Company Quick10K Filing
Fastenal
Price31.99 EPS1
Shares574 P/E24
MCap18,374 P/FCF31
Net Debt254 EBIT1,031
TEV18,628 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-16
10-Q 2020-06-30 Filed 2020-07-17
10-Q 2020-03-31 Filed 2020-04-17
10-K 2019-12-31 Filed 2020-02-06
10-Q 2019-09-30 Filed 2019-10-16
10-Q 2019-06-30 Filed 2019-07-16
10-Q 2019-03-31 Filed 2019-04-16
10-K 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-10-16
10-Q 2018-06-30 Filed 2018-07-16
10-Q 2018-03-31 Filed 2018-04-16
10-K 2017-12-31 Filed 2018-02-05
10-Q 2017-09-30 Filed 2017-10-16
10-Q 2017-06-30 Filed 2017-07-17
10-Q 2017-03-31 Filed 2017-04-17
10-K 2016-12-31 Filed 2017-02-06
10-Q 2016-09-30 Filed 2016-10-14
10-Q 2016-06-30 Filed 2016-07-15
10-Q 2016-03-31 Filed 2016-04-15
10-K 2015-12-31 Filed 2016-02-05
10-Q 2015-09-30 Filed 2015-10-16
10-Q 2015-06-30 Filed 2015-07-17
10-Q 2015-03-31 Filed 2015-04-17
10-K 2014-12-31 Filed 2015-02-05
10-Q 2014-09-30 Filed 2014-10-15
10-Q 2014-06-30 Filed 2014-07-16
10-Q 2014-03-31 Filed 2014-04-16
10-K 2013-12-31 Filed 2014-02-06
10-Q 2013-09-30 Filed 2013-10-15
10-Q 2013-06-30 Filed 2013-07-15
10-Q 2013-03-31 Filed 2013-04-15
10-K 2012-12-31 Filed 2013-02-07
10-Q 2012-09-30 Filed 2012-10-18
10-Q 2012-06-30 Filed 2012-07-20
10-Q 2012-03-31 Filed 2012-04-20
10-K 2011-12-31 Filed 2012-02-09
10-Q 2011-09-30 Filed 2011-10-26
10-Q 2011-06-30 Filed 2011-07-21
10-Q 2011-03-31 Filed 2011-04-21
10-K 2010-12-31 Filed 2011-02-09
10-Q 2010-09-30 Filed 2010-10-21
10-Q 2010-06-30 Filed 2010-07-23
10-Q 2010-03-31 Filed 2010-04-27
10-K 2009-12-31 Filed 2010-02-09
8-K 2020-11-20
8-K 2020-10-13
8-K 2020-08-06
8-K 2020-07-14
8-K 2020-06-09
8-K 2020-05-05
8-K 2020-04-25
8-K 2020-04-24
8-K 2020-04-14
8-K 2020-03-30
8-K 2020-01-17
8-K 2020-01-16
8-K 2019-10-11
8-K 2019-08-29
8-K 2019-07-11
8-K 2019-04-24
8-K 2019-04-23
8-K 2019-04-18
8-K 2019-04-11
8-K 2019-01-17
8-K 2019-01-17
8-K 2018-12-03
8-K 2018-10-10
8-K 2018-07-11
8-K 2018-05-01
8-K 2018-04-25
8-K 2018-04-19
8-K 2018-04-11
8-K 2018-01-17

FAST 10Q Quarterly Report

Part I - Financial Information
Item 1 - Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risks
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 - Exhibits
EX-31 fast9302020ex31.htm
EX-32 fast9302020ex32.htm

Fastenal Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
3.93.12.31.60.80.02012201420172020
Assets, Equity
1.41.10.80.60.30.02012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

fast-20200930
000081555612/312020Q3false00008155562020-01-012020-09-30xbrli:shares00008155562020-10-12iso4217:USD00008155562020-09-3000008155562019-12-31iso4217:USDxbrli:shares00008155562019-01-012019-09-3000008155562020-07-012020-09-3000008155562019-07-012019-09-300000815556us-gaap:CommonStockMember2019-12-310000815556us-gaap:CommonStockMember2018-12-310000815556us-gaap:CommonStockMember2020-06-300000815556us-gaap:CommonStockMember2019-06-300000815556us-gaap:CommonStockMember2020-09-300000815556us-gaap:CommonStockMember2019-09-300000815556us-gaap:AdditionalPaidInCapitalMember2019-12-310000815556us-gaap:AdditionalPaidInCapitalMember2018-12-310000815556us-gaap:AdditionalPaidInCapitalMember2020-06-300000815556us-gaap:AdditionalPaidInCapitalMember2019-06-300000815556us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300000815556us-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-300000815556us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000815556us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300000815556us-gaap:AdditionalPaidInCapitalMember2020-09-300000815556us-gaap:AdditionalPaidInCapitalMember2019-09-300000815556us-gaap:RetainedEarningsMember2019-12-310000815556us-gaap:RetainedEarningsMember2018-12-310000815556us-gaap:RetainedEarningsMember2020-06-300000815556us-gaap:RetainedEarningsMember2019-06-300000815556us-gaap:RetainedEarningsMember2020-01-012020-09-300000815556us-gaap:RetainedEarningsMember2019-01-012019-09-300000815556us-gaap:RetainedEarningsMember2020-07-012020-09-300000815556us-gaap:RetainedEarningsMember2019-07-012019-09-300000815556us-gaap:RetainedEarningsMember2020-09-300000815556us-gaap:RetainedEarningsMember2019-09-300000815556us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000815556us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000815556us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000815556us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300000815556us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300000815556us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300000815556us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000815556us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300000815556us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000815556us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-3000008155562019-09-3000008155562018-12-31xbrli:pure00008155562019-05-222019-05-2200008155562019-05-220000815556fast:ApexIndustrialTechnologiesLLCMember2020-03-302020-03-300000815556country:US2020-01-012020-09-300000815556country:US2019-01-012019-09-300000815556country:US2020-07-012020-09-300000815556country:US2019-07-012019-09-300000815556fast:CanadaandMexicoMember2020-01-012020-09-300000815556fast:CanadaandMexicoMember2019-01-012019-09-300000815556fast:CanadaandMexicoMember2020-07-012020-09-300000815556fast:CanadaandMexicoMember2019-07-012019-09-300000815556srt:NorthAmericaMember2020-01-012020-09-300000815556srt:NorthAmericaMember2019-01-012019-09-300000815556srt:NorthAmericaMember2020-07-012020-09-300000815556srt:NorthAmericaMember2019-07-012019-09-300000815556fast:NonNorthAmericaMember2020-01-012020-09-300000815556fast:NonNorthAmericaMember2019-01-012019-09-300000815556fast:NonNorthAmericaMember2020-07-012020-09-300000815556fast:NonNorthAmericaMember2019-07-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:ManufacturingCustomersMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:ManufacturingCustomersMemberus-gaap:CustomerConcentrationRiskMember2019-01-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:ManufacturingCustomersMemberus-gaap:CustomerConcentrationRiskMember2020-07-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:ManufacturingCustomersMemberus-gaap:CustomerConcentrationRiskMember2019-07-012019-09-300000815556fast:NonResidentialConstructionCustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-09-300000815556fast:NonResidentialConstructionCustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2019-01-012019-09-300000815556fast:NonResidentialConstructionCustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-07-012020-09-300000815556fast:NonResidentialConstructionCustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2019-07-012019-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberfast:OtherCustomersMember2020-01-012020-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberfast:OtherCustomersMember2019-01-012019-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberfast:OtherCustomersMember2020-07-012020-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberfast:OtherCustomersMember2019-07-012019-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2019-01-012019-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-07-012020-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2019-07-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:FastenersMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:FastenersMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:FastenersMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:FastenersMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:ToolsMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:ToolsMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:ToolsMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:ToolsMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:CuttingToolsMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:CuttingToolsMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:CuttingToolsMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:CuttingToolsMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556fast:HydraulicsAndPneumaticsMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556fast:HydraulicsAndPneumaticsMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556fast:HydraulicsAndPneumaticsMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556fast:HydraulicsAndPneumaticsMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556fast:MaterialHandlingMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556fast:MaterialHandlingMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556fast:MaterialHandlingMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556fast:MaterialHandlingMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:JanitorialSuppliesMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:JanitorialSuppliesMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:JanitorialSuppliesMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:JanitorialSuppliesMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:ElectricalSuppliesMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:ElectricalSuppliesMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556us-gaap:SalesRevenueNetMemberfast:ElectricalSuppliesMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556us-gaap:SalesRevenueNetMemberfast:ElectricalSuppliesMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556fast:WeldingSuppliesMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556fast:WeldingSuppliesMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556fast:WeldingSuppliesMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556fast:WeldingSuppliesMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556fast:SafetySuppliesMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556fast:SafetySuppliesMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556fast:SafetySuppliesMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556fast:SafetySuppliesMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556us-gaap:ProductAndServiceOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556us-gaap:ProductAndServiceOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556us-gaap:ProductAndServiceOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556us-gaap:ProductAndServiceOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-01-012019-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-07-012020-09-300000815556us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2019-07-012019-09-300000815556us-gaap:SubsequentEventMember2020-10-122020-10-1200008155562020-01-012020-03-3100008155562019-01-012019-03-3100008155562020-04-012020-06-3000008155562019-04-012019-06-300000815556srt:ScenarioForecastMember2020-10-012020-12-3100008155562019-10-012019-12-310000815556srt:ScenarioForecastMember2020-01-012020-12-3100008155562019-01-012019-12-310000815556fast:JanuarySecondTwoThousandTwentyMember2012-04-172020-09-300000815556fast:JanuarySecondTwoThousandTwentyMember2020-09-300000815556fast:JanuarySecondTwoThousandNineteenMember2012-04-172020-09-300000815556fast:JanuarySecondTwoThousandNineteenMember2020-09-300000815556fast:JanuarySecondTwoThousandEighteenMember2012-04-172020-09-300000815556fast:JanuarySecondTwoThousandEighteenMember2020-09-300000815556fast:JanuaryThirdTwoThousandSeventeenMember2012-04-172020-09-300000815556fast:JanuaryThirdTwoThousandSeventeenMember2020-09-300000815556fast:AprilNineteenthTwoThousandSixteenMemberDomain2012-04-172020-09-300000815556fast:AprilNineteenthTwoThousandSixteenMemberDomain2020-09-300000815556fast:AprilTwentyFirstTwoThousandFifteenMemberDomain2012-04-172020-09-300000815556fast:AprilTwentyFirstTwoThousandFifteenMemberDomain2020-09-300000815556fast:AprilTwentySecondTwoThousandFourteenMember2012-04-172020-09-300000815556fast:AprilTwentySecondTwoThousandFourteenMember2020-09-300000815556fast:AprilSixteenthTwoThousandThirteenMember2012-04-172020-09-300000815556fast:AprilSixteenthTwoThousandThirteenMember2020-09-300000815556fast:AprilSeventeenthTwoThousandTwelveMember2012-04-172020-09-300000815556fast:AprilSeventeenthTwoThousandTwelveMember2020-09-3000008155562012-04-172020-09-300000815556fast:JanuarySecondTwoThousandTwentyMember2020-01-012020-09-300000815556fast:JanuarySecondTwoThousandNineteenMember2020-01-012020-09-300000815556fast:JanuarySecondTwoThousandEighteenMember2020-01-012020-09-300000815556fast:JanuaryThirdTwoThousandSeventeenMember2020-01-012020-09-300000815556fast:AprilNineteenthTwoThousandSixteenMemberDomain2020-01-012020-09-300000815556fast:AprilTwentyFirstTwoThousandFifteenMemberDomain2020-01-012020-09-300000815556fast:AprilTwentySecondTwoThousandFourteenMember2020-01-012020-09-300000815556fast:AprilSixteenthTwoThousandThirteenMember2020-01-012020-09-300000815556fast:AprilSeventeenthTwoThousandTwelveMember2020-01-012020-09-300000815556us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-09-300000815556us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2019-12-310000815556us-gaap:SeniorNotesMemberfast:A2.00SeniorPromissoryNotePayableMember2020-09-300000815556us-gaap:SeniorNotesMemberfast:A2.00SeniorPromissoryNotePayableMember2019-12-310000815556fast:A2.45SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2020-09-300000815556fast:A2.45SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2019-12-310000815556fast:A3.22SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2020-09-300000815556fast:A3.22SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2019-12-310000815556fast:A2.66SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2020-09-300000815556fast:A2.66SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2019-12-310000815556fast:A2.72SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2020-09-300000815556fast:A2.72SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2019-12-310000815556fast:A1.69SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2020-09-300000815556fast:A1.69SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2019-12-310000815556fast:A2.13SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2020-09-300000815556fast:A2.13SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2019-12-310000815556fast:A2.50SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2020-09-300000815556fast:A2.50SeniorUnsecuredPromissoryNotePayableMemberus-gaap:SeniorNotesMember2019-12-310000815556us-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2020-09-300000815556us-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2019-12-310000815556us-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-09-300000815556us-gaap:LineOfCreditMembersrt:MinimumMember2020-01-012020-09-300000815556us-gaap:LineOfCreditMembersrt:MaximumMember2020-01-012020-09-300000815556us-gaap:SeniorNotesMember2020-09-30
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
FORM 10-Q
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
    For the quarterly period ended September 30, 2020, or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
    For the transition period from __________ to __________                   
Commission file number 0-16125
 FASTENAL COMPANY
(Exact name of registrant as specified in its charter)
Minnesota 41-0948415
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

    2001 Theurer Boulevard, Winona, Minnesota                 55987-1500
(Address of principal executive offices)                      (Zip Code)
(507) 454-5374
             (Registrant's telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $.01 per shareFASTThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes  ý    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ý  Accelerated Filer 
Non-accelerated Filer   Smaller Reporting Company 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  ý
As of October 12, 2020, there were approximately 574,053,293 shares of the registrants common stock outstanding.


Table of Contents
FASTENAL COMPANY
INDEX
 
 Page



Table of Contents
PART I — FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS
FASTENAL COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Amounts in millions except share information)
(Unaudited)
AssetsSeptember 30,
2020
December 31,
2019
Current assets:
Cash and cash equivalents$331.8 174.9 
Trade accounts receivable, net of allowance for credit losses of $11.8 and $10.9, respectively
834.5 741.8 
Inventories1,342.6 1,366.4 
Prepaid income taxes14.6 16.7 
Other current assets123.2 157.4 
Total current assets2,646.7 2,457.2 
Property and equipment, net1,023.7 1,023.2 
Operating lease right-of-use assets244.4 243.2 
Other assets193.8 76.3 
Total assets$4,108.6 3,799.9 
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of debt$40.0 3.0 
Accounts payable210.4 192.8 
Accrued expenses258.2 251.5 
Current portion of operating lease liabilities94.4 97.4 
Total current liabilities603.0 544.7 
Long-term debt365.0 342.0 
Operating lease liabilities152.1 148.2 
Deferred income taxes102.9 99.4 
Stockholders' equity:
Preferred stock: $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding
  
Common stock: $0.01 par value, 800,000,000 shares authorized, 574,049,821 and 574,128,911 shares issued and outstanding, respectively
2.9 2.9 
Additional paid-in capital57.8 67.2 
Retained earnings2,866.7 2,633.9 
Accumulated other comprehensive loss(41.8)(38.4)
Total stockholders' equity2,885.6 2,665.6 
Total liabilities and stockholders' equity$4,108.6 3,799.9 
See accompanying Notes to Condensed Consolidated Financial Statements.
1

Table of Contents
FASTENAL COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Amounts in millions except earnings per share)
(Unaudited)(Unaudited)
 Nine Months Ended
September 30,
Three Months Ended
September 30,
 2020201920202019
Net sales$4,289.3 4,056.8 $1,413.3 1,379.1 
Cost of sales2,340.3 2,139.8 772.7 728.0 
Gross profit1,949.0 1,917.0 640.6 651.1 
Operating and administrative expenses1,072.7 1,099.5 351.5 369.2 
Gain on sale of property and equipment(1.1)(0.8)(1.0) 
Operating income877.4 818.3 290.1 281.9 
Interest income0.3 0.3 0.1 0.1 
Interest expense(7.2)(11.3)(2.6)(3.6)
Earnings before income taxes870.5 807.3 287.6 278.4 
Income tax expense207.5 195.1 66.1 64.9 
Net earnings$663.0 612.2 $221.5 213.5 
Basic net earnings per share$1.16 1.07 $0.39 0.37 
Diluted net earnings per share$1.15 1.07 $0.38 0.37 
Basic weighted average shares outstanding573.7 572.9 573.9 573.5 
Diluted weighted average shares outstanding575.5 574.0 576.1 574.4 
See accompanying Notes to Condensed Consolidated Financial Statements.

2

Table of Contents
FASTENAL COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Amounts in millions)
(Unaudited)(Unaudited)
 Nine Months Ended
September 30,
Three Months Ended
September 30,
 2020201920202019
Net earnings$663.0 612.2 $221.5 213.5 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments (net of tax of $0.0 in 2020 and 2019)
(3.4)(4.2)11.1 (9.6)
Comprehensive income$659.6 608.0 $232.6 203.9 
See accompanying Notes to Condensed Consolidated Financial Statements.

3

Table of Contents
FASTENAL COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders' Equity
(Amounts in millions except per share information)
(Unaudited)(Unaudited)
Nine Months Ended
September 30,
Three Months Ended
September 30,
2020201920202019
Common stock
Balance at beginning of period$2.9 2.9 $2.9 2.9 
Balance at end of period2.9 2.9 2.9 2.9 
Additional paid-in capital
Balance at beginning of period67.2 3.0 44.4 46.0 
Stock options exercised38.3 43.0 12.0 2.9 
Purchases of common stock(52.0)   
Stock-based compensation4.3 4.3 1.4 1.4 
Balance at end of period57.8 50.3 57.8 50.3 
Retained earnings
Balance at beginning of period2,633.9 2,341.6 2,788.6 2,494.2 
Net earnings663.0 612.2 221.5 213.5 
Dividends paid in cash(430.2)(372.3)(143.4)(126.2)
Balance at end of period2,866.7 2,581.5 2,866.7 2,581.5 
Accumulated other comprehensive (loss) income
Balance at beginning of period(38.4)(44.8)(52.9)(39.4)
Other comprehensive (loss) income(3.4)(4.2)11.1 (9.6)
Balance at end of period(41.8)(49.0)(41.8)(49.0)
Total stockholders' equity$2,885.6 2,585.7 $2,885.6 2,585.7 
Cash dividends paid per share of common stock$0.750 $0.650 $0.250 $0.220 
See accompanying Notes to Condensed Consolidated Financial Statements.

4

Table of Contents
FASTENAL COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(Unaudited)
 Nine Months Ended
September 30,
 20202019
Cash flows from operating activities:
Net earnings$663.0 612.2 
Adjustments to reconcile net earnings to net cash provided by operating activities, net of acquisition:
Depreciation of property and equipment114.0 107.8 
Gain on sale of property and equipment(1.1)(0.8)
Bad debt expense5.8 4.9 
Deferred income taxes3.5 2.2 
Stock-based compensation4.3 4.3 
Amortization of intangible assets6.4 3.0 
Changes in operating assets and liabilities, net of acquisition:
Trade accounts receivable(98.8)(108.0)
Inventories22.8 (76.9)
Other current assets34.2 9.8 
Accounts payable17.6 21.6 
Accrued expenses6.7 0.5 
Income taxes2.1 8.6 
Other0.3 1.1 
Net cash provided by operating activities780.8 590.3 
Cash flows from investing activities:
Purchases of property and equipment(123.5)(184.3)
Proceeds from sale of property and equipment8.6 5.0 
Cash paid for acquisition(125.0) 
Other1.1 0.2 
Net cash used in investing activities(238.8)(179.1)
Cash flows from financing activities:
Proceeds from debt obligations910.0 745.0 
Payments against debt obligations(850.0)(800.0)
Proceeds from exercise of stock options38.3 43.0 
Purchases of common stock(52.0) 
Payments of dividends(430.2)(372.3)
Net cash used in financing activities(383.9)(384.3)
Effect of exchange rate changes on cash and cash equivalents(1.2)(2.9)
Net increase in cash and cash equivalents156.9 24.0 
Cash and cash equivalents at beginning of period174.9 167.2 
Cash and cash equivalents at end of period$331.8 191.2 
Supplemental information:
Cash paid for interest$5.9 11.3 
Net cash paid for income taxes$201.4 182.6 
Leased assets obtained in exchange for new operating lease liabilities$76.1 

87.6 
See accompanying Notes to Condensed Consolidated Financial Statements.
5

Table of Contents
FASTENAL COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Amounts in millions except share and per share information and where otherwise noted)
September 30, 2020 and 2019
(Unaudited)
(1) Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Fastenal Company and subsidiaries (collectively referred to as the company, Fastenal, or by terms such as we, our, or us) have been prepared in accordance with U.S. generally accepted accounting principles ('GAAP') for interim financial information. They do not include all information and footnotes required by U.S. GAAP for complete financial statements. However, except as described herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in our consolidated financial statements as of and for the year ended December 31, 2019. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
Impact of COVID-19
The COVID-19 pandemic has impacted and could further impact our operations and the operations of our suppliers and vendors as a result of quarantines, facility closures, illnesses, and travel and logistics restrictions. The extent to which the COVID-19 pandemic impacts our business, results of operations, and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to the duration, spread, severity, and impact of the COVID-19 pandemic, the effects of the COVID-19 pandemic on our customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by federal, state, and local governments, and to what extent normal economic and operating conditions can resume. Even after the COVID-19 pandemic has subsided, we may continue to experience adverse impacts to our business as a result of any economic recession or depression that has occurred or may occur in the future. Therefore, the Company cannot reasonably estimate the future impact at this time.
Stock Split
On April 17, 2019, the board of directors approved a two-for-one stock split of the company's outstanding common stock. Holders of the company's common stock, par value $0.01 per share, at the close of business on May 2, 2019, received one additional share of common stock for every share of common stock they owned. The stock split took effect at the close of business on May 22, 2019. All historical common stock share and per share information for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted to reflect the stock split.
Recently Adopted Accounting Pronouncements
Effective January 1, 2020, we adopted Financial Accounting Standard Board ('FASB') Accounting Standards Update ('ASU') 2016-13, Measurement of Credit Losses on Financial Instruments, which changed the way entities recognize impairment of most financial assets. Short-term and long-term financial assets, as defined by the standard, are impacted by immediate recognition of estimated credit losses in the financial statements, reflecting the net amount expected to be collected. The adoption of this standard had an immaterial impact on our condensed consolidated financial statements.
In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which provides guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 requires that, to be a business, an acquired set must include, at a minimum, an input and a substantive process that together significantly contributes to the ability to create outputs. The company adopted this guidance during the first quarter of 2020 when evaluating the transaction discussed further in Note 2, 'Asset Acquisition'.
(2) Asset Acquisition
On March 30, 2020, we purchased certain assets of Apex Industrial Technologies LLC ('Apex') that have contributed to the development, design, and scalability of the vending delivery platform utilized since 2008 within our industrial vending business to dispense product and lease devices to our customers. In connection with this transaction, we purchased a perpetual and unfettered use of key patents, designs, software and licenses, as well as direct access to the vending equipment supply chain.
The total purchase price of the assets acquired consisted of $125.0 paid in cash at closing. We funded the purchase price with available cash and proceeds from borrowings on our unsecured revolving credit facility. We accounted for the purchase as an asset acquisition as substantially all of the fair value of the gross assets acquired is concentrated in the identifiable intangible assets used in the vending delivery platform for our industrial vending business. On a relative fair value basis, the allocated identifiable intangible assets total $123.8 and tangible property and equipment total $1.2. The weighted average amortization period of the identifiable intangible assets is approximately 19.4 years.
6

Table of Contents
FASTENAL COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Amounts in millions except share and per share information and where otherwise noted)
September 30, 2020 and 2019
(Unaudited)
(3) Revenue
Revenue Recognition
Net sales include products and shipping and handling charges, net of estimates for product returns and any related sales incentives. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with the majority of revenue recognized at the point in time the customer obtains control of the products. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. We estimate product returns based on historical return rates. Using probability assessments, we estimate sales incentives expected to be paid over the term of the contract. The majority of our contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Revenues are attributable to countries based on the selling location from which the sale occurred.
Disaggregation of Revenue
Our revenues related to the following geographic areas were as follows for the periods ended September 30:
Nine-month PeriodThree-month Period
2020201920202019
United States$3,681.6 3,479.7 $1,205.8 1,182.0 
Canada and Mexico462.3 458.4 160.5 157.2 
North America4,143.9 3,938.1 1,366.3 1,339.2 
All other foreign countries145.4 118.7 47.0 39.9 
Total revenues$4,289.3 4,056.8 $1,413.3 1,379.1 

The percentages of our sales by end market were as follows for the periods ended September 30:
Nine-month PeriodThree-month Period
2020201920202019
Manufacturing61.7 %67.5 %62.7 %67.5 %
Non-residential construction11.4 %12.9 %11.2 %13.0 %
Other26.9 %19.6 %26.1 %19.5 %
100.0 %100.0 %100.0 %100.0 %
7

Table of Contents
FASTENAL COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Amounts in millions except share and per share information and where otherwise noted)
September 30, 2020 and 2019
(Unaudited)
The percentages of our sales by product line were as follows for the periods ended September 30:
Nine-month PeriodThree-month Period
TypeIntroduced2020201920202019
Fasteners(1)
196729.7 %34.3 %30.5 %33.7 %
Tools19938.1 %10.0 %8.5 %10.2 %
Cutting tools19964.6 %5.8 %4.7 %5.7 %
Hydraulics & pneumatics19965.9 %6.9 %6.1 %6.8 %
Material handling19965.1 %5.9 %5.1 %5.9 %
Janitorial supplies19969.9 %7.7 %10.7 %8.0 %
Electrical supplies19974.1 %4.7 %3.9 %4.6 %
Welding supplies19973.5 %4.2 %3.5 %4.2 %
Safety supplies199926.1 %17.6 %23.8 %18.2 %
Other3.0 %2.9 %3.2 %2.7 %
100.0 %100.0 %100.0 %100.0 %
(1) The fasteners product line represents fasteners and miscellaneous supplies.
(4) Stockholders' Equity
Dividends
On October 12, 2020, our board of directors declared a dividend of $0.25 per share of common stock to be paid in cash on November 24, 2020 to shareholders of record at the close of business on October 27, 2020. Since 2011, we have paid quarterly dividends. Our board of directors currently intends to continue paying quarterly dividends, provided that any future determination as to payment of dividends will depend on the financial condition and results of operations of the company and such other factors as are deemed relevant by the board of directors.
The following table presents the dividends either paid previously or declared by our board of directors for future payment on a per share basis:
20202019
First quarter$0.250 0.215 
Second quarter0.250 0.215 
Third quarter0.250 0.220 
Fourth quarter0.250 0.220 
Total$1.000 0.870 
8

Table of Contents
FASTENAL COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Amounts in millions except share and per share information and where otherwise noted)
September 30, 2020 and 2019
(Unaudited)
Stock Options
The following tables summarize the details of options granted under our stock option plans that were outstanding as of September 30, 2020, and the assumptions used to value these grants. All such grants were effective at the close of business on the date of grant.
 Options
Granted
Option Exercise
(Strike) Price
Closing Stock Price on Date
of Grant
September 30, 2020
Date of GrantOptions
Outstanding
Options
Exercisable
January 2, 2020902,263 $38.00 $37.230 878,190 24,964 
January 2, 20191,316,924 $26.00 $25.705 1,222,784 25,010 
January 2, 20181,087,936 $27.50 $27.270 898,184 281,144 
January 3, 20171,529,578 $23.50 $23.475 996,285 385,821 
April 19, 20161,690,880 $23.00 $22.870 957,561 460,857 
April 21, 20151,786,440 $21.00 $20.630 607,209 360,577 
April 22, 20141,910,000 $28.00 $25.265 342,000 187,000 
April 16, 2013410,000 $27.00 $24.625 40,466 21,728 
April 17, 20122,470,000 $27.00 $24.505 92,748 92,748 
Total13,104,021 6,035,427 1,839,849 

Date of GrantRisk-free
Interest Rate
Expected Life of
Option in Years
Expected
Dividend
Yield
Expected
Stock
Volatility
Estimated Fair
Value of Stock
Option
January 2, 20201.7 %5.002.4 %25.70 %$6.81 
January 2, 20192.5 %5.002.9 %23.96 %$4.40 
January 2, 20182.2 %5.002.3 %23.45 %$5.02 
January 3, 20171.9 %5.002.6 %24.49 %$4.20 
April 19, 20161.3 %5.002.6 %26.34 %$4.09 
April 21, 20151.3 %5.002.7 %26.84 %$3.68 
April 22, 20141.8 %5.002.0 %28.55 %$4.79 
April 16, 20130.7 %5.001.6 %37.42 %$6.33 
April 17, 20120.9 %5.001.4 %39.25 %$6.85 
All of the options in the tables above vest and become exercisable over a period of up to eight years. Generally, each option will terminate approximately ten years after the grant date.
The fair value of each share-based option is estimated on the date of grant using a Black-Scholes valuation method that uses the assumptions listed above. The risk-free interest rate is based on the U.S. Treasury rate over the expected life of the option at the time of grant. The expected life is the average length of time over which we expect the employee groups will exercise their options, which is based on historical experience with similar grants. The dividend yield is estimated over the expected life of the option based on our current dividend payout, historical dividends paid, and expected future cash dividends. Expected stock volatilities are based on the movement of our stock price over the most recent historical period equivalent to the expected life of the option.
Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period. The stock-based compensation expense for the nine-month periods ended September 30, 2020 and 2019 was $4.3 and $4.3, respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of September 30, 2020 was $13.8 and is expected to be recognized over a weighted average period of 4.01 years. Any future changes in estimated forfeitures will impact this amount.

9

Table of Contents
FASTENAL COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Amounts in millions except share and per share information and where otherwise noted)
September 30, 2020 and 2019
(Unaudited)
Earnings Per Share
The following tables present a reconciliation of the denominators used in the computation of basic and diluted earnings per share and a summary of the options to purchase shares of common stock which were excluded from the diluted earnings per share calculation because they were anti-dilutive:
 Nine-month PeriodThree-month Period
Reconciliation2020201920202019
Basic weighted average shares outstanding573,673,031 572,934,475 573,913,929 573,452,002 
Weighted shares assumed upon exercise of stock options1,797,201 1,042,830 2,203,402 914,771 
Diluted weighted average shares outstanding575,470,232 573,977,305 576,117,331 574,366,773