3 unchanged sentences
(Amounts in millions except share information)
−Removed: Assets June 30,
+Added: Assets September 30,
2023 December 31,
37 unchanged sentences
(Unaudited) (Unaudited)
−Removed: Six Months Ended
−Removed: June 30, Three Months Ended
+Added: Nine Months Ended
+Added: September 30, Three Months Ended
+Added: September 30,
2023 2022 2023 2022
18 unchanged sentences
(Unaudited) (Unaudited)
−Removed: Six Months Ended
−Removed: June 30, Three Months Ended
+Added: Nine Months Ended
+Added: September 30, Three Months Ended
+Added: September 30,
2023 2022 2023 2022
Net earnings $ 888.6 841.3 $ 295.5 284.6
−Removed: Other comprehensive income (loss), net of tax:
+Added: Other comprehensive loss, net of tax:
Foreign currency translation adjustments (net of tax of $ 0.0 in 2023 and 2022)
6 unchanged sentences
(Unaudited) (Unaudited)
−Removed: Six Months Ended
−Removed: June 30, Three Months Ended
+Added: Nine Months Ended
+Added: September 30, Three Months Ended
+Added: September 30,
2023 2022 2023 2022
12 unchanged sentences
Translation adjustment upon merger of foreign subsidiary — 0.9 — —
+Added: Purchases of common stock — ( 39.0 ) — ( 39.0 )
Balance at end of period 3,507.8 3,239.7 3,507.8 3,239.7
−Removed: Accumulated other comprehensive income (loss)
+Added: Accumulated other comprehensive loss
Balance at beginning of period ( 64.8 ) ( 30.7 ) ( 56.9 ) ( 54.4 )
−Removed: Other comprehensive income (loss) 7.9 ( 23.7 ) 3.6 ( 26.0 )
+Added: Other comprehensive loss ( 6.7 ) ( 56.4 ) ( 14.6 ) ( 32.7 )
Balance at end of period ( 71.5 ) ( 87.1 ) ( 71.5 ) ( 87.1 )
6 unchanged sentences
(Unaudited) (Unaudited)
−Removed: Six Months Ended
−Removed: June 30, Three Months Ended
+Added: Nine Months Ended
+Added: September 30, Three Months Ended
+Added: September 30,
2023 2022 2023 2022
4 unchanged sentences
(Gain) loss on sale of property and equipment ( 2.7 ) 1.2 ( 1.5 ) ( 1.1 )
−Removed: Bad debt expense 0.2 0.4 1.6 0.7
+Added: Bad debt expense (recoveries) 1.4 ( 0.9 ) 1.2 ( 1.3 )
Deferred income taxes ( 4.4 ) 4.3 ( 5.0 ) 3.8
23 unchanged sentences
Effect of exchange rate changes on cash and cash equivalents ( 4.0 ) ( 16.0 ) ( 4.3 ) ( 9.0 )
−Removed: Net increase in cash and cash equivalents 13.5 11.7 3.8 13.7
+Added: Net increase (decrease) in cash and cash equivalents 67.4 ( 4.7 ) 53.9 ( 16.4 )
Cash and cash equivalents at beginning of period 230.1 236.2 243.6 247.9
8 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2023 and 2022
+Added: September 30, 2023 and 2022
(1) Basis of Presentation
19 unchanged sentences
Disaggregation of Revenue
−Removed: Our revenues related to the following geographic areas were as follows for the periods ended June 30:
−Removed: Six-month Period Three-month Period
+Added: Our revenues related to the following geographic areas were as follows for the periods ended September 30:
+Added: Nine-month Period Three-month Period
2023 2022 2023 2022
11 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2023 and 2022
−Removed: The percentages of our sales by end market were as follows for the periods ended June 30:
−Removed: Six-month Period Three-month Period
+Added: September 30, 2023 and 2022
+Added: The percentages of our sales by end market were as follows for the periods ended September 30:
+Added: Nine-month Period Three-month Period
2023 2022 2023 2022
3 unchanged sentences
100.0 % 100.0 % 100.0 % 100.0 %
−Removed: The percentages of our sales by product line were as follows for the periods ended June 30:
−Removed: Six-month Period Three-month Period
+Added: The percentages of our sales by product line were as follows for the periods ended September 30:
+Added: Nine-month Period Three-month Period
Type Introduced 2023 2022 2023 2022
13 unchanged sentences
(3) Stockholders' Equity
−Removed: On July 12, 2023, our board of directors declared a quarterly dividend of $ 0.35 per share of common stock to be paid in cash on August 24, 2023 to shareholders of record at the close of business on July 27, 2023.
+Added: On October 11, 2023, our board of directors declared a quarterly dividend of $ 0.35 per share of common stock to be paid in cash on November 24, 2023 to shareholders of record at the close of business on October 26, 2023.
The following table presents the cash dividends either paid previously or declared by our board of directors for future payment on a per share basis:
7 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2023 and 2022
+Added: September 30, 2023 and 2022
Stock Options
−Removed: The following tables summarize the details of options granted under our stock option plans that were outstanding as of June 30, 2023, and the assumptions used to value those grants.
+Added: The following tables summarize the details of options granted under our stock option plans that were outstanding as of September 30, 2023, and the assumptions used to value those grants.
All such grants were effective at the close of business on the date of grant.
1 unchanged sentence
Price Closing Stock Price on Date
−Removed: of Grant June 30, 2023
+Added: of Grant September 30, 2023
Date of Grant Options
34 unchanged sentences
Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period.
−Removed: The stock-based compensation expense for the six-month periods ended June 30, 2023 and 2022 was $ 3.8 and $ 3.0 , respectively, while the second quarter of 2023 and 2022 was $ 1.9 and $ 1.5 , respectively.
−Removed: Unrecognized stock-based compensation expense related to outstanding unvested stock options as of June 30, 2023 was $ 20.6 and is expected to be recognized over a weighted average period of 4.49 years.
+Added: The stock-based compensation expense for the nine-month periods ended September 30, 2023 and 2022 was $ 5.6 and $ 4.4 , respectively, while the third quarter of 2023 and 2022 was $ 1.8 and $ 1.4 , respectively.
+Added: Unrecognized stock-based compensation expense related to outstanding unvested stock options as of September 30, 2023 was $ 18.6 and is expected to be recognized over a weighted average period of 4.31 years.
Any future changes in estimated forfeitures will impact this amount.
2 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2023 and 2022
+Added: September 30, 2023 and 2022
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:
−Removed: Six-month Period Three-month Period
+Added: Nine-month Period Three-month Period
Reconciliation 2023 2022 2023 2022
2 unchanged sentences
Diluted weighted average shares outstanding 572,871,420 576,579,199 573,099,709 574,743,931
−Removed: Six-month Period Three-month Period
+Added: Nine-month Period Three-month Period
Summary of Anti-dilutive Options Excluded 2023 2022 2023 2022
5 unchanged sentences
We are no longer subject to income tax examinations by taxing authorities for taxable years before 2020 in the case of United States federal examinations, and with limited exception, before 2017 in the case of foreign, state, and local examinations.
−Removed: During the first six months of 2023, there were no material changes in unrecognized tax benefits.
+Added: During the third quarter of 2023, the liability for unrecognized tax benefits decreased $ 3.9 due to the lapse of statute of limitations, of which, $ 3.8 impacted the effective tax rate.
+Added: There were no material changes in unrecognized tax benefits during the first half of 2023.
(5) Operating Leases
5 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2023 and 2022
+Added: September 30, 2023 and 2022
(6) Debt Commitments
1 unchanged sentence
Debt obligations and letters of credit outstanding at the end of each period consisted of the following:
−Removed: Average Interest Rate at June 30, 2023
+Added: Average Interest Rate at September 30, 2023
Debt Outstanding
−Removed: Date June 30,
+Added: Date September 30,
2023 December 31,
20 unchanged sentences
Senior Unsecured Promissory Notes Payable
−Removed: We have issued senior unsecured promissory notes under our master note agreement (the Master Note Agreement) in the aggregate principal amount of $ 260.0 as of June 30, 2023.
+Added: We have issued senior unsecured promissory notes under our master note agreement (the Master Note Agreement) in the aggregate principal amount of $ 260.0 as of September 30, 2023.
Our aggregate borrowing capacity under the Master Note Agreement is $ 900.0 ;
5 unchanged sentences
The nature of our potential exposure to legal contingencies is described in our 2022 annual report on Form 10-K in Note 10 of the Notes to Consolidated Financial Statements.
−Removed: As of June 30, 2023, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.
+Added: As of September 30, 2023, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.
FASTENAL COMPANY AND SUBSIDIARIES
1 unchanged sentence
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: June 30, 2023 and 2022
+Added: September 30, 2023 and 2022
(8) Subsequent Events
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.