3 unchanged sentences
(Amounts in millions except share information)
−Removed: Assets March 31,
+Added: Assets June 30,
2024 December 31,
17 unchanged sentences
Current portion of operating lease liabilities 98.2 96.2
−Removed: Income taxes payable 57.0 —
Total current liabilities 717.0 661.3
17 unchanged sentences
(Amounts in millions except income per share)
−Removed: Three Months Ended
+Added: (Unaudited) (Unaudited)
+Added: Six Months Ended
+Added: June 30, Three Months Ended
+Added: 2024 2023 2024 2023
Net sales $ 3,811.3 3,742.2 $ 1,916.2 1,883.1
16 unchanged sentences
(Amounts in millions)
−Removed: Three Months Ended
+Added: (Unaudited) (Unaudited)
+Added: Six Months Ended
+Added: June 30, Three Months Ended
+Added: 2024 2023 2024 2023
Net income $ 590.4 593.1 $ 292.7 298.0
1 unchanged sentence
Foreign currency translation adjustments (net of tax of $ 0.0 in 2024 and 2023)
+Added: ( 19.7 ) 7.9 ( 7.8 ) 3.6
Comprehensive income $ 570.7 601.0 $ 284.9 301.6
3 unchanged sentences
(Amounts in millions except per share information)
−Removed: Three Months Ended
+Added: (Unaudited) (Unaudited)
+Added: Six Months Ended
+Added: June 30, Three Months Ended
+Added: 2024 2023 2024 2023
Balance at beginning of period $ 5.7 5.7 $ 5.7 5.7
20 unchanged sentences
(Amounts in millions)
−Removed: Three Months Ended
+Added: (Unaudited) (Unaudited)
+Added: Six Months Ended
+Added: June 30, Three Months Ended
+Added: 2024 2023 2024 2023
Cash flows from operating activities:
3 unchanged sentences
Gain on sale of property and equipment ( 1.7 ) ( 1.2 ) ( 1.1 ) ( 0.6 )
−Removed: Bad debt recoveries ( 0.9 ) ( 1.4 )
+Added: Bad debt (recoveries) expense ( 0.6 ) 0.2 0.3 1.6
Deferred income taxes 1.2 0.6 0.4 0.3
33 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2024 and 2023
+Added: June 30, 2024 and 2023
(1) Basis of Presentation
−Removed: 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.
+Added: The accompanying unaudited condensed consolidated financial statements of Fastenal Company and subsidiaries (collectively referred to as '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.
11 unchanged sentences
This change will apply retrospectively to all periods presented.
+Added: We are currently evaluating the impact that the adoption of ASU 2023-07 will have on our consolidated financial statements and disclosures and we anticipate adoption in our 2024 annual report on Form 10-K .
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) , which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements.
3 unchanged sentences
However, retrospective application in all prior periods presented is permitted.
+Added: We are currently evaluating the impact that the adoption of ASU 2023-09 will have on our consolidated financial statements and disclosures and we anticipate adoption in our 2025 annual report on Form 10-K .
Revenue Recognition
11 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2024 and 2023
+Added: June 30, 2024 and 2023
Disaggregation of Revenue
Revenues are attributable to countries based on the selling location from which the sale occurred.
−Removed: Our revenues related to the following geographic areas were as follows for the periods ended March 31:
−Removed: Three-month Period
+Added: Our revenues related to the following geographic areas were as follows for the periods ended June 30:
+Added: Six-month Period Three-month Period
+Added: 2024 2023 2024 2023
United States $ 3,173.0 3,130.4 $ 1,594.1 1,571.7
7 unchanged sentences
Total revenues $ 3,811.3 3,742.2 $ 1,916.2 1,883.1
−Removed: The percentages of our sales by end market were as follows for the periods ended March 31:
−Removed: Three-month Period
+Added: The percentages of our sales by end market were as follows for the periods ended June 30:
+Added: Six-month Period Three-month Period
+Added: 2024 2023 2024 2023
Manufacturing 75.3 % 74.7 % 75.5 % 74.8 %
2 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 March 31:
−Removed: Three-month Period
+Added: The percentages of our sales by product line were as follows for the periods ended June 30:
+Added: Six-month Period Three-month Period
Type Introduced 2024 2023 2024 2023
15 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2024 and 2023
+Added: June 30, 2024 and 2023
(3) Stockholders' Equity
−Removed: On April 10, 2024, our board of directors declared a quarterly dividend of $ 0.39 per share of common stock to be paid in cash on May 23, 2024 to shareholders of record at the close of business on April 25, 2024.
+Added: On July 11, 2024, our board of directors declared a quarterly dividend of $ 0.39 per share of common stock to be paid in cash on August 23, 2024 to shareholders of record at the close of business on July 26, 2024.
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:
6 unchanged sentences
Stock Options
−Removed: The following tables summarize the details of options granted under our stock option plans that were outstanding as of March 31, 2024, 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 June 30, 2024, 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 March 31, 2024
+Added: of Grant June 30, 2024
Date of Grant Options
9 unchanged sentences
April 19, 2016 1,690,880 $ 23.00 $ 22.870 137,696 137,696
−Removed: April 21, 2015 1,786,440 $ 21.00 $ 20.630 16,023 16,023
Total 9,869,384 5,034,200 2,480,536
2 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2024 and 2023
+Added: June 30, 2024 and 2023
Date of Grant Risk-free
13 unchanged sentences
April 19, 2016 1.3 % 5.00 2.6 % 26.34 % $ 4.09
−Removed: April 21, 2015 1.3 % 5.00 2.7 % 26.84 % $ 3.68
All of the options in the tables above vest and become exercisable over a period of up to eight years .
7 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 three-month periods ended March 31, 2024 and 2023 was $ 2.0 and $ 1.9 , respectively.
−Removed: Unrecognized stock-based compensation expense related to outstanding unvested stock options as of March 31, 2024 was $ 24.8 and is expected to be recognized over a weighted average period of 4.62 years.
+Added: The stock-based compensation expense for the six-month periods ended June 30, 2024 and 2023 was $ 4.0 and $ 3.8 , respectively, while the second quarter of 2024 and 2023 was $ 2.0 and $ 1.9 , respectively.
+Added: Unrecognized stock-based compensation expense related to outstanding unvested stock options as of June 30, 2024 was $ 22.9 and is expected to be recognized over a weighted average period of 4.43 years.
Any future changes in estimated forfeitures will impact this amount.
1 unchanged sentence
The following tables present a reconciliation of the denominators used in the computation of basic and diluted income per share and a summary of the options to purchase shares of common stock which were excluded from the diluted income per share calculation because they were anti-dilutive:
−Removed: Three-month Period
+Added: Six-month Period Three-month Period
Reconciliation 2024 2023 2024 2023
2 unchanged sentences
Diluted weighted average shares outstanding 574,103,446 572,757,476 574,113,608 572,890,160
−Removed: Three-month Period
+Added: Six-month Period Three-month Period
Summary of Anti-dilutive Options Excluded 2024 2023 2024 2023
5 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2024 and 2023
+Added: June 30, 2024 and 2023
(4) Income Taxes
1 unchanged sentence
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 2018 in the case of foreign, state, and local examinations.
−Removed: During the first quarter of 2024, there were no material changes in unrecognized tax benefits.
+Added: During the first six months of 2024, there were no material changes in unrecognized tax benefits.
(5) Operating Leases
5 unchanged sentences
Debt obligations and letters of credit outstanding at the end of each period consisted of the following:
−Removed: Average Interest Rate at March 31, 2024
+Added: Average Interest Rate at June 30, 2024
Debt Outstanding
−Removed: Date March 31,
+Added: Date June 30,
2024 December 31,
21 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2024 and 2023
+Added: June 30, 2024 and 2023
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 $ 200.0 as of March 31, 2024.
+Added: We have issued senior unsecured promissory notes under our master note agreement (the Master Note Agreement) in the aggregate principal amount of $ 200.0 as of June 30, 2024.
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 2023 annual report on Form 10-K in Note 10 of the Notes to Consolidated Financial Statements.
−Removed: As of March 31, 2024, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.
+Added: As of June 30, 2024, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.
(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.