Fastenal (FAST) 10-Q 16 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 12, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	0-16125
Entity Registrant Name	FASTENAL CO
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0948415
Entity Address, Address Line One	2001 Theurer Boulevard
Entity Address, City or Town	Winona
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55987-1500
City Area Code	507
Local Phone Number	454-5374
Title of 12(b) Security	Common stock, par value $.01 per share
Trading Symbol	FAST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		574,053,293
Entity Central Index Key	0000815556
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 331.8	$ 174.9
Trade accounts receivable, net of allowance for credit losses of $11.8 and $10.9, respectively	834.5	741.8
Inventories	1,342.6	1,366.4
Prepaid income taxes	14.6	16.7
Other current assets	123.2	157.4
Total current assets	2,646.7	2,457.2
Property and equipment, net	1,023.7	1,023.2
Operating lease right-of-use assets	244.4	243.2
Other assets	193.8	76.3
Total assets	4,108.6	3,799.9
Current liabilities:
Current portion of debt	40	3
Accounts payable	210.4	192.8
Accrued expenses	258.2	251.5
Current portion of operating lease liabilities	94.4	97.4
Total current liabilities	603	544.7
Long-term debt	365	342
Operating lease liabilities	152.1	148.2
Deferred income taxes	102.9	99.4
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, 800,000,000 shares authorized, 574,049,821 and 574,128,911 shares issued and outstanding, respectively	2.9	2.9
Additional paid-in capital	57.8	67.2
Retained earnings	2,866.7	2,633.9
Accumulated other comprehensive loss	(41.8)	(38.4)
Total stockholders' equity	2,885.6	2,665.6
Total liabilities and stockholders' equity	$ 4,108.6	$ 3,799.9

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Trade accounts receivable, allowance for credit losses	$ 11.8	$ 10.9
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)	800,000,000	800,000,000
Issued (in shares)	574,049,821	574,128,911
Outstanding (in shares)	574,049,821	574,128,911

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales	$ 1,413.3	$ 1,379.1	$ 4,289.3	$ 4,056.8
Cost of sales	772.7	728	2,340.3	2,139.8
Gross profit	640.6	651.1	1,949	1,917
Operating and administrative expenses	351.5	369.2	1,072.7	1,099.5
Gain on sale of property and equipment	(1)	0	(1.1)	(0.8)
Operating income	290.1	281.9	877.4	818.3
Interest income	0.1	0.1	0.3	0.3
Interest expense	(2.6)	(3.6)	(7.2)	(11.3)
Earnings before income taxes	287.6	278.4	870.5	807.3
Income tax expense	66.1	64.9	207.5	195.1
Net earnings	$ 221.5	$ 213.5	$ 663	$ 612.2
Basic net earnings per share (in dollars per share)	$ 0.39	$ 0.37	$ 1.16	$ 1.07
Diluted net earnings per share (in dollars per share)	$ 0.38	$ 0.37	$ 1.15	$ 1.07
Basic weighted average shares outstanding (in shares)	573,913,929	573,452,002	573,673,031	572,934,475
Diluted weighted average shares outstanding (in shares)	576,117,331	574,366,773	575,470,232	573,977,305

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 221.5	$ 213.5	$ 663	$ 612.2
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments (net of tax of $0.0 in 2020 and 2019)	11.1	(9.6)	(3.4)	(4.2)
Comprehensive income	$ 232.6	$ 203.9	$ 659.6	$ 608

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive (loss) income
Balance at beginning of period at Dec. 31, 2018		$ 2.9	$ 3	$ 2,341.6	$ (44.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised			43
Purchases of common stock			0
Stock-based compensation			4.3
Net earnings	$ 612.2			612.2
Dividends paid in cash				(372.3)
Other comprehensive (loss) income					(4.2)
Balance at end of period at Sep. 30, 2019	$ 2,585.7	2.9	50.3	2,581.5	(49)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.650
Balance at beginning of period at Dec. 31, 2018		2.9	3	2,341.6	(44.8)
Balance at end of period at Dec. 31, 2019	$ 2,665.6	2.9	67.2	2,633.9	(38.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.870
Balance at beginning of period at Jun. 30, 2019		2.9	46	2,494.2	(39.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised			2.9
Purchases of common stock			0
Stock-based compensation			1.4
Net earnings	$ 213.5			213.5
Dividends paid in cash				(126.2)
Other comprehensive (loss) income					(9.6)
Balance at end of period at Sep. 30, 2019	$ 2,585.7	2.9	50.3	2,581.5	(49)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.220
Balance at end of period at Dec. 31, 2019	$ 2,665.6	2.9	67.2	2,633.9	(38.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.220
Stock options exercised			38.3
Purchases of common stock			(52)
Stock-based compensation			4.3
Net earnings	$ 663			663
Dividends paid in cash				(430.2)
Other comprehensive (loss) income					(3.4)
Balance at end of period at Sep. 30, 2020	$ 2,885.6	2.9	57.8	2,866.7	(41.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.750
Balance at beginning of period at Jun. 30, 2020		2.9	44.4	2,788.6	(52.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised			12
Purchases of common stock			0
Stock-based compensation			1.4
Net earnings	$ 221.5			221.5
Dividends paid in cash				(143.4)
Other comprehensive (loss) income					11.1
Balance at end of period at Sep. 30, 2020	$ 2,885.6	$ 2.9	$ 57.8	$ 2,866.7	$ (41.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.250

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net earnings	$ 663	$ 612.2
Adjustments to reconcile net earnings to net cash provided by operating activities, net of acquisition:
Depreciation of property and equipment	114	107.8
Gain on sale of property and equipment	(1.1)	(0.8)
Bad debt expense	5.8	4.9
Deferred income taxes	3.5	2.2
Stock-based compensation	4.3	4.3
Amortization of intangible assets	6.4	3
Changes in operating assets and liabilities, net of acquisition:
Trade accounts receivable	(98.8)	(108)
Inventories	22.8	(76.9)
Other current assets	34.2	9.8
Accounts payable	17.6	21.6
Accrued expenses	6.7	0.5
Income taxes	2.1	8.6
Other	0.3	1.1
Net cash provided by operating activities	780.8	590.3
Cash flows from investing activities:
Purchases of property and equipment	(123.5)	(184.3)
Proceeds from sale of property and equipment	8.6	5
Cash paid for acquisition	(125)	0
Other	1.1	0.2
Net cash used in investing activities	(238.8)	(179.1)
Cash flows from financing activities:
Proceeds from debt obligations	910	745
Payments against debt obligations	(850)	(800)
Proceeds from exercise of stock options	38.3	43
Purchases of common stock	(52)	0
Payments of dividends	(430.2)	(372.3)
Net cash used in financing activities	(383.9)	(384.3)
Effect of exchange rate changes on cash and cash equivalents	(1.2)	(2.9)
Net increase in cash and cash equivalents	156.9	24
Cash and cash equivalents at beginning of period	174.9	167.2
Cash and cash equivalents at end of period	331.8	191.2
Supplemental information:
Cash paid for interest	5.9	11.3
Net cash paid for income taxes	201.4	182.6
Leased assets obtained in exchange for new operating lease liabilities	$ 76.1	$ 87.6

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	(1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Fastenal Company and subsidiaries (collectively referred to as the company, Fastenal, or by terms such as we, our, or us) have been prepared in accordance with U.S. generally accepted accounting principles ('GAAP') for interim financial information. They do not include all information and footnotes required by U.S. GAAP for complete financial statements. However, except as described herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in our consolidated financial statements as of and for the year ended December 31, 2019. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Impact of COVID-19 The COVID-19 pandemic has impacted and could further impact our operations and the operations of our suppliers and vendors as a result of quarantines, facility closures, illnesses, and travel and logistics restrictions. The extent to which the COVID-19 pandemic impacts our business, results of operations, and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to the duration, spread, severity, and impact of the COVID-19 pandemic, the effects of the COVID-19 pandemic on our customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by federal, state, and local governments, and to what extent normal economic and operating conditions can resume. Even after the COVID-19 pandemic has subsided, we may continue to experience adverse impacts to our business as a result of any economic recession or depression that has occurred or may occur in the future. Therefore, the Company cannot reasonably estimate the future impact at this time. Stock Split On April 17, 2019, the board of directors approved a two-for-one stock split of the company's outstanding common stock. Holders of the company's common stock, par value $0.01 per share, at the close of business on May 2, 2019, received one additional share of common stock for every share of common stock they owned. The stock split took effect at the close of business on May 22, 2019. All historical common stock share and per share information for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted to reflect the stock split. Recently Adopted Accounting Pronouncements Effective January 1, 2020, we adopted Financial Accounting Standard Board ('FASB') Accounting Standards Update ('ASU') 2016-13, Measurement of Credit Losses on Financial Instruments , which changed the way entities recognize impairment of most financial assets. Short-term and long-term financial assets, as defined by the standard, are impacted by immediate recognition of estimated credit losses in the financial statements, reflecting the net amount expected to be collected. The adoption of this standard had an immaterial impact on our condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which provides guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 requires that, to be a business, an acquired set must include, at a minimum, an input and a substantive process that together significantly contributes to the ability to create outputs. The company adopted this guidance during the first quarter of 2020 when evaluating the transaction discussed further in Note 2, ' Asset Acquisition' .

Asset Acquisition

Asset Acquisition	9 Months Ended
	Sep. 30, 2020
Asset Acquisition [Abstract]
Asset Acquisition	(2) Asset Acquisition On March 30, 2020, we purchased certain assets of Apex Industrial Technologies LLC ('Apex') that have contributed to the development, design, and scalability of the vending delivery platform utilized since 2008 within our industrial vending business to dispense product and lease devices to our customers. In connection with this transaction, we purchased a perpetual and unfettered use of key patents, designs, software and licenses, as well as direct access to the vending equipment supply chain.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	(3) Revenue Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for product returns and any related sales incentives. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with the majority of revenue recognized at the point in time the customer obtains control of the products. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. We estimate product returns based on historical return rates. Using probability assessments, we estimate sales incentives expected to be paid over the term of the contract. The majority of our contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Revenues are attributable to countries based on the selling location from which the sale occurred. Disaggregation of Revenue Our revenues related to the following geographic areas were as follows for the periods ended September 30: Nine-month Period Three-month Period 2020 2019 2020 2019 United States $ 3,681.6 3,479.7 $ 1,205.8 1,182.0 Canada and Mexico 462.3 458.4 160.5 157.2 North America 4,143.9 3,938.1 1,366.3 1,339.2 All other foreign countries 145.4 118.7 47.0 39.9 Total revenues $ 4,289.3 4,056.8 $ 1,413.3 1,379.1 The percentages of our sales by end market were as follows for the periods ended September 30: Nine-month Period Three-month Period 2020 2019 2020 2019 Manufacturing 61.7 % 67.5 % 62.7 % 67.5 % Non-residential construction 11.4 % 12.9 % 11.2 % 13.0 % Other 26.9 % 19.6 % 26.1 % 19.5 % 100.0 % 100.0 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended September 30: Nine-month Period Three-month Period Type Introduced 2020 2019 2020 2019 Fasteners (1) 1967 29.7 % 34.3 % 30.5 % 33.7 % Tools 1993 8.1 % 10.0 % 8.5 % 10.2 % Cutting tools 1996 4.6 % 5.8 % 4.7 % 5.7 % Hydraulics & pneumatics 1996 5.9 % 6.9 % 6.1 % 6.8 % Material handling 1996 5.1 % 5.9 % 5.1 % 5.9 % Janitorial supplies 1996 9.9 % 7.7 % 10.7 % 8.0 % Electrical supplies 1997 4.1 % 4.7 % 3.9 % 4.6 % Welding supplies 1997 3.5 % 4.2 % 3.5 % 4.2 % Safety supplies 1999 26.1 % 17.6 % 23.8 % 18.2 % Other 3.0 % 2.9 % 3.2 % 2.7 % 100.0 % 100.0 % 100.0 % 100.0 % (1) The fasteners product line represents fasteners and miscellaneous supplies.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	(4) Stockholders' Equity Dividends On October 12, 2020, our board of directors declared a dividend of $0.25 per sha re of common stock to be paid in cash on November 24, 2020 to shareholders of record at the close of business on October 27, 2020. Since 2011, we have paid quarterly dividends. Our board of directors currently intends to continue paying quarterly dividends, provided that any future determination as to payment of dividends will depend on the financial condition and results of operations of the company and such other factors as are deemed relevant by the board of directors. The following table presents the dividends either paid previously or declared by our board of directors for future payment on a per share basis: 2020 2019 First quarter $ 0.250 0.215 Second quarter 0.250 0.215 Third quarter 0.250 0.220 Fourth quarter 0.250 0.220 Total $ 1.000 0.870 Stock Options The following tables summarize the details of options granted under our stock option plans that were outstanding as of September 30, 2020, and the assumptions used to value these grants. All such grants were effective at the close of business on the date of grant. Options Option Exercise Closing Stock Price on Date September 30, 2020 Date of Grant Options Options January 2, 2020 902,263 $ 38.00 $ 37.230 878,190 24,964 January 2, 2019 1,316,924 $ 26.00 $ 25.705 1,222,784 25,010 January 2, 2018 1,087,936 $ 27.50 $ 27.270 898,184 281,144 January 3, 2017 1,529,578 $ 23.50 $ 23.475 996,285 385,821 April 19, 2016 1,690,880 $ 23.00 $ 22.870 957,561 460,857 April 21, 2015 1,786,440 $ 21.00 $ 20.630 607,209 360,577 April 22, 2014 1,910,000 $ 28.00 $ 25.265 342,000 187,000 April 16, 2013 410,000 $ 27.00 $ 24.625 40,466 21,728 April 17, 2012 2,470,000 $ 27.00 $ 24.505 92,748 92,748 Total 13,104,021 6,035,427 1,839,849 Date of Grant Risk-free Expected Life of Expected Expected Estimated Fair January 2, 2020 1.7 % 5.00 2.4 % 25.70 % $ 6.81 January 2, 2019 2.5 % 5.00 2.9 % 23.96 % $ 4.40 January 2, 2018 2.2 % 5.00 2.3 % 23.45 % $ 5.02 January 3, 2017 1.9 % 5.00 2.6 % 24.49 % $ 4.20 April 19, 2016 1.3 % 5.00 2.6 % 26.34 % $ 4.09 April 21, 2015 1.3 % 5.00 2.7 % 26.84 % $ 3.68 April 22, 2014 1.8 % 5.00 2.0 % 28.55 % $ 4.79 April 16, 2013 0.7 % 5.00 1.6 % 37.42 % $ 6.33 April 17, 2012 0.9 % 5.00 1.4 % 39.25 % $ 6.85 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 ten years after the grant date. The fair value of each share-based option is estimated on the date of grant using a Black-Scholes valuation method that uses the assumptions listed above. The risk-free interest rate is based on the U.S. Treasury rate over the expected life of the option at the time of grant. The expected life is the average length of time over which we expect the employee groups will exercise their options, which is based on historical experience with similar grants. The dividend yield is estimated over the expected life of the option based on our current dividend payout, historical dividends paid, and expected future cash dividends. Expected stock volatilities are based on the movement of our stock price over the most recent historical period equivalent to the expected life of the option. Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period. The stock-based compensation expense for the nine-month periods ended September 30, 2020 and 2019 was $4.3 and $4.3, respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of September 30, 2020 was $13.8 and is expected to be recognized over a weighted average period of 4.01 years. Any future changes in estimated forfeitures will impact this amount. Earnings Per Share The following tables present a reconciliation of the denominators used in the computation of basic and diluted earnings per share and a summary of the options to purchase shares of common stock which were excluded from the diluted earnings per share calculation because they were anti-dilutive: Nine-month Period Three-month Period Reconciliation 2020 2019 2020 2019 Basic weighted average shares outstanding 573,673,031 572,934,475 573,913,929 573,452,002 Weighted shares assumed upon exercise of stock options 1,797,201 1,042,830 2,203,402 914,771 Diluted weighted average shares outstanding 575,470,232 573,977,305 576,117,331 574,366,773 Nine-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2020 2019 2020 2019 Options to purchase shares of common stock 852,728 460,824 — 553,366 Weighted average exercise prices of options $ 38.00 27.55 $ — 27.59

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	(5) Income Taxes Fastenal files income tax returns in the United States federal jurisdiction, all states, and various local and foreign jurisdictions. With limited exceptions, we are no longer subject to income tax examinations by taxing authorities for taxable years before 2017 in the case of United States federal examinations, and 2015 in the case of foreign, state, and local examinations. During the first nine months of 202 0, there were no material changes in unrecognized tax benefits.

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Operating Leases	(6) Operating Leases Certain operating leases for pick-up trucks contain residual value guarantee provisions which would generally become due at the expiration of the operating lease agreement if the fair value of the leased vehicles is less than the guaranteed residual value. The aggregate residual value guarantee related to these leases is approximately $85.4. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote.

Debt Commitments

Debt Commitments	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt Commitments	(7) Debt Commitments Credit Facility, Notes Payable, and Commitments Debt obligations and letters of credit outstanding at the end of each period consisted of the following: Average Interest Rate at September 30, 2020 Debt Outstanding Maturity September 30, December 31, Unsecured revolving credit facility 1.10 % November 30, 2023 $ — 210.0 Senior unsecured promissory notes payable, Series A 2.00 % July 20, 2021 40.0 40.0 Senior unsecured promissory notes payable, Series B 2.45 % July 20, 2022 35.0 35.0 Senior unsecured promissory notes payable, Series C 3.22 % March 1, 2024 60.0 60.0 Senior unsecured promissory notes payable, Series D 2.66 % May 15, 2025 75.0 — Senior unsecured promissory notes payable, Series E 2.72 % May 15, 2027 50.0 — Senior unsecured promissory notes payable, Series F 1.69 % June 24, 2023 70.0 — Senior unsecured promissory notes payable, Series G 2.13 % June 24, 2026 25.0 — Senior unsecured promissory notes payable, Series H 2.50 % June 24, 2030 50.0 — Total 405.0 345.0 Less: Current portion of debt (40.0) (3.0) Long-term debt $ 365.0 342.0 Outstanding letters of credit under unsecured revolving credit facility - contingent obligation $ 36.3 36.3 Unsecured Revolving Credit Facility We have a $700.0 committed unsecured revolving credit facility ('Credit Facility'). The Credit Facility includes a committed letter of credit subfacility of $55.0. Any borrowings outstanding under the Credit Facility for which we have the ability and intent to pay using cash within the next twelve months, will be classified 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%. 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

Legal Contingencies

Legal Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	(8) Legal Contingencies The nature of our potential exposure to legal contingencies is described in our 2019 annual report on Form 10-K in Note 10 of the Notes to Consolidated Financial Statemen ts. As of September 30, 2020, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	(9) Subsequent Events We evaluated all subsequent event activity and concluded that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the Notes to Condensed Consolidated Financial Statements, with the exception of the dividend declaration disclosed in Note 4 'Stockholders' Equity'.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of Fastenal Company and subsidiaries (collectively referred to as the company, Fastenal, or by terms such as we, our, or us) have been prepared in accordance with U.S. generally accepted accounting principles ('GAAP') for interim financial information. They do not include all information and footnotes required by U.S. GAAP for complete financial statements. However, except as described herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in our consolidated financial statements as of and for the year ended December 31, 2019. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2020, we adopted Financial Accounting Standard Board ('FASB') Accounting Standards Update ('ASU') 2016-13, Measurement of Credit Losses on Financial Instruments , which changed the way entities recognize impairment of most financial assets. Short-term and long-term financial assets, as defined by the standard, are impacted by immediate recognition of estimated credit losses in the financial statements, reflecting the net amount expected to be collected. The adoption of this standard had an immaterial impact on our condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which provides guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 requires that, to be a business, an acquired set must include, at a minimum, an input and a substantive process that together significantly contributes to the ability to create outputs. The company adopted this guidance during the first quarter of 2020 when evaluating the transaction discussed further in Note 2, ' Asset Acquisition' .
Revenue Recognition	Net sales include products and shipping and handling charges, net of estimates for product returns and any related sales incentives. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with the majority of revenue recognized at the point in time the customer obtains control of the products. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. We estimate product returns based on historical return rates. Using probability assessments, we estimate sales incentives expected to be paid over the term of the contract. The majority of our contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Revenues are attributable to countries based on the selling location from which the sale occurred.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Our revenues related to the following geographic areas were as follows for the periods ended September 30: Nine-month Period Three-month Period 2020 2019 2020 2019 United States $ 3,681.6 3,479.7 $ 1,205.8 1,182.0 Canada and Mexico 462.3 458.4 160.5 157.2 North America 4,143.9 3,938.1 1,366.3 1,339.2 All other foreign countries 145.4 118.7 47.0 39.9 Total revenues $ 4,289.3 4,056.8 $ 1,413.3 1,379.1 The percentages of our sales by end market were as follows for the periods ended September 30: Nine-month Period Three-month Period 2020 2019 2020 2019 Manufacturing 61.7 % 67.5 % 62.7 % 67.5 % Non-residential construction 11.4 % 12.9 % 11.2 % 13.0 % Other 26.9 % 19.6 % 26.1 % 19.5 % 100.0 % 100.0 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended September 30: Nine-month Period Three-month Period Type Introduced 2020 2019 2020 2019 Fasteners (1) 1967 29.7 % 34.3 % 30.5 % 33.7 % Tools 1993 8.1 % 10.0 % 8.5 % 10.2 % Cutting tools 1996 4.6 % 5.8 % 4.7 % 5.7 % Hydraulics & pneumatics 1996 5.9 % 6.9 % 6.1 % 6.8 % Material handling 1996 5.1 % 5.9 % 5.1 % 5.9 % Janitorial supplies 1996 9.9 % 7.7 % 10.7 % 8.0 % Electrical supplies 1997 4.1 % 4.7 % 3.9 % 4.6 % Welding supplies 1997 3.5 % 4.2 % 3.5 % 4.2 % Safety supplies 1999 26.1 % 17.6 % 23.8 % 18.2 % Other 3.0 % 2.9 % 3.2 % 2.7 % 100.0 % 100.0 % 100.0 % 100.0 % (1) The fasteners product line represents fasteners and miscellaneous supplies.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of Dividends Paid Previously or Declared	The following table presents the dividends either paid previously or declared by our board of directors for future payment on a per share basis: 2020 2019 First quarter $ 0.250 0.215 Second quarter 0.250 0.215 Third quarter 0.250 0.220 Fourth quarter 0.250 0.220 Total $ 1.000 0.870
Stock Options Granted	The following tables summarize the details of options granted under our stock option plans that were outstanding as of September 30, 2020, and the assumptions used to value these grants. All such grants were effective at the close of business on the date of grant. Options Option Exercise Closing Stock Price on Date September 30, 2020 Date of Grant Options Options January 2, 2020 902,263 $ 38.00 $ 37.230 878,190 24,964 January 2, 2019 1,316,924 $ 26.00 $ 25.705 1,222,784 25,010 January 2, 2018 1,087,936 $ 27.50 $ 27.270 898,184 281,144 January 3, 2017 1,529,578 $ 23.50 $ 23.475 996,285 385,821 April 19, 2016 1,690,880 $ 23.00 $ 22.870 957,561 460,857 April 21, 2015 1,786,440 $ 21.00 $ 20.630 607,209 360,577 April 22, 2014 1,910,000 $ 28.00 $ 25.265 342,000 187,000 April 16, 2013 410,000 $ 27.00 $ 24.625 40,466 21,728 April 17, 2012 2,470,000 $ 27.00 $ 24.505 92,748 92,748 Total 13,104,021 6,035,427 1,839,849
Fair Value Assumptions for Options Granted	Date of Grant Risk-free Expected Life of Expected Expected Estimated Fair January 2, 2020 1.7 % 5.00 2.4 % 25.70 % $ 6.81 January 2, 2019 2.5 % 5.00 2.9 % 23.96 % $ 4.40 January 2, 2018 2.2 % 5.00 2.3 % 23.45 % $ 5.02 January 3, 2017 1.9 % 5.00 2.6 % 24.49 % $ 4.20 April 19, 2016 1.3 % 5.00 2.6 % 26.34 % $ 4.09 April 21, 2015 1.3 % 5.00 2.7 % 26.84 % $ 3.68 April 22, 2014 1.8 % 5.00 2.0 % 28.55 % $ 4.79 April 16, 2013 0.7 % 5.00 1.6 % 37.42 % $ 6.33 April 17, 2012 0.9 % 5.00 1.4 % 39.25 % $ 6.85
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 per share calculation because they were anti-dilutive: Nine-month Period Three-month Period Reconciliation 2020 2019 2020 2019 Basic weighted average shares outstanding 573,673,031 572,934,475 573,913,929 573,452,002 Weighted shares assumed upon exercise of stock options 1,797,201 1,042,830 2,203,402 914,771 Diluted weighted average shares outstanding 575,470,232 573,977,305 576,117,331 574,366,773
Anti-Dilutive Options Excluded	Nine-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2020 2019 2020 2019 Options to purchase shares of common stock 852,728 460,824 — 553,366 Weighted average exercise prices of options $ 38.00 27.55 $ — 27.59

Debt Commitments (Tables)

Debt Commitments (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt Obligations and Letters of Credit Outstanding	Debt obligations and letters of credit outstanding at the end of each period consisted of the following: Average Interest Rate at September 30, 2020 Debt Outstanding Maturity September 30, December 31, Unsecured revolving credit facility 1.10 % November 30, 2023 $ — 210.0 Senior unsecured promissory notes payable, Series A 2.00 % July 20, 2021 40.0 40.0 Senior unsecured promissory notes payable, Series B 2.45 % July 20, 2022 35.0 35.0 Senior unsecured promissory notes payable, Series C 3.22 % March 1, 2024 60.0 60.0 Senior unsecured promissory notes payable, Series D 2.66 % May 15, 2025 75.0 — Senior unsecured promissory notes payable, Series E 2.72 % May 15, 2027 50.0 — Senior unsecured promissory notes payable, Series F 1.69 % June 24, 2023 70.0 — Senior unsecured promissory notes payable, Series G 2.13 % June 24, 2026 25.0 — Senior unsecured promissory notes payable, Series H 2.50 % June 24, 2030 50.0 — Total 405.0 345.0 Less: Current portion of debt (40.0) (3.0) Long-term debt $ 365.0 342.0 Outstanding letters of credit under unsecured revolving credit facility - contingent obligation $ 36.3 36.3

Basis of Presentation (Details)

Basis of Presentation (Details)	May 22, 2019$ / sharesshares	Sep. 30, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Two-for-one stock split	2
Par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Issued, additional (in shares) | shares	1	574,049,821	574,128,911

Asset Acquisition (Details)

Asset Acquisition (Details) - Apex Industrial Technologies LLC $ in Millions	Mar. 30, 2020USD ($)
Schedule of Asset Acquisition [Line Items]
Purchase price of assets acquired	$ 125
Identifiable intangible assets acquired	123.8
Tangible property and equipment acquired	$ 1.2
Identifiable intangible assets, weighted average amortization period	19 years 4 months 24 days

Revenue - Revenues by Geographi

Revenue - Revenues by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues by Geographic Areas [Line Items]
Total revenues	$ 1,413.3	$ 1,379.1	$ 4,289.3	$ 4,056.8
United States
Revenues by Geographic Areas [Line Items]
Total revenues	1,205.8	1,182	3,681.6	3,479.7
Canada and Mexico
Revenues by Geographic Areas [Line Items]
Total revenues	160.5	157.2	462.3	458.4
North America
Revenues by Geographic Areas [Line Items]
Total revenues	1,366.3	1,339.2	4,143.9	3,938.1
All other foreign countries
Revenues by Geographic Areas [Line Items]
Total revenues	$ 47	$ 39.9	$ 145.4	$ 118.7

Revenue - Percentages of Sales

Revenue - Percentages of Sales by End Market (Details) - End Market - Sales	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Percentage of Sales by End Market [Line Items]
Percentage of sales	100.00%	100.00%	100.00%	100.00%
Manufacturing
Percentage of Sales by End Market [Line Items]
Percentage of sales	62.70%	67.50%	61.70%	67.50%
Non-residential construction
Percentage of Sales by End Market [Line Items]
Percentage of sales	11.20%	13.00%	11.40%	12.90%
Other
Percentage of Sales by End Market [Line Items]
Percentage of sales	26.10%	19.50%	26.90%	19.60%

Revenue - Percentages of Sale_2

Revenue - Percentages of Sales by Product Line (Details) - Product Line - Sales	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Percentage of Sales by Product Line [Line Items]
Percentage of sales	100.00%	100.00%	100.00%	100.00%
Fasteners
Percentage of Sales by Product Line [Line Items]
Percentage of sales	30.50%	33.70%	29.70%	34.30%
Tools
Percentage of Sales by Product Line [Line Items]
Percentage of sales	8.50%	10.20%	8.10%	10.00%
Cutting tools
Percentage of Sales by Product Line [Line Items]
Percentage of sales	4.70%	5.70%	4.60%	5.80%
Hydraulics & pneumatics
Percentage of Sales by Product Line [Line Items]
Percentage of sales	6.10%	6.80%	5.90%	6.90%
Material handling
Percentage of Sales by Product Line [Line Items]
Percentage of sales	5.10%	5.90%	5.10%	5.90%
Janitorial supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	10.70%	8.00%	9.90%	7.70%
Electrical supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	3.90%	4.60%	4.10%	4.70%
Welding supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	3.50%	4.20%	3.50%	4.20%
Safety Supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	23.80%	18.20%	26.10%	17.60%
Other
Percentage of Sales by Product Line [Line Items]
Percentage of sales	3.20%	2.70%	3.00%	2.90%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 12, 2020	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation [Abstract]
Options vesting and exercisable period, maximum		8 years
Options termination period		10 years
Total stock-based compensation expense		$ 4.3	$ 4.3
Total unrecognized stock-based compensation expense		$ 13.8
Weighted average period over which total unrecognized stock-based compensation expense will be recognized		4 years 3 days
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.25

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Paid Previously or Declared (Details) - $ / shares

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Sep. 30, 2020

Sep. 30, 2019

Dec. 31, 2020

Dec. 31, 2019

Dividends Per Share [Line Items]

Dividends paid (in dollars per share)

$ 0.250

$ 0.250

$ 0.250

$ 0.220

$ 0.220

$ 0.215

$ 0.215

$ 0.750

$ 0.650

$ 0.870

Forecast

Dividends Per Share [Line Items]

Dividends paid (in dollars per share)

$ 0.250

$ 1

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options Granted (Details)	101 Months Ended
	Sep. 30, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	13,104,021
Options Outstanding (in shares)	6,035,427
Options Exercisable (in shares)	1,839,849
January 2, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	902,263
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 38
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 37.230
Options Outstanding (in shares)	878,190
Options Exercisable (in shares)	24,964
January 2, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,316,924
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 26
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 25.705
Options Outstanding (in shares)	1,222,784
Options Exercisable (in shares)	25,010
January 2, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,087,936
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 27.50
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 27.270
Options Outstanding (in shares)	898,184
Options Exercisable (in shares)	281,144
January 3, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,529,578
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 23.50
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 23.475
Options Outstanding (in shares)	996,285
Options Exercisable (in shares)	385,821
April 19, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,690,880
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 23
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 22.870
Options Outstanding (in shares)	957,561
Options Exercisable (in shares)	460,857
April 21, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,786,440
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 21
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 20.630
Options Outstanding (in shares)	607,209
Options Exercisable (in shares)	360,577
April 22, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,910,000
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 28
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 25.265
Options Outstanding (in shares)	342,000
Options Exercisable (in shares)	187,000
April 16, 2013
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	$ 27
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 24.625
Options Outstanding (in shares)	40,466
Options Exercisable (in shares)	21,728
April 17, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	2,470,000
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 27
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 24.505
Options Outstanding (in shares)	92,748
Options Exercisable (in shares)	92,748

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions for Options Granted (Details)	9 Months Ended
	Sep. 30, 2020$ / shares
January 2, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	1.70%
Expected Life of Option in Years	5 years
Expected Dividend Yield	2.40%
Expected Stock Volatility	25.70%
Estimated Fair Value of Stock Option (in dollars per share)	$ 6.81
January 2, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	2.50%
Expected Life of Option in Years	5 years
Expected Dividend Yield	2.90%
Expected Stock Volatility	23.96%
Estimated Fair Value of Stock Option (in dollars per share)	$ 4.40
January 2, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	2.20%
Expected Life of Option in Years	5 years
Expected Dividend Yield	2.30%
Expected Stock Volatility	23.45%
Estimated Fair Value of Stock Option (in dollars per share)	$ 5.02
January 3, 2017
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	2.60%
Expected Stock Volatility	24.49%
Estimated Fair Value of Stock Option (in dollars per share)	$ 4.20
April 19, 2016
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)	$ 4.09
April 21, 2015
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)	$ 3.68
April 22, 2014
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)	$ 4.79
April 16, 2013
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)	$ 6.33
April 17, 2012
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)	$ 6.85

Stockholders' Equity - Reconcil

Stockholders' Equity - Reconciliation of Denominators used in Computation of Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Basic weighted average shares outstanding (in shares)	573,913,929	573,452,002	573,673,031	572,934,475
Weighted shares assumed upon exercise of stock options (in shares)	2,203,402	914,771	1,797,201	1,042,830
Diluted weighted average shares outstanding (in shares)	576,117,331	574,366,773	575,470,232	573,977,305

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Anti-Dilutive Options Excluded (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Options to purchase shares of common stock (in shares)	0	553,366	852,728	460,824
Weighted average exercise prices of options (in dollars per share)	$ 0	$ 27.59	$ 38	$ 27.55

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Material changes in unrecognized tax benefits			$ 0
Deferred Tax Payments, Liability, CARES Act		$ 111.5
Deferred Federal And State Income Tax Payments, CARES Act	$ 103.9

Operating Leases - Additional I

Operating Leases - Additional Information (Details) $ in Millions	Sep. 30, 2020USD ($)
Leases [Abstract]
Aggregate residual value guarantee of pick-up leases	$ 85.4

Debt Commitments - Debt Obligat

Debt Commitments - Debt Obligations and Letters of Credit Outstanding (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total	$ 405	$ 345
Less: Current portion of debt	(40)	(3)
Long-term debt	$ 365	342
Credit Facility | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Average Interest Rate, weighted per annum	1.10%
Total	$ 0	210
Credit Facility | Letter of Credit Subfacility
Debt Instrument [Line Items]
Outstanding letters of credit under unsecured revolving credit facility - contingent obligation	$ 36.3	36.3
Senior Unsecured Promissory Notes | Senior unsecured promissory notes payable, Series A
Debt Instrument [Line Items]
Average Interest Rate, fixed per annum	2.00%
Total	$ 40	40
Senior Unsecured Promissory Notes | Senior unsecured promissory notes payable, Series B
Debt Instrument [Line Items]
Average Interest Rate, fixed per annum	2.45%
Total	$ 35	35
Senior Unsecured Promissory Notes | Senior unsecured promissory notes payable, Series C
Debt Instrument [Line Items]
Average Interest Rate, fixed per annum	3.22%
Total	$ 60	60
Senior Unsecured Promissory Notes | Senior unsecured promissory notes payable, Series D
Debt Instrument [Line Items]
Average Interest Rate, fixed per annum	2.66%
Total	$ 75	0
Senior Unsecured Promissory Notes | Senior unsecured promissory notes payable, Series E
Debt Instrument [Line Items]
Average Interest Rate, fixed per annum	2.72%
Total	$ 50	0
Senior Unsecured Promissory Notes | Senior unsecured promissory notes payable, Series F
Debt Instrument [Line Items]
Average Interest Rate, fixed per annum	1.69%
Total	$ 70	0
Senior Unsecured Promissory Notes | Senior unsecured promissory notes payable, Series G
Debt Instrument [Line Items]
Average Interest Rate, fixed per annum	2.13%
Total	$ 25	0
Senior Unsecured Promissory Notes | Senior unsecured promissory notes payable, Series H
Debt Instrument [Line Items]
Average Interest Rate, fixed per annum	2.50%
Total	$ 50	$ 0

Debt Commitments - Unsecured Re

Debt Commitments - Unsecured Revolving Credit Facility (Details) - Credit Facility	9 Months Ended
	Sep. 30, 2020USD ($)
Minimum
Debt Instrument [Line Items]
Percentage fee paid for unused portion of credit facility	0.10%
Maximum
Debt Instrument [Line Items]
Percentage fee paid for unused portion of credit facility	0.125%
LIBOR
Debt Instrument [Line Items]
Per annum interest rate over LIBOR	0.95%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 700,000,000
Letter of Credit Subfacility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 55,000,000

Debt Commitments - Senior Unsec

Debt Commitments - Senior Unsecured Promissory Notes Payable (Details) - Senior Unsecured Promissory Notes	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Debt issuance, aggregate principal amount	$ 405,000,000
Maximum aggregate borrowing capacity	$ 600,000,000