Fastenal (FAST) 10-Q 15 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 11, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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		575,163,354
Entity Central Index Key	0000815556
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 250.5	$ 245.7
Trade accounts receivable, net of allowance for credit losses of $11.1 and $12.3, respectively	949.4	769.4
Inventories	1,401.1	1,337.5
Prepaid income taxes	6.7	6.7
Other current assets	162.6	140.3
Total current assets	2,770.3	2,499.6
Property and equipment, net	1,019.2	1,030.7
Operating lease right-of-use assets	249.7	243
Other assets	183.3	191.4
Total assets	4,222.5	3,964.7
Current liabilities:
Current portion of debt	35	40
Accounts payable	256.9	207
Accrued expenses	278	272.1
Current portion of operating lease liabilities	92.6	93.6
Total current liabilities	662.5	612.7
Long-term debt	330	365
Operating lease liabilities	160.7	151.5
Deferred income taxes	104.6	102.3
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, 575,163,289 and 574,159,575 shares issued and outstanding, respectively	2.9	2.9
Additional paid-in capital	90.6	61.9
Retained earnings	2,900.8	2,689.6
Accumulated other comprehensive loss	(29.6)	(21.2)
Total stockholders' equity	2,964.7	2,733.2
Total liabilities and stockholders' equity	$ 4,222.5	$ 3,964.7

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Trade accounts receivable, allowance for credit losses	$ 11.1	$ 12.3
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)	575,163,289	574,159,575
Outstanding (in shares)	575,163,289	574,159,575

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales	$ 1,554.2	$ 1,413.3	$ 4,479	$ 4,289.3
Cost of sales	834	772.7	2,414.7	2,340.3
Gross profit	720.2	640.6	2,064.3	1,949
Operating and administrative expenses	401.8	350.5	1,147.8	1,071.6
Operating income	318.4	290.1	916.5	877.4
Interest income	0.1	0.1	0.1	0.3
Interest expense	(2.4)	(2.6)	(7.3)	(7.2)
Earnings before income taxes	316.1	287.6	909.3	870.5
Income tax expense	72.6	66.1	215.5	207.5
Net earnings	$ 243.5	$ 221.5	$ 693.8	$ 663
Basic net earnings per share (in dollars per share)	$ 0.42	$ 0.39	$ 1.21	$ 1.16
Diluted net earnings per share (in dollars per share)	$ 0.42	$ 0.38	$ 1.20	$ 1.15
Basic weighted average shares outstanding (in shares)	574,973,196	573,913,929	574,637,254	573,673,031
Diluted weighted average shares outstanding (in shares)	577,259,839	576,117,331	576,928,254	575,470,232

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 243.5	$ 221.5	$ 693.8	$ 663
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments (net of tax of $0.0 in 2021 and 2020)	(10.8)	11.1	(8.4)	(3.4)
Comprehensive income	$ 232.7	$ 232.6	$ 685.4	$ 659.6

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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, 2019		$ 2.9	$ 67.2	$ 2,633.9	$ (38.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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)	$ 0.75
Balance at beginning of period at Dec. 31, 2019		2.9	67.2	2,633.9	(38.4)
Balance at end of period at Dec. 31, 2020	$ 2,733.2	2.9	61.9	2,689.6	(21.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 1.40
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)	$ 0.25
Balance at end of period at Dec. 31, 2020	$ 2,733.2	2.9	61.9	2,689.6	(21.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.25
Stock options exercised			24.4
Purchases of common stock			0
Stock-based compensation			4.3
Net earnings	$ 693.8			693.8
Dividends paid in cash				(482.6)
Other comprehensive (loss) income					(8.4)
Balance at end of period at Sep. 30, 2021	$ 2,964.7	2.9	90.6	2,900.8	(29.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.84
Balance at beginning of period at Jun. 30, 2021		2.9	78.4	2,818.3	(18.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised			10.8
Purchases of common stock			0
Stock-based compensation			1.4
Net earnings	$ 243.5			243.5
Dividends paid in cash				(161)
Other comprehensive (loss) income					(10.8)
Balance at end of period at Sep. 30, 2021	$ 2,964.7	$ 2.9	$ 90.6	$ 2,900.8	$ (29.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.28

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net earnings	$ 693.8	$ 663
Adjustments to reconcile net earnings to net cash provided by operating activities, net of acquisition:
Depreciation of property and equipment	119	114
Gain on sale of property and equipment	(1.1)	(1.1)
Bad debt expense	0.8	5.8
Deferred income taxes	2.3	3.5
Stock-based compensation	4.3	4.3
Amortization of intangible assets	8.1	6.4
Changes in operating assets and liabilities, net of acquisition:
Trade accounts receivable	(182.2)	(98.8)
Inventories	(66.5)	22.8
Other current assets	(22.3)	34.2
Accounts payable	49.9	17.6
Accrued expenses	5.9	6.7
Income taxes	0	2.1
Other	1.7	0.3
Net cash provided by operating activities	613.7	780.8
Cash flows from investing activities:
Purchases of property and equipment	(114.7)	(123.5)
Proceeds from sale of property and equipment	7.7	8.6
Cash paid for acquisition	0	(125)
Other	0	1.1
Net cash used in investing activities	(107)	(238.8)
Cash flows from financing activities:
Proceeds from debt obligations	300	910
Payments against debt obligations	(340)	(850)
Proceeds from exercise of stock options	24.4	38.3
Purchases of common stock	0	(52)
Payments of dividends	(482.6)	(430.2)
Net cash used in financing activities	(498.2)	(383.9)
Effect of exchange rate changes on cash and cash equivalents	(3.7)	(1.2)
Net increase in cash and cash equivalents	4.8	156.9
Cash and cash equivalents at beginning of period	245.7	174.9
Cash and cash equivalents at end of period	250.5	331.8
Supplemental information:
Cash paid for interest	7.6	5.9
Net cash paid for income taxes	210.7	201.4
Leased assets obtained in exchange for new operating lease liabilities	$ 83.4	$ 76.1

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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, 2020. 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 likely influenced various trends the company is currently experiencing. These include supply chain disruptions and labor shortages, the presence of certain pandemic-specific personal protective equipment (PPE) in our inventory (although certain categories such as 3-ply masks are depleting quickly), and a modest shift in our mix to include more safety products and government customers. Evaluating the third quarter of 2021 is challenging given the dramatic impacts of the pandemic on the company in the year-earlier period. However, in contrast to much of the preceding 12 to 18 months, we are currently seeing a narrower impact on our business related directly to the COVID-19 pandemic, as economic activity has recovered and customer and product mix has reverted back to close to pre-pandemic levels. We believe current financial results are more reflective of traditional economic and marketplace dynamics than of pandemic-related issues such as facility restrictions, labor force illness, and PPE demand. The primary exception to this normalization trend is in the signings of our Onsite and Fastenal Managed Inventory (FMI), which have yet to recover to pre-pandemic levels. To the extent that COVID infections increase, as they did through the third quarter of 2021, this can, and is, either directly impacting or indirectly influencing access to customer facilities and decision-makers, and lengthens the sales cycle for certain of our solutions. However, it is possible the COVID-19 pandemic, particularly in light of variant strains of the virus, 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 resumption of high levels of infection and hospitalization, the resulting impact on our customers, suppliers, and vendors, the remedial actions and stimulus measures adopted by federal, state, and local governments, and to what extent normal economic and operating conditions are impacted. The Company cannot reasonably estimate the future impact at this time. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to U.S. GAAP on contract modifications, hedging relationships, and other transactions affected by reference rate reform to ease entities' financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made, hedging relationships entered into, and other transactions affected by reference rate reform, evaluated on or before December 31, 2022, beginning during the reporting period in which the guidance has been elected. We are currently evaluating the impact of the new guidance on our condensed consolidated financial statements; however, we have determined that, of our current debt commitments as outlined in detail in Note 6 'Debt Commitments ', only the obligations described under Unsecured Revolving Credit Facility in Note 6 would be impacted by ASU 2020-04. Our Senior Unsecured Promissory Notes Payable described in Note 6 each have fixed interest rates.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	(2) 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 2021 2020 2021 2020 United States $ 3,753.6 3,681.6 $ 1,307.5 1,205.8 Canada and Mexico 558.8 462.3 189.9 160.5 North America 4,312.4 4,143.9 1,497.4 1,366.3 All other foreign countries 166.6 145.4 56.8 47.0 Total revenues $ 4,479.0 4,289.3 $ 1,554.2 1,413.3 The percentages of our sales by end market were as follows for the periods ended September 30: Nine-month Period Three-month Period 2021 2020 2021 2020 Manufacturing 68.6 % 61.7 % 68.9 % 62.7 % Non-residential construction 11.2 % 11.4 % 11.3 % 11.2 % Other 20.2 % 26.9 % 19.8 % 26.1 % 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 2021 2020 2021 2020 Fasteners (1) 1967 33.2 % 29.7 % 33.4 % 30.5 % Tools 1993 8.6 % 8.1 % 8.5 % 8.5 % Cutting tools 1996 5.0 % 4.6 % 5.0 % 4.7 % Hydraulics & pneumatics 1996 6.4 % 5.9 % 6.5 % 6.1 % Material handling 1996 5.5 % 5.1 % 5.5 % 5.1 % Janitorial supplies 1996 8.2 % 9.9 % 8.3 % 10.7 % Electrical supplies 1997 4.3 % 4.1 % 4.3 % 3.9 % Welding supplies 1997 3.8 % 3.5 % 3.8 % 3.5 % Safety supplies 1999 21.2 % 26.1 % 21.1 % 23.8 % Other 3.8 % 3.0 % 3.6 % 3.2 % 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, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	(3) Stockholders' Equity Dividends On October 11, 2021, our board of directors declared a quarterly dividend of $0.28 per sh a re of common stock to be paid in cash on November 23, 2021 to shareholders of record at the close of business on October 26, 2021. Since 2011, we have paid quarterly cash dividends, and in 2020, we paid a special cash dividend late in the year. Our board of directors currently intends to continue paying quarterly cash 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 cash dividends either paid previously or declared by our board of directors for future payment on a per share basis: 2021 2020 First quarter $ 0.28 $ 0.25 Second quarter $ 0.28 $ 0.25 Third quarter $ 0.28 $ 0.25 Fourth quarter $ 0.28 $ 0.25 Fourth quarter (special) $ 0.40 Total $ 1.12 $ 1.40 Stock Options The following tables summarize the details of options granted under our stock option plans that were outstanding as of September 30, 2021, 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, 2021 Date of Grant Options Options January 4, 2021 741,510 $ 48.00 $ 47.650 715,053 26,643 January 2, 2020 902,263 $ 38.00 $ 37.230 848,066 24,964 January 2, 2019 1,316,924 $ 26.00 $ 25.705 1,035,830 285,098 January 2, 2018 1,087,936 $ 27.50 $ 27.270 763,921 337,067 January 3, 2017 1,529,578 $ 23.50 $ 23.475 750,260 380,596 April 19, 2016 1,690,880 $ 23.00 $ 22.870 693,029 498,611 April 21, 2015 1,786,440 $ 21.00 $ 20.630 441,398 278,570 April 22, 2014 1,910,000 $ 28.00 $ 25.265 224,937 149,953 April 16, 2013 410,000 $ 27.00 $ 24.625 13,696 13,696 Total 11,375,531 5,486,190 1,995,198 Date of Grant Risk-free Expected Life of Expected Expected Estimated Fair January 4, 2021 0.4 % 5.00 2.0 % 29.17 % $ 9.57 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 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, 2021 and 2020 was $4.3 and $4.3, respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of September 30, 2021 was $14.0 and is expected to be recognized over a weighted average period of 4.11 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 2021 2020 2021 2020 Basic weighted average shares outstanding 574,637,254 573,673,031 574,973,196 573,913,929 Weighted shares assumed upon exercise of stock options 2,291,000 1,797,201 2,286,643 2,203,402 Diluted weighted average shares outstanding 576,928,254 575,470,232 577,259,839 576,117,331 Nine-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2021 2020 2021 2020 Options to purchase shares of common stock 680,227 852,728 688,410 — Weighted average exercise prices of options $ 48.00 38.00 $ 48.00 —

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	(4) Income Taxes We file income tax returns in the United States federal jurisdiction, all states, and various local and foreign jurisdictions. 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 with limited exceptions, before 2015 in the case of foreign, state, and local examinations. During the first nine months of 2021, there were no material changes in unre cognized tax benefits. During 2020, we deferred approxim ately $30.0 in payroll taxes as allowed under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which was signed into law in March 2020 to help businesses navigate COVID-19 related challenges . The deferred payroll taxes were paid during the third quarter of 2021.

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Operating Leases	(5) 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 $88.6. 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, 2021
Debt Disclosure [Abstract]
Debt Commitments	(6) 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, 2021 Debt Outstanding Maturity September 30, December 31, Unsecured revolving credit facility 1.03 % November 30, 2023 $ — — Senior unsecured promissory notes payable, Series A 2.00 % July 20, 2021 — 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 75.0 Senior unsecured promissory notes payable, Series E 2.72 % May 15, 2027 50.0 50.0 Senior unsecured promissory notes payable, Series F 1.69 % June 24, 2023 70.0 70.0 Senior unsecured promissory notes payable, Series G 2.13 % June 24, 2026 25.0 25.0 Senior unsecured promissory notes payable, Series H 2.50 % June 24, 2030 50.0 50.0 Total 365.0 405.0 Less: Current portion of debt (35.0) (40.0) Long-term debt $ 330.0 365.0 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 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, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	(7) Legal Contingencies The nature of our potential exposure to legal contingencies is described in our 2020 annual report on Form 10-K in Note 11 of the Notes to Consolidated Financial Statements. As of September 30, 2021, 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, 2021
Subsequent Events [Abstract]
Subsequent Events	(8) 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 3 'Stockholders' Equity'.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
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, 2020. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to U.S. GAAP on contract modifications, hedging relationships, and other transactions affected by reference rate reform to ease entities' financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made, hedging relationships entered into, and other transactions affected by reference rate reform, evaluated on or before December 31, 2022, beginning during the reporting period in which the guidance has been elected. We are currently evaluating the impact of the new guidance on our condensed consolidated financial statements; however, we have determined that, of our current debt commitments as outlined in detail in Note 6 'Debt Commitments ', only the obligations described under Unsecured Revolving Credit Facility in Note 6 would be impacted by ASU 2020-04. Our Senior Unsecured Promissory Notes Payable described in Note 6 each have fixed interest rates.
Revenue Recognition	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

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
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 2021 2020 2021 2020 United States $ 3,753.6 3,681.6 $ 1,307.5 1,205.8 Canada and Mexico 558.8 462.3 189.9 160.5 North America 4,312.4 4,143.9 1,497.4 1,366.3 All other foreign countries 166.6 145.4 56.8 47.0 Total revenues $ 4,479.0 4,289.3 $ 1,554.2 1,413.3 The percentages of our sales by end market were as follows for the periods ended September 30: Nine-month Period Three-month Period 2021 2020 2021 2020 Manufacturing 68.6 % 61.7 % 68.9 % 62.7 % Non-residential construction 11.2 % 11.4 % 11.3 % 11.2 % Other 20.2 % 26.9 % 19.8 % 26.1 % 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 2021 2020 2021 2020 Fasteners (1) 1967 33.2 % 29.7 % 33.4 % 30.5 % Tools 1993 8.6 % 8.1 % 8.5 % 8.5 % Cutting tools 1996 5.0 % 4.6 % 5.0 % 4.7 % Hydraulics & pneumatics 1996 6.4 % 5.9 % 6.5 % 6.1 % Material handling 1996 5.5 % 5.1 % 5.5 % 5.1 % Janitorial supplies 1996 8.2 % 9.9 % 8.3 % 10.7 % Electrical supplies 1997 4.3 % 4.1 % 4.3 % 3.9 % Welding supplies 1997 3.8 % 3.5 % 3.8 % 3.5 % Safety supplies 1999 21.2 % 26.1 % 21.1 % 23.8 % Other 3.8 % 3.0 % 3.6 % 3.2 % 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, 2021
Stockholders' Equity Note [Abstract]
Schedule of Dividends Paid Previously or Declared	The following table presents the cash dividends either paid previously or declared by our board of directors for future payment on a per share basis: 2021 2020 First quarter $ 0.28 $ 0.25 Second quarter $ 0.28 $ 0.25 Third quarter $ 0.28 $ 0.25 Fourth quarter $ 0.28 $ 0.25 Fourth quarter (special) $ 0.40 Total $ 1.12 $ 1.40
Stock Options Granted	The following tables summarize the details of options granted under our stock option plans that were outstanding as of September 30, 2021, 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, 2021 Date of Grant Options Options January 4, 2021 741,510 $ 48.00 $ 47.650 715,053 26,643 January 2, 2020 902,263 $ 38.00 $ 37.230 848,066 24,964 January 2, 2019 1,316,924 $ 26.00 $ 25.705 1,035,830 285,098 January 2, 2018 1,087,936 $ 27.50 $ 27.270 763,921 337,067 January 3, 2017 1,529,578 $ 23.50 $ 23.475 750,260 380,596 April 19, 2016 1,690,880 $ 23.00 $ 22.870 693,029 498,611 April 21, 2015 1,786,440 $ 21.00 $ 20.630 441,398 278,570 April 22, 2014 1,910,000 $ 28.00 $ 25.265 224,937 149,953 April 16, 2013 410,000 $ 27.00 $ 24.625 13,696 13,696 Total 11,375,531 5,486,190 1,995,198
Fair Value Assumptions for Options Granted	Date of Grant Risk-free Expected Life of Expected Expected Estimated Fair January 4, 2021 0.4 % 5.00 2.0 % 29.17 % $ 9.57 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
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 2021 2020 2021 2020 Basic weighted average shares outstanding 574,637,254 573,673,031 574,973,196 573,913,929 Weighted shares assumed upon exercise of stock options 2,291,000 1,797,201 2,286,643 2,203,402 Diluted weighted average shares outstanding 576,928,254 575,470,232 577,259,839 576,117,331
Anti-Dilutive Options Excluded	Nine-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2021 2020 2021 2020 Options to purchase shares of common stock 680,227 852,728 688,410 — Weighted average exercise prices of options $ 48.00 38.00 $ 48.00 —

Debt Commitments (Tables)

Debt Commitments (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Debt Outstanding Maturity September 30, December 31, Unsecured revolving credit facility 1.03 % November 30, 2023 $ — — Senior unsecured promissory notes payable, Series A 2.00 % July 20, 2021 — 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 75.0 Senior unsecured promissory notes payable, Series E 2.72 % May 15, 2027 50.0 50.0 Senior unsecured promissory notes payable, Series F 1.69 % June 24, 2023 70.0 70.0 Senior unsecured promissory notes payable, Series G 2.13 % June 24, 2026 25.0 25.0 Senior unsecured promissory notes payable, Series H 2.50 % June 24, 2030 50.0 50.0 Total 365.0 405.0 Less: Current portion of debt (35.0) (40.0) Long-term debt $ 330.0 365.0 Outstanding letters of credit under unsecured revolving credit facility - contingent obligation $ 36.3 36.3

Revenue - Revenues by Geographi

Revenue - Revenues by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues by Geographic Areas [Line Items]
Total revenues	$ 1,554.2	$ 1,413.3	$ 4,479	$ 4,289.3
United States
Revenues by Geographic Areas [Line Items]
Total revenues	1,307.5	1,205.8	3,753.6	3,681.6
Canada and Mexico
Revenues by Geographic Areas [Line Items]
Total revenues	189.9	160.5	558.8	462.3
North America
Revenues by Geographic Areas [Line Items]
Total revenues	1,497.4	1,366.3	4,312.4	4,143.9
All other foreign countries
Revenues by Geographic Areas [Line Items]
Total revenues	$ 56.8	$ 47	$ 166.6	$ 145.4

Revenue - Percentages of Sales

Revenue - Percentages of Sales by End Market (Details) - End Market - Sales	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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	68.90%	62.70%	68.60%	61.70%
Non-residential construction
Percentage of Sales by End Market [Line Items]
Percentage of sales	11.30%	11.20%	11.20%	11.40%
Other
Percentage of Sales by End Market [Line Items]
Percentage of sales	19.80%	26.10%	20.20%	26.90%

Revenue - Percentages of Sale_2

Revenue - Percentages of Sales by Product Line (Details) - Product Line - Sales	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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	33.40%	30.50%	33.20%	29.70%
Tools
Percentage of Sales by Product Line [Line Items]
Percentage of sales	8.50%	8.50%	8.60%	8.10%
Cutting tools
Percentage of Sales by Product Line [Line Items]
Percentage of sales	5.00%	4.70%	5.00%	4.60%
Hydraulics & pneumatics
Percentage of Sales by Product Line [Line Items]
Percentage of sales	6.50%	6.10%	6.40%	5.90%
Material handling
Percentage of Sales by Product Line [Line Items]
Percentage of sales	5.50%	5.10%	5.50%	5.10%
Janitorial supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	8.30%	10.70%	8.20%	9.90%
Electrical supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	4.30%	3.90%	4.30%	4.10%
Welding supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	3.80%	3.50%	3.80%	3.50%
Safety Supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	21.10%	23.80%	21.20%	26.10%
Other
Percentage of Sales by Product Line [Line Items]
Percentage of sales	3.60%	3.20%	3.80%	3.00%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 11, 2021	Sep. 30, 2021	Sep. 30, 2020
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		$ 14
Weighted average period over which total unrecognized stock-based compensation expense will be recognized		4 years 1 month 9 days
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per share of common stock (in dollars per share)	$ 0.28

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, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2021

Dec. 31, 2020

Dividends Per Share [Line Items]

Cash dividends paid per share of common stock (in dollars per share)

$ 0.28

$ 0.28

$ 0.28

$ 0.25

$ 0.25

$ 0.25

$ 0.25

$ 0.84

$ 0.75

$ 1.40

Special cash dividends paid per share of common stock (in dollars per share)

$ 0.40

Forecast

Dividends Per Share [Line Items]

Cash dividends paid per share of common stock (in dollars per share)

$ 0.28

$ 1.12

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options Granted (Details)	102 Months Ended
	Sep. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	11,375,531
Options Outstanding (in shares)	5,486,190
Options Exercisable (in shares)	1,995,198
January 4, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	741,510
Option Exercise (Strike) Price (in dollars per share) | $ / shares	$ 48
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 47.650
Options Outstanding (in shares)	715,053
Options Exercisable (in shares)	26,643
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)	848,066
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)	1,035,830
Options Exercisable (in shares)	285,098
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)	763,921
Options Exercisable (in shares)	337,067
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)	750,260
Options Exercisable (in shares)	380,596
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)	693,029
Options Exercisable (in shares)	498,611
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)	441,398
Options Exercisable (in shares)	278,570
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)	224,937
Options Exercisable (in shares)	149,953
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)	13,696
Options Exercisable (in shares)	13,696

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions for Options Granted (Details)	9 Months Ended
	Sep. 30, 2021$ / shares
January 4, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.40%
Expected Life of Option in Years	5 years
Expected Dividend Yield	2.00%
Expected Stock Volatility	29.17%
Estimated Fair Value of Stock Option (in dollars per share)	$ 9.57
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

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Basic weighted average shares outstanding (in shares)	574,973,196	573,913,929	574,637,254	573,673,031
Weighted shares assumed upon exercise of stock options (in shares)	2,286,643	2,203,402	2,291,000	1,797,201
Diluted weighted average shares outstanding (in shares)	577,259,839	576,117,331	576,928,254	575,470,232

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Anti-Dilutive Options Excluded (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Options to purchase shares of common stock (in shares)	688,410	0	680,227	852,728
Weighted average exercise prices of options (in dollars per share)	$ 48	$ 0	$ 48	$ 38

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Material changes in unrecognized tax benefits	$ 0
Deferred payroll taxes, CARES Act		$ 30

Operating Leases - Additional I

Operating Leases - Additional Information (Details) $ in Millions	Sep. 30, 2021USD ($)
Leases [Abstract]
Aggregate residual value guarantee of pick-up leases	$ 88.6

Debt Commitments - Debt Obligat

Debt Commitments - Debt Obligations and Letters of Credit Outstanding (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total	$ 365	$ 405
Less: Current portion of debt	(35)	(40)
Long-term debt	$ 330	365
Credit Facility | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Average Interest Rate, weighted per annum	1.03%
Total	$ 0	0
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	$ 0	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	75
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	50
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	70
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	25
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	$ 50

Debt Commitments - Unsecured Re

Debt Commitments - Unsecured Revolving Credit Facility (Details) - Credit Facility	9 Months Ended
	Sep. 30, 2021USD ($)
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, 2021USD ($)
Debt Instrument [Line Items]
Debt issuance, aggregate principal amount	$ 365,000,000
Maximum aggregate borrowing capacity	$ 600,000,000