← Filings of FAST
Tables in the 10-K of FASTENAL CO
94 tables with numbers, filed Feb 6, 2024. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| | Page |
| PART I | |
| Item 1. | Business | 2 |
| Item 1A. | Risk Factors | 15 |
| Item 1B. | Unresolved Staff Comments | 22 |
| Item 1C. | Cybersecurity | 23 |
| Item 2. | Properties | 25 |
| Item 3. | Legal Proceedings | 26 |
First 8 of 29 rows. The CSV has all of them.
Table 2 after “The following table shows, as of the end of each of the last 10 fiscal years, our consolidated net sales; the number of branch, Onsite, and ”
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| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | | | | | |
| Net sales | $7,346.7 | | 6,980.6 | | 6,010.9 | | 5,647.3 | | 5,333.7 | | 4,965.1 | 4,390.5 | 3,962.0 | 3,869.2 | 3,733.5 |
| Branch locations | 1,597 | | 1,683 | | 1,793 | | 2,003 | | 2,114 | | 2,227 | 2,383 | 2,503 | 2,622 | 2,637 |
| Branch revenue (1) | $4,073.6 | | 4,161.6 | | 3,726.2 | | 3,587.1 | | 3,660.1 | | 3,625.8 | 3,399.6 | 3,198.1 | 3,281.8 | 3,225.3 |
| Average monthly sales per branch location (2) | $207.0 | | 199.5 | | 163.6 | | 145.2 | | 140.5 | | 131.1 | 116.0 | 104.0 | 104.0 | 101.0 |
| Onsite locations | 1,822 | | 1,623 | | 1,416 | | 1,265 | | 1,114 | | 894 | 605 | 401 | 264 | 214 |
| Onsite revenue (1) | $2,926.7 | | 2,465.5 | | 1,898.0 | | 1,485.6 | | 1,391.7 | | 1,081.7 | 770.2 | 569.2 | 454.3 | 387.7 |
| Average monthly sales per Onsite location (2) | $141.6 | | 135.2 | | 118.0 | | 104.1 | | 115.5 | | 120.3 | 127.6 | 142.7 | 158.4 | 157.6 |
First 8 of 10 rows. The CSV has all of them.
Table 3 after “The following table shows, as of the end of each of the last 10 fiscal years, our consolidated net sales; the number of branch, Onsite, and ”
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| (1) | Revenues attributable to our traditional and international branch locations (both of which are defined below), and our Onsite locations, respectively. |
| (2) | Average sales per month considers the average active base of branches and Onsites, respectively, in the given year, factoring in the beginning and ending location count, divided by total revenues attributable to our branch and Onsite locations, respectively, further divided by 12 months. This information is presented in thousands. |
| (3) | This portion of revenue is generated outside our traditional in-market locations, examples of which include revenues arising from our custom in-house manufacturing, industrial services, and other non-traditional sources of revenue. In 2020, this included the effects of COVID-19, one response to which was substantial sales of pandemic-related products that were direct-shipped (versus sold through in-market locations) as a means of delivering critical supplies more quickly. |
| (4) | 'In-market locations' is defined as the sum of the total number of branch locations and the total number of Onsite locations. |
Table 4 after “The following table provides a summary of the branches and Onsite locations we operated at the end of each year, as well as the openings, cl”
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| North America | | Outside North America | | | | | | | | | | | |
| United States (1) | Canada | Mexico | Subtotal | | Central & South America (2) | Asia (3) | Europe (4) | Subtotal | Total | | | | |
| In-Market Locations - 12/31/21 (5) | 2,668 | | 262 | | 152 | | 3,082 | | | 20 | 37 | 70 | 127 | 3,209 |
| Starting Branches | 1,484 | | 173 | | 63 | | 1,720 | | | 5 | 20 | 48 | 73 | 1,793 |
| Opened Branches | — | | 1 | | 4 | | 5 | | | — | 2 | 5 | 7 | 12 |
| Closed/Converted Branches (6) | (115) | | (5) | | (1) | | (121) | | | — | — | (1) | (1) | (122) |
| Ending Branches | 1,369 | | 169 | | 66 | | 1,604 | | | 5 | 22 | 52 | 79 | 1,683 |
| Starting Onsites | 1,184 | | 89 | | 89 | | 1,362 | | | 15 | 17 | 22 | 54 | 1,416 |
First 8 of 21 rows. The CSV has all of them.
Table 5 after “The following table provides a summary of the branches and Onsite locations we operated at the end of each year, as well as the openings, cl”
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| (1) | Includes the United States, the Dominican Republic, Guam, and Puerto Rico. |
| (2) | Includes Panama, Brazil, and Chile. |
| (3) | Includes Singapore, China, Malaysia, and Thailand. |
| (4) | Includes the Netherlands, Hungary, the United Kingdom, Germany, the Czech Republic, Italy, Romania, Sweden, Poland, Austria, Switzerland, Ireland, Spain, France, and Belgium. |
| (5) | Beginning in 2022, the United States includes the Dominican Republic, Guam, and Puerto Rico which were previously grouped with other geographical regions. Prior period figures in the above table may differ slightly from those previously disclosed due to this minor change in reporting. |
| (6) | The net impact of non-in-market locations or Onsite locations converted to branches, branches converted to Onsite locations or non-in-market locations, and closures of branches or Onsite locations. |
Table 6 after “The table below summarizes the signings and installations of, and sales through, our FMI devices.”
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| Twelve-month Period | | | | |
| 2023 | 2022 | | Change | |
| Weighted FASTBin/FASTVend signings (MEUs) | 24,126 | | 20,735 | | 16.4% |
| Signings per day | 95 | | 82 | | |
| Weighted FASTBin/FASTVend installations (MEUs; end of period) | 113,138 | | 102,151 | | 10.8% |
| FASTStock sales | $927.6 | | 832.0 | | 11.5% |
| % of sales | 12.5% | | 11.8% | | |
| FASTBin/FASTVend sales | $2,070.2 | | 1,755.3 | | 17.9% |
First 8 of 12 rows. The CSV has all of them.
Table 7 after “their selling focus to 'key accounts', which is defined as any customer account with purchase activity of at least $2,000 per month. Key acc”
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| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Active Accounts | 105,448 | 119,583 | 130,020 | 137,380 | 152,491 | 156,069 | 156,464 |
| Key Accounts | 39,266 | 39,151 | 36,190 | 33,794 | 34,621 | 32,895 | 30,040 |
Table 8 after “At the end of 2023, we employed 23,201 full- and part-time employees. Of these, approximately 71% held a selling role. We characterize these”
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| 2023 | % of Total | | 2022 | % of Total | | |
| Selling personnel (1) | 16,512 | | 71.2% | | | 15,898 | 71.0% |
| Distribution/Transportation personnel | 4,042 | | 17.4% | | | 3,974 | 17.8% |
| Manufacturing personnel | 733 | | 3.2% | | | 733 | 3.3% |
| Organizational support personnel (2) | 1,914 | | 8.2% | | | 1,781 | 8.0% |
| Total personnel | 23,201 | | 100.0% | | | 22,386 | 100.0% |
Table 9 after “At the end of 2023, we employed 23,201 full- and part-time employees. Of these, approximately 71% held a selling role. We characterize these”
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| (1) | Of our Selling Personnel, 80%-85% are attached to a specific in-market location. |
| (2) | Organizational support personnel consists of: (1) Sales & Growth Driver Support personnel (approximately 35% of category), which includes sourcing, purchasing, supply chain, product development, etc.; (2) Information Technology personnel (35% to 40% of category); and (3) Administrative Support personnel (25% to 30% of category), which includes human resources, Fastenal School of Business, accounting and finance, senior management, etc. |
Table 10 after “We own, and in some cases, lease, the following facilities, excluding selling locations:”
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| Location | Purpose | Leased | Tote Locations (ASRS)(1) | Approximate Square Feet | |
| Winona, Minnesota | Distribution center and home office | | 246,000 | | 331,000 |
| Indianapolis, Indiana | Distribution center | | 547,000 | (2) | 1,078,000 |
| Akron, Ohio | Distribution center | | 103,000 | | 188,000 |
| Scranton, Pennsylvania | Distribution center | | 104,000 | | 187,000 |
| Denton, Texas | Distribution center(3) | | 41,000 | (4) | 263,000 |
| Atlanta, Georgia | Distribution center | | 77,000 | | 252,000 |
| Seattle, Washington | Distribution center | | 140,000 | | 238,000 |
First 8 of 19 rows. The CSV has all of them.
Table 11 after “We own, and in some cases, lease, the following facilities, excluding selling locations:”
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| (1) | Total number of tote locations for small parts storage included in facilities with an ASRS. |
| (2) | This property contains an ASRS with capacity of 52,000 pallet locations, in addition to the 547,000 tote locations for small parts. |
| (3) | As of May 2023, we no longer lease space for distribution-related activities. In 2024, an additional ASRS will go live at this property. |
| (4) | This facility contains an ASRS with capacity of 14,000 pallet locations, in addition to the 41,000 tote locations for small parts. |
| (5) | During 2021, we acquired land for future expansion of our distribution center in Magna, Utah, and, as of November 2023, earthwork is underway. This building is expected to be complete in June of 2025 and will be approximately 290,000 square feet. |
| (6) | In December 2018, we purchased an additional distribution center in High Point, North Carolina with approximately 750,000 total square feet. Approximately 395,000 square feet will be leased by the building's previous owner until December 2024. We currently utilize approximately 355,000 square feet for distribution activities. |
Table 12 after “We also own, and in some cases, lease, the following support facilities, excluding selling locations:”
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| Location | Purpose | Leased | Approximate Square Feet |
| Winona, Minnesota | Manufacturing facility | | 121,000 |
| Indianapolis, Indiana | Manufacturing facility | | 198,000 |
| Houston, Texas | Manufacturing facility | | 122,000 |
| Wallingford, Connecticut | Manufacturing facility | | 177,000 |
| Rockford, Illinois | Manufacturing facility | | 101,000 |
| Johor, Malaysia | Manufacturing facility | | 30,000 |
| Brno-Lisen, Czech Republic | Manufacturing facility | X | 20,000 |
First 8 of 11 rows. The CSV has all of them.
Table 13 after “The table below sets forth information regarding purchases of our common stock during each of the last three months of 2023:”
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| | (a) | | | (b) | (c) | (d) |
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number ofShares Purchasedas Part of PubliclyAnnounced Plansor Programs (1) | Maximum Number (orApproximate DollarValue) of Shares that May Yet Be Purchased Under the Plans or Programs (1) | | | |
| October 1-31, 2023 | | 0 | | | $0.00 | 0 | 6,200,000 |
| November 1-30, 2023 | | 0 | | | $0.00 | 0 | 6,200,000 |
| December 1-31, 2023 | | 0 | | | $0.00 | 0 | 6,200,000 |
| Total | | 0 | | | $0.00 | 0 | 6,200,000 |
Table 14 after “Comparison of Five-Year Cumulative Total Return Among Fastenal Company, the S&P 500 Index, and the Dow Jones US Industrial Suppliers Index”
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| | 2018 | | 2019 | | 2020 | | 2021 | | 2022 | | 2023 |
| Fastenal Company | $100.00 | | 145.04 | | 198.08 | | 265.50 | | 200.88 | | 283.77 | |
| S&P 500 Index | | 100.00 | | 131.49 | | 155.68 | | 200.37 | | 164.08 | | 207.21 |
| Dow Jones US Industrial Suppliers Index | | 100.00 | | 132.23 | | 167.18 | | 223.37 | | 193.89 | | 287.68 |
Table 15 after “The following table presents a performance summary of our results of operations for the periods ended December 31:”
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| 2023 | 2022 | | YOY Change | 2021 | YOY Change | | |
| Net sales | $7,346.7 | | 6,980.6 | | 5.2% | | $6,010.9 | 16.1% |
| Business days | 253 | | 254 | | | 253 | | |
| Daily sales | $29.0 | | 27.5 | | 5.7% | | $23.8 | 15.7% |
| Gross profit | $3,354.5 | | 3,215.8 | | 4.3% | | $2,777.2 | 15.8% |
| % of net sales | 45.7% | | 46.1% | | | 46.2% | | |
| Operating and administrative expenses | $1,825.8 | | 1,762.2 | | 3.6% | | $1,559.8 | 13.0% |
| % of net sales | 24.9% | | 25.2% | | | 26.0% | | |
First 8 of 15 rows. The CSV has all of them.
Table 16 after “The table below summarizes our absolute and full-time equivalent (FTE; based on 40 hours per week) employee headcount, our investments relat”
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| Q4 2023 | Q4 2022 | | Twelve-month % Change | |
| Selling personnel - absolute employee headcount | 16,512 | | 15,898 | | 3.9% |
| Selling personnel - FTE employee headcount | 15,070 | | 14,476 | | 4.1% |
| Total personnel - absolute employee headcount | 23,201 | | 22,386 | | 3.6% |
| Total personnel - FTE employee headcount | 20,721 | | 19,854 | | 4.4% |
| Number of branch locations | 1,597 | | 1,683 | | -5.1% |
| Number of active Onsite locations | 1,822 | | 1,623 | | 12.3% |
| Number of in-market locations | 3,419 | | 3,306 | | 3.4% |
First 8 of 9 rows. The CSV has all of them.
Table 17 after “The table below summarizes the number of branches opened and closed, net of conversions, as well as the number of Onsites activated and clos”
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| Twelve-month Period | | |
| 2023 | 2022 | |
| Branch openings | 10 | | 12 |
| Branch closures, net of conversions | (96) | | (122) |
| Onsite activations | 329 | | 306 |
| Onsite closures, net of conversions | (130) | | (99) |
Table 18 after “The following table sets forth consolidated statements of earnings information (as a percentage of net sales) for the periods ended December”
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| 2023 | 2022 | |
| Net sales | 100.0% | | 100.0% |
| Gross profit | 45.7% | | 46.1% |
| Operating and administrative expenses | 24.9% | | 25.2% |
| Operating income | 20.8% | | 20.8% |
| Net interest expense | -0.1% | | -0.2% |
| Earnings before income taxes | 20.7% | | 20.6% |
| Note – Amounts may not foot due to rounding difference. | | | |
Table 19 after “The table below sets forth net sales and daily sales for the periods ended December 31, and changes in such sales from the prior period to t”
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| 2023 | 2022 | |
| Net sales | $7,346.7 | | 6,980.6 |
| Percentage change | 5.2% | | 16.1% |
| Business days | 253 | | 254 |
| Daily sales | $29.0 | | 27.5 |
| Percentage change | 5.7% | | 15.7% |
| Daily sales impact of currency fluctuations | -0.3% | | -0.5% |
Table 20 after “From a product standpoint, we have three categories: fasteners, safety supplies, and other product lines, the latter of which includes eight”
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| 2023 | 2022 | |
| Fasteners | 32.4% | | 34.0% |
| Safety supplies | 21.2% | | 20.8% |
| Other product lines | 46.4% | | 45.2% |
Table 21 after “During the months noted below, all of our selling locations, when combined, had a DSR change of (compared to the same month in the preceding”
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| Jan. | Feb. | | Mar. | Apr. | May | | June | July | Aug. | | Sept. | Oct. | Nov. | | Dec. | | | | |
| 2023 | 11.2% | | 9.6% | | 6.8% | | 7.8% | | 5.2% | | 4.7% | | 3.7% | | 3.6% | | 5.0% | 1.9% | 3.8% | 5.3% |
| 2022 | 14.9% | | 21.3% | | 19.1% | | 20.3% | | 17.6% | | 16.0% | | 18.1% | | 16.1% | | 13.7% | 13.6% | 10.2% | 8.0% |
Table 22 after “It is important to note that these benchmarks are historical averages. In a year where demand is strong, our daily sales growth rates will t”
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| Jan.(1) | Feb. | | Mar. | Apr. | May | | June | July | Aug. | | Sept. | Oct. | Cumulative Change from Jan. to Oct. | | | | |
| Benchmark (2) | 0.2% | | 1.5% | | 3.8% | | -0.5% | | 2.7% | | 2.0% | | -3.1% | | 2.9% | 3.6% | -1.9% | 11.2% |
| 2023 | -0.4% | | 1.7% | | 1.0% | | -0.2% | | 0.7% | | -0.2% | | -2.6% | | 1.3% | 4.0% | -3.0% | 2.3% |
| 23Delta | -0.6% | | 0.1% | | -2.9% | | 0.2% | | -2.0% | | -2.1% | | 0.5% | | -1.6% | 0.4% | -1.1% | -8.8% |
| 2022 | 1.7% | | 3.1% | | 3.6% | | -1.2% | | 3.2% | | 0.2% | | -1.6% | | 1.3% | 2.7% | -0.1% | 11.7% |
| 22Delta | 1.5% | | 1.6% | | -0.2% | | -0.7% | | 0.6% | | -1.7% | | 1.5% | | -1.6% | -0.9% | 1.8% | 0.5% |
Table 23 after “We estimate approximately 70% to 75% of our business is with customers engaged in some type of manufacturing, a significant subset of which ”
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| DSR change - manufacturing customers | Q1 | Q2 | | Q3 | Q4 | Annual | | |
| 2023 | 14.4% | | 10.4% | | 6.2% | | 4.7% | 8.9% |
| 2022 | 23.9% | | 23.1% | | 22.6% | | 16.0% | 21.3% |
Table 24 after “We estimate approximately 25% to 30% of our business is with customers engaged in a wide range of activities, none of which individually con”
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| DSR change - non-manufacturing customers | Q1 | Q2 | | Q3 | Q4 | Annual | | |
| 2023 | -3.7% | | -5.3% | | -1.3% | | 0.9% | -2.4% |
| 2022 | 6.9% | | 6.9% | | 1.0% | | -0.8% | 3.5% |
| DSR change - fasteners | Q1 | Q2 | | Q3 | Q4 | Annual | | |
| 2023 | 7.0% | | 0.0% | | -2.0% | | -2.3% | 0.7% |
| 2022 | 24.6% | | 21.2% | | 18.2% | | 9.1% | 18.1% |
| DSR change - non-fasteners | Q1 | Q2 | | Q3 | Q4 | Annual | | |
| 2023 | 10.3% | | 9.2% | | 7.5% | | 6.6% | 8.4% |
| 2022 | 15.0% | | 16.0% | | 14.4% | | 11.6% | 14.2% |
Table 27 after “The gross profit percentage during each period was as follows:”
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| Q1 | Q2 | | Q3 | Q4 | Annual | | |
| 2023 | 45.7% | | 45.5% | | 45.9% | | 45.5% | 45.7% |
| 2022 | 46.6% | | 46.5% | | 45.9% | | 45.3% | 46.1% |
Table 28 after “The percentage change in employee-related, occupancy-related, and all other operating and administrative expenses compared to the same perio”
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| Approximate Percentage of Total Operating and Administrative Expenses | Twelve-month Period | | |
| 2023 | | 2022 | |
| Employee-related expenses | 70% to 75% | 3.4% | | 14.7% |
| Occupancy-related expenses | 15% to 20% | 4.2% | | 2.6% |
| All other operating and administrative expenses | 10% to 15% | 4.2% | | 18.5% |
Table 29 after “The table below summarizes the percentage change in our FTE headcount at the end of the periods presented compared to the end of the prior p”
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| Twelve-month Period | | |
| 2023 | 2022 | |
| Selling personnel (1) | 4.1% | | 7.9% |
| Distribution/Transportation personnel | 4.2% | | 8.4% |
| Manufacturing personnel | 0.1% | | 12.4% |
| Organizational support personnel (2) | 8.6% | | 9.5% |
| Total personnel | 4.4% | | 8.3% |
Table 30 after “The table below summarizes the percentage change in our FTE headcount at the end of the periods presented compared to the end of the prior p”
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| (1) | Of our Selling Personnel, 80%-85% are attached to a specific in-market location. |
| (2) | Organizational support personnel consists of: (1) Sales & Growth Driver Support personnel (approximately 35% of category), which includes sourcing, purchasing, supply chain, product development, etc.; (2) Information Technology personnel (35% to 40% of category); and (3) Administrative Support personnel (25% to 30% of category), which includes human resources, Fastenal School of Business, accounting and finance, senior management, etc. |
Table 31 after “Net earnings, net earnings per share (EPS), the percentage change in net earnings, and the percentage change in EPS, were as follows:”
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| Dollar Amounts | 2023 | 2022 | |
| Net earnings | $1,155.0 | | 1,086.9 |
| Basic EPS | 2.02 | | 1.89 |
| Diluted EPS | 2.02 | | 1.89 |
| Percentage Change | 2023 | 2022 | |
| Net earnings | 6.3% | | 17.5% |
| Basic EPS | 6.7% | | 17.7% |
| Diluted EPS | 6.7% | | 17.8% |
First 8 of 10 rows. The CSV has all of them.
Table 32 after “Net cash provided by operating activities in dollars and as a percentage of net earnings were as follows:”
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| 2023 | 2022 | |
| Net cash provided | $1,432.7 | | 941.0 |
| % of net earnings | 124.0% | | 86.6% |
Table 33 after “The following table sets forth the dollar and percentage change in accounts receivable, net, inventories, and accounts payable for the perio”
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| | Twelve-month Dollar Change | Twelve-month Percentage Change | | | |
| 2023 | | 2023 | | 2023 | |
| Accounts receivable, net | $1,087.6 | | | 74.4 | | 7.3% |
| Inventories | 1,522.7 | | | (185.3) | | -10.8% |
| Trade working capital | $2,610.3 | | | (110.9) | | -4.1% |
| Accounts payable | $264.1 | | | 9.2 | | 3.6% |
| Trade working capital, net | $2,346.2 | | | (120.1) | | -4.9% |
| Net sales in last three months | $1,758.6 | | | 63.0 | | 3.7% |
Table 34 after “The approximate percentage mix of inventory stocked at our selling locations versus our distribution center and manufacturing locations was ”
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| 2023 | 2022 | |
| Selling locations | 64% | | 58% |
| Distribution center and manufacturing locations | 36% | | 42% |
| Total | 100% | | 100% |
Table 35 after “Net cash used in investing activities in dollars and as a percentage of net earnings were as follows:”
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| 2023 | 2022 | |
| Net cash used | $161.2 | | 163.0 |
| % of net earnings | 14.0% | | 15.0% |
Table 36 after “Set forth below is a recap of our 2023 and 2022 net capital expenditures in dollars and as a percentage of net sales and net earnings:”
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| 2023 | 2022 | |
| Manufacturing, warehouse and packaging equipment, industrial vending equipment, and facilities | $83.9 | | 97.8 |
| Shelving and related supplies for in-market location openings and for product expansion at existing in-market locations | 24.0 | | 21.5 |
| Data processing software and equipment | 33.4 | | 30.6 |
| Real estate and improvements to branch locations | 7.0 | | 12.4 |
| Vehicles | 24.5 | | 11.5 |
| Purchases of property and equipment | 172.8 | | 173.8 |
| Proceeds from sale of property and equipment | (12.2) | | (11.4) |
First 8 of 11 rows. The CSV has all of them.
Table 37 after “The increase in net cash used in financing activities reflects higher dividend payments, including a supplemental payment in December of 202”
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| 2023 | 2022 | |
| Cash dividends paid | $1,016.8 | | 711.3 |
| % of net earnings | 88.0% | | 65.4% |
| Purchases of common stock | — | | 237.8 |
| % of net earnings | —% | | 21.9% |
| Total returned to shareholders | $1,016.8 | | 949.1 |
| % of net earnings | 88.0% | | 87.3% |
| Proceeds from the exercise of stock options | $(30.1) | | (9.2) |
First 8 of 13 rows. The CSV has all of them.
Table 38 after “Our borrowings under the Credit Facility and Master Note Agreement peaked during each quarter of 2023 as follows:”
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| Peak borrowings | 2023 |
| First quarter | $565.0 |
| Second quarter | 470.0 |
| Third quarter | 350.0 |
| Fourth quarter | 330.0 |
Table 39 after “The following table sets forth consolidated statements of earnings information (as a percentage of net sales) for the periods ended December”
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| 2022 | 2021 | |
| Net sales | 100.0% | | 100.0% |
| Gross profit | 46.1% | | 46.2% |
| Operating and administrative expenses | 25.2% | | 26.0% |
| Operating income | 20.8% | | 20.3% |
| Net interest expense | -0.2% | | -0.2% |
| Earnings before income taxes | 20.6% | | 20.1% |
| Note – Amounts may not foot due to rounding difference. | | | |
Table 40 after “The table below sets forth net sales and daily sales for the periods ended December 31, and changes in such sales from the prior period to t”
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| 2022 | 2021 | |
| Net sales | $6,980.6 | | 6,010.9 |
| Percentage change | 16.1% | | 6.4% |
| Business days | 254 | | 253 |
| Daily sales | $27.5 | | 23.8 |
| Percentage change | 15.7% | | 7.3% |
| Daily sales impact of currency fluctuations | -0.5% | | 0.6% |
Table 41 after “From a product standpoint, we have three categories: fasteners, safety supplies, and other product lines, the latter of which includes eight”
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| 2022 | 2021 | |
| Fasteners | 34.0% | | 33.3% |
| Safety supplies | 20.8% | | 21.2% |
| Other product lines | 45.2% | | 45.5% |
Table 42 after “During the months noted below, all of our selling locations, when combined, had a DSR change of (compared to the same month in the preceding”
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| Jan. | Feb. | | Mar. | Apr. | May | | June | July | Aug. | | Sept. | Oct. | Nov. | | Dec. | | | | |
| 2022 | 14.9% | | 21.3% | | 19.1% | | 20.3% | | 17.6% | | 16.0% | | 18.1% | | 16.1% | | 13.7% | 13.6% | 10.2% | 8.0% |
| 2021 | 6.5% | | 1.5% | | 7.5% | | 1.2% | | -3.2% | | 1.7% | | 9.7% | | 9.0% | | 11.1% | 14.1% | 13.2% | 16.5% |
Table 43 after “It is important to note that these benchmarks are historical averages. In a year where demand is strong, our daily sales growth rates will t”
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| Jan. (1) | Feb. | | Mar. | Apr. | May | | June | July | Aug. | | Sept. | Oct. | Cumulative Change from Jan. to Oct. | | | | |
| Benchmark (2) | -0.1% | | 0.8% | | 3.4% | | 0.1% | | 2.2% | | 1.9% | | -3.3% | | 3.1% | 3.4% | -2.1% | 9.5% |
| 2022 | 1.7% | | 3.1% | | 3.6% | | -1.2% | | 3.2% | | 0.2% | | -1.6% | | 1.3% | 2.7% | -0.1% | 11.7% |
| 22Delta | 1.7% | | 2.4% | | 0.2% | | -1.3% | | 1.1% | | -1.7% | | 1.6% | | -1.8% | -0.7% | 2.0% | 2.2% |
| 2021 | 0.9% | | -2.3% | | 5.6% | | -2.2% | | 5.6% | | 1.6% | | -3.4% | | 3.1% | 4.8% | 0.0% | 13.0% |
| 21Delta | 1.0% | | -3.0% | | 2.2% | | -2.3% | | 3.4% | | -0.3% | | -0.2% | | 0.0% | 1.5% | 2.1% | 3.5% |
Table 44 after “The DSR change to our manufacturing customers, when compared to the same period in the prior year, was as follows:”
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| DSR change - manufacturing customers | Q1 | Q2 | | Q3 | Q4 | Annual | | |
| 2022 | 23.9% | | 23.1% | | 22.6% | | 16.0% | 21.3% |
| 2021 | 5.6% | | 24.5% | | 20.8% | | 23.8% | 18.4% |
Table 45 after “The DSR change to these remaining non-manufacturing customers, when compared to the same period in the prior year, was as follows:”
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| DSR change - non-manufacturing customers | Q1 | Q2 | | Q3 | Q4 | Annual | | |
| 2022 | 6.9% | | 6.9% | | 1.0% | | -0.8% | 3.5% |
| 2021 | 4.9% | | -30.7% | | -8.2% | | -2.3% | -11.3% |
| DSR change - fasteners | Q1 | Q2 | | Q3 | Q4 | Annual | | |
| 2022 | 24.6% | | 21.2% | | 18.2% | | 9.1% | 18.1% |
| 2021 | 4.0% | | 28.4% | | 20.2% | | 24.2% | 18.8% |
| DSR change - non-fasteners | Q1 | Q2 | | Q3 | Q4 | Annual | | |
| 2022 | 15.0% | | 16.0% | | 14.4% | | 11.6% | 14.2% |
| 2021 | 6.1% | | -10.8% | | 5.1% | | 9.6% | 1.9% |
Table 48 after “The gross profit percentage during each period was as follows:”
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| Q1 | Q2 | | Q3 | Q4 | Annual | | |
| 2022 | 46.6% | | 46.5% | | 45.9% | | 45.3% | 46.1% |
| 2021 | 45.4% | | 46.5% | | 46.3% | | 46.5% | 46.2% |
Table 49 after “The percentage change in employee-related, occupancy-related, and all other operating and administrative expenses compared to the same perio”
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| Approximate Percentage of Total Operating and Administrative Expenses | Twelve-month Period | | |
| 2022 | | 2021 | |
| Employee-related expenses | 70% to 75% | 14.7% | | 11.6% |
| Occupancy-related expenses | 15% to 20% | 2.6% | | 3.9% |
| All other operating and administrative expenses | 10% to 15% | 18.5% | | 4.9% |
Table 50 after “The table below summarizes the percentage change in our FTE headcount at the end of the periods presented compared to the end of the prior p”
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| Twelve-month Period | | |
| 2022 | 2021 | |
| Selling personnel (1) | 7.9% | | 1.7% |
| Distribution/Transportation personnel | 8.4% | | 5.8% |
| Manufacturing personnel | 12.4% | | 2.0% |
| Organizational support personnel (2) | 9.5% | | 7.4% |
| Total personnel | 8.3% | | 2.8% |
Table 51 after “The table below summarizes the percentage change in our FTE headcount at the end of the periods presented compared to the end of the prior p”
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| (1) | Of our Selling Personnel, 80%-85% are attached to a specific in-market location. |
| (2) | Organizational support personnel consists of: (1) Sales & Growth Driver Support personnel (approximately 35% of category), which includes sourcing, purchasing, supply chain, product development, etc.; (2) Information Technology personnel (35% to 40% of category); and (3) Administrative Support personnel (25% to 30% of category), which includes human resources, Fastenal School of Business, accounting and finance, senior management, etc. |
Table 52 after “Net earnings, net earnings per share (EPS), the percentage change in net earnings, and the percentage change in EPS, were as follows:”
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| Dollar Amounts | 2022 | 2021 | |
| Net earnings | $1,086.9 | | 925.0 |
| Basic EPS | 1.89 | | 1.61 |
| Diluted EPS | 1.89 | | 1.60 |
| Percentage Change | 2022 | 2021 | |
| Net earnings | 17.5% | | 7.7% |
| Basic EPS | 17.7% | | 7.5% |
| Diluted EPS | 17.8% | | 7.4% |
First 8 of 10 rows. The CSV has all of them.
Table 53 after “Net cash provided by operating activities in dollars and as a percentage of net earnings were as follows:”
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| 2022 | 2021 | |
| Net cash provided | $941.0 | | 770.1 |
| % of net earnings | 86.6% | | 83.3% |
Table 54 after “The following table sets forth the dollar and percentage change in accounts receivable, net, inventories, and accounts payable for the perio”
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| | Twelve-month Dollar Change | Twelve-month Percentage Change | | | |
| 2022 | | 2022 | | 2022 | |
| Accounts receivable, net | $1,013.2 | | | 113.0 | | 12.6% |
| Inventories | 1,708.0 | | | 184.4 | | 12.1% |
| Trade working capital | $2,721.2 | | | 297.4 | | 12.3% |
| Accounts payable | $255.0 | | | 21.9 | | 9.4% |
| Trade working capital, net | $2,466.2 | | | 275.5 | | 12.6% |
| Net sales in last three months | $1,695.6 | | | 969.8 | | 16.1% |
Table 55 after “The approximate percentage mix of inventory stocked at our selling locations versus our distribution center and manufacturing locations was ”
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| 2022 | 2021 | |
| Selling locations | 58% | | 57% |
| Distribution center and manufacturing locations | 42% | | 43% |
| Total | 100% | | 100% |
Table 56 after “Net cash used in investing activities in dollars and as a percentage of net earnings were as follows:”
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| 2022 | 2021 | |
| Net cash used | $163.0 | | 148.5 |
| % of net earnings | 15.0% | | 16.1% |
Table 57 after “Set forth below is a recap of our 2022 and 2021 net capital expenditures in dollars and as a percentage of net sales and net earnings:”
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| 2022 | 2021 | |
| Manufacturing, warehouse and packaging equipment, industrial vending equipment, and facilities | $97.8 | | 70.3 |
| Shelving and related supplies for in-market location openings and for product expansion at existing in-market locations | 21.5 | | 11.0 |
| Data processing software and equipment | 30.6 | | 28.0 |
| Real estate and improvements to branch locations | 12.4 | | 37.9 |
| Vehicles | 11.5 | | 9.4 |
| Purchases of property and equipment | 173.8 | | 156.6 |
| Proceeds from sale of property and equipment | (11.4) | | (8.4) |
First 8 of 11 rows. The CSV has all of them.
Table 58 after “The fluctuations in net cash used in financing activities were due to changes in the level of our dividend payments and in the level of comm”
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| 2022 | 2021 | |
| Cash dividends paid | $711.3 | | 643.7 |
| % of net earnings | 65.4% | | 69.6% |
| Purchases of common stock | 237.8 | | — |
| % of net earnings | 21.9% | | —% |
| Total returned to shareholders | $949.1 | | 643.7 |
| % of net earnings | 87.3% | | 69.6% |
| Proceeds from the exercise of stock options | $(9.2) | | (31.6) |
First 8 of 13 rows. The CSV has all of them.
Table 59 after “Our borrowings under the Credit Facility and Master Note Agreement peaked during each quarter of 2022 as follows:”
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| Peak borrowings | 2022 |
| First quarter | $525.0 |
| Second quarter | 595.0 |
| Third quarter | 650.0 |
| Fourth quarter | 710.0 |
Table 60 after “(Amounts in millions except share information)”
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| December 31 | | |
| 2023 | 2022 | |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $221.3 | | 230.1 |
| Trade accounts receivable, net of allowance for credit losses of $6.4 and $8.3, respectively | 1,087.6 | | 1,013.2 |
| Inventories | 1,522.7 | | 1,708.0 |
| Prepaid income taxes | 17.5 | | 8.1 |
First 8 of 34 rows. The CSV has all of them.
Table 61 after “For the year ended December 31”
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| 2023 | 2022 | | 2021 | |
| Net sales | $7,346.7 | | 6,980.6 | | 6,010.9 |
| Cost of sales | 3,992.2 | | 3,764.8 | | 3,233.7 |
| Gross profit | 3,354.5 | | 3,215.8 | | 2,777.2 |
| Operating and administrative expenses | 1,825.8 | | 1,762.2 | | 1,559.8 |
| Operating income | 1,528.7 | | 1,453.6 | | 1,217.4 |
| Interest income | 4.1 | | 0.7 | | 0.1 |
| Interest expense | (10.8) | | (14.3) | | (9.7) |
First 8 of 15 rows. The CSV has all of them.
Table 62 after “For the year ended December 31”
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| 2023 | 2022 | | 2021 | |
| Net earnings | $1,155.0 | | 1,086.9 | | 925.0 |
| Other comprehensive income (loss), net of tax: | | | | | |
| Foreign currency translation adjustments (net of tax of $0.0 in 2023, 2022, and 2021) | 10.0 | | (34.1) | | (9.5) |
| Comprehensive income | $1,165.0 | | 1,052.8 | | 915.5 |
Table 63 after “(Amounts in millions except per share information)”
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| 2023 | 2022 | | 2021 | |
| Common stock | | | | | |
| Balance at beginning of year | $5.7 | | 5.8 | | 5.7 |
| Stock options exercised | 0.0 | | (0.1) | | 0.1 |
| Balance at end of year | 5.7 | | 5.7 | | 5.8 |
| Additional paid-in capital | | | | | |
| Balance at beginning of year | 3.6 | | 96.2 | | 59.1 |
| Stock options exercised | 30.1 | | 9.3 | | 31.5 |
First 8 of 24 rows. The CSV has all of them.
Table 64 after “For the year ended December 31”
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| 2023 | 2022 | | 2021 | |
| Cash flows from operating activities: | | | | | |
| Net earnings | $1,155.0 | | 1,086.9 | | 925.0 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | | | | | |
| Depreciation of property and equipment | 166.6 | | 165.9 | | 159.9 |
| (Gain) loss on sale of property and equipment | (4.3) | | 1.1 | | (1.1) |
| Bad debt expense (recoveries) | 2.2 | | (1.8) | | 2.5 |
| Deferred income taxes | (10.7) | | (4.9) | | (13.7) |
First 8 of 38 rows. The CSV has all of them.
Table 65 after “Our revenues related to the following geographic areas were as follows for the periods ended December 31:”
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| Twelve-month Period | | | | |
| 2023 | 2022 | | 2021 | |
| United States | $6,139.8 | | 5,867.1 | | 5,033.3 |
| % of revenues | 83.6% | | 84.0% | | 83.7% |
| Canada and Mexico | 981.9 | | 884.4 | | 749.0 |
| % of revenues | 13.4% | | 12.7% | | 12.5% |
| North America | 7,121.7 | | 6,751.5 | | 5,782.3 |
| % of revenues | 97.0% | | 96.7% | | 96.2% |
First 8 of 11 rows. The CSV has all of them.
Table 66 after “The percentages of our sales by end market were as follows for the periods ended December 31:”
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| Twelve-month Period | | | | |
| 2023 | 2022 | | 2021 | |
| Manufacturing | 74.3% | | 72.2% | | 68.9% |
| Non-residential construction | 9.1% | | 10.3% | | 11.1% |
| Other | 16.6% | | 17.5% | | 20.0% |
| 100.0% | | 100.0% | | 100.0% |
Table 67 after “The percentages of our sales by product line were as follows for the periods ended December 31:”
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| | Twelve-month Period | | | | |
| Type | Introduced | 2023 | 2022 | | 2021 | |
| Fasteners (1) | 1967 | 32.4% | | 34.0% | | 33.3% |
| Tools | 1993 | 8.5% | | 8.4% | | 8.5% |
| Cutting tools | 1996 | 5.3% | | 5.0% | | 5.0% |
| Hydraulics & pneumatics | 1996 | 6.7% | | 6.5% | | 6.4% |
| Material handling | 1996 | 5.6% | | 5.7% | | 5.6% |
| Janitorial supplies | 1996 | 8.4% | | 8.0% | | 8.2% |
First 8 of 13 rows. The CSV has all of them.
Table 68 after “Property and equipment at year end consisted of the following:”
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| Depreciable Life in Years | 2023 | | 2022 | | |
| Land | — | | $67.2 | | | 67.5 |
| Buildings and improvements | 15 to 40 | 525.1 | | | 509.2 | |
| Automated distribution and warehouse equipment | 5 to 30 | 271.7 | | | 269.2 | |
| Shelving, industrial vending, and equipment | 3 to 10 | 1,366.5 | | | 1,283.8 | |
| Transportation equipment | 3 to 5 | 98.3 | | | 85.7 | |
| Construction in progress | — | | 107.8 | | | 96.0 |
| | 2,436.6 | | | 2,311.4 | |
First 8 of 10 rows. The CSV has all of them.
Table 69 after “Our long-lived assets related to the following geographic areas at year end:”
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| 2023 | 2022 | |
| United States | $1,314.2 | | 1,303.4 |
| Canada and Mexico | 87.2 | | 80.4 |
| North America | 1,401.4 | | 1,383.8 |
| All other foreign countries | 40.6 | | 40.0 |
| Total long-lived assets | $1,442.0 | | 1,423.8 |
Table 70 after “Accrued expenses at year end consisted of the following:”
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| 2023 | 2022 | |
| Employee payroll and related taxes | $15.2 | | 12.8 |
| Employee bonuses and commissions | 32.3 | | 32.7 |
| Profit sharing contribution | 23.1 | | 22.1 |
| Insurance reserves | 40.1 | | 40.4 |
| Indirect taxes | 36.1 | | 40.3 |
| Customer promotions and marketing | 63.3 | | 60.6 |
| Other | 30.9 | | 32.2 |
First 8 of 9 rows. The CSV has all of them.
Table 71 after “The following tables summarize the details of options granted under our stock option plans that were still outstanding as of December 31, 20”
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| Options Granted | Option Exercise Price | | Closing Stock Price on Date of Grant | December 31, 2023 | | | | |
| Date of Grant | Options Outstanding | Options Exercisable | | | | | | | |
| January 3, 2023 | 1,071,943 | | $48.00 | | $47.400 | | 989,048 | | 70,562 |
| January 3, 2022 | 713,438 | | $62.00 | | $61.980 | | 611,848 | | 53,355 |
| January 4, 2021 | 741,510 | | $48.00 | | $47.650 | | 591,206 | | 211,323 |
| January 2, 2020 | 902,263 | | $38.00 | | $37.230 | | 658,884 | | 322,242 |
| January 2, 2019 | 1,316,924 | | $26.00 | | $25.705 | | 758,611 | | 451,061 |
| January 2, 2018 | 1,087,936 | | $27.50 | | $27.270 | | 541,026 | | 419,460 |
First 8 of 12 rows. The CSV has all of them.
Table 72 after “The following tables summarize the details of options granted under our stock option plans that were still outstanding as of December 31, 20”
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| Date of Grant | Risk-free Interest Rate | Expected Life of Option in Years | | Expected Dividend Yield | | Expected Stock Volatility | Estimated Fair Value of Stock Option | |
| 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 |
First 8 of 10 rows. The CSV has all of them.
Table 73 after “A summary of activities under our stock option plans consisted of the following:”
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| Options Outstanding | ExercisePrice (1) | | RemainingLife (2) | |
| Outstanding as of January 1, 2023 | 5,374,736 | | $34.37 | | 5.66 |
| Granted | 1,071,943 | | $48.00 | | 9.00 |
| Exercised | (1,170,693) | | $25.69 | | |
| Cancelled/forfeited | (301,908) | | $45.00 | | |
| Outstanding as of December 31, 2023 | 4,974,078 | | $38.70 | | 5.99 |
| Exercisable as of December 31, 2023 | 2,197,022 | | $30.88 | | 4.54 |
Table 74 after “A summary of activities under our stock option plans consisted of the following:”
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| Options Outstanding | Exercise Price (1) | | RemainingLife (2) | |
| Outstanding as of January 1, 2022 | 5,173,270 | | $30.23 | | 6.08 |
| Granted | 713,438 | | $62.00 | | 9.00 |
| Exercised | (346,992) | | $26.78 | | |
| Cancelled/forfeited | (164,980) | | $40.00 | | |
| Outstanding as of December 31, 2022 | 5,374,736 | | $34.37 | | 5.66 |
| Exercisable as of December 31, 2022 | 2,437,636 | | $27.14 | | 4.30 |
Table 75 after “Shares of common stock outstanding were as follows:”
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| 2023 | 2022 | | 2021 | |
| Balance at beginning of year | 570,811,674 | | 575,464,682 | | 574,159,575 |
| Stock options exercised | 1,170,693 | | 346,992 | | 1,305,107 |
| Purchases of common stock | — | | (5,000,000) | | — |
| Balance at end of year | 571,982,367 | | 570,811,674 | | 575,464,682 |
Table 76 after “The following tables present a reconciliation of the denominators used in the computation of basic and diluted earnings per share and a summ”
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| Reconciliation | 2023 | 2022 | | 2021 | |
| Basic weighted average shares outstanding | 571,271,846 | | 573,777,790 | | 574,808,030 |
| Weighted shares assumed upon exercise of stock options | 1,736,762 | | 1,845,324 | | 2,309,026 |
| Diluted weighted average shares outstanding | 573,008,608 | | 575,623,114 | | 577,117,056 |
Table 77 after “The following tables present a reconciliation of the denominators used in the computation of basic and diluted earnings per share and a summ”
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| Summary of Anti-dilutive Options Excluded | 2023 | 2022 | | 2021 | |
| Options to purchase shares of common stock | 1,568,460 | | 1,335,898 | | 678,310 |
| Weighted average exercise prices of options | $53.80 | | 55.25 | | 48.00 |
Table 78 after “Earnings before income taxes were derived from the following sources:”
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| 2023 | 2022 | | 2021 | |
| Domestic | $1,392.7 | | 1,335.7 | | 1,100.3 |
| Foreign | 129.3 | | 104.3 | | 107.5 |
| Earnings before income taxes | $1,522.0 | | 1,440.0 | | 1,207.8 |
Table 79 after “Components of income tax expense (benefit) were as follows:”
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| 2023 | 2022 | | 2021 | | | | | | | | | | | |
| Current | Deferred | | Total | Current | Deferred | | Total | Current | Deferred | | Total | | | |
| Federal | $273.3 | | (9.2) | | 264.1 | | 267.6 | | (5.0) | | 262.6 | | 214.3 | (11.4) | 202.9 |
| State | 59.6 | | (1.3) | | 58.3 | | 58.0 | | (1.1) | | 56.9 | | 46.7 | (1.7) | 45.0 |
| Foreign | 44.9 | | (0.3) | | 44.6 | | 35.0 | | (1.4) | | 33.6 | | 34.1 | 0.8 | 34.9 |
| Income tax expense | $377.8 | | (10.8) | | 367.0 | | 360.6 | | (7.5) | | 353.1 | | 295.1 | (12.3) | 282.8 |
Table 80 after “Income tax expense in the accompanying consolidated financial statements differed from the expected expense as follows:”
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| 2023 | 2022 | | 2021 | | | | | | |
| Amount | Percent | | Amount | Percent | Amount | | Percent | | |
| U.S. federal statutory income tax | $319.6 | | 21.0% | | $302.4 | | 21.0% | | $253.6 | 21.0% |
| State income taxes, net of federal benefit | $45.1 | | 3.0% | | $45.6 | | 3.2% | | $34.9 | 2.9% |
| Other, net | $2.3 | | 0.1% | | $5.1 | | 0.3% | | $(5.7) | -0.5% |
| Effective income tax rate | $367.0 | | 24.1% | | $353.1 | | 24.5% | | $282.8 | 23.4% |
Table 81 after “The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at year end consisted of the following”
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| 2023 | 2022 | |
| Deferred income tax assets: | | | |
| Inventory costing and valuation methods | $5.6 | | 6.7 |
| Insurance reserves | 8.3 | | 8.6 |
| Foreign net operating loss and credit carryforwards | 3.0 | | 2.6 |
| Stock-based compensation | 3.8 | | 3.6 |
| Operating lease liabilities | 69.5 | | 62.6 |
| Section 174 capitalization | 7.4 | | 3.4 |
First 8 of 18 rows. The CSV has all of them.
Table 82 after “A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows:”
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| 2023 | 2022 | |
| Balance at beginning of year: | $10.1 | | 7.4 |
| Increase related to prior year tax positions | 5.6 | | 3.5 |
| Increase related to current year tax positions | 0.6 | | 0.6 |
| Decrease related to statute of limitation lapses | (6.1) | | (0.9) |
| Settlements | — | | (0.5) |
| Balance at end of year: | $10.2 | | 10.1 |
Table 83 after “The cost components of our operating leases were as follows for the periods ended December 31:”
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| 2023 | | 2022 | 2021 | | | | | | | | | | |
| Leased Facilities and Equipment | Leased Vehicles | Total | Leased Facilities and Equipment | Leased Vehicles | | Total | Leased Facilities and Equipment | Leased Vehicles | Total | | | | |
| Operating lease cost | $99.4 | | 18.2 | 117.6 | | 96.8 | | 14.7 | | | 111.5 | 99.7 | 13.7 | 113.4 |
| Variable lease cost | 10.5 | | 1.6 | 12.1 | | 9.7 | | 1.5 | | | 11.2 | 10.4 | 1.3 | 11.7 |
| Short-term lease cost | — | | 23.7 | 23.7 | | — | | 26.6 | | | 26.6 | — | 19.2 | 19.2 |
| Total | $109.9 | | 43.5 | 153.4 | | 106.5 | | 42.8 | | | 149.3 | 110.1 | 34.2 | 144.3 |
Table 84 after “Maturities of our lease liabilities for all operating leases were as follows as of December 31, 2023:”
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| Leased Facilities and Equipment | Leased Vehicles | | Total | |
| 2024 | $86.1 | | 14.2 | | 100.3 |
| 2025 | 65.1 | | 12.1 | | 77.2 |
| 2026 | 43.3 | | 8.9 | | 52.2 |
| 2027 | 26.5 | | 5.1 | | 31.6 |
| 2028 | 14.7 | | 3.1 | | 17.8 |
| 2029 and thereafter | 13.0 | | 1.5 | | 14.5 |
| Total lease payments | $248.7 | | 44.9 | | 293.6 |
First 8 of 10 rows. The CSV has all of them.
Table 85 after “The weighted average remaining lease terms and discount rates for all of our operating leases were as follows for the periods ended December”
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| Remaining lease term and discount rate: | 2023 | 2022 |
| Weighted average remaining lease term (years) | | |
| Leased facilities and equipment | 3.76 | 3.57 |
| Leased vehicles | 3.77 | 2.66 |
| Weighted average discount rate | | |
| Lease facilities and equipment | 3.07% | 2.07% |
| Leased vehicles | 4.03% | 2.47% |
Table 86 after “Supplemental cash flow information related to our operating leases was as follows for the periods ended December 31:”
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| 2023 | 2022 | | 2021 | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | |
| Operating cash outflow from operating leases | $115.7 | | 110.9 | | 112.4 |
| Leased assets obtained in exchange for new operating lease liabilities | 116.2 | | 89.4 | | 103.6 |
Table 87 after “Debt obligations and letters of credit outstanding at year end consisted of the following:”
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| Average Interest Rate at December 31, 2023 | | | Debt Outstanding | | | |
| | Maturity Date | 2023 | | 2022 | | |
| Unsecured revolving credit facility | 6.36% | | September 28, 2027 | | $— | | 225.0 |
| Senior unsecured promissory notes payable, Series C | 3.22% | | March 1, 2024 | | 60.0 | | 60.0 |
| Senior unsecured promissory notes payable, Series D | 2.66% | | May 15, 2025 | | 75.0 | | 75.0 |
| Senior unsecured promissory notes payable, Series E | 2.72% | | May 15, 2027 | | 50.0 | | 50.0 |
| Senior unsecured promissory notes payable, Series F | 1.69% | | June 24, 2023 | | — | | 70.0 |
| Senior unsecured promissory notes payable, Series G | 2.13% | | June 24, 2026 | | 25.0 | | 25.0 |
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Table 88 after “Principal payments required on our outstanding indebtedness, based on the maturity dates defined within our long-term debt arrangements, for”
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| Principal Payments |
| 2024 | $60.0 |
| 2025 | 75.0 |
| 2026 | 25.0 |
| 2027 | 50.0 |
| 2028 | — |
| 2029 and thereafter | 50.0 |
| Total | $260.0 |
Table 89 after “As of the date of filing this Form 10-K, the following individuals were executive officers of the Company:”
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| Name | Employee of Fastenal Since | Age | Position |
| Daniel L. Florness | 1996 | 60 | President, Chief Executive Officer, and Director |
| Anthony P. Broersma | 2003 | 44 | Executive Vice President – Operations |
| William J. Drazkowski | 1995 | 52 | Executive Vice President – Sales |
| James C. Jansen | 1992 | 53 | Executive Vice President – Manufacturing |
| Holden Lewis | 2016 | 54 | Senior Executive Vice President and Chief Financial Officer |
| Sheryl A. Lisowski | 1994 | 56 | Executive Vice President – Chief Accounting Officer and Treasurer |
| Charles S. Miller | 1999 | 49 | Senior Executive Vice President – Sales |
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Table 90 after “Equity Compensation Plan Information”
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| Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | | |
| (a) | (b) | | (c) | | |
| Equity compensation plans approved by security holders (1) | 4,974,078 | | $38.70 | | | 10,877,707 |
| Equity compensation plans not approved by security holders | — | | — | | | — |
| Total | 4,974,078 | | | | 10,877,707 | |
Table 91 after “EXHIBITS AND FINANCIAL STATEMENT SCHEDULES”
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| a) | 1. Financial Statements: |
| Consolidated Balance Sheets as of December 31, 2023 and 2022 |
| Consolidated Statements of Earnings for the years ended December 31, 2023, 2022, and 2021 |
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022, and 2021 |
| Consolidated Statements of Stockholders' Equity for the years ended December 31, 2023, 2022, and 2021 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022, and 2021 |
| Notes to Consolidated Financial Statements |
| Report of Independent Registered Public Accounting Firm (KPMG LLP, Minneapolis, MN, Auditor Firm ID: 185) |
| Exhibit Number | Description of Document |
| 3.1 | Restated Articles of Incorporation of Fastenal Company, as amended (incorporated by reference to Exhibit 3.1 to Fastenal Company's Form 8-K dated as of April 22, 2019) |
| 3.2 | Restated By-Laws of Fastenal Company dated as of February 2, 2024 (filed herewith) |
| 4.1 | Form of Senior Notes due March 1, 2024 (incorporated by reference to Exhibit 4.1 to Fastenal Company's Form 10-Q for the quarter ended March 31, 2017) |
| 4.2 | Description of Capital Stock (filed herewith) |
| 4.3 | Form of Senior Notes due May 15, 2025 (incorporated by reference to Exhibit 4.1 to Fastenal Company's Form 10-Q for the quarter ended June 30, 2020) |
| 4.4 | Form of Senior Notes due May 15, 2027 (incorporated by reference to Exhibit 4.2 to Fastenal Company's Form 10-Q for the quarter ended June 30, 2020) |
| 4.5 | Form of Senior Notes due June 24, 2026 (incorporated by reference to Exhibit 4.4 to Fastenal Company's Form 10-Q for the quarter ended June 30, 2020) |
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| Exhibit Number | Description of Document |
| 10.7 | Master Note Agreement dated as of July 20, 2016 by and among (i) Fastenal Company, (ii) Metropolitan Life Insurance Company, NYL Investors LLC and PGIM, Inc. (formerly known as Prudential Investment Management, Inc.), as investor group representatives (each, an 'Investor Group Representative'), and (iii) Metropolitan Life Insurance Company (in its capacity as a purchaser of notes under such Master Note Agreement) and/or affiliates of any Investor Group Representative who become purchasers of notes under such Master Note Agreement (incorporated by reference to Exhibit 10.1 to Fastenal Company’s Form 8-K dated as of July 20, 2016). |
| 10.8 | Omnibus First Amendment to Master Note Agreement and Subsidiary Guaranty Agreement dated as of November 30, 2018 by and among Fastenal Company, Fastenal Company Purchasing, and Fastenal IP Company, on one hand, and Metropolitan Life Insurance Company, NYL Investors LLC, PGIM, Inc., and each holder of Notes that are signatory thereto, on the other hand (incorporated by reference to Exhibit 10.2 to Fastenal Company's Form 8-K dated December 3, 2018). |
| 10.9 | Consent, Waiver and Agreement to Master Note Agreement dated as of June 10, 2020 by and among Fastenal Company, Fastenal Company Purchasing, and Fastenal IP Company, on the one hand, and Metropolitan Life Insurance Company, MetLife Investment Management, LLC, NYL Investors LLC, PGIM, Inc. and each holder of Notes that are signatory thereto, on the other hand (incorporated by reference to Exhibit 10.1 to Fastenal Company's Form 10-Q for the quarter ended June 30, 2020). |
| 10.10 | Omnibus Second Amendment to Master Note Agreement and Subsidiary Guaranty Agreement dated as of September 28, 2022 by and among Fastenal Company, Fastenal Company Purchasing, and Fastenal IP Company, on one hand, and Metropolitan Life Insurance Company, MetLife Investment Management, LLC, NYL Investors LLC, PGIM, Inc., and each holder of Notes that is a signatory thereto, on the other hand (incorporated by reference to Exhibit 10.2 to Fastenal Company's Form 8-K dated as of September 30, 2022). |
| 21 | List of Subsidiaries (filed herewith) |
| 23 | Consent of Independent Registered Public Accounting Firm (filed herewith) |
| 31 | Certifications under Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
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| Description | Balance at Beginning of Year | "Additions/(Reductions)" to Costs and Expenses | | "Other" Additions (Deductions) | | "Less" Deductions | Balance at End of Year | | | |
| Year ended December 31, 2023 | | | | | | | | | | |
| Allowance for credit losses | $8.3 | | 2.2 | | | — | | 4.1 | | 6.4 |
| Insurance reserves | $40.4 | | 86.2 | | (1) | — | | 86.5 | (2) | 40.1 |
| Year ended December 31, 2022 | | | | | | | | | | |
| Allowance for credit losses | $12.0 | | (1.8) | | | — | | 1.9 | | 8.3 |
| Insurance reserves | $35.7 | | 78.2 | | (1) | — | | 73.5 | (2) | 40.4 |
| Year ended December 31, 2021 | | | | | | | | | | |
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