XML 85 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Income Taxes | Note 7. Income Taxes Earnings before income taxes were derived from the following sources:
| 2013 |  | 2012 |  | 2011
Domestic | $ | 697,062 |  |  | 649,098 |  |  | 545,527 |
Foreign | 16,406 |  |  | 25,057 |  |  | 29,554 |
| $ | 713,468 |  |  | 674,155 |  |  | 575,081 |
Components of income tax expense (benefit) are as follows:
2013 : | Current |  | Deferred |  | Total
Federal | $ | 220,588 |  |  | 8,547 |  |  | 229,135 |
State | 29,073 |  |  | 527 |  |  | 29,600 |
Foreign | 7,487 |  |  | (1,390 | ) |  | 6,097 |
| $ | 257,148 |  |  | 7,684 |  |  | 264,832 |
2012 : | Current |  | Deferred |  | Total
Federal | $ | 202,095 |  |  | 14,742 |  |  | 216,837 |
State | 27,586 |  |  | 981 |  |  | 28,567 |
Foreign | 8,476 |  |  | (261 | ) |  | 8,215 |
| $ | 238,157 |  |  | 15,462 |  |  | 253,619 |
2011 : | Current |  | Deferred |  | Total
Federal | $ | 164,125 |  |  | 17,343 |  |  | 181,468 |
State | 28,669 |  |  | (244 | ) |  | 28,425 |
Foreign | 8,683 |  |  | (1,424 | ) |  | 7,259 |
| $ | 201,477 |  |  | 15,675 |  |  | 217,152 |
Income tax expense in the accompanying consolidated financial statements differs from the expected expense as follows:
| 2013 |  | 2012 |  | 2011
Federal income tax expense at the ‘expected’ rate of 35% | $ | 249,714 |  |  | 235,954 |  |  | 201,278 |
Increase (decrease) attributed to: |  |  |  |  |
State income taxes, net of federal benefit | 17,150 |  |  | 19,565 |  |  | 18,210 |
State tax matters | (467 | ) |  | 884 |  |  | 737 |
Other, net | (1,565 | ) |  | (2,784 | ) |  | (3,073 | )
Total income tax expense | $ | 264,832 |  |  | 253,619 |  |  | 217,152 |
The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at year end are as follows:
| 2013 |  | 2012
Deferred income tax assets (liabilities): |  |  |
Inventory costing and valuation methods | $ | 3,834 |  |  | 4,045 |
Allowance for doubtful accounts receivable | 3,586 |  |  | 2,618 |
Insurance claims payable | 10,594 |  |  | 7,825 |
Promotions payable | 1,240 |  |  | 945 |
Accrued legal reserves | 309 |  |  | 207 |
Stock-based compensation | 5,974 |  |  | 4,715 |
Federal and state benefit of uncertain tax positions | 1,158 |  |  | 1,871 |
Foreign net operating loss and credit carryforwards | 5,089 |  |  | 3,309 |
Foreign valuation allowances | (2,819 | ) |  | (2,090 | )
Other, net | (1,482 | ) |  | (952 | )
Total deferred income tax assets | 27,483 |  |  | 22,493 |
Property and equipment | (72,490 | ) |  | (59,371 | )
Total deferred income tax liabilities | (72,490 | ) |  | (59,371 | )
Net deferred income tax assets (liabilities) | $ | (45,007 | ) |  | (36,878 | )
A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows:
| 2013 |  | 2012
Balance at start of year: | $ | 5,331 |  |  | 4,653 |
Increase related to prior year tax positions | 37 |  |  | 172 |
Decrease related to prior year tax positions | (1,695 | ) |  | (1,025 | )
Increase related to current year tax positions | 1,058 |  |  | 2,170 |
Decrease related to statute of limitation lapses | — |  |  | — |
Settlements | (1,449 | ) |  | (639 | )
Balance at end of year: | $ | 3,282 |  |  | 5,331 |
Included in the liability for unrecognized tax benefits is an immaterial amount for interest and penalties, both of which we classify as a component of income tax expense. The amount of unrecognized tax benefits that would favorably impact the effective tax rate, if recognized, is not material. Fastenal Company or one of its subsidiaries files income tax returns in the United States federal jurisdiction, all states, and various foreign jurisdictions. With limited exceptions, we are no longer subject to income tax examinations by taxing authorities for taxable years before 2010 in the case of United States federal and non-United States examinations and 2009 in the case of state and local examinations. In general, it is our practice and intention to reinvest the earnings of our foreign subsidiaries into our foreign operations. As of December 31, 2013, we have not made a provision for United States income taxes or for additional foreign withholding taxes on approximately $85,000 of the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that are essentially permanent in duration. Generally, such amounts become subject to United States taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred income tax liabilities related to investments in these foreign subsidiaries.

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration