Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 10, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-16125 | |
Entity Registrant Name | FASTENAL CO | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-0948415 | |
Entity Address, Address Line One | 2001 Theurer Boulevard | |
Entity Address, City or Town | Winona | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55987-1500 | |
City Area Code | 507 | |
Local Phone Number | 454-5374 | |
Title of 12(b) Security | Common stock, par value $.01 per share | |
Trading Symbol | FAST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 572,547,449 | |
Entity Central Index Key | 0000815556 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 237.1 | $ 221.3 |
Trade accounts receivable, net of allowance for credit losses of $4.8 and $6.4, respectively | 1,213.2 | 1,087.6 |
Inventories | 1,496.3 | 1,522.7 |
Prepaid income taxes | 0 | 17.5 |
Other current assets | 136.9 | 171.8 |
Total current assets | 3,083.5 | 3,020.9 |
Property and equipment, net | 1,013 | 1,011.1 |
Operating lease right-of-use assets | 278.1 | 270.2 |
Other assets | 158.1 | 160.7 |
Total assets | 4,532.7 | 4,462.9 |
Current liabilities: | ||
Current portion of debt | 0 | 60 |
Accounts payable | 276 | 264.1 |
Accrued expenses | 207.5 | 241 |
Current portion of operating lease liabilities | 97.4 | 96.2 |
Income taxes payable | 57 | 0 |
Total current liabilities | 637.9 | 661.3 |
Long-term debt | 200 | 200 |
Operating lease liabilities | 186 | 178.8 |
Deferred income taxes | 73.8 | 73 |
Other long-term liabilities | 5.8 | 1 |
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, 572,525,495 and 571,982,367 shares issued and outstanding, respectively | 5.7 | 5.7 |
Additional paid-in capital | 58.8 | 41 |
Retained earnings | 3,431.4 | 3,356.9 |
Accumulated other comprehensive loss | (66.7) | (54.8) |
Total stockholders' equity | 3,429.2 | 3,348.8 |
Total liabilities and stockholders' equity | $ 4,532.7 | $ 4,462.9 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Trade accounts receivable, allowance for credit losses | $ 4.8 | $ 6.4 |
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) | 572,525,495 | 571,982,367 |
Outstanding (in shares) | 572,525,495 | 571,982,367 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net sales | $ 1,895.1 | $ 1,859.1 |
Cost of sales | 1,033.5 | 1,009.1 |
Gross profit | 861.6 | 850 |
Selling, general, and administrative expenses | 471.4 | 456.8 |
Operating income | 390.2 | 393.2 |
Interest income | 1.6 | 0.4 |
Interest expense | (2) | (3.9) |
Income before income taxes | 389.8 | 389.7 |
Income tax expense | 92.1 | 94.6 |
Net income | $ 297.7 | $ 295.1 |
Basic net income per share (in dollars per share) | $ 0.52 | $ 0.52 |
Diluted net income per share (in dollars per share) | $ 0.52 | $ 0.52 |
Basic weighted average shares outstanding (in shares) | 572,339,493 | 570,928,848 |
Diluted weighted average shares outstanding (in shares) | 574,090,707 | 572,632,589 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 297.7 | $ 295.1 |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation adjustments (net of tax of $0.0 in 2024 and 2023) | (11.9) | 4.3 |
Comprehensive income | $ 285.8 | $ 299.4 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, tax | $ 0 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss) income |
Balance at beginning of period at Dec. 31, 2022 | $ 5.7 | $ 3.6 | $ 3,218.7 | $ (64.8) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock options exercised | 5.9 | ||||
Stock-based compensation | 1.9 | ||||
Net income | $ 295.1 | 295.1 | |||
Cash dividends paid | (199.8) | ||||
Other comprehensive (loss) income | 4.3 | ||||
Balance at end of period at Mar. 31, 2023 | $ 3,270.6 | 5.7 | 11.4 | 3,314 | (60.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends paid per share of common stock (in dollars per share) | $ 0.35 | ||||
Balance at beginning of period at Dec. 31, 2022 | 5.7 | 3.6 | 3,218.7 | (64.8) | |
Balance at end of period 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 | ||||
Stock options exercised | 15.8 | ||||
Stock-based compensation | 2 | ||||
Net income | $ 297.7 | 297.7 | |||
Cash dividends paid | (223.2) | ||||
Other comprehensive (loss) income | (11.9) | ||||
Balance at end of period at Mar. 31, 2024 | $ 3,429.2 | $ 5.7 | $ 58.8 | $ 3,431.4 | $ (66.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends paid per share of common stock (in dollars per share) | $ 0.39 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 297.7 | $ 295.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property and equipment | 40.2 | 41.8 |
Gain on sale of property and equipment | (0.6) | (0.6) |
Bad debt recoveries | (0.9) | (1.4) |
Deferred income taxes | 0.8 | 0.3 |
Stock-based compensation | 2 | 1.9 |
Amortization of intangible assets | 2.7 | 2.7 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (127.6) | (133.7) |
Inventories | 21.9 | 57.7 |
Other current assets | 34.9 | 45.4 |
Accounts payable | 15.6 | 8.5 |
Accrued expenses | (31.9) | (11.9) |
Income taxes | 74.5 | 83.9 |
Other | 6.3 | (1.2) |
Net cash provided by operating activities | 335.6 | 388.5 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (50.8) | (33.7) |
Proceeds from sale of property and equipment | 2.5 | 2.8 |
Other | (0.1) | (0.1) |
Net cash used in investing activities | (48.4) | (31) |
Cash flows from financing activities: | ||
Proceeds from debt obligations | 160 | 230 |
Payments against debt obligations | (220) | (385) |
Proceeds from exercise of stock options | 15.8 | 5.9 |
Cash dividends paid | (223.2) | (199.8) |
Net cash used in financing activities | (267.4) | (348.9) |
Effect of exchange rate changes on cash and cash equivalents | (4) | 1.1 |
Net increase in cash and cash equivalents | 15.8 | 9.7 |
Cash and cash equivalents at beginning of period | 221.3 | 230.1 |
Cash and cash equivalents at end of period | 237.1 | 239.8 |
Supplemental information: | ||
Cash paid for interest | 2.4 | 5.1 |
Net cash paid for income taxes | 15.9 | 9.7 |
Leased assets obtained in exchange for new operating lease liabilities | $ 30.4 | $ 25.9 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Fastenal Company and subsidiaries (collectively referred to as 'the company', 'Fastenal', or by terms such as 'we', 'our', or 'us') have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. They do not include all information and footnotes required by U.S. GAAP for complete financial statements. However, except as described herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in our consolidated financial statements as of and for the year ended December 31, 2023. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Beginning in the first quarter of 2024, references to 'net earnings','operating and administrative expenses', and 'earnings before income taxes' have been revised in our condensed consolidated financial statements and financial reports, including this quarterly report on Form 10-Q, to 'net income', 'selling, general, and administrative (SG&A) expenses', and 'income before income taxes', respectively. 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) |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | (2) Revenue Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for product returns and any related sales incentives. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when or as we satisfy our performance obligations under the contract. We recognize revenue by transferring control of the promised products to the customer, with the majority of revenue recognized at the point in time the customer obtains control of the products. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. We estimate product returns based on historical return rates. Using probability assessments, we estimate sales incentives expected to be paid over the term of the contract. The majority of our contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Disaggregation of Revenue Revenues are attributable to countries based on the selling location from which the sale occurred. Our revenues related to the following geographic areas were as follows for the periods ended March 31: Three-month Period 2024 2023 United States $ 1,578.9 1,558.7 % of revenues 83.3 % 83.8 % Canada and Mexico 255.6 243.9 % of revenues 13.5 % 13.1 % North America 1,834.5 1,802.6 % of revenues 96.8 % 96.9 % All other foreign countries 60.6 56.5 % of revenues 3.2 % 3.1 % Total revenues $ 1,895.1 1,859.1 The percentages of our sales by end market were as follows for the periods ended March 31: Three-month Period 2024 2023 Manufacturing 75.0 % 74.6 % Non-residential construction 8.5 % 9.3 % Other 16.5 % 16.1 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended March 31: Three-month Period Type Introduced 2024 2023 Fasteners (1) 1967 31.5 % 33.6 % Tools 1993 8.6 % 8.5 % Cutting tools 1996 5.3 % 5.4 % Hydraulics & pneumatics 1996 6.7 % 6.6 % Material handling 1996 5.5 % 5.6 % Janitorial supplies 1996 8.5 % 8.1 % Electrical supplies 1997 4.6 % 4.6 % Welding supplies 1997 4.2 % 4.0 % Safety supplies 1999 21.6 % 20.4 % Other 3.5 % 3.2 % 100.0 % 100.0 % (1) The fastener product line represents fasteners and miscellaneous supplies. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | (3) Stockholders' Equity Dividends On April 10, 2024, our board of directors declared a quarterly dividend of $0.39 per share of common stock to be paid in cash on May 23, 2024 to shareholders of record at the close of business on April 25, 2024. The following table presents the cash dividends either paid previously or declared by our board of directors for future payment on a per share basis: 2024 2023 First quarter $ 0.39 $ 0.35 Second quarter 0.39 0.35 Third quarter 0.35 Fourth quarter 0.35 Fourth quarter (special) 0.38 Total $ 0.78 $ 1.78 Stock Options The following tables summarize the details of options granted under our stock option plans that were outstanding as of March 31, 2024, and the assumptions used to value those grants. All such grants were effective at the close of business on the date of grant. Options Option Exercise Closing Stock Price on Date March 31, 2024 Date of Grant Options Options January 2, 2024 814,912 $ 64.00 $ 63.550 802,416 50,717 January 3, 2023 1,071,943 $ 48.00 $ 47.400 949,410 205,572 January 3, 2022 713,438 $ 62.00 $ 61.980 583,214 226,398 January 4, 2021 741,510 $ 48.00 $ 47.650 549,094 278,374 January 2, 2020 902,263 $ 38.00 $ 37.230 609,382 395,938 January 2, 2019 1,316,924 $ 26.00 $ 25.705 637,473 493,803 January 2, 2018 1,087,936 $ 27.50 $ 27.270 478,526 401,032 January 3, 2017 1,529,578 $ 23.50 $ 23.475 384,629 340,307 April 19, 2016 1,690,880 $ 23.00 $ 22.870 167,712 111,980 April 21, 2015 1,786,440 $ 21.00 $ 20.630 16,023 16,023 Total 11,655,824 5,177,879 2,520,144 Date of Grant Risk-free Expected Life of Expected Expected Estimated Fair January 2, 2024 3.8 % 5.00 2.2 % 28.44 % $ 15.87 January 3, 2023 4.0 % 5.00 2.6 % 29.58 % $ 11.62 January 3, 2022 1.3 % 5.00 1.7 % 28.52 % $ 13.68 January 4, 2021 0.4 % 5.00 2.0 % 29.17 % $ 9.57 January 2, 2020 1.7 % 5.00 2.4 % 25.70 % $ 6.81 January 2, 2019 2.5 % 5.00 2.9 % 23.96 % $ 4.40 January 2, 2018 2.2 % 5.00 2.3 % 23.45 % $ 5.02 January 3, 2017 1.9 % 5.00 2.6 % 24.49 % $ 4.20 April 19, 2016 1.3 % 5.00 2.6 % 26.34 % $ 4.09 April 21, 2015 1.3 % 5.00 2.7 % 26.84 % $ 3.68 All of the options in the tables above vest and become exercisable over a period of up to eight years. Generally, each option will terminate approximately 10 years after the grant date. The fair value of each share-based option is estimated on the date of grant using a Black-Scholes valuation method that uses the assumptions listed above. The risk-free interest rate is based on the U.S. Treasury rate over the expected life of the option at the time of grant. The expected life is the average length of time over which we expect the employee groups will exercise their options, net of forfeitures, which is based on historical experience with similar grants. The dividend yield is estimated over the expected life of the option based on our current dividend payout, historical dividends paid, and expected future cash dividends. Expected stock volatilities are based on the movement of our stock price over the most recent historical period equivalent to the expected life of the option. Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period. The stock-based compensation expense for the three-month periods ended March 31, 2024 and 2023 was $2.0 and $1.9, respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of March 31, 2024 was $24.8 and is expected to be recognized over a weighted average period of 4.62 years. Any future changes in estimated forfeitures will impact this amount. Income Per Share The following tables present a reconciliation of the denominators used in the computation of basic and diluted income per share and a summary of the options to purchase shares of common stock which were excluded from the diluted income per share calculation because they were anti-dilutive: Three-month Period Reconciliation 2024 2023 Basic weighted average shares outstanding 572,339,493 570,928,848 Weighted shares assumed upon exercise of stock options 1,751,214 1,703,741 Diluted weighted average shares outstanding 574,090,707 572,632,589 Three-month Period Summary of Anti-dilutive Options Excluded 2024 2023 Options to purchase shares of common stock 958,569 2,269,908 Weighted average exercise prices of options $ 63.55 52.17 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (4) Income Taxes We file income tax returns in the United States federal jurisdiction, all states, and various local and foreign jurisdictions. We are no longer subject to income tax examinations by taxing authorities for taxable years before 2020 in the case of United States federal examinations, and with limited exception, before 2018 in the case of foreign, state, and local examinations. During the first quarter of 2024, there were no material changes in unrecognized tax benefits. |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Operating Leases | (5) Operating Leases Certain operating leases for pick-up trucks contain residual value guarantee provisions which would generally become due at the expiration of the operating lease agreement if the fair value of the leased vehicles is less than the guaranteed residual value. The aggregate residual value guarantee related to these leases was approximately $125.8. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote. |
Debt Commitments
Debt Commitments | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt Commitments | (6) Debt Commitments Credit Facility, Notes Payable, and Commitments Debt obligations and letters of credit outstanding at the end of each period consisted of the following: Average Interest Rate at March 31, 2024 Debt Outstanding Maturity March 31, December 31, Unsecured revolving credit facility 6.36 % September 28, 2027 $ — — Senior unsecured promissory notes payable, Series C 3.22 % March 1, 2024 — 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 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 200.0 260.0 Less: Current portion of debt — (60.0) Long-term debt $ 200.0 200.0 Outstanding letters of credit under unsecured revolving credit facility - contingent obligation $ 31.2 32.7 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 $200.0 as of March 31, 2024. Our aggregate borrowing capacity under the Master Note Agreement is $900.0; however, none of the institutional investors party to that agreement are committed to purchase notes thereunder. There is no amortization of these notes prior to their maturity date and interest is payable quarterly. The notes currently issued under our Master Note Agreement, including the maturity date and fixed interest rate per annum of each series of note, are contained in the table above. The Master Note Agreement contains certain financial and other covenants and we are currently in compliance with these covenants. |
Legal Contingencies
Legal Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Contingencies | (7) Legal Contingencies The nature of our potential exposure to legal contingencies is described in our 2023 annual report on Form 10-K in Note 10 of the Notes to Consolidated Financial Statements. As of March 31, 2024, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | (8) Subsequent Events We evaluated all subsequent event activity and concluded that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the Notes to Condensed Consolidated Financial Statements, with the exception of the dividend declaration disclosed in Note 3 'Stockholders' Equity'. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 297.7 | $ 295.1 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Fastenal Company and subsidiaries (collectively referred to as 'the company', 'Fastenal', or by terms such as 'we', 'our', or 'us') have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. They do not include all information and footnotes required by U.S. GAAP for complete financial statements. However, except as described herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in our consolidated financial statements as of and for the year ended December 31, 2023. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Beginning in the first quarter of 2024, references to 'net earnings','operating and administrative expenses', and 'earnings before income taxes' have been revised in our condensed consolidated financial statements and financial reports, including this quarterly report on Form 10-Q, to 'net income', 'selling, general, and administrative (SG&A) expenses', and 'income before income taxes', respectively. |
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) |
Revenue Recognition | Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for product returns and any related sales incentives. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when or as we satisfy our performance obligations under the contract. We recognize revenue by transferring control of the promised products to the customer, with the majority of revenue recognized at the point in time the customer obtains control of the products. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. We estimate product returns based on historical return rates. Using probability assessments, we estimate sales incentives expected to be paid over the term of the contract. The majority of our contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenues are attributable to countries based on the selling location from which the sale occurred. Our revenues related to the following geographic areas were as follows for the periods ended March 31: Three-month Period 2024 2023 United States $ 1,578.9 1,558.7 % of revenues 83.3 % 83.8 % Canada and Mexico 255.6 243.9 % of revenues 13.5 % 13.1 % North America 1,834.5 1,802.6 % of revenues 96.8 % 96.9 % All other foreign countries 60.6 56.5 % of revenues 3.2 % 3.1 % Total revenues $ 1,895.1 1,859.1 The percentages of our sales by end market were as follows for the periods ended March 31: Three-month Period 2024 2023 Manufacturing 75.0 % 74.6 % Non-residential construction 8.5 % 9.3 % Other 16.5 % 16.1 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended March 31: Three-month Period Type Introduced 2024 2023 Fasteners (1) 1967 31.5 % 33.6 % Tools 1993 8.6 % 8.5 % Cutting tools 1996 5.3 % 5.4 % Hydraulics & pneumatics 1996 6.7 % 6.6 % Material handling 1996 5.5 % 5.6 % Janitorial supplies 1996 8.5 % 8.1 % Electrical supplies 1997 4.6 % 4.6 % Welding supplies 1997 4.2 % 4.0 % Safety supplies 1999 21.6 % 20.4 % Other 3.5 % 3.2 % 100.0 % 100.0 % (1) The fastener product line represents fasteners and miscellaneous supplies. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Dividends Paid Previously or Declared | The following table presents the cash dividends either paid previously or declared by our board of directors for future payment on a per share basis: 2024 2023 First quarter $ 0.39 $ 0.35 Second quarter 0.39 0.35 Third quarter 0.35 Fourth quarter 0.35 Fourth quarter (special) 0.38 Total $ 0.78 $ 1.78 |
Stock Options Granted | The following tables summarize the details of options granted under our stock option plans that were outstanding as of March 31, 2024, and the assumptions used to value those grants. All such grants were effective at the close of business on the date of grant. Options Option Exercise Closing Stock Price on Date March 31, 2024 Date of Grant Options Options January 2, 2024 814,912 $ 64.00 $ 63.550 802,416 50,717 January 3, 2023 1,071,943 $ 48.00 $ 47.400 949,410 205,572 January 3, 2022 713,438 $ 62.00 $ 61.980 583,214 226,398 January 4, 2021 741,510 $ 48.00 $ 47.650 549,094 278,374 January 2, 2020 902,263 $ 38.00 $ 37.230 609,382 395,938 January 2, 2019 1,316,924 $ 26.00 $ 25.705 637,473 493,803 January 2, 2018 1,087,936 $ 27.50 $ 27.270 478,526 401,032 January 3, 2017 1,529,578 $ 23.50 $ 23.475 384,629 340,307 April 19, 2016 1,690,880 $ 23.00 $ 22.870 167,712 111,980 April 21, 2015 1,786,440 $ 21.00 $ 20.630 16,023 16,023 Total 11,655,824 5,177,879 2,520,144 |
Fair Value Assumptions for Options Granted | Date of Grant Risk-free Expected Life of Expected Expected Estimated Fair January 2, 2024 3.8 % 5.00 2.2 % 28.44 % $ 15.87 January 3, 2023 4.0 % 5.00 2.6 % 29.58 % $ 11.62 January 3, 2022 1.3 % 5.00 1.7 % 28.52 % $ 13.68 January 4, 2021 0.4 % 5.00 2.0 % 29.17 % $ 9.57 January 2, 2020 1.7 % 5.00 2.4 % 25.70 % $ 6.81 January 2, 2019 2.5 % 5.00 2.9 % 23.96 % $ 4.40 January 2, 2018 2.2 % 5.00 2.3 % 23.45 % $ 5.02 January 3, 2017 1.9 % 5.00 2.6 % 24.49 % $ 4.20 April 19, 2016 1.3 % 5.00 2.6 % 26.34 % $ 4.09 April 21, 2015 1.3 % 5.00 2.7 % 26.84 % $ 3.68 |
Reconciliation of Denominators Used in Computation of Basic and Diluted Income Per Share | The following tables present a reconciliation of the denominators used in the computation of basic and diluted income per share and a summary of the options to purchase shares of common stock which were excluded from the diluted income per share calculation because they were anti-dilutive: Three-month Period Reconciliation 2024 2023 Basic weighted average shares outstanding 572,339,493 570,928,848 Weighted shares assumed upon exercise of stock options 1,751,214 1,703,741 Diluted weighted average shares outstanding 574,090,707 572,632,589 |
Anti-Dilutive Options Excluded | Three-month Period Summary of Anti-dilutive Options Excluded 2024 2023 Options to purchase shares of common stock 958,569 2,269,908 Weighted average exercise prices of options $ 63.55 52.17 |
Debt Commitments (Tables)
Debt Commitments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Obligations and Letters of Credit Outstanding | Debt obligations and letters of credit outstanding at the end of each period consisted of the following: Average Interest Rate at March 31, 2024 Debt Outstanding Maturity March 31, December 31, Unsecured revolving credit facility 6.36 % September 28, 2027 $ — — Senior unsecured promissory notes payable, Series C 3.22 % March 1, 2024 — 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 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 200.0 260.0 Less: Current portion of debt — (60.0) Long-term debt $ 200.0 200.0 Outstanding letters of credit under unsecured revolving credit facility - contingent obligation $ 31.2 32.7 |
Revenue - Revenues by Geographi
Revenue - Revenues by Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues by Geographic Areas [Line Items] | ||
Total revenues | $ 1,895.1 | $ 1,859.1 |
United States | ||
Revenues by Geographic Areas [Line Items] | ||
Total revenues | $ 1,578.9 | $ 1,558.7 |
United States | Revenues | Geographic Concentration Risk | ||
Revenues by Geographic Areas [Line Items] | ||
Percentage of revenues | 83.30% | 83.80% |
Canada and Mexico | ||
Revenues by Geographic Areas [Line Items] | ||
Total revenues | $ 255.6 | $ 243.9 |
Canada and Mexico | Revenues | Geographic Concentration Risk | ||
Revenues by Geographic Areas [Line Items] | ||
Percentage of revenues | 13.50% | 13.10% |
North America | ||
Revenues by Geographic Areas [Line Items] | ||
Total revenues | $ 1,834.5 | $ 1,802.6 |
North America | Revenues | Geographic Concentration Risk | ||
Revenues by Geographic Areas [Line Items] | ||
Percentage of revenues | 96.80% | 96.90% |
All other foreign countries | ||
Revenues by Geographic Areas [Line Items] | ||
Total revenues | $ 60.6 | $ 56.5 |
All other foreign countries | Revenues | Geographic Concentration Risk | ||
Revenues by Geographic Areas [Line Items] | ||
Percentage of revenues | 3.20% | 3.10% |
Revenue - Percentages of Sales
Revenue - Percentages of Sales by End Market (Details) - End Market - Sales | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Percentage of Sales by End Market [Line Items] | ||
Percentage of sales | 100% | 100% |
Manufacturing | ||
Percentage of Sales by End Market [Line Items] | ||
Percentage of sales | 75% | 74.60% |
Non-residential construction | ||
Percentage of Sales by End Market [Line Items] | ||
Percentage of sales | 8.50% | 9.30% |
Other | ||
Percentage of Sales by End Market [Line Items] | ||
Percentage of sales | 16.50% | 16.10% |
Revenue - Percentages of Sale_2
Revenue - Percentages of Sales by Product Line (Details) - Product Line - Sales | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 100% | 100% |
Fasteners | ||
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 31.50% | 33.60% |
Tools | ||
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 8.60% | 8.50% |
Cutting tools | ||
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 5.30% | 5.40% |
Hydraulics & pneumatics | ||
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 6.70% | 6.60% |
Material handling | ||
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 5.50% | 5.60% |
Janitorial supplies | ||
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 8.50% | 8.10% |
Electrical supplies | ||
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 4.60% | 4.60% |
Welding supplies | ||
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 4.20% | 4% |
Safety supplies | ||
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 21.60% | 20.40% |
Other | ||
Percentage of Sales by Product Line [Line Items] | ||
Percentage of sales | 3.50% | 3.20% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Apr. 10, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation [Abstract] | |||
Options vesting and exercisable period, maximum | 8 years | ||
Options termination period | 10 years | ||
Total stock-based compensation expense | $ 2 | $ 1.9 | |
Total unrecognized stock-based compensation expense | $ 24.8 | ||
Weighted average period over which total unrecognized stock-based compensation expense will be recognized | 4 years 7 months 13 days | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Cash dividends declared per share of common stock (in dollars per share) | $ 0.39 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Dividends Paid Previously or Declared (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | |
Dividends Per Share [Line Items] | ||||||||
Cash dividends paid per share of common stock (in dollars per share) | $ 0.39 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 1.78 | ||
Special cash dividends paid per share of common stock (in dollars per share) | $ 0.38 | |||||||
Forecast | ||||||||
Dividends Per Share [Line Items] | ||||||||
Cash dividends paid per share of common stock (in dollars per share) | $ 0.39 | $ 0.78 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options Granted (Details) | 107 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Granted (in shares) | 11,655,824 |
Options Outstanding (in shares) | 5,177,879 |
Options Exercisable (in shares) | 2,520,144 |
January 2, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Granted (in shares) | 814,912 |
Option Exercise Price (in dollars per share) | $ / shares | $ 64 |
Closing Stock Price on Date of Grant (in dollars per share) | $ / shares | $ 63.550 |
Options Outstanding (in shares) | 802,416 |
Options Exercisable (in shares) | 50,717 |
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) | 949,410 |
Options Exercisable (in shares) | 205,572 |
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) | 583,214 |
Options Exercisable (in shares) | 226,398 |
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) | 549,094 |
Options Exercisable (in shares) | 278,374 |
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) | 609,382 |
Options Exercisable (in shares) | 395,938 |
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) | 637,473 |
Options Exercisable (in shares) | 493,803 |
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) | 478,526 |
Options Exercisable (in shares) | 401,032 |
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) | 384,629 |
Options Exercisable (in shares) | 340,307 |
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) | 167,712 |
Options Exercisable (in shares) | 111,980 |
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) | 16,023 |
Options Exercisable (in shares) | 16,023 |
Stockholders' Equity - Fair Val
Stockholders' Equity - Fair Value Assumptions for Options Granted (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
January 2, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free Interest Rate | 3.80% |
Expected Life of Option in Years | 5 years |
Expected Dividend Yield | 2.20% |
Expected Stock Volatility | 28.44% |
Estimated Fair Value of Stock Option (in dollars per share) | $ 15.87 |
January 3, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free Interest Rate | 4% |
Expected Life of Option in Years | 5 years |
Expected Dividend Yield | 2.60% |
Expected Stock Volatility | 29.58% |
Estimated Fair Value of Stock Option (in dollars per share) | $ 11.62 |
January 3, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free Interest Rate | 1.30% |
Expected Life of Option in Years | 5 years |
Expected Dividend Yield | 1.70% |
Expected Stock Volatility | 28.52% |
Estimated Fair Value of Stock Option (in dollars per share) | $ 13.68 |
January 4, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free Interest Rate | 0.40% |
Expected Life of Option in Years | 5 years |
Expected Dividend Yield | 2% |
Expected Stock Volatility | 29.17% |
Estimated Fair Value of Stock Option (in dollars per share) | $ 9.57 |
January 2, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free Interest Rate | 1.70% |
Expected Life of Option in Years | 5 years |
Expected Dividend Yield | 2.40% |
Expected Stock Volatility | 25.70% |
Estimated Fair Value of Stock Option (in dollars per share) | $ 6.81 |
January 2, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free Interest Rate | 2.50% |
Expected Life of Option in Years | 5 years |
Expected Dividend Yield | 2.90% |
Expected Stock Volatility | 23.96% |
Estimated Fair Value of Stock Option (in dollars per share) | $ 4.40 |
January 2, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free Interest Rate | 2.20% |
Expected Life of Option in Years | 5 years |
Expected Dividend Yield | 2.30% |
Expected Stock Volatility | 23.45% |
Estimated Fair Value of Stock Option (in dollars per share) | $ 5.02 |
January 3, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free Interest Rate | 1.90% |
Expected Life of Option in Years | 5 years |
Expected Dividend Yield | 2.60% |
Expected Stock Volatility | 24.49% |
Estimated Fair Value of Stock Option (in dollars per share) | $ 4.20 |
April 19, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free Interest Rate | 1.30% |
Expected Life of Option in Years | 5 years |
Expected Dividend Yield | 2.60% |
Expected Stock Volatility | 26.34% |
Estimated Fair Value of Stock Option (in dollars per share) | $ 4.09 |
April 21, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free Interest Rate | 1.30% |
Expected Life of Option in Years | 5 years |
Expected Dividend Yield | 2.70% |
Expected Stock Volatility | 26.84% |
Estimated Fair Value of Stock Option (in dollars per share) | $ 3.68 |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of Denominators Used in Computation of Basic and Diluted Income Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | ||
Basic weighted average shares outstanding (in shares) | 572,339,493 | 570,928,848 |
Weighted shares assumed upon exercise of stock options (in shares) | 1,751,214 | 1,703,741 |
Diluted weighted average shares outstanding (in shares) | 574,090,707 | 572,632,589 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Anti-Dilutive Options Excluded (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | ||
Options to purchase shares of common stock (in shares) | 958,569 | 2,269,908 |
Weighted average exercise prices of options (in dollars per share) | $ 63.55 | $ 52.17 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Income Tax Disclosure [Abstract] | |
Material changes in unrecognized tax benefits | $ 0 |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
Aggregate residual value guarantee of pick-up leases | $ 125.8 |
Debt Commitments - Debt Obligat
Debt Commitments - Debt Obligations and Letters of Credit Outstanding (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total | $ 200 | $ 260 |
Less: Current portion of debt | 0 | (60) |
Long-term debt | $ 200 | 200 |
Credit Facility | Unsecured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Average Interest Rate, weighted per annum | 6.36% | |
Total | $ 0 | 0 |
Credit Facility | Letter of Credit Subfacility | ||
Debt Instrument [Line Items] | ||
Outstanding letters of credit under unsecured revolving credit facility - contingent obligation | $ 31.2 | 32.7 |
Senior Unsecured Promissory Notes | Senior unsecured promissory notes payable, Series C | ||
Debt Instrument [Line Items] | ||
Average Interest Rate, fixed per annum | 3.22% | |
Total | $ 0 | 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 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 | 3 Months Ended |
Mar. 31, 2024 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 | Mar. 31, 2024 USD ($) |
Debt Instrument [Line Items] | |
Debt issuance, aggregate principal amount | $ 200,000,000 |
Maximum aggregate borrowing capacity | $ 900,000,000 |