Fastenal Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

fast-20200930

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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 class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $.01 per share	FAST	The 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

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.

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FASTENAL COMPANY

INDEX

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)
Assets	September 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
Inventories	1,342.6		1,366.4
Prepaid income taxes	14.6		16.7
Other current assets	123.2		157.4
Total current assets	2,646.7		2,457.2

Property and equipment, net	1,023.7		1,023.2
Operating lease right-of-use assets	244.4		243.2
Other assets	193.8		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 payable	210.4		192.8
Accrued expenses	258.2		251.5
Current portion of operating lease liabilities	94.4		97.4
Total current liabilities	603.0		544.7

Long-term debt	365.0		342.0
Operating lease liabilities	152.1		148.2
Deferred income taxes	102.9		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 capital	57.8		67.2
Retained earnings	2,866.7		2,633.9
Accumulated other comprehensive loss	(41.8)		(38.4)
Total stockholders' equity	2,885.6		2,665.6
Total liabilities and stockholders' equity	$	4,108.6	3,799.9

See accompanying Notes to Condensed Consolidated Financial Statements.

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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,
	2020		2019	2020		2019
Net sales	$	4,289.3	4,056.8	$	1,413.3	1,379.1

Cost of sales	2,340.3		2,139.8	772.7		728.0
Gross profit	1,949.0		1,917.0	640.6		651.1

Operating and administrative expenses	1,072.7		1,099.5	351.5		369.2
Gain on sale of property and equipment	(1.1)		(0.8)	(1.0)		—
Operating income	877.4		818.3	290.1		281.9

Interest income	0.3		0.3	0.1		0.1
Interest expense	(7.2)		(11.3)	(2.6)		(3.6)

Earnings before income taxes	870.5		807.3	287.6		278.4

Income tax expense	207.5		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 outstanding	573.7		572.9	573.9		573.5

Diluted weighted average shares outstanding	575.5		574.0	576.1		574.4

See accompanying Notes to Condensed Consolidated Financial Statements.

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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,
	2020		2019	2020		2019
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.

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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,
	2020		2019		2020		2019
Common stock
Balance at beginning of period	$	2.9	2.9		$	2.9	2.9
Balance at end of period	2.9		2.9		2.9		2.9
Additional paid-in capital
Balance at beginning of period	67.2		3.0		44.4		46.0
Stock options exercised	38.3		43.0		12.0		2.9
Purchases of common stock	(52.0)		—		—		—
Stock-based compensation	4.3		4.3		1.4		1.4
Balance at end of period	57.8		50.3		57.8		50.3
Retained earnings
Balance at beginning of period	2,633.9		2,341.6		2,788.6		2,494.2
Net earnings	663.0		612.2		221.5		213.5
Dividends paid in cash	(430.2)		(372.3)		(143.4)		(126.2)
Balance at end of period	2,866.7		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.

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FASTENAL COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Amounts in millions)


	(Unaudited)
	Nine Months Ended September 30,
	2020		2019
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 equipment	114.0		107.8
Gain on sale of property and equipment	(1.1)		(0.8)
Bad debt expense	5.8		4.9
Deferred income taxes	3.5		2.2
Stock-based compensation	4.3		4.3
Amortization of intangible assets	6.4		3.0
Changes in operating assets and liabilities, net of acquisition:
Trade accounts receivable	(98.8)		(108.0)
Inventories	22.8		(76.9)
Other current assets	34.2		9.8
Accounts payable	17.6		21.6
Accrued expenses	6.7		0.5
Income taxes	2.1		8.6
Other	0.3		1.1
Net cash provided by operating activities	780.8		590.3

Cash flows from investing activities:
Purchases of property and equipment	(123.5)		(184.3)
Proceeds from sale of property and equipment	8.6		5.0
Cash paid for acquisition	(125.0)		—
Other	1.1		0.2
Net cash used in investing activities	(238.8)		(179.1)

Cash flows from financing activities:
Proceeds from debt obligations	910.0		745.0
Payments against debt obligations	(850.0)		(800.0)
Proceeds from exercise of stock options	38.3		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 equivalents	156.9		24.0

Cash and cash equivalents at beginning of period	174.9		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.

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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.

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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 Period					Three-month Period
	2020		2019	2020		2019
United States	$	3,681.6	3,479.7	$	1,205.8	1,182.0
Canada and Mexico	462.3		458.4	160.5		157.2
North America	4,143.9		3,938.1	1,366.3		1,339.2
All other foreign countries	145.4		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 Period						Three-month Period
	2020		2019		2020		2019
Manufacturing	61.7	%	67.5	%	62.7	%	67.5	%
Non-residential construction	11.4	%	12.9	%	11.2	%	13.0	%
Other	26.9	%	19.6	%	26.1	%	19.5	%
	100.0	%	100.0	%	100.0	%	100.0	%

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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 Period						Three-month Period
Type	Introduced	2020		2019		2020		2019
Fasteners⁽¹⁾	1967	29.7	%	34.3	%	30.5	%	33.7	%
Tools	1993	8.1	%	10.0	%	8.5	%	10.2	%
Cutting tools	1996	4.6	%	5.8	%	4.7	%	5.7	%
Hydraulics & pneumatics	1996	5.9	%	6.9	%	6.1	%	6.8	%
Material handling	1996	5.1	%	5.9	%	5.1	%	5.9	%
Janitorial supplies	1996	9.9	%	7.7	%	10.7	%	8.0	%
Electrical supplies	1997	4.1	%	4.7	%	3.9	%	4.6	%
Welding supplies	1997	3.5	%	4.2	%	3.5	%	4.2	%
Safety supplies	1999	26.1	%	17.6	%	23.8	%	18.2	%
Other		3.0	%	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:


	2020		2019
First quarter	$	0.250	0.215
Second quarter	0.250		0.215
Third quarter	0.250		0.220
Fourth quarter	0.250		0.220
Total	$	1.000	0.870

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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 Grant								Options Outstanding	Options Exercisable
January 2, 2020	902,263	$	38.00	$	37.230	878,190	24,964
January 2, 2019	1,316,924	$	26.00	$	25.705	1,222,784	25,010
January 2, 2018	1,087,936	$	27.50	$	27.270	898,184	281,144
January 3, 2017	1,529,578	$	23.50	$	23.475	996,285	385,821
April 19, 2016	1,690,880	$	23.00	$	22.870	957,561	460,857
April 21, 2015	1,786,440	$	21.00	$	20.630	607,209	360,577
April 22, 2014	1,910,000	$	28.00	$	25.265	342,000	187,000
April 16, 2013	410,000	$	27.00	$	24.625	40,466	21,728
April 17, 2012	2,470,000	$	27.00	$	24.505	92,748	92,748
Total	13,104,021					6,035,427	1,839,849


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 2, 2020	1.7	%	5.00	2.4	%	25.70	%	$	6.81
January 2, 2019	2.5	%	5.00	2.9	%	23.96	%	$	4.40
January 2, 2018	2.2	%	5.00	2.3	%	23.45	%	$	5.02
January 3, 2017	1.9	%	5.00	2.6	%	24.49	%	$	4.20
April 19, 2016	1.3	%	5.00	2.6	%	26.34	%	$	4.09
April 21, 2015	1.3	%	5.00	2.7	%	26.84	%	$	3.68
April 22, 2014	1.8	%	5.00	2.0	%	28.55	%	$	4.79
April 16, 2013	0.7	%	5.00	1.6	%	37.42	%	$	6.33
April 17, 2012	0.9	%	5.00	1.4	%	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.

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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 Period			Three-month Period
Reconciliation	2020	2019	2020	2019
Basic weighted average shares outstanding	573,673,031	572,934,475	573,913,929	573,452,002
Weighted shares assumed upon exercise of stock options	1,797,201	1,042,830	2,203,402	914,771
Diluted weighted average shares outstanding	575,470,232	573,977,305	576,117,331	574,366,773

Price	31.99	EPS	1
Shares	574	P/E	24
MCap	18,374	P/FCF	31
Net Debt	254	EBIT	1,031
TEV	18,628	TEV/EBIT	18
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

EX-31	fast9302020ex31.htm
EX-32	fast9302020ex32.htm


		Page
PART I	FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Statements of Earnings	2

	Condensed Consolidated Statements of Comprehensive Income	3

	Condensed Consolidated Statements of Stockholders' Equity	4

	Condensed Consolidated Statements of Cash Flows	5

	Notes to Condensed Consolidated Financial Statements	6

ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	13

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS	22

ITEM 4.	CONTROLS AND PROCEDURES	22

PART II	OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	23

ITEM 1A.	RISK FACTORS	23

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	23

ITEM 6.	EXHIBITS	24

FAST 10Q Quarterly Report

Fastenal Earnings 2020-09-30