Fastenal (FAST) 10-K 6 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Jan. 19, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 33,637,970,933
Entity Common Stock, Shares Outstanding		572,232,755
Entity Central Index Key	0000815556
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Minneapolis, MN
Auditor Firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 221.3	$ 230.1
Trade accounts receivable, net of allowance for credit losses of $6.4 and $8.3, respectively	1,087.6	1,013.2
Inventories	1,522.7	1,708
Prepaid income taxes	17.5	8.1
Other current assets	171.8	165.4
Total current assets	3,020.9	3,124.8
Property and equipment, net	1,011.1	1,010
Operating lease right-of-use assets	270.2	243
Other assets	160.7	170.8
Total assets	4,462.9	4,548.6
Current liabilities:
Current portion of debt	60	201.8
Accounts payable	264.1	255
Accrued expenses	241	241.1
Current portion of operating lease liabilities	96.2	91.9
Total current liabilities	661.3	789.8
Long-term debt	200	353.2
Operating lease liabilities	178.8	155.2
Deferred income taxes	73	83.7
Other long-term liabilities	1	3.5
Commitments and contingencies (Notes 5, 8, 9, and 10)
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, 571,982,367 and 570,811,674 shares issued and outstanding, respectively	5.7	5.7
Additional paid-in capital	41	3.6
Retained earnings	3,356.9	3,218.7
Accumulated other comprehensive loss	(54.8)	(64.8)
Total stockholders' equity	3,348.8	3,163.2
Total liabilities and stockholders' equity	$ 4,462.9	$ 4,548.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Trade accounts receivable, allowance for credit losses	$ 6.4	$ 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)	571,982,367	570,811,674
Outstanding (in shares)	571,982,367	570,811,674

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 7,346.7	$ 6,980.6	$ 6,010.9
Cost of sales	3,992.2	3,764.8	3,233.7
Gross profit	3,354.5	3,215.8	2,777.2
Operating and administrative expenses	1,825.8	1,762.2	1,559.8
Operating income	1,528.7	1,453.6	1,217.4
Interest income	4.1	0.7	0.1
Interest expense	(10.8)	(14.3)	(9.7)
Earnings before income taxes	1,522	1,440	1,207.8
Income tax expense	367	353.1	282.8
Net earnings	$ 1,155	$ 1,086.9	$ 925
Basic net earnings per share (in dollars per share)	$ 2.02	$ 1.89	$ 1.61
Diluted net earnings per share (in dollars per share)	$ 2.02	$ 1.89	$ 1.60
Basic weighted average shares outstanding (in shares)	571,271,846	573,777,790	574,808,030
Diluted weighted average shares outstanding (in shares)	573,008,608	575,623,114	577,117,056

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,155	$ 1,086.9	$ 925
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments (net of tax of $0.0 in 2023, 2022, and 2021)	10	(34.1)	(9.5)
Comprehensive income	$ 1,165	$ 1,052.8	$ 915.5

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0

Consolidated Statements of Stoc

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 year at Dec. 31, 2020		$ 5.7	$ 59.1	$ 2,689.6	$ (21.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised		0.1	31.5
Purchases of common stock			0	0
Stock-based compensation			5.6
Net earnings	$ 925			925
Cash dividends paid				(643.7)
Translation adjustment upon merger of foreign subsidiary				0
Other comprehensive income (loss)					(9.5)
Balance at end of year at Dec. 31, 2021	$ 3,042.2	5.8	96.2	2,970.9	(30.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 1.12
Stock options exercised		(0.1)	9.3
Purchases of common stock			(109.1)	(128.7)
Stock-based compensation			7.2
Net earnings	$ 1,086.9			1,086.9
Cash dividends paid				(711.3)
Translation adjustment upon merger of foreign subsidiary				0.9
Other comprehensive income (loss)					(34.1)
Balance at end of year 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
Stock options exercised		0	30.1
Purchases of common stock			0	0
Stock-based compensation			7.3
Net earnings	$ 1,155			1,155
Cash dividends paid				(1,016.8)
Translation adjustment upon merger of foreign subsidiary				0
Other comprehensive income (loss)					10
Balance at end of year at Dec. 31, 2023	$ 3,348.8	$ 5.7	$ 41	$ 3,356.9	$ (54.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid per share of common stock (in dollars per share)	$ 1.78

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net earnings	$ 1,155	$ 1,086.9	$ 925
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation of property and equipment	166.6	165.9	159.9
(Gain) loss on sale of property and equipment	(4.3)	1.1	(1.1)
Bad debt expense (recoveries)	2.2	(1.8)	2.5
Deferred income taxes	(10.7)	(4.9)	(13.7)
Stock-based compensation	7.3	7.2	5.6
Amortization of intangible assets	10.7	10.7	10.8
Changes in operating assets and liabilities:
Trade accounts receivable	(72.3)	(119.8)	(135.2)
Inventories	189.1	(198)	(189.5)
Other current assets	(6.4)	22.7	(47.8)
Accounts payable	8.4	21.9	26.1
Accrued expenses	(0.6)	(57.2)	26.2
Income taxes	(9.4)	0.4	(1.8)
Other	(2.9)	5.9	3.1
Net cash provided by operating activities	1,432.7	941	770.1
Cash flows from investing activities:
Purchases of property and equipment	(172.8)	(173.8)	(156.6)
Proceeds from sale of property and equipment	12.2	11.4	8.4
Other	(0.6)	(0.6)	(0.3)
Net cash used in investing activities	(161.2)	(163)	(148.5)
Cash flows from financing activities:
Proceeds from debt obligations	880	1,795	525
Payments against debt obligations	(1,175)	(1,630)	(540)
Proceeds from exercise of stock options	30.1	9.2	31.6
Purchases of common stock	0	(237.8)	0
Cash dividends paid	(1,016.8)	(711.3)	(643.7)
Net cash used in financing activities	(1,281.7)	(774.9)	(627.1)
Effect of exchange rate changes on cash and cash equivalents	1.4	(9.2)	(4)
Net decrease in cash and cash equivalents	(8.8)	(6.1)	(9.5)
Cash and cash equivalents at beginning of year	230.1	236.2	245.7
Cash and cash equivalents at end of year	221.3	230.1	236.2
Supplemental information:
Cash paid for interest	12.2	13.3	9.9
Net cash paid for income taxes	$ 383	$ 354.1	$ 294

Business Overview and Summary o

Business Overview and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Business Overview and Summary of Significant Accounting Policies	Note 1. Business Overview and Summary of Significant Accounting Policies Business Overview Fastenal is a leader in the wholesale distribution of industrial and construction supplies. We distribute these supplies through a network of branches and Onsite locations. Collectively, we refer to our branches and Onsite locations as in-market locations. We have more than 3,400 in-market locations located primarily in North America. Principles of Consolidation The consolidated financial statements include the accounts of Fastenal Company and its subsidiaries (collectively, referred to as Fastenal or by terms such as we, our, or us). All material intercompany balances and transactions have been eliminated in consolidation. Revenue Recognition 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, which are based on known inputs at year-end, 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. Accounts Receivable Credit is extended based upon an evaluation of the customer's financial condition. Accounts receivable are stated at their estimated net realizable value. The allowance for credit losses is based on an income statement approach which adjusts the ending balance sheet to take into consideration expected losses over the contractual lives of the receivables, considering factors such as historical data as a basis for future expected losses. Foreign Currency Translation and Transactions The functional currency of our foreign operations is typically the applicable local currency. The functional currency is translated into United States dollars for balance sheet accounts, except retained earnings, using current exchange rates as of the balance sheet date, for retained earnings at historical exchange rates, and for revenue and expense accounts using a weighted average exchange rate during the applicable period. The translation adjustments are deferred as a separate component of stockholders' equity captioned accumulated other comprehensive income (loss). Gains or losses resulting from transactions denominated in foreign currencies are included in cost of sales or operating and administrative expenses. Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Inventories Inventories, consisting of finished goods merchandise held for resale, are stated at the lower of cost (first in, first out method) or net realizable value. We record valuation adjustments for excess, slow-moving, and obsolete inventory that are equal to the difference between the cost and estimated net realizable value for that inventory. These estimates are based on a review and comparison of the current inventory levels to projected and historical sales of inventory. Property and Equipment Property and equipment are stated at cost. Depreciation on property and equipment is provided for using the straight-line method over the anticipated economic useful lives of the related property. Leases We determine if an arrangement contains a lease at inception. Operating leases are included in our operating lease right-of-use (ROU) assets, the current portion of operating lease liabilities, and the operating lease liabilities in our Consolidated Balance Sheets. The ROU assets represent our right to control the use of an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The operating lease ROU assets also include any prepaid lease payments made and exclude lease incentives. Lease expense is recognized on a straight-line basis over the lease term. Many of our leases include both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Our pick-up truck leases typically have a non-cancelable lease term of less than one year and therefore, we have elected the practical expedient to exclude these short-term leases from our ROU assets and lease liabilities. Most leases include one or more options to renew. The exercise of lease renewal options is typically at our sole discretion; therefore, the majority of renewals to extend the lease terms are not included in our ROU assets and lease liabilities as they are not reasonably certain of exercise. We regularly evaluate the renewal options and when they are reasonably certain of exercise, we include the renewal period in our lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. We have a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, we apply a portfolio approach for determining the incremental borrowing rate. Long-Lived Assets Long-lived assets consist of net property and equipment, operating lease right-of-use assets, prepaid deposits, goodwill, and definite-lived intangible assets, and are reviewed for impairment whenever an event or change in circumstance indicates that the carrying amount of the asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by the asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as necessary. There were no impairments recorded during any of the three years reported in these consolidated financial statements. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is reviewed for impairment annually. The identifiable intangible assets are amortized on a straight-line basis over their estimated life. Accounting Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ from those estimates. Insurance Reserves We are self-insured for certain losses relating to workers' compensation, automobile, health, and general liability costs. Specific stop-loss coverage is provided for catastrophic claims in order to limit exposure to significant claims. Self-insurance liabilities are based on our estimate of reported claims and claims incurred but not yet reported. Product Warranties We offer a basic limited warranty for certain of our products. The specific terms and conditions of those warranties vary depending upon the product sold. We typically recoup these costs through product warranties we hold with the original equipment manufacturers. Our warranty expense has historically been minimal. Stock-Based Compensation We estimate the fair value of stock options as of the date of the grant using a Black-Scholes valuation model. Stock-based compensation expense equal to the grant date fair value is recognized on a straight-line basis over the vesting period. Our stock-based compensation expense is recorded in operating and administrative expenses. Income Taxes We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits in income tax expense. Earnings Per Share Basic net earnings per share is calculated using net earnings available to common stockholders divided by the weighted average number of shares of common stock outstanding during the year. Diluted net earnings per share is similar to basic net earnings per share except that the weighted average number of shares of common stock outstanding includes the incremental shares assumed to be issued upon the exercise of stock options considered to be 'in-the-money' (i.e., when the market price of our stock is greater than the exercise price of our outstanding stock options). Segment Reporting We have determined that for our North American regions we meet the aggregation criteria outlined in the accounting standards as these regions have similar: (1) economic characteristics, (2) products and services, (3) customers, (4) distribution channels, and (5) regulatory environments. Considering our operations outside of North America represent less than 10% of our net sales, net earnings, or assets, we report as a single business segment. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances reporting requirements under Topic 280. The enhanced disclosure requirements include: title and position of the Chief Operating Decision Maker (CODM), significant segment expenses provided to the CODM, extending certain annual disclosures to interim periods, clarifying single reportable segment entities must apply ASC 280 in its entirety, and permitting more than one measure of segment profit or loss to be reported under certain circumstances. This change is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. This change will apply retrospectively to all periods presented. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) , which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The new guidance requires consistent categorization and greater disaggregation of information in the rate reconciliation, as well as further disaggregation of income taxes paid. This change is effective for annual periods beginning after December 15, 2024. This change will apply on a prospective basis to annual financial statements for periods beginning after the effective date. However, retrospective application in all prior periods presented is permitted.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Note 2. Revenue Disaggregation of Revenue The accounting policies of the operations in the various geographic areas are the same as those described in the summary of significant accounting policies. Revenues are attributed to countries based on the selling location from which the sale occurred. During 2023, 2022, and 2021, no single customer represented 5% or more of our consolidated net sales. Our revenues related to the following geographic areas were as follows for the periods ended December 31: Twelve-month Period 2023 2022 2021 United States $ 6,139.8 5,867.1 5,033.3 % of revenues 83.6 % 84.0 % 83.7 % Canada and Mexico 981.9 884.4 749.0 % of revenues 13.4 % 12.7 % 12.5 % North America 7,121.7 6,751.5 5,782.3 % of revenues 97.0 % 96.7 % 96.2 % All other foreign countries 225.0 229.1 228.6 % of revenues 3.0 % 3.3 % 3.8 % Total revenues $ 7,346.7 6,980.6 6,010.9 The percentages of our sales by end market were as follows for the periods ended December 31: Twelve-month Period 2023 2022 2021 Manufacturing 74.3 % 72.2 % 68.9 % Non-residential construction 9.1 % 10.3 % 11.1 % Other 16.6 % 17.5 % 20.0 % 100.0 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended December 31: Twelve-month Period Type Introduced 2023 2022 2021 Fasteners (1) 1967 32.4 % 34.0 % 33.3 % Tools 1993 8.5 % 8.4 % 8.5 % Cutting tools 1996 5.3 % 5.0 % 5.0 % Hydraulics & pneumatics 1996 6.7 % 6.5 % 6.4 % Material handling 1996 5.6 % 5.7 % 5.6 % Janitorial supplies 1996 8.4 % 8.0 % 8.2 % Electrical supplies 1997 4.6 % 4.4 % 4.3 % Welding supplies 1997 4.1 % 3.9 % 3.8 % Safety supplies 1999 21.2 % 20.8 % 21.2 % Other 3.2 % 3.3 % 3.7 % 100.0 % 100.0 % 100.0 % (1) The fastener product line represents fasteners and miscellaneous supplies.

Long-Lived Assets

Long-Lived Assets	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Long-Lived Assets	Note 3. Long-Lived Assets The accounting policies of the operations in the various geographic areas are the same as those described in the summary of significant accounting policies . Long-lived assets consist of net property and equipment, operating lease right-of-use assets, prepaid deposits, goodwill, and definite-lived intangible assets. Property and equipment at year end consisted of the following: Depreciable Life 2023 2022 Land — $ 67.2 67.5 Buildings and improvements 15 to 40 525.1 509.2 Automated distribution and warehouse equipment 5 to 30 271.7 269.2 Shelving, industrial vending, and equipment 3 to 10 1,366.5 1,283.8 Transportation equipment 3 to 5 98.3 85.7 Construction in progress — 107.8 96.0 2,436.6 2,311.4 Less accumulated depreciation (1,425.5) (1,301.4) Property and equipment, net $ 1,011.1 1,010.0 Our long-lived assets related to the following geographic areas at year end: 2023 2022 United States $ 1,314.2 1,303.4 Canada and Mexico 87.2 80.4 North America 1,401.4 1,383.8 All other foreign countries 40.6 40.0 Total long-lived assets $ 1,442.0 1,423.8

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Note 4. Accrued Expenses Accrued expenses at year end consisted of the following: 2023 2022 Employee payroll and related taxes $ 15.2 12.8 Employee bonuses and commissions 32.3 32.7 Profit sharing contribution 23.1 22.1 Insurance reserves 40.1 40.4 Indirect taxes 36.1 40.3 Customer promotions and marketing 63.3 60.6 Other 30.9 32.2 Accrued expenses $ 241.0 241.1

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 5. Stockholders' Equity Dividends On January 17, 2024, our board of directors declared a quarterly dividend of $0.39 per share of common stock to be paid in cash on February 29, 2024 to shareholders of record at the close of business on February 1, 2024. In 2023, we paid aggregate annual cash dividends per share of $1.78, which included a special, one-time dividend of $0.38 per share. We paid aggregate annual cash dividends per share of $1.24 and $1.12 in 2022 and 2021, respectively. Stock Options Effective January 2, 2024, the compensation committee of our board of directors granted to our employees options to purchase a total of 764,195 shares of our common stock at an exercise price of $64.00 per share. On the same date, certain of our non-employee directors received options to acquire a total of 50,717 shares of our common stock at an exercise price of $64.00 per share. The closing stock price on the effective date of the grants was $63.55 per share. The following tables summarize the details of options granted under our stock option plans that were still outstanding as of December 31, 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 December 31, 2023 Date of Grant Options Options January 3, 2023 1,071,943 $ 48.00 $ 47.400 989,048 70,562 January 3, 2022 713,438 $ 62.00 $ 61.980 611,848 53,355 January 4, 2021 741,510 $ 48.00 $ 47.650 591,206 211,323 January 2, 2020 902,263 $ 38.00 $ 37.230 658,884 322,242 January 2, 2019 1,316,924 $ 26.00 $ 25.705 758,611 451,061 January 2, 2018 1,087,936 $ 27.50 $ 27.270 541,026 419,460 January 3, 2017 1,529,578 $ 23.50 $ 23.475 523,828 426,290 April 19, 2016 1,690,880 $ 23.00 $ 22.870 245,075 188,177 April 21, 2015 1,786,440 $ 21.00 $ 20.630 54,552 54,552 Total 10,840,912 4,974,078 2,197,022 Date of Grant Risk-free Expected Life 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 approximat ely 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. A summary of activities under our stock option plans consisted of the following: Options Exercise Price (1) Remaining Life (2) Outstanding as of January 1, 2023 5,374,736 $ 34.37 5.66 Granted 1,071,943 $ 48.00 9.00 Exercised (1,170,693) $ 25.69 Cancelled/forfeited (301,908) $ 45.00 Outstanding as of December 31, 2023 4,974,078 $ 38.70 5.99 Exercisable as of December 31, 2023 2,197,022 $ 30.88 4.54 Options Exercise (1) Remaining Life (2) Outstanding as of January 1, 2022 5,173,270 $ 30.23 6.08 Granted 713,438 $ 62.00 9.00 Exercised (346,992) $ 26.78 Cancelled/forfeited (164,980) $ 40.00 Outstanding as of December 31, 2022 5,374,736 $ 34.37 5.66 Exercisable as of December 31, 2022 2,437,636 $ 27.14 4.30 (1) Weighted average exercise price. (2) Weighted average remaining contractual life in years. The total intrinsic value of stock options exercised during the years ended December 31, 2023, 2022, and 2021 was $38.1, $10.2, and $38.8, respectively. The intrinsic value represents the difference between the exercise price and fair value of the underlying shares at the date of exercise. At December 31, 2023, there was $16.6 of total unrecognized stock-based compensation expense related to outstanding unvested stock options granted under the employee stock option plan. This expense is expected to be recognized over a weighted average period of 4.18 years. Any future change in estimated forfeitures will impact this amount. The total grant date fair value of stock options vested under our employee stock option plan during 2023, 2022, and 2021 was $5.3, $5.2, and $4.8, respectively. Total stock-based compensation expense related to our employee stock option plan was $7.3, $7.2, and $5.6 for 2023, 2022, and 2021, respectively. Shares Outstanding Shares of common stock outstanding were as follows: 2023 2022 2021 Balance at beginning of year 570,811,674 575,464,682 574,159,575 Stock options exercised 1,170,693 346,992 1,305,107 Purchases of common stock — (5,000,000) — Balance at end of year 571,982,367 570,811,674 575,464,682 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: Reconciliation 2023 2022 2021 Basic weighted average shares outstanding 571,271,846 573,777,790 574,808,030 Weighted shares assumed upon exercise of stock options 1,736,762 1,845,324 2,309,026 Diluted weighted average shares outstanding 573,008,608 575,623,114 577,117,056 Summary of Anti-dilutive Options Excluded 2023 2022 2021 Options to purchase shares of common stock 1,568,460 1,335,898 678,310 Weighted average exercise prices of options $ 53.80 55.25 48.00 Any dilutive impact summarized above related to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive stock options then outstanding.

Retirement Savings Plan

Retirement Savings Plan	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Savings Plan	Note 6. Retirement Savings Plan

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 7. Income Taxes Earnings before income taxes were derived from the following sources: 2023 2022 2021 Domestic $ 1,392.7 1,335.7 1,100.3 Foreign 129.3 104.3 107.5 Earnings before income taxes $ 1,522.0 1,440.0 1,207.8 Components of income tax expense (benefit) were as follows: 2023 2022 2021 Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 273.3 (9.2) 264.1 267.6 (5.0) 262.6 214.3 (11.4) 202.9 State 59.6 (1.3) 58.3 58.0 (1.1) 56.9 46.7 (1.7) 45.0 Foreign 44.9 (0.3) 44.6 35.0 (1.4) 33.6 34.1 0.8 34.9 Income tax expense $ 377.8 (10.8) 367.0 360.6 (7.5) 353.1 295.1 (12.3) 282.8 Income tax expense in the accompanying consolidated financial statements differed from the expected expense as follows: 2023 2022 2021 Amount Percent Amount Percent Amount Percent U.S. federal statutory income tax $ 319.6 21.0 % $ 302.4 21.0 % $ 253.6 21.0 % State income taxes, net of federal benefit $ 45.1 3.0 % $ 45.6 3.2 % $ 34.9 2.9 % Other, net $ 2.3 0.1 % $ 5.1 0.3 % $ (5.7) -0.5 % Effective income tax rate $ 367.0 24.1 % $ 353.1 24.5 % $ 282.8 23.4 % The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at year end consisted of the following: 2023 2022 Deferred income tax assets: Inventory costing and valuation methods $ 5.6 6.7 Insurance reserves 8.3 8.6 Foreign net operating loss and credit carryforwards 3.0 2.6 Stock-based compensation 3.8 3.6 Operating lease liabilities 69.5 62.6 Section 174 capitalization 7.4 3.4 Other, deferred tax assets 9.4 9.6 Total deferred income tax assets 107.0 97.1 Less: Valuation allowances (2.2) (1.8) Total net deferred income tax assets 104.8 95.3 Property and equipment (95.4) (102.6) Operating lease ROU assets (68.3) (61.5) Prepaid expenses (3.5) (3.5) Other, deferred tax liabilities (0.4) (1.3) Total deferred income tax liabilities (167.6) (168.9) Net deferred income tax liabilities $ (62.8) (73.6) A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows: 2023 2022 Balance at beginning of year: $ 10.1 7.4 Increase related to prior year tax positions 5.6 3.5 Increase related to current year tax positions 0.6 0.6 Decrease related to statute of limitation lapses (6.1) (0.9) Settlements — (0.5) Balance at end of year: $ 10.2 10.1 Included in the liability for gross unrecognized tax benefits is $3.8 as of December 31, 2023 and $0.7 as of December 31, 2022 for interest and penalties, both of which we classify as a component of income tax expense. The amount of unrecognized tax benefits that would favorably impact the eff ective tax rate, if recognized, is $9.2 as of December 31, 2023 and $8.6 as of December 31, 2022. We believe it is reasonably possible that a decrease of up to $1.4 in unrecognized tax benefits may be recognized by the end of 2024 as a result of the lapse of the statute of limitations. The 2023 and 2022 liability is included in deferred income taxes in the Consolidated Balance Sheets. 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 2020 in the case of United States federal examinations, and with limited exception, before 2018 in the case of foreign, state, and local examinations. In general, it is our practice and intention to permanently reinvest the earnings of our foreign subsidiaries and repatriate earnings only when the tax impact is zero or very minimal. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes that would result upon repatriation of our approximately $514.7 of undistributed earnings from foreign subsidiaries to the U.S. as those earnings continue to be permanently reinvested.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Operating Leases	Note 8. Operating Leases We lease space under non-cancelable operating leases for several distribution centers, several manufacturing locations, and certain branch locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions. We also lease certain semi-tractors, pick-up trucks, and computer equipment under 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 ap proximately $118.4. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote. The cost components of our operating leases were as follows for the periods ended December 31: 2023 2022 2021 Leased Leased Total Leased Leased Total Leased Leased Total Operating lease cost $ 99.4 18.2 117.6 96.8 14.7 111.5 99.7 13.7 113.4 Variable lease cost 10.5 1.6 12.1 9.7 1.5 11.2 10.4 1.3 11.7 Short-term lease cost — 23.7 23.7 — 26.6 26.6 — 19.2 19.2 Total $ 109.9 43.5 153.4 106.5 42.8 149.3 110.1 34.2 144.3 Variable lease costs are excluded from ROU assets and lease liabilities and consist primarily of taxes, insurance, and common area or other maintenance costs for our leased facilities and equipment which are paid based on actual costs incurred by the lessor as well as variable mileage costs related to our leased vehicles. Maturities of our lease liabilities for all operating leases were as follows as of December 31, 2023: Leased Leased Total 2024 $ 86.1 14.2 100.3 2025 65.1 12.1 77.2 2026 43.3 8.9 52.2 2027 26.5 5.1 31.6 2028 14.7 3.1 17.8 2029 and thereafter 13.0 1.5 14.5 Total lease payments $ 248.7 44.9 293.6 Less: Imputed interest (15.2) (3.4) (18.6) Present value of lease liabilities $ 233.5 41.5 275.0 The weighted average remaining lease terms and discount rates for all of our operating leases were as follows for the periods ended December 31: Remaining lease term and discount rate: 2023 2022 Weighted average remaining lease term (years) Leased facilities and equipment 3.76 3.57 Leased vehicles 3.77 2.66 Weighted average discount rate Lease facilities and equipment 3.07% 2.07% Leased vehicles 4.03% 2.47% Supplemental cash flow information related to our operating leases was as follows for the periods ended December 31: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 115.7 110.9 112.4 Leased assets obtained in exchange for new operating lease liabilities 116.2 89.4 103.6

Debt Commitments

Debt Commitments	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt Commitments	Note 9. Debt Commitments Credit Facility, Notes Payable, and Commitments Debt obligations and letters of credit outstanding at year end consisted of the following: Average Interest Rate at December 31, 2023 Debt Outstanding Maturity 2023 2022 Unsecured revolving credit facility 6.36 % September 28, 2027 $ — 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 260.0 555.0 Less: Current portion of debt (60.0) (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 December 31, 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. Principal payments required on our outstanding indebtedness, based on the maturity dates defined within our long-term debt arrangements, for the succeeding five years, are displayed in the table below, as of December 31, 2023: Principal Payments 2024 $ 60.0 2025 75.0 2026 25.0 2027 50.0 2028 — 2029 and thereafter 50.0 Total $ 260.0

Legal Contingencies

Legal Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	Note 10. Legal Contingencies We are involved in certain legal actions, including those that are ordinary routine litigation incidental to our business. The outcomes of these legal actions are not within our complete control and may not be known for prolonged periods of time. In some actions, the claimants seek damages, as well as other relief, that could require significant expenditures or result in lost revenues. We record a liability for these legal actions when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded. As of December 31, 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	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events We evaluated all subsequent event activity and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the Notes to Consolidated Financial Statements, with the exception of the dividend declaration and stock option activities disclosed in Note 5.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation and Qualifying Accounts	Schedule II—Valuation and Qualifying Accounts Years ended December 31, 2023, 2022, and 2021 (Amounts in millions) Description Balance at "Additions/(Reductions)" to "Other" "Less" Balance Year ended December 31, 2023 Allowance for credit losses $ 8.3 2.2 — 4.1 6.4 Insurance reserves $ 40.4 86.2 (1) — 86.5 (2) 40.1 Year ended December 31, 2022 Allowance for credit losses $ 12.0 (1.8) — 1.9 8.3 Insurance reserves $ 35.7 78.2 (1) — 73.5 (2) 40.4 Year ended December 31, 2021 Allowance for credit losses $ 12.3 2.5 — 2.8 12.0 Insurance reserves $ 41.0 78.6 (1) — 83.9 (2) 35.7 (1) Includes costs and expenses incurred for premiums and claims related to health and general insurance. (2) Includes costs and expenses paid for premiums and claims related to health and general insurance. See accompanying Report of Independent Registered Public Accounting Firm incorporated herein by reference.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net earnings	$ 1,155	$ 1,086.9	$ 925

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business Overview and Summary_2

Business Overview and Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of Fastenal Company and its subsidiaries (collectively, referred to as Fastenal or by terms such as we, our, or us). All material intercompany balances and transactions have been eliminated in consolidation.
Revenue Recognition	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, which are based on known inputs at year-end, 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.
Accounts Receivable	Credit is extended based upon an evaluation of the customer's financial condition. Accounts receivable are stated at their estimated net realizable value. The allowance for credit losses is based on an income statement approach which adjusts the ending balance sheet to take into consideration expected losses over the contractual lives of the receivables, considering factors such as historical data as a basis for future expected losses.
Foreign Currency Translation and Transactions	The functional currency of our foreign operations is typically the applicable local currency. The functional currency is translated into United States dollars for balance sheet accounts, except retained earnings, using current exchange rates as of the balance sheet date, for retained earnings at historical exchange rates, and for revenue and expense accounts using a weighted average exchange rate during the applicable period. The translation adjustments are deferred as a separate component of stockholders' equity captioned accumulated other comprehensive income (loss). Gains or losses resulting from transactions denominated in foreign currencies are included in cost of sales or operating and administrative expenses.
Cash and Cash Equivalents	We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.
Inventories	Inventories, consisting of finished goods merchandise held for resale, are stated at the lower of cost (first in, first out method) or net realizable value. We record valuation adjustments for excess, slow-moving, and obsolete inventory that are equal to the difference between the cost and estimated net realizable value for that inventory. These estimates are based on a review and comparison of the current inventory levels to projected and historical sales of inventory.
Property and Equipment	Property and equipment are stated at cost. Depreciation on property and equipment is provided for using the straight-line method over the anticipated economic useful lives of the related property.
Leases	We determine if an arrangement contains a lease at inception. Operating leases are included in our operating lease right-of-use (ROU) assets, the current portion of operating lease liabilities, and the operating lease liabilities in our Consolidated Balance Sheets. The ROU assets represent our right to control the use of an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The operating lease ROU assets also include any prepaid lease payments made and exclude lease incentives. Lease expense is recognized on a straight-line basis over the lease term. Many of our leases include both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Our pick-up truck leases typically have a non-cancelable lease term of less than one year and therefore, we have elected the practical expedient to exclude these short-term leases from our ROU assets and lease liabilities. Most leases include one or more options to renew. The exercise of lease renewal options is typically at our sole discretion; therefore, the majority of renewals to extend the lease terms are not included in our ROU assets and lease liabilities as they are not reasonably certain of exercise. We regularly evaluate the renewal options and when they are reasonably certain of exercise, we include the renewal period in our lease term.
Long-Lived Assets	Long-lived assets consist of net property and equipment, operating lease right-of-use assets, prepaid deposits, goodwill, and definite-lived intangible assets, and are reviewed for impairment whenever an event or change in circumstance indicates that the carrying amount of the asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash
Long-Lived Assets (Goodwill and Other)	Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is reviewed for impairment annually. The identifiable intangible assets are amortized on a straight-line basis over their estimated life.
Accounting Estimates	The preparation of the consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ from those estimates.
Insurance Reserves	We are self-insured for certain losses relating to workers' compensation, automobile, health, and general liability costs. Specific stop-loss coverage is provided for catastrophic claims in order to limit exposure to significant claims. Self-insurance liabilities are based on our estimate of reported claims and claims incurred but not yet reported.
Product Warranties	We offer a basic limited warranty for certain of our products. The specific terms and conditions of those warranties vary depending upon the product sold. We typically recoup these costs through product warranties we hold with the original equipment manufacturers. Our warranty expense has historically been minimal.
Stock-Based Compensation	We estimate the fair value of stock options as of the date of the grant using a Black-Scholes valuation model. Stock-based compensation expense equal to the grant date fair value is recognized on a straight-line basis over the vesting period. Our stock-based compensation expense is recorded in operating and administrative expenses.
Income Taxes	We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits in income tax expense.
Earnings Per Share	Basic net earnings per share is calculated using net earnings available to common stockholders divided by the weighted average number of shares of common stock outstanding during the year. Diluted net earnings per share is similar to basic net earnings per share except that the weighted average number of shares of common stock outstanding includes the incremental shares assumed to be issued upon the exercise of stock options considered to be 'in-the-money' (i.e., when the market price of our stock is greater than the exercise price of our outstanding stock options).
Segment Reporting	We have determined that for our North American regions we meet the aggregation criteria outlined in the accounting standards as these regions have similar: (1) economic characteristics, (2) products and services, (3) customers, (4) distribution channels, and (5) regulatory environments. Considering our operations outside of North America represent less than 10% of our net sales, net earnings, or assets, we report as a single business segment.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances reporting requirements under Topic 280. The enhanced disclosure requirements include: title and position of the Chief Operating Decision Maker (CODM), significant segment expenses provided to the CODM, extending certain annual disclosures to interim periods, clarifying single reportable segment entities must apply ASC 280 in its entirety, and permitting more than one measure of segment profit or loss to be reported under certain circumstances. This change is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. This change will apply retrospectively to all periods presented. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) , which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The new guidance requires consistent categorization and greater disaggregation of information in the rate reconciliation, as well as further disaggregation of income taxes paid. This change is effective for annual periods beginning after December 15, 2024. This change will apply on a prospective basis to annual financial statements for periods beginning after the effective date. However, retrospective application in all prior periods presented is permitted.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 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 December 31: Twelve-month Period 2023 2022 2021 United States $ 6,139.8 5,867.1 5,033.3 % of revenues 83.6 % 84.0 % 83.7 % Canada and Mexico 981.9 884.4 749.0 % of revenues 13.4 % 12.7 % 12.5 % North America 7,121.7 6,751.5 5,782.3 % of revenues 97.0 % 96.7 % 96.2 % All other foreign countries 225.0 229.1 228.6 % of revenues 3.0 % 3.3 % 3.8 % Total revenues $ 7,346.7 6,980.6 6,010.9 The percentages of our sales by end market were as follows for the periods ended December 31: Twelve-month Period 2023 2022 2021 Manufacturing 74.3 % 72.2 % 68.9 % Non-residential construction 9.1 % 10.3 % 11.1 % Other 16.6 % 17.5 % 20.0 % 100.0 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended December 31: Twelve-month Period Type Introduced 2023 2022 2021 Fasteners (1) 1967 32.4 % 34.0 % 33.3 % Tools 1993 8.5 % 8.4 % 8.5 % Cutting tools 1996 5.3 % 5.0 % 5.0 % Hydraulics & pneumatics 1996 6.7 % 6.5 % 6.4 % Material handling 1996 5.6 % 5.7 % 5.6 % Janitorial supplies 1996 8.4 % 8.0 % 8.2 % Electrical supplies 1997 4.6 % 4.4 % 4.3 % Welding supplies 1997 4.1 % 3.9 % 3.8 % Safety supplies 1999 21.2 % 20.8 % 21.2 % Other 3.2 % 3.3 % 3.7 % 100.0 % 100.0 % 100.0 % (1) The fastener product line represents fasteners and miscellaneous supplies.

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment at year end consisted of the following: Depreciable Life 2023 2022 Land — $ 67.2 67.5 Buildings and improvements 15 to 40 525.1 509.2 Automated distribution and warehouse equipment 5 to 30 271.7 269.2 Shelving, industrial vending, and equipment 3 to 10 1,366.5 1,283.8 Transportation equipment 3 to 5 98.3 85.7 Construction in progress — 107.8 96.0 2,436.6 2,311.4 Less accumulated depreciation (1,425.5) (1,301.4) Property and equipment, net $ 1,011.1 1,010.0
Schedule of Long-Lived Assets by Geographic Areas	Our long-lived assets related to the following geographic areas at year end: 2023 2022 United States $ 1,314.2 1,303.4 Canada and Mexico 87.2 80.4 North America 1,401.4 1,383.8 All other foreign countries 40.6 40.0 Total long-lived assets $ 1,442.0 1,423.8

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses at year end consisted of the following: 2023 2022 Employee payroll and related taxes $ 15.2 12.8 Employee bonuses and commissions 32.3 32.7 Profit sharing contribution 23.1 22.1 Insurance reserves 40.1 40.4 Indirect taxes 36.1 40.3 Customer promotions and marketing 63.3 60.6 Other 30.9 32.2 Accrued expenses $ 241.0 241.1

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Stock Option Plan Activity and Stock Options Granted	The following tables summarize the details of options granted under our stock option plans that were still outstanding as of December 31, 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 December 31, 2023 Date of Grant Options Options January 3, 2023 1,071,943 $ 48.00 $ 47.400 989,048 70,562 January 3, 2022 713,438 $ 62.00 $ 61.980 611,848 53,355 January 4, 2021 741,510 $ 48.00 $ 47.650 591,206 211,323 January 2, 2020 902,263 $ 38.00 $ 37.230 658,884 322,242 January 2, 2019 1,316,924 $ 26.00 $ 25.705 758,611 451,061 January 2, 2018 1,087,936 $ 27.50 $ 27.270 541,026 419,460 January 3, 2017 1,529,578 $ 23.50 $ 23.475 523,828 426,290 April 19, 2016 1,690,880 $ 23.00 $ 22.870 245,075 188,177 April 21, 2015 1,786,440 $ 21.00 $ 20.630 54,552 54,552 Total 10,840,912 4,974,078 2,197,022 A summary of activities under our stock option plans consisted of the following: Options Exercise Price (1) Remaining Life (2) Outstanding as of January 1, 2023 5,374,736 $ 34.37 5.66 Granted 1,071,943 $ 48.00 9.00 Exercised (1,170,693) $ 25.69 Cancelled/forfeited (301,908) $ 45.00 Outstanding as of December 31, 2023 4,974,078 $ 38.70 5.99 Exercisable as of December 31, 2023 2,197,022 $ 30.88 4.54 Options Exercise (1) Remaining Life (2) Outstanding as of January 1, 2022 5,173,270 $ 30.23 6.08 Granted 713,438 $ 62.00 9.00 Exercised (346,992) $ 26.78 Cancelled/forfeited (164,980) $ 40.00 Outstanding as of December 31, 2022 5,374,736 $ 34.37 5.66 Exercisable as of December 31, 2022 2,437,636 $ 27.14 4.30 (1) Weighted average exercise price. (2) Weighted average remaining contractual life in years.
Fair Value Assumptions for Options Granted	Date of Grant Risk-free Expected Life 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
Schedule of Common Stock Outstanding Roll Forward	Shares of common stock outstanding were as follows: 2023 2022 2021 Balance at beginning of year 570,811,674 575,464,682 574,159,575 Stock options exercised 1,170,693 346,992 1,305,107 Purchases of common stock — (5,000,000) — Balance at end of year 571,982,367 570,811,674 575,464,682
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: Reconciliation 2023 2022 2021 Basic weighted average shares outstanding 571,271,846 573,777,790 574,808,030 Weighted shares assumed upon exercise of stock options 1,736,762 1,845,324 2,309,026 Diluted weighted average shares outstanding 573,008,608 575,623,114 577,117,056
Anti-Dilutive Options Excluded	Summary of Anti-dilutive Options Excluded 2023 2022 2021 Options to purchase shares of common stock 1,568,460 1,335,898 678,310 Weighted average exercise prices of options $ 53.80 55.25 48.00

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Earnings Before Income Taxes	Earnings before income taxes were derived from the following sources: 2023 2022 2021 Domestic $ 1,392.7 1,335.7 1,100.3 Foreign 129.3 104.3 107.5 Earnings before income taxes $ 1,522.0 1,440.0 1,207.8
Components of Income Tax Expense (Benefit)	Components of income tax expense (benefit) were as follows: 2023 2022 2021 Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 273.3 (9.2) 264.1 267.6 (5.0) 262.6 214.3 (11.4) 202.9 State 59.6 (1.3) 58.3 58.0 (1.1) 56.9 46.7 (1.7) 45.0 Foreign 44.9 (0.3) 44.6 35.0 (1.4) 33.6 34.1 0.8 34.9 Income tax expense $ 377.8 (10.8) 367.0 360.6 (7.5) 353.1 295.1 (12.3) 282.8
Difference In Income Tax Expense And Expected Expense	Income tax expense in the accompanying consolidated financial statements differed from the expected expense as follows: 2023 2022 2021 Amount Percent Amount Percent Amount Percent U.S. federal statutory income tax $ 319.6 21.0 % $ 302.4 21.0 % $ 253.6 21.0 % State income taxes, net of federal benefit $ 45.1 3.0 % $ 45.6 3.2 % $ 34.9 2.9 % Other, net $ 2.3 0.1 % $ 5.1 0.3 % $ (5.7) -0.5 % Effective income tax rate $ 367.0 24.1 % $ 353.1 24.5 % $ 282.8 23.4 %
Summary of Temporary Differences That Give Rise to Deferred Income Tax Assets And Liabilities	The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at year end consisted of the following: 2023 2022 Deferred income tax assets: Inventory costing and valuation methods $ 5.6 6.7 Insurance reserves 8.3 8.6 Foreign net operating loss and credit carryforwards 3.0 2.6 Stock-based compensation 3.8 3.6 Operating lease liabilities 69.5 62.6 Section 174 capitalization 7.4 3.4 Other, deferred tax assets 9.4 9.6 Total deferred income tax assets 107.0 97.1 Less: Valuation allowances (2.2) (1.8) Total net deferred income tax assets 104.8 95.3 Property and equipment (95.4) (102.6) Operating lease ROU assets (68.3) (61.5) Prepaid expenses (3.5) (3.5) Other, deferred tax liabilities (0.4) (1.3) Total deferred income tax liabilities (167.6) (168.9) Net deferred income tax liabilities $ (62.8) (73.6)
Reconciliation of The Beginning and Ending Amount of Total Gross Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows: 2023 2022 Balance at beginning of year: $ 10.1 7.4 Increase related to prior year tax positions 5.6 3.5 Increase related to current year tax positions 0.6 0.6 Decrease related to statute of limitation lapses (6.1) (0.9) Settlements — (0.5) Balance at end of year: $ 10.2 10.1

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Cost Components of Operating Leases, Weighted Average Lease Terms, Discount Rates, and Supplemental Cash Flow Information	The cost components of our operating leases were as follows for the periods ended December 31: 2023 2022 2021 Leased Leased Total Leased Leased Total Leased Leased Total Operating lease cost $ 99.4 18.2 117.6 96.8 14.7 111.5 99.7 13.7 113.4 Variable lease cost 10.5 1.6 12.1 9.7 1.5 11.2 10.4 1.3 11.7 Short-term lease cost — 23.7 23.7 — 26.6 26.6 — 19.2 19.2 Total $ 109.9 43.5 153.4 106.5 42.8 149.3 110.1 34.2 144.3 The weighted average remaining lease terms and discount rates for all of our operating leases were as follows for the periods ended December 31: Remaining lease term and discount rate: 2023 2022 Weighted average remaining lease term (years) Leased facilities and equipment 3.76 3.57 Leased vehicles 3.77 2.66 Weighted average discount rate Lease facilities and equipment 3.07% 2.07% Leased vehicles 4.03% 2.47% Supplemental cash flow information related to our operating leases was as follows for the periods ended December 31: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 115.7 110.9 112.4 Leased assets obtained in exchange for new operating lease liabilities 116.2 89.4 103.6
Maturities of Lease Liabilities	Maturities of our lease liabilities for all operating leases were as follows as of December 31, 2023: Leased Leased Total 2024 $ 86.1 14.2 100.3 2025 65.1 12.1 77.2 2026 43.3 8.9 52.2 2027 26.5 5.1 31.6 2028 14.7 3.1 17.8 2029 and thereafter 13.0 1.5 14.5 Total lease payments $ 248.7 44.9 293.6 Less: Imputed interest (15.2) (3.4) (18.6) Present value of lease liabilities $ 233.5 41.5 275.0

Debt Commitments (Tables)

Debt Commitments (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Obligations and Letters of Credit Outstanding	Debt obligations and letters of credit outstanding at year end consisted of the following: Average Interest Rate at December 31, 2023 Debt Outstanding Maturity 2023 2022 Unsecured revolving credit facility 6.36 % September 28, 2027 $ — 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 260.0 555.0 Less: Current portion of debt (60.0) (201.8) Long-term debt $ 200.0 353.2 Outstanding letters of credit under unsecured revolving credit facility - contingent obligation $ 32.7 36.3
Schedule of Maturities of Long-term Debt	Principal payments required on our outstanding indebtedness, based on the maturity dates defined within our long-term debt arrangements, for the succeeding five years, are displayed in the table below, as of December 31, 2023: Principal Payments 2024 $ 60.0 2025 75.0 2026 25.0 2027 50.0 2028 — 2029 and thereafter 50.0 Total $ 260.0

Business Overview and Summary_3

Business Overview and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) location	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Approximate number of in-market locations | location	3,400
Non-cancelable lease term, pick-up truck, (less than)	1 year
Impairment of property and equipment long-lived assets | $	$ 0	$ 0	$ 0

Revenue - Revenues by Geographi

Revenue - Revenues by Geographic Areas (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues by Geographic Areas [Line Items]
Total revenues	$ 7,346.7	$ 6,980.6	$ 6,010.9
United States
Revenues by Geographic Areas [Line Items]
Total revenues	$ 6,139.8	$ 5,867.1	$ 5,033.3
United States | Revenues | Geographic Concentration Risk
Revenues by Geographic Areas [Line Items]
Percentage of revenues	83.60%	84%	83.70%
Canada and Mexico
Revenues by Geographic Areas [Line Items]
Total revenues	$ 981.9	$ 884.4	$ 749
Canada and Mexico | Revenues | Geographic Concentration Risk
Revenues by Geographic Areas [Line Items]
Percentage of revenues	13.40%	12.70%	12.50%
North America
Revenues by Geographic Areas [Line Items]
Total revenues	$ 7,121.7	$ 6,751.5	$ 5,782.3
North America | Revenues | Geographic Concentration Risk
Revenues by Geographic Areas [Line Items]
Percentage of revenues	97%	96.70%	96.20%
All other foreign countries
Revenues by Geographic Areas [Line Items]
Total revenues	$ 225	$ 229.1	$ 228.6
All other foreign countries | Revenues | Geographic Concentration Risk
Revenues by Geographic Areas [Line Items]
Percentage of revenues	3%	3.30%	3.80%

Revenue - Percentages of Sales

Revenue - Percentages of Sales by End Market (Details) - End Market - Sales	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Percentage of Sales by End Market [Line Items]
Percentage of sales	100%	100%	100%
Manufacturing
Percentage of Sales by End Market [Line Items]
Percentage of sales	74.30%	72.20%	68.90%
Non-residential construction
Percentage of Sales by End Market [Line Items]
Percentage of sales	9.10%	10.30%	11.10%
Other
Percentage of Sales by End Market [Line Items]
Percentage of sales	16.60%	17.50%	20%

Revenue - Percentages of Sale_2

Revenue - Percentages of Sales by Product Line (Details) - Product Line - Sales	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Percentage of Sales by Product Line [Line Items]
Percentage of sales	100%	100%	100%
Fasteners
Percentage of Sales by Product Line [Line Items]
Percentage of sales	32.40%	34%	33.30%
Tools
Percentage of Sales by Product Line [Line Items]
Percentage of sales	8.50%	8.40%	8.50%
Cutting tools
Percentage of Sales by Product Line [Line Items]
Percentage of sales	5.30%	5%	5%
Hydraulics & pneumatics
Percentage of Sales by Product Line [Line Items]
Percentage of sales	6.70%	6.50%	6.40%
Material handling
Percentage of Sales by Product Line [Line Items]
Percentage of sales	5.60%	5.70%	5.60%
Janitorial supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	8.40%	8%	8.20%
Electrical supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	4.60%	4.40%	4.30%
Welding supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	4.10%	3.90%	3.80%
Safety supplies
Percentage of Sales by Product Line [Line Items]
Percentage of sales	21.20%	20.80%	21.20%
Other
Percentage of Sales by Product Line [Line Items]
Percentage of sales	3.20%	3.30%	3.70%

Long-Lived Assets - Property an

Long-Lived Assets - Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment, Net [Line Items]
Property and equipment	$ 2,436.6	$ 2,311.4
Less accumulated depreciation	(1,425.5)	(1,301.4)
Property and equipment, net	1,011.1	1,010
Land
Property and Equipment, Net [Line Items]
Property and equipment	67.2	67.5
Buildings and improvements
Property and Equipment, Net [Line Items]
Property and equipment	525.1	509.2
Automated distribution and warehouse equipment
Property and Equipment, Net [Line Items]
Property and equipment	271.7	269.2
Shelving, industrial vending, and equipment
Property and Equipment, Net [Line Items]
Property and equipment	1,366.5	1,283.8
Transportation equipment
Property and Equipment, Net [Line Items]
Property and equipment	98.3	85.7
Construction in progress
Property and Equipment, Net [Line Items]
Property and equipment	$ 107.8	$ 96
Minimum | Buildings and improvements
Property and Equipment, Net [Line Items]
Depreciable life in years	15 years
Minimum | Automated distribution and warehouse equipment
Property and Equipment, Net [Line Items]
Depreciable life in years	5 years
Minimum | Shelving, industrial vending, and equipment
Property and Equipment, Net [Line Items]
Depreciable life in years	3 years
Minimum | Transportation equipment
Property and Equipment, Net [Line Items]
Depreciable life in years	3 years
Maximum | Buildings and improvements
Property and Equipment, Net [Line Items]
Depreciable life in years	40 years
Maximum | Automated distribution and warehouse equipment
Property and Equipment, Net [Line Items]
Depreciable life in years	30 years
Maximum | Shelving, industrial vending, and equipment
Property and Equipment, Net [Line Items]
Depreciable life in years	10 years
Maximum | Transportation equipment
Property and Equipment, Net [Line Items]
Depreciable life in years	5 years

Long-Lived Assets - Geographic

Long-Lived Assets - Geographic Areas (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long-Lived Assets by Geographic Areas [Line Items]
Total long-lived assets	$ 1,442	$ 1,423.8
United States
Long-Lived Assets by Geographic Areas [Line Items]
Total long-lived assets	1,314.2	1,303.4
Canada and Mexico
Long-Lived Assets by Geographic Areas [Line Items]
Total long-lived assets	87.2	80.4
North America
Long-Lived Assets by Geographic Areas [Line Items]
Total long-lived assets	1,401.4	1,383.8
All other foreign countries
Long-Lived Assets by Geographic Areas [Line Items]
Total long-lived assets	$ 40.6	$ 40

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employee payroll and related taxes	$ 15.2	$ 12.8
Employee bonuses and commissions	32.3	32.7
Profit sharing contribution	23.1	22.1
Insurance reserves	40.1	40.4
Indirect taxes	36.1	40.3
Customer promotions and marketing	63.3	60.6
Other	30.9	32.2
Accrued expenses	$ 241	$ 241.1

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	12 Months Ended			104 Months Ended
	Jan. 17, 2024	Jan. 02, 2024	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Cash dividends paid per share of common stock (in dollars per share)				$ 1.78	$ 1.24	$ 1.12
Special cash dividends paid per share of common stock (in dollars per share)			$ 0.38
Options vesting and exercisable period, maximum				8 years
Options termination period				10 years
Total intrinsic value of stock options exercised				$ 38.1	$ 10.2	$ 38.8
Total unrecognized stock-based compensation expense			$ 16.6	$ 16.6			$ 16.6
Weighted average period over which total unrecognized stock-based compensation expense will be recognized				4 years 2 months 4 days
Total grant date fair value of stock options vested				$ 5.3	5.2	4.8
Total stock-based compensation expense				$ 7.3	$ 7.2	$ 5.6
Subsequent Event [Line Items]
Options Granted (in shares)							10,840,912
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per share of common stock (in dollars per share)	$ 0.39
Subsequent Event | Employee Options
Subsequent Event [Line Items]
Options Granted (in shares)		764,195
Option Exercise Price (in dollars per share)		$ 64
Closing Stock Price on Date of Grant (in dollars per share)		$ 63.55
Subsequent Event | Non-employee Director Options
Subsequent Event [Line Items]
Options Granted (in shares)		50,717
Option Exercise Price (in dollars per share)		$ 64
Closing Stock Price on Date of Grant (in dollars per share)		$ 63.55

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options Granted (Details)	104 Months Ended
	Dec. 31, 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)	4,974,078
Options Exercisable (in shares)	2,197,022
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)	989,048
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)	611,848
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)	591,206
Options Exercisable (in shares)	211,323
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)	658,884
Options Exercisable (in shares)	322,242
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)	758,611
Options Exercisable (in shares)	451,061
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)	541,026
Options Exercisable (in shares)	419,460
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)	523,828
Options Exercisable (in shares)	426,290
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)	245,075
Options Exercisable (in shares)	188,177
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)	54,552
Options Exercisable (in shares)	54,552

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions for Options Granted (Details)	12 Months Ended
	Dec. 31, 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

Stockholder's Equity - Summary

Stockholder's Equity - Summary of Stock Option Plan Activity (Details) - $ / shares	12 Months Ended			104 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Options Outstanding
Granted (in shares)				10,840,912
Exercised (in shares)	(1,170,693)	(346,992)	(1,305,107)
Outstanding as of End of Period (in shares)	4,974,078			4,974,078
Options Exercisable (in shares)	2,197,022			2,197,022
Stock Option Plan
Options Outstanding
Outstanding as of Beginning of Period (in shares)	5,374,736	5,173,270
Granted (in shares)	1,071,943	713,438
Exercised (in shares)	(1,170,693)	(346,992)
Cancelled/forfeited (in shares)	(301,908)	(164,980)
Outstanding as of End of Period (in shares)	4,974,078	5,374,736	5,173,270	4,974,078
Options Exercisable (in shares)	2,197,022	2,437,636		2,197,022
Exercise Price
Outstanding as of Beginning of Period (in dollars per share)	$ 34.37	$ 30.23
Granted (in dollars per share)	48	62
Exercised (in dollars per share)	25.69	26.78
Cancelled/forfeited (in dollars per share)	45	40
Outstanding as of End of Period (in dollars per share)	38.70	34.37	$ 30.23	$ 38.70
Exercisable (in dollars per share)	$ 30.88	$ 27.14		$ 30.88
Remaining Life
Outstanding	5 years 11 months 26 days	5 years 7 months 28 days	6 years 29 days
Granted	9 years	9 years
Exercisable	4 years 6 months 14 days	4 years 3 months 18 days

Stockholders' Equity - Shares O

Stockholders' Equity - Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares Outstanding [Roll Forward]
Balance at beginning of year (in shares)	570,811,674	575,464,682	574,159,575
Stock options exercised (in shares)	1,170,693	346,992	1,305,107
Purchases of common stock (in shares)	0	(5,000,000)	0
Balance at end of year (in shares)	571,982,367	570,811,674	575,464,682

Stockholders' Equity - Reconcil

Stockholders' Equity - Reconciliation of Denominators Used in Computation of Basic and Diluted Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Basic weighted average shares outstanding (in shares)	571,271,846	573,777,790	574,808,030
Weighted shares assumed upon exercise of stock options (in shares)	1,736,762	1,845,324	2,309,026
Diluted weighted average shares outstanding (in shares)	573,008,608	575,623,114	577,117,056

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Anti-Dilutive Options Excluded (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Options to purchase shares of common stock (in shares)	1,568,460	1,335,898	678,310
Weighted average exercise prices of options (in dollars per share)	$ 53.80	$ 55.25	$ 48

Retirement Savings Plan - Narra

Retirement Savings Plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Expense related to contribution to employees' retirement accounts	$ 23.1	$ 22.1	$ 17.4

Income Taxes - Earnings Before

Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 1,392.7	$ 1,335.7	$ 1,100.3
Foreign	129.3	104.3	107.5
Earnings before income taxes	$ 1,522	$ 1,440	$ 1,207.8

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 273.3	$ 267.6	$ 214.3
State	59.6	58	46.7
Foreign	44.9	35	34.1
Income tax expense	377.8	360.6	295.1
Deferred
Federal	(9.2)	(5)	(11.4)
State	(1.3)	(1.1)	(1.7)
Foreign	(0.3)	(1.4)	0.8
Income tax expense	(10.8)	(7.5)	(12.3)
Total
Federal	264.1	262.6	202.9
State	58.3	56.9	45
Foreign	44.6	33.6	34.9
Effective income tax rate	$ 367	$ 353.1	$ 282.8

Income Taxes - Difference in In

Income Taxes - Difference in Income Tax Expense and Expected Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount
U.S. federal statutory income tax	$ 319.6	$ 302.4	$ 253.6
State income taxes, net of federal benefit	45.1	45.6	34.9
Other, net	2.3	5.1	(5.7)
Effective income tax rate	$ 367	$ 353.1	$ 282.8
Percent
U.S. federal statutory income tax, percent	21%	21%	21%
State income taxes, net of federal benefit, percent	3%	3.20%	2.90%
Other, net, percent	0.10%	0.30%	(0.50%)
Effective income tax rate	24.10%	24.50%	23.40%

Income Taxes - Summary of Tempo

Income Taxes - Summary of Temporary Differences That Give Rise to Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Inventory costing and valuation methods	$ 5.6	$ 6.7
Insurance reserves	8.3	8.6
Foreign net operating loss and credit carryforwards	3	2.6
Stock-based compensation	3.8	3.6
Operating lease liabilities	69.5	62.6
Section 174 capitalization	7.4	3.4
Other, deferred tax assets	9.4	9.6
Total deferred income tax assets	107	97.1
Less: Valuation allowances	(2.2)	(1.8)
Total net deferred income tax assets	104.8	95.3
Property and equipment	(95.4)	(102.6)
Operating lease ROU assets	(68.3)	(61.5)
Prepaid expenses	(3.5)	(3.5)
Other, deferred tax liabilities	(0.4)	(1.3)
Total deferred income tax liabilities	(167.6)	(168.9)
Net deferred income tax liabilities	$ (62.8)	$ (73.6)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Beginning and Ending Amount of Total Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year:	$ 10.1	$ 7.4
Increase related to prior year tax positions	5.6	3.5
Increase related to current year tax positions	0.6	0.6
Decrease related to statute of limitation lapses	(6.1)	(0.9)
Settlements	0	(0.5)
Balance at end of year:	$ 10.2	$ 10.1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, income tax penalties and interest expense	$ 3.8	$ 0.7
Income Tax Contingency [Line Items]
Unrecognized tax benefits that would favorably impact effective tax rate	9.2	$ 8.6
Undistributed earnings from foreign subsidiaries	$ 514.7
Forecast
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefits, reasonably possible			$ 1.4

Operating Leases - Additional I

Operating Leases - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
Aggregate residual value guarantee of pick-up leases	$ 118.4

Operating leases - Cost Compone

Operating leases - Cost Components of Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 117.6	$ 111.5	$ 113.4
Variable lease cost	12.1	11.2	11.7
Short-term lease cost	23.7	26.6	19.2
Total	153.4	149.3	144.3
Leased Facilities and Equipment
Lessee, Lease, Description [Line Items]
Operating lease cost	99.4	96.8	99.7
Variable lease cost	10.5	9.7	10.4
Short-term lease cost	0	0	0
Total	109.9	106.5	110.1
Leased Vehicles
Lessee, Lease, Description [Line Items]
Operating lease cost	18.2	14.7	13.7
Variable lease cost	1.6	1.5	1.3
Short-term lease cost	23.7	26.6	19.2
Total	$ 43.5	$ 42.8	$ 34.2

Operating Leases - Maturities o

Operating Leases - Maturities of Lease Liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
2024	$ 100.3
2025	77.2
2026	52.2
2027	31.6
2028	17.8
2029 and thereafter	14.5
Total lease payments	293.6
Less: Imputed interest	(18.6)
Present value of lease liabilities	275
Leased Facilities and Equipment
Lessee, Lease, Description [Line Items]
2024	86.1
2025	65.1
2026	43.3
2027	26.5
2028	14.7
2029 and thereafter	13
Total lease payments	248.7
Less: Imputed interest	(15.2)
Present value of lease liabilities	233.5
Leased Vehicles
Lessee, Lease, Description [Line Items]
2024	14.2
2025	12.1
2026	8.9
2027	5.1
2028	3.1
2029 and thereafter	1.5
Total lease payments	44.9
Less: Imputed interest	(3.4)
Present value of lease liabilities	$ 41.5

Operating Leases - Weighted Ave

Operating Leases - Weighted Average Lease Term and Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Leased Facilities and Equipment
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (years)	3 years 9 months 3 days	3 years 6 months 25 days
Weighted average discount rate	3.07%	2.07%
Leased Vehicles
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (years)	3 years 9 months 7 days	2 years 7 months 28 days
Weighted average discount rate	4.03%	2.47%

Operating Leases - Supplemental

Operating Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	$ 115.7	$ 110.9	$ 112.4
Leased assets obtained in exchange for new operating lease liabilities	$ 116.2	$ 89.4	$ 103.6

Debt Commitments - Debt Obligat

Debt Commitments - Debt Obligations and Letters of Credit Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 260	$ 555
Less: Current portion of debt	(60)	(201.8)
Long-term debt	$ 200	353.2
Credit Facility | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Average Interest Rate, weighted per annum	6.36%
Total	$ 0	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
Debt Instrument [Line Items]
Total	$ 260
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	12 Months Ended
	Dec. 31, 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	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt issuance, aggregate principal amount	$ 260,000,000
Maximum aggregate borrowing capacity	$ 900,000,000

Debt Commitments - Debt Maturit

Debt Commitments - Debt Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 260	$ 555
Senior Unsecured Promissory Notes
Debt Instrument [Line Items]
2024	60
2025	75
2026	25
2027	50
2028	0
2029 and thereafter	50
Total	$ 260

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance For Credit Losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 8.3	$ 12	$ 12.3
"Additions/ (Reductions)" to Costs and Expenses	2.2	(1.8)	2.5
"Other" Additions (Deductions)	0	0	0
"Less" Deductions	4.1	1.9	2.8
Balance at End of Year	6.4	8.3	12
Insurance Reserves
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	40.4	35.7	41
"Additions/ (Reductions)" to Costs and Expenses	86.2	78.2	78.6
"Other" Additions (Deductions)	0	0	0
"Less" Deductions	86.5	73.5	83.9
Balance at End of Year	$ 40.1	$ 40.4	$ 35.7