member] | ||
Property and Equipment, Net [Line Items] | ||
Depreciable life in years | 3 years | |
Minimum [Member] | Transportation Equipment [Member] | ||
Property and Equipment, Net [Line Items] | ||
Depreciable life in years | 3 years | |
Maximum [Member] | Buildings And Improvements [Member] | ||
Property and Equipment, Net [Line Items] | ||
Depreciable life in years | 40 years | |
Maximum [Member] | Automated Distribution And Warehouse Equipment [Member] | ||
Property and Equipment, Net [Line Items] | ||
Depreciable life in years | 30 years | |
Maximum [Member] | Shelving, Industrial Vending, And Equipment [Member] | ||
Property and Equipment, Net [Line Items] | ||
Depreciable life in years | 10 years | |
Maximum [Member] | Transportation Equipment [Member] | ||
Property and Equipment, Net [Line Items] | ||
Depreciable life in years | 5 years |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Payroll and related taxes | $ 23,180 | $ 24,407 |
Bonuses and commissions | 14,156 | 15,441 |
Profit sharing contribution | 8,665 | 13,669 |
Insurance reserves | 34,640 | 31,821 |
Promotions | 24,853 | 25,261 |
Indirect taxes | 43,443 | 66,563 |
Deferred revenue | 2,767 | 2,875 |
Legal reserves | 1,393 | 1,930 |
Other | 3,325 | 3,176 |
Accrued expenses | $ 156,422 | $ 185,143 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 17, 2017 | Jan. 03, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 |
Stockholders' Equity Note [Abstract] | ||||||
Dividends paid (in dollars per share) | $ 1.20 | $ 1.12 | $ 1 | |||
Options vesting and exercisable period, maximum | 8 years | |||||
Total intrinsic value of stock options exercised | $ 23,236 | $ 14,174 | $ 7,466 | |||
Total unrecognized stock-based compensation expense | $ 14,455 | $ 14,455 | ||||
Weighted average period over which total unrecognized stock-based compensation expense will be recognized | 4 years 6 months 21 days | |||||
Total grant date fair value of stock options vested | $ 7,083 | 5,143 | 7,287 | |||
Total stock-based compensation expense | $ 4,100 | $ 5,841 | $ 7,039 | |||
Options termination period | 9 years | |||||
Subsequent Event [Line Items] | ||||||
Options Granted (in shares) | 6,413,660 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividend declared (in dollars per share) | $ 0.32 | |||||
Options Granted (in shares) | 764,789 | |||||
Option Exercise (Strike) Price (in dollars per share) | $ 47 | |||||
Closing Stock Price on Date of Grant (in dollars per share) | $ 46.95 |
Stockholders' Equity (Stock Opt
Stockholders' Equity (Stock Options Granted) (Details) | 105 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Granted (in shares) | 6,413,660 |
Options Outstanding (in shares) | 3,757,947 |
Options Exercisable (in shares) | 1,200,250 |
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) | 789,363 |
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) | 738,834 |
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) | 608,750 |
Options Exercisable (in shares) | 122,500 |
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) | 3,500 |
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) | 981,500 |
Options Exercisable (in shares) | 682,250 |
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) | 83,900 |
Options Exercisable (in shares) | 46,400 |
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) | 147,300 |
Options Exercisable (in shares) | 94,800 |
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) | 228,650 |
Options Exercisable (in shares) | 186,150 |
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) | 64,650 |
Options Exercisable (in shares) | 64,650 |
Stockholders' Equity (Fair Valu
Stockholders' Equity (Fair Value Assumptions For Options Granted) (Details) | 12 Months Ended |
Dec. 31, 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 |
Stockholder's Equity (Summary O
Stockholder's Equity (Summary Of Stock Option Plan Activity) (Details) - $ / shares | 12 Months Ended | 105 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Options Outstanding | ||||
Granted (in shares) | 6,413,660 | |||
Outstanding as of End of Period (in shares) | 3,757,947 | 3,757,947 | ||
Exercisable (in shares) | 1,200,250 | 1,200,250 | ||
Stock Option Plan [Member] | ||||
Options Outstanding | ||||
Outstanding as of Beginning of Period (in shares) | 4,530,982 | 4,712,330 | ||
Granted (in shares) | 845,440 | 893,220 | ||
Exercised (in shares) | (1,180,242) | (813,838) | ||
Cancelled/Forfeited (in shares) | (438,233) | (260,730) | ||
Outstanding as of End of Period (in shares) | 3,757,947 | 4,530,982 | 4,712,330 | 3,757,947 |
Exercisable (in shares) | 1,200,250 | 1,792,242 | 1,200,250 | |
Exercise Price | ||||
Outstanding as of Beginning of Period (in dollars per share) | $ 41.49 | $ 38.52 | ||
Granted (in dollars per share) | 46 | 42 | ||
Exercised (in dollars per share) | 24.80 | 23.47 | ||
Cancelled/Forfeited (in dollars per share) | 49.49 | 45.84 | ||
Outstanding as of End of Period (in dollars per share) | 46.81 | 41.49 | $ 38.52 | $ 46.81 |
Exercisable (in dollars per share) | $ 45.93 | $ 31 | $ 45.93 | |
Remaining Life | ||||
Outstanding | 5 years 10 months 6 days | 4 years 10 months 20 days | 4 years 7 months 2 days | |
Granted | 8 years 4 months 27 days | 8 years 4 months 27 days | ||
Exercisable | 3 years 8 months 27 days | 2 years 1 month 24 days |
Stockholders' Equity (Reconcili
Stockholders' Equity (Reconciliation Of Denominators Used In Computation Of Basic And Diluted Earnings Per Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |||
Basic weighted average shares outstanding (in shares) | 288,949,525 | 291,453,107 | 296,490,378 |
Weighted shares assumed upon exercise of stock options (in shares) | 207,998 | 592,335 | 822,866 |
Diluted weighted average shares outstanding (in shares) | 289,157,523 | 292,045,442 | 297,313,244 |
Stockholders' Equity (Summary O
Stockholders' Equity (Summary Of Anti-Dilutive Options Excluded) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |||
Options to purchase shares of common stock (in shares) | 3,095,343 | 2,611,367 | 1,903,767 |
Weighted average exercise prices of options (in dollars per share) | $ 50.09 | $ 51.89 | $ 54.67 |
Retirement Savings Plan (Narrat
Retirement Savings Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Expense related to contribution to employees' retirement accounts | $ 8,665 | $ 13,669 | $ 11,460 |
Income Taxes (Earnings Before I
Income Taxes (Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | 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 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 739,383 | $ 785,916 | $ 757,896 | ||||||||
Foreign | 50,346 | 40,104 | 29,538 | ||||||||
Earnings before income taxes | $ 180,822 | $ 201,239 | $ 207,817 | $ 199,851 | $ 178,205 | $ 219,204 | $ 225,099 | $ 203,512 | $ 789,729 | $ 826,020 | $ 787,434 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
Federal | $ 223,837 | $ 256,748 | $ 250,527 |
State | 28,231 | 31,297 | 30,768 |
Foreign | 12,634 | 13,677 | 10,518 |
Income tax expense | 264,702 | 301,722 | 291,813 |
Deferred | |||
Federal | 23,149 | 7,362 | 1,919 |
State | 1,236 | 227 | 256 |
Foreign | 1,164 | 348 | (704) |
Income tax expense | 25,549 | 7,937 | 1,471 |
Total | |||
Federal | 246,986 | 264,110 | 252,446 |
State | 29,467 | 31,524 | 31,024 |
Foreign | 13,798 | 14,025 | 9,814 |
Income tax expense | $ 290,251 | $ 309,659 | $ 293,284 |
Income Taxes (Difference In Inc
Income Taxes (Difference In Income Tax Expense And Expected Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax expense at the 'expected' rate of 35% | $ 276,405 | $ 289,107 | $ 275,602 |
State income taxes, net of federal benefit | 20,038 | 21,613 | 20,549 |
Other, net | (6,192) | (1,061) | (2,867) |
Income tax expense | $ 290,251 | $ 309,659 | $ 293,284 |
Expected rate of federal income tax expense | 35.00% | 35.00% | 35.00% |
Effective income tax rate | 36.80% | 37.50% | 37.20% |
Income Taxes (Summary Of Tempor
Income Taxes (Summary Of Temporary Differences That Give Rise To Deferred Income Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income tax assets (liabilities): | ||
Inventory costing and valuation methods | $ 4,788 | $ 4,556 |
Allowance for doubtful accounts | 4,339 | 4,529 |
Insurance reserves | 11,489 | 10,930 |
Promotions payable | 1,651 | 1,738 |
Stock-based compensation | 6,789 | 8,270 |
Federal and state benefit of uncertain tax positions | 1,908 | 1,911 |
Foreign net operating loss and credit carryforwards | 5,121 | 5,155 |
Foreign valuation allowances | (3,998) | (3,406) |
Other, net | 2,123 | 1,541 |
Total deferred income tax assets | 34,210 | 35,224 |
Property and equipment | (114,838) | (90,281) |
Total deferred income tax liabilities | (114,838) | (90,281) |
Net deferred income tax liabilities | $ (80,628) | $ (55,057) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Total Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year: | $ 5,417 | $ 3,772 |
Increase related to prior year tax positions | 194 | 704 |
Decrease related to prior year tax positions | 0 | (43) |
Increase related to current year tax positions | 846 | 984 |
Decrease related to statute of limitation lapses | (1,050) | 0 |
Balance at end of year: | $ 5,407 | $ 5,417 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
Undistributed earnings of foreign subsidiaries | $ 147,000 |
Geographic Information (Revenue
Geographic Information (Revenues By Geographic Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | 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 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 947,947 | $ 1,013,122 | $ 1,014,287 | $ 986,680 | $ 922,793 | $ 995,250 | $ 997,827 | $ 953,317 | $ 3,962,036 | $ 3,869,187 | $ 3,733,507 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 3,493,459 | 3,441,141 | 3,308,226 | ||||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 228,685 | 223,270 | 238,590 | ||||||||
Other foreign countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 239,892 | $ 204,776 | $ 186,691 |
Geographic Information (Long-Li
Geographic Information (Long-Lived Assets By Geographic Areas) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $ 948,114 | $ 867,686 | $ 775,837 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 899,133 | 821,063 | 725,189 |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 33,164 | 32,290 | 37,580 |
Other foreign countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $ 15,817 | $ 14,333 | $ 13,068 |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
Leasehold improvements, net book value | $ 3,122 |
Leased Vehicles [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Aggregate residual value guarantee of pick-up leases | $ 76,808 |
Operating Leases (Future Minimu
Operating Leases (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
2,017 | $ 129,445 |
2,018 | 92,798 |
2,019 | 55,987 |
2,020 | 30,146 |
2,021 | 11,620 |
2022 and thereafter | 1,386 |
Total minimum lease payments | 321,382 |
Leased Facilities and Equipment [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
2,017 | 97,456 |
2,018 | 72,345 |
2,019 | 47,070 |
2,020 | 28,571 |
2,021 | 11,620 |
2022 and thereafter | 1,386 |
Total minimum lease payments | 258,448 |
Leased Vehicles [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
2,017 | 31,989 |
2,018 | 20,453 |
2,019 | 8,917 |
2,020 | 1,575 |
2,021 | 0 |
2022 and thereafter | 0 |
Total minimum lease payments | $ 62,934 |
Operating Leases (Rent Expense)
Operating Leases (Rent Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Rent expense | $ 152,786 | $ 144,139 | $ 139,025 |
Leased Facilities and Equipment [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rent expense | 110,123 | 105,961 | 103,294 |
Leased Vehicles [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rent expense | $ 42,663 | $ 38,178 | $ 35,731 |
Debt Commitments and Continge54
Debt Commitments and Contingencies - Debt Obligations and Letters of Credit Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total debt | $ 390,000 | $ 365,000 |
Less: Current portion of debt | (10,482) | (62,050) |
Long-term debt | 379,518 | 302,950 |
Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 305,000 | 350,000 |
Credit Facility [Member] | Letter of Credit Subfacility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding letters of credit under unsecured revolving Credit Facility - contingent obligation | 36,267 | 36,266 |
Senior Unsecured Promissory Notes [Member] | 2.00% Senior Unsecured Promissory Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 40,000 | 0 |
Senior Unsecured Promissory Notes [Member] | 2.45% Senior Unsecured Promissory Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 35,000 | 0 |
Note Payable Under Asset Purchase Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 10,000 | $ 15,000 |
Debt Commitments and Continge55
Debt Commitments and Contingencies - Unsecured Revolving Credit Facility (Details) - Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Weighted per annum interest rate on outstanding line of credit | 1.70% |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Percentage fee paid for unused portion of credit facility | 0.10% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Percentage fee paid for unused portion of credit facility | 0.125% |
LIBOR [Member] | |
Debt Instrument [Line Items] | |
Per annum interest rate over LIBOR | 0.95% |
Unsecured Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 700,000,000 |
Letter of Credit Subfacility [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 55,000,000 |
Debt Commitments and Continge56
Debt Commitments and Contingencies - Senior Unsecured Promissory Notes Payable (Details) | Jul. 20, 2016USD ($) | Dec. 31, 2016USD ($)debt_instrument_series | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||
Debt | $ 390,000,000 | $ 365,000,000 | |
Senior Unsecured Promissory Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance period after effective date | 3 years | ||
Maximum aggregate principal amount outstanding | $ 200,000,000 | ||
Number of debt instrument series | debt_instrument_series | 2 | ||
Senior Unsecured Promissory Notes [Member] | Fixed Rate Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Term of debt (no later than 12 years) | 12 years | ||
Senior Unsecured Promissory Notes [Member] | Floating Rate Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Term of debt (no later than 12 years) | 10 years | ||
Senior Unsecured Promissory Notes [Member] | 2.00% Senior Unsecured Promissory Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 40,000,000 | 0 | |
Fixed interest rate per annum | 2.00% | ||
Senior Unsecured Promissory Notes [Member] | 2.45% Senior Unsecured Promissory Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 35,000,000 | $ 0 | |
Fixed interest rate per annum | 2.45% |
Debt Commitments and Continge57
Debt Commitments and Contingencies - Note Payable Under Asset Purchase Agreement (Details) $ in Thousands | Dec. 07, 2015USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($)installment_payment | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||||
Consideration for asset purchase agreement | $ 27,000 | |||||
Cash paid for asset purchase agreement | $ 5,000 | $ 12,000 | ||||
Debt | 390,000 | 365,000 | $ 365,000 | |||
Non-cash investing and financing activity | 15,000 | |||||
Note Payable Under Asset Purchase Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt | $ 10,000 | $ 15,000 | $ 15,000 | |||
Number of installment payments | installment_payment | 2 | |||||
Fixed interest rate per annum | 0.56% | |||||
Scenario, Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Cash paid for asset purchase agreement | $ 5,000 | $ 5,000 |
Sales by Product Line (Percenta
Sales by Product Line (Percentages Of Sales By Product Line) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from External Customer [Line Items] | |||
Total, percentage of sales | 100.00% | 100.00% | 100.00% |
Fasteners [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 1,967 | ||
Total, percentage of sales | 36.60% | 38.30% | 40.20% |
Tools [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 1,993 | ||
Total, percentage of sales | 9.90% | 9.50% | 9.30% |
Cutting tools [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 1,996 | ||
Total, percentage of sales | 5.70% | 5.60% | 5.50% |
Hydraulics & pneumatics [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 1,996 | ||
Total, percentage of sales | 6.90% | 7.20% | 7.20% |
Material handling [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 1,996 | ||
Total, percentage of sales | 6.40% | 6.50% | 6.10% |
Janitorial supplies [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 1,996 | ||
Total, percentage of sales | 7.60% | 7.50% | 7.30% |
Electrical supplies [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 1,997 | ||
Total, percentage of sales | 4.80% | 4.70% | 4.70% |
Welding supplies [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 1,997 | ||
Total, percentage of sales | 4.60% | 4.70% | 4.70% |
Safety supplies [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 1,999 | ||
Total, percentage of sales | 14.90% | 13.90% | 12.80% |
Metals [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 2,001 | ||
Total, percentage of sales | 0.50% | 0.50% | 0.40% |
Direct ship [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 2,004 | ||
Total, percentage of sales | 0.50% | 0.40% | 1.00% |
Office supplies [Member] | |||
Revenue from External Customer [Line Items] | |||
Introduced | 2,010 | ||
Total, percentage of sales | 0.10% | 0.10% | 0.10% |
Other product line [Member] | |||
Revenue from External Customer [Line Items] | |||
Total, percentage of sales | 1.50% | 1.10% | 0.70% |
Selected Quarterly Financial 59
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | 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 | Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net Sales | $ 947,947 | $ 1,013,122 | $ 1,014,287 | $ 986,680 | $ 922,793 | $ 995,250 | $ 997,827 | $ 953,317 | $ 3,962,036 | $ 3,869,187 | $ 3,733,507 |
Gross Profit | 471,891 | 499,834 | 501,592 | 491,460 | 460,572 | 502,225 | 502,087 | 484,050 | 1,964,777 | 1,948,934 | 1,897,402 |
Pre-tax Earnings | 180,822 | 201,239 | 207,817 | 199,851 | 178,205 | 219,204 | 225,099 | 203,512 | 789,729 | 826,020 | 787,434 |
Net Earnings | $ 114,805 | $ 126,925 | $ 131,521 | $ 126,227 | $ 111,904 | $ 136,494 | $ 140,357 | $ 127,606 | $ 499,478 | $ 516,361 | $ 494,150 |
Basic Net Earnings per Share (in dollars per share) | $ 0.40 | $ 0.44 | $ 0.46 | $ 0.44 | $ 0.39 | $ 0.47 | $ 0.48 | $ 0.43 | $ 1.73 | $ 1.77 | $ 1.67 |
Diluted Net Earnings per Share (in dollars per share) | $ 0.40 | $ 0.44 | $ 0.45 | $ 0.44 | $ 0.39 | $ 0.47 | $ 0.48 | $ 0.43 | $ 1.73 | $ 1.77 | $ 1.66 |
Schedule II-Valuation and Qua60
Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance For Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 11,729 | $ 12,619 | $ 9,248 |
“Additions” Charged to Costs and Expenses | 8,550 | 8,769 | 11,480 |
“Other” Additions (Deductions) | 0 | 0 | 0 |
“Less” Deductions | 9,030 | 9,659 | 8,109 |
Balance at End of Year | 11,249 | 11,729 | 12,619 |
Insurance Reserves [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 31,821 | 31,137 | 30,880 |
“Additions” Charged to Costs and Expenses | 62,313 | 54,341 | 52,858 |
“Other” Additions (Deductions) | 0 | 0 | 0 |
“Less” Deductions | 59,494 | 53,657 | 52,601 |
Balance at End of Year | $ 34,640 | $ 31,821 | $ 31,137 |