Statement Of Financial Position
Statement Of Financial Position Classified (USD $) | ||
In Thousands | Dec. 31, 2009
| Dec. 31, 2008
|
Current assets: | ||
Cash and cash equivalents | $164,852 | $85,892 |
Marketable securities | 24,400 | 851 |
Trade accounts receivable, net of allowance for doubtful accounts of $4,086 and $2,660, respectively | 214,169 | 244,940 |
Inventories | 508,405 | 564,247 |
Deferred income tax assets | 12,919 | 15,909 |
Prepaid income taxes | 11,657 | 0 |
Other current assets | 45,962 | 63,564 |
Total current assets | 982,364 | 975,403 |
Marketable securities | 6,238 | 846 |
Property and equipment, less accumulated depreciation | 335,004 | 324,182 |
Other assets, net | 3,752 | 3,718 |
Total assets | 1,327,358 | 1,304,149 |
Current liabilities: | ||
Accounts payable | 53,490 | 63,949 |
Accrued expenses | 66,019 | 83,545 |
Income taxes payable | 0 | 499 |
Total current liabilities | 119,509 | 147,993 |
Deferred income tax liabilities | 17,006 | 13,897 |
Stockholders' equity: | ||
Preferred stock, 5,000,000 shares authorized | 0 | 0 |
Common stock, 200,000,000 shares authorized, 147,430,712 and 148,530,712 shares issued and outstanding, respectively | 1,474 | 1,485 |
Additional paid-in capital | 333 | 1,559 |
Retained earnings | 1,175,641 | 1,134,244 |
Accumulated other comprehensive income | 13,395 | 4,971 |
Total stockholders' equity | 1,190,843 | 1,142,259 |
Total liabilities and stockholders' equity | $1,327,358 | $1,304,149 |
1_Statement Of Financial Positi
Statement Of Financial Position Classified (Parenthetical) (USD $) | ||
In Thousands, except Share data | Dec. 31, 2009
| Dec. 31, 2008
|
Trade accounts receivable, allowance for doubtful accounts | $4,086 | $2,660 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 147,430,712 | 148,530,712 |
Common stock, shares outstanding | 147,430,712 | 148,530,712 |
Statement Of Income
Statement Of Income (USD $) | |||
In Thousands, except Per Share data | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Net sales | $1,930,330 | $2,340,425 | $2,061,819 |
Cost of sales | 946,895 | 1,104,333 | 1,014,245 |
Gross profit | 983,435 | 1,236,092 | 1,047,574 |
Operating and administrative expenses | 686,792 | 785,688 | 671,248 |
Loss (gain) on sale of property and equipment | 850 | 167 | (99) |
Operating income | 295,793 | 450,237 | 376,425 |
Interest income | 1,697 | 930 | 1,474 |
Earnings before income taxes | 297,490 | 451,167 | 377,899 |
Income tax expense | 113,133 | 171,462 | 145,277 |
Net earnings | $184,357 | $279,705 | $232,622 |
Basic and diluted net earnings per share | 1.24 | 1.88 | 1.55 |
Basic and diluted weighted average shares outstanding | 148,358 | 148,831 | 150,555 |
Statement Of Shareholders Equit
Statement Of Shareholders Equity And Other Comprehensive Income (USD $) | |||||
In Thousands | Common Stock
| Additional Paid-in Capital
| Retained Earnings
| Accumulated Other Comprehensive Income (Loss)
| Total
|
Beginning Balance at Dec. 31, 2006 | $1,512 | $12,697 | $902,550 | $5,334 | $922,093 |
Beginning Balance (in shares) at Dec. 31, 2006 | 151,207 | ||||
Dividends paid in cash | (66,216) | (66,216) | |||
Purchase of common stock (in shares) | (2,086) | ||||
Purchase of common stock | (21) | (14,385) | (72,906) | (87,312) | |
Stock options expense | 1,915 | 1,915 | |||
Net earnings for the year | 232,622 | 232,622 | |||
Change in marketable securities | 102 | 102 | |||
Translation adjustment (net of tax effect) | 6,957 | 6,957 | |||
Ending Balance (in shares) 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 (in shares) | (590) | ||||
Purchase of common stock | (6) | (1,915) | (24,037) | (25,958) | |
Stock options expense | 3,247 | 3,247 | |||
Net earnings for the year | 279,705 | 279,705 | |||
Change in marketable securities | 10 | 10 | |||
Translation adjustment (net of tax effect) | (7,432) | (7,432) | |||
Ending Balance (in shares) at Dec. 31, 2008 | 148,531 | ||||
Ending Balance at Dec. 31, 2008 | 1,485 | 1,559 | 1,134,244 | 4,971 | 1,142,259 |
Dividends paid in cash | (106,943) | (106,943) | |||
Purchase of common stock (in shares) | (1,100) | ||||
Purchase of common stock | (11) | (5,076) | (36,017) | (41,104) | |
Stock options expense | 3,850 | 3,850 | |||
Net earnings for the year | 184,357 | 184,357 | |||
Change in marketable securities | 5 | 5 | |||
Translation adjustment (net of tax effect) | 8,419 | 8,419 | |||
Ending Balance (in shares) at Dec. 31, 2009 | 147,431 | ||||
Ending Balance at Dec. 31, 2009 | $1,474 | $333 | $1,175,641 | $13,395 | $1,190,843 |
Statement Of Cash Flows Indirec
Statement Of Cash Flows Indirect (USD $) | |||
In Thousands | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Cash flows from operating activities: | |||
Net earnings | $184,357 | $279,705 | $232,622 |
Adjustments to reconcile net earnings to net cash provided by operating activities, net of acquisitions: | |||
Depreciation of property and equipment | 40,020 | 39,201 | 37,332 |
Loss (gain) on sale of property and equipment | 850 | 167 | (99) |
Bad debt expense | 9,409 | 7,498 | 5,343 |
Deferred income taxes | 6,099 | (2,419) | (911) |
Stock based compensation | 3,850 | 3,247 | 1,915 |
Amortization of non-compete agreement | 67 | 67 | 67 |
Changes in operating assets and liabilities, net of impact of acquisition: | |||
Trade accounts receivable | 21,362 | (16,107) | (32,142) |
Inventories | 60,425 | (59,655) | (48,595) |
Other current assets | 17,747 | 4,203 | (7,410) |
Accounts payable | (14,172) | 8,596 | 13,982 |
Accrued expenses | (17,526) | 7,980 | 14,021 |
Income taxes | (12,156) | (6,374) | 5,892 |
Other | 5,738 | (6,211) | 5,878 |
Net cash provided by operating activities | 306,070 | 259,898 | 227,895 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (52,538) | (95,306) | (55,759) |
Cash paid for acquisition | (5,032) | 0 | 0 |
Proceeds from sale of property and equipment | 4,863 | 8,383 | 5,929 |
Net (increase) decrease in marketable securities | (28,941) | 412 | 12,421 |
Increase in other assets | (101) | (72) | (265) |
Net cash used in investing activities | (81,749) | (86,583) | (37,674) |
Cash flows from financing activities: | |||
Purchase of common stock | (41,104) | (25,958) | (87,312) |
Payment of dividends | (106,943) | (117,474) | (66,216) |
Net cash used in financing activities | (148,047) | (143,432) | (153,528) |
Effect of exchange rate changes on cash | 2,686 | (1,211) | 1,181 |
Net increase in cash and cash equivalents | 78,960 | 28,672 | 37,874 |
Cash and cash equivalents at beginning of year | 85,892 | 57,220 | 19,346 |
Cash and cash equivalents at end of year | 164,852 | 85,892 | 57,220 |
Supplemental disclosure of cash flow information: | |||
Cash paid during each year for income taxes | $118,035 | $173,539 | $144,318 |
Business Overview and Summary o
Business Overview and Summary of Significant Accounting Policies | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
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, 2009, we operated 2,369 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. 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. Financial Instruments and Marketable Securities All financial instruments are carried at amounts that approximate estimated fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair va |
Financial Instruments and Marke
Financial Instruments and Marketable Securities | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Financial Instruments and Marketable Securities | Note 2. Financial Instruments and Marketable Securities On January1, 2008, we adopted the fair value guidance for financial assets and liabilities. The adoption had no impact on our results of operations and financial condition. As of December31, 2009, our financial assets that are measured at fair value on a recurring basis are debt securities.The government and agency securities have a maturity of 12 months and are valued using Level 1 inputs. The state and municipal bonds have maturities ranging from 1 to 24 years and are valued using Level 2 inputs.The debt securities are classified as marketable securities in current assets and non-current assets, respectively, on the consolidated balance sheet as of December31, 2009 and 2008.The debt securities in current assets have a fair value of $24,400, and the debt securities in non-current assets have a fair value of $6,253 with immaterial unrealized gains or losses.The unrealized gains and losses recorded in accumulated other comprehensive income and the realized gains and losses recorded in earnings were immaterial during 2009, 2008, and 2007. Marketable securities, all treated as available-for-sale securities at December31, consist of the following: 2009: Amortized cost Gross unrealized gains Gross unrealized losses Fairvalue State and municipal bonds $ 6,253 (15 ) 6,238 Government and agency securities 24,400 24,400 Total available-for-sale securities $ 30,653 (15 ) 30,638 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 Maturities of our available-for-sale securities at December31, 2009 consist of the following: Less than 12 months Greaterthan12months Amortized cost Fairvalue Amortized cost Fairvalue State and municipal bonds 6,253 6,238 Government and agency securities 24,400 24,400 Total available-for-sale securities $ 24,400 24,400 6,253 6,238 |
Property and Equipment
Property and Equipment | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Property and Equipment | Note 3. Property and Equipment Property and equipment as of December31 consists of the following: Depreciable life in years 2009 2008 Land $ 31,005 30,701 Buildings and improvements 31to39 206,684 145,344 Equipment and shelving 3 to 10 279,178 290,632 Transportation equipment 3 to 5 38,693 44,471 Construction in progress 15,907 27,657 571,467 538,805 Less accumulated depreciation (236,463 ) (214,623 ) Net property and equipment $ 335,004 324,182 |
Accrued Expenses
Accrued Expenses | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Accrued Expenses | Note 4. Accrued Expenses Accrued expenses as of December31 consist of the following: 2009 2008 Payroll and related taxes $ 13,693 15,182 Bonuses and commissions 5,207 10,069 Profit sharing contribution 5,207 Insurance 23,722 18,967 Promotions 7,811 9,605 Sales, real estate, and personal property taxes 11,509 6,239 Vehicle loss reserve and deferred rebates 2,760 7,693 Legal reserves 904 10,000 Other 413 583 $ 66,019 83,545 |
Stockholders' Equity
Stockholders' Equity | |
1/1/2009 - 12/31/2009
USD / shares | |
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, 2009 and 2008. Common stock has a par value of $.01 per share. There were 200,000,000 shares authorized and 147,430,712 shares issued and outstanding as of December31, 2009 and 200,000,000 shares authorized and 148,530,712 shares issued and outstanding as of December31, 2008. Dividends On January18, 2010, our board of directors declared a semi-annual dividend of $.40 per share of common stock to be paid in cash on February26, 2010 to shareholders of record at the close of business on February15, 2010. Stock Options During the last three years, we granted, effective at the close of business on the date of grant, options to purchase shares of our stock as follows: Date of grant Shares granted Strike price Closing stock price April21, 2009 395,000 $ 54.00 $ 35.22 April15, 2008 275,000 $ 54.00 $ 48.70 April17, 2007 2,200,000 $ 45.00 $ 40.30 All of the options in the table above 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. Approximately 210,000 options under our 2007 grant were vested as of December31, 2009. 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 2009, 2008 and 2007. Yearof grant Risk-free interest rate Expectedlife of option in years Expected dividend yield Expected stock volatility Estimated fairvalueof stockoption 2009 1.9 % 5.00 1.0 % 38.80 % $ 7.27 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: Options outstanding Price1 Life2 Outstanding as of January1, 2009 2,275,000 $ 45.98 6.95 Granted 395,000 $ 54.00 8.49 Exercise |
Retirement Savings Plan
Retirement Savings Plan | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
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. 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 $0, $5,207 and $4,743 to our employees retirement accounts for 2009, 2008 and 2007, respectively. |
Income Taxes
Income Taxes | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Income Taxes | Note 7. Income Taxes Earnings before income taxes were derived from the following sources: 2009 2008 2007 Domestic $ 296,227 434,816 374,920 Foreign 1,263 16,351 2,979 $ 297,490 451,167 377,899 Components of income tax expense (benefit) are as follows: 2009: Current Deferred Total Federal $ 93,469 4,855 98,324 State 13,733 698 14,431 Foreign 1,210 (832 ) 378 $ 108,412 4,721 113,133 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 Income tax expense in the accompanying consolidated financial statements differs from the expected expense as follows: 2009 2008 2007 Federal income tax expense at the expected rate of 35% $ 104,122 157,908 132,265 Increase (decrease) attributed to: State income taxes, net of federal benefit 9,650 13,914 11,715 State tax matters 785 1,020 1,350 Other, net (1,424 ) (1,380 ) (53 ) Total income tax expense $ 113,133 171,462 145,277 The tax effects of temporary differences that give rise to deferred tax assets and liabilities as of December31 are as follows: 2009 2008 Deferred tax asset (liability): Inventory costing and valuation methods $ 3,462 3,573 Allowance for doubtful accounts receivable 1,619 1,023 Insurance claims payable 7,538 6,380 Promotions payable 963 743 Accrued legal reserves 356 3,955 Stock based compensation 3,648 2,152 Federal and state benefit of uncertain tax positions 534 1,929 Other, net 876 1,555 Total deferred tax assets 18,996 21,310 Fixed assets (23,083 ) (19,298 ) Total deferred tax liabilities (23,083 ) (19,298 ) Net deferred tax (liability) asset $ (4,087 ) 2,012 No valuation allowance for deferred tax assets was necessary as of December31, 2009 and 2008. 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. We adopted the provisions of Accounting Standards Codification (ASC) 740, Income Taxes on January1, 2007. Implementation of ASC 740 resulted in no adjustment to the liability for unrecognized tax benefits. A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows: |
Geographic Information
Geographic Information | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Geographic Information | Note 8. Geographic Information Our revenues and long-lived assets (except marketable securities) relate to the following geographic areas: Revenues 2009 2008 2007 United States $ 1,769,938 2,144,809 1,902,066 Canada 115,323 145,443 124,037 Other foreign countries 45,069 50,173 35,716 $ 1,930,330 2,340,425 2,061,819 Long-Lived Assets 2009 2008 2007 United States $ 324,701 316,640 267,609 Canada 8,947 8,113 9,888 Other foreign countries 5,108 3,147 2,843 $ 338,756 327,900 280,340 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. |
Operating Leases
Operating Leases | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
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, for our Connecticut manufacturing facility (since December19, 2009), 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 $1,847 at December31, 2009, 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 28-36 months. Future minimum annual rentals for the leased facilities and the leased vehicles are as follows: Leased facilities Leased vehicles Total 2010 $ 82,156 17,057 99,213 2011 59,404 8,910 68,314 2012 32,887 4,073 36,960 2013 16,938 16,938 2014 6,418 6,418 2015 and thereafter $ 197,803 30,040 227,843 Rent expense under all operating leases was as follows: Leased facilities Leased vehicles Total 2009 $ 91,270 26,295 117,565 2008 $ 86,964 27,868 114,832 2007 $ 77,263 23,675 100,938 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 $14,603. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote, except for a $1,982 loss on disposal reserve provided at December31, 2009. |
Commitments and Contingencies
Commitments and Contingencies | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Commitments and Contingencies | Note 10. Commitments and Contingencies Credit Facilities We have a line of credit arrangement with a bank which expires June20, 2010. The line allows for borrowings of up to $8,000 at 0.9% over the LIBOR rate. On December31, 2009 there was $0 outstanding on the line. We do not pay a fee for the unused portion of this line. We maintain certain marketable securities as collateral on behalf of our insurance carrier. As of December31, 2009, the total balance of these government and agency securities is $24,400. The classification and valuation of these securities are discussed in Note 2. Financial Instruments and Marketable Securities. 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, 2009 and 2008. 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 Accounting Standards Codification (ASC) 450-10-05, Contingencies, 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 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. Negative outcomes for our 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 alleged Fastenal misclassified its Assistant General Managers as exempt for purposes of the overtime provisions of the Fair Labor Standards Act and California and Pennsylvania state statutes. This suit also alleged 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 |
Sales by Product Line
Sales by Product Line | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Sales by Product Line | Note 11. Sales by Product Line The percentages of our net sales by product line are as follows: Type Introduced 2009 2008 2007 Fasteners1 1967 50.0 % 51.2 % 50.7 % Tools 1993 9.9 % 9.9 % 10.6 % Cutting tools 1996 4.4 % 4.5 % 4.6 % Hydraulics pneumatics 1996 6.9 % 6.6 % 6.5 % Material handling 1996 5.9 % 5.9 % 6.1 % Janitorial supplies 1996 6.1 % 5.4 % 5.4 % Electrical supplies 1997 4.4 % 4.2 % 4.1 % Welding supplies 1997 3.6 % 3.6 % 3.6 % Safety supplies 1999 6.3 % 5.8 % 5.7 % Metals 2001 0.6 % 0.7 % 0.7 % Direct ship2 2004 1.8 % 2.0 % 1.8 % Other 0.1 % 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 directly from our distribution channel to our customers, bypassing our store network. |
Subsequent Events
Subsequent Events | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Subsequent Events | Note 12. Subsequent Events The company evaluated all subsequent event activity through February9, 2010 (the issue date of this Annual Report on Form10-K) and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) (Amounts in thousands except per share information) 2009: Net sales Gross profit Net earnings Basic earnings per share First quarter $ 489,347 258,648 48,694 .33 Second quarter 474,894 242,505 43,538 .29 Third quarter 489,339 244,567 47,589 .32 Fourth quarter 476,750 237,715 44,536 .30 Total $ 1,930,330 983,435 184,357 1.24 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 |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Schedule II-Valuation and Qualifying Accounts | FASTENAL COMPANY Schedule IIValuation and Qualifying Accounts Years ended December31, 2009, 2008, and 2007 (Amounts in thousands) Description Balanceat beginning of year Additions charged to costs and expenses Other additions (deductions) Less deductions Balance at end of year Year ended December31, 2009 Allowance for doubtful accounts $ 2,660 9,409 7,983 4,086 Insurance reserves $ 18,967 48,203 1 43,448 2 23,722 Year ended December31, 2008 Allowance for doubtful accounts $ 2,265 7,498 7,103 2,660 Insurance reserves $ 18,997 44,105 1 44,135 2 18,967 Year ended December31, 2007 Allowance for doubtful accounts $ 2,119 5,343 5,197 2,265 Insurance reserves $ 17,662 39,276 1 37,941 2 18,997 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. |
Document Information
Document Information | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | 2009-12-31 |
Entity Information
Entity Information (USD $) | |||
12 Months Ended
Dec. 31, 2009 | Feb. 05, 2010
| Jun. 30, 2009
| |
Trading Symbol | FAST | ||
Entity Registrant Name | FASTENAL CO | ||
Entity Central Index Key | 0000815556 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 147,430,712 | ||
Entity Public Float | $4,385,653,845 |