Fastenal (FAST) 10-Q 18 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 12, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		571,333,004
Entity Central Index Key	0000815556
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 243.6	$ 230.1
Trade accounts receivable, net of allowance for credit losses of $6.5 and $8.3, respectively	1,171.6	1,013.2
Inventories	1,565.4	1,708
Prepaid income taxes	14.7	8.1
Other current assets	141.7	165.4
Total current assets	3,137	3,124.8
Property and equipment, net	1,010.3	1,010
Operating lease right-of-use assets	263.7	243
Other assets	165.8	170.8
Total assets	4,576.8	4,548.6
Current liabilities:
Current portion of debt	150	201.8
Accounts payable	262	255
Accrued expenses	229.5	241.1
Current portion of operating lease liabilities	95.1	91.9
Total current liabilities	736.6	789.8
Long-term debt	200	353.2
Operating lease liabilities	173.3	155.2
Deferred income taxes	84.3	83.7
Other long-term liabilities	1.8	3.5
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, 571,288,830 and 570,811,674 shares issued and outstanding, respectively	5.7	5.7
Additional paid-in capital	19.9	3.6
Retained earnings	3,412.1	3,218.7
Accumulated other comprehensive loss	(56.9)	(64.8)
Total stockholders' equity	3,380.8	3,163.2
Total liabilities and stockholders' equity	$ 4,576.8	$ 4,548.6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Trade accounts receivable, allowance for credit losses	$ 6.5	$ 8.3
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)	571,288,830	570,811,674
Outstanding (in shares)	571,288,830	570,811,674

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 1,883.1	$ 1,778.6	$ 3,742.2	$ 3,482.6
Cost of sales	1,025.6	951	2,034.7	1,861.7
Gross profit	857.5	827.6	1,707.5	1,620.9
Operating and administrative expenses	462.6	444.2	919.4	879.5
Operating income	394.9	383.4	788.1	741.4
Interest income	0.6	0.1	1	0.1
Interest expense	(2.9)	(2.8)	(6.8)	(5)
Earnings before income taxes	392.6	380.7	782.3	736.5
Income tax expense	94.6	93.6	189.2	179.8
Net earnings	$ 298	$ 287.1	$ 593.1	$ 556.7
Basic net earnings per share (in dollars per share)	$ 0.52	$ 0.50	$ 1.04	$ 0.97
Diluted net earnings per share (in dollars per share)	$ 0.52	$ 0.50	$ 1.04	$ 0.96
Basic weighted average shares outstanding (in shares)	571,138,039	575,462,097	571,033,444	575,510,253
Diluted weighted average shares outstanding (in shares)	572,890,160	577,402,221	572,757,476	577,509,039

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 298	$ 287.1	$ 593.1	$ 556.7
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments (net of tax of $0.0 in 2023 and 2022)	3.6	(26)	7.9	(23.7)
Comprehensive income	$ 301.6	$ 261.1	$ 601	$ 533

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
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 income (loss)
Balance at beginning of period at Dec. 31, 2021		$ 5.8	$ 96.2	$ 2,970.9	$ (30.7)
Balance at end of period at Mar. 31, 2022		5.8	101.6	3,063	(28.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.31
Balance at beginning of period at Dec. 31, 2021		5.8	96.2	2,970.9	(30.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised			5.8
Purchases of common stock			(49.3)
Stock-based compensation			3
Net earnings	$ 556.7			556.7
Cash dividends paid				(356.9)
Translation adjustment upon merger of foreign subsidiary				0.9
Other comprehensive income (loss)					(23.7)
Balance at end of period at Jun. 30, 2022	$ 3,178.7	5.8	55.7	3,171.6	(54.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.62
Balance at beginning of period at Dec. 31, 2021		5.8	96.2	2,970.9	(30.7)
Balance at end of period at Dec. 31, 2022	$ 3,163.2	5.7	3.6	3,218.7	(64.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 1.24
Balance at beginning of period at Mar. 31, 2022		5.8	101.6	3,063	(28.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised			1.9
Purchases of common stock			(49.3)
Stock-based compensation			1.5
Net earnings	$ 287.1			287.1
Cash dividends paid				(178.5)
Translation adjustment upon merger of foreign subsidiary				0
Other comprehensive income (loss)					(26)
Balance at end of period at Jun. 30, 2022	$ 3,178.7	5.8	55.7	3,171.6	(54.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.31
Balance at beginning of period at Dec. 31, 2022	$ 3,163.2	5.7	3.6	3,218.7	(64.8)
Balance at end of period at Mar. 31, 2023		5.7	11.4	3,314	(60.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.35
Balance at beginning of period at Dec. 31, 2022	$ 3,163.2	5.7	3.6	3,218.7	(64.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised			12.5
Purchases of common stock			0
Stock-based compensation			3.8
Net earnings	593.1			593.1
Cash dividends paid				(399.7)
Translation adjustment upon merger of foreign subsidiary				0
Other comprehensive income (loss)					7.9
Balance at end of period at Jun. 30, 2023	$ 3,380.8	5.7	19.9	3,412.1	(56.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.70
Balance at beginning of period at Mar. 31, 2023		5.7	11.4	3,314	(60.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised			6.6
Purchases of common stock			0
Stock-based compensation			1.9
Net earnings	$ 298			298
Cash dividends paid				(199.9)
Translation adjustment upon merger of foreign subsidiary				0
Other comprehensive income (loss)					3.6
Balance at end of period at Jun. 30, 2023	$ 3,380.8	$ 5.7	$ 19.9	$ 3,412.1	$ (56.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.35

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net earnings	$ 298	$ 287.1	$ 593.1	$ 556.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation of property and equipment	42.2	41.2	84	82.4
(Gain) loss on sale of property and equipment	(0.6)	(1.2)	(1.2)	2.3
Bad debt expense	1.6	0.7	0.2	0.4
Deferred income taxes	0.3	(0.5)	0.6	0.5
Stock-based compensation	1.9	1.5	3.8	3
Amortization of intangible assets	2.7	2.7	5.4	5.4
Changes in operating assets and liabilities:
Trade accounts receivable	(21.3)	(39.4)	(155)	(209.3)
Inventories	87.9	(74.2)	145.6	(150.6)
Other current assets	(21.7)	(1.8)	23.7	58.9
Accounts payable	1.4	1.9	9.9	58.7
Accrued expenses	0.6	0.5	(11.3)	(29.6)
Income taxes	(90.5)	(67.6)	(6.6)	2
Other	(0.4)	0.3	(1.6)	0.4
Net cash provided by operating activities	302.1	151.2	690.6	381.2
Cash flows from investing activities:
Purchases of property and equipment	(55.9)	(47.5)	(89.6)	(83)
Proceeds from sale of property and equipment	2	4.1	4.8	6.5
Other	(0.3)	(0.5)	(0.4)	(0.6)
Net cash used in investing activities	(54.2)	(43.9)	(85.2)	(77.1)
Cash flows from financing activities:
Proceeds from debt obligations	405	460	635	695
Payments against debt obligations	(455)	(320)	(840)	(580)
Proceeds from exercise of stock options	6.6	1.9	12.5	5.8
Purchases of common stock	0	(49.3)	0	(49.3)
Cash dividends paid	(199.9)	(178.5)	(399.7)	(356.9)
Net cash used in financing activities	(243.3)	(85.9)	(592.2)	(285.4)
Effect of exchange rate changes on cash and cash equivalents	(0.8)	(7.7)	0.3	(7)
Net increase in cash and cash equivalents	3.8	13.7	13.5	11.7
Cash and cash equivalents at beginning of period	239.8	234.2	230.1	236.2
Cash and cash equivalents at end of period	243.6	247.9	243.6	247.9
Supplemental information:
Cash paid for interest	3.1	2.7	8.2	5
Net cash paid for income taxes	184	160.2	193.7	175.4
Leased assets obtained in exchange for new operating lease liabilities	$ 38.4	$ 31.7	$ 64.3	$ 55.6

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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, 2022. 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

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
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 or as we satisfy our performance obligations under the contract. We recognize revenue by transferring control of 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 June 30: Six-month Period Three-month Period 2023 2022 2023 2022 United States $ 3,130.4 2,928.4 $ 1,571.7 1,496.7 % of revenues 83.6 % 84.1 % 83.5 % 84.2 % Canada and Mexico 498.8 438.4 254.9 225.0 % of revenues 13.3 % 12.6 % 13.5 % 12.7 % North America 3,629.2 3,366.8 1,826.6 1,721.7 % of revenues 96.9 % 96.7 % 97.0 % 96.9 % All other foreign countries 113.0 115.8 56.5 56.9 % of revenues 3.1 % 3.3 % 3.0 % 3.1 % Total revenues $ 3,742.2 3,482.6 $ 1,883.1 1,778.6 The percentages of our sales by end market were as follows for the periods ended June 30: Six-month Period Three-month Period 2023 2022 2023 2022 Manufacturing 74.7 % 71.5 % 74.8 % 71.8 % Non-residential construction 9.2 % 10.5 % 9.2 % 10.7 % Other 16.1 % 18.0 % 16.0 % 17.5 % 100.0 % 100.0 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended June 30: Six-month Period Three-month Period Type Introduced 2023 2022 2023 2022 Fasteners (1) 1967 33.1 % 34.4 % 32.6 % 34.6 % Tools 1993 8.5 % 8.2 % 8.5 % 8.2 % Cutting tools 1996 5.4 % 5.0 % 5.5 % 5.0 % Hydraulics & pneumatics 1996 6.7 % 6.6 % 6.8 % 6.7 % Material handling 1996 5.6 % 5.7 % 5.6 % 5.7 % Janitorial supplies 1996 8.2 % 7.9 % 8.3 % 8.0 % Electrical supplies 1997 4.6 % 4.3 % 4.7 % 4.3 % Welding supplies 1997 4.1 % 3.8 % 4.1 % 3.8 % Safety supplies 1999 20.5 % 20.7 % 20.7 % 20.3 % Other 3.3 % 3.4 % 3.2 % 3.4 % 100.0 % 100.0 % 100.0 % 100.0 % (1) The fasteners product line represents fasteners and miscellaneous supplies.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	(3) Stockholders' Equity Dividends On July 12, 2023, our board of directors declared a quarterly dividend of $0.35 per share of common stock to be paid in cash on August 24, 2023 to shareholders of record at the close of business on July 27, 2023. 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: 2023 2022 First quarter $ 0.35 $ 0.31 Second quarter 0.35 0.31 Third quarter 0.35 0.31 Fourth quarter 0.31 Total $ 1.05 $ 1.24 Stock Options The following tables summarize the details of options granted under our stock option plans that were outstanding as of June 30, 2023, and the assumptions used to value those grants. All such grants were effective at the close of business on the date of grant. Options Option Exercise Closing Stock Price on Date June 30, 2023 Date of Grant Options Options January 3, 2023 1,071,943 $ 48.00 $ 47.400 1,046,851 70,562 January 3, 2022 713,438 $ 62.00 $ 61.980 656,520 53,355 January 4, 2021 741,510 $ 48.00 $ 47.650 637,416 234,203 January 2, 2020 902,263 $ 38.00 $ 37.230 727,427 370,152 January 2, 2019 1,316,924 $ 26.00 $ 25.705 862,003 534,009 January 2, 2018 1,087,936 $ 27.50 $ 27.270 636,123 506,029 January 3, 2017 1,529,578 $ 23.50 $ 23.475 627,243 523,609 April 19, 2016 1,690,880 $ 23.00 $ 22.870 446,559 386,293 April 21, 2015 1,786,440 $ 21.00 $ 20.630 212,347 212,347 Total 10,840,912 5,852,489 2,890,559 Date of Grant Risk-free Expected Life of Expected Expected Estimated Fair January 3, 2023 4.0 % 5.00 2.6 % 29.58 % $ 11.62 January 3, 2022 1.3 % 5.00 1.7 % 28.52 % $ 13.68 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 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 10 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, net of forfeitures, which is based on historical experience with similar grants. The dividend yield is estimated over the expected life of the option based on our current dividend payout, historical dividends paid, and expected future cash dividends. Expected stock volatilities are based on the movement of our stock price over the most recent historical period equivalent to the expected life of the option. Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period. The stock-based compensation expense for the six-month periods ended June 30, 2023 and 2022 was $3.8 and $3.0, respectively, while the second quarter of 2023 and 2022 was $1.9 and $1.5, respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of June 30, 2023 was $20.6 and is expected to be recognized over a weighted average period of 4.49 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: Six-month Period Three-month Period Reconciliation 2023 2022 2023 2022 Basic weighted average shares outstanding 571,033,444 575,510,253 571,138,039 575,462,097 Weighted shares assumed upon exercise of stock options 1,724,032 1,998,786 1,752,121 1,940,124 Diluted weighted average shares outstanding 572,757,476 577,509,039 572,890,160 577,402,221 Six-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2023 2022 2023 2022 Options to purchase shares of common stock 2,244,555 1,350,936 1,866,320 1,354,464 Weighted average exercise prices of options $ 52.17 55.20 $ 52.96 55.22

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
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 2019 in the case of United States federal examinations, and with limited exception, before 2017 in the case of foreign, state, and local examinations. During the first six months of 2023, there were no material changes in unrecognized tax benefits.

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 2023
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 was approximately $94.6. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote.

Debt Commitments

Debt Commitments	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 Debt Outstanding Maturity June 30, December 31, Unsecured revolving credit facility 6.10 % September 28, 2027 $ 90.0 225.0 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 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 350.0 555.0 Less: Current portion of debt (150.0) (201.8) Long-term debt $ 200.0 353.2 Outstanding letters of credit under unsecured revolving credit facility - contingent obligation $ 32.7 36.3 Unsecured Revolving Credit Facility We have an $835.0 committed unsecured revolving credit facility (Credit Facility) with an uncommitted accordion option to increase the aggregate revolving commitment by an additional $365.0 for a total amount of $1,200.0. 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 12 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 Daily Simple SOFR plus a 0.10% spread adjustment 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 We have issued senior unsecured promissory notes under our master note agreement (the Master Note Agreement) in the aggregate principal amount of $260.0 as of June 30, 2023. Our aggregate borrowing capacity under the Master Note Agreement is $900.0; however, none of the institutional investors party to that agreement are committed to purchase notes thereunder. There is no amortization of these notes prior to their maturity date and interest is payable quarterly. The notes currently issued under our Master Note Agreement, including the maturity date and fixed interest rate per annum of each series of note, are contained in the table above. The Master Note Agreement contains certain financial and other covenants and we are currently in compliance with these covenants.

Legal Contingencies

Legal Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	(7) Legal Contingencies The nature of our potential exposure to legal contingencies is described in our 2022 annual report on Form 10-K in Note 10 of the Notes to Consolidated Financial Statements. As of June 30, 2023, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
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)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2022. 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 PronouncementsWe have implemented all new accounting pronouncements that are in effect and that may impact our financial statements and do not believe that there are any other new pronouncements that have been issued that might have a material impact on our financial position or results of operations.
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 or as we satisfy our performance obligations under the contract. We recognize revenue by transferring control of 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)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Our revenues related to the following geographic areas were as follows for the periods ended June 30: Six-month Period Three-month Period 2023 2022 2023 2022 United States $ 3,130.4 2,928.4 $ 1,571.7 1,496.7 % of revenues 83.6 % 84.1 % 83.5 % 84.2 % Canada and Mexico 498.8 438.4 254.9 225.0 % of revenues 13.3 % 12.6 % 13.5 % 12.7 % North America 3,629.2 3,366.8 1,826.6 1,721.7 % of revenues 96.9 % 96.7 % 97.0 % 96.9 % All other foreign countries 113.0 115.8 56.5 56.9 % of revenues 3.1 % 3.3 % 3.0 % 3.1 % Total revenues $ 3,742.2 3,482.6 $ 1,883.1 1,778.6 The percentages of our sales by end market were as follows for the periods ended June 30: Six-month Period Three-month Period 2023 2022 2023 2022 Manufacturing 74.7 % 71.5 % 74.8 % 71.8 % Non-residential construction 9.2 % 10.5 % 9.2 % 10.7 % Other 16.1 % 18.0 % 16.0 % 17.5 % 100.0 % 100.0 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended June 30: Six-month Period Three-month Period Type Introduced 2023 2022 2023 2022 Fasteners (1) 1967 33.1 % 34.4 % 32.6 % 34.6 % Tools 1993 8.5 % 8.2 % 8.5 % 8.2 % Cutting tools 1996 5.4 % 5.0 % 5.5 % 5.0 % Hydraulics & pneumatics 1996 6.7 % 6.6 % 6.8 % 6.7 % Material handling 1996 5.6 % 5.7 % 5.6 % 5.7 % Janitorial supplies 1996 8.2 % 7.9 % 8.3 % 8.0 % Electrical supplies 1997 4.6 % 4.3 % 4.7 % 4.3 % Welding supplies 1997 4.1 % 3.8 % 4.1 % 3.8 % Safety supplies 1999 20.5 % 20.7 % 20.7 % 20.3 % Other 3.3 % 3.4 % 3.2 % 3.4 % 100.0 % 100.0 % 100.0 % 100.0 % (1) The fasteners product line represents fasteners and miscellaneous supplies.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
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: 2023 2022 First quarter $ 0.35 $ 0.31 Second quarter 0.35 0.31 Third quarter 0.35 0.31 Fourth quarter 0.31 Total $ 1.05 $ 1.24
Stock Options Granted	The following tables summarize the details of options granted under our stock option plans that were outstanding as of June 30, 2023, and the assumptions used to value those grants. All such grants were effective at the close of business on the date of grant. Options Option Exercise Closing Stock Price on Date June 30, 2023 Date of Grant Options Options January 3, 2023 1,071,943 $ 48.00 $ 47.400 1,046,851 70,562 January 3, 2022 713,438 $ 62.00 $ 61.980 656,520 53,355 January 4, 2021 741,510 $ 48.00 $ 47.650 637,416 234,203 January 2, 2020 902,263 $ 38.00 $ 37.230 727,427 370,152 January 2, 2019 1,316,924 $ 26.00 $ 25.705 862,003 534,009 January 2, 2018 1,087,936 $ 27.50 $ 27.270 636,123 506,029 January 3, 2017 1,529,578 $ 23.50 $ 23.475 627,243 523,609 April 19, 2016 1,690,880 $ 23.00 $ 22.870 446,559 386,293 April 21, 2015 1,786,440 $ 21.00 $ 20.630 212,347 212,347 Total 10,840,912 5,852,489 2,890,559
Fair Value Assumptions for Options Granted	Date of Grant Risk-free Expected Life of Expected Expected Estimated Fair January 3, 2023 4.0 % 5.00 2.6 % 29.58 % $ 11.62 January 3, 2022 1.3 % 5.00 1.7 % 28.52 % $ 13.68 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
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: Six-month Period Three-month Period Reconciliation 2023 2022 2023 2022 Basic weighted average shares outstanding 571,033,444 575,510,253 571,138,039 575,462,097 Weighted shares assumed upon exercise of stock options 1,724,032 1,998,786 1,752,121 1,940,124 Diluted weighted average shares outstanding 572,757,476 577,509,039 572,890,160 577,402,221
Anti-Dilutive Options Excluded	Six-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2023 2022 2023 2022 Options to purchase shares of common stock 2,244,555 1,350,936 1,866,320 1,354,464 Weighted average exercise prices of options $ 52.17 55.20 $ 52.96 55.22

Debt Commitments (Tables)

Debt Commitments (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 Debt Outstanding Maturity June 30, December 31, Unsecured revolving credit facility 6.10 % September 28, 2027 $ 90.0 225.0 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 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 350.0 555.0 Less: Current portion of debt (150.0) (201.8) Long-term debt $ 200.0 353.2 Outstanding letters of credit under unsecured revolving credit facility - contingent obligation $ 32.7 36.3

Revenue - Revenues by Geographi

Revenue - Revenues by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues by Geographic Areas [Line Items]
Total revenues	$ 1,883.1	$ 1,778.6	$ 3,742.2	$ 3,482.6
United States
Revenues by Geographic Areas [Line Items]
Total revenues	$ 1,571.7	$ 1,496.7	$ 3,130.4	$ 2,928.4
United States | Revenues | Geographic Concentration Risk
Revenues by Geographic Areas [Line Items]
Percentage of revenues	83.50%	84.20%	83.60%	84.10%
Canada and Mexico
Revenues by Geographic Areas [Line Items]
Total revenues	$ 254.9	$ 225	$ 498.8	$ 438.4
Canada and Mexico | Revenues | Geographic Concentration Risk
Revenues by Geographic Areas [Line Items]
Percentage of revenues	13.50%	12.70%	13.30%	12.60%
North America
Revenues by Geographic Areas [Line Items]
Total revenues	$ 1,826.6	$ 1,721.7	$ 3,629.2	$ 3,366.8
North America | Revenues | Geographic Concentration Risk
Revenues by Geographic Areas [Line Items]
Percentage of revenues	97%	96.90%	96.90%	96.70%
All other foreign countries
Revenues by Geographic Areas [Line Items]
Total revenues	$ 56.5	$ 56.9	$ 113	$ 115.8
All other foreign countries | Revenues | Geographic Concentration Risk
Revenues by Geographic Areas [Line Items]
Percentage of revenues	3%	3.10%	3.10%	3.30%

Revenue - Percentages of Sales

Revenue - Percentages of Sales by End Market (Details) - End Market - Sales	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Percentage of Sales by End Market [Line Items]
Percentage of sales	100%	100%	100%	100%
Manufacturing
Percentage of Sales by End Market [Line Items]
Percentage of sales	74.80%	71.80%	74.70%	71.50%
Non-residential construction
Percentage of Sales by End Market [Line Items]
Percentage of sales	9.20%	10.70%	9.20%	10.50%
Other
Percentage of Sales by End Market [Line Items]
Percentage of sales	16%	17.50%	16.10%	18%

Revenue - Percentages of Sale_2

Revenue - Percentages of Sales by Product Line (Details) - Product Line - Sales	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Percentage of Sales by Product Line [Line Items]
Percentage of sales	100%	100%	100%	100%
Fasteners
Percentage of Sales by Product Line [Line Items]
Percentage of sales	32.60%	34.60%	33.10%	34.40%
Tools
Percentage of Sales by Product Line [Line Items]
Percentage of sales	8.50%	8.20%	8.50%	8.20%
Cutting tools
Percentage of Sales by Product Line [Line Items]
Percentage of sales	5.50%	5%	5.40%	5%
Hydraulics & pneumatics
Percentage of Sales by Product Line [Line Items]
Percentage of sales	6.80%	6.70%	6.70%	6.60%
Material handling
Percentage of Sales by Product Line [Line Items]
Percentage of sales	5.60%	5.70%	5.60%	5.70%
Janitorial supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	8.30%	8%	8.20%	7.90%
Electrical supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	4.70%	4.30%	4.60%	4.30%
Welding supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	4.10%	3.80%	4.10%	3.80%
Safety supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	20.70%	20.30%	20.50%	20.70%
Other
Percentage of Sales by Product Line [Line Items]
Percentage of sales	3.20%	3.40%	3.30%	3.40%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Jul. 12, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation [Abstract]
Options vesting and exercisable period, maximum				8 years
Options termination period				10 years
Total stock-based compensation expense		$ 1.9	$ 1.5	$ 3.8	$ 3
Total unrecognized stock-based compensation expense		$ 20.6		$ 20.6
Weighted average period over which total unrecognized stock-based compensation expense will be recognized				4 years 5 months 26 days
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per share of common stock (in dollars per share)	$ 0.35

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Paid Previously or Declared (Details) - $ / shares	3 Months Ended							6 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Dividends Per Share [Line Items]
Cash dividends paid per share of common stock (in dollars per share)		$ 0.35	$ 0.35	$ 0.31	$ 0.31	$ 0.31	$ 0.31	$ 0.70	$ 0.62		$ 1.24
Forecast
Dividends Per Share [Line Items]
Cash dividends paid per share of common stock (in dollars per share)	$ 0.35									$ 1.05

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options Granted (Details)	98 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	10,840,912
Options Outstanding (in shares)	5,852,489
Options Exercisable (in shares)	2,890,559
January 3, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,071,943
Option Exercise Price (in dollars per share) | $ / shares	$ 48
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 47.400
Options Outstanding (in shares)	1,046,851
Options Exercisable (in shares)	70,562
January 3, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	713,438
Option Exercise Price (in dollars per share) | $ / shares	$ 62
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares	$ 61.980
Options Outstanding (in shares)	656,520
Options Exercisable (in shares)	53,355
January 4, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	741,510
Option Exercise 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)	637,416
Options Exercisable (in shares)	234,203
January 2, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	902,263
Option Exercise 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)	727,427
Options Exercisable (in shares)	370,152
January 2, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,316,924
Option Exercise 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)	862,003
Options Exercisable (in shares)	534,009
January 2, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,087,936
Option Exercise 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)	636,123
Options Exercisable (in shares)	506,029
January 3, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,529,578
Option Exercise 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)	627,243
Options Exercisable (in shares)	523,609
April 19, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,690,880
Option Exercise 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)	446,559
Options Exercisable (in shares)	386,293
April 21, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted (in shares)	1,786,440
Option Exercise 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)	212,347
Options Exercisable (in shares)	212,347

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions for Options Granted (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares
January 3, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	4%
Expected Life of Option in Years	5 years
Expected Dividend Yield	2.60%
Expected Stock Volatility	29.58%
Estimated Fair Value of Stock Option (in dollars per share)	$ 11.62
January 3, 2022
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	1.70%
Expected Stock Volatility	28.52%
Estimated Fair Value of Stock Option (in dollars per share)	$ 13.68
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%
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

Stockholders' Equity - Reconcil

Stockholders' Equity - Reconciliation of Denominators Used in Computation of Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Basic weighted average shares outstanding (in shares)	571,138,039	575,462,097	571,033,444	575,510,253
Weighted shares assumed upon exercise of stock options (in shares)	1,752,121	1,940,124	1,724,032	1,998,786
Diluted weighted average shares outstanding (in shares)	572,890,160	577,402,221	572,757,476	577,509,039

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Anti-Dilutive Options Excluded (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Options to purchase shares of common stock (in shares)	1,866,320	1,354,464	2,244,555	1,350,936
Weighted average exercise prices of options (in dollars per share)	$ 52.96	$ 55.22	$ 52.17	$ 55.20

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Material changes in unrecognized tax benefits	$ 0

Operating Leases - Additional I

Operating Leases - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Leases [Abstract]
Aggregate residual value guarantee of pick-up leases	$ 94.6

Debt Commitments - Debt Obligat

Debt Commitments - Debt Obligations and Letters of Credit Outstanding (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 350	$ 555
Less: Current portion of debt	(150)	(201.8)
Long-term debt	$ 200	353.2
Credit Facility | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Average Interest Rate, weighted per annum	6.10%
Total	$ 90	225
Credit Facility | Letter of Credit Subfacility
Debt Instrument [Line Items]
Outstanding letters of credit under unsecured revolving credit facility - contingent obligation	$ 32.7	36.3
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	$ 0	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	6 Months Ended
	Jun. 30, 2023 USD ($)
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%
Daily Simple SOFR
Debt Instrument [Line Items]
Per annum interest rate over Daily Simple SOFR, spread adjustment	0.10%
Per annum interest rate over Daily Simple SOFR	0.95%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 835,000,000
Credit facility, uncommitted accordion option, increase limit	365,000,000
Credit facility, uncommitted accordion option, higher borrowing capacity option	1,200,000,000
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	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt issuance, aggregate principal amount	$ 260,000,000
Maximum aggregate borrowing capacity	$ 900,000,000