| Document Information (USD $) | |
| 12 Months Ended
Dec. 31, 2008 | |
| Document Information [Line Items] | |
| Document Type | 10-K |
| Amendment Flag | false |
| Document Period End Date | 2008-12-31 |
| Document Fiscal Year Focus | 2,008 |
| Document Fiscal Period Focus | FY |
| Entity Information (USD $) | |
| 12 Months Ended
Dec. 31, 2008 | |
| Entity Information [Line Items] | |
| Entity Registrant Name | FASTENAL COMPANY |
| Entity Central Index Key | 0000815556 |
| Current Fiscal Year End Date | --12-31 |
| Entity Well-known Seasoned Issuer | Yes |
| Entity Voluntary Filers | No |
| Entity Current Reporting Status | Yes |
| Entity Filer Category | Large Accelerated Filer |
| Entity Public Float | $4,580,361,184 |
| Entity Common Stock, Shares Outstanding | 148,530,712 |
| Entity Listings [Line Items] | |
| Trading Symbol | FAST |
| Notes to Financial Statements | |
| 12 Months Ended
Dec. 31, 2008 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| Note 1. Business Overview and Summary of Significant Accounting Policies | Note 1. Business Overview and Summary of Significant Accounting Policies Business Overview Fastenal is a North American leader in the wholesale distribution of industrial and construction supplies. We operate stores primarily located in North America. On December31, 2008, we operated 2,311 company owned or leased store locations. Principles of Consolidation The consolidated financial statements include the accounts of Fastenal Company and its wholly-owned subsidiaries (collectively referred to as ‘Fastenal’ or by such terms as ‘we’, ‘our’, or ‘us.’). All material intercompany balances and transactions have been eliminated in consolidation. Revenue Recognition and Accounts Receivable Net sales include products, services, and freight and handling costs billed, net of any related sales incentives paid to customers and net of an estimate for product returns. We recognize revenue when persuasive evidence of an arrangement exists, title and risk of ownership have passed, the sales price is fixed or determinable, and collectibility is probable. These criteria are met at the time the product is shipped to, or picked up by, the customer. We recognize billings for freight and handling charges at the time the products are shipped to, or picked up by, the customer. We recognize services at the time the service is provided to the customer. We estimate product returns based on historical return rates. Accounts receivable are stated at their estimated net realizable value. The allowance for doubtful accounts is based on an analysis of customer accounts and our historical experience with accounts receivable write-offs. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales in the accompanying consolidated statements of earnings. Foreign Currency Translation and Transactions The functional currency of our foreign operations is the applicable local currency. The functional currency is translated into U.S. dollars for balance sheet accounts (with the exception of 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 year. The translation adjustments are deferred as a separate component of stockholders’ equity, captioned accumulated other comprehensive income. Gains or losses resulting from transactions denominated in foreign currencies are included in operating and administrative expenses in the consolidated statements of earnings. Financial Instruments All financial instruments are carried at amounts that approximate estimated fair value. Cash and Cash Equivalents Cash and cash equivalents are held primarily at two banks. For purposes of the consolidated statements of cash flows, we consider all highly-liquid debt instruments 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 market. |
| Note 2. Investments | Note 2. Investments Available-for-sale securities at December31 consist of the following: 2008: Amortized cost Gross unrealized gains Gross unrealized losses Fair value State and municipal bonds $ 1,577 — (20 ) 1,557 Certificates of deposit or money market 140 — — 140 Total available-for-sale securities $ 1,717 — (20 ) 1,697 2007: Amortized cost Gross unrealized gains Gross unrealized losses Fair value State and municipal bonds $ 2,137 — (30 ) 2,107 Certificates of deposit or money market 2 — — 2 Total available-for-sale securities $ 2,139 — (30 ) 2,109 We recorded gains related to our available-for-sale securities which were immaterial in 2008, 2007, and 2006. Gains and losses from the sale of investments are calculated based on the specific identification method. Maturities of our available-for-sale securities at December31, 2008 consist of the following: Less than 12 months Greater than 12 months Amortized cost Fair value Amortized cost Fair value State and municipal bonds 711 711 866 846 Certificates of deposit or money market 140 140 — — Total available-for-sale securities $ 851 851 866 846 |
| Note 3. Property and Equipment | Note 3. Property and Equipment Property and equipment as of December31 consists of the following: Depreciable life in years 2008 2007 Land — $ 30,071 23,393 Buildings and improvements 31to39 145,974 126,094 Equipment and shelving 3 to 10 290,632 252,425 Transportation equipment 3 to 5 44,471 40,857 Construction in progress 27,657 22,724 538,805 465,493 Less accumulated depreciation (214,623 ) (188,866 ) Net property and equipment $ 324,182 276,627 Construction in progress at December31, 2008 and 2007 consists primarily of the construction cost of our new Dallas distribution center building and automated racking system and the construction costs associated with the expansion of our Indianapolis distribution center, respectively. |
| Note 4. Accrued Expenses | Note 4. Accrued Expenses Accrued expenses as of December31 consist of the following: 2008 2007 Payroll and related taxes $ 15,182 13,609 Bonuses and commissions 10,069 11,033 Profit sharing contribution 5,207 4,743 Insurance 18,967 18,997 Promotions 9,605 11,349 Sales, real estate, and personal property taxes 6,239 8,002 Vehicle loss reserve and deferred rebates 7,693 6,597 Legal settlement 10,000 — Other 583 1,235 $ 83,545 75,565 |
| Note 5. Stockholders’ Equity | Note 5. Stockholders’ Equity Preferred stock has a par value of $.01 per share. There were 5,000,000 shares authorized and no shares issued as of December31, 2008 and 2007. Common stock has a par value of $.01 per share. There were 200,000,000 shares authorized and 148,530,712 shares issued and outstanding as of December31, 2008 and 200,000,000 shares authorized and 149,120,712 shares issued and outstanding as of December31, 2007. Dividends On January19, 2009, our Board of Directors declared a semi-annual dividend of $.35 per share of common stock to be paid in cash on February27, 2009 to shareholders of record at the close of business on February16, 2009. Stock Options On April15, 2008, the Compensation Committee of our Board of Directors approved the grant, effective at the close of business that day, of options to purchase 275,000 shares of our common stock at a strike price of $54 per share. The closing stock price on the date of grant was $48.70 per share. These options vest and become exercisable over a period of up to eight years. On April17, 2007, the Compensation Committee of our Board of Directors approved the grant, effective at the close of business that day, of options to purchase approximately 2,200,000 shares of our common stock at a strike price of $45 per share. The closing stock price on the date of grant was $40.30 per share. These options vest and become exercisable over a period of up to eight years. Each option will terminate, to the extent not previously exercised, 13 months after the end of the relevant vesting period. No options under either grant were vested as of December31, 2008. Compensation expense equal to the grant date fair value is recognized for these awards over the vesting period. 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 noted in the following table. The expected life is the most significant assumption as it determines the period for which the risk-free interest rate, volatility, and dividend yield must be applied. The expected life is the average length of time over which the employee groups will exercise their options, which is based on historical experience with similar grants. Expected volatilities are based on the movement of our stock over the most recent historical period equivalent to the expected life of the option. The risk-free interest rate is based on the U.S. Treasury rate over the expected life at the time of grant. The dividend yield is estimated over the expected life based on our current dividend payout, historical dividends paid, and expected future cash dividends. The following table illustrates the assumptions for the options granted in 2008 and 2007. Year of grant Risk-free interest rate Expected life of option in years Expected dividend yield Expected stock volatility Estimated fair value of stock option 2008 2.7 % 5.00 1.0 % 30.93 % $ 15.50 2007 4.6 % 4.85 1.0 % 31.59 % $ 11.36 A summary of activity under the Fastenal Option Plan previously described is presented below: |
| Note 6. Retirement Savings Plan | Note 6. Retirement Savings Plan The Fastenal Company and Subsidiaries 401(k) Plan covers all of our employees in the United States. Our employees in Canada may participate in a Registered Retirement Savings Plan (RRSP). The general purpose of both of these plans is to provide additional financial security during retirement by providing employees with an incentive to make regular savings. We contributed $5,207, $4,743 and $3,153 to our employees’ retirement accounts for 2008, 2007 and 2006, respectively. |
| Note 7. Income Taxes | Note 7. Income Taxes Earnings before income taxes were derived from the following sources: 2008 2007 2006 Domestic $ 434,816 374,920 319,494 Foreign 16,351 2,979 1,535 $ 451,167 377,899 321,029 Components of income tax expense (benefit) are as follows: 2008: Current Deferred Total Federal $ 137,751 5,501 143,252 State 21,780 (243 ) 21,537 Foreign 6,769 (96 ) 6,673 $ 166,300 5,162 171,462 2007: Current Deferred Total Federal $ 127,675 (3,051 ) 124,624 State 18,289 (266 ) 18,023 Foreign 3,536 (906 ) 2,630 $ 149,500 (4,223 ) 145,277 2006: Current Deferred Total Federal $ 109,595 (1,864 ) 107,731 State 14,539 (284 ) 14,255 Foreign 278 (273 ) 5 $ 124,412 (2,421 ) 121,991 Income tax expense in the accompanying consolidated financial statements differs from the expected expense as follows: 2008 2007 2006 Federal income tax expense at the “expected” rate of 35% $ 157,908 132,265 112,360 Increase (decrease) attributed to: State income taxes, net of federal benefit 13,914 11,715 9,266 State tax matters 1,020 1,350 — Other, net (1,380 ) (53 ) 365 Total income tax expense $ 171,462 145,277 121,991 The tax effects of temporary differences that give rise to deferred tax assets and liabilities as of December31 are as follows: 2008 2007 Deferred tax asset (liability): Inventory costing and valuation methods $ 3,573 4,906 Allowance for doubtful accounts receivable 776 894 Insurance claims payable 6,380 7,509 Promotions payable 743 1,416 Accrued legal reserves 3,955 — Stock based compensation 2,152 864 Federal and state benefit of uncertain tax positions 1,929 1,468 Other, net 1,802 — Total deferred tax assets 21,310 17,057 Fixed assets (19,298 ) (14,130 ) Other, net — (3,334 ) Total deferred tax liabilities (19,298 ) (17,464 ) Net deferred tax asset (liability) $ 2,012 (407 ) No valuation allowance for deferred tax assets was necessary as of December31, 2008 and 2007. The character of the deferred tax assets is such that they can be realized through carryback to prior tax periods or offset against future taxable income. During 2008, 2007, and 2006, $0, $0, and $4,653, respectively, were added to additional paid-in capital reflecting the permanent book to tax difference in accounting for tax benefits related to employee stock option transactions. We adopted the provisions of FASB Interpretation No.48, Accounting for Uncertainty in Income Taxes (FIN48) on January1, 2007. Implementation of FIN No.48 resul |
| Note 8. Geographic Information | Note 8. Geographic Information Our revenues and long-lived assets relate to the following geographic areas: Revenues 2008 2007 2006 United States $ 2,144,809 1,902,066 1,683,271 Canada 145,443 124,037 98,491 Other foreign countries 50,173 35,716 27,575 $ 2,340,425 2,061,819 1,809,337 Long-Lived Assets 2008 2007 2006 United States $ 316,640 267,609 257,075 Canada 8,113 9,888 8,546 Other foreign countries 3,147 2,843 1,924 $ 327,900 280,340 267,545 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 property and equipment, location security deposits, goodwill, and other intangibles. Revenues are attributed to countries based on the location of the store from which the sale occurred. No single customer represents more than 10% of our consolidated net sales. |
| Note 9. Operating Leases | Note 9. Operating Leases We lease space under non-cancelable operating leases for our Utah, Washington, Alberta, Canada, and Nuevo Leon, Mexico distribution centers, and certain store locations with initial terms of one to 60 months. Most store locations have initial lease terms of 36 to 48 months. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Any such terms are recognized as rent expense over the term of the lease. Further, the leases do not contain contingent rent provisions. Leasehold improvements, with a net book value of $2,707 at December31, 2008, on operating leases are amortized over a 36-month period. We lease certain semi-tractors and pick-ups under operating leases. The semi-tractor leases typically have a 36-month term. The pick-up leases typically have a non-cancellable lease term of approximately one year, with renewal options for up to 72-months. Our average lease term is typically for 15-20 months. Future minimum annual rentals for the leased facilities and the leased vehicles are as follows: Leased facilities Leased vehicles Total 2009 $ 81,267 19,913 101,180 2010 59,821 10,477 70,298 2011 37,723 1,042 38,765 2012 16,521 — 16,521 2013 6,888 — 6,888 2014 and thereafter 84 — 84 $ 202,304 31,432 233,736 Rent expense under all operating leases was as follows: Leased facilities Leased vehicles Total 2008 $ 86,964 27,868 114,832 2007 $ 77,263 23,675 100,938 2006 $ 60,915 21,577 82,492 Certain operating leases for vehicles contain residual value guarantee provisions which would 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 at lease expiration, of the leases that contain residual value guarantees, is approximately $15,212. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote, except for a $2,960 loss on disposal reserve provided at December31, 2008. |
| Note 10. Commitments and Contingencies | Note 10. Commitments and Contingencies Credit Facilities We have a line of credit arrangement with a bank which expires June1, 2009. The line allows for borrowings of up to $40,000 at 0.9% over the LIBOR rate. On December31, 2008 there was $0 outstanding on the line. We have a letter of credit issued on our behalf to our insurance carrier. As of December31, 2008, the total undrawn balance of this letter of credit was $21,400. During 2001, we completed the construction of a new building for our Kansas City warehouse, and completed an expansion of this warehouse in 2004. We were required to obtain financing for the construction and expansion of this facility under an Industrial Revenue Bond (IRB). We subsequently purchased 100% of the outstanding bonds under the IRB at par. In addition to purchasing the outstanding obligations, we have a right of offset included in the IRB debt agreement. Accordingly, we have netted the impact of the IRB in the accompanying consolidated financial statements. The outstanding balance of the IRB was $9,733 at December31, 2008 and 2007. Legal Contingencies We are involved in certain legal actions. 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. In accordance with SFAS No.5, Accounting for Contingencies (SFAS No.5), we record a liability in the consolidated financial statements for these 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 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. Other than the class action lawsuit noted below, negative outcomes for the balance of the litigation matters are not considered probable or cannot be reasonably estimated. On October18, 2007, a complaint was filed in the United States District Court for the Northern District of California against Fastenal on behalf of two former employees claiming to represent all employees employed in the store position of Assistant General Manager in the United States within three years prior to the filing date (four years for California employees). The suit alleges Fastenal misclassified its Assistant General Managers as exempt for purposes of the overtime provisions of the Fair Labor Standards Act (FLSA) and California and Pennsylvania state statutes. This suit also alleges that Assistant General Managers in California did not receive sufficient meal breaks and paid rest periods under the California Labor Code. An opt-in class was certified for this action. On August29, 2008, we issued a press release announcing a preliminary agreement to settle the class action lawsuit noted above. While we deny the al |
| Note 11. Sales by Product Line | Note 11. Sales by Product Line The percentages of our net sales by product line are as follows: Type Introduced 2008 2007 2006 Fasteners1 1967 51.2 % 50.7 % 51.5 % Tools 1993 9.9 % 10.6 % 10.9 % Cutting tools 1996 4.5 % 4.6 % 4.8 % Hydraulics pneumatics 1996 6.6 % 6.5 % 6.2 % Material handling 1996 5.9 % 6.1 % 6.3 % Janitorial supplies 1996 5.4 % 5.4 % 5.3 % Electrical supplies 1997 4.2 % 4.1 % 3.7 % Welding supplies 1997 3.6 % 3.6 % 3.5 % Safety supplies 1999 5.8 % 5.7 % 5.4 % Metals 2001 0.7 % 0.7 % 0.6 % Direct ship2 2004 2.0 % 1.8 % 1.6 % Other 0.2 % 0.2 % 0.2 % 100.0 % 100.0 % 100.0 % 1 Fastener product line represents fasteners and miscellaneous supplies. 2 Direct ship represents a cross section of products from the ten product lines. The items included here represent certain items with historically low margins which are shipped direct from our suppliers to our customers. |
| Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) (Amounts in thousands except per share information) 2008: Net sales Gross profit Net earnings Basic earnings per share First quarter $ 566,210 296,630 68,094 .46 Second quarter 604,219 317,389 76,166 .51 Third quarter 625,037 330,883 72,909 .49 Fourth quarter 544,959 291,190 62,536 .42 Total $ 2,340,425 1,236,092 279,705 1.88 2007: Net sales Gross profit Net earnings Basic earnings per share First quarter $ 489,157 249,515 54,033 .36 Second quarter 519,706 261,469 60,256 .40 Third quarter 533,750 272,024 62,142 .41 Fourth quarter 519,206 264,566 56,191 .38 Total $ 2,061,819 1,047,574 232,622 1.55 |
| Statement Of Cash Flows Indirect (USD $) | |||
| In Thousands | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 | 12 Months Ended
Dec. 31, 2006 |
| Cash flows from operating activities: | |||
| Net earnings | $279,705 | $232,622 | $199,038 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation of property and equipment | 39,201 | 37,332 | 33,530 |
| Loss (gain) on sale of property and equipment | 167 | (99) | 223 |
| Bad debt expense | 7,498 | 5,343 | 3,722 |
| Deferred income taxes | (2,419) | (911) | (3,705) |
| Stock based compensation | 3,247 | 1,915 | 279 |
| Amortization of non-compete agreement | 67 | 67 | 67 |
| Changes in operating assets and liabilities: | |||
| Trade accounts receivable | (16,107) | (32,142) | (29,698) |
| Inventories | (59,655) | (48,595) | (94,436) |
| Other current assets | 4,203 | (7,410) | (23,264) |
| Accounts payable | 8,596 | 13,982 | 2,799 |
| Accrued expenses | 7,980 | 14,021 | 11,286 |
| Income taxes payable | (6,374) | 5,892 | (1,727) |
| Other | (6,211) | 5,878 | (239) |
| Net cash provided by operating activities | 259,898 | 227,895 | 97,875 |
| Cash flows from investing activities: | |||
| Purchase of property and equipment | (95,306) | (55,759) | (77,581) |
| Proceeds from sale of property and equipment | 8,383 | 5,929 | 4,246 |
| Net (increase) decrease in marketable securities | 412 | 12,421 | (633) |
| Increase in other assets | (72) | (265) | (231) |
| Net cash used in investing activities | (86,583) | (37,674) | (74,199) |
| Cash flows from financing activities: | |||
| Proceeds from exercise of stock options | 0 | 0 | 12,522 |
| Tax benefits from exercise of stock options | 0 | 0 | 4,653 |
| Purchase of common stock | (25,958) | (87,312) | (17,294) |
| Payment of dividends | (117,474) | (66,216) | (60,548) |
| Net cash used in financing activities | (143,432) | (153,528) | (60,667) |
| Effect of exchange rate changes on cash | (1,211) | 1,181 | 133 |
| Net increase (decrease) in cash and cash equivalents | 28,672 | 37,874 | (36,858) |
| Cash and cash equivalents at beginning of year | 57,220 | 19,346 | 56,204 |
| Cash and cash equivalents at end of year | 85,892 | 57,220 | 19,346 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during each year for income taxes | $173,539 | $144,318 | $122,831 |
| Statement Of Financial Position Classified (USD $) | ||
| In Thousands, except Share data | Dec. 31, 2008
| Dec. 31, 2007
|
| Current assets: | ||
| Cash and cash equivalents | $85,892 | $57,220 |
| Marketable securities | 851 | 159 |
| Trade accounts receivable, net of allowance for doubtful accounts | 244,940 | 236,331 |
| Allowance for doubtful accounts | 2,660 | 2,265 |
| Inventories | 564,247 | 504,592 |
| Deferred income tax assets | 15,909 | 14,702 |
| Other current assets | 63,564 | 67,767 |
| Total current assets | 975,403 | 880,771 |
| Marketable securities | 846 | 1,950 |
| Property and equipment, less accumulated depreciation | 324,182 | 276,627 |
| Other assets, net | 3,718 | 3,713 |
| Total assets | 1,304,149 | 1,163,061 |
| Current liabilities: | ||
| Accounts payable | 63,949 | 55,353 |
| Accrued expenses | 83,545 | 75,565 |
| Income taxes payable | 499 | 6,873 |
| Total current liabilities | 147,993 | 137,791 |
| Deferred income tax liabilities | 13,897 | 15,109 |
| Commitments and contingencies (notes 5, 9, and 10) | 0 | 0 |
| Stockholders' equity: | ||
| Preferred stock | 0 | 0 |
| Authorized | 5,000,000 | 5,000,000 |
| Common stock | 1,485 | 1,491 |
| Authorized | 200,000,000 | 200,000,000 |
| Issued | 148,530,712 | 149,120,712 |
| Outstanding | 148,530,712 | 149,120,712 |
| Additional paid-in capital | 1,559 | 227 |
| Retained earnings | 1,134,244 | 996,050 |
| Accumulated other comprehensive income | 4,971 | 12,393 |
| Total stockholders' equity | 1,142,259 | 1,010,161 |
| Total liabilities and stockholders' equity | $1,304,149 | $1,163,061 |
| Statement Of Income (USD $) | |||
| In Thousands, except Per Share data | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 | 12 Months Ended
Dec. 31, 2006 |
| Net sales | $2,340,425 | $2,061,819 | $1,809,337 |
| Cost of sales | 1,104,333 | 1,014,245 | 901,662 |
| Gross profit | 1,236,092 | 1,047,574 | 907,675 |
| Operating and administrative expenses | 785,688 | 671,248 | 587,610 |
| Gain (loss) on sale of property and equipment | (167) | 99 | (223) |
| Operating income | 450,237 | 376,425 | 319,842 |
| Interest income | 930 | 1,474 | 1,187 |
| Earnings before income taxes | 451,167 | 377,899 | 321,029 |
| Income tax expense | 171,462 | 145,277 | 121,991 |
| Net earnings | $279,705 | $232,622 | $199,038 |
| Basic and diluted net earnings per share | 1.88 | 1.55 | 1.32 |
| Basic weighted average shares outstanding | 148,831 | 150,555 | 151,034 |
| Diluted weighted average shares outstanding | 148,831 | 150,555 | 151,165 |
| Statement Of Shareholders Equity And Other Comprehensive Income (USD $) | ||||||
| In Thousands | Common Stock Amount
| Additional Paid-in Capital
| Retained Earnings
| Accumulated Other Comprehensive Income (Loss)
| Total
| |
| Beginning Balance at Dec. 31, 2005 | $1,511 | $0 | $776,598 | $5,440 | $783,549 | |
| Beginning Balance at Dec. 31, 2005 | 151,055 | |||||
| Dividends paid in cash | (60,548) | (60,548) | ||||
| Purchase of common stock | (474) | |||||
| Purchase of common stock | (5) | (4,751) | (12,538) | (17,294) | ||
| Stock options exercised | 626 | |||||
| Stock options exercised | 6 | 12,516 | 12,522 | |||
| Stock based compensation | 279 | 279 | ||||
| Tax benefit from exercise of stock options | 4,653 | 4,653 | ||||
| Net earnings | 199,038 | 199,038 | ||||
| Change in marketable securities | 147 | 147 | ||||
| Translation adjustment (net of tax effect) | (253) | (253) | ||||
| Tax effect | 61 | 61 | ||||
| Ending Balance at Dec. 31, 2006 | 151,207 | |||||
| Ending Balance at Dec. 31, 2006 | 1,512 | 12,697 | 902,550 | 5,334 | 922,093 | |
| Dividends paid in cash | (66,216) | (66,216) | ||||
| Purchase of common stock | (2,086) | |||||
| Purchase of common stock | (21) | (14,385) | (72,906) | (87,312) | ||
| Stock based compensation | 1,915 | 1,915 | ||||
| Net earnings | 232,622 | 232,622 | ||||
| Change in marketable securities | 102 | 102 | ||||
| Translation adjustment (net of tax effect) | 6,957 | 6,957 | ||||
| Tax effect | 4,918 | 4,918 | ||||
| Ending Balance at Dec. 31, 2007 | 149,121 | |||||
| Ending Balance at Dec. 31, 2007 | 1,491 | 227 | 996,050 | 12,393 | 1,010,161 | |
| Dividends paid in cash | (117,474) | (117,474) | ||||
| Purchase of common stock | (590) | |||||
| Purchase of common stock | (6) | (1,915) | (24,037) | (25,958) | ||
| Stock based compensation | 3,247 | 3,247 | ||||
| Net earnings | 279,705 | 279,705 | ||||
| Change in marketable securities | 10 | 10 | ||||
| Translation adjustment (net of tax effect) | (7,432) | (7,432) | ||||
| Tax effect | 5,762 | 5,762 | ||||
| Ending Balance at Dec. 31, 2008 | 148,531 | |||||
| Ending Balance at Dec. 31, 2008 | $1,485 | $1,559 | $1,134,244 | $4,971 | $1,142,259 |
