UNITED STATES 美国
SECURITIES AND EXCHANGE COMMISSION
美国证券交易委员会
美国证券交易委员会
WASHINGTON, D.C. 20549 华盛顿特区 20549
FORM 10-K
(Mark One) （勾选一个）
| Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 根据 1934 年证券交易法第 13 或 15(d)条提交的年度报告 | |||||
For the fiscal year ended December 31 , 2024
截至 2024 年 12 月 31 日止财政年度，或
截至 2024 年 12 月 31 日止财政年度，或
| Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 根据 1934 年证券交易法第 13 或 15(d)条的过渡报告 | |||||
For the transition period from to 过渡期自 至 | |||||
Commission file number 0-16125
委员会文件编号 0-16125
委员会文件编号 0-16125
(Exact name of registrant as specified in its charter)
注册人章程中规定的确切名称
注册人章程中规定的确切名称
| (State or other jurisdiction of incorporation or organization) （成立或组织所在的州或其他司法管辖区） | (I.R.S. Employer Identification No.) （I.R.S.雇主识别号） | |||||||
美国明尼苏达州威诺纳市 Theurer Boulevard 2001 号 | ||||||||
| (Address of principal executive offices) （主要行政办公地址） | (Zip Code) （邮政编码） | |||||||
(507 ) 454-5374
(Registrant's telephone number, including area code)
（注册人电话号码，包括区号）
（注册人电话号码，包括区号）
Securities registered pursuant to Section 12(b) of the Act:
根据证券法第 12(b) 条登记的证券：
根据证券法第 12(b) 条登记的证券：
| Title of each class 每一类证券的名称 | Trading Symbol(s) 交易代码 | Name of each exchange on which registered 注册交易所名称 | ||||||
每股面值 0.01 美元的普通股 | 纳斯达克股票市场有限责任公司 (The Nasdaq Stock Market LLC) | |||||||
Securities registered pursuant to Section 12(g) of the Act:
根据《证券交易法》第 12(g) 条登记的证券：
根据《证券交易法》第 12(g) 条登记的证券：
None 无
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o
如勾选，请表明注册人是否属于《证券法》第 405 条定义的“著名的资深发行人”。 是 x 否 o
如勾选，请表明注册人是否属于《证券法》第 405 条定义的“著名的资深发行人”。 是 x 否 o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x
如勾选，请表明注册人是否无需根据《证券法》第 13 条或第 15(d)条的规定提交报告。 是 o 否 x
如勾选，请表明注册人是否无需根据《证券法》第 13 条或第 15(d)条的规定提交报告。 是 o 否 x
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 x No o
如勾选，请表明注册人：(1) 是否已提交《1934 年证券交易法》第 13 条或第 15(d)条要求提交的所有报告（或注册人被要求提交此类报告的较短期限），以及 (2) 在过去 90 天内是否遵守此类申报要求。 是 x 否 o
如勾选，请表明注册人：(1) 是否已提交《1934 年证券交易法》第 13 条或第 15(d)条要求提交的所有报告（或注册人被要求提交此类报告的较短期限），以及 (2) 在过去 90 天内是否遵守此类申报要求。 是 x 否 o
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 x No o
如勾选，请表明注册人是否已按规定以电子方式提交了过去 12 个月内（或注册人被要求提交此类文件的较短期限内）根据 S-T 规则第 405 条（本章第 232.405 条）要求提交的每个交互式数据文件。 是 x 否 o
如勾选，请表明注册人是否已按规定以电子方式提交了过去 12 个月内（或注册人被要求提交此类文件的较短期限内）根据 S-T 规则第 405 条（本章第 232.405 条）要求提交的每个交互式数据文件。 是 x 否 o
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.
请在方框内勾选表明注册人是否属于大型加速申报人、加速申报人、非加速申报人、小型申报公司或新兴成长公司。关于“大型加速申报人”、“加速申报人”、“小型申报公司”和“新兴成长公司”的定义，请参见《交易法》第 12b-2 条细则。
请在方框内勾选表明注册人是否属于大型加速申报人、加速申报人、非加速申报人、小型申报公司或新兴成长公司。关于“大型加速申报人”、“加速申报人”、“小型申报公司”和“新兴成长公司”的定义，请参见《交易法》第 12b-2 条细则。
| x | Accelerated Filer 加速申报人 | ☐ | ||||||||||||||||||
| Non-accelerated Filer 非加速申报人 | ☐ | Smaller Reporting Company 小型报告公司 | ||||||||||||||||||
| Emerging Growth Company 新兴成长型公司 | ||||||||||||||||||||
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. o
如属新兴成长型公司，请勾选是否已选择不使用延长的过渡期来遵守《交易法》第 13(a)条规定的任何新的或修订的财务会计准则。o
如属新兴成长型公司，请勾选是否已选择不使用延长的过渡期来遵守《交易法》第 13(a)条规定的任何新的或修订的财务会计准则。o
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
请勾选注册人是否已提交一份报告，以及由编制或出具审计报告的注册会计师事务所对其管理层根据《萨班斯-奥克斯利法案》第 404(b)条（15 U.S.C. 7262(b)）评估财务报告内部控制有效性的证明。☒
请勾选注册人是否已提交一份报告，以及由编制或出具审计报告的注册会计师事务所对其管理层根据《萨班斯-奥克斯利法案》第 404(b)条（15 U.S.C. 7262(b)）评估财务报告内部控制有效性的证明。☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
如证券系根据《证券法》第 12(b) 条登记，请用勾选标记表明，注册人在此申报文件中包含的财务报表是否反映了对先前发布的财务报表的错误更正。☐
如证券系根据《证券法》第 12(b) 条登记，请用勾选标记表明，注册人在此申报文件中包含的财务报表是否反映了对先前发布的财务报表的错误更正。☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
请用勾选标记表明，这些错误更正中是否有任何重述，需要根据 § 240.10D-1(b) 对注册人任何高管在相关追溯期内收到的基于激励的薪酬进行追回分析。☐
请用勾选标记表明，这些错误更正中是否有任何重述，需要根据 § 240.10D-1(b) 对注册人任何高管在相关追溯期内收到的基于激励的薪酬进行追回分析。☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
请用勾选标记表明，注册人是否属于空壳公司（如《证券法》第 12b-2 条细则所定义）。
请用勾选标记表明，注册人是否属于空壳公司（如《证券法》第 12b-2 条细则所定义）。
Yes ☐ No x 是 ☐ 否 x
The aggregate market value of the Common Stock held by non-affiliates of the registrant as of June 28, 2024, the last business day of the registrant's most recently completed second fiscal quarter, was $35,916,816,764 , based on the closing price of the registrant's Common Stock on that date. For purposes of determining this number, all executive officers and directors of the registrant as of June 28, 2024 are considered to be affiliates of the registrant. This number is provided only for the purposes of this report on Form 10-K and does not represent an admission by either the registrant or any such person as to the status of such person.
截至 2024 年 6 月 28 日，即注册人最近完成的第二财政季度最后一个营业日，非关联方持有的普通股的总市值根据该日注册人普通股的收盘价计算为$35,916,816,764。为了确定该数字，截至 2024 年 6 月 28 日，注册人的所有高管和董事均被视为注册人的关联方。提供此数字仅用于 Form 10-K 报告的目的，并不代表注册人或任何此类人员对此类人员身份的承认。
截至 2024 年 6 月 28 日，即注册人最近完成的第二财政季度最后一个营业日，非关联方持有的普通股的总市值根据该日注册人普通股的收盘价计算为$35,916,816,764。为了确定该数字，截至 2024 年 6 月 28 日，注册人的所有高管和董事均被视为注册人的关联方。提供此数字仅用于 Form 10-K 报告的目的，并不代表注册人或任何此类人员对此类人员身份的承认。
As of January 21, 2025, the registrant had 573,419,704 shares of Common Stock issued and outstanding.
截至 2025 年 1 月 21 日，注册人已发行和流通在外的普通股为 573,419,704 股。
截至 2025 年 1 月 21 日，注册人已发行和流通在外的普通股为 573,419,704 股。
FASTENAL COMPANY
ANNUAL REPORT ON FORM 10-K
FORM 10-K 年度报告
FORM 10-K 年度报告
TABLE OF CONTENTS 目录
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DOCUMENTS INCORPORATED BY REFERENCE
以引用方式并入的文件
以引用方式并入的文件
Portions of our Proxy Statement relating to our 2025 annual meeting of shareholders (Proxy Statement) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Our Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
与我们 2025 年股东年会相关的委托声明书（“委托声明书”）的相关部分，通过引用方式并入本 Form 10-K 年度报告的第三部分（如已指明）。我们的委托声明书将在本报告所涉财政年度结束后 120 天内提交给美国证券交易委员会。
与我们 2025 年股东年会相关的委托声明书（“委托声明书”）的相关部分，通过引用方式并入本 Form 10-K 年度报告的第三部分（如已指明）。我们的委托声明书将在本报告所涉财政年度结束后 120 天内提交给美国证券交易委员会。
FORWARD-LOOKING STATEMENTS
前瞻性陈述
前瞻性陈述
Certain statements contained in this Annual Report on Form 10-K, or in our other reports and other written and oral statements we made from time to time, do not relate strictly to historical or current facts. As such, they are considered 'forward-looking statements' that provide current expectations or forecasts of future events. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of terminology such as anticipate, believe, should, estimate, expect, intend, may, will, plan, goal, project, hope, trend, target, opportunity, and similar words or expressions, or by references to typical outcomes. Any statement that is not a purely historical fact, including estimates, projections, trends, and the outcome of events that have not yet occurred, is a forward-looking statement. Our forward-looking statements generally relate to our expectations regarding the business environment in which we operate, our projections of future performance and opportunities for growth based on potential market opportunities, our perceived marketplace opportunities, our strategies, goals, mission and vision, historical sequential trends and sales changes, and our expectations about matters including capital expenditures, tax rates, inventory levels, liquidity, declaration and payment of dividends, liabilities from tax positions, the performance of our fastener business in comparison to our non-fastener business, openings and closing of in-market locations and signings of Onsite locations and new machine equivalent units for Fastenal Managed Inventory (FMI) (including bin stock and industrial vending) and the competitive advantages they offer, our digital solutions and other product offerings (including new product lines), national accounts as a percentage of overall sales, the advantages of our integrated physical and virtual model, growth in safety products as a percentage of product sales, the amount of FMI sales that we may be able to service through local inventory fulfillment terminals, and the ability of our competitors to replicate our distribution capabilities. You should understand that forward-looking statements involve a variety of risks and uncertainties, known and unknown, and may be affected by inaccurate assumptions. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially. Factors that could cause our actual results to differ from those discussed in the forward-looking statements include, but are not limited to, economic downturns (including economic downturns as a result of global pandemics), weakness in the manufacturing or commercial construction industries or any of our end markets, competitive pressure on selling prices, changes in trade policies or tariffs, changes in our current mix of products, customers, or geographic locations, changes in our average branch size, changes in our purchasing patterns, changes in customer needs, changes in fuel or commodity prices, product and transportation inflation, inclement weather, changes in foreign currency exchange rates, difficulty in adapting our business model to different foreign business environments, failure to accurately predict the market potential of our business strategies, the introduction or expansion of new business strategies, increased competition (including with respect to our FMI or Onsite operations), difficulty in maintaining installation quality as our industrial vending business expands, the failure to meet our goals and expectations regarding branch openings, branch closings, or expansion of our FMI offering or Onsite operations, the failure to realize expected benefits from the completion of our strategic rationalization, changes in the implementation objectives of our business strategies, difficulty in hiring, relocating, training, or retaining qualified personnel, difficulty in controlling operating expenses, difficulty in collecting receivables or accurately predicting future inventory needs, changes in sales trends, changes in supplier production lead times, short-term inefficiencies in our supply chain may not normalize or result in certain warehousing customer growth, changes in our cash position or our need to make capital expenditures, credit market volatility and increases in interest rates, changes in tax law or the impact of discrete items on future tax rates, changes in the availability or price of commercial real estate, changes in the nature, price, or availability of distribution, supply chain, or other technology (including software licensed from third parties) and services related to that technology, difficulty in obtaining continued business from new safety product customers and the acceptance by customers of any new product lines, cybersecurity incidents, potential liability and reputational damage that can arise if our products are defective, and other risks and uncertainties detailed in this Form 10-K under the heading 'Item 1A. Risk Factors'. Each forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any such statement to reflect events or circumstances arising after such date.
本 Form 10-K 年度报告或我们的其他报告以及我们不时作出的其他书面和口头陈述中包含的某些陈述，与严格的历史或当前事实无关。因此，它们被认为是“前瞻性陈述”，提供了对未来事件的当前预期或预测。这些前瞻性陈述是根据 1995 年《私人证券诉讼改革法案》的安全港条款作出的。此类陈述可以通过使用诸如“预期”、“相信”、“应该”、“估计”、“期望”、“打算”、“可能”、“将”、“计划”、“目标”、“项目”、“希望”、“趋势”、“目标”、“机会”等术语和类似词语或表达方式，或通过参考典型结果来识别。任何非纯粹历史事实的陈述，包括估计、预测、趋势和尚未发生的事件的结果，均为前瞻性陈述。 我们前瞻性陈述通常与我们对以下各项的预期相关：我们运营所在的商业环境、我们基于潜在市场机会对未来业绩和增长机会的预测、我们认为的市场机会、我们的战略、目标、使命和愿景、历史连续趋势和销售变化，以及我们对以下事项的预期，包括资本支出、税率、库存水平、流动性、股息的宣告和支付、税务头寸产生的负债、我们的紧固件业务与非紧固件业务相比的业绩、市场内门店的开设和关闭、Onsite 门店的签约、Fastenal Managed Inventory (FMI)（包括货架库存和工业自动售货机）的新增机器当量单位及其提供的竞争优势、我们的数字化解决方案和其他产品（包括新产品线）、全国客户占总销售额的百分比、我们整合的物理和虚拟模式的优势、安全产品占产品销售额的百分比增长、我们可能通过本地库存履行终端提供的 FMI 销售额，以及我们的竞争对手复制我们的分销能力。 您应当理解，前瞻性陈述涉及已知和未知的各种风险和不确定性，并且可能受到不准确假设的影响。因此，任何前瞻性陈述都无法保证，实际结果可能存在重大差异。 可能导致我们的实际结果与前瞻性陈述中讨论的结果产生差异的因素包括但不限于：经济下滑（包括因全球疫情导致的经济下滑）、制造业或商业建筑行业的疲软或我们的任何终端市场的疲软、销售价格方面的竞争压力、贸易政策或关税的变化、我们目前的产品、客户或地理位置组合的变化、我们平均分店规模的变化、我们采购模式的变化、客户需求的变化、燃料或商品价格的变化、产品和运输通货膨胀、恶劣天气、外币汇率的变化、难以使我们的商业模式适应不同的国外商业环境、未能准确预测我们的业务战略的市场潜力、新业务战略的引入或扩展、竞争加剧（包括关于我们的 FMI 或 Onsite 运营）、随着我们的工业自动售货业务的扩展难以维持安装质量、未能达到我们关于分店开设、分店关闭或扩展我们的 FMI 产品或 Onsite 运营的目标和期望、未能从我们战略合理化的完成中实现预期收益、我们的业务战略实施目标的变化、难以雇用、调动、培训或留住合格人员、难以控制运营费用、难以收取应收款或准确预测未来库存需求、销售趋势的变化、供应商生产交货时间的变化、我们供应链中的短期效率低下可能无法正常化或导致某些仓储客户增长、我们的现金状况的变化或我们进行资本支出的需求、信贷市场波动和利率上升、税法的变化或离散项目对未来税率的影响、商业房地产的可用性或价格的变化、分销、供应链或其他技术（包括从第三方许可的软件）的性质、价格或可用性的变化以及与该技术相关的服务、难以从新的安全产品客户那里获得持续的业务以及客户对任何新产品线的接受、网络安全事件、如果我们的产品存在缺陷可能产生的潜在责任和声誉损害，以及本 Form 10-K 中“Item 1A”标题下详述的其他风险和不确定性。 风险因素”。每个前瞻性陈述仅代表该陈述作出之日的情况，我们不承担更新任何此类陈述以反映该日期之后发生的事件或情况的义务。
本 Form 10-K 年度报告或我们的其他报告以及我们不时作出的其他书面和口头陈述中包含的某些陈述，与严格的历史或当前事实无关。因此，它们被认为是“前瞻性陈述”，提供了对未来事件的当前预期或预测。这些前瞻性陈述是根据 1995 年《私人证券诉讼改革法案》的安全港条款作出的。此类陈述可以通过使用诸如“预期”、“相信”、“应该”、“估计”、“期望”、“打算”、“可能”、“将”、“计划”、“目标”、“项目”、“希望”、“趋势”、“目标”、“机会”等术语和类似词语或表达方式，或通过参考典型结果来识别。任何非纯粹历史事实的陈述，包括估计、预测、趋势和尚未发生的事件的结果，均为前瞻性陈述。 我们前瞻性陈述通常与我们对以下各项的预期相关：我们运营所在的商业环境、我们基于潜在市场机会对未来业绩和增长机会的预测、我们认为的市场机会、我们的战略、目标、使命和愿景、历史连续趋势和销售变化，以及我们对以下事项的预期，包括资本支出、税率、库存水平、流动性、股息的宣告和支付、税务头寸产生的负债、我们的紧固件业务与非紧固件业务相比的业绩、市场内门店的开设和关闭、Onsite 门店的签约、Fastenal Managed Inventory (FMI)（包括货架库存和工业自动售货机）的新增机器当量单位及其提供的竞争优势、我们的数字化解决方案和其他产品（包括新产品线）、全国客户占总销售额的百分比、我们整合的物理和虚拟模式的优势、安全产品占产品销售额的百分比增长、我们可能通过本地库存履行终端提供的 FMI 销售额，以及我们的竞争对手复制我们的分销能力。 您应当理解，前瞻性陈述涉及已知和未知的各种风险和不确定性，并且可能受到不准确假设的影响。因此，任何前瞻性陈述都无法保证，实际结果可能存在重大差异。 可能导致我们的实际结果与前瞻性陈述中讨论的结果产生差异的因素包括但不限于：经济下滑（包括因全球疫情导致的经济下滑）、制造业或商业建筑行业的疲软或我们的任何终端市场的疲软、销售价格方面的竞争压力、贸易政策或关税的变化、我们目前的产品、客户或地理位置组合的变化、我们平均分店规模的变化、我们采购模式的变化、客户需求的变化、燃料或商品价格的变化、产品和运输通货膨胀、恶劣天气、外币汇率的变化、难以使我们的商业模式适应不同的国外商业环境、未能准确预测我们的业务战略的市场潜力、新业务战略的引入或扩展、竞争加剧（包括关于我们的 FMI 或 Onsite 运营）、随着我们的工业自动售货业务的扩展难以维持安装质量、未能达到我们关于分店开设、分店关闭或扩展我们的 FMI 产品或 Onsite 运营的目标和期望、未能从我们战略合理化的完成中实现预期收益、我们的业务战略实施目标的变化、难以雇用、调动、培训或留住合格人员、难以控制运营费用、难以收取应收款或准确预测未来库存需求、销售趋势的变化、供应商生产交货时间的变化、我们供应链中的短期效率低下可能无法正常化或导致某些仓储客户增长、我们的现金状况的变化或我们进行资本支出的需求、信贷市场波动和利率上升、税法的变化或离散项目对未来税率的影响、商业房地产的可用性或价格的变化、分销、供应链或其他技术（包括从第三方许可的软件）的性质、价格或可用性的变化以及与该技术相关的服务、难以从新的安全产品客户那里获得持续的业务以及客户对任何新产品线的接受、网络安全事件、如果我们的产品存在缺陷可能产生的潜在责任和声誉损害，以及本 Form 10-K 中“Item 1A”标题下详述的其他风险和不确定性。 风险因素”。每个前瞻性陈述仅代表该陈述作出之日的情况，我们不承担更新任何此类陈述以反映该日期之后发生的事件或情况的义务。
1
PRESENTATION OF DOLLAR AMOUNTS
美元金额的列报
美元金额的列报
All dollar amounts in this Annual Report on Form 10-K are presented in millions, except for share and per share amounts or where otherwise noted. Throughout this document, percentage and dollar change calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values in this document due to the rounding of those dollar values. References to daily sales rate (DSR) change may reflect either growth (positive) or contraction (negative) for the applicable period. Beginning in the first quarter of 2024, references to 'net earnings', 'operating and administrative expenses', and 'earnings before income taxes' have been revised in our consolidated financial statements and financial reports, including this annual report on Form 10-K, to 'net income', 'selling, general, and administrative expenses (SG&A)', and 'income before income taxes', respectively.
在本 Form 10-K 年报中，所有美元金额均以百万美元为单位列报，但股份和每股金额或另有说明的情况除外。在本文件中，百分比和美元变化计算均基于未四舍五入的美元值，由于美元值的四舍五入，可能无法使用本文件中的美元值重新计算。每日销售额（DSR）变化的提及可能反映适用期间的增长（正向）或收缩（负向）。自 2024 年第一季度开始，在我们的合并财务报表和财务报告（包括本 Form 10-K 年报）中，对“net earnings”、“operating and administrative expenses”和“earnings before income taxes”的提法已分别修订为“net income”、“selling, general, and administrative expenses (SG&A)”和“income before income taxes”。
在本 Form 10-K 年报中，所有美元金额均以百万美元为单位列报，但股份和每股金额或另有说明的情况除外。在本文件中，百分比和美元变化计算均基于未四舍五入的美元值，由于美元值的四舍五入，可能无法使用本文件中的美元值重新计算。每日销售额（DSR）变化的提及可能反映适用期间的增长（正向）或收缩（负向）。自 2024 年第一季度开始，在我们的合并财务报表和财务报告（包括本 Form 10-K 年报）中，对“net earnings”、“operating and administrative expenses”和“earnings before income taxes”的提法已分别修订为“net income”、“selling, general, and administrative expenses (SG&A)”和“income before income taxes”。
PART I 第一部分
ITEM 1.BUSINESS 第一项. 业务
Note – Information in this section is as of year end unless otherwise noted. The year end is December 31, 2024 unless additional years are included or noted.
注意 – 除非另有说明，本节中的信息截至年末。年末为 2024 年 12 月 31 日，除非包含或注明其他年份。
注意 – 除非另有说明，本节中的信息截至年末。年末为 2024 年 12 月 31 日，除非包含或注明其他年份。
Overview 概述
Fastenal Company (together with our subsidiaries, hereinafter referred to as Fastenal or by terms such as we, our, or us) began as a partnership in 1967, and was incorporated under the laws of Minnesota in 1968. We opened our first branch in 1967 in Winona, Minnesota, a city with a population today of approximately 26,000. We began with a marketing strategy of supplying threaded fasteners to customers through a branch network in small, medium, and, in subsequent years, large cities. Over time, how and where we engage our customers has expanded and evolved. Today we sell a broader range of industrial and construction supplies spanning more than nine major product lines through a global network of in-market locations utilizing diverse technologies such as vending devices, bin stock devices, and eBusiness. The large majority of our transactions are business-to-business. We provide additional descriptions of our product lines and market channels later in this document. At the end of 2024, we had 3,628 in-market locations (defined in the table below) in 25 countries supported by 15 distribution centers in North America, with 12 in the United States (U.S.), two in Canada, and one in Mexico; one in Asia; and two in Europe, and we employed 23,702 people. We believe our success can be attributed to the high quality of our employees and their convenient proximity to our customers, and our ability to offer customers a full range of products and services to reduce their total cost of procurement.
Fastenal Company（连同我们的子公司，以下简称 Fastenal 或使用诸如我们、我们的或我们之类的术语）于 1967 年以合伙企业形式成立，并于 1968 年根据明尼苏达州法律注册成立。我们于 1967 年在明尼苏达州威诺纳开设了第一家分店，该城市今天的人口约为 26,000 人。我们最初的营销策略是通过在中小型城市以及随后的几年中在大型城市的分支机构网络向客户提供螺纹紧固件。随着时间的推移，我们与客户互动的方式和地点不断扩展和发展。如今，我们通过利用自动售货设备、料箱库存设备和电子商务等各种技术的全球市场网络，销售范围更广的工业和建筑用品，涵盖九个以上的主要产品线。我们的大部分交易是企业对企业。我们将在本文档后面提供有关我们产品线和市场渠道的更多描述。 截至 2024 年末，我们在 25 个国家拥有 3,628 个市场内网点（定义见下表），并由北美地区的 15 个配送中心提供支持，其中 12 个位于美国（U.S.），2 个位于加拿大，1 个位于墨西哥；亚洲 1 个；欧洲 2 个，我们共雇佣了 23,702 名员工。我们相信，我们的成功可归功于我们员工的高素质、他们与客户之间的便利距离，以及我们为客户提供全方位产品和服务以降低其总采购成本的能力。
Fastenal Company（连同我们的子公司，以下简称 Fastenal 或使用诸如我们、我们的或我们之类的术语）于 1967 年以合伙企业形式成立，并于 1968 年根据明尼苏达州法律注册成立。我们于 1967 年在明尼苏达州威诺纳开设了第一家分店，该城市今天的人口约为 26,000 人。我们最初的营销策略是通过在中小型城市以及随后的几年中在大型城市的分支机构网络向客户提供螺纹紧固件。随着时间的推移，我们与客户互动的方式和地点不断扩展和发展。如今，我们通过利用自动售货设备、料箱库存设备和电子商务等各种技术的全球市场网络，销售范围更广的工业和建筑用品，涵盖九个以上的主要产品线。我们的大部分交易是企业对企业。我们将在本文档后面提供有关我们产品线和市场渠道的更多描述。 截至 2024 年末，我们在 25 个国家拥有 3,628 个市场内网点（定义见下表），并由北美地区的 15 个配送中心提供支持，其中 12 个位于美国（U.S.），2 个位于加拿大，1 个位于墨西哥；亚洲 1 个；欧洲 2 个，我们共雇佣了 23,702 名员工。我们相信，我们的成功可归功于我们员工的高素质、他们与客户之间的便利距离，以及我们为客户提供全方位产品和服务以降低其总采购成本的能力。
Our Channels to Market 我们的市场渠道
We engage our customers primarily through branch and Onsite locations. Branches and Onsites exist very close to our customers, usually within miles of, and often within or immediately proximate to, our customers' physical operations. Together, these constitute our 'in-market' network. Many of our customers engage with us through eBusiness, but in most cases these customers are utilizing eBusiness to supplement our service through our other channels.
我们主要通过分支机构和现场网点与客户互动。分支机构和现场网点非常靠近我们的客户，通常在数英里之内，并且通常位于或紧邻客户的实际运营场所。这些共同构成了我们的“市场内”网络。我们的许多客户通过电子商务与我们互动，但在大多数情况下，这些客户都在利用电子商务来补充我们通过其他渠道提供的服务。
我们主要通过分支机构和现场网点与客户互动。分支机构和现场网点非常靠近我们的客户，通常在数英里之内，并且通常位于或紧邻客户的实际运营场所。这些共同构成了我们的“市场内”网络。我们的许多客户通过电子商务与我们互动，但在大多数情况下，这些客户都在利用电子商务来补充我们通过其他渠道提供的服务。
2
The following table shows, as of the end of each of the last 10 fiscal years, our consolidated net sales; the number of branch, Onsite, and total in-market locations; their respective sales, as well as the average monthly sales per location that were generated from our branch and Onsite locations; and our sales generated from non-traditional sources:
下表显示了截至过去 10 个财政年度末，我们的合并净销售额；分支机构、Onsite 地点和市场内地点总数；它们各自的销售额，以及我们的分支机构和 Onsite 地点产生的每个地点的平均每月销售额；以及我们来自非传统来源的销售额：
下表显示了截至过去 10 个财政年度末，我们的合并净销售额；分支机构、Onsite 地点和市场内地点总数；它们各自的销售额，以及我们的分支机构和 Onsite 地点产生的每个地点的平均每月销售额；以及我们来自非传统来源的销售额：
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||
| Net sales 净销售额 | $ | 7,546.0 | 7,346.7 | 6,980.6 | 6,010.9 | 5,647.3 | 5,333.7 | 4,965.1 | 4,390.5 | 3,962.0 | 3,869.2 | |||||||||||||||||||||
| Branch locations 分行地点 | 1,597 | 1,597 | 1,683 | 1,793 | 2,003 | 2,114 | 2,227 | 2,383 | 2,503 | 2,622 | ||||||||||||||||||||||
Branch sales (1) 分行销售额 (1) | $ | 4,109.3 | 4,073.6 | 4,161.6 | 3,726.2 | 3,587.1 | 3,660.1 | 3,625.8 | 3,399.6 | 3,198.1 | 3,281.8 | |||||||||||||||||||||
Average monthly sales 月平均销售额 per branch location (2) 每个分店位置 (2) | $ | 214.4 | 207.0 | 199.5 | 163.6 | 145.2 | 140.5 | 131.1 | 116.0 | 104.0 | 104.0 | |||||||||||||||||||||
| Onsite locations 现场位置 | 2,031 | 1,822 | 1,623 | 1,416 | 1,265 | 1,114 | 894 | 605 | 401 | 264 | ||||||||||||||||||||||
Onsite sales (1) 现场销售额 (1) | $ | 3,201.6 | 2,926.7 | 2,465.5 | 1,898.0 | 1,485.6 | 1,391.7 | 1,081.7 | 770.2 | 569.2 | 454.3 | |||||||||||||||||||||
Average monthly sales per Onsite location (2) 每个现场点位的平均月销售额 (2) | $ | 138.5 | 141.6 | 135.2 | 118.0 | 104.1 | 115.5 | 120.3 | 127.6 | 142.7 | 158.4 | |||||||||||||||||||||
Other sales (3) 其他销售额 (3) | $ | 235.1 | 346.4 | 353.5 | 386.7 | 574.6 | 281.9 | 257.6 | 220.7 | 194.7 | 133.1 | |||||||||||||||||||||
Total in-market locations (4) 市场内门店总数 (4) | 3,628 | 3,419 | 3,306 | 3,209 | 3,268 | 3,228 | 3,121 | 2,988 | 2,904 | 2,886 | ||||||||||||||||||||||
(1) | Sales attributable to our traditional and international branch locations (both of which are defined below), and our Onsite locations, respectively. 分别归因于我们的传统和国际分行（两者定义见下）以及我们的现场点位的销售额。 | ||||
(2) | Average sales per month considers the average active base of branches and Onsites, respectively, in the given year, factoring in the beginning and ending location count, divided by total sales attributable to our branch and Onsite locations, respectively, further divided by 12 months. This information is presented in thousands. 每月平均销售额是指给定年份内分支机构和驻点各自的平均活跃基数，其中考虑了年初和年末的地点数量，再除以归因于我们分支机构和驻点地点的总销售额，并进一步除以 12 个月。此信息以千为单位列出。 | ||||
(3) | This portion of sales is generated outside our traditional in-market locations, examples of which include sales arising from our custom in-house manufacturing, industrial services, and other non-traditional sources of sales. In 2020, this included the effects of COVID-19, one response to which was substantial sales of pandemic-related products that were direct-shipped (versus sold through in-market locations) as a means of delivering critical supplies more quickly. 这部分销售额是在我们传统的市场内地点之外产生的，例如来自我们定制的内部制造、工业服务和其他非传统销售来源的销售额。2020 年，这包括 COVID-19 的影响，应对措施之一是大量直接发货（而不是通过市场内地点销售）的与疫情相关的产品销售，以此作为更快交付关键物资的一种手段。 | ||||
(4) | 'In-market locations' is defined as the sum of the total number of branch locations and the total number of Onsite locations. “市场内地点”定义为分支机构总数和驻点总数之和。 | ||||
This structure has evolved over time as a result of one of Fastenal's guiding principles since inception: that we can improve our service by getting closer to the customer. This has been achieved by opening branch locations and, more recently, Onsite locations. Today, we believe there are few companies that offer our North American in-market location coverage. In 2024, roughly 53% of our sales and 50% of our in-market locations were in major Metropolitan Statistical Areas (MSAs) (populations in the U.S. and Canada greater than 500,000 people), while 21% of our sales and 20% of our in-market locations were in small MSAs (populations under 500,000 people), and 26% of our sales and 30% of our in-market locations were not in an MSA (populations under 50,000 people). In our view, this has proven to be an efficient means of providing customers with a broad range of products and services on a timely basis. Maintaining operations that are physically proximate to our customers' operations have represented, and continue to represent, the foundation of our service approach.
这种结构随着时间的推移而不断演变，这源于 Fastenal 自成立以来的一项指导原则：通过更贴近客户来改进我们的服务。这通过开设分公司和最近的 Onsite 地点来实现。如今，我们认为很少有公司能提供像我们这样的北美市场本地覆盖。2024 年，我们大约 53%的销售额和 50%的市场本地地点位于主要的大都市统计区（MSA）（美国和加拿大人口超过 50 万），而 21%的销售额和 20%的市场本地地点位于小型 MSA（人口低于 50 万），26%的销售额和 30%的市场本地地点不在 MSA（人口低于 5 万）。我们认为，这已被证明是及时向客户提供各种产品和服务的有效手段。保持在地理位置上靠近客户运营的运营，已经并将继续代表我们服务方法的基础。
这种结构随着时间的推移而不断演变，这源于 Fastenal 自成立以来的一项指导原则：通过更贴近客户来改进我们的服务。这通过开设分公司和最近的 Onsite 地点来实现。如今，我们认为很少有公司能提供像我们这样的北美市场本地覆盖。2024 年，我们大约 53%的销售额和 50%的市场本地地点位于主要的大都市统计区（MSA）（美国和加拿大人口超过 50 万），而 21%的销售额和 20%的市场本地地点位于小型 MSA（人口低于 50 万），26%的销售额和 30%的市场本地地点不在 MSA（人口低于 5 万）。我们认为，这已被证明是及时向客户提供各种产品和服务的有效手段。保持在地理位置上靠近客户运营的运营，已经并将继续代表我们服务方法的基础。
The distinctions between our branch and Onsite locations are as follows:
我们的分公司和 Onsite 地点之间的区别如下：
我们的分公司和 Onsite 地点之间的区别如下：
Branch locations typically service a wide variety and number of customers, ranging from the local operations of large, national account customers to smaller local businesses. Locations are selected primarily based on their proximity to our distribution network and employment and production data for manufacturing and non-residential construction companies. We stock all branches with inventory drawn from all of our product lines and tailored by our district and branch personnel to the needs of the local customer base.
分支机构通常服务于各种各样的客户，数量也很多，从大型全国客户的本地运营到较小的本地企业。选址主要基于其与我们分销网络的接近程度，以及制造企业和非住宅建筑公司的就业和生产数据。我们所有分公司的库存都来自我们所有的产品线，并由我们的地区和分公司人员根据当地客户群的需求进行定制。
分支机构通常服务于各种各样的客户，数量也很多，从大型全国客户的本地运营到较小的本地企业。选址主要基于其与我们分销网络的接近程度，以及制造企业和非住宅建筑公司的就业和生产数据。我们所有分公司的库存都来自我们所有的产品线，并由我们的地区和分公司人员根据当地客户群的需求进行定制。
Based on the unique characteristics of certain markets and the judgement of local leadership, different branch types have emerged over time. In the United States and Canada, the most common type is the Customer Fulfillment Center (CFC), which tends to feature a limited showroom and stock customer-specific inventory. These have the appearance of and function more like an industrial supply house and stocking location. The United States and Canada also utilize a Customer Service Branch (CSB), which tend to feature a showroom and a more standardized stocking model of products designed for contractors. CSBs often conduct some business with non-account or retail-like customers. At the end of 2024, 87% of our United States and Canada branches operated as a CFC and 13% operated as a CSB. Outside the United States and Canada we typically deploy an International Branch. These locations lack a showroom and tend to service fewer customers who tend to be large, national account customers disproportionately concentrated in manufacturing and heavily oriented toward planned product spend.
根据特定市场的独特性以及当地领导的判断，随着时间的推移，出现了不同的分支机构类型。在美国和加拿大，最常见的类型是客户履行中心 (Customer Fulfillment Center, CFC)，其特点是展厅有限，并且备有客户特定的库存。这些机构的外观和功能更像是工业用品供应处和库存地点。美国和加拿大也使用客户服务分部 (Customer Service Branch, CSB)，其特点是设有展厅，并采用更标准化的产品库存模式，专为承包商设计。CSB 通常与非客户或类似零售的客户进行一些业务往来。截至 2024 年底，我们美国和加拿大的分支机构中有 87% 作为 CFC 运营，13% 作为 CSB 运营。在美国和加拿大以外，我们通常部署国际分支机构 (International Branch)。这些地点没有展厅，并且倾向于为较少的客户提供服务，这些客户往往是大型的全国性客户，不成比例地集中在制造业中，并且高度倾向于计划内的产品支出。
根据特定市场的独特性以及当地领导的判断，随着时间的推移，出现了不同的分支机构类型。在美国和加拿大，最常见的类型是客户履行中心 (Customer Fulfillment Center, CFC)，其特点是展厅有限，并且备有客户特定的库存。这些机构的外观和功能更像是工业用品供应处和库存地点。美国和加拿大也使用客户服务分部 (Customer Service Branch, CSB)，其特点是设有展厅，并采用更标准化的产品库存模式，专为承包商设计。CSB 通常与非客户或类似零售的客户进行一些业务往来。截至 2024 年底，我们美国和加拿大的分支机构中有 87% 作为 CFC 运营，13% 作为 CSB 运营。在美国和加拿大以外，我们通常部署国际分支机构 (International Branch)。这些地点没有展厅，并且倾向于为较少的客户提供服务，这些客户往往是大型的全国性客户，不成比例地集中在制造业中，并且高度倾向于计划内的产品支出。
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Regardless of what branch type ultimately evolves to service the unique features of a specific geographic location, all our branches share a common purpose and similar operating priorities. We believe our ability to provide a consistent local service model on a global basis is attractive to our customer base, which consists heavily of North American-based multinational companies with significant foreign operations.
无论最终演变出何种分支机构类型来服务于特定地理位置的独特特征，我们所有的分支机构都拥有共同的目标和相似的运营重点。我们相信，我们能够在全球范围内提供一致的本地服务模式的能力对我们的客户群具有吸引力，我们的客户群主要由总部位于北美的跨国公司组成，这些公司拥有大量的海外业务。
无论最终演变出何种分支机构类型来服务于特定地理位置的独特特征，我们所有的分支机构都拥有共同的目标和相似的运营重点。我们相信，我们能够在全球范围内提供一致的本地服务模式的能力对我们的客户群具有吸引力，我们的客户群主要由总部位于北美的跨国公司组成，这些公司拥有大量的海外业务。
Since Fastenal's founding and through 2013, branch openings were a primary growth driver for us, peaking in 2013 at 2,687 locations. Branches were entirely U.S.-based until 1994, when we opened our first location in Canada followed by opening our first branch location in Mexico in 2001. Since then, we have continued to expand our global footprint, including into Europe, Asia, and Central and South America. In the period from 2013 to 2023, we experienced a net decline of 1,090 in our total branch count, which was primarily due to consolidations in our U.S. market. New growth drivers, business models, and business tools emerged and diminished the direct role of branch openings in our growth, resulting in a strategic rationalization to align our physical footprint with changes in our business strategies. In 2024, we disclosed that this strategic rationalization had concluded and future openings and closings were likely to be more balanced and in accordance with the strategies and specific circumstances of local operations.
自 Fastenal 成立以来，直到 2013 年，开设分店是我们主要的增长动力，在 2013 年达到顶峰，共有 2,687 家分店。在 1994 年之前，所有分店都位于美国境内，1994 年我们在加拿大开设了第一家分店，随后在 2001 年在墨西哥开设了第一家分店。从那时起，我们继续扩大我们的全球足迹，包括欧洲、亚洲以及中美洲和南美洲。在 2013 年至 2023 年期间，我们的分店总数净减少了 1,090 家，这主要是由于我们在美国市场的整合。新的增长动力、商业模式和商业工具的出现削弱了开设分店在我们增长中的直接作用，导致我们进行战略调整，以使我们的实体足迹与业务战略的变化保持一致。2024 年，我们披露这项战略调整已经结束，未来开设和关闭分店可能会更加平衡，并符合当地运营的战略和具体情况。
自 Fastenal 成立以来，直到 2013 年，开设分店是我们主要的增长动力，在 2013 年达到顶峰，共有 2,687 家分店。在 1994 年之前，所有分店都位于美国境内，1994 年我们在加拿大开设了第一家分店，随后在 2001 年在墨西哥开设了第一家分店。从那时起，我们继续扩大我们的全球足迹，包括欧洲、亚洲以及中美洲和南美洲。在 2013 年至 2023 年期间，我们的分店总数净减少了 1,090 家，这主要是由于我们在美国市场的整合。新的增长动力、商业模式和商业工具的出现削弱了开设分店在我们增长中的直接作用，导致我们进行战略调整，以使我们的实体足迹与业务战略的变化保持一致。2024 年，我们披露这项战略调整已经结束，未来开设和关闭分店可能会更加平衡，并符合当地运营的战略和具体情况。
At the end of 2024, we had 1,499 branches in North America, which includes the United States, Canada, and Mexico, representing 52.2% of net sales and 98 branches outside of North America representing 2.2% of net sales.
截至 2024 年末，我们在北美地区拥有 1,499 家分店，包括美国、加拿大和墨西哥，占净销售额的 52.2%；在北美以外地区拥有 98 家分店，占净销售额的 2.2%。
截至 2024 年末，我们在北美地区拥有 1,499 家分店，包括美国、加拿大和墨西哥，占净销售额的 52.2%；在北美以外地区拥有 98 家分店，占净销售额的 2.2%。
Onsite locations are not new, having entered into the first such arrangement in 1992. However, it was largely a local option that grew slowly before we identified it as a growth driver in 2014, at which point we made substantial investments to accelerate its traction in the marketplace. In this model, we provide dedicated sales and service to a single customer from a location that is physically within, or strategically proximate to, the customer's facility, with inventory that is specific to the customer's needs. In many cases, we are shifting sales with the customer from an existing branch location, though we also see new customer opportunities arise as a result of our Onsite capabilities. The model is best suited for larger companies, though we believe we can provide a higher degree of service at a lower level of sales than most of our competitors. It has been our experience that the sales mix at our Onsite locations typically produces a lower gross profit percentage than at our branch locations, but we gain sales with the customer and our cost to serve is lower. We have identified over 11,000 manufacturing and construction customer locations in North America with potential to implement the Onsite service model. These include customers with which we have an existing national account relationship today, and potential customers we are aware of due to our local market presence with which we do not have a meaningful relationship today. However, as awareness of our capabilities has grown, we have identified additional Onsite potential with certain agencies of state, provincial, and local government customers, and academia. We also believe as we continue to follow our existing national account customers outside the U.S., our market potential for Onsite solutions will continue to expand. The international opportunity is substantial, but our speed is limited by our relatively underdeveloped infrastructure in comparison to the U.S. We expect sales from Onsite arrangements to continue to increase meaningfully over time. At the end of 2024, we had 1,961 Onsite locations in North America, which included the United States, Canada, and Mexico, representing 41.6% of net sales and 70 Onsite locations outside of North America representing 0.8% of net sales. As of December 31, 2024, we signed 358, 326, and 356 new Onsite locations (referred to herein as signings) in 2024, 2023, and 2022, respectively.
现场服务并非新生事物，早在 1992 年我们就已达成首个此类安排。然而，在 2014 年我们将其确定为增长驱动因素之前，它主要是一个本地选项，发展缓慢，之后我们进行了大量投资，以加速其在市场上的发展。在这种模式下，我们从一个实际位于客户设施内或具有战略邻近性的地点，为单个客户提供专门的销售和服务，并提供满足客户特定需求的库存。在许多情况下，我们正在将与客户的销售从现有分支机构转移，尽管我们也看到由于我们的现场服务能力而出现新的客户机会。该模式最适合大型公司，但我们相信，与我们的大多数竞争对手相比，我们可以在较低的销售额水平上提供更高程度的服务。根据我们的经验，我们现场服务点的销售组合通常会产生比我们分支机构更低的毛利率百分比，但我们可以增加与客户的销售额，并且我们的服务成本更低。 我们已在北美确定了超过 11,000 个具有实施 Onsite 服务模式潜力的制造和建筑客户地点。这些客户包括我们目前已建立全国客户关系的客户，以及由于我们在当地市场的业务而知晓但目前尚未建立有意义关系的潜在客户。然而，随着对我们能力的认识不断提高，我们发现州、省和地方政府客户的某些机构以及学术界也具有额外的 Onsite 潜力。我们还认为，随着我们继续跟踪现有全国客户在美国境外的业务，我们在 Onsite 解决方案方面的市场潜力将继续扩大。国际机遇巨大，但与美国相比，我们相对欠发达的基础设施限制了我们的速度。我们预计 Onsite 安排的销售额将随着时间的推移继续显著增长。 截至 2024 年末，我们在北美地区（包括美国、加拿大和墨西哥）拥有 1,961 个 Onsite 地点，占净销售额的 41.6%，在北美以外地区拥有 70 个 Onsite 地点，占净销售额的 0.8%。截至 2024 年 12 月 31 日，我们分别在 2024 年、2023 年和 2022 年签署了 358 个、326 个和 356 个新的 Onsite 地点（以下简称签约）。
现场服务并非新生事物，早在 1992 年我们就已达成首个此类安排。然而，在 2014 年我们将其确定为增长驱动因素之前，它主要是一个本地选项，发展缓慢，之后我们进行了大量投资，以加速其在市场上的发展。在这种模式下，我们从一个实际位于客户设施内或具有战略邻近性的地点，为单个客户提供专门的销售和服务，并提供满足客户特定需求的库存。在许多情况下，我们正在将与客户的销售从现有分支机构转移，尽管我们也看到由于我们的现场服务能力而出现新的客户机会。该模式最适合大型公司，但我们相信，与我们的大多数竞争对手相比，我们可以在较低的销售额水平上提供更高程度的服务。根据我们的经验，我们现场服务点的销售组合通常会产生比我们分支机构更低的毛利率百分比，但我们可以增加与客户的销售额，并且我们的服务成本更低。 我们已在北美确定了超过 11,000 个具有实施 Onsite 服务模式潜力的制造和建筑客户地点。这些客户包括我们目前已建立全国客户关系的客户，以及由于我们在当地市场的业务而知晓但目前尚未建立有意义关系的潜在客户。然而，随着对我们能力的认识不断提高，我们发现州、省和地方政府客户的某些机构以及学术界也具有额外的 Onsite 潜力。我们还认为，随着我们继续跟踪现有全国客户在美国境外的业务，我们在 Onsite 解决方案方面的市场潜力将继续扩大。国际机遇巨大，但与美国相比，我们相对欠发达的基础设施限制了我们的速度。我们预计 Onsite 安排的销售额将随着时间的推移继续显著增长。 截至 2024 年末，我们在北美地区（包括美国、加拿大和墨西哥）拥有 1,961 个 Onsite 地点，占净销售额的 41.6%，在北美以外地区拥有 70 个 Onsite 地点，占净销售额的 0.8%。截至 2024 年 12 月 31 日，我们分别在 2024 年、2023 年和 2022 年签署了 358 个、326 个和 356 个新的 Onsite 地点（以下简称签约）。
4
At the end of 2024, we operated branches and Onsites in 25 total countries. The following table provides a summary of the branches and Onsite locations we operated at the end of each year, as well as the openings, closings, and conversions during each year:
截至 2024 年末，我们在总共 25 个国家/地区运营分支机构和驻点。下表汇总了我们在每年年末运营的分支机构和驻点位置，以及每年的开设、关闭和转换情况：
截至 2024 年末，我们在总共 25 个国家/地区运营分支机构和驻点。下表汇总了我们在每年年末运营的分支机构和驻点位置，以及每年的开设、关闭和转换情况：
| North America 北美 | Outside North America 北美以外地区 | |||||||||||||||||||||||||||||||
U.S. (1) 美国 (1) | Canada 加拿大 | Mexico 墨西哥 | Subtotal 小计 | Central & South America (2) 中南美洲 (2) | Asia (3) 亚洲 (3) | Europe (4) 欧洲 (4) | Subtotal 小计 | Total 总计 | ||||||||||||||||||||||||
| In-Market Locations - 12/31/22 现有市场门店 - 2022 年 12 月 31 日 | 2,707 | 276 | 177 | 3,160 | 21 | 45 | 80 | 146 | 3,306 | |||||||||||||||||||||||
| Starting Branches 起始分行数 | 1,369 | 169 | 66 | 1,604 | 5 | 22 | 52 | 79 | 1,683 | |||||||||||||||||||||||
| Opened Branches 新开分行数 | — | — | 3 | 3 | — | 3 | 4 | 7 | 10 | |||||||||||||||||||||||
Closed/Converted Branches (5) 已关闭/已转换的分行 (5) | (92) | (5) | — | (97) | — | — | 1 | 1 | (96) | |||||||||||||||||||||||
| Ending Branches 期末分行数 | 1,277 | 164 | 69 | 1,510 | 5 | 25 | 57 | 87 | 1,597 | |||||||||||||||||||||||
| Starting Onsites 期初现场数 | 1,338 | 107 | 111 | 1,556 | 16 | 23 | 28 | 67 | 1,623 | |||||||||||||||||||||||
| Opened Onsites 已开设现场数 | 283 | 18 | 20 | 321 | — | 1 | 7 | 8 | 329 | |||||||||||||||||||||||
Closed/Converted Onsites (5) 已关闭/已转换的现场点位 (5) | (115) | (6) | (3) | (124) | (1) | (2) | (3) | (6) | (130) | |||||||||||||||||||||||
| Ending Onsites 结束现场点位 | 1,506 | 119 | 128 | 1,753 | 15 | 22 | 32 | 69 | 1,822 | |||||||||||||||||||||||
| In-Market Locations - 12/31/23 市场内点位 - 2023 年 12 月 31 日 | 2,783 | 283 | 197 | 3,263 | 20 | 47 | 89 | 156 | 3,419 | |||||||||||||||||||||||
| Starting Branches 起始分行 | 1,277 | 164 | 69 | 1,510 | 5 | 25 | 57 | 87 | 1,597 | |||||||||||||||||||||||
| Opened Branches 已开业网点 | 1 | — | 1 | 2 | — | 3 | 6 | 9 | 11 | |||||||||||||||||||||||
Closed/Converted Branches (5) 已关闭/转换网点 (5) | (14) | — | 1 | (13) | — | (1) | 3 | 2 | (11) | |||||||||||||||||||||||
| Ending Branches 期末网点 | 1,264 | 164 | 71 | 1,499 | 5 | 27 | 66 | 98 | 1,597 | |||||||||||||||||||||||
| Starting Onsites 期初现场服务 | 1,506 | 119 | 128 | 1,753 | 15 | 22 | 32 | 69 | 1,822 | |||||||||||||||||||||||
| Opened Onsites 已启动的现场服务 | 271 | 36 | 27 | 334 | — | 4 | 5 | 9 | 343 | |||||||||||||||||||||||
Closed/Converted Onsites (5) 已关闭/已转换的现场服务 (5) | (117) | (2) | (7) | (126) | (1) | — | (7) | (8) | (134) | |||||||||||||||||||||||
| Ending Onsites 结束的现场服务 | 1,660 | 153 | 148 | 1,961 | 14 | 26 | 30 | 70 | 2,031 | |||||||||||||||||||||||
| In-Market Locations - 12/31/24 市场内地点 - 2024 年 12 月 31 日 | 2,924 | 317 | 219 | 3,460 | 19 | 53 | 96 | 168 | 3,628 | |||||||||||||||||||||||
(1) | Includes the U.S., the Dominican Republic, Guam, and Puerto Rico. 包括美国、多米尼加共和国、关岛和波多黎各。 | ||||
(2) | Includes Panama, Brazil, and Chile. 包括巴拿马、巴西和智利。 | ||||
(3) | Includes Singapore, China, Malaysia, and Thailand. 包括新加坡、中国、马来西亚和泰国。 | ||||
(4) | Includes the Netherlands, Hungary, the United Kingdom, Germany, the Czech Republic, Italy, Romania, Sweden, Poland, Austria, Switzerland, Ireland, Spain, France, and Belgium. 包括荷兰、匈牙利、英国、德国、捷克共和国、意大利、罗马尼亚、瑞典、波兰、奥地利、瑞士、爱尔兰、西班牙、法国和比利时。 | ||||
(5) | The net impact of non-in-market locations or Onsite locations converted to branches, branches converted to Onsite locations or non-in-market locations, and closures of branches or Onsite locations. 非市场内地点或转换为分支机构的驻点、转换为驻点或非市场内地点以及分支机构或驻点关闭的净影响。 | ||||
We believe the profitability of our in-market locations is affected by the average sales produced by each site. In any in-market location, certain costs related to growth are at least partly variable, such as employee-related expenses, while others, like rent and utility costs, tend to be fixed. As a result, it has been shown that as an in-market location increases its sales base over time, it typically will achieve a higher operating profit margin. This ability to increase our operating profit margin is influenced by: (1) general growth based on end market expansion and/or market share gains that increases the monthly sales of the location and (2) the age of the in-market location (new locations tend to be less profitable due to start-up costs and, in the case of a branch, the time necessary to generate a customer base). The paths to higher operating profit margins are slightly different in a traditional branch versus an Onsite location, as the former will tend to have more fixed costs to leverage, while the latter will tend to have a smaller fixed cost burden but have greater leverage of its employee-related expenses. In the short term, the Onsite program can hurt the profitability of our existing branch network as it can pull established sales away from an existing branch even as its fixed expenses are largely unchanged.
我们认为，现有市场门店的盈利能力受到每个门店产生的平均销售额的影响。在任何现有市场门店中，与增长相关的某些成本至少部分是可变的，例如与员工相关的费用，而另一些成本，如租金和水电费，往往是固定的。因此，已经表明，随着现有市场门店随着时间的推移增加其销售基础，它通常会获得更高的营业利润率。这种提高我们营业利润率的能力受到以下因素的影响：（1）基于终端市场扩张和/或市场份额增加的一般增长，从而增加了门店的月销售额；（2）现有市场门店的运营时间（新门店由于启动成本，以及如果是分公司，则需要时间来建立客户群，因此往往盈利能力较低）。传统分公司和现场门店实现更高营业利润率的途径略有不同，前者往往有更多的固定成本可以利用，而后者往往固定成本负担较小，但与员工相关的费用杠杆更大。 在短期内，“现场服务”计划可能会损害我们现有分支机构网络的盈利能力，因为它可能会从现有分支机构转移已建立的销售额，即使其固定支出基本保持不变。
我们认为，现有市场门店的盈利能力受到每个门店产生的平均销售额的影响。在任何现有市场门店中，与增长相关的某些成本至少部分是可变的，例如与员工相关的费用，而另一些成本，如租金和水电费，往往是固定的。因此，已经表明，随着现有市场门店随着时间的推移增加其销售基础，它通常会获得更高的营业利润率。这种提高我们营业利润率的能力受到以下因素的影响：（1）基于终端市场扩张和/或市场份额增加的一般增长，从而增加了门店的月销售额；（2）现有市场门店的运营时间（新门店由于启动成本，以及如果是分公司，则需要时间来建立客户群，因此往往盈利能力较低）。传统分公司和现场门店实现更高营业利润率的途径略有不同，前者往往有更多的固定成本可以利用，而后者往往固定成本负担较小，但与员工相关的费用杠杆更大。 在短期内，“现场服务”计划可能会损害我们现有分支机构网络的盈利能力，因为它可能会从现有分支机构转移已建立的销售额，即使其固定支出基本保持不变。
There are many reasons why local or regional management might decide to close an in-market location. Key customers may have migrated to a different part of the market, factories may have closed, our own supply chain capabilities in a market may have evolved to allow us to service some areas with fewer branches, and/or our customers may have transitioned to our Onsite model. An Onsite location may also close because local or regional management determines that the business at the location is unlikely to scale sufficiently to justify our being on premise, in which case the relationship often reverts to being managed in a local branch.
当地或区域管理层可能会出于多种原因决定关闭某个市场内的网点。主要客户可能已迁移到市场的不同区域，工厂可能已关闭，我们在市场中的供应链能力可能已经发展到允许我们用更少的分支机构为某些区域提供服务，并且/或者我们的客户可能已经过渡到我们的“现场服务”模式。“现场服务”网点也可能因为当地或区域管理层认为该网点的业务不太可能充分扩大规模以证明我们在现场办公是合理的，在这种情况下，合作关系通常会恢复为在当地分支机构进行管理。
当地或区域管理层可能会出于多种原因决定关闭某个市场内的网点。主要客户可能已迁移到市场的不同区域，工厂可能已关闭，我们在市场中的供应链能力可能已经发展到允许我们用更少的分支机构为某些区域提供服务，并且/或者我们的客户可能已经过渡到我们的“现场服务”模式。“现场服务”网点也可能因为当地或区域管理层认为该网点的业务不太可能充分扩大规模以证明我们在现场办公是合理的，在这种情况下，合作关系通常会恢复为在当地分支机构进行管理。
5
We utilize additional types of selling locations within our network, but these tend to be more specialized in nature and relatively few in number, comprising less than five percent of our total selling locations. We remain committed to a large, robust service network, including traditional branches, international branches, and Onsites; it remains the indispensable foundation of our business. We anticipate that relatively stable branch count in the United States and Canada, combined with growth in branch count outside of the United States and Canada and growth in global Onsite locations, will result in an increase to overall in-market locations over time.
我们在网络内还利用其他类型的销售场所，但这些场所通常性质更为专业，数量也相对较少，占我们销售场所总数的比例不到 5%。我们仍然致力于建立一个庞大而强大的服务网络，包括传统分行、国际分行和驻点服务(Onsites)；这仍然是我们业务不可或缺的基础。我们预计，美国和加拿大的分行数量将保持相对稳定，而美国和加拿大以外的分行数量以及全球驻点服务(Onsite)地点的数量将会增长，这将导致市场内整体地点的数量随着时间的推移而增加。
我们在网络内还利用其他类型的销售场所，但这些场所通常性质更为专业，数量也相对较少，占我们销售场所总数的比例不到 5%。我们仍然致力于建立一个庞大而强大的服务网络，包括传统分行、国际分行和驻点服务(Onsites)；这仍然是我们业务不可或缺的基础。我们预计，美国和加拿大的分行数量将保持相对稳定，而美国和加拿大以外的分行数量以及全球驻点服务(Onsite)地点的数量将会增长，这将导致市场内整体地点的数量随着时间的推移而增加。
Our Business Tools 我们的业务工具
Fastenal Managed Inventory (FMI®)
Fastenal 管理库存 (FMI®)
Fastenal 管理库存 (FMI®)
Over time, we have invested in and developed various technologies that allow us to put physical product closer to the point of use in a customer location, increase the visibility of a customer's supply chain (to the customer as well as our personnel), and/or improve the ability to monitor or control usage. While there are isolated exceptions, these technologies are not themselves channels to the market but rather are utilized by our branch and Onsite channels to enhance service to our customers. Collectively, these tools comprise our Fastenal Managed Inventory (FMI) Technology suite. We believe our fully integrated distribution network allows us to manage the supply chain for all sizes of customers. FMI programs tend to generate a higher frequency of business transactions and, coupled with our fully integrated distribution network, foster a strong relationship with customers.
随着时间的推移，我们投资并开发了各种技术，使我们能够将实体产品更靠近客户的使用地点，提高客户供应链的可见性（对客户和我们的员工而言），和/或提高监控或控制使用情况的能力。虽然存在个别例外情况，但这些技术本身并不是进入市场的渠道，而是由我们的分支机构和现场渠道利用，以增强对客户的服务。总的来说，这些工具构成了我们的 Fastenal Managed Inventory (FMI) 技术套件。我们相信，我们完全整合的分销网络使我们能够管理各种规模客户的供应链。FMI 计划往往会产生更高频率的业务交易，并且与我们完全整合的分销网络相结合，能够与客户建立牢固的关系。
随着时间的推移，我们投资并开发了各种技术，使我们能够将实体产品更靠近客户的使用地点，提高客户供应链的可见性（对客户和我们的员工而言），和/或提高监控或控制使用情况的能力。虽然存在个别例外情况，但这些技术本身并不是进入市场的渠道，而是由我们的分支机构和现场渠道利用，以增强对客户的服务。总的来说，这些工具构成了我们的 Fastenal Managed Inventory (FMI) 技术套件。我们相信，我们完全整合的分销网络使我们能够管理各种规模客户的供应链。FMI 计划往往会产生更高频率的业务交易，并且与我们完全整合的分销网络相结合，能够与客户建立牢固的关系。
Industrial vending (FASTVend®) was introduced in 2008 to provide our customers with improved product monitoring and control. Benefits include reduced consumption, reduced purchase orders, reduced product handling, and 24-hour product availability. We believe that we have a market advantage by virtue of our extensive in-market network of inventory and local personnel. For these reasons, the initiative began to gain significant traction in 2011, and we finished 2024 with approximately 119,800 FASTVend devices in the field. We believe industrial vending has proven its effectiveness in strengthening our relationships with customers and helped to streamline the supply chain where it has been utilized. We also believe there remains considerable room to grow our current installed base of devices before it begins to approach the number of units we believe the market can support. We estimate the market could support as many as 1.7 million vending units and, as a result, we anticipate continued growth in installed devices over time.
工业自动售货机 (FASTVend®) 于 2008 年推出，旨在为我们的客户提供改进的产品监控和控制。其优势包括降低消耗、减少采购订单、减少产品处理以及 24 小时产品供应。我们相信，凭借我们广泛的库存和本地人员市场网络，我们拥有市场优势。由于这些原因，该计划于 2011 年开始获得显著发展，截至 2024 年底，我们已在现场部署了约 119,800 台 FASTVend 设备。我们认为，工业自动售货机已证明其在加强我们与客户关系方面的有效性，并有助于简化已使用的供应链。我们还认为，在我们当前的设备安装基数开始接近我们认为市场可以支持的数量之前，仍有相当大的增长空间。我们估计市场可以支持多达 170 万台自动售货机，因此，我们预计随着时间的推移，已安装设备将持续增长。
工业自动售货机 (FASTVend®) 于 2008 年推出，旨在为我们的客户提供改进的产品监控和控制。其优势包括降低消耗、减少采购订单、减少产品处理以及 24 小时产品供应。我们相信，凭借我们广泛的库存和本地人员市场网络，我们拥有市场优势。由于这些原因，该计划于 2011 年开始获得显著发展，截至 2024 年底，我们已在现场部署了约 119,800 台 FASTVend 设备。我们认为，工业自动售货机已证明其在加强我们与客户关系方面的有效性，并有助于简化已使用的供应链。我们还认为，在我们当前的设备安装基数开始接近我们认为市场可以支持的数量之前，仍有相当大的增长空间。我们估计市场可以支持多达 170 万台自动售货机，因此，我们预计随着时间的推移，已安装设备将持续增长。
Our industrial vending portfolio consists of 20 different vending devices, with 16 of these being in either a helix or locker format. Our most utilized models include the helix-based FAST 5000 and our 12- and 18-door lockers; combined, these comprise approximately 64% of our installed base of devices. These are either configurable or are available in multiple configurations to accommodate the various sizes and forms of products that will be dispensed to match the unique needs of our customers. Target monthly sales per device typically range from under $1,000 to in excess of $3,000, with our flagship FAST 5000 device having a targeted monthly throughput of $2,000.
我们的工业自动售货机产品组合包括 20 种不同的自动售货设备，其中 16 种采用螺旋式或储物柜式。我们最常用的型号包括基于螺旋式的 FAST 5000 以及我们的 12 门和 18 门储物柜；这些型号加起来约占我们已安装设备总量的 64%。这些设备可以配置，或者提供多种配置，以适应将要分配的各种尺寸和形式的产品，从而满足我们客户的独特需求。每台设备的目标月销售额通常从 1,000 美元以下到超过 3,000 美元不等，而我们的旗舰产品 FAST 5000 设备的目标月吞吐量为 2,000 美元。
我们的工业自动售货机产品组合包括 20 种不同的自动售货设备，其中 16 种采用螺旋式或储物柜式。我们最常用的型号包括基于螺旋式的 FAST 5000 以及我们的 12 门和 18 门储物柜；这些型号加起来约占我们已安装设备总量的 64%。这些设备可以配置，或者提供多种配置，以适应将要分配的各种尺寸和形式的产品，从而满足我们客户的独特需求。每台设备的目标月销售额通常从 1,000 美元以下到超过 3,000 美元不等，而我们的旗舰产品 FAST 5000 设备的目标月吞吐量为 2,000 美元。
Bin stock (FASTStock℠ and FASTBin®) programs, where product is held in bins in a customer facility, are similar to our vending business in that it involves moving product closer to the point of customer use within their facilities. Such programs have existed in the industrial supply industry for a considerable time, with open bins being clustered in a racking system, each of which holds original equipment manufacturing (OEM) fasteners, maintenance, repair, and operations (MRO) fasteners, and/or non-fastener products that are consumed in the customers' operations. Historically, these bins were simply plastic and metal containers that held product and were visually inspected by our customers or Fastenal personnel to determine replenishment need. These bins in some cases are organized and labeled into customized digital plan-o-grams, which we call FASTStock and allow for the scanning of product when it is at a minimum desired level. However, in 2019 we introduced our FASTBin technology. FASTBin is the evolution of FASTStock into a set of electronic inventory management solutions that automate process controls by providing 24/7 continuous inventory monitoring, real-time inventory visibility, and automatic replenishment of bin stock parts.
Bin stock（FASTStock℠ 和 FASTBin®）计划与我们的自动售货机业务类似，都是将产品放置在客户设施的料箱中，从而使产品更接近客户在其设施中的使用点。此类计划在工业供应行业中已经存在了相当长的时间，开放式料箱聚集在货架系统中，每个料箱都存放着原始设备制造（OEM）紧固件、维护、维修和运营（MRO）紧固件，和/或客户运营中消耗的非紧固件产品。从历史上看，这些料箱只是塑料和金属容器，用于存放产品，我们的客户或 Fastenal 人员会对其进行目视检查，以确定是否需要补货。在某些情况下，这些料箱会被组织和标记到定制的数字货架图中，我们称之为 FASTStock，并允许在产品达到最低所需水平时进行扫描。然而，在 2019 年，我们推出了 FASTBin 技术。 FASTBin 是 FASTStock 的升级版，它是一套电子库存管理解决方案，通过提供全天候持续库存监控、实时库存可见性和料箱库存零件的自动补货来自动执行流程控制。
Bin stock（FASTStock℠ 和 FASTBin®）计划与我们的自动售货机业务类似，都是将产品放置在客户设施的料箱中，从而使产品更接近客户在其设施中的使用点。此类计划在工业供应行业中已经存在了相当长的时间，开放式料箱聚集在货架系统中，每个料箱都存放着原始设备制造（OEM）紧固件、维护、维修和运营（MRO）紧固件，和/或客户运营中消耗的非紧固件产品。从历史上看，这些料箱只是塑料和金属容器，用于存放产品，我们的客户或 Fastenal 人员会对其进行目视检查，以确定是否需要补货。在某些情况下，这些料箱会被组织和标记到定制的数字货架图中，我们称之为 FASTStock，并允许在产品达到最低所需水平时进行扫描。然而，在 2019 年，我们推出了 FASTBin 技术。 FASTBin 是 FASTStock 的升级版，它是一套电子库存管理解决方案，通过提供全天候持续库存监控、实时库存可见性和料箱库存零件的自动补货来自动执行流程控制。
These technologies come in four forms: (1) scales that utilize a high-precision weight sensor system to measure the exact quantity on hand in real time, notifying Fastenal to replenish when inventory hits an established minimum; (2) infrared (IR) that uses IR sensors lining individual bins to provide real-time visibility of approximate quantity and inventory values, notifying Fastenal to replenish when inventory hits an established minimum threshold; (3) RFID, which is a Kanban system that utilizes RFID tags so that when an empty bin is removed from the rack and placed in a replenishment zone (also part of the same racking system), a notification is sent to Fastenal to refill the order; and (4) FASTClick, which is an electronic button utilized on products or in locations that do not lend themselves to a vending- or bin-based solution that allows a customer to signal they would like a replenishment activity without the need of a Fastenal representative. These technologies provide superior monitoring capabilities and immediate visibility to consumption changes, allowing for a lean supply chain, reducing risk of stock-outs, and providing a more efficient labor model for both the customer and the supplier.
这些技术有四种形式：（1）使用高精度重量传感器系统实时测量现有确切数量的电子秤，当库存达到设定的最小值时，通知 Fastenal 进行补货；（2）红外 (IR) 技术，使用排列在各个箱子上的红外传感器，提供近似数量和库存价值的实时可见性，当库存达到设定的最小阈值时，通知 Fastenal 进行补货；（3）RFID，这是一种看板系统，利用 RFID 标签，当从货架上取下空箱并放置在补货区（也是同一货架系统的一部分）时，会向 Fastenal 发送通知以重新填充订单；以及（4）FASTClick，这是一种电子按钮，用于不适合自动售货或基于箱子的解决方案的产品或位置，允许客户发出他们希望进行补货活动的信号，而无需 Fastenal 代表。 这些技术提供卓越的监控能力，并能即时了解消费变化，从而实现精益供应链，降低缺货风险，并为客户和供应商提供更高效的劳动力模式。
这些技术有四种形式：（1）使用高精度重量传感器系统实时测量现有确切数量的电子秤，当库存达到设定的最小值时，通知 Fastenal 进行补货；（2）红外 (IR) 技术，使用排列在各个箱子上的红外传感器，提供近似数量和库存价值的实时可见性，当库存达到设定的最小阈值时，通知 Fastenal 进行补货；（3）RFID，这是一种看板系统，利用 RFID 标签，当从货架上取下空箱并放置在补货区（也是同一货架系统的一部分）时，会向 Fastenal 发送通知以重新填充订单；以及（4）FASTClick，这是一种电子按钮，用于不适合自动售货或基于箱子的解决方案的产品或位置，允许客户发出他们希望进行补货活动的信号，而无需 Fastenal 代表。 这些技术提供卓越的监控能力，并能即时了解消费变化，从而实现精益供应链，降低缺货风险，并为客户和供应商提供更高效的劳动力模式。
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Our weighted FMI measure combines signings and installations of FASTBin and FASTVend in a standardized machine equivalent unit (MEU) based on the expected output of each type of device. We do not include FASTStock in this measurement because scanned stocking locations can take many forms, such as bins, shelves, cabinets, pallets, etc., that cannot be converted into a standardized MEU. This conversion takes the targeted monthly throughput of each FMI device signed or installed and compares it to the $2,000 target monthly throughput of our FAST 5000 vending device. For example, an RFID enclosure, with target monthly sales of $2,000 would be counted as '1.00' machine equivalent ($2,000/$2,000 = 1.00). An infrared bin, with target monthly sales of $40, would be counted as '0.02' machine equivalent ($40/$2,000 = 0.02).
我们的加权 FMI 指标综合了 FASTBin 和 FASTVend 的签约和安装量，并以标准化机器当量单位 (MEU) 为基础，该单位基于每种类型设备的预期产量。我们未将 FASTStock 纳入此项衡量，原因是扫描的库存位置可以采用多种形式，例如料箱、货架、橱柜、托盘等，这些形式无法转换为标准化 MEU。此转换采用已签约或已安装的每台 FMI 设备的目标月吞吐量，并将其与我们的 FAST 5000 自动售货设备的目标月吞吐量$2,000 进行比较。例如，一个 RFID 外壳，目标月销售额为$2,000，将被计为“1.00”机器当量（$2,000/$2,000 = 1.00）。一个红外料箱，目标月销售额为$40，将被计为“0.02”机器当量（$40/$2,000 = 0.02）。
我们的加权 FMI 指标综合了 FASTBin 和 FASTVend 的签约和安装量，并以标准化机器当量单位 (MEU) 为基础，该单位基于每种类型设备的预期产量。我们未将 FASTStock 纳入此项衡量，原因是扫描的库存位置可以采用多种形式，例如料箱、货架、橱柜、托盘等，这些形式无法转换为标准化 MEU。此转换采用已签约或已安装的每台 FMI 设备的目标月吞吐量，并将其与我们的 FAST 5000 自动售货设备的目标月吞吐量$2,000 进行比较。例如，一个 RFID 外壳，目标月销售额为$2,000，将被计为“1.00”机器当量（$2,000/$2,000 = 1.00）。一个红外料箱，目标月销售额为$40，将被计为“0.02”机器当量（$40/$2,000 = 0.02）。
The table below summarizes the signings and installations of, and sales through, our FMI devices.
下表总结了我们的 FMI 设备的签约和安装量以及销售额。
下表总结了我们的 FMI 设备的签约和安装量以及销售额。
| Twelve-month Period 十二个月期间 | |||||||||||||||||
| 2024 | 2023 | Change 变化 | |||||||||||||||
| Weighted FASTBin/FASTVend signings (MEUs) 加权 FASTBin/FASTVend 签约量（百万欧元单位） | 27,984 | 24,126 | 16.0 | % | |||||||||||||
| Signings per day 每日签约量 | 110 | 95 | |||||||||||||||
| Weighted FASTBin/FASTVend installations (MEUs; end of period) 加权 FASTBin/FASTVend 安装量（百万欧元单位；期末） | 126,957 | 113,138 | 12.2 | % | |||||||||||||
| FASTStock sales FASTStock 销售额 | $ | 956.6 | 927.6 | 3.1 | % | ||||||||||||
| % of sales 销售额占比 | 12.5 | % | 12.5 | % | |||||||||||||
| FASTBin/FASTVend sales FASTBin/FASTVend 销售额 | $ | 2,295.5 | 2,070.2 | 10.9 | % | ||||||||||||
| % of sales 销售额占比 | 30.0 | % | 27.8 | % | |||||||||||||
| FMI sales FMI 销售额 | $ | 3,252.1 | 2,997.8 | 8.5 | % | ||||||||||||
| FMI daily sales FMI 日均销售额 | $ | 12.8 | 11.8 | 7.6 | % | ||||||||||||
| % of sales 销售额占比 | 42.5 | % | 40.3 | % | |||||||||||||
Digital Solutions 数字化解决方案
We also invest in digital solutions that aim to deliver strategic value for our customers, leverage local inventory for same-day solutions, and provide efficient service. While there is a transactional element to our digital services, many of the solutions we invest in are intended to add value to customers by illuminating various elements of their supply chain. In many cases, this provides insights that allow us to migrate transactional, 'non-sticky' (and traditionally high cost) online spend into a 'sticky' managed setting (such as our FMI programs). These solutions take many forms:
我们还投资于旨在为客户提供战略价值、利用本地库存实现当日解决方案并提供高效服务的数字化解决方案。虽然我们的数字化服务具有交易要素，但我们投资的许多解决方案旨在通过阐明客户供应链的各个要素来为客户增加价值。在许多情况下，这提供的见解使我们能够将交易性的、“非粘性的”（且传统上成本高昂的）在线支出迁移到“粘性的”托管环境中（例如我们的 FMI 计划）。这些解决方案有多种形式：
我们还投资于旨在为客户提供战略价值、利用本地库存实现当日解决方案并提供高效服务的数字化解决方案。虽然我们的数字化服务具有交易要素，但我们投资的许多解决方案旨在通过阐明客户供应链的各个要素来为客户增加价值。在许多情况下，这提供的见解使我们能够将交易性的、“非粘性的”（且传统上成本高昂的）在线支出迁移到“粘性的”托管环境中（例如我们的 FMI 计划）。这些解决方案有多种形式：
1) Transactional. Our eBusiness includes eProcurement activities, which are integrated transactions, including electronic data interchange (EDI), and eCommerce (transactional website sales), which provide a means for our customers to effectively and efficiently procure MRO and unplanned spend. While there is a retail component to our transactional digital services, most of the sales attributable to this is with our traditional customer base, nearly all of which purchase digitally as a supplement to other channels and tools it utilizes with Fastenal. We attribute the sales generated from a customer location through our transactional platforms to the in-market location traditionally servicing this customer location.
1) 交易型业务。我们的电子商务包括电子采购活动，这些活动是集成交易，包括电子数据交换 (EDI) 和电子商务（交易型网站销售），为我们的客户提供了一种有效且高效地采购 MRO 和计划外支出的方式。虽然我们的交易型数字服务包含零售部分，但大部分销售额来自我们的传统客户群，他们几乎全部通过数字化方式进行采购，作为对他们与 Fastenal 一起使用的其他渠道和工具的补充。我们将通过我们的交易平台从客户所在地产生的销售额归因于传统上为该客户所在地提供服务的本地市场。
1) 交易型业务。我们的电子商务包括电子采购活动，这些活动是集成交易，包括电子数据交换 (EDI) 和电子商务（交易型网站销售），为我们的客户提供了一种有效且高效地采购 MRO 和计划外支出的方式。虽然我们的交易型数字服务包含零售部分，但大部分销售额来自我们的传统客户群，他们几乎全部通过数字化方式进行采购，作为对他们与 Fastenal 一起使用的其他渠道和工具的补充。我们将通过我们的交易平台从客户所在地产生的销售额归因于传统上为该客户所在地提供服务的本地市场。
2) Analytics. Data analytics provide customers with detailed insights into their business operations. FAST360° offers a comprehensive view of inventory and spending, allowing users to visualize product organization and analyze spending trends. FAST360° Analytics uses Microsoft Power BI to offer stakeholders visualization tools for analyzing spend, supply channels, and cost savings. FAST360° acts as the bridge between our fulfillment operations and a customer's view into our managed service model, and provides our customers with one central source of information. These platforms empower users to make data-driven decisions, optimize operations, and improve efficiency by providing actionable insights into Fastenal-managed inventory and spending. By incorporating visual representations of complex data into standardized and tailored reporting templates, the team collaborates with Fastenal's customers and business leaders to turn insights into action.
2) 分析功能。数据分析为客户提供关于其业务运营的详细见解。FAST360° 提供库存和支出的全面视图，允许用户可视化产品组织并分析支出趋势。FAST360° Analytics 使用 Microsoft Power BI 为利益相关者提供可视化工具，以分析支出、供应渠道和成本节约。FAST360° 充当我们的履行运营与客户对我们管理服务模式的看法之间的桥梁，并为我们的客户提供一个集中的信息来源。这些平台通过提供关于 Fastenal 管理的库存和支出的可行性见解，使用户能够做出数据驱动的决策、优化运营并提高效率。通过将复杂数据的可视化表示形式整合到标准化和定制的报告模板中，该团队与 Fastenal 的客户和业务领导者合作，将见解转化为行动。
2) 分析功能。数据分析为客户提供关于其业务运营的详细见解。FAST360° 提供库存和支出的全面视图，允许用户可视化产品组织并分析支出趋势。FAST360° Analytics 使用 Microsoft Power BI 为利益相关者提供可视化工具，以分析支出、供应渠道和成本节约。FAST360° 充当我们的履行运营与客户对我们管理服务模式的看法之间的桥梁，并为我们的客户提供一个集中的信息来源。这些平台通过提供关于 Fastenal 管理的库存和支出的可行性见解，使用户能够做出数据驱动的决策、优化运营并提高效率。通过将复杂数据的可视化表示形式整合到标准化和定制的报告模板中，该团队与 Fastenal 的客户和业务领导者合作，将见解转化为行动。
3) Digital Visibility. Certain of our digital capabilities are intended to produce operational efficiencies for our customers and ourselves and/or to deliver strategic value by illuminating customer supply chain operations. For instance, we have developed, and continue to develop, 'Mobility' applications, one example of which is our Vending App, which provides a number of benefits. It provides easy, real-time information pertaining to a customer's local inventory position within their point-of-use devices. It incorporates customer usage data to recommend optimized parts and quantity for specific devices, which improves customer inventories while reducing the risk of stock-outs. Moving our fulfillment process from a vending device-based keypad function to a tablet or scanning interaction improves the restock process (reduced risk of product outages), reducing time consumed (greater efficiency) while improving accuracy (improved quality assurance). We will continue to build out our suite of Mobility applications. EDI is the connectivity between our system and our customers' procurement systems – whether a direct integration into their Enterprise Resource Planning system or through a third-party procurement network or marketplace. These solutions provide a system-to-system exchange of electronic procurement documents (such as purchase orders, advanced shipping notices, and invoices for direct and indirect spend). Our eProcurement Solutions provide a bridge between our
3) 数字可见性。我们的一些数字化能力旨在为我们的客户和我们自己提高运营效率，和/或通过展示客户的供应链运营来传递战略价值。例如，我们已经开发并将继续开发“移动”应用程序，其中一个例子是我们的 Vending App，它提供了许多好处。它提供了关于客户在其使用点设备中的本地库存位置的简单、实时信息。它整合了客户的使用数据，为特定设备推荐优化的零件和数量，从而改善客户的库存，同时降低缺货的风险。将我们的履行流程从基于自动售货机设备的键盘功能转移到平板电脑或扫描交互，可以改进补货流程（降低产品中断的风险），减少消耗的时间（更高的效率），同时提高准确性（改进的质量保证）。我们将继续扩展我们的移动应用程序套件。 EDI 是我们系统与客户采购系统之间的连接——无论是直接集成到他们的企业资源计划系统，还是通过第三方采购网络或市场。这些解决方案提供电子采购单据（如采购订单、发货通知以及直接和间接支出的发票）的系统间交换。我们的电子采购解决方案在我们之间架起了一座桥梁
3) 数字可见性。我们的一些数字化能力旨在为我们的客户和我们自己提高运营效率，和/或通过展示客户的供应链运营来传递战略价值。例如，我们已经开发并将继续开发“移动”应用程序，其中一个例子是我们的 Vending App，它提供了许多好处。它提供了关于客户在其使用点设备中的本地库存位置的简单、实时信息。它整合了客户的使用数据，为特定设备推荐优化的零件和数量，从而改善客户的库存，同时降低缺货的风险。将我们的履行流程从基于自动售货机设备的键盘功能转移到平板电脑或扫描交互，可以改进补货流程（降低产品中断的风险），减少消耗的时间（更高的效率），同时提高准确性（改进的质量保证）。我们将继续扩展我们的移动应用程序套件。 EDI 是我们系统与客户采购系统之间的连接——无论是直接集成到他们的企业资源计划系统，还是通过第三方采购网络或市场。这些解决方案提供电子采购单据（如采购订单、发货通知以及直接和间接支出的发票）的系统间交换。我们的电子采购解决方案在我们之间架起了一座桥梁
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managed replenishment activity and our customers' procurement systems – creating an efficient, accurate and streamlined procure-to-pay process.
管理补货活动和我们客户的采购系统——创建一个高效、准确和简化的采购到付款流程。
管理补货活动和我们客户的采购系统——创建一个高效、准确和简化的采购到付款流程。
4.) Crib Management. We host FASTCrib, a cloud-based software tool designed to provide customers with visibility and control of their entire supply chain. It is an integrated platform that maintains customer-specific product catalogs, provides control and tracking of inventory levels, streamlines and consolidates procurement processes, and enables rich visualization and reporting in an environment with robust user controls. It also has modules for asset tracking and integrates into our FMI suite. FASTCrib creates a one-stop, just-in-time supply chain management capability for all of the products and services consumed by our customers, whether provided directly by Fastenal or other vendors.
4.) 货仓管理。我们提供基于云的软件工具 FASTCrib，旨在为客户提供对其整个供应链的可见性和控制。它是一个集成平台，维护客户特定的产品目录，提供库存水平的控制和跟踪，简化和整合采购流程，并在具有强大用户控制的环境中实现丰富的可视化和报告。它还具有资产跟踪模块，并集成到我们的 FMI 套件中。FASTCrib 为我们的客户使用的所有产品和服务创建一站式、准时制供应链管理能力，无论这些产品和服务是由 Fastenal 直接提供还是由其他供应商提供。
4.) 货仓管理。我们提供基于云的软件工具 FASTCrib，旨在为客户提供对其整个供应链的可见性和控制。它是一个集成平台，维护客户特定的产品目录，提供库存水平的控制和跟踪，简化和整合采购流程，并在具有强大用户控制的环境中实现丰富的可视化和报告。它还具有资产跟踪模块，并集成到我们的 FMI 套件中。FASTCrib 为我们的客户使用的所有产品和服务创建一站式、准时制供应链管理能力，无论这些产品和服务是由 Fastenal 直接提供还是由其他供应商提供。
Digital Footprint 数字化足迹
Our digital products and services are comprised of sales through FMI (FASTStock, FASTBin, and FASTVend) plus that proportion of our eBusiness sales that do not represent billings of FMI services (collectively, our Digital Footprint). We believe the data that is created through our digital capabilities enhances product visibility, traceability, and control that reduces risk in operations and creates ordering and fulfillment efficiencies for both us and our customers. As a result, we believe our opportunity to grow our business will be enhanced through the continued development and expansion of our digital capabilities. Our Digital Footprint represented 60.4% of sales in 2024.
我们的数字产品和服务包括通过 FMI（FASTStock、FASTBin 和 FASTVend）实现的销售额，以及我们的电子商务销售额中不属于 FMI 服务账单的那部分（统称为我们的“数字足迹”）。我们认为，通过我们的数字能力创建的数据可以提高产品的可见性、可追溯性和可控性，从而降低运营风险，并为我们和我们的客户提高订购和履行的效率。因此，我们相信，通过持续开发和扩展我们的数字能力，我们将有更多机会发展我们的业务。2024 年，我们的“数字足迹”占销售额的 60.4%。
我们的数字产品和服务包括通过 FMI（FASTStock、FASTBin 和 FASTVend）实现的销售额，以及我们的电子商务销售额中不属于 FMI 服务账单的那部分（统称为我们的“数字足迹”）。我们认为，通过我们的数字能力创建的数据可以提高产品的可见性、可追溯性和可控性，从而降低运营风险，并为我们和我们的客户提高订购和履行的效率。因此，我们相信，通过持续开发和扩展我们的数字能力，我们将有更多机会发展我们的业务。2024 年，我们的“数字足迹”占销售额的 60.4%。
We believe the combination of our broad product offering, physical presence on a global scale, and toolbox of services, specialists, and digital capabilities, produces a customer engagement model that is difficult for large and small competitors to replicate. This is consistent with our strategy and offers significant value by providing differentiated and difficult to displace service. We also believe it differentiates us when compared to web purchasing models as an independent sales channel. We expect to continue to build out and develop our digital solutions over time. Our greatest opportunity lies with the deployment of efficient and effective supply chain programs. We are focused on addressing the four key components: people, products, processes, and technology, to support this model.
我们相信，我们广泛的产品、遍布全球的实体机构，以及服务、专家和数字化能力等工具，共同构成了一种客户互动模式，这种模式对大型和小型竞争对手来说都难以复制。这与我们的战略相符，并通过提供差异化且难以替代的服务，提供了巨大的价值。我们还认为，与作为独立销售渠道的网络采购模式相比，这使我们更具优势。我们希望随着时间的推移，继续构建和开发我们的数字化解决方案。我们最大的机会在于部署高效的供应链计划。我们专注于解决人员、产品、流程和技术这四个关键组成部分，以支持这一模式。
我们相信，我们广泛的产品、遍布全球的实体机构，以及服务、专家和数字化能力等工具，共同构成了一种客户互动模式，这种模式对大型和小型竞争对手来说都难以复制。这与我们的战略相符，并通过提供差异化且难以替代的服务，提供了巨大的价值。我们还认为，与作为独立销售渠道的网络采购模式相比，这使我们更具优势。我们希望随着时间的推移，继续构建和开发我们的数字化解决方案。我们最大的机会在于部署高效的供应链计划。我们专注于解决人员、产品、流程和技术这四个关键组成部分，以支持这一模式。
Distribution Network 分销网络
We operate 15 regional distribution centers in North America: 12 in the U.S., two in Canada, and one in Mexico. We also operate one distribution center in Asia and two distribution centers in Europe. These distribution centers give us approximately 5.1 million square feet of distribution capacity. Additional details on these locations can be found within the 'Item 2. Properties' section of this Form 10-K. These distribution centers are located so as to permit deliveries of two to five times per week to our in-market locations using our trucks and overnight delivery by surface common carrier, with approximately 79% of our North American in-market locations receiving service four to five times per week. The distribution centers in Indiana and Kansas also serve as 'master' hubs, with those in California and North Carolina serving as 'secondary' hubs to support the needs of the in-market locations in their geographic regions, as well as to provide a broader selection of products for the in-market locations serviced by the other distribution centers.
我们在北美运营着 15 个区域配送中心：12 个在美国，2 个在加拿大，1 个在墨西哥。我们还在亚洲运营着 1 个配送中心，在欧洲运营着 2 个配送中心。这些配送中心为我们提供了大约 510 万平方英尺的配送能力。关于这些地点的更多详细信息，请参见 Form 10-K 的“Item 2. Properties”部分。这些配送中心的选址旨在允许我们使用自己的卡车和通过陆运普通承运人隔夜送达的方式，每周向我们的市场内门店送货两到五次，其中大约 79%的北美市场内门店每周接受四到五次服务。印第安纳州和堪萨斯州的配送中心也充当“主”枢纽，而加利福尼亚州和北卡罗来纳州的配送中心则充当“次”枢纽，以支持其地理区域内市场内门店的需求，并为其他配送中心服务的市场内门店提供更广泛的产品选择。
我们在北美运营着 15 个区域配送中心：12 个在美国，2 个在加拿大，1 个在墨西哥。我们还在亚洲运营着 1 个配送中心，在欧洲运营着 2 个配送中心。这些配送中心为我们提供了大约 510 万平方英尺的配送能力。关于这些地点的更多详细信息，请参见 Form 10-K 的“Item 2. Properties”部分。这些配送中心的选址旨在允许我们使用自己的卡车和通过陆运普通承运人隔夜送达的方式，每周向我们的市场内门店送货两到五次，其中大约 79%的北美市场内门店每周接受四到五次服务。印第安纳州和堪萨斯州的配送中心也充当“主”枢纽，而加利福尼亚州和北卡罗来纳州的配送中心则充当“次”枢纽，以支持其地理区域内市场内门店的需求，并为其他配送中心服务的市场内门店提供更广泛的产品选择。
We currently operate 11 of our North American distribution centers with automated storage and retrieval systems (ASRS). These distribution centers operate with greater speed and efficiency, and currently handle approximately 94% of our picking activity. We expect to invest in additional automation technologies, expand existing distribution facilities, and/or add new distribution centers over time as our scale and the number of our in-market locations increases.
目前，我们在北美的 11 个配送中心采用自动化存储和检索系统 (ASRS)。这些配送中心以更高的速度和效率运营，目前处理大约 94%的拣货活动。随着我们规模和市场门店数量的增加，我们预计未来将投资于更多的自动化技术，扩建现有配送设施和/或增加新的配送中心。
目前，我们在北美的 11 个配送中心采用自动化存储和检索系统 (ASRS)。这些配送中心以更高的速度和效率运营，目前处理大约 94%的拣货活动。随着我们规模和市场门店数量的增加，我们预计未来将投资于更多的自动化技术，扩建现有配送设施和/或增加新的配送中心。
We also utilize a network of Local Inventory Fulfillment Terminals (LIFTs) which reside within our existing distribution centers and are intended to support areas that have a dense population of FMI devices. Traditionally, branch personnel were solely responsible for stocking and packaging FMI-related inventory, delivering to a customer's location, and refilling the customer's devices. As our sales through FMI devices have grown, this approach resulted in redundant inventory in a territory and a greater proportion of our sales personnel's time being spent on non-sales activities, an issue we are mitigating through LIFTs. We primarily utilize a 'drop-and-deliver' model wherein a LIFT is responsible for stocking and packaging FMI supplies, producing inventory and accuracy benefits, and delivering them to the business unit, where delivery and replenishment is then performed by local district or branch personnel. In a minority of cases we deploy a 'drop-and-scatter' model, wherein delivery and replenishment is also performed by LIFT personnel. In 2024, approximately 10% of our FMI sales was supported through a LIFT, but over time we believe this figure can approximate 40% of our FMI sales.
我们还利用本地库存履行终端（LIFTs）网络，这些终端位于我们现有的配送中心内，旨在支持 FMI 设备密集区域。传统上，分支机构人员全权负责 FMI 相关库存的备货和包装、向客户所在地交付以及补充客户的设备。随着我们通过 FMI 设备实现的销售额增长，这种方法导致某个区域内出现冗余库存，并且我们的销售人员将更多的时间花在非销售活动上，而我们正在通过 LIFTs 来缓解这个问题。我们主要采用“投放和交付”模式，即 LIFT 负责 FMI 用品的备货和包装，从而产生库存和准确性方面的优势，并将其交付给业务部门，然后由当地地区或分支机构人员执行交付和补货。在少数情况下，我们采用“投放和分散”模式，即交付和补货也由 LIFT 人员执行。 2024 年，我们大约有 10%的 FMI 销售额是通过 LIFT 支持的，但我们认为随着时间的推移，这个数字可以接近我们 FMI 销售额的 40%。
我们还利用本地库存履行终端（LIFTs）网络，这些终端位于我们现有的配送中心内，旨在支持 FMI 设备密集区域。传统上，分支机构人员全权负责 FMI 相关库存的备货和包装、向客户所在地交付以及补充客户的设备。随着我们通过 FMI 设备实现的销售额增长，这种方法导致某个区域内出现冗余库存，并且我们的销售人员将更多的时间花在非销售活动上，而我们正在通过 LIFTs 来缓解这个问题。我们主要采用“投放和交付”模式，即 LIFT 负责 FMI 用品的备货和包装，从而产生库存和准确性方面的优势，并将其交付给业务部门，然后由当地地区或分支机构人员执行交付和补货。在少数情况下，我们采用“投放和分散”模式，即交付和补货也由 LIFT 人员执行。 2024 年，我们大约有 10%的 FMI 销售额是通过 LIFT 支持的，但我们认为随着时间的推移，这个数字可以接近我们 FMI 销售额的 40%。
Transportation 运输
The ability to move product, globally and domestically, from our sources of supply to our customers is critical to the competitiveness of our business model. We utilize multiple modes of transportation to support our business model.
在全球和国内范围内，将产品从我们的供应源运送到客户手中的能力，对我们商业模式的竞争力至关重要。我们利用多种运输方式来支持我们的商业模式。
在全球和国内范围内，将产品从我们的供应源运送到客户手中的能力，对我们商业模式的竞争力至关重要。我们利用多种运输方式来支持我们的商业模式。
We transport product from our global manufacturing and supplier partners to our distribution centers. Related costs range from port fees, duties, costs related to container and shipper services, and inland trucking and intermodal charges. We consider these expenses to be a part of our landed product cost, and significant fluctuations are typically addressed through product pricing.
我们从全球制造和供应商合作伙伴处运输产品到我们的配送中心。相关成本包括港口费用、关税、与集装箱和托运人服务相关的成本，以及内陆运输和多式联运费用。我们认为这些费用是我们产品到岸成本的一部分，重大波动通常通过产品定价来解决。
我们从全球制造和供应商合作伙伴处运输产品到我们的配送中心。相关成本包括港口费用、关税、与集装箱和托运人服务相关的成本，以及内陆运输和多式联运费用。我们认为这些费用是我们产品到岸成本的一部分，重大波动通常通过产品定价来解决。
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We transport product between our distribution centers and from our distribution centers to our in-market locations. We typically transport approximately 90% of our products on our own fleet of Class 6, 7, and 8 trucks, with the remainder being on third party shippers. Costs range from lease charges, driver pay, fuel costs to support our captive fleet, and fees paid to third-party shippers. These expenses are included in cost of goods sold but are not considered a part of our landed product cost, with fluctuations typically addressed by applying freight charges to customer purchases and by securing commercial back-hauls. We primarily lease our trucks, and at December 31, 2024, we operated approximately 490 units.
我们在配送中心之间以及从配送中心向市场所在地运输产品。我们通常使用自己的 6 级、7 级和 8 级卡车运输约 90%的产品，其余的则由第三方托运人运输。成本包括租赁费、司机工资、支持自有车队的燃料成本以及支付给第三方托运人的费用。这些费用包含在销售商品成本中，但不被视为我们产品的到岸成本的一部分，其波动通常通过向客户收取运费和获得商业回程运输来解决。我们主要租赁卡车，截至 2024 年 12 月 31 日，我们运营约 490 辆卡车。
我们在配送中心之间以及从配送中心向市场所在地运输产品。我们通常使用自己的 6 级、7 级和 8 级卡车运输约 90%的产品，其余的则由第三方托运人运输。成本包括租赁费、司机工资、支持自有车队的燃料成本以及支付给第三方托运人的费用。这些费用包含在销售商品成本中，但不被视为我们产品的到岸成本的一部分，其波动通常通过向客户收取运费和获得商业回程运输来解决。我们主要租赁卡车，截至 2024 年 12 月 31 日，我们运营约 490 辆卡车。
We transport product from our in-market locations to our customers on a fleet of pick-up, box, and other trucks. Expenses to maintain this fleet are considered selling-related transportation costs, which include lease charges, depreciation, and fuel, and are typically reflected in all other SG&A expenses. We have a mix of leased and owned vehicles, and at December 31, 2024, we operated approximately 10,200 units.
我们使用皮卡、厢式货车和其他卡车将产品从市场所在地运送给客户。维护该车队的费用被认为是与销售相关的运输成本，包括租赁费、折旧和燃料，通常反映在所有其他 SG&A 费用中。我们拥有租赁和自有车辆的组合，截至 2024 年 12 月 31 日，我们运营约 10,200 辆卡车。
我们使用皮卡、厢式货车和其他卡车将产品从市场所在地运送给客户。维护该车队的费用被认为是与销售相关的运输成本，包括租赁费、折旧和燃料，通常反映在所有其他 SG&A 费用中。我们拥有租赁和自有车辆的组合，截至 2024 年 12 月 31 日，我们运营约 10,200 辆卡车。
Information Systems 信息系统
Our Information Systems teams develop, implement, secure, and maintain the computer-based technology used to support business functions within Fastenal. Corporate, digital, distribution center, and vending systems are primarily supported from central locations, while each selling location uses a locally installed Point-Of-Sale system. The systems consist of custom in-house developed, purchased, and subscription licensed software. A dedicated Wide Area Network is used to provide connectivity between systems and authorized users.
我们的信息系统团队负责开发、实施、保护和维护用于支持 Fastenal 内部业务功能的计算机技术。公司、数字、配送中心和自动售货系统主要由中心位置支持，而每个销售地点都使用本地安装的销售点系统。这些系统由定制的内部开发、购买和订阅许可软件组成。专用的广域网用于在系统和授权用户之间提供连接。
我们的信息系统团队负责开发、实施、保护和维护用于支持 Fastenal 内部业务功能的计算机技术。公司、数字、配送中心和自动售货系统主要由中心位置支持，而每个销售地点都使用本地安装的销售点系统。这些系统由定制的内部开发、购买和订阅许可软件组成。专用的广域网用于在系统和授权用户之间提供连接。
Trademarks and Service Marks
商标和服务标志
商标和服务标志
We conduct business under various trademarks and service marks, and we utilize a variety of designs and taglines in connection with each of these marks, including Where Industry Meets Innovation™. Although we do not believe our operations are substantially dependent upon any of our trademarks or service marks, we consider the 'Fastenal' name and our other trademarks and service marks to be valuable to our business. We have registered, or applied for the registration of, various trademarks and service marks. Our registered trademarks and service marks are presumed valid in the U.S. as long as they are in use, their registrations are properly maintained, and they have not been found to have become generic. Registrations of trademarks and service marks can also generally be renewed indefinitely as long as the trademarks and service marks are in use.
我们在各种商标和服务标志下开展业务，并且在每个标志中使用各种设计和标语，包括 Where Industry Meets Innovation™。尽管我们不认为我们的运营在很大程度上依赖于我们的任何商标或服务标志，但我们认为“Fastenal”名称和我们的其他商标和服务标志对我们的业务具有重要价值。我们已经注册或申请注册了各种商标和服务标志。只要我们的注册商标和服务标志在使用中，其注册得到妥善维护，并且未被发现已成为通用名称，则在美国，我们的注册商标和服务标志被推定为有效。只要商标和服务标志在使用中，商标和服务标志的注册通常也可以无限期地续展。
我们在各种商标和服务标志下开展业务，并且在每个标志中使用各种设计和标语，包括 Where Industry Meets Innovation™。尽管我们不认为我们的运营在很大程度上依赖于我们的任何商标或服务标志，但我们认为“Fastenal”名称和我们的其他商标和服务标志对我们的业务具有重要价值。我们已经注册或申请注册了各种商标和服务标志。只要我们的注册商标和服务标志在使用中，其注册得到妥善维护，并且未被发现已成为通用名称，则在美国，我们的注册商标和服务标志被推定为有效。只要商标和服务标志在使用中，商标和服务标志的注册通常也可以无限期地续展。
Products 产品
Fastenal was founded as a distributor of fasteners and related industrial and construction supplies. This includes threaded fasteners, bolts, nuts, screws, studs, and related washers, as well as miscellaneous supplies and hardware, such as pins, machinery keys, concrete anchors, metal framing systems, wire rope, strut, rivets, and related accessories. Our fastener product line, which is primarily sold under the Fastenal product name, represented 30.7% of our consolidated sales in 2024.
Fastenal 最初成立时是一家紧固件及相关工业和建筑用品的分销商。这包括螺纹紧固件、螺栓、螺母、螺钉、螺柱和相关垫圈，以及各种用品和硬件，如销、机械键、混凝土锚栓、金属框架系统、钢丝绳、支柱、铆钉和相关配件。我们的紧固件产品线主要以 Fastenal 产品名称销售，在 2024 年占我们合并销售额的 30.7%。
Fastenal 最初成立时是一家紧固件及相关工业和建筑用品的分销商。这包括螺纹紧固件、螺栓、螺母、螺钉、螺柱和相关垫圈，以及各种用品和硬件，如销、机械键、混凝土锚栓、金属框架系统、钢丝绳、支柱、铆钉和相关配件。我们的紧固件产品线主要以 Fastenal 产品名称销售，在 2024 年占我们合并销售额的 30.7%。
Fastener distribution is complex. In most cases, the product has low per unit value but high per unit weight. This presents challenges in moving product from suppliers, most of whom are outside of North America, to our distribution centers, as well as from our distribution centers to our in-market and customer locations. At the same time, fasteners are ubiquitous in manufactured products, construction projects, and maintenance and repair while also exhibiting great geometric variability based on use and application. In many cases, a fastener is a critical part in machine uptime and/or effective use. These features have greatly influenced our logistical development, training and educational programs, support capabilities, and inventory decisions, which we believe would be difficult for competitors to replicate.
紧固件的分销非常复杂。在大多数情况下，产品单位价值较低，但单位重量较高。这给将产品从供应商（他们大多位于北美以外）运送到我们的配送中心，以及从我们的配送中心运送到我们的市场和客户所在地带来了挑战。与此同时，紧固件在制造产品、建设项目以及维护和修理中无处不在，并且基于用途和应用，呈现出极大的几何可变性。在许多情况下，紧固件是机器正常运行和/或有效使用的关键部分。这些特点极大地影响了我们的物流开发、培训和教育计划、支持能力以及库存决策，我们认为竞争对手很难复制这些。
紧固件的分销非常复杂。在大多数情况下，产品单位价值较低，但单位重量较高。这给将产品从供应商（他们大多位于北美以外）运送到我们的配送中心，以及从我们的配送中心运送到我们的市场和客户所在地带来了挑战。与此同时，紧固件在制造产品、建设项目以及维护和修理中无处不在，并且基于用途和应用，呈现出极大的几何可变性。在许多情况下，紧固件是机器正常运行和/或有效使用的关键部分。这些特点极大地影响了我们的物流开发、培训和教育计划、支持能力以及库存决策，我们认为竞争对手很难复制这些。
In 1993, we began to aggressively add additional product lines, and these represented 69.3% of our consolidated sales in 2024. These products, which we refer to as non-fastener product lines, tend to move through the same distribution channel, get used by the same customers, and utilize the same logistical capabilities as the original fastener product line. This logic is as true today as it was when we first began to diversify our product offering. However, over time, the supply chain for these product lines has evolved in ways independent of the fastener line. For instance, non-fastener product lines benefit disproportionately from our development of industrial vending.
1993 年，我们开始积极增加其他产品线，这些产品线在 2024 年占我们合并销售额的 69.3%。这些产品，我们称之为非紧固件产品线，往往通过相同的分销渠道销售，被相同的客户使用，并利用与原始紧固件产品线相同的物流能力。这个逻辑在今天仍然适用，就像我们最初开始使产品多样化时一样。然而，随着时间的推移，这些产品线的供应链已经以独立于紧固件产品线的方式发展。例如，非紧固件产品线从我们工业自动售货机的发展中获得了不成比例的收益。
1993 年，我们开始积极增加其他产品线，这些产品线在 2024 年占我们合并销售额的 69.3%。这些产品，我们称之为非紧固件产品线，往往通过相同的分销渠道销售，被相同的客户使用，并利用与原始紧固件产品线相同的物流能力。这个逻辑在今天仍然适用，就像我们最初开始使产品多样化时一样。然而，随着时间的推移，这些产品线的供应链已经以独立于紧固件产品线的方式发展。例如，非紧固件产品线从我们工业自动售货机的发展中获得了不成比例的收益。
The largest category of non-fastener products is our safety supplies product line, which accounted for 22.2% of our consolidated sales in 2024. This product line has seen significant sales growth in the last 10 years, which we believe is directly attributable to our success cross-selling safety supplies to customers that utilize us for non-safety products, as well as our ability to market, deploy, and service industrial vending over that period. We expect these variables to remain the primary drivers of performance for our safety supplies product line.
非紧固件产品中最大的一类是我们的安全用品产品线，该产品线占 2024 年我们合并销售额的 22.2%。在过去的 10 年中，该产品线的销售额实现了显著增长，我们认为这直接归功于我们成功地向使用我们非安全产品的客户交叉销售安全用品，以及我们在此期间营销、部署和维护工业自动售货机的能力。我们预计这些变量仍将是我们安全用品产品线业绩的主要驱动因素。
非紧固件产品中最大的一类是我们的安全用品产品线，该产品线占 2024 年我们合并销售额的 22.2%。在过去的 10 年中，该产品线的销售额实现了显著增长，我们认为这直接归功于我们成功地向使用我们非安全产品的客户交叉销售安全用品，以及我们在此期间营销、部署和维护工业自动售货机的能力。我们预计这些变量仍将是我们安全用品产品线业绩的主要驱动因素。
We plan to continue to add other product lines in the future.
我们计划未来继续增加其他产品线。
我们计划未来继续增加其他产品线。
In the last several decades, we have added 'private label' brands (often referred to as 'Exclusive Brands', or brands sold exclusively through Fastenal) to our non-fastener offering. Prior to 2023, each of our product categories tended to have its own private label. In 2023, we consolidated these into two labels: Body Guard®, which is our long-standing brand for North American safety supplies, and ORMADUS®, which is our global brand encompassing the remainder of our product offerings. These private label brands represented approximately 12% of our consolidated sales in 2024. We believe it is also appropriate
在过去的几十年里，我们在非紧固件产品中增加了“自有品牌”（通常被称为“专有品牌”，或仅通过 Fastenal 销售的品牌）。在 2023 年之前，我们的每个产品类别往往都有自己的自有品牌。2023 年，我们将这些品牌整合为两个品牌：Body Guard®，这是我们长期以来的北美安全用品品牌；以及 ORMADUS®，这是我们涵盖其余产品的全球品牌。这些自有品牌约占 2024 年合并销售额的 12%。我们认为这也是合适的。
在过去的几十年里，我们在非紧固件产品中增加了“自有品牌”（通常被称为“专有品牌”，或仅通过 Fastenal 销售的品牌）。在 2023 年之前，我们的每个产品类别往往都有自己的自有品牌。2023 年，我们将这些品牌整合为两个品牌：Body Guard®，这是我们长期以来的北美安全用品品牌；以及 ORMADUS®，这是我们涵盖其余产品的全球品牌。这些自有品牌约占 2024 年合并销售额的 12%。我们认为这也是合适的。
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to think about our private label sales as a percentage of our non-fastener sales for two reasons: (1) there is not a well-defined branded versus private label dynamic in fasteners as there is in non-fasteners; and (2) non-fastener data is more comparable to information reported by our peers, who do not generally have our significant mix of fastener business. Private label brand sales represented approximately 17% of our total non-fastener sales in 2024. Over time we expect our private label sales as a percentage of our total non-fastener sales to increase, although oftentimes, these increases through specific channels are masked by the relative sales growth we experience with Onsite locations, which typically have a lower percentage of total sales of private label than in branches or sales through vending devices.
考虑将自有品牌销售额占非紧固件销售额的百分比作为衡量标准，原因有二：（1）紧固件领域不像非紧固件领域那样存在明确的品牌与自有品牌的区分；（2）非紧固件数据更便于与同行的报告信息进行比较，因为他们通常不具备我们这样显著的紧固件业务组合。2024 年，自有品牌销售额约占我们非紧固件总销售额的 17%。随着时间的推移，我们预计自有品牌销售额占非紧固件总销售额的百分比将会增加，但通常情况下，这些通过特定渠道实现的增长会被 Onsite 地点的相对销售增长所掩盖，因为 Onsite 地点的自有品牌总销售额占比通常低于分支机构或通过自动售货机实现的销售额。
考虑将自有品牌销售额占非紧固件销售额的百分比作为衡量标准，原因有二：（1）紧固件领域不像非紧固件领域那样存在明确的品牌与自有品牌的区分；（2）非紧固件数据更便于与同行的报告信息进行比较，因为他们通常不具备我们这样显著的紧固件业务组合。2024 年，自有品牌销售额约占我们非紧固件总销售额的 17%。随着时间的推移，我们预计自有品牌销售额占非紧固件总销售额的百分比将会增加，但通常情况下，这些通过特定渠道实现的增长会被 Onsite 地点的相对销售增长所掩盖，因为 Onsite 地点的自有品牌总销售额占比通常低于分支机构或通过自动售货机实现的销售额。
Detailed information about our sales by product line is provided in Note 2 of the Notes to Consolidated Financial Statements included later in this Form 10-K. Each product line may contain multiple product categories.
有关我们按产品线划分的销售额的详细信息，请参见本 10-K 表格后续合并财务报表附注中的附注 2。每个产品线可能包含多个产品类别。
有关我们按产品线划分的销售额的详细信息，请参见本 10-K 表格后续合并财务报表附注中的附注 2。每个产品线可能包含多个产品类别。
Inventory Control 库存控制
Our inventory stocking levels are determined using our computer systems, by our sales personnel at in-market locations, and by our district and regional leadership. The data used for this determination is derived from sales activity from all of our selling locations, from individual selling locations, and from different geographic areas. It is also derived from supplier information and from customer demographic information. Our computer system monitors the inventory level for all stock items and triggers replenishment, or prompts a buyer to purchase, as necessary, based on an established minimum-maximum stocking level. In the past we have utilized a base inventory model for all of our branches, and such a model still exists in a smaller subset of our locations. Increasingly, however, branches primarily stock inventory that is deemed to be appropriate by the district and branch personnel to service the customers within their selling territory. Similarly, non-branch selling locations (primarily Onsites) stock inventory exclusively based on customer-specific arrangements. Inventories in distribution centers are established from computerized data for the selling locations served by the respective distribution center. Inventory quantities are continuously re-balanced utilizing an automated transfer mechanism we call 'inventory re-distribution'.
我们的库存备货水平由我们的计算机系统、市场销售人员以及地区和区域领导决定。用于此决定的数据来源于我们所有销售地点、单个销售地点以及不同地理区域的销售活动。它还来源于供应商信息和客户人口统计信息。我们的计算机系统监控所有库存商品的库存水平，并根据已建立的最小-最大库存水平，触发补货或提示买方购买（如有必要）。过去，我们对所有分公司都采用基本库存模型，并且这种模型仍然存在于我们较小的一部分地点。然而，越来越多的分公司主要储备地区和分公司人员认为适合的库存，以服务于其销售区域内的客户。同样，非分公司销售地点（主要是现场点）的库存完全基于客户特定的安排。 配送中心的库存是根据计算机数据建立的，这些数据来自各个配送中心所服务的销售地点。库存数量通过我们称之为“库存重新分配”的自动转移机制不断地进行重新平衡。
我们的库存备货水平由我们的计算机系统、市场销售人员以及地区和区域领导决定。用于此决定的数据来源于我们所有销售地点、单个销售地点以及不同地理区域的销售活动。它还来源于供应商信息和客户人口统计信息。我们的计算机系统监控所有库存商品的库存水平，并根据已建立的最小-最大库存水平，触发补货或提示买方购买（如有必要）。过去，我们对所有分公司都采用基本库存模型，并且这种模型仍然存在于我们较小的一部分地点。然而，越来越多的分公司主要储备地区和分公司人员认为适合的库存，以服务于其销售区域内的客户。同样，非分公司销售地点（主要是现场点）的库存完全基于客户特定的安排。 配送中心的库存是根据计算机数据建立的，这些数据来自各个配送中心所服务的销售地点。库存数量通过我们称之为“库存重新分配”的自动转移机制不断地进行重新平衡。
Inventory held at our selling locations, close to customers and available on a same-day basis, accounted for approximately 59% of our total inventory at the end of 2024. Inventory held at our distribution centers and manufacturing locations accounted for approximately 41% of our total inventory at the end of 2024. The distribution center and manufacturing location inventory, when combined with our trucking network, allows for fast, next-day service at a very competitive cost.
截至 2024 年末，我们销售地点持有的库存（靠近客户且可当日送达）约占我们总库存的 59%。配送中心和生产地点持有的库存约占 2024 年末我们总库存的 41%。配送中心和生产地点的库存，加上我们的货运网络，能够以极具竞争力的成本提供快速的次日送达服务。
截至 2024 年末，我们销售地点持有的库存（靠近客户且可当日送达）约占我们总库存的 59%。配送中心和生产地点持有的库存约占 2024 年末我们总库存的 41%。配送中心和生产地点的库存，加上我们的货运网络，能够以极具竞争力的成本提供快速的次日送达服务。
Manufacturing and Support Services Operations
制造和支持服务运营
制造和支持服务运营
In 2024, approximately 96% of our consolidated net sales were attributable to products manufactured by other companies to industry standards or to customer specific requirements. The remaining 4% related to products manufactured, modified, or repaired by our manufacturing businesses or our industrial services. These manufactured products consist primarily of non-standard sizes of threaded fasteners and hardware made to customers' specifications at one of our nine manufacturing locations, or standard sizes manufactured under our Holo-Krome®, Cardinal Fasteners®, and Spensall® product lines. These manufacturing products represent approximately 7% of our fastener sales. The services provided by the industrial services group include, but are not limited to, tool and hoist repair, chain sling and hose fabrication, band saw blade welding, packaging, and other light manufacturing and fabrication. We may add additional services in the future. We engage in these activities primarily as a service to our customers and expect the services to continue to contribute in the range of 4% to 6% of our consolidated net sales in the future.
在 2024 年，我们大约 96%的综合净销售额来自于由其他公司按照行业标准或客户特定要求制造的产品。剩余的 4%与由我们的制造业务部门或工业服务部门制造、修改或维修的产品有关。这些制造产品主要包括在我们九个制造基地之一按照客户规格制造的非标准尺寸的螺纹紧固件和硬件，或根据我们的 Holo-Krome®、Cardinal Fasteners®和 Spensall®产品线制造的标准尺寸产品。这些制造产品约占我们紧固件销售额的 7%。工业服务部门提供的服务包括但不限于工具和起重设备维修、链条吊索和软管制造、带锯条焊接、包装以及其他轻型制造和装配。未来我们可能会增加其他服务。我们主要将这些活动作为对客户的服务，并预计这些服务在未来将继续贡献我们综合净销售额的 4%至 6%。
在 2024 年，我们大约 96%的综合净销售额来自于由其他公司按照行业标准或客户特定要求制造的产品。剩余的 4%与由我们的制造业务部门或工业服务部门制造、修改或维修的产品有关。这些制造产品主要包括在我们九个制造基地之一按照客户规格制造的非标准尺寸的螺纹紧固件和硬件，或根据我们的 Holo-Krome®、Cardinal Fasteners®和 Spensall®产品线制造的标准尺寸产品。这些制造产品约占我们紧固件销售额的 7%。工业服务部门提供的服务包括但不限于工具和起重设备维修、链条吊索和软管制造、带锯条焊接、包装以及其他轻型制造和装配。未来我们可能会增加其他服务。我们主要将这些活动作为对客户的服务，并预计这些服务在未来将继续贡献我们综合净销售额的 4%至 6%。
Sources of Supply 供应来源
We use a diverse group of suppliers for the standard stock items we distribute. Most items distributed by our network can be purchased from several sources, although preferred sourcing is used for some stock items to facilitate quality control, strong relationships, reliable lead times, and effective costing. During 2024, we had a single supplier that accounted for more than 5% of our inventory purchases, whereas all remaining suppliers fell below that threshold.
对于我们分销的标准库存商品，我们使用多元化的供应商群体。我们网络分销的大部分商品都可以从多个来源采购，但某些库存商品会采用优先采购方式，以方便质量控制、建立牢固的关系、确保可靠的交货时间和有效的成本核算。2024 年，我们有一家供应商的采购额占我们库存采购额的 5%以上，而所有剩余供应商均低于该阈值。
对于我们分销的标准库存商品，我们使用多元化的供应商群体。我们网络分销的大部分商品都可以从多个来源采购，但某些库存商品会采用优先采购方式，以方便质量控制、建立牢固的关系、确保可靠的交货时间和有效的成本核算。2024 年，我们有一家供应商的采购额占我们库存采购额的 5%以上，而所有剩余供应商均低于该阈值。
In the case of fasteners and our private label non-fastener products, we have a large number of suppliers but these suppliers are heavily concentrated in a single geographic area, Asia. Within Asia, suppliers in China and Taiwan represent a significant source of product. Further, in many cases where we source directly from a North American supplier, the original country of origin of the acquired parts is the supplier's Asian facilities. As a result, the cost and effectiveness of our supply chain is dependent on relatively unfettered trade across geographic regions.
就紧固件和我们的自有品牌非紧固件产品而言，我们有大量的供应商，但这些供应商主要集中在亚洲的单一地理区域。在亚洲，中国大陆和台湾的供应商是重要的产品来源地。此外，在许多我们直接从北美供应商采购的情况下，所购零件的原始原产国是供应商的亚洲工厂。因此，我们供应链的成本和效率依赖于相对自由的跨区域贸易。
就紧固件和我们的自有品牌非紧固件产品而言，我们有大量的供应商，但这些供应商主要集中在亚洲的单一地理区域。在亚洲，中国大陆和台湾的供应商是重要的产品来源地。此外，在许多我们直接从北美供应商采购的情况下，所购零件的原始原产国是供应商的亚洲工厂。因此，我们供应链的成本和效率依赖于相对自由的跨区域贸易。
Beyond inventory, we have some concentration of purchasing activity. For example, we utilize a limited number of suppliers for our distribution equipment and our vehicle fleet, and primarily one supplier for our industrial vending equipment. However, we believe there are viable alternatives to each of these, if necessary.
除了库存外，我们的采购活动也存在一定的集中性。例如，我们的配送设备和车队使用数量有限的供应商，而工业自动售货设备主要使用一家供应商。但是，我们认为如有必要，这些都有可行的替代方案。
除了库存外，我们的采购活动也存在一定的集中性。例如，我们的配送设备和车队使用数量有限的供应商，而工业自动售货设备主要使用一家供应商。但是，我们认为如有必要，这些都有可行的替代方案。
Customers and Marketing 客户与营销
Our model is built around a broad product offering, timely fulfillment processes, convenient physical locations, extensive digital and services capabilities, and the superior service orientation and expertise of our employees. We believe we are successful because of our ability to integrate these features into supply chain solutions that are tailored to the specific challenges
我们的模式是围绕广泛的产品供应、及时的履行流程、便利的实体店位置、广泛的数字化和服务能力，以及我们员工卓越的服务导向和专业知识而构建的。我们相信，我们之所以成功，是因为我们有能力将这些特性整合到为应对特定挑战量身定制的供应链解决方案中。
我们的模式是围绕广泛的产品供应、及时的履行流程、便利的实体店位置、广泛的数字化和服务能力，以及我们员工卓越的服务导向和专业知识而构建的。我们相信，我们之所以成功，是因为我们有能力将这些特性整合到为应对特定挑战量身定制的供应链解决方案中。
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of our customer's operations. When deployed effectively, we have demonstrated the ability to assume responsibility for portions of our customer's sourcing operations while reducing the cost, lowering the risk, and increasing the scalability of our customer's supply chains. Our value proposition is focused on improving the operating effectiveness and reducing the total cost of ownership of our customer's supply chains.
我们客户的运营。通过有效部署，我们已展示出有能力承担客户部分采购运营的责任，同时降低成本、降低风险并提高客户供应链的可扩展性。我们的价值主张侧重于提高运营效率并降低客户供应链的总拥有成本。
我们客户的运营。通过有效部署，我们已展示出有能力承担客户部分采购运营的责任，同时降低成本、降低风险并提高客户供应链的可扩展性。我们的价值主张侧重于提高运营效率并降低客户供应链的总拥有成本。
Approximately 70% to 75% of our customers are in manufacturing end markets, which encompasses heavy machinery, fabricated products, process industries (oil & gas, petrochemical, mining, pulp and paper, etc.), and transportation components (automotive, aerospace, etc.). We provide both the OEM and MRO needs of these customers. The remaining 25% to 30% of our customers fall primarily into non-residential construction (general and commercial contractors), reseller (retail and wholesale trades, dealers, and rental businesses), transportation services (air, train, maritime or truck transport, as well as warehousing and fulfillment centers), and state and local government entities, including schools, school districts, and universities.
我们大约 70% 到 75% 的客户来自制造业终端市场，包括重型机械、制成品、流程工业（石油和天然气、石化、采矿、纸浆和造纸等）以及运输部件（汽车、航空航天等）。我们同时满足这些客户的 OEM 和 MRO 需求。其余 25% 到 30% 的客户主要属于非住宅建筑（总承包商和商业承包商）、经销商（零售和批发贸易、经销商和租赁业务）、运输服务（航空、火车、海运或卡车运输，以及仓储和配送中心）以及州和地方政府实体，包括学校、学区和大学。
我们大约 70% 到 75% 的客户来自制造业终端市场，包括重型机械、制成品、流程工业（石油和天然气、石化、采矿、纸浆和造纸等）以及运输部件（汽车、航空航天等）。我们同时满足这些客户的 OEM 和 MRO 需求。其余 25% 到 30% 的客户主要属于非住宅建筑（总承包商和商业承包商）、经销商（零售和批发贸易、经销商和租赁业务）、运输服务（航空、火车、海运或卡车运输，以及仓储和配送中心）以及州和地方政府实体，包括学校、学区和大学。
Based on our customer profile being oriented toward manufacturing, our business has historically been cyclical. However, we believe our model has certain features that moderate the volatility of our results around cyclical changes. First, we have a large number of customers that serve a wide range of segments within the broader manufacturing market. While slumps in one industry served by us can rapidly spread to other interrelated industries, locally or globally, we still believe this customer and market segment diversity provides some insulation from economic changes that are not across multiple industries and geographic regions. Second, while a meaningful part of our sales is derived from products that are incorporated into final products, the greater proportion of our sales is derived from products used to maintain facilities. This latter source of sales tends to be impacted by cyclical forces, but its rate of change tends to be less dramatic.
鉴于我们的客户定位以制造业为主，因此我们的业务在历史上一直具有周期性。但是，我们认为我们的模式具有某些特点，可以缓解周期性变化带来的业绩波动。首先，我们拥有大量的客户，服务于更广泛的制造业市场中的各种领域。虽然我们所服务的一个行业的衰退可能会迅速蔓延到其他相互关联的行业（无论是在本地还是在全球），但我们仍然认为，这种客户和市场细分的多样性可以在一定程度上抵御并非跨多个行业和地理区域的经济变化。其次，虽然我们很大一部分销售额来自纳入最终产品的产品，但我们更大比例的销售额来自用于维护设施的产品。后一种销售来源容易受到周期性力量的影响，但其变化率往往不那么剧烈。
鉴于我们的客户定位以制造业为主，因此我们的业务在历史上一直具有周期性。但是，我们认为我们的模式具有某些特点，可以缓解周期性变化带来的业绩波动。首先，我们拥有大量的客户，服务于更广泛的制造业市场中的各种领域。虽然我们所服务的一个行业的衰退可能会迅速蔓延到其他相互关联的行业（无论是在本地还是在全球），但我们仍然认为，这种客户和市场细分的多样性可以在一定程度上抵御并非跨多个行业和地理区域的经济变化。其次，虽然我们很大一部分销售额来自纳入最终产品的产品，但我们更大比例的销售额来自用于维护设施的产品。后一种销售来源容易受到周期性力量的影响，但其变化率往往不那么剧烈。
Approximately 72% of our consolidated sales in 2024 were with customers whose spend was subject to a contractual agreement between ourselves and the customer. The terms and conditions of these contracts will vary from customer to customer, with the most common features being the scope of products and services rendered, product and service pricing, payment terms, delivery expectations, quality obligations, warranty and liability exposure, and contract duration. Many contracts will also incorporate expectations for direct (e.g., cost) or indirect (e.g., process productivity and efficiency) savings that are expected to be achieved over the course of the contract and the interval at which progress toward these expectations will be reviewed.
2024 年，我们约 72%的综合销售额来自与我们签订合同协议的客户。这些合同的条款和条件因客户而异，最常见的特征是所提供的产品和服务的范围、产品和服务定价、付款条件、交付预期、质量义务、保修和责任风险以及合同期限。许多合同还将包含对在合同期间预期实现的直接（例如，成本）或间接（例如，流程生产力和效率）节省的期望，以及审查这些预期进展情况的时间间隔。
2024 年，我们约 72%的综合销售额来自与我们签订合同协议的客户。这些合同的条款和条件因客户而异，最常见的特征是所提供的产品和服务的范围、产品和服务定价、付款条件、交付预期、质量义务、保修和责任风险以及合同期限。许多合同还将包含对在合同期间预期实现的直接（例如，成本）或间接（例如，流程生产力和效率）节省的期望，以及审查这些预期进展情况的时间间隔。
Our contractual programs fall into three broad categories:
我们的合同计划分为三大类：
我们的合同计划分为三大类：
•National accounts represent the largest proportion of our contract business, accounting for 63% of our consolidated sales in 2024. This program is aimed at multi-location customers where the scale and scope of the OEM and MRO products that need to be managed are very complex and costly. We believe our broad product offering coupled with our local presence as part of a national and increasingly international footprint, our ability to provide a consistent level of high-touch service, and our ancillary capabilities around manufacturing, quality control, and product knowledge, are attractive to these multi-site customers. Further, we believe our advantage with these customers has only been strengthened as we have added other capabilities, such as Onsite, FMI, digital solutions, and resources to serve these customers' unique demands.
•全国客户业务占我们合同业务的最大比例，占 2024 年合并销售额的 63%。该计划旨在服务于多地点客户，这些客户需要管理的 OEM 和 MRO 产品的规模和范围非常复杂且成本高昂。我们相信，我们广泛的产品供应，加上我们作为全国性且日益国际化的业务布局的一部分所拥有的本地业务，我们提供始终如一的高接触服务的能力，以及我们在制造、质量控制和产品知识方面的辅助能力，对这些多站点客户具有吸引力。此外，我们相信，随着我们增加了其他能力，如 Onsite、FMI、数字解决方案和资源，以满足这些客户的独特需求，我们在这些客户中的优势只会得到加强。
•全国客户业务占我们合同业务的最大比例，占 2024 年合并销售额的 63%。该计划旨在服务于多地点客户，这些客户需要管理的 OEM 和 MRO 产品的规模和范围非常复杂且成本高昂。我们相信，我们广泛的产品供应，加上我们作为全国性且日益国际化的业务布局的一部分所拥有的本地业务，我们提供始终如一的高接触服务的能力，以及我们在制造、质量控制和产品知识方面的辅助能力，对这些多站点客户具有吸引力。此外，我们相信，随着我们增加了其他能力，如 Onsite、FMI、数字解决方案和资源，以满足这些客户的独特需求，我们在这些客户中的优势只会得到加强。
•Local and regional contracts tend to establish terms and conditions for a customer's locations that have a more limited geographic scope, typically falling within an individual district or region. The scale and scope of the products and services that are addressed tend to be narrower and less complex than is the case for national account agreements. Some agreements cover the entirety of a customer's operations where the locations are focused in a specific geographic territory. Other agreements may represent a subset of a customer's North American or global operations, with additional locations either covered by separate local and regional contracts, being serviced on a transactional basis, or not being serviced at all. In the former case, we often try to migrate the customer to a national agreement.
•本地和区域合同通常为客户在地理范围较小的地点（通常在一个单独的区域或地区内）确定条款和条件。与全国客户协议相比，所涉及的产品和服务的规模和范围往往更窄、复杂性更低。有些协议涵盖了客户的全部运营，这些运营地点集中在特定的地理区域。其他协议可能代表客户在北美或全球运营的一部分，其他地点可能由单独的本地和区域合同覆盖、按交易方式提供服务，或者根本不提供服务。在前一种情况下，我们通常会尝试将客户转移到全国协议。
•本地和区域合同通常为客户在地理范围较小的地点（通常在一个单独的区域或地区内）确定条款和条件。与全国客户协议相比，所涉及的产品和服务的规模和范围往往更窄、复杂性更低。有些协议涵盖了客户的全部运营，这些运营地点集中在特定的地理区域。其他协议可能代表客户在北美或全球运营的一部分，其他地点可能由单独的本地和区域合同覆盖、按交易方式提供服务，或者根本不提供服务。在前一种情况下，我们通常会尝试将客户转移到全国协议。
•Government contracts establish Fastenal as an approved supplier of MRO products to facilities managed by local, state, or municipal authorities. We do not generate meaningful direct sales from federal government agencies. These agreements are not different in function from local and regional non-government contracts. However, they generally involve different priorities, are heavily influenced by stricter regulatory obligations, and require specialized knowledge and processes to negotiate and maintain compliance.
• 政府合同确立了 Fastenal 作为 MRO 产品合格供应商的地位，向地方、州或市政当局管理的设施供货。我们没有从联邦政府机构获得有意义的直接销售额。这些协议在功能上与地方和区域的非政府合同没有区别。然而，它们通常涉及不同的优先级，受到更严格的监管义务的严重影响，并且需要专门的知识和流程来谈判和维持合规性。
• 政府合同确立了 Fastenal 作为 MRO 产品合格供应商的地位，向地方、州或市政当局管理的设施供货。我们没有从联邦政府机构获得有意义的直接销售额。这些协议在功能上与地方和区域的非政府合同没有区别。然而，它们通常涉及不同的优先级，受到更严格的监管义务的严重影响，并且需要专门的知识和流程来谈判和维持合规性。
We anticipate sales to contract customers will increase as a percentage of our total sales over time.
我们预计，随着时间的推移，面向合约客户的销售额占总销售额的百分比将会增加。
我们预计，随着时间的推移，面向合约客户的销售额占总销售额的百分比将会增加。
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||
| Active Accounts 活跃账户 | 100,052 | 105,448 | 119,583 | 130,020 | 137,380 | 152,491 | 156,069 | ||||||||||||||||
| Key Accounts 重点客户 | 39,467 | 39,266 | 39,151 | 36,190 | 33,794 | 34,621 | 32,895 | ||||||||||||||||
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Our basic unit of measurement of customer business activity in an in-market location is an active account, which is defined as any customer account with purchase activity of at least $100 per month. Customers often have more than one active account at a single in-market location, reflecting their utilization of different Fastenal services, and frequently have active accounts at many in-market locations across our global network. In 2024, approximately 99.5% of the sales in our in-market locations were derived from our active accounts, with the remainder being from walk-in or infrequent, non-account, and small account customers. We have reported on the quantity of our active accounts annually, as set forth in the table above. The table also includes a subset of our active accounts, called 'key accounts'. This is defined as any customer account with purchase activity of at least $2,000 per month. Key accounts have been a greater focus of our selling activities since 2020 because they typically utilize a wider range of our products and services, and in 2024, approximately 93.2% of the sales in our in-market locations were derived from our key accounts.
我们在特定市场区域衡量客户业务活动的基本单位是活跃账户，其定义为每月采购额至少达到 $100 的任何客户账户。客户通常在单个市场区域拥有多个活跃账户，这反映了他们对 Fastenal 不同服务的使用情况，并且经常在我们全球网络的多个市场区域拥有活跃账户。2024 年，我们特定市场区域约 99.5% 的销售额来自我们的活跃账户，其余来自散客或不常购买的非账户客户和小账户客户。我们已按上表所示，每年报告活跃账户的数量。该表还包括我们活跃账户的一个子集，称为“重点客户”。其定义为每月采购额至少达到 $2,000 的任何客户账户。自 2020 年以来，重点客户一直是我们销售活动的重点，因为他们通常使用范围更广的产品和服务，并且在 2024 年，我们特定市场区域约 93.2% 的销售额来自我们的重点客户。
我们在特定市场区域衡量客户业务活动的基本单位是活跃账户，其定义为每月采购额至少达到 $100 的任何客户账户。客户通常在单个市场区域拥有多个活跃账户，这反映了他们对 Fastenal 不同服务的使用情况，并且经常在我们全球网络的多个市场区域拥有活跃账户。2024 年，我们特定市场区域约 99.5% 的销售额来自我们的活跃账户，其余来自散客或不常购买的非账户客户和小账户客户。我们已按上表所示，每年报告活跃账户的数量。该表还包括我们活跃账户的一个子集，称为“重点客户”。其定义为每月采购额至少达到 $2,000 的任何客户账户。自 2020 年以来，重点客户一直是我们销售活动的重点，因为他们通常使用范围更广的产品和服务，并且在 2024 年，我们特定市场区域约 93.2% 的销售额来自我们的重点客户。
During 2024, no single customer represented 5% or more of our consolidated net sales.
在 2024 年期间，没有任何单一客户的销售额占我们合并净销售额的 5%或以上。
在 2024 年期间，没有任何单一客户的销售额占我们合并净销售额的 5%或以上。
Direct marketing continues to be the backbone of our business through our local in-market selling personnel, as well as our non-branch selling personnel. We support our sales team with multi-channel marketing including direct mail and digital marketing, print and radio advertising, targeted campaigns, promotional flyers, and events. Our national advertising has been focused on a NASCAR® sponsorship serving as a primary partner of Roush Fenway Keselowski Racing®, which stands as one of the longest tenured-brands in NASCAR. In 2020, our sports marketing efforts were extended when the National Hockey League (NHL®) awarded us as the preferred MRO supplier of the sport.
直销仍然是我们业务的支柱，这通过我们的本地市场销售人员以及非分支机构销售人员来实现。我们通过多渠道营销来支持我们的销售团队，包括直邮和数字营销、印刷和广播广告、目标营销活动、促销传单和活动。我们的全国广告一直专注于 NASCAR®赞助，作为 Roush Fenway Keselowski Racing®的主要合作伙伴，Roush Fenway Keselowski Racing®是 NASCAR 中历史最悠久的品牌之一。2020 年，当美国国家冰球联盟（NHL®）授予我们该运动的首选 MRO 供应商时，我们的体育营销工作得到了扩展。
直销仍然是我们业务的支柱，这通过我们的本地市场销售人员以及非分支机构销售人员来实现。我们通过多渠道营销来支持我们的销售团队，包括直邮和数字营销、印刷和广播广告、目标营销活动、促销传单和活动。我们的全国广告一直专注于 NASCAR®赞助，作为 Roush Fenway Keselowski Racing®的主要合作伙伴，Roush Fenway Keselowski Racing®是 NASCAR 中历史最悠久的品牌之一。2020 年，当美国国家冰球联盟（NHL®）授予我们该运动的首选 MRO 供应商时，我们的体育营销工作得到了扩展。
Seasonality 季节性
Seasonality has some impact on our sales. The first and fourth quarters of each year are typically our lower volume periods, given their overlap with winter months in North America during which our direct and indirect sales to customers in the non-residential construction market typically slow due to inclement weather. The fourth quarter also tends to be more greatly affected by the Thanksgiving (October in Canada and November in the U.S.), Christmas, and New Year holiday periods, due to plant shut downs. In contrast, the second and third quarters of each year typically have higher sales due to stronger non-residential construction activity and relatively fewer holidays (although Good Friday will sometimes fall in the second quarter and the 4th of July will always fall in the third quarter).
季节性因素对我们的销售额有一定影响。通常每年的第一季度和第四季度是我们的销量较低的时期，因为这两个季度与北美的冬季月份重叠，在此期间，由于恶劣天气，我们面向非住宅建筑市场客户的直接和间接销售额通常会放缓。第四季度也往往会受到感恩节（加拿大在 10 月，美国在 11 月）、圣诞节和新年假期期间工厂停工的影响。相比之下，每年第二季度和第三季度的销售额通常较高，这是由于非住宅建筑活动更加活跃且假期相对较少（尽管耶稣受难日有时会落在第二季度，而 7 月 4 日总是会落在第三季度）。
季节性因素对我们的销售额有一定影响。通常每年的第一季度和第四季度是我们的销量较低的时期，因为这两个季度与北美的冬季月份重叠，在此期间，由于恶劣天气，我们面向非住宅建筑市场客户的直接和间接销售额通常会放缓。第四季度也往往会受到感恩节（加拿大在 10 月，美国在 11 月）、圣诞节和新年假期期间工厂停工的影响。相比之下，每年第二季度和第三季度的销售额通常较高，这是由于非住宅建筑活动更加活跃且假期相对较少（尽管耶稣受难日有时会落在第二季度，而 7 月 4 日总是会落在第三季度）。
Competition 竞争
Our business is highly competitive and includes large national distributors whose strongest presence tends to be in more densely populated areas, and smaller regional or local distributors, which compete in many of the smaller markets in which we have branches. We believe the principal competitive factors affecting the markets for our products, in no particular order, are customer service, price, convenience, product availability, and cost saving solutions.
我们的业务竞争非常激烈，包括大型全国性分销商（其业务重心往往集中在人口更稠密的地区）和规模较小的区域或本地分销商，后者在我们设有分支机构的许多较小市场中展开竞争。我们认为，影响我们产品市场的主要竞争因素（不分先后）包括客户服务、价格、便利性、产品可用性和成本节约解决方案。
我们的业务竞争非常激烈，包括大型全国性分销商（其业务重心往往集中在人口更稠密的地区）和规模较小的区域或本地分销商，后者在我们设有分支机构的许多较小市场中展开竞争。我们认为，影响我们产品市场的主要竞争因素（不分先后）包括客户服务、价格、便利性、产品可用性和成本节约解决方案。
Market strategies in industrial distribution are varied. With respect to products, many of the larger distributors have trended toward a broad-line offering over time; however, they are often still closely associated with a specific product that can influence their ability to capture market share. This association with a specific product line is often even more pronounced among smaller competitors, though many smaller competitors do deploy a broad-line model. Means of serving the customer are even more diverse. For instance, many competitors maintain a local, branch-based presence in their markets, while others use vans to sell products in markets away from their main warehouses, while still others rely on catalogs or telemarketing sales. Recent years have seen the emergence of eBusiness solutions, such as websites, and while this channel has been embraced by many traditional distributors, it also has introduced non-traditional web-based competitors into the marketplace. The diversity of product and service models supported in the marketplace is a reflection of the equally diverse product and service needs of the customer base. The large majority of our customers utilize multiple channels, from a single distributor or a range of distributors, to procure the products they need in their operations.
工业品分销领域的市场策略多种多样。在产品方面，许多大型分销商逐渐倾向于提供广泛的产品线；然而，他们通常仍然与某种特定产品紧密相关，这可能会影响他们获取市场份额的能力。这种与特定产品线的关联在小型竞争对手中通常更为明显，尽管许多小型竞争对手也采用广泛的产品线模式。服务客户的方式更加多样化。例如，许多竞争对手在其市场中保持本地化的分支机构，而另一些竞争对手则使用货车在远离其主要仓库的市场销售产品，还有一些竞争对手则依赖目录或电话营销。近年来，电子商务解决方案（如网站）开始涌现，虽然许多传统分销商已经接受了这种渠道，但也将非传统的网络竞争对手引入了市场。市场上支持的产品和服务模式的多样性反映了客户群同样多样化的产品和服务需求。 我们的大部分客户都使用多种渠道，从单一分销商或一系列分销商处采购其运营所需的产品。
工业品分销领域的市场策略多种多样。在产品方面，许多大型分销商逐渐倾向于提供广泛的产品线；然而，他们通常仍然与某种特定产品紧密相关，这可能会影响他们获取市场份额的能力。这种与特定产品线的关联在小型竞争对手中通常更为明显，尽管许多小型竞争对手也采用广泛的产品线模式。服务客户的方式更加多样化。例如，许多竞争对手在其市场中保持本地化的分支机构，而另一些竞争对手则使用货车在远离其主要仓库的市场销售产品，还有一些竞争对手则依赖目录或电话营销。近年来，电子商务解决方案（如网站）开始涌现，虽然许多传统分销商已经接受了这种渠道，但也将非传统的网络竞争对手引入了市场。市场上支持的产品和服务模式的多样性反映了客户群同样多样化的产品和服务需求。 我们的大部分客户都使用多种渠道，从单一分销商或一系列分销商处采购其运营所需的产品。
We believe that better service, and a competitive selling advantage, can be provided by maintaining a physical selling and stocking presence closer to the customers' location(s). As a result, we maintain in-market locations in small, medium, and large markets, each offering a wide variety of products. The convenience of a large number of in-market locations in a given area, combined with our ability to provide them with frequent deliveries to such branches from centrally located distribution centers, facilitates the prompt and efficient distribution of products. We also believe our FMI solutions, supported by an in-market location, provide a unique way to serve our customers with convenient access to products and cost saving solutions using a business model not easily replicated by our competitors. Having trained personnel at each in-market location also enhances our ability to compete (see 'Employees' below).
我们认为，通过在更靠近客户所在地的地方保持实际的销售和库存，可以提供更好的服务和具有竞争力的销售优势。因此，我们在小型、中型和大型市场都设有本地市场网点，每个网点都提供各种各样的产品。在特定区域内拥有大量本地市场网点，再加上我们有能力从位于中心的配送中心向这些分支机构频繁送货，有助于快速高效地分销产品。我们还认为，我们的 FMI 解决方案在本地市场网点的支持下，提供了一种独特的方式来服务客户，使他们能够方便地获得产品，并使用竞争对手不易复制的商业模式来节省成本。在每个本地市场网点配备训练有素的人员也增强了我们的竞争能力（参见下文“员工”）。
我们认为，通过在更靠近客户所在地的地方保持实际的销售和库存，可以提供更好的服务和具有竞争力的销售优势。因此，我们在小型、中型和大型市场都设有本地市场网点，每个网点都提供各种各样的产品。在特定区域内拥有大量本地市场网点，再加上我们有能力从位于中心的配送中心向这些分支机构频繁送货，有助于快速高效地分销产品。我们还认为，我们的 FMI 解决方案在本地市场网点的支持下，提供了一种独特的方式来服务客户，使他们能够方便地获得产品，并使用竞争对手不易复制的商业模式来节省成本。在每个本地市场网点配备训练有素的人员也增强了我们的竞争能力（参见下文“员工”）。
Our Onsite service model provides us with a strategic advantage with our larger customers. Building on our core business strategy of the local branch, the Onsite model provides value to our customers through customized service while giving us a competitive advantage through stronger relationships with those customers, all with a relatively low incremental investment given the existing branch and distribution structure.
我们的现场服务模式为我们与大型客户的合作提供了战略优势。现场模式建立在我们本地分支机构的核心业务战略之上，通过定制化服务为客户提供价值，同时通过与这些客户建立更牢固的关系，为我们提供竞争优势，而且考虑到现有的分支机构和分销结构，只需相对较低的增量投资。
我们的现场服务模式为我们与大型客户的合作提供了战略优势。现场模式建立在我们本地分支机构的核心业务战略之上，通过定制化服务为客户提供价值，同时通过与这些客户建立更牢固的关系，为我们提供竞争优势，而且考虑到现有的分支机构和分销结构，只需相对较低的增量投资。
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Human Capital Resources 人力资本资源
Employees 员工
At the end of 2024, we employed 23,702 full- and part-time employees. Of these, approximately 71% held a selling role. We characterize these personnel as follows:
截至 2024 年底，我们雇用了 23,702 名全职和兼职员工。其中，约 71% 的员工担任销售职位。我们将这些人员描述如下：
截至 2024 年底，我们雇用了 23,702 名全职和兼职员工。其中，约 71% 的员工担任销售职位。我们将这些人员描述如下：
| 2024 | % of Total 占总数的百分比 | 2023 | % of Total 占总数的百分比 | ||||||||||||||
Selling personnel (1) 销售人员 (1) | 16,712 | 70.5 | % | 16,512 | 71.2 | % | |||||||||||
| Distribution/Transportation personnel 配送/运输人员 | 4,211 | 17.8 | % | 4,042 | 17.4 | % | |||||||||||
| Manufacturing personnel 制造人员 | 752 | 3.2 | % | 733 | 3.2 | % | |||||||||||
Organizational support personnel (2) 组织支持人员 (2) | 2,027 | 8.5 | % | 1,914 | 8.2 | % | |||||||||||
| Total personnel 总员工数 | 23,702 | 100.0 | % | 23,201 | 100.0 | % | |||||||||||
(1) | Of our Selling Personnel, 80%-85% are attached to a specific in-market location. 在我们的销售人员中，80%-85%隶属于特定的市场所在地。 | ||||
(2) | Organizational support personnel consists of: (1) Sales & Growth Driver Support personnel (35%-40% of category), which includes sourcing, purchasing, supply chain, product development, etc.; (2) Information Technology personnel (35% to 40% of category); and (3) Administrative Support personnel (22% to 27% of category), which includes human resources, Fastenal School of Business (FSB), accounting and finance, senior management, etc. 组织支持人员包括：（1）销售和增长驱动支持人员（占该类别的 35%-40%），包括采购、供应链、产品开发等；（2）信息技术人员（占该类别的 35%-40%）；以及（3）行政支持人员（占该类别的 22%-27%），包括人力资源、Fastenal 商学院（FSB）、会计和财务、高级管理层等。 | ||||
Employee Profile 员工概况
Of the employees noted above, 18,701 are located in the U.S., 3,304 are located in Canada and Mexico, and 1,697 are located overseas in 23 other countries throughout the world.
在上述员工中，18,701 人位于美国，3,304 人位于加拿大和墨西哥，1,697 人位于海外其他 23 个国家。
在上述员工中，18,701 人位于美国，3,304 人位于加拿大和墨西哥，1,697 人位于海外其他 23 个国家。
Based on our EEO-1 data for 2024, in the U.S., females and minorities constitute 24.1% and 24.3% of our workforce, respectively. We believe these absolute figures gain further context when viewed against two additional data sets. First, over the past ten years there is a clear trend toward greater diversity in our business. Since 2014, our female and minority workforces have grown 2.3x and 4.4x faster, respectively, than our overall U.S. workforce. This trend reflects multiple dynamics in our business evolution, including the natural progression of our geographic expansion, the cycle of our promote-from-within philosophy, and efforts to improve hiring processes over time. Second, based on the U.S. Bureau of Labor Statistics data, we believe Fastenal's mix of female and minority employees is generally consistent with the proportion of females and minorities working in manufacturing and construction, which is representative of the pool of employees from which we might draw candidates. For instance, relative to the 24.1% of our U.S. workforce that is female, the proportion of females in the U.S. manufacturing and construction workforces are 29.3% and 11.2%, respectively. Similarly, relative to the 24.3% of our U.S. workforce that are minorities, the proportion of non-white (a definition utilized by the U.S. Census Bureau) individuals in the U.S. manufacturing and construction workforces are 22.2% and 12.7%, respectively.
根据我们 2024 年的 EEO-1 数据，在美国，女性和少数族裔分别占我们员工总数的 24.1%和 24.3%。我们认为，如果结合另外两组数据来看，这些绝对数字会更有意义。首先，在过去十年中，我们的业务呈现出更加多元化的明显趋势。自 2014 年以来，我们的女性和少数族裔员工的增长速度分别是美国整体员工增长速度的 2.3 倍和 4.4 倍。这一趋势反映了我们业务发展的多种动态，包括我们地域扩张的自然进程、我们内部晋升理念的周期，以及随着时间推移改进招聘流程的努力。其次，根据美国劳工统计局的数据，我们认为 Fastenal 的女性和少数族裔员工比例与从事制造业和建筑业的女性和少数族裔的比例基本一致，这代表了我们可能从中选拔候选人的员工库。例如，相对于我们美国员工总数中 24.1%的女性比例，美国制造业和建筑业员工中的女性比例分别为 29.3%和 11.2%。 同样，相对于我们美国员工队伍中 24.3% 的少数族裔比例，美国制造业和建筑业员工队伍中的非白人（美国人口普查局使用的定义）比例分别为 22.2% 和 12.7%。
根据我们 2024 年的 EEO-1 数据，在美国，女性和少数族裔分别占我们员工总数的 24.1%和 24.3%。我们认为，如果结合另外两组数据来看，这些绝对数字会更有意义。首先，在过去十年中，我们的业务呈现出更加多元化的明显趋势。自 2014 年以来，我们的女性和少数族裔员工的增长速度分别是美国整体员工增长速度的 2.3 倍和 4.4 倍。这一趋势反映了我们业务发展的多种动态，包括我们地域扩张的自然进程、我们内部晋升理念的周期，以及随着时间推移改进招聘流程的努力。其次，根据美国劳工统计局的数据，我们认为 Fastenal 的女性和少数族裔员工比例与从事制造业和建筑业的女性和少数族裔的比例基本一致，这代表了我们可能从中选拔候选人的员工库。例如，相对于我们美国员工总数中 24.1%的女性比例，美国制造业和建筑业员工中的女性比例分别为 29.3%和 11.2%。 同样，相对于我们美国员工队伍中 24.3% 的少数族裔比例，美国制造业和建筑业员工队伍中的非白人（美国人口普查局使用的定义）比例分别为 22.2% 和 12.7%。
Health and Safety 健康与安全
Employee health and safety continues to be a priority in every aspect of our business. We have taken a multi-faceted approach to safety that helps us understand and reduce hazards in our business. Today, our health and safety programs span all operations including manufacturing, distribution centers, fleet and auto, and our branch and Onsite network. These key business units play a dynamic role in defining how we engage with our employees on health and safety. Trainings, audits, inspections, risk assessments, safety coaching, and employee engagement are all programs that help us consistently manage our facility safety and employee safety. In 2024, there were over 247,000 completed health and safety engagements, which is an increase of 16% compared to 2023. Our internal scorecard system and safety management system ensures we maintain focus on a variety of risks while we sustain an inclusive safety environment that contributes to innovation and improved performance. We continue to expand and evolve our safety programs to better meet our employee needs and workplace conditions as our business grows.
员工的健康和安全仍然是我们业务各个方面的优先事项。我们采取了多方面的安全措施，帮助我们了解并减少业务中的危害。如今，我们的健康和安全计划涵盖所有运营，包括制造、配送中心、车队和汽车，以及我们的分支机构和现场网络。这些关键业务部门在定义我们如何与员工进行健康和安全互动方面发挥着动态作用。培训、审计、检查、风险评估、安全指导和员工参与都是帮助我们持续管理设施安全和员工安全的计划。2024 年，我们完成了超过 247,000 项健康和安全活动，与 2023 年相比增加了 16%。我们的内部记分卡系统和安全管理系统确保我们专注于各种风险，同时维持一个包容性的安全环境，从而促进创新和绩效改进。随着业务的增长，我们将继续扩展和改进我们的安全计划，以更好地满足员工的需求和工作场所的条件。
员工的健康和安全仍然是我们业务各个方面的优先事项。我们采取了多方面的安全措施，帮助我们了解并减少业务中的危害。如今，我们的健康和安全计划涵盖所有运营，包括制造、配送中心、车队和汽车，以及我们的分支机构和现场网络。这些关键业务部门在定义我们如何与员工进行健康和安全互动方面发挥着动态作用。培训、审计、检查、风险评估、安全指导和员工参与都是帮助我们持续管理设施安全和员工安全的计划。2024 年，我们完成了超过 247,000 项健康和安全活动，与 2023 年相比增加了 16%。我们的内部记分卡系统和安全管理系统确保我们专注于各种风险，同时维持一个包容性的安全环境，从而促进创新和绩效改进。随着业务的增长，我们将继续扩展和改进我们的安全计划，以更好地满足员工的需求和工作场所的条件。
This commitment to, and continuous improvement toward, a safer work environment for our employees has generated excellent results. A widely accepted measure of organizational health and safety is the Experience Modification Rate (EMR). An organization's EMR is established through the comparison of a company's past and expected losses incurred through workplace injury against industry averages, which are compiled by the National Council on Compensation Insurance and consider unique variables such as the size and characteristics of an organization. Industry averages are benchmarked at a 1.00 EMR, with a reduction in the rate being reflective of an organization's ability to implement superior safety procedures and protocols, resulting in a safer environment and reducing both personnel and financial risk. In 2024, Fastenal had an EMR of 0.46, which is 54% better than the average performance rate for our industry.
我们致力于为员工创造更安全的工作环境，并不断改进，从而取得了优异的成果。经验修正率 (EMR) 是一项广为接受的衡量组织健康和安全程度的指标。一个组织的 EMR 是通过比较公司过去因工伤造成的损失与预期损失，并参照全国劳工赔偿委员会编制的行业平均水平来确定的，其中考虑了诸如组织规模和特征等独特变量。行业平均水平的基准 EMR 为 1.00，费率的降低反映了一个组织实施卓越安全程序和协议的能力，从而创造更安全的环境，并降低人员和财务风险。2024 年，Fastenal 的 EMR 为 0.46，比我们行业的平均绩效水平高出 54%。
我们致力于为员工创造更安全的工作环境，并不断改进，从而取得了优异的成果。经验修正率 (EMR) 是一项广为接受的衡量组织健康和安全程度的指标。一个组织的 EMR 是通过比较公司过去因工伤造成的损失与预期损失，并参照全国劳工赔偿委员会编制的行业平均水平来确定的，其中考虑了诸如组织规模和特征等独特变量。行业平均水平的基准 EMR 为 1.00，费率的降低反映了一个组织实施卓越安全程序和协议的能力，从而创造更安全的环境，并降低人员和财务风险。2024 年，Fastenal 的 EMR 为 0.46，比我们行业的平均绩效水平高出 54%。
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In 2024, we achieved third-party re-certification for the ISO 45001 Occupational Health and Safety Management System. This certification illustrates the strength of our health and safety programs, as well as our commitment to continual improvement to better support our growing workforce. As our business model continues to grow through our branch and Onsite network, our customer critical programs have evolved to mitigate risk and incidents, while meeting customer specific needs. This partnership with our customers allows us to collaborate and expand our health and safety programs to enhance our customers' workplace safety performance.
2024 年，我们成功通过了 ISO 45001 职业健康与安全管理体系的第三方再认证。这一认证表明了我们健康和安全项目的实力，以及我们不断改进以更好地支持不断增长的员工队伍的承诺。随着我们的业务模式通过我们的分支机构和现场网络不断发展，我们的客户关键项目也在不断发展，以减轻风险和事故，同时满足客户的特定需求。与客户的这种合作关系使我们能够协作并扩展我们的健康和安全项目，从而提高客户的工作场所安全绩效。
2024 年，我们成功通过了 ISO 45001 职业健康与安全管理体系的第三方再认证。这一认证表明了我们健康和安全项目的实力，以及我们不断改进以更好地支持不断增长的员工队伍的承诺。随着我们的业务模式通过我们的分支机构和现场网络不断发展，我们的客户关键项目也在不断发展，以减轻风险和事故，同时满足客户的特定需求。与客户的这种合作关系使我们能够协作并扩展我们的健康和安全项目，从而提高客户的工作场所安全绩效。
Employment and Compensation Philosophy
雇佣和薪酬理念
雇佣和薪酬理念
Fastenal's success is defined by our people. Our cultural values – Ambition, Integrity, Innovation, and Teamwork – are woven into the fabric of our human resources processes and protocols, and inform our employment and compensation philosophies.
Fastenal 的成功是由我们的员工定义的。我们的文化价值观——雄心、正直、创新和团队合作——融入了我们的人力资源流程和协议中，并为我们的雇佣和薪酬理念提供信息。
Fastenal 的成功是由我们的员工定义的。我们的文化价值观——雄心、正直、创新和团队合作——融入了我们的人力资源流程和协议中，并为我们的雇佣和薪酬理念提供信息。
Several principles underpin our employment philosophy. One principle is decentralization: placing employees close to our customers' operations and trusting these employees to independently make local decisions to provide differentiated local service. A second principle is that we are a passionately promote-from-within company, guided by a belief that if you work hard, make great decisions, learn from mistakes, and exemplify our cultural values, you should receive greater opportunity and responsibility. We believe these principles cultivate an entrepreneurial mindset and foster an environment of trust and empowerment.
我们的雇佣理念基于以下几个原则。其中一个原则是权力下放：让员工贴近客户的运营，并信任这些员工能够独立做出本地决策，从而提供差异化的本地化服务。第二个原则是，我们是一家积极提拔内部员工的公司，我们坚信，如果你努力工作、做出正确的决策、从错误中学习并以身作则地践行我们的文化价值观，你就应该获得更大的机会和责任。我们相信这些原则能够培养创业心态，并营造信任和授权的环境。
我们的雇佣理念基于以下几个原则。其中一个原则是权力下放：让员工贴近客户的运营，并信任这些员工能够独立做出本地决策，从而提供差异化的本地化服务。第二个原则是，我们是一家积极提拔内部员工的公司，我们坚信，如果你努力工作、做出正确的决策、从错误中学习并以身作则地践行我们的文化价值观，你就应该获得更大的机会和责任。我们相信这些原则能够培养创业心态，并营造信任和授权的环境。
As it relates to our compensation philosophy, we believe our combination and mix of base and bonus pay motivates our people to high levels of individual and company success, as the goals and objectives have been repeatedly demonstrated to be achievable with superior effort. We are guided by simple principles. First, compensation programs should be easy to understand, with goals and objectives that are clearly communicated and resources for success that are provided. They should be calculable by the employee and numbers-driven (e.g., not subjective). Second, total compensation should have a significant component that is based on how well the employee has grown their piece of the business and served our customers. Third, employees should receive incentives as soon as practical upon attainment of the goal.
关于我们的薪酬理念，我们认为，我们的基本工资和奖金的组合能够激励员工实现个人和公司的高水平成功，因为目标和目的已经反复证明，通过卓越的努力是可以实现的。我们遵循简单的原则。首先，薪酬计划应该易于理解，目标和目的明确沟通，并提供成功的资源。员工应该能够计算薪酬，并且是数据驱动的（例如，不是主观的）。其次，总薪酬应该有一个重要的组成部分，基于员工在业务增长和服务客户方面的表现。第三，员工应在达到目标后尽快获得激励。
关于我们的薪酬理念，我们认为，我们的基本工资和奖金的组合能够激励员工实现个人和公司的高水平成功，因为目标和目的已经反复证明，通过卓越的努力是可以实现的。我们遵循简单的原则。首先，薪酬计划应该易于理解，目标和目的明确沟通，并提供成功的资源。员工应该能够计算薪酬，并且是数据驱动的（例如，不是主观的）。其次，总薪酬应该有一个重要的组成部分，基于员工在业务增长和服务客户方面的表现。第三，员工应在达到目标后尽快获得激励。
Approximately 71% of our employees interface directly with customers on a daily or frequent basis, with the remainder supporting the selling efforts of our customer-facing employees. Typical pay arrangements provide a base amount paid periodically during the month, along with a major opportunity to earn bonus amounts, paid monthly, based on growth in sales, gross or pre-tax profit achieved, and prudent management of working capital. In certain roles, there may also be a portion of compensation based on contribution to attaining predetermined departmental or project and cost containment goals, most of which are focused on either customer service or better execution of company-wide activities.
我们约有 71% 的员工每天或经常直接与客户沟通，其余员工则为面向客户的员工的销售工作提供支持。典型的薪酬安排包括每月定期支付的基本工资，以及根据销售额增长、实现的毛利润或税前利润以及对营运资金的审慎管理，每月支付的主要奖金机会。在某些职位上，可能还有一部分薪酬基于对实现预先确定的部门或项目和成本控制目标的贡献，其中大多数侧重于客户服务或更好地执行公司范围内的活动。
我们约有 71% 的员工每天或经常直接与客户沟通，其余员工则为面向客户的员工的销售工作提供支持。典型的薪酬安排包括每月定期支付的基本工资，以及根据销售额增长、实现的毛利润或税前利润以及对营运资金的审慎管理，每月支付的主要奖金机会。在某些职位上，可能还有一部分薪酬基于对实现预先确定的部门或项目和成本控制目标的贡献，其中大多数侧重于客户服务或更好地执行公司范围内的活动。
Because we believe the growth in our stock value should be the reward for achieving long-term success consistent with being an owner, we have a stock option plan. In the case of certain foreign employees, we have a stock appreciation rights plan. All of our employees are eligible to receive stock option grants or stock appreciation rights.
因为我们认为股票价值的增长应该是我们取得长期成功的奖励，这与作为所有者的身份相符，所以我们制定了股票期权计划。对于某些外国员工，我们制定了股票增值权计划。我们所有的员工都有资格获得股票期权或股票增值权。
因为我们认为股票价值的增长应该是我们取得长期成功的奖励，这与作为所有者的身份相符，所以我们制定了股票期权计划。对于某些外国员工，我们制定了股票增值权计划。我们所有的员工都有资格获得股票期权或股票增值权。
We believe our combination of short- and long-term rewards and incentives has proven successful as reflected in our historic performance and levels of employee retention and turnover.
我们相信，我们的短期和长期奖励与激励相结合的策略已经证明是成功的，这反映在我们过往的业绩以及员工保留率和离职率水平上。
我们相信，我们的短期和长期奖励与激励相结合的策略已经证明是成功的，这反映在我们过往的业绩以及员工保留率和离职率水平上。
Our employees are not subject to any collective bargaining agreements, and we have experienced no work stoppages. We believe our employee relations are good.
我们的员工不受任何集体谈判协议的约束，而且我们没有经历过任何停工事件。我们认为我们的员工关系良好。
我们的员工不受任何集体谈判协议的约束，而且我们没有经历过任何停工事件。我们认为我们的员工关系良好。
Talent Acquisition and Development
人才招聘与发展
人才招聘与发展
Fastenal's values are integral to our employment process and serve as guideposts for leadership. The ultimate goal is straightforward: find great people, ask them to join, and give them a reason to stay. Reasons to stay include training, opportunity, and a welcoming environment. From a practical standpoint, this means that we attract a broad group of candidates and then hire the candidate who is the best match for the position based on their skills and abilities. In accordance with our decentralized leadership structure, we believe the person best suited to make this decision is the local leader trying to fill the opening. In light of our promote-from-within philosophy, we know we are hiring a potential future leader with every new hire.
Fastenal 的价值观是我们雇佣流程不可或缺的一部分，并作为领导力的指导方针。最终目标很简单：找到优秀的人才，邀请他们加入，并给他们留下来的理由。留下来的理由包括培训、机会和友好的环境。从实际角度来看，这意味着我们吸引了广泛的候选人，然后根据他们的技能和能力，雇用最适合该职位的候选人。根据我们分散的领导结构，我们认为最适合做出此决定的人是试图填补空缺的当地领导。鉴于我们从内部晋升的理念，我们知道每次招聘新员工都是在招聘一位潜在的未来领导者。
Fastenal 的价值观是我们雇佣流程不可或缺的一部分，并作为领导力的指导方针。最终目标很简单：找到优秀的人才，邀请他们加入，并给他们留下来的理由。留下来的理由包括培训、机会和友好的环境。从实际角度来看，这意味着我们吸引了广泛的候选人，然后根据他们的技能和能力，雇用最适合该职位的候选人。根据我们分散的领导结构，我们认为最适合做出此决定的人是试图填补空缺的当地领导。鉴于我们从内部晋升的理念，我们知道每次招聘新员工都是在招聘一位潜在的未来领导者。
Our Human Resources department develops efficient processes to expand our reach and pool of diverse talent while balancing the needs and requirements of data collection and storage. We have created a standardized framework for posting jobs and interviewing for positions, supplemented with training through the FSB. We have a Diversity and Compliance team that is heavily involved in developing this standardized framework, which ensures its integrity. Not only is this process followed for all new hires, we replicate the same procedures for any internal transfers and promotions.
我们的人力资源部门制定高效的流程，以扩大我们的覆盖范围和多元化人才库，同时平衡数据收集和存储的需求和要求。我们创建了一个标准化的框架，用于发布职位和面试，并通过金融稳定委员会 (FSB) 进行培训补充。我们有一个多元化和合规团队，他们深入参与制定这个标准化的框架，以确保其完整性。这个流程不仅适用于所有新员工，我们还对任何内部调动和晋升复制相同的程序。
我们的人力资源部门制定高效的流程，以扩大我们的覆盖范围和多元化人才库，同时平衡数据收集和存储的需求和要求。我们创建了一个标准化的框架，用于发布职位和面试，并通过金融稳定委员会 (FSB) 进行培训补充。我们有一个多元化和合规团队，他们深入参与制定这个标准化的框架，以确保其完整性。这个流程不仅适用于所有新员工，我们还对任何内部调动和晋升复制相同的程序。
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The FSB (our internal corporate university program) develops and delivers a comprehensive array of industry and company-specific training and development programs that are offered to our employees. The programs are offered through a combination of classroom instructor-led training, virtual instructor-led training, and online learning. FSB provides core curricula focused on key competencies determined to be critical to the success of our employees' performance. In addition, we provide specialized educational tracks within various institutes of learning, as well as training plans based on roles within Fastenal. These institutes of learning are advanced levels that provide specific concentrations of education and development and have been designed to focus on critical aspects of our business, such as leadership, effective best practices, sales and marketing, products, supply chain, and distribution.
FSB（我们的内部企业大学项目）开发并提供全面的行业和公司特定培训和发展计划，这些计划提供给我们的员工。这些计划通过课堂讲师主导的培训、虚拟讲师主导的培训和在线学习相结合的方式提供。FSB 提供核心课程，重点关注被确定为对我们员工绩效成功至关重要的关键能力。此外，我们还在各个学习机构内提供专门的教育课程，以及基于 Fastenal 内部角色的培训计划。这些学习机构是高级别的，提供特定的教育和发展集中领域，旨在关注我们业务的关键方面，如领导力、有效最佳实践、销售和营销、产品、供应链和分销。
FSB（我们的内部企业大学项目）开发并提供全面的行业和公司特定培训和发展计划，这些计划提供给我们的员工。这些计划通过课堂讲师主导的培训、虚拟讲师主导的培训和在线学习相结合的方式提供。FSB 提供核心课程，重点关注被确定为对我们员工绩效成功至关重要的关键能力。此外，我们还在各个学习机构内提供专门的教育课程，以及基于 Fastenal 内部角色的培训计划。这些学习机构是高级别的，提供特定的教育和发展集中领域，旨在关注我们业务的关键方面，如领导力、有效最佳实践、销售和营销、产品、供应链和分销。
Product Sourcing Endeavors
产品采购工作
产品采购工作
Sourcing from suppliers with good standing is the foundation of an ethical supply chain. We expect our suppliers to comply with all relevant regulations and applicable standards. Our teams conduct risk analysis for suppliers who want to do business with us and require them to provide additional supporting documentation affirming their ethics, quality, and reliability. This ensures they meet our standards in these areas and are complying with Fastenal's Global Supplier Purchase Order Terms & Conditions and Supplier Code of Conduct. Utilizing third-party tools and global databases, Fastenal actively monitors government sanctions, denied party listings, withhold release orders, export restriction updates, financial status, adverse media, and multiple other official exclusion lists that provide information on any known risk of any entities and locations with which Fastenal engages, and screens all business partners against those lists. Additionally, we monitor key areas of trade-related risk, including dual-use goods, trade cases, anti-dumping and counter-vailing cases, and other protectionist trade measures for all countries that products are traded in. As part of our comprehensive Supply Chain Security program, we also evaluate our suppliers' approach to labor to ensure that they are using appropriate, and appropriately compensated, employees and ensure upstream supply chain visibility on globally sourced products.
从信誉良好的供应商处采购是建立合乎道德的供应链的基础。我们期望我们的供应商遵守所有相关法规和适用标准。我们的团队会对希望与我们开展业务的供应商进行风险分析，并要求他们提供额外的证明文件，以确认其道德、质量和可靠性。这确保他们符合我们在这些领域的标准，并遵守 Fastenal 的《全球供应商采购订单条款和条件》和《供应商行为准则》。Fastenal 利用第三方工具和全球数据库，积极监控政府制裁、拒绝往来方名单、暂扣放行令、出口限制更新、财务状况、负面媒体以及多个其他官方排除名单，这些名单提供有关 Fastenal 开展业务的任何实体和地点的任何已知风险的信息，并根据这些名单筛选所有业务合作伙伴。此外，我们还会监控与贸易相关风险的关键领域，包括两用商品、贸易案件、反倾销和反补贴案件，以及产品贸易所在的所有国家的其他保护主义贸易措施。 作为我们全面的供应链安全计划的一部分，我们还会评估供应商的用工方式，以确保他们使用合适的且薪酬适当的员工，并确保在全球采购产品方面的上游供应链可见性。
从信誉良好的供应商处采购是建立合乎道德的供应链的基础。我们期望我们的供应商遵守所有相关法规和适用标准。我们的团队会对希望与我们开展业务的供应商进行风险分析，并要求他们提供额外的证明文件，以确认其道德、质量和可靠性。这确保他们符合我们在这些领域的标准，并遵守 Fastenal 的《全球供应商采购订单条款和条件》和《供应商行为准则》。Fastenal 利用第三方工具和全球数据库，积极监控政府制裁、拒绝往来方名单、暂扣放行令、出口限制更新、财务状况、负面媒体以及多个其他官方排除名单，这些名单提供有关 Fastenal 开展业务的任何实体和地点的任何已知风险的信息，并根据这些名单筛选所有业务合作伙伴。此外，我们还会监控与贸易相关风险的关键领域，包括两用商品、贸易案件、反倾销和反补贴案件，以及产品贸易所在的所有国家的其他保护主义贸易措施。 作为我们全面的供应链安全计划的一部分，我们还会评估供应商的用工方式，以确保他们使用合适的且薪酬适当的员工，并确保在全球采购产品方面的上游供应链可见性。
With a local and global supplier base, continuous evaluation and local representation is a necessity to ensure protocols are flagged when risk may be evident, ensuring a safeguard against poor and/or impaired quality and regulatory violations that may otherwise impact our reputation or ability to effectively operate in the marketplace. This is performed not only at the time of supplier vetting and onboarding, but for the life of the relationship with the supplier. This process promotes a supply chain that is supportive of Fastenal's Global Supplier Purchase Order Terms & Conditions and Supplier Code of Conduct. In the event of non-compliance or potential risk, we work with the supplier to correct the situation. If remediation efforts are not undertaken to ensure the supplier remains in compliance with Fastenal's standards and code of conduct, alternative sources of supply may be considered to ensure the integrity of our supply chain. Supply chain compliance representatives are placed in international corporate offices to ensure global coverage and governance, ensuring that no matter where a customers' operations may take them, Fastenal has the infrastructure, resources, and internal processes established to perform its supply chain governance obligations.
凭借本地和全球供应商基础，持续评估和本地代表是必要的，以确保在风险可能显现时标记协议，从而防范可能影响我们声誉或有效运营市场能力的质量低劣和/或受损以及违反法规的行为。这不仅在供应商审查和入职时执行，而且在与供应商关系的整个生命周期内执行。此过程旨在促进一个支持 Fastenal 的《全球供应商采购订单条款和条件》和《供应商行为准则》的供应链。如果发生不合规或潜在风险，我们将与供应商合作纠正情况。如果未采取补救措施以确保供应商始终符合 Fastenal 的标准和行为准则，则可能会考虑其他供应来源，以确保我们供应链的完整性。 供应链合规代表被安排在国际公司办事处，以确保全球覆盖和治理，从而确保无论客户的运营在何处进行，Fastenal 都已建立必要的基础设施、资源和内部流程来履行其供应链治理义务。
凭借本地和全球供应商基础，持续评估和本地代表是必要的，以确保在风险可能显现时标记协议，从而防范可能影响我们声誉或有效运营市场能力的质量低劣和/或受损以及违反法规的行为。这不仅在供应商审查和入职时执行，而且在与供应商关系的整个生命周期内执行。此过程旨在促进一个支持 Fastenal 的《全球供应商采购订单条款和条件》和《供应商行为准则》的供应链。如果发生不合规或潜在风险，我们将与供应商合作纠正情况。如果未采取补救措施以确保供应商始终符合 Fastenal 的标准和行为准则，则可能会考虑其他供应来源，以确保我们供应链的完整性。 供应链合规代表被安排在国际公司办事处，以确保全球覆盖和治理，从而确保无论客户的运营在何处进行，Fastenal 都已建立必要的基础设施、资源和内部流程来履行其供应链治理义务。
In 2024, approximately 26% of our total company-wide inventory spend was with small and/or diverse businesses. This flows from our Supplier Diversity program, as part of which we are committed to building supply chain relationships with small businesses and businesses with diverse ownership.
2024 年，我们公司范围内的总库存支出中，约有 26%是与小型和/或多元化企业进行的。这源于我们的供应商多元化计划，作为该计划的一部分，我们致力于与小型企业和具有多元化所有权的企业建立供应链关系。
2024 年，我们公司范围内的总库存支出中，约有 26%是与小型和/或多元化企业进行的。这源于我们的供应商多元化计划，作为该计划的一部分，我们致力于与小型企业和具有多元化所有权的企业建立供应链关系。
Available Information 可用信息
Our Internet address for corporate and investor information is www.fastenal.com. The information contained on our website or connected to our website is not incorporated by reference into this annual report on Form 10-K and should not be considered part of this report.
我们的公司和投资者信息网址是 www.fastenal.com。我们网站上包含的或与我们网站相连的信息，并未通过引用方式并入本 Form 10-K 年度报告，也不应被视为本报告的一部分。
我们的公司和投资者信息网址是 www.fastenal.com。我们网站上包含的或与我们网站相连的信息，并未通过引用方式并入本 Form 10-K 年度报告，也不应被视为本报告的一部分。
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act are available free of charge on or through our website at www.fastenal.com as soon as reasonably practicable after such reports have been filed with or furnished to the SEC.
我们的 Form 10-K 年度报告、Form 10-Q 季度报告、Form 8-K 当前报告以及根据《证券交易法》第 13(a)或 15(d)条提交或提供的这些报告的修订版，在提交给 SEC 或提供给 SEC 后，会尽快在我们的网站 www.fastenal.com 上免费提供。
我们的 Form 10-K 年度报告、Form 10-Q 季度报告、Form 8-K 当前报告以及根据《证券交易法》第 13(a)或 15(d)条提交或提供的这些报告的修订版，在提交给 SEC 或提供给 SEC 后，会尽快在我们的网站 www.fastenal.com 上免费提供。
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Information about our Executive Officers
关于我们高管的信息
关于我们高管的信息
The following section sets forth the name, age, and business experience for the past five years of the executive officers as of the filing date of the Form 10-K. Unless otherwise noted, the positions described are positions with Fastenal or its subsidiaries.
以下部分列出了截至 Form 10-K 备案日，高管的姓名、年龄以及过去五年的从业经历。除非另有说明，否则所描述的职位是 Fastenal 或其子公司的职位。
以下部分列出了截至 Form 10-K 备案日，高管的姓名、年龄以及过去五年的从业经历。除非另有说明，否则所描述的职位是 Fastenal 或其子公司的职位。
| Name 姓名 | Employee of 员工 Fastenal Fastenal 公司 Since 自 | Age 年龄 | Position 职位 | ||||||||||||||
| Daniel L. Florness | 1996 | 61 | Chief Executive Officer and Director 首席执行官兼董事 | ||||||||||||||
| Jeffery M. Watts | 1996 | 53 | President and Chief Sales Officer 总裁兼首席销售官 | ||||||||||||||
| Anthony P. Broersma | 2003 | 45 | Executive Vice President – Operations 执行副总裁 – 运营 | ||||||||||||||
| William J. Drazkowski | 1995 | 53 | Executive Vice President – Sales 销售执行副总裁 | ||||||||||||||
| James C. Jansen | 1992 | 54 | Executive Vice President – Manufacturing 制造执行副总裁 | ||||||||||||||
| Holden Lewis | 2016 | 55 | Senior Executive Vice President and Chief Financial Officer 高级执行副总裁兼首席财务官 | ||||||||||||||
| Sheryl A. Lisowski | 1994 | 57 | Executive Vice President – Chief Accounting Officer and Treasurer 执行副总裁 – 首席会计官兼财务主管 | ||||||||||||||
| Charles S. Miller | 1999 | 50 | Senior Executive Vice President – Sales 高级执行副总裁 – 销售 | ||||||||||||||
| Noelle J. Oas | 2015 | 40 | Executive Vice President – Human Resources 执行副总裁 – 人力资源 | ||||||||||||||
| Donnalee K. Papenfuss | 1999 | 61 | Executive Vice President – Strategy and Communications 执行副总裁 – 战略与沟通 | ||||||||||||||
| John L. Soderberg | 1993 | 53 | Senior Executive Vice President – Information Technology 高级执行副总裁 – 信息技术 | ||||||||||||||
Mr. Florness has been our chief executive officer since August 2024. From January 2016 to July 2024, Mr. Florness was our president and chief executive officer. From December 2002 to December 2015, Mr. Florness was our executive vice president and chief financial officer. From June 1996 to November 2002, Mr. Florness was our chief financial officer. During his time as chief financial officer, Mr. Florness' responsibilities expanded beyond finance, including leadership of a portion of our manufacturing division, our product development and procurement, and our national accounts business. Mr. Florness has served as one of our directors since January 2016.
Florness 先生自 2024 年 8 月起担任我们的首席执行官。从 2016 年 1 月到 2024 年 7 月，Florness 先生担任我们的总裁兼首席执行官。从 2002 年 12 月到 2015 年 12 月，Florness 先生担任我们的执行副总裁兼首席财务官。从 1996 年 6 月到 2002 年 11 月，Florness 先生担任我们的首席财务官。在他担任首席财务官期间，Florness 先生的职责范围扩大到财务之外，包括领导我们制造部门的一部分、我们的产品开发和采购以及我们的全国客户业务。自 2016 年 1 月起，Florness 先生一直担任我们的董事。
Florness 先生自 2024 年 8 月起担任我们的首席执行官。从 2016 年 1 月到 2024 年 7 月，Florness 先生担任我们的总裁兼首席执行官。从 2002 年 12 月到 2015 年 12 月，Florness 先生担任我们的执行副总裁兼首席财务官。从 1996 年 6 月到 2002 年 11 月，Florness 先生担任我们的首席财务官。在他担任首席财务官期间，Florness 先生的职责范围扩大到财务之外，包括领导我们制造部门的一部分、我们的产品开发和采购以及我们的全国客户业务。自 2016 年 1 月起，Florness 先生一直担任我们的董事。
Mr. Watts has been our president and chief sales officer since August 2024. Mr. Watts' responsibilities include establishing priorities, setting goals, and providing guidance and oversight concerning Fastenal's global sales activities. From May 2023 to July 2024, Mr. Watts was our chief sales officer. From December 2016 to April 2023, Mr. Watts was our executive vice president – international sales. From March 2015 to December 2016, Mr. Watts was our vice president – international sales. From June 2005 to February 2015, he served as regional vice president of our Canadian region. Prior to June 2005, Mr. Watts served in various sales leadership roles at Fastenal.
Watts 先生自 2024 年 8 月起担任我们的总裁兼首席销售官。Watts 先生的职责包括确定优先事项、设定目标，并为 Fastenal 的全球销售活动提供指导和监督。从 2023 年 5 月到 2024 年 7 月，Watts 先生担任我们的首席销售官。从 2016 年 12 月到 2023 年 4 月，Watts 先生担任我们的执行副总裁——国际销售。从 2015 年 3 月到 2016 年 12 月，Watts 先生担任我们的副总裁——国际销售。从 2005 年 6 月到 2015 年 2 月，他担任我们加拿大区域的区域副总裁。在 2005 年 6 月之前，Watts 先生曾在 Fastenal 担任过各种销售领导职务。
Watts 先生自 2024 年 8 月起担任我们的总裁兼首席销售官。Watts 先生的职责包括确定优先事项、设定目标，并为 Fastenal 的全球销售活动提供指导和监督。从 2023 年 5 月到 2024 年 7 月，Watts 先生担任我们的首席销售官。从 2016 年 12 月到 2023 年 4 月，Watts 先生担任我们的执行副总裁——国际销售。从 2015 年 3 月到 2016 年 12 月，Watts 先生担任我们的副总裁——国际销售。从 2005 年 6 月到 2015 年 2 月，他担任我们加拿大区域的区域副总裁。在 2005 年 6 月之前，Watts 先生曾在 Fastenal 担任过各种销售领导职务。
Mr. Broersma has been our executive vice president – operations since October 2023. Mr. Broersma's responsibilities include oversight of our supply chain, compliance, supplier development, content, property management, supply to fulfillment distribution, and logistics operations. From June 2022 to October 2023, Mr. Broersma served as our senior vice president – operations. From February 2021 to June 2022, Mr. Broersma was our vice president of procurement and supply chain. From February 2016 to February 2021, Mr. Broersma served as our vice president of international operations, leading all global operations. From December 2012 to February 2016, Mr. Broersma was the regional vice president for our continental Europe locations, while living in the Czech Republic. From February 2011 to December 2012, Mr. Broersma served as the director of Asian operations, while living in Shanghai, China. From December 2007 to February 2011, Mr. Broersma served as the regional operations manager of our distribution center located in Scranton, PA. Mr. Broersma joined Fastenal in 2003 and, prior to 2007, served in various roles of increasing responsibility within our branch locations.
Broersma 先生自 2023 年 10 月起担任我们的执行副总裁 - 运营。Broersma 先生的职责包括监督我们的供应链、合规性、供应商开发、内容、物业管理、供应到履行的分销和物流运营。从 2022 年 6 月到 2023 年 10 月，Broersma 先生担任我们的高级副总裁 - 运营。从 2021 年 2 月到 2022 年 6 月，Broersma 先生担任我们的采购和供应链副总裁。从 2016 年 2 月到 2021 年 2 月，Broersma 先生担任我们的国际运营副总裁，领导所有全球运营。从 2012 年 12 月到 2016 年 2 月，Broersma 先生担任我们在欧洲大陆地区的区域副总裁，居住在捷克共和国。从 2011 年 2 月到 2012 年 12 月，Broersma 先生担任亚洲运营总监，居住在中国上海。从 2007 年 12 月到 2011 年 2 月，Broersma 先生担任我们位于宾夕法尼亚州斯克兰顿的配送中心的区域运营经理。Broersma 先生于 2003 年加入 Fastenal，在 2007 年之前，曾在我们的分支机构担任各种职责不断增加的职位。
Broersma 先生自 2023 年 10 月起担任我们的执行副总裁 - 运营。Broersma 先生的职责包括监督我们的供应链、合规性、供应商开发、内容、物业管理、供应到履行的分销和物流运营。从 2022 年 6 月到 2023 年 10 月，Broersma 先生担任我们的高级副总裁 - 运营。从 2021 年 2 月到 2022 年 6 月，Broersma 先生担任我们的采购和供应链副总裁。从 2016 年 2 月到 2021 年 2 月，Broersma 先生担任我们的国际运营副总裁，领导所有全球运营。从 2012 年 12 月到 2016 年 2 月，Broersma 先生担任我们在欧洲大陆地区的区域副总裁，居住在捷克共和国。从 2011 年 2 月到 2012 年 12 月，Broersma 先生担任亚洲运营总监，居住在中国上海。从 2007 年 12 月到 2011 年 2 月，Broersma 先生担任我们位于宾夕法尼亚州斯克兰顿的配送中心的区域运营经理。Broersma 先生于 2003 年加入 Fastenal，在 2007 年之前，曾在我们的分支机构担任各种职责不断增加的职位。
Mr. Drazkowski has been our executive vice president - sales since July 2023. Mr. Drazkowski's responsibilities include oversight of growing and maintaining Fastenal's overall contract portfolio including national accounts, government and industry specific sales, support, and development teams. From October 2019 to June 2023, Mr. Drazkowski was our executive vice president - sales and oversaw our Western United States business. From December 2016 to September 2019, Mr. Drazkowski was executive vice president – national accounts sales. From October 2014 to December 2016, Mr. Drazkowski was our vice president – national accounts sales, from September 2013 to September 2014, he served as regional vice president of our Minnesota based region, and from November 2007 to August 2013, he served as one of our district managers. Prior to November 2007, Mr. Drazkowski served in various sales leadership roles at Fastenal.
Drazkowski 先生自 2023 年 7 月起担任我们的执行副总裁 - 销售。Drazkowski 先生的职责包括监督 Fastenal 整体合同组合的增长和维护，包括全国客户、政府和行业特定销售、支持和开发团队。从 2019 年 10 月到 2023 年 6 月，Drazkowski 先生担任我们的执行副总裁 - 销售，负责监督我们在美国西部的业务。从 2016 年 12 月到 2019 年 9 月，Drazkowski 先生担任执行副总裁 - 全国客户销售。从 2014 年 10 月到 2016 年 12 月，Drazkowski 先生担任我们的副总裁 - 全国客户销售，从 2013 年 9 月到 2014 年 9 月，他担任我们位于明尼苏达州区域的区域副总裁，从 2007 年 11 月到 2013 年 8 月，他担任我们的区域经理之一。在 2007 年 11 月之前，Drazkowski 先生曾在 Fastenal 担任过各种销售领导职务。
Drazkowski 先生自 2023 年 7 月起担任我们的执行副总裁 - 销售。Drazkowski 先生的职责包括监督 Fastenal 整体合同组合的增长和维护，包括全国客户、政府和行业特定销售、支持和开发团队。从 2019 年 10 月到 2023 年 6 月，Drazkowski 先生担任我们的执行副总裁 - 销售，负责监督我们在美国西部的业务。从 2016 年 12 月到 2019 年 9 月，Drazkowski 先生担任执行副总裁 - 全国客户销售。从 2014 年 10 月到 2016 年 12 月，Drazkowski 先生担任我们的副总裁 - 全国客户销售，从 2013 年 9 月到 2014 年 9 月，他担任我们位于明尼苏达州区域的区域副总裁，从 2007 年 11 月到 2013 年 8 月，他担任我们的区域经理之一。在 2007 年 11 月之前，Drazkowski 先生曾在 Fastenal 担任过各种销售领导职务。
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Mr. Jansen has been our executive vice president – manufacturing since January 2016. Mr. Jansen's responsibilities include oversight of our industrial services, quality assurance, aerospace, manufacturing operations, and EHS management. From December 2010 to December 2015, Mr. Jansen was our executive vice president - operations. From November 2007 to December 2010, Mr. Jansen was our executive vice president – internal operations. From May 2005 to November 2007, Mr. Jansen served as our leader of systems development (this role encompassed both information systems and distribution systems development). From April 2000 to April 2005, Mr. Jansen served as regional vice president of our Texas based region. Prior to April 2000, Mr. Jansen served in various roles of increasing responsibility within our operations teams.
Jansen 先生自 2016 年 1 月起担任我们的执行副总裁——制造。Jansen 先生的职责包括监督我们的工业服务、质量保证、航空航天、制造运营和 EHS 管理。从 2010 年 12 月至 2015 年 12 月，Jansen 先生担任我们的执行副总裁——运营。从 2007 年 11 月至 2010 年 12 月，Jansen 先生担任我们的执行副总裁——内部运营。从 2005 年 5 月至 2007 年 11 月，Jansen 先生担任我们的系统开发负责人（该职位包括信息系统和分销系统开发）。从 2000 年 4 月至 2005 年 4 月，Jansen 先生担任我们德克萨斯州区域的区域副总裁。在 2000 年 4 月之前，Jansen 先生曾在我们的运营团队中担任各种职责不断提升的职位。
Jansen 先生自 2016 年 1 月起担任我们的执行副总裁——制造。Jansen 先生的职责包括监督我们的工业服务、质量保证、航空航天、制造运营和 EHS 管理。从 2010 年 12 月至 2015 年 12 月，Jansen 先生担任我们的执行副总裁——运营。从 2007 年 11 月至 2010 年 12 月，Jansen 先生担任我们的执行副总裁——内部运营。从 2005 年 5 月至 2007 年 11 月，Jansen 先生担任我们的系统开发负责人（该职位包括信息系统和分销系统开发）。从 2000 年 4 月至 2005 年 4 月，Jansen 先生担任我们德克萨斯州区域的区域副总裁。在 2000 年 4 月之前，Jansen 先生曾在我们的运营团队中担任各种职责不断提升的职位。
Mr. Lewis has been a senior executive vice president and the chief financial officer of Fastenal since December 2022. As chief financial officer, Mr. Lewis manages our finance, accounting, audit, and general counsel functions, and plays a central role in effectively executing and communicating company strategy, with a concentration on profitability, efficiency, and assets. He also oversees our M&A and Investor Relations efforts. From August 2016 to December 2022, Mr. Lewis served as our executive vice president and chief financial officer. He joined Fastenal following a long career as a senior equity analyst covering industrials, including Fastenal, for full-service investment banks. Mr. Lewis held various senior roles with a variety of organizations in the investment banking industry from 1994 to July 2016. As reported in December 2024, Mr. Lewis provided written notice to Fastenal of his resignation as senior executive vice president and chief financial officer, effective on April 16, 2025.
自 2022 年 12 月起，Lewis 先生一直担任 Fastenal 公司的高级执行副总裁兼首席财务官。作为首席财务官，Lewis 先生负责管理我们的财务、会计、审计和总法律顾问职能，并在有效执行和沟通公司战略方面发挥着核心作用，重点关注盈利能力、效率和资产。他还负责监督我们的并购和投资者关系工作。从 2016 年 8 月到 2022 年 12 月，Lewis 先生担任我们的执行副总裁兼首席财务官。在加入 Fastenal 之前，他曾在提供全面服务的投资银行担任高级股票分析师，负责工业领域（包括 Fastenal）的研究工作，拥有丰富的经验。从 1994 年到 2016 年 7 月，Lewis 先生曾在投资银行业的多个组织担任各种高级职务。正如 2024 年 12 月报告的那样，Lewis 先生已书面通知 Fastenal，他将辞去高级执行副总裁兼首席财务官的职务，自 2025 年 4 月 16 日起生效。
自 2022 年 12 月起，Lewis 先生一直担任 Fastenal 公司的高级执行副总裁兼首席财务官。作为首席财务官，Lewis 先生负责管理我们的财务、会计、审计和总法律顾问职能，并在有效执行和沟通公司战略方面发挥着核心作用，重点关注盈利能力、效率和资产。他还负责监督我们的并购和投资者关系工作。从 2016 年 8 月到 2022 年 12 月，Lewis 先生担任我们的执行副总裁兼首席财务官。在加入 Fastenal 之前，他曾在提供全面服务的投资银行担任高级股票分析师，负责工业领域（包括 Fastenal）的研究工作，拥有丰富的经验。从 1994 年到 2016 年 7 月，Lewis 先生曾在投资银行业的多个组织担任各种高级职务。正如 2024 年 12 月报告的那样，Lewis 先生已书面通知 Fastenal，他将辞去高级执行副总裁兼首席财务官的职务，自 2025 年 4 月 16 日起生效。
Ms. Lisowski has been our executive vice president - chief accounting officer and treasurer since December 2020. From August 2016 to November 2020, Ms. Lisowski was our controller, chief accounting officer, and treasurer. Ms. Lisowski was our controller and chief accounting officer from October 2013 to August 2016, and also served as our interim chief financial officer from January 2016 to August 2016. From March 2007 to October 2013, Ms. Lisowski served as our controller – accounting operations. Ms. Lisowski joined Fastenal in 1994 and, prior to March 2007, served in various roles of increasing responsibility within our finance and accounting team.
Lisowski 女士自 2020 年 12 月起担任我们的执行副总裁兼首席会计官和财务主管。从 2016 年 8 月到 2020 年 11 月，Lisowski 女士担任我们的财务总监、首席会计官和财务主管。Lisowski 女士从 2013 年 10 月到 2016 年 8 月担任我们的财务总监和首席会计官，并在 2016 年 1 月到 2016 年 8 月期间担任我们的临时首席财务官。从 2007 年 3 月到 2013 年 10 月，Lisowski 女士担任我们的财务总监——会计运营。Lisowski 女士于 1994 年加入 Fastenal，在 2007 年 3 月之前，曾在我们的财务和会计团队中担任各种职责不断提升的职务。
Lisowski 女士自 2020 年 12 月起担任我们的执行副总裁兼首席会计官和财务主管。从 2016 年 8 月到 2020 年 11 月，Lisowski 女士担任我们的财务总监、首席会计官和财务主管。Lisowski 女士从 2013 年 10 月到 2016 年 8 月担任我们的财务总监和首席会计官，并在 2016 年 1 月到 2016 年 8 月期间担任我们的临时首席财务官。从 2007 年 3 月到 2013 年 10 月，Lisowski 女士担任我们的财务总监——会计运营。Lisowski 女士于 1994 年加入 Fastenal，在 2007 年 3 月之前，曾在我们的财务和会计团队中担任各种职责不断提升的职务。
Mr. Miller has been our senior executive vice president – sales since January 2020. Mr. Miller's responsibilities include sales and operational oversight of our United States business. From November 2015 to December 2019, Mr. Miller was one of our executive vice presidents – sales. From January 2009 to October 2015, Mr. Miller served as regional vice president of our southeast central region based primarily in Tennessee and Kentucky. Prior to January 2009, Mr. Miller served in various sales leadership roles at Fastenal.
自 2020 年 1 月起，Miller 先生一直担任我们的高级执行副总裁——销售。Miller 先生的职责包括对我们美国业务的销售和运营进行监督。从 2015 年 11 月至 2019 年 12 月，Miller 先生曾担任我们的执行副总裁——销售。从 2009 年 1 月至 2015 年 10 月，Miller 先生担任我们东南中区区域副总裁，主要负责田纳西州和肯塔基州。在 2009 年 1 月之前，Miller 先生曾在 Fastenal 担任过各种销售领导职务。
自 2020 年 1 月起，Miller 先生一直担任我们的高级执行副总裁——销售。Miller 先生的职责包括对我们美国业务的销售和运营进行监督。从 2015 年 11 月至 2019 年 12 月，Miller 先生曾担任我们的执行副总裁——销售。从 2009 年 1 月至 2015 年 10 月，Miller 先生担任我们东南中区区域副总裁，主要负责田纳西州和肯塔基州。在 2009 年 1 月之前，Miller 先生曾在 Fastenal 担任过各种销售领导职务。
Ms. Oas has been our executive vice president – human resources since February 2023. As executive vice president – human resources, Ms. Oas leads our human resources department, which includes payroll, benefits, diversity and compliance, general insurance, and the Fastenal School of Business. From March 2015 to January 2023, she was our director of compliance – human resources. From 2010 to February 2015, Ms. Oas practiced employment law for a firm in Minneapolis, Minnesota and later acted as a solo practitioner in Winona, Minnesota.
自 2023 年 2 月起，Oas 女士一直担任我们的执行副总裁——人力资源。作为执行副总裁——人力资源，Oas 女士领导我们的人力资源部门，该部门包括薪资、福利、多元化与合规、一般保险和 Fastenal 商学院。从 2015 年 3 月至 2023 年 1 月，她担任我们的合规总监——人力资源。从 2010 年到 2015 年 2 月，Oas 女士曾在明尼苏达州明尼阿波利斯的一家律师事务所从事劳动法业务，后来在明尼苏达州威诺纳担任独立执业律师。
自 2023 年 2 月起，Oas 女士一直担任我们的执行副总裁——人力资源。作为执行副总裁——人力资源，Oas 女士领导我们的人力资源部门，该部门包括薪资、福利、多元化与合规、一般保险和 Fastenal 商学院。从 2015 年 3 月至 2023 年 1 月，她担任我们的合规总监——人力资源。从 2010 年到 2015 年 2 月，Oas 女士曾在明尼苏达州明尼阿波利斯的一家律师事务所从事劳动法业务，后来在明尼苏达州威诺纳担任独立执业律师。
Ms. Papenfuss has been our executive vice president – strategy and communications since November 2024. Ms. Papenfuss' responsibilities include leading marketing, sales enablement, and sales development, as well as driving strategic initiatives and enhancing communication efforts in the areas of technology, sales, and environmental, social, and governance to ensure alignment with overall business objectives. From February 2014 to October 2024, Ms. Papenfuss was our vice president of contract development and support. From July 2006 to February 2014, Ms. Papenfuss was our director of government and diversity affairs. Ms. Papenfuss joined Fastenal in 1999 and, prior to July 2006, served in various roles of increasing responsibility.
Papenfuss 女士自 2024 年 11 月起担任我们的执行副总裁——战略与沟通。Papenfuss 女士的职责包括领导市场营销、销售支持和销售发展，以及推动战略举措，加强在技术、销售以及环境、社会和治理领域的沟通工作，以确保与整体业务目标保持一致。从 2014 年 2 月到 2024 年 10 月，Papenfuss 女士担任我们的合同开发与支持副总裁。从 2006 年 7 月到 2014 年 2 月，Papenfuss 女士担任我们的政府与多元化事务主管。Papenfuss 女士于 1999 年加入 Fastenal，在 2006 年 7 月之前，曾担任多个职责不断提升的职位。
Papenfuss 女士自 2024 年 11 月起担任我们的执行副总裁——战略与沟通。Papenfuss 女士的职责包括领导市场营销、销售支持和销售发展，以及推动战略举措，加强在技术、销售以及环境、社会和治理领域的沟通工作，以确保与整体业务目标保持一致。从 2014 年 2 月到 2024 年 10 月，Papenfuss 女士担任我们的合同开发与支持副总裁。从 2006 年 7 月到 2014 年 2 月，Papenfuss 女士担任我们的政府与多元化事务主管。Papenfuss 女士于 1999 年加入 Fastenal，在 2006 年 7 月之前，曾担任多个职责不断提升的职位。
Mr. Soderberg has been our senior executive vice president – information technology since December 2020. From May 2016 to November 2020, Mr. Soderberg was our executive vice president – information technology. From May 2014 to May 2016, Mr. Soderberg served as our executive vice president – sales operations and support. From April 2010 to May 2014, Mr. Soderberg was one of our vice presidents – sales. From April 2005 to April 2010, Mr. Soderberg served as regional vice president of our Washington state-based region. Prior to April 2005, Mr. Soderberg served in various sales leadership roles in the mid-Atlantic area of Fastenal.
Soderberg 先生自 2020 年 12 月起担任我们的高级执行副总裁——信息技术。从 2016 年 5 月至 2020 年 11 月，Soderberg 先生担任我们的执行副总裁——信息技术。从 2014 年 5 月至 2016 年 5 月，Soderberg 先生担任我们的执行副总裁——销售运营和支持。从 2010 年 4 月至 2014 年 5 月，Soderberg 先生是我们的副总裁之一——销售。从 2005 年 4 月至 2010 年 4 月，Soderberg 先生担任我们位于华盛顿州的区域副总裁。在 2005 年 4 月之前，Soderberg 先生曾在 Fastenal 的大西洋中部地区担任过各种销售领导职务。
Soderberg 先生自 2020 年 12 月起担任我们的高级执行副总裁——信息技术。从 2016 年 5 月至 2020 年 11 月，Soderberg 先生担任我们的执行副总裁——信息技术。从 2014 年 5 月至 2016 年 5 月，Soderberg 先生担任我们的执行副总裁——销售运营和支持。从 2010 年 4 月至 2014 年 5 月，Soderberg 先生是我们的副总裁之一——销售。从 2005 年 4 月至 2010 年 4 月，Soderberg 先生担任我们位于华盛顿州的区域副总裁。在 2005 年 4 月之前，Soderberg 先生曾在 Fastenal 的大西洋中部地区担任过各种销售领导职务。
The executive officers are elected by our board of directors for a term of one year and serve until their successors are elected and qualified. None of our executive officers is related to any other such executive officer or to any of our directors.
执行官由我们的董事会选举产生，任期一年，任职至其继任者当选并符合资格为止。我们的执行官之间，以及我们的执行官与任何董事之间均不存在亲属关系。
执行官由我们的董事会选举产生，任期一年，任职至其继任者当选并符合资格为止。我们的执行官之间，以及我们的执行官与任何董事之间均不存在亲属关系。
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ITEM 1A.RISK FACTORS ITEM 1A.风险因素
In addition to the other information in this Form 10-K, the following factors should be considered in evaluating our business. Our operating results depend upon many factors and are subject to various risks and uncertainties. The material risks and uncertainties known to us which may cause our operating results to vary from anticipated results or which may negatively affect our operating results and profitability are as follows:
除了本 10-K 表格中的其他信息外，在评估我们的业务时，还应考虑以下因素。我们的经营业绩取决于多种因素，并受到各种风险和不确定性的影响。我们已知的可能导致我们的经营业绩与预期结果产生差异，或可能对我们的经营业绩和盈利能力产生不利影响的重大风险和不确定性如下：
除了本 10-K 表格中的其他信息外，在评估我们的业务时，还应考虑以下因素。我们的经营业绩取决于多种因素，并受到各种风险和不确定性的影响。我们已知的可能导致我们的经营业绩与预期结果产生差异，或可能对我们的经营业绩和盈利能力产生不利影响的重大风险和不确定性如下：
Company-Specific Risks 公司特有风险
Operational Risks 运营风险
Products that we sell may expose us to potential material liability for property damage, environmental damage, personal injury, or death linked to the use of those products by our customers. Some of our customers operate in challenging industries in which there is a material risk of catastrophic events. We are actively seeking to expand our sales to certain categories of customers, some of whose businesses may entail heightened levels of such risk. If any of these events are linked to the use of any of our products by our customers, claims could be brought against us by those customers, by governmental authorities, and by third parties who are injured or damaged as a result of such events. In addition, our reputation could be adversely affected by negative publicity surrounding such events regardless of whether or not claims against us are successful. While we maintain insurance coverage to mitigate a portion of this risk and may have recourse against our suppliers for losses arising out of defects in products procured from them, we could experience significant losses as a result of claims made against us to the extent adequate insurance is not in place, the products are manufactured by us or legal recourse against our suppliers is otherwise not available, or our insurers or suppliers are unwilling or unable to satisfy their obligations to us.
我们销售的产品可能使我们面临潜在的重大责任，包括因客户使用这些产品而造成的财产损失、环境破坏、人身伤害或死亡。我们的一些客户在具有重大灾难性事件风险的挑战性行业中运营。我们正在积极寻求扩大对某些类别客户的销售，其中一些客户的业务可能涉及更高程度的此类风险。如果任何此类事件与我们的客户使用我们的任何产品有关，则这些客户、政府部门以及因这些事件而受伤或受损的第三方可能会对我们提出索赔。此外，围绕此类事件的负面宣传可能会对我们的声誉产生不利影响，无论针对我们的索赔是否成功。 尽管我们维持了保险范围以减轻部分风险，并且可能针对因从供应商处采购的产品缺陷造成的损失向供应商追索，但如果未购买足够的保险、产品由我们制造、无法对供应商进行法律追索，或者我们的保险公司或供应商不愿或无法履行其对我们的义务，我们可能会因针对我们提出的索赔而遭受重大损失。
我们销售的产品可能使我们面临潜在的重大责任，包括因客户使用这些产品而造成的财产损失、环境破坏、人身伤害或死亡。我们的一些客户在具有重大灾难性事件风险的挑战性行业中运营。我们正在积极寻求扩大对某些类别客户的销售，其中一些客户的业务可能涉及更高程度的此类风险。如果任何此类事件与我们的客户使用我们的任何产品有关，则这些客户、政府部门以及因这些事件而受伤或受损的第三方可能会对我们提出索赔。此外，围绕此类事件的负面宣传可能会对我们的声誉产生不利影响，无论针对我们的索赔是否成功。 尽管我们维持了保险范围以减轻部分风险，并且可能针对因从供应商处采购的产品缺陷造成的损失向供应商追索，但如果未购买足够的保险、产品由我们制造、无法对供应商进行法律追索，或者我们的保险公司或供应商不愿或无法履行其对我们的义务，我们可能会因针对我们提出的索赔而遭受重大损失。
Interruptions in the proper functioning of information systems or the inability to maintain or upgrade our information systems, or convert to alternate systems in a timely and efficient manner, could disrupt operations, cause unanticipated increases in costs and/or decreases in sales, and result in less efficient operations. The proper functioning of our information systems is critical to many aspects of our business and we could be adversely affected if we experience a disruption or data loss relating to our information systems and are unable to recover in a timely manner. Our information systems are protected with robust backup systems and processes, including physical and software safeguards and remote processing capabilities. Still, information systems are vulnerable to natural disasters, power losses, unauthorized access, cybersecurity incidents, telecommunication failures, and other problems. In addition, certain software used by us is licensed from, and certain services related to our information systems are provided by, third parties who could choose to discontinue their products or services or their relationship with us. It is also possible that we are unable to improve, upgrade, maintain, and expand our information systems. Our ability to process orders, maintain proper levels of inventories, collect accounts receivable, pay expenses, and maintain the security of Fastenal and customer data, as well as the success of our growth drivers, is dependent in varying degrees on the effective and timely operation and support of our information technology systems. If critical information systems fail or these systems or related software or services are otherwise unavailable, if we experience extended delays or unexpected expenses in securing, developing, and otherwise implementing technology solutions to support our growth and operations, or if certain insurance coverages are limited in their capabilities or affordability, it could adversely affect our profitability and/or ability to grow.
信息系统正常运行中断、无法维护或升级信息系统，或无法及时有效地转换为替代系统，可能会扰乱运营，导致成本意外增加和/或销售额下降，并导致运营效率降低。信息系统的正常运行对我们业务的许多方面至关重要，如果我们遇到与信息系统相关的中断或数据丢失，并且无法及时恢复，我们可能会受到不利影响。我们的信息系统受到强大的备份系统和流程的保护，包括物理和软件保护措施以及远程处理能力。尽管如此，信息系统仍然容易受到自然灾害、电力损失、未经授权的访问、网络安全事件、电信故障和其他问题的影响。此外，我们使用的某些软件是从第三方获得许可的，与我们信息系统相关的某些服务由第三方提供，他们可能会选择停止其产品或服务或与我们的关系。 我们也可能无法改进、升级、维护和扩展我们的信息系统。我们处理订单、维持适当的库存水平、收取应收账款、支付费用以及维护 Fastenal 和客户数据的安全性的能力，以及我们增长驱动因素的成功，都在不同程度上取决于信息技术系统的有效和及时运行和支持。如果关键信息系统发生故障，或者这些系统或相关软件或服务无法使用，如果我们在获得、开发和以其他方式实施技术解决方案以支持我们的增长和运营方面遇到长时间的延误或意外的费用，或者某些保险范围在能力或可负担性方面受到限制，则可能会对我们的盈利能力和/或增长能力产生不利影响。
信息系统正常运行中断、无法维护或升级信息系统，或无法及时有效地转换为替代系统，可能会扰乱运营，导致成本意外增加和/或销售额下降，并导致运营效率降低。信息系统的正常运行对我们业务的许多方面至关重要，如果我们遇到与信息系统相关的中断或数据丢失，并且无法及时恢复，我们可能会受到不利影响。我们的信息系统受到强大的备份系统和流程的保护，包括物理和软件保护措施以及远程处理能力。尽管如此，信息系统仍然容易受到自然灾害、电力损失、未经授权的访问、网络安全事件、电信故障和其他问题的影响。此外，我们使用的某些软件是从第三方获得许可的，与我们信息系统相关的某些服务由第三方提供，他们可能会选择停止其产品或服务或与我们的关系。 我们也可能无法改进、升级、维护和扩展我们的信息系统。我们处理订单、维持适当的库存水平、收取应收账款、支付费用以及维护 Fastenal 和客户数据的安全性的能力，以及我们增长驱动因素的成功，都在不同程度上取决于信息技术系统的有效和及时运行和支持。如果关键信息系统发生故障，或者这些系统或相关软件或服务无法使用，如果我们在获得、开发和以其他方式实施技术解决方案以支持我们的增长和运营方面遇到长时间的延误或意外的费用，或者某些保险范围在能力或可负担性方面受到限制，则可能会对我们的盈利能力和/或增长能力产生不利影响。
The ability to adequately protect our intellectual property or successfully defend against infringement claims by others may have an adverse impact on operations. Additionally, our business relies on the use, validity, and continued protection of certain proprietary information and intellectual property, which include current and future patents, trade secrets, trademarks, service marks, copyrights, and confidentiality agreements, as well as license and sublicense agreements to use intellectual property owned by affiliated entities or third parties. Unauthorized use of our intellectual property by others could result in harm to various aspects of the business and may result in costly and protracted litigation in order to protect our rights. In addition, we may be subject to claims that we have infringed on the intellectual property rights of others, which could subject us to liability, require us to obtain licenses to use those rights at significant cost, or otherwise cause us to modify our operations.
充分保护我们的知识产权或成功抵御他人侵权索赔的能力可能会对运营产生不利影响。此外，我们的业务依赖于某些专有信息和知识产权的使用、有效性和持续保护，其中包括当前和未来的专利、商业秘密、商标、服务标志、版权和保密协议，以及使用关联实体或第三方拥有的知识产权的许可和再许可协议。他人未经授权使用我们的知识产权可能会对业务的各个方面造成损害，并可能导致代价高昂且旷日持久的诉讼，以保护我们的权利。此外，我们可能会受到我们侵犯他人知识产权的索赔，这可能使我们承担责任，要求我们以高昂的代价获得使用这些权利的许可，或以其他方式导致我们修改运营。
充分保护我们的知识产权或成功抵御他人侵权索赔的能力可能会对运营产生不利影响。此外，我们的业务依赖于某些专有信息和知识产权的使用、有效性和持续保护，其中包括当前和未来的专利、商业秘密、商标、服务标志、版权和保密协议，以及使用关联实体或第三方拥有的知识产权的许可和再许可协议。他人未经授权使用我们的知识产权可能会对业务的各个方面造成损害，并可能导致代价高昂且旷日持久的诉讼，以保护我们的权利。此外，我们可能会受到我们侵犯他人知识产权的索赔，这可能使我们承担责任，要求我们以高昂的代价获得使用这些权利的许可，或以其他方式导致我们修改运营。
Our ability to successfully attract, develop, and retain qualified personnel to staff our selling locations could impact labor costs, sales at existing selling locations, and the successful execution of our growth drivers. Our success depends in part on our ability to attract, motivate, and retain a sufficient number of qualified employees, including inside and outside branch associates, Onsite managers, national account sales representatives, and logistical and administrative support personnel, who understand and appreciate our culture and are able to adequately represent this culture to our customers. Qualified individuals of the requisite caliber and number needed to fill these positions may be in short supply in some areas, and the turnover rate in the industry is high, particularly for less tenured employees. If we are unable to hire and retain personnel capable of consistently providing a high level of customer service, as demonstrated by their enthusiasm for our culture and product knowledge, our sales could be materially and adversely affected. Additionally, competition for qualified employees could require us to pay higher wages to attract a sufficient number of employees. An inability to recruit and retain a sufficient number of qualified individuals in the future may also delay the planned expansion of our various selling channels.
我们成功吸引、培养和留住合格人员来充实销售场所的能力可能会影响劳动力成本、现有销售场所的销售额以及我们增长动力的成功执行。我们的成功部分取决于我们吸引、激励和留住足够数量的合格员工的能力，包括内部和外部分支机构员工、现场经理、全国客户销售代表以及后勤和行政支持人员，他们了解并欣赏我们的文化，并且能够充分地向我们的客户代表这种文化。在某些地区，可能缺乏足够素质和数量的合格人员来填补这些职位，而且该行业的离职率很高，尤其是对于资历较浅的员工。如果我们无法雇用和留住能够始终如一地提供高水平客户服务的人员（正如他们对我们的文化和产品知识的热情所证明的那样），我们的销售额可能会受到重大不利影响。此外，对合格员工的竞争可能需要我们支付更高的工资才能吸引到足够数量的员工。 未来如若无法招聘和留住足够数量的合格人才，也可能会延误我们各项销售渠道的计划扩张。
我们成功吸引、培养和留住合格人员来充实销售场所的能力可能会影响劳动力成本、现有销售场所的销售额以及我们增长动力的成功执行。我们的成功部分取决于我们吸引、激励和留住足够数量的合格员工的能力，包括内部和外部分支机构员工、现场经理、全国客户销售代表以及后勤和行政支持人员，他们了解并欣赏我们的文化，并且能够充分地向我们的客户代表这种文化。在某些地区，可能缺乏足够素质和数量的合格人员来填补这些职位，而且该行业的离职率很高，尤其是对于资历较浅的员工。如果我们无法雇用和留住能够始终如一地提供高水平客户服务的人员（正如他们对我们的文化和产品知识的热情所证明的那样），我们的销售额可能会受到重大不利影响。此外，对合格员工的竞争可能需要我们支付更高的工资才能吸引到足够数量的员工。 未来如若无法招聘和留住足够数量的合格人才，也可能会延误我们各项销售渠道的计划扩张。
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Cybersecurity incidents, or violations of data privacy laws and regulations, could cause us to experience certain operational interruptions, incur substantial additional costs, become subject to legal or regulatory proceedings, or suffer damage to our reputation in the marketplace. The nature of our business requires us to receive, retain, and transmit certain personally identifying information that our customers provide to purchase products or services, register on our websites, or otherwise communicate and interact with us. While we have taken and continue to undertake significant steps to protect our customer and confidential information, a compromise of our data security systems or those of businesses with which we interact could result in information related to our customers or business being obtained by unauthorized persons. We develop and update processes and maintain systems in an effort to try to prevent such unauthorized access, and have established and maintained disclosure controls and procedures that would permit us to make accurate and timely disclosures of any material event, including any cybersecurity event. The development and maintenance of these processes and systems are costly and require ongoing monitoring and updating as technologies change and efforts to overcome security measures become more sophisticated. Consequently, despite our efforts, the possibility of cybersecurity incidents cannot be eliminated entirely. There can be no assurance that we will not experience a cybersecurity incident that may materially impact our business. While we also seek to obtain assurances that third parties we interact with will protect confidential information, there is a risk the confidentiality of data held or accessed by third parties may be compromised. If a compromise of our data security were to occur, it could interrupt our operations, subject us to additional legal, regulatory, and operating costs, and damage our reputation in the marketplace. In addition, regulatory authorities have increased their focus on how companies collect, process, use, store, share, and transmit personal data. Privacy security laws and regulations, including the European Union General Data Protection Regulation 2016, the California Consumer Protection Act, and other similar privacy laws, pose increasingly complex compliance challenges, which may increase compliance costs, and any failure to comply with data privacy laws and regulations could result in significant penalties.
网络安全事件或违反数据隐私法律法规的行为，可能导致我们经历某些运营中断，招致大量额外成本，受到法律或监管程序的制约，或损害我们在市场中的声誉。我们业务的性质要求我们接收、保留和传输某些个人身份信息，这些信息是我们的客户为了购买产品或服务、在我们的网站上注册或以其他方式与我们沟通和互动而提供的。虽然我们已经并将继续采取重要措施来保护我们的客户和机密信息，但我们的数据安全系统或与我们互动的企业的系统一旦受到损害，可能会导致未经授权的人员获取与我们的客户或业务相关的信息。我们开发和更新流程并维护系统，以努力防止此类未经授权的访问，并且已经建立并维护了披露控制和程序，这将使我们能够准确和及时地披露任何重大事件，包括任何网络安全事件。 这些流程和系统的开发和维护成本高昂，并且需要持续的监控和更新，因为技术不断变化，克服安全措施的努力也变得更加复杂。因此，尽管我们已尽力，但网络安全事件的可能性无法完全消除。我们无法保证我们不会遭受可能对我们的业务产生重大影响的网络安全事件。虽然我们也力求获得与我们互动的第三方将保护机密信息的保证，但第三方持有或访问的数据的保密性可能受到损害的风险依然存在。如果我们的数据安全受到损害，可能会中断我们的运营，使我们承担额外的法律、监管和运营成本，并损害我们在市场中的声誉。此外，监管机构已加强对公司如何收集、处理、使用、存储、共享和传输个人数据的关注。 包括欧盟《通用数据保护条例 2016》、加州消费者保护法案以及其他类似隐私法在内的隐私安全法律法规，带来了日益复杂的合规挑战，这可能会增加合规成本，而且任何未能遵守数据隐私法律法规的行为都可能导致巨额处罚。
网络安全事件或违反数据隐私法律法规的行为，可能导致我们经历某些运营中断，招致大量额外成本，受到法律或监管程序的制约，或损害我们在市场中的声誉。我们业务的性质要求我们接收、保留和传输某些个人身份信息，这些信息是我们的客户为了购买产品或服务、在我们的网站上注册或以其他方式与我们沟通和互动而提供的。虽然我们已经并将继续采取重要措施来保护我们的客户和机密信息，但我们的数据安全系统或与我们互动的企业的系统一旦受到损害，可能会导致未经授权的人员获取与我们的客户或业务相关的信息。我们开发和更新流程并维护系统，以努力防止此类未经授权的访问，并且已经建立并维护了披露控制和程序，这将使我们能够准确和及时地披露任何重大事件，包括任何网络安全事件。 这些流程和系统的开发和维护成本高昂，并且需要持续的监控和更新，因为技术不断变化，克服安全措施的努力也变得更加复杂。因此，尽管我们已尽力，但网络安全事件的可能性无法完全消除。我们无法保证我们不会遭受可能对我们的业务产生重大影响的网络安全事件。虽然我们也力求获得与我们互动的第三方将保护机密信息的保证，但第三方持有或访问的数据的保密性可能受到损害的风险依然存在。如果我们的数据安全受到损害，可能会中断我们的运营，使我们承担额外的法律、监管和运营成本，并损害我们在市场中的声誉。此外，监管机构已加强对公司如何收集、处理、使用、存储、共享和传输个人数据的关注。 包括欧盟《通用数据保护条例 2016》、加州消费者保护法案以及其他类似隐私法在内的隐私安全法律法规，带来了日益复杂的合规挑战，这可能会增加合规成本，而且任何未能遵守数据隐私法律法规的行为都可能导致巨额处罚。
Changes in customer or product mix, downward pressure on sales prices, and changes in volume or timing of orders have caused and could continue to cause our gross profit percentage to fluctuate or decline in the future. Changes in our customer and product mix have caused our gross profit percentage to decline and could cause our gross profit percentage to further fluctuate or decline. For example, we have experienced a sustained increase in the proportion of our sales attributable to both non-fastener products and national accounts and Onsite customers. Non-fastener products typically have a lower gross profit percentage than fasteners because in many cases non-fastener products are less technical, have shorter supply chains, and are easier to transport. Similarly, national accounts and Onsite customers typically have a lower gross profit percentage than smaller customers by virtue of their scale, available business, and broader offering of products which typically have lower gross profit percentages. Whether and to what extent this adverse mix impact will result in a decline of our gross profit percentage in any given year or period will depend on the extent to which they are offset by positive impacts to gross profit percentage during such year or period. Setting aside the circumstances of any given year or period, however, customer and product mix have contributed to the decline of our gross profit percentage over time and, based on the anticipated sources of our future growth, will likely continue to reduce our gross profit percentage into the foreseeable future. There are other variables that could cause our gross profit percentage to decline, including downward pressure on sales prices due to deflation, increases in overseas freight charges, the inability of freight sales to leverage the expenses associated with our captive trucking fleet, pressure from customers to reduce costs, or increased competition. We could experience reductions in the volume of purchases we make from our suppliers, which could reduce supplier volume allowances. We may not be able to pass higher product costs along to customers if those customers have ready product or supplier alternatives in the marketplace. We experienced a number of these variables in 2024. A softer manufacturing economy caused relative weakness in our more cyclical and higher gross margin fastener product line versus our non-fastener product lines. Similarly, we continued to execute initiatives aimed at accelerating key account penetration, which resulted in relative growth in our lower gross margin national account and Onsite customers. The combination of these two events produced pressure on our product gross profit percentage in 2024 from product and customer mix.
客户或产品组合的变化、销售价格的下行压力以及订单数量或时间的变化已经并将可能继续导致我们的毛利润率出现波动或下降。我们的客户和产品组合的变化已经导致我们的毛利润率下降，并可能导致我们的毛利润率进一步波动或下降。例如，我们已经经历了非紧固件产品、全国性客户和现场客户的销售额占比持续增长。通常，非紧固件产品的毛利润率低于紧固件产品，因为在许多情况下，非紧固件产品的技术含量较低、供应链较短且更易于运输。同样，由于全国性客户和现场客户的规模、可用业务以及通常毛利润率较低的更广泛的产品供应，他们的毛利润率通常低于较小客户。 这种不利组合的影响是否以及在多大程度上会导致我们在任何特定年度或期间的毛利润率下降，将取决于这些不利影响在多大程度上被该年度或期间毛利润率的积极影响所抵消。然而，撇开任何特定年度或期间的情况不谈，客户和产品组合在过去一段时间内导致了我们毛利润率的下降，并且基于我们未来增长的预期来源，可能会在可预见的未来继续降低我们的毛利润率。还有其他一些变量可能导致我们的毛利润率下降，包括由于通货紧缩导致的销售价格下行压力、海外运费上涨、货运销售无法利用与我们自有卡车车队相关的费用、客户要求降低成本的压力或竞争加剧。我们可能会遇到从供应商处购买的商品数量减少的情况，这可能会减少供应商的批量折扣。 如果客户在市场中拥有现成的产品或供应商替代品，我们可能无法将更高的产品成本转嫁给客户。我们在 2024 年经历了很多这样的变量。制造业经济的疲软导致我们周期性更强、毛利率更高的紧固件产品线相对于非紧固件产品线表现相对较弱。同样，我们继续执行旨在加速重点客户渗透的举措，这导致我们毛利率较低的全国客户和现场客户的相对增长。这两个事件的结合对我们在 2024 年的产品毛利润率造成了来自产品和客户结构的压力。
客户或产品组合的变化、销售价格的下行压力以及订单数量或时间的变化已经并将可能继续导致我们的毛利润率出现波动或下降。我们的客户和产品组合的变化已经导致我们的毛利润率下降，并可能导致我们的毛利润率进一步波动或下降。例如，我们已经经历了非紧固件产品、全国性客户和现场客户的销售额占比持续增长。通常，非紧固件产品的毛利润率低于紧固件产品，因为在许多情况下，非紧固件产品的技术含量较低、供应链较短且更易于运输。同样，由于全国性客户和现场客户的规模、可用业务以及通常毛利润率较低的更广泛的产品供应，他们的毛利润率通常低于较小客户。 这种不利组合的影响是否以及在多大程度上会导致我们在任何特定年度或期间的毛利润率下降，将取决于这些不利影响在多大程度上被该年度或期间毛利润率的积极影响所抵消。然而，撇开任何特定年度或期间的情况不谈，客户和产品组合在过去一段时间内导致了我们毛利润率的下降，并且基于我们未来增长的预期来源，可能会在可预见的未来继续降低我们的毛利润率。还有其他一些变量可能导致我们的毛利润率下降，包括由于通货紧缩导致的销售价格下行压力、海外运费上涨、货运销售无法利用与我们自有卡车车队相关的费用、客户要求降低成本的压力或竞争加剧。我们可能会遇到从供应商处购买的商品数量减少的情况，这可能会减少供应商的批量折扣。 如果客户在市场中拥有现成的产品或供应商替代品，我们可能无法将更高的产品成本转嫁给客户。我们在 2024 年经历了很多这样的变量。制造业经济的疲软导致我们周期性更强、毛利率更高的紧固件产品线相对于非紧固件产品线表现相对较弱。同样，我们继续执行旨在加速重点客户渗透的举措，这导致我们毛利率较低的全国客户和现场客户的相对增长。这两个事件的结合对我们在 2024 年的产品毛利润率造成了来自产品和客户结构的压力。
Our SG&A expenses could grow more rapidly than net sales, which could result in failure to achieve our goals related to leveraging sales growth into higher net income. Over time, we have generally experienced an increase in our SG&A expenses, including costs related to payroll, occupancy, freight, and information technology, among others, as our net sales have grown. However, historically, a portion of these expenses has not increased at the same rates as net sales, allowing us to leverage our growth and sustain or expand our operating profit margins. There are various scenarios where we may not be able to continue to achieve this leverage as we have been able to do in the past. For instance, it is typical that when demand slows or declines, most commonly from cyclical or general market factors (although it could be due to customer losses or some other company-specific event), our SG&A expenses do not fall as quickly as net sales. It is also possible that in the future we will elect to make investments in SG&A expenses that would result in costs growing faster than net sales. In addition, market variables, which include but are not exclusive of labor rates, energy costs, legal costs, and health care costs, could move in such a way as to cause us to not be able to manage our SG&A expenses so as to leverage our sales growth into higher net income. We experienced a number of these variables in 2024. Specifically, a softer manufacturing economy and our continued investment in personnel to support Onsite growth caused our SG&A to grow faster than sales, resulting in pressure on our operating margin percentage.
我们的 SG&A 费用可能比净销售额增长更快，这可能导致我们无法实现将销售增长转化为更高净利润的目标。长期以来，随着净销售额的增长，我们的 SG&A 费用通常会增加，包括与工资、租赁、运费和信息技术等相关的成本。然而，历史上，这些费用的一部分并没有以与净销售额相同的速度增长，这使我们能够利用增长并维持或扩大我们的营业利润率。在各种情况下，我们可能无法像过去那样继续实现这种杠杆效应。例如，当需求放缓或下降时，通常是由于周期性或一般市场因素（尽管可能是由于客户流失或其他公司特定事件），我们的 SG&A 费用不会像净销售额那样迅速下降。未来，我们也可能会选择对 SG&A 费用进行投资，从而导致成本增长速度超过净销售额。 此外，市场变量（包括但不限于劳动力成本、能源成本、法律成本和医疗保健成本）可能会朝着不利的方向变动，导致我们无法有效管理 SG&A 费用，从而无法将销售增长转化为更高的净利润。我们在 2024 年就经历了一些这样的变量。具体而言，制造业经济疲软以及我们持续投资于人员以支持 Onsite 业务增长，导致我们的 SG&A 增长速度超过销售额，从而对我们的营业利润率构成压力。
我们的 SG&A 费用可能比净销售额增长更快，这可能导致我们无法实现将销售增长转化为更高净利润的目标。长期以来，随着净销售额的增长，我们的 SG&A 费用通常会增加，包括与工资、租赁、运费和信息技术等相关的成本。然而，历史上，这些费用的一部分并没有以与净销售额相同的速度增长，这使我们能够利用增长并维持或扩大我们的营业利润率。在各种情况下，我们可能无法像过去那样继续实现这种杠杆效应。例如，当需求放缓或下降时，通常是由于周期性或一般市场因素（尽管可能是由于客户流失或其他公司特定事件），我们的 SG&A 费用不会像净销售额那样迅速下降。未来，我们也可能会选择对 SG&A 费用进行投资，从而导致成本增长速度超过净销售额。 此外，市场变量（包括但不限于劳动力成本、能源成本、法律成本和医疗保健成本）可能会朝着不利的方向变动，导致我们无法有效管理 SG&A 费用，从而无法将销售增长转化为更高的净利润。我们在 2024 年就经历了一些这样的变量。具体而言，制造业经济疲软以及我们持续投资于人员以支持 Onsite 业务增长，导致我们的 SG&A 增长速度超过销售额，从而对我们的营业利润率构成压力。
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Our inability to attract or transition key executive officers may divert the attention of other members of our senior leadership and adversely impact our existing operations. Our success depends on the efforts and abilities of our key executive officers and senior leadership. In the event of voluntary or involuntary vacancies in our executive team in the future, the extent to which there is disruption in the oversight and/or leadership of our business will depend on our ability to either transition internal, talented individuals or recruit suitable replacements to serve in these roles. In addition, difficulties in smoothly implementing any transition to new members of our executive team, or recruiting suitable replacements, could divert the attention of other members of our senior leadership team from our existing operations. In December 2024, our Chief Financial Officer disclosed his intention to resign from Fastenal effective April 16, 2025. The process of filling this role is underway. However, failure to develop, attract, and retain a suitable replacement may have an adverse effect on our senior leadership team and our existing operations.
我们若无法吸引或过渡关键高管人员，可能会分散其他高级领导成员的注意力，并对我们现有的运营产生不利影响。我们的成功取决于我们关键高管人员和高级领导层的努力和能力。未来，如果我们的执行团队出现自愿或非自愿的职位空缺，对我们业务的监督和/或领导造成多大程度的 disruption 将取决于我们是否有能力过渡内部优秀人才或招聘合适的替代者来担任这些职位。此外，在向执行团队新成员顺利过渡或招聘合适的替代者方面遇到的困难，可能会分散我们其他高级领导团队成员对现有运营的注意力。2024 年 12 月，我们的首席财务官披露了他将于 2025 年 4 月 16 日从 Fastenal 辞职的意向。填补这一职位的过程正在进行中。然而，未能培养、吸引和留住合适的替代者可能会对我们的高级领导团队和我们现有的运营产生不利影响。
我们若无法吸引或过渡关键高管人员，可能会分散其他高级领导成员的注意力，并对我们现有的运营产生不利影响。我们的成功取决于我们关键高管人员和高级领导层的努力和能力。未来，如果我们的执行团队出现自愿或非自愿的职位空缺，对我们业务的监督和/或领导造成多大程度的 disruption 将取决于我们是否有能力过渡内部优秀人才或招聘合适的替代者来担任这些职位。此外，在向执行团队新成员顺利过渡或招聘合适的替代者方面遇到的困难，可能会分散我们其他高级领导团队成员对现有运营的注意力。2024 年 12 月，我们的首席财务官披露了他将于 2025 年 4 月 16 日从 Fastenal 辞职的意向。填补这一职位的过程正在进行中。然而，未能培养、吸引和留住合适的替代者可能会对我们的高级领导团队和我们现有的运营产生不利影响。
Our competitive advantage in FMI solutions, which includes industrial vending (FASTVend) and bin stock (FASTStock and FASTBin) tools, could be eliminated and, in the case of FASTVend and FASTBin, the loss of key suppliers of equipment and services could be impactful and result in failure to deploy devices. Certain circumstances could lead to a short-term inability to promote and/or install our FMI solutions. We believe we have a competitive advantage in industrial vending and bin stock due to our hardware and software, our local presence (allowing us to service devices and bins more rapidly and with less burden on our customers), our depth of products that lend themselves to being dispensed through industrial vending devices or bin stocks, and, particularly in North America, our distribution strength. These advantages have developed over time; however, other competitors could respond to our expanding industrial vending and bin stock position with highly competitive platforms of their own. Such competition could negatively impact our ability to expand our industrial vending and bin stock tools or negatively impact the economics of that business. In addition, we currently choose to rely on a limited number of suppliers for our vending devices, RFID technology, and IR technology used in our FASTVend and FASTBin platforms. While devices, software, and services can be obtained from other sources, loss of our current suppliers could be disruptive and could result in our failure to meet short- or long-term goals related to the numbers of FASTVend and FASTBin devices we are able to deploy. Certain circumstances may reduce short-term customer receptivity to adopting our FMI services. For instance, during periods of dramatic change in economic activity, some customers may prioritize managing existing operations over adopting new technologies until business circumstances change.
我们在 FMI 解决方案方面的竞争优势，包括工业自动售货（FASTVend）和料箱库存（FASTStock 和 FASTBin）工具，可能会被消除；对于 FASTVend 和 FASTBin 而言，设备和服务的关键供应商的流失可能会产生影响，并导致设备无法部署。某些情况可能导致短期内无法推广和/或安装我们的 FMI 解决方案。我们认为，我们在工业自动售货和料箱库存方面具有竞争优势，这归功于我们的硬件和软件、我们的本地业务（使我们能够更快地为设备和料箱提供服务，并减轻客户的负担）、我们的产品深度（适合通过工业自动售货设备或料箱库存进行分配），以及尤其是在北美，我们的分销实力。这些优势是随着时间的推移而发展起来的；但是，其他竞争对手可能会通过他们自己的具有高度竞争力的平台来应对我们不断扩大的工业自动售货和料箱库存地位。这种竞争可能会对我们扩展工业自动售货和料箱库存工具的能力产生负面影响，或对该业务的经济效益产生负面影响。 此外，目前我们选择依赖少数供应商来提供 FASTVend 和 FASTBin 平台中使用的自动售货设备、RFID 技术和 IR 技术。虽然设备、软件和服务可以从其他来源获得，但失去目前的供应商可能会造成干扰，并可能导致我们无法实现与 FASTVend 和 FASTBin 设备部署数量相关的短期或长期目标。某些情况可能会降低短期内客户对采用我们 FMI 服务的接受度。例如，在经济活动发生剧烈变化的时期，一些客户可能会优先管理现有运营，而不是采用新技术，直到商业环境发生变化。
我们在 FMI 解决方案方面的竞争优势，包括工业自动售货（FASTVend）和料箱库存（FASTStock 和 FASTBin）工具，可能会被消除；对于 FASTVend 和 FASTBin 而言，设备和服务的关键供应商的流失可能会产生影响，并导致设备无法部署。某些情况可能导致短期内无法推广和/或安装我们的 FMI 解决方案。我们认为，我们在工业自动售货和料箱库存方面具有竞争优势，这归功于我们的硬件和软件、我们的本地业务（使我们能够更快地为设备和料箱提供服务，并减轻客户的负担）、我们的产品深度（适合通过工业自动售货设备或料箱库存进行分配），以及尤其是在北美，我们的分销实力。这些优势是随着时间的推移而发展起来的；但是，其他竞争对手可能会通过他们自己的具有高度竞争力的平台来应对我们不断扩大的工业自动售货和料箱库存地位。这种竞争可能会对我们扩展工业自动售货和料箱库存工具的能力产生负面影响，或对该业务的经济效益产生负面影响。 此外，目前我们选择依赖少数供应商来提供 FASTVend 和 FASTBin 平台中使用的自动售货设备、RFID 技术和 IR 技术。虽然设备、软件和服务可以从其他来源获得，但失去目前的供应商可能会造成干扰，并可能导致我们无法实现与 FASTVend 和 FASTBin 设备部署数量相关的短期或长期目标。某些情况可能会降低短期内客户对采用我们 FMI 服务的接受度。例如，在经济活动发生剧烈变化的时期，一些客户可能会优先管理现有运营，而不是采用新技术，直到商业环境发生变化。
We may be affected by global climate change or legal, tax, regulatory, or market responses to such change. The concern over climate change has led to legislative and regulatory initiatives aimed at reducing greenhouse gas emissions. Compliance with any new or more stringent laws or requirements, or stricter interpretations of existing laws, could require additional expenditures by us or our suppliers. In addition, many of the regulations that have been issued create mandatory, annual reporting requirements related to carbon emissions and other sustainability-related information that will ultimately be subject to audit. If we are unable to respond to any new regulatory or market changes in a timely fashion or at all in a way that satisfies regulators and/or our suppliers and customers, it could directly or indirectly affect our business, supply chains, financial condition, results of operations, and cash flows. Furthermore, climate change may present additional physical risks to our operations and lead to an increased frequency of unusual or extreme weather conditions, which could disrupt our supply chain or harm or disrupt our operations or those of our customers or suppliers.
我们可能受到全球气候变化或对此类变化做出的法律、税务、监管或市场反应的影响。对气候变化的担忧已促成立法和监管举措，旨在减少温室气体排放。遵守任何新的或更严格的法律或要求，或对现有法律的更严格解释，可能需要我们或我们的供应商增加额外支出。此外，已发布的许多法规都规定了与碳排放和其他可持续发展相关信息的强制性年度报告要求，这些信息最终将受到审计。如果我们无法及时或根本无法以满足监管机构和/或我们的供应商和客户的方式应对任何新的监管或市场变化，则可能直接或间接地影响我们的业务、供应链、财务状况、经营成果和现金流。此外，气候变化可能给我们的运营带来额外的物理风险，并导致异常或极端天气状况的频率增加，这可能会扰乱我们的供应链或损害或扰乱我们或我们的客户或供应商的运营。
我们可能受到全球气候变化或对此类变化做出的法律、税务、监管或市场反应的影响。对气候变化的担忧已促成立法和监管举措，旨在减少温室气体排放。遵守任何新的或更严格的法律或要求，或对现有法律的更严格解释，可能需要我们或我们的供应商增加额外支出。此外，已发布的许多法规都规定了与碳排放和其他可持续发展相关信息的强制性年度报告要求，这些信息最终将受到审计。如果我们无法及时或根本无法以满足监管机构和/或我们的供应商和客户的方式应对任何新的监管或市场变化，则可能直接或间接地影响我们的业务、供应链、财务状况、经营成果和现金流。此外，气候变化可能给我们的运营带来额外的物理风险，并导致异常或极端天气状况的频率增加，这可能会扰乱我们的供应链或损害或扰乱我们或我们的客户或供应商的运营。
We may be unable to meet our goals regarding the growth drivers of our business. Our sales growth is dependent primarily on our ability to attract new customers and increase our activity with existing customers within North America and abroad. In recent years, we have increased the resources devoted to developing a multi-dimensional, differentiated service offering, including our Digital Footprint (which incorporates our FMI and eBusiness capabilities), Onsites, national accounts, international capabilities, and process and consumption analytics. While we have taken steps to build momentum in the growth drivers of our business, we cannot assure you those steps will lead to sales growth. Failure to achieve any of our goals regarding our Digital Footprint, Onsites, national accounts, international capabilities, analytics, or other growth drivers could negatively impact our long-term sales and profit growth. In addition, failure to identify appropriate targets for the growth drivers of our business or failure to persuade the appropriate targets to adopt these offerings once identified may adversely impact our internally developed and/or externally communicated deployment objectives.
我们可能无法实现关于业务增长驱动因素的目标。我们的销售增长主要取决于我们吸引新客户以及提高现有客户在北美和海外的活跃度的能力。近年来，我们增加了用于开发多维度、差异化服务产品的资源，包括我们的 Digital Footprint（包含我们的 FMI 和电子商务能力）、Onsites、全国客户、国际业务能力以及流程和消费分析。虽然我们已采取措施来增强业务增长驱动因素的势头，但我们无法向您保证这些措施将带来销售增长。未能实现关于我们的 Digital Footprint、Onsites、全国客户、国际业务能力、分析或其他增长驱动因素的任何目标，可能会对我们的长期销售和利润增长产生负面影响。此外，未能识别我们业务增长驱动因素的适当目标，或未能说服适当的目标采用这些已识别的产品，可能会对我们内部开发和/或外部沟通的部署目标产生不利影响。
我们可能无法实现关于业务增长驱动因素的目标。我们的销售增长主要取决于我们吸引新客户以及提高现有客户在北美和海外的活跃度的能力。近年来，我们增加了用于开发多维度、差异化服务产品的资源，包括我们的 Digital Footprint（包含我们的 FMI 和电子商务能力）、Onsites、全国客户、国际业务能力以及流程和消费分析。虽然我们已采取措施来增强业务增长驱动因素的势头，但我们无法向您保证这些措施将带来销售增长。未能实现关于我们的 Digital Footprint、Onsites、全国客户、国际业务能力、分析或其他增长驱动因素的任何目标，可能会对我们的长期销售和利润增长产生负面影响。此外，未能识别我们业务增长驱动因素的适当目标，或未能说服适当的目标采用这些已识别的产品，可能会对我们内部开发和/或外部沟通的部署目标产生不利影响。
The ability to identify new products and product lines, and integrate them into our selling efforts and distribution network, may impact our ability to compete, our ability to generate additional sales, and our profit margins. Our success depends in part on our ability to develop product expertise at our selling locations and through our specialist roles and identify future products and product lines that complement existing products and product lines and that respond to our customers' needs. We may not be able to compete effectively unless our product selection keeps up with trends in the markets in which we compete or trends in new products. In addition, our ability to integrate new products and product lines into our selling locations and distribution network could impact sales and profit margins.
识别新产品和产品线，并将其整合到我们的销售工作和分销网络中的能力，可能会影响我们的竞争能力、产生额外销售额的能力以及利润率。我们的成功部分取决于我们在销售地点和通过专业角色培养产品专业知识的能力，以及识别能够补充现有产品和产品线并满足客户需求的未来产品和产品线的能力。除非我们的产品选择能够跟上我们所竞争市场或新产品的发展趋势，否则我们可能无法有效地参与竞争。此外，我们将新产品和产品线整合到我们的销售地点和分销网络中的能力可能会影响销售额和利润率。
识别新产品和产品线，并将其整合到我们的销售工作和分销网络中的能力，可能会影响我们的竞争能力、产生额外销售额的能力以及利润率。我们的成功部分取决于我们在销售地点和通过专业角色培养产品专业知识的能力，以及识别能够补充现有产品和产品线并满足客户需求的未来产品和产品线的能力。除非我们的产品选择能够跟上我们所竞争市场或新产品的发展趋势，否则我们可能无法有效地参与竞争。此外，我们将新产品和产品线整合到我们的销售地点和分销网络中的能力可能会影响销售额和利润率。
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The ability to adequately protect our reputation may have an adverse impact on operations and profitability. The Fastenal name is valuable to our business, as well as to the implementation of our strategies for expanding our business. Maintaining, promoting, and positioning our brand will depend largely on our ability to provide high quality products, deliver consistent services, and improve our customers' business operations. Further, information on Fastenal, including our products and services, can be more easily accessed and more quickly disseminated through traditional and social media and digital channels. Should we fail to deliver a positive customer experience or should our public image be tarnished by negative publicity, whether or not based in fact, it could jeopardize our reputation and discourage customers from purchasing our products and services, which in turn could adversely affect our ability to grow our sales and profitability.
充分保护我们声誉的能力可能对运营和盈利能力产生不利影响。Fastenal 的名称对我们的业务以及实施业务扩张战略都具有重要价值。维护、推广和定位我们的品牌将主要取决于我们提供高质量产品、提供一致服务和改善客户业务运营的能力。此外，通过传统媒体、社交媒体和数字渠道，可以更轻松地访问和更快地传播有关 Fastenal 的信息，包括我们的产品和服务。如果我们未能提供积极的客户体验，或者我们的公众形象因负面宣传而受损（无论是否基于事实），都可能损害我们的声誉，并阻止客户购买我们的产品和服务，进而可能对我们增加销售额和盈利能力的能力产生不利影响。
充分保护我们声誉的能力可能对运营和盈利能力产生不利影响。Fastenal 的名称对我们的业务以及实施业务扩张战略都具有重要价值。维护、推广和定位我们的品牌将主要取决于我们提供高质量产品、提供一致服务和改善客户业务运营的能力。此外，通过传统媒体、社交媒体和数字渠道，可以更轻松地访问和更快地传播有关 Fastenal 的信息，包括我们的产品和服务。如果我们未能提供积极的客户体验，或者我们的公众形象因负面宣传而受损（无论是否基于事实），都可能损害我们的声誉，并阻止客户购买我们的产品和服务，进而可能对我们增加销售额和盈利能力的能力产生不利影响。
We may not be able to compete effectively against traditional or non-traditional competitors, which could cause us to lose market share or erode our gross and/or operating income profit and/or percentage. The industrial, construction, and maintenance supply industry, although slowly consolidating, still remains a large, fragmented, and highly competitive industry. Our current or future competitors may include companies with similar or greater market presence, name recognition, and financial, marketing, technological, and other resources, and we believe they will continue to challenge us with their product selection, financial resources, technological advancements, and services. Increased competition from brick-and-mortar retailers could cause us to lose market share, reduce our prices, or increase our spending. Similarly, the emergence of online retailers, whether as extensions of our traditional competition or in the form of major, non-traditional competitors, could result in easier and quicker price discovery and the adoption of aggressive pricing strategies and sales methods. These pressures could have the effect of eroding our gross and/or operating income profit and/or percentage over time.
我们可能无法有效地与传统或非传统竞争对手竞争，这可能导致我们失去市场份额或削弱我们的毛利润和/或营业收入利润和/或百分比。工业、建筑和维护用品行业虽然正在缓慢整合，但仍然是一个庞大、分散且竞争激烈的行业。我们当前或未来的竞争对手可能包括具有相似或更大的市场占有率、品牌知名度以及财务、营销、技术和其他资源的公司，我们认为他们将继续以其产品选择、财务资源、技术进步和服务来挑战我们。来自实体零售商日益激烈的竞争可能导致我们失去市场份额、降低价格或增加支出。同样，在线零售商的出现，无论是作为我们传统竞争的延伸，还是以主要的非传统竞争对手的形式出现，都可能导致更容易和更快速的价格发现以及激进的定价策略和销售方法的采用。 这些压力可能会随着时间的推移削弱我们的毛利润和/或营业收入利润和/或百分比。
我们可能无法有效地与传统或非传统竞争对手竞争，这可能导致我们失去市场份额或削弱我们的毛利润和/或营业收入利润和/或百分比。工业、建筑和维护用品行业虽然正在缓慢整合，但仍然是一个庞大、分散且竞争激烈的行业。我们当前或未来的竞争对手可能包括具有相似或更大的市场占有率、品牌知名度以及财务、营销、技术和其他资源的公司，我们认为他们将继续以其产品选择、财务资源、技术进步和服务来挑战我们。来自实体零售商日益激烈的竞争可能导致我们失去市场份额、降低价格或增加支出。同样，在线零售商的出现，无论是作为我们传统竞争的延伸，还是以主要的非传统竞争对手的形式出现，都可能导致更容易和更快速的价格发现以及激进的定价策略和销售方法的采用。 这些压力可能会随着时间的推移削弱我们的毛利润和/或营业收入利润和/或百分比。
We may not be successful in integrating acquisitions and achieving intended benefits and synergies. Historically, substantially all of our growth has been organic. However, we have completed several acquisitions over the last decade and expect to continue to pursue strategic acquisitions that we believe will either expand or complement our business in new or existing markets or further enhance the value and offerings we are able to provide to our existing or future potential customers. Acquisitions involve numerous risks and challenges, including, among others, a risk of potential loss of key employees of an acquired business, inability to achieve identified operating and financial synergies anticipated to result from an acquisition, diversion of our capital and our management's attention from other business issues, and risks related to the integration of the acquired business, including unanticipated changes in our business, our industry, or general economic conditions that affect the assumptions underlying the acquisition. Any one or more of these factors could cause us to not realize the benefits anticipated to result from the acquisitions.
我们可能无法成功整合收购项目并实现预期的效益和协同效应。从历史上看，我们的大部分增长都是内生性的。然而，在过去的十年中，我们已经完成了一些收购，并期望继续进行战略收购，我们认为这些收购将扩大或补充我们在新的或现有市场中的业务，或进一步提高我们能够为现有或未来潜在客户提供的价值和产品。收购涉及许多风险和挑战，包括但不限于，收购业务的关键员工可能流失的风险，无法实现因收购而产生的已确定的运营和财务协同效应，我们的资本和管理层的注意力从其他业务问题上转移，以及与收购业务整合相关的风险，包括我们的业务、我们的行业或影响收购基本假设的总体经济状况的意外变化。这些因素中的任何一个或多个都可能导致我们无法实现预期收购带来的效益。
我们可能无法成功整合收购项目并实现预期的效益和协同效应。从历史上看，我们的大部分增长都是内生性的。然而，在过去的十年中，我们已经完成了一些收购，并期望继续进行战略收购，我们认为这些收购将扩大或补充我们在新的或现有市场中的业务，或进一步提高我们能够为现有或未来潜在客户提供的价值和产品。收购涉及许多风险和挑战，包括但不限于，收购业务的关键员工可能流失的风险，无法实现因收购而产生的已确定的运营和财务协同效应，我们的资本和管理层的注意力从其他业务问题上转移，以及与收购业务整合相关的风险，包括我们的业务、我们的行业或影响收购基本假设的总体经济状况的意外变化。这些因素中的任何一个或多个都可能导致我们无法实现预期收购带来的效益。
Equity Risks 股权风险
Our stock price will fluctuate, and at times these fluctuations may be volatile. The prices of markets and individual equities tend to fluctuate. These fluctuations commonly reflect events, many of which may be fully or partially outside of our control, that may change investors' perception of our future income growth prospects, including changes in economic conditions, ability to execute business strategy, the impacts of public policy, investor sentiment, competitive dynamics, and many other factors. While the sources of stock price fluctuation can be common across companies, the magnitude of these fluctuations can vary for different companies. This is commonly measured by beta, which is an individual stock's volatility in relation to the overall market. Our stock price has traditionally had a high beta value, which means fluctuations in the price of our shares will often be sharper than what is experienced by broader market indices. We can provide no assurance that the above-average historical volatility of our stock versus the broader market will moderate. Volatility in our stock price could also result in the filing of securities class action litigation, which could result in substantial costs and the diversion of our management's time, attention, and resources.
我们的股价将会波动，有时这些波动可能非常剧烈。市场和个别股票的价格往往会波动。这些波动通常反映了一些事件，其中许多事件可能完全或部分超出我们的控制范围，这些事件可能会改变投资者对我们未来收入增长前景的看法，包括经济状况的变化、执行业务战略的能力、公共政策的影响、投资者情绪、竞争动态以及许多其他因素。虽然股价波动的来源在各公司之间可能很常见，但这些波动的幅度可能因公司而异。这通常通过 beta 来衡量，beta 是个别股票相对于整个市场的波动率。我们的股价历来具有较高的 beta 值，这意味着我们股价的波动通常会比更广泛的市场指数所经历的波动更为剧烈。我们无法保证我们的股票相对于更广泛市场的历史平均波动率将会缓和。 我们股票价格的波动也可能导致证券集体诉讼，这可能会导致巨额成本，并分散我们管理层的时间、注意力和资源。
我们的股价将会波动，有时这些波动可能非常剧烈。市场和个别股票的价格往往会波动。这些波动通常反映了一些事件，其中许多事件可能完全或部分超出我们的控制范围，这些事件可能会改变投资者对我们未来收入增长前景的看法，包括经济状况的变化、执行业务战略的能力、公共政策的影响、投资者情绪、竞争动态以及许多其他因素。虽然股价波动的来源在各公司之间可能很常见，但这些波动的幅度可能因公司而异。这通常通过 beta 来衡量，beta 是个别股票相对于整个市场的波动率。我们的股价历来具有较高的 beta 值，这意味着我们股价的波动通常会比更广泛的市场指数所经历的波动更为剧烈。我们无法保证我们的股票相对于更广泛市场的历史平均波动率将会缓和。 我们股票价格的波动也可能导致证券集体诉讼，这可能会导致巨额成本，并分散我们管理层的时间、注意力和资源。
There can be no assurance that our stock price will continue to reflect the current multiple of income over time. Stock prices, including ours, are commonly thought to be a function of income compounded by a multiple. This is often referred to as a price-to-earnings (P/E) ratio, although other forms of multiples are often utilized by investors to value Fastenal shares. Historically, investors have given our income a higher multiple, or premium, than is typical of the broader industrial sector with which we are typically associated. We believe we have earned this premium by virtue of a long history of superior growth, profitability, and returns. However, to the extent that we fail to successfully execute our growth strategies and/or poorly navigate the risks that surround our business, including those described throughout this section, or to the extent our industry (industrial distribution, or industrial stocks in general) loses favor in the marketplace, there can be no assurance that investors will continue to afford a premium multiple to our income, which could adversely affect our stock price.
我们无法保证我们的股价将继续反映当前收入的倍数。包括我们公司在内的股票价格，通常被认为是收入乘以倍数的结果。这通常被称为市盈率 (P/E)，尽管投资者经常使用其他形式的倍数来评估 Fastenal 的股票。从历史上看，投资者给予我们的收入高于通常与我们相关的更广泛工业领域的倍数或溢价。我们相信，凭借长期以来卓越的增长、盈利能力和回报，我们已经赢得了这一溢价。但是，如果我们未能成功执行我们的增长战略，和/或未能妥善应对我们业务周围的风险（包括本节中描述的风险），或者如果我们的行业（工业分销或一般工业股票）在市场上失宠，则无法保证投资者将继续给予我们的收入溢价倍数，这可能会对我们的股价产生不利影响。
我们无法保证我们的股价将继续反映当前收入的倍数。包括我们公司在内的股票价格，通常被认为是收入乘以倍数的结果。这通常被称为市盈率 (P/E)，尽管投资者经常使用其他形式的倍数来评估 Fastenal 的股票。从历史上看，投资者给予我们的收入高于通常与我们相关的更广泛工业领域的倍数或溢价。我们相信，凭借长期以来卓越的增长、盈利能力和回报，我们已经赢得了这一溢价。但是，如果我们未能成功执行我们的增长战略，和/或未能妥善应对我们业务周围的风险（包括本节中描述的风险），或者如果我们的行业（工业分销或一般工业股票）在市场上失宠，则无法保证投资者将继续给予我们的收入溢价倍数，这可能会对我们的股价产生不利影响。
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We cannot provide any guaranty of future dividend payments or that we will continue to purchase shares of our common stock pursuant to our share purchase program. Although our board of directors has historically authorized the payment of quarterly cash dividends on our common stock and indicated an intention to do so in the future, there are no assurances that we will continue to pay dividends in the future or continue to increase dividends at historic rates. In addition, although our board of directors has authorized share purchase programs and we purchased shares in 2022, 2020, and prior years through these programs, we may discontinue doing so at any time. Any decision to continue to pay quarterly dividends on our common stock, to increase those dividends, or to purchase our common stock in the future will be based upon our financial condition and results of operations, the price of our common stock, credit conditions, and such other factors as are deemed relevant by our board of directors.
我们无法保证未来的股息支付，也无法保证我们将继续根据我们的股票购买计划购买普通股。尽管我们的董事会历来授权支付普通股的季度现金股息，并表示有意在未来这样做，但不能保证我们未来将继续支付股息或继续以历史速度增加股息。此外，尽管我们的董事会已授权股票购买计划，并且我们在 2022 年、2020 年及之前的年份通过这些计划购买了股票，但我们可能随时停止这样做。任何继续支付普通股季度股息、增加这些股息或未来购买我们普通股的决定，都将基于我们的财务状况和经营业绩、我们普通股的价格、信贷状况以及我们的董事会认为相关的其他因素。
我们无法保证未来的股息支付，也无法保证我们将继续根据我们的股票购买计划购买普通股。尽管我们的董事会历来授权支付普通股的季度现金股息，并表示有意在未来这样做，但不能保证我们未来将继续支付股息或继续以历史速度增加股息。此外，尽管我们的董事会已授权股票购买计划，并且我们在 2022 年、2020 年及之前的年份通过这些计划购买了股票，但我们可能随时停止这样做。任何继续支付普通股季度股息、增加这些股息或未来购买我们普通股的决定，都将基于我们的财务状况和经营业绩、我们普通股的价格、信贷状况以及我们的董事会认为相关的其他因素。
General Economic and Operating Risks
一般经济和运营风险
一般经济和运营风险
Operational Risks 运营风险
Products manufactured in foreign countries may cease to be available, which could adversely affect our inventory levels and operating results. We obtain certain of our products, and our suppliers obtain certain of their products, from China, Taiwan, South Korea, and other foreign countries. Our suppliers could discontinue or experience disruption in selling products manufactured in foreign countries at any time for reasons that may or may not be in our control or our suppliers' control, including foreign government regulations, domestic government regulations, disruption in trade relationships and agreements, political unrest, war, disease, labor availability, or changes in local economic conditions. Additionally, the shipment of goods from foreign countries could be delayed by container shipping companies encountering financial, capacity, or other difficulties. Our operating results and inventory levels could suffer if we are unable to promptly replace a supplier or shipper who is unwilling or unable to satisfy our requirements with another supplier or shipper providing products and services of comparable quality and utility.
在国外生产的产品可能无法继续供应，这可能会对我们的库存水平和经营业绩产生不利影响。我们以及我们的供应商的部分产品来自中国、台湾、韩国和其他国家。由于我们或我们的供应商无法控制的原因，我们的供应商可能随时停止或中断销售在国外生产的产品，这些原因包括外国政府法规、本国政府法规、贸易关系和协议中断、政治动荡、战争、疾病、劳动力供应或当地经济状况的变化。此外，集装箱航运公司如果遇到财务、运力或其他困难，可能会延误从国外运送货物。如果我们无法迅速更换不愿或无法满足我们要求的供应商或托运人，并找到能够提供质量和效用相当的产品和服务的其他供应商或托运人，我们的经营业绩和库存水平可能会受到影响。
在国外生产的产品可能无法继续供应，这可能会对我们的库存水平和经营业绩产生不利影响。我们以及我们的供应商的部分产品来自中国、台湾、韩国和其他国家。由于我们或我们的供应商无法控制的原因，我们的供应商可能随时停止或中断销售在国外生产的产品，这些原因包括外国政府法规、本国政府法规、贸易关系和协议中断、政治动荡、战争、疾病、劳动力供应或当地经济状况的变化。此外，集装箱航运公司如果遇到财务、运力或其他困难，可能会延误从国外运送货物。如果我们无法迅速更换不愿或无法满足我们要求的供应商或托运人，并找到能够提供质量和效用相当的产品和服务的其他供应商或托运人，我们的经营业绩和库存水平可能会受到影响。
A downturn in the economy or in the principal markets served by us and other factors may affect customer spending, which could harm our operating results. In general, our sales are the result of planned and unplanned customer spending on products used in production of final goods, infrastructure construction, and/or the maintenance of facilities. This spending is affected by many factors, including, among others:
经济或我们所服务的主要市场出现下滑以及其他因素可能会影响客户支出，从而损害我们的经营业绩。一般来说，我们的销售额是计划内和计划外客户在最终产品生产、基础设施建设和/或设施维护中所用产品支出的结果。这种支出受多种因素影响，包括但不限于：
经济或我们所服务的主要市场出现下滑以及其他因素可能会影响客户支出，从而损害我们的经营业绩。一般来说，我们的销售额是计划内和计划外客户在最终产品生产、基础设施建设和/或设施维护中所用产品支出的结果。这种支出受多种因素影响，包括但不限于：
•general business conditions;
•总体商业环境；
•总体商业环境；
•business conditions in our principal markets;
•我们主要市场的商业环境；
•我们主要市场的商业环境；
•changes in the value of local currencies relative to our functional currency, the U.S. dollar;
•当地货币相对于我们的记账本位币（美元）的价值变动；
•当地货币相对于我们的记账本位币（美元）的价值变动；
•interest rates; •利率；
•increases (inflation) or decreases (deflation) in the cost of products from our vendors, transportation services, energy and fuel prices, and electrical power rates;
•我们供应商的产品成本、运输服务、能源和燃料价格以及电力费率的上涨（通货膨胀）或下降（通货紧缩）；
•我们供应商的产品成本、运输服务、能源和燃料价格以及电力费率的上涨（通货膨胀）或下降（通货紧缩）；
•liquidity in credit markets;
•信贷市场的流动性；
•信贷市场的流动性；
•taxation; •税收；
•government regulations and actions;
•政府法规和行动；
•政府法规和行动；
•the impact on customer demand or availability of goods and services based on labor shortages or work stoppages;
•劳动力短缺或停工对客户需求或商品及服务供应的影响；
•劳动力短缺或停工对客户需求或商品及服务供应的影响；
•unemployment trends; •失业趋势；
•terrorist attacks and acts of war;
•恐怖袭击和战争行为；
•恐怖袭击和战争行为；
•impact of higher sustained global temperatures (climate change);
•全球持续高温的影响（气候变化）；
•全球持续高温的影响（气候变化）；
•acts of God, which may include, but are not limited to, weather events, earthquakes, pandemics, etc.; and
•不可抗力事件，可能包括但不限于天气事件、地震、疫情等；以及
•不可抗力事件，可能包括但不限于天气事件、地震、疫情等；以及
•other matters that influence customer confidence and spending.
•其他影响客户信心和支出的事项。
•其他影响客户信心和支出的事项。
A downturn in either the national or local economies where we operate, or in the principal markets served by us, or changes in any of the other factors described above, could negatively impact sales at our in-market locations, sales through our other selling channels, and the level of profitability of those in-market locations and other selling channels. The primary variable affecting our results in 2024 was a softening in manufacturing sector business conditions.
我们运营所在的国家或地方经济，或我们服务的主要市场出现下滑，或上述任何其他因素发生变化，都可能对我们市场内门店的销售额、通过其他销售渠道的销售额以及这些市场内门店和其他销售渠道的盈利水平产生负面影响。影响我们 2024 年业绩的主要变量是制造业商业环境的疲软。
我们运营所在的国家或地方经济，或我们服务的主要市场出现下滑，或上述任何其他因素发生变化，都可能对我们市场内门店的销售额、通过其他销售渠道的销售额以及这些市场内门店和其他销售渠道的盈利水平产生负面影响。影响我们 2024 年业绩的主要变量是制造业商业环境的疲软。
Trade policies could make sourcing product from overseas more difficult and/or more costly, and could adversely impact our gross and/or operating profit percentage. We source a significant amount of the products we sell from outside of North America, primarily Asia. We have made significant structural investments over time to be able to source both directly from Asia through our wholly-owned, Asia-based subsidiary, FASTCO Trading Co., Ltd., and indirectly from suppliers that procure product from international sources. This was initially necessary due to the absence of significant domestic fastener production, but over time we have expanded our non-fastener sourcing as well, and at this time it may be difficult to adjust our sourcing in the short term. In light of this, changes in trade policies could affect our sourcing operations, our ability to secure sufficient product to serve our customers and/or impact the cost or price of our products, with potentially adverse impacts on our gross and operating profit percentages and financial results. China represents a significant source of product for North America. In
贸易政策可能会使从海外采购产品变得更加困难和/或成本更高，并可能对我们的毛利率和/或营业利润率产生不利影响。我们销售的相当数量的产品来自北美以外的地区，主要是亚洲。随着时间的推移，我们进行了大量的结构性投资，以便能够直接通过我们在亚洲的全资子公司 FASTCO Trading Co., Ltd.从亚洲采购，以及间接从向国际渠道采购产品的供应商处采购。最初，由于国内缺乏大量的紧固件生产，这在当时是必要的，但随着时间的推移，我们也扩大了非紧固件的采购，目前来看，在短期内调整我们的采购可能比较困难。鉴于此，贸易政策的变化可能会影响我们的采购运营、我们获得足够产品来服务客户的能力，和/或影响我们产品的成本或价格，从而可能对我们的毛利率和营业利润率以及财务业绩产生不利影响。中国是北美产品的重要来源地。
贸易政策可能会使从海外采购产品变得更加困难和/或成本更高，并可能对我们的毛利率和/或营业利润率产生不利影响。我们销售的相当数量的产品来自北美以外的地区，主要是亚洲。随着时间的推移，我们进行了大量的结构性投资，以便能够直接通过我们在亚洲的全资子公司 FASTCO Trading Co., Ltd.从亚洲采购，以及间接从向国际渠道采购产品的供应商处采购。最初，由于国内缺乏大量的紧固件生产，这在当时是必要的，但随着时间的推移，我们也扩大了非紧固件的采购，目前来看，在短期内调整我们的采购可能比较困难。鉴于此，贸易政策的变化可能会影响我们的采购运营、我们获得足够产品来服务客户的能力，和/或影响我们产品的成本或价格，从而可能对我们的毛利率和营业利润率以及财务业绩产生不利影响。中国是北美产品的重要来源地。
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addition, we move and source products within North America. Any trading disruption (tariffs, product restrictions, etc.) between Canada, the U.S., and Mexico, or disruption in their respective trading relationships with other nations can adversely impact our business. On February 1, 2025, the White House issued three executive orders directing the U.S. to impose an increase of the duty on imports from Canada and Mexico and China and empowering the U.S. president to raise the tariffs further should any country retaliate. On February 3, 2025, the prospective tariffs on Canada and Mexico were deferred for 30 days, though the execution of these tariff increases remain possible beyond the current short-term reprieve. The 10% additional tariff on all imports from China went into effect, and on February 4, 2025 China retaliated with various levels of tariffs on certain products imported into that country from the U.S. We are closely monitoring these actions, which could have an adverse impact on our business and financial results. There can be no assurances that these disruptions will not continue or increase in the future, with the previously mentioned countries or additional countries with which we do business. The degree to which these changes in the global marketplace affect our financial results will be influenced by the specific details of the changes in trade policies, their timing and duration, and our effectiveness in deploying tools to address these issues.
此外，我们在北美地区转移和采购产品。加拿大、美国和墨西哥之间，或它们各自与其他国家之间的贸易中断（关税、产品限制等）可能会对我们的业务产生不利影响。2025 年 2 月 1 日，白宫发布了三项行政命令，指示美国对从加拿大、墨西哥和中国进口的商品征收更高的关税，并授权美国总统在任何国家进行报复时进一步提高关税。2025 年 2 月 3 日，对加拿大和墨西哥的预期关税被推迟了 30 天，尽管在目前的短期缓刑之后，这些关税的执行仍然有可能。对所有从中国进口的商品征收的 10%的额外关税已经生效，2025 年 2 月 4 日，中国对从美国进口到该国的某些产品采取了不同程度的关税报复。我们正在密切关注这些行动，这些行动可能对我们的业务和财务业绩产生不利影响。 我们无法保证这些中断不会持续或在未来加剧，无论是在之前提到的国家还是在我们有业务往来的其他国家。这些全球市场变化对我们财务业绩的影响程度将取决于贸易政策变化的具体细节、其时间和持续时间，以及我们部署工具解决这些问题的有效性。
此外，我们在北美地区转移和采购产品。加拿大、美国和墨西哥之间，或它们各自与其他国家之间的贸易中断（关税、产品限制等）可能会对我们的业务产生不利影响。2025 年 2 月 1 日，白宫发布了三项行政命令，指示美国对从加拿大、墨西哥和中国进口的商品征收更高的关税，并授权美国总统在任何国家进行报复时进一步提高关税。2025 年 2 月 3 日，对加拿大和墨西哥的预期关税被推迟了 30 天，尽管在目前的短期缓刑之后，这些关税的执行仍然有可能。对所有从中国进口的商品征收的 10%的额外关税已经生效，2025 年 2 月 4 日，中国对从美国进口到该国的某些产品采取了不同程度的关税报复。我们正在密切关注这些行动，这些行动可能对我们的业务和财务业绩产生不利影响。 我们无法保证这些中断不会持续或在未来加剧，无论是在之前提到的国家还是在我们有业务往来的其他国家。这些全球市场变化对我们财务业绩的影响程度将取决于贸易政策变化的具体细节、其时间和持续时间，以及我们部署工具解决这些问题的有效性。
Changes in energy costs and the cost of raw materials used in our products could impact our net sales, cost of sales, gross profit percentage, distribution expenses, and occupancy expenses, which may result in lower operating income. Our suppliers can experience significant fluctuation over time in the cost of raw materials (e.g., steel, plastic, etc.) used to produce their products. They can also experience significant fluctuation in the cost of energy consumed in their production processes and in the cost of fuel consumed to transport their products. These suppliers typically look to pass their increased costs along to us through price increases. We also consume energy and fuel in our own operations, and can experience direct and significant fluctuation in our own costs. Increases in the cost of fuel or raw materials could be damaging to us, decreases in those costs, particularly if severe, could also adversely impact us by creating deflation in selling prices, which could cause our gross profit to decline, or by negatively impacting customers in certain industries, which could cause our sales to those customers to decline. Failure to fully pass any such increased prices and costs through to our customers or to modify our activities to mitigate the impact would have an adverse effect on our operating income.
能源成本和我们产品所用原材料成本的变化可能会影响我们的净销售额、销售成本、毛利率、分销费用和物业费用，从而可能导致营业收入下降。我们的供应商在生产产品所用原材料（如钢铁、塑料等）的成本方面，可能会随着时间的推移而经历显著波动。他们在生产过程中消耗的能源成本以及运输产品所消耗的燃料成本方面，也可能经历显著波动。这些供应商通常会寻求通过提价将增加的成本转嫁给我们。我们也在自身运营中消耗能源和燃料，并且我们自身的成本可能会经历直接且显著的波动。燃料或原材料成本的增加可能对我们造成损害，这些成本的降低，特别是如果幅度很大，也可能通过造成售价通缩而对我们产生不利影响，这可能导致我们的毛利润下降，或者通过对某些行业的客户产生负面影响，从而导致我们对这些客户的销售额下降。 未能将任何此类上涨的价格和成本完全转嫁给我们的客户，或未能修改我们的活动以减轻影响，将对我们的营业收入产生不利影响。
能源成本和我们产品所用原材料成本的变化可能会影响我们的净销售额、销售成本、毛利率、分销费用和物业费用，从而可能导致营业收入下降。我们的供应商在生产产品所用原材料（如钢铁、塑料等）的成本方面，可能会随着时间的推移而经历显著波动。他们在生产过程中消耗的能源成本以及运输产品所消耗的燃料成本方面，也可能经历显著波动。这些供应商通常会寻求通过提价将增加的成本转嫁给我们。我们也在自身运营中消耗能源和燃料，并且我们自身的成本可能会经历直接且显著的波动。燃料或原材料成本的增加可能对我们造成损害，这些成本的降低，特别是如果幅度很大，也可能通过造成售价通缩而对我们产生不利影响，这可能导致我们的毛利润下降，或者通过对某些行业的客户产生负面影响，从而导致我们对这些客户的销售额下降。 未能将任何此类上涨的价格和成本完全转嫁给我们的客户，或未能修改我们的活动以减轻影响，将对我们的营业收入产生不利影响。
We are exposed to foreign currency exchange rate risk, and changes in foreign exchange rates could increase the cost of purchasing products and impact our foreign sales. Given that we were founded and remain based in the U.S. and that we are publicly traded in the U.S., we report our results based on the U.S. dollar. Because the functional currency related to most of our non-U.S. operations is the applicable local currency, we are exposed to foreign currency exchange rate risk arising from transactions in the normal course of business. Fluctuations in the relative strength of foreign economies and their related currencies could adversely impact our ability to procure products at competitive prices and our foreign sales. Historically, our primary exchange rate exposure has been with the Canadian dollar as our Mexican activities are primarily conducted in U.S. dollars and our non-North American operations are relatively small in scale. There can be no assurance that currency exchange rate fluctuations with the Canadian dollar and other foreign currencies will not adversely affect our results of operations, financial condition, and cash flows. While the use of currency hedging instruments may provide us with protection from adverse fluctuations in currency exchange rates, we are not currently using these instruments and we have not historically hedged this exposure. If we decide to do so in the future, we could potentially forego the benefits that might result from favorable fluctuations in currency exchange rates.
我们面临外币汇率风险，外汇汇率的变化可能会增加我们采购产品的成本并影响我们的国外销售额。鉴于我们是在美国成立并仍然以美国为基地，并且我们在美国公开交易，因此我们以美元报告我们的业绩。由于与我们大多数非美国业务相关的功能货币是适用的当地货币，因此我们面临因正常业务过程中的交易而产生的外币汇率风险。外国经济及其相关货币相对强弱的波动可能会对我们以具有竞争力的价格采购产品以及我们的国外销售额产生不利影响。从历史上看，我们的主要汇率风险敞口是加元，因为我们的墨西哥活动主要以美元进行，并且我们的非北美业务规模相对较小。不能保证加元和其他外币的汇率波动不会对我们的经营业绩、财务状况和现金流量产生不利影响。 虽然使用货币对冲工具可以为我们提供保护，使其免受货币汇率不利波动的影响，但我们目前尚未使用这些工具，并且历史上也未对冲此风险敞口。 如果我们将来决定这样做，我们可能会放弃因货币汇率的有利波动而可能产生的好处。
我们面临外币汇率风险，外汇汇率的变化可能会增加我们采购产品的成本并影响我们的国外销售额。鉴于我们是在美国成立并仍然以美国为基地，并且我们在美国公开交易，因此我们以美元报告我们的业绩。由于与我们大多数非美国业务相关的功能货币是适用的当地货币，因此我们面临因正常业务过程中的交易而产生的外币汇率风险。外国经济及其相关货币相对强弱的波动可能会对我们以具有竞争力的价格采购产品以及我们的国外销售额产生不利影响。从历史上看，我们的主要汇率风险敞口是加元，因为我们的墨西哥活动主要以美元进行，并且我们的非北美业务规模相对较小。不能保证加元和其他外币的汇率波动不会对我们的经营业绩、财务状况和现金流量产生不利影响。 虽然使用货币对冲工具可以为我们提供保护，使其免受货币汇率不利波动的影响，但我们目前尚未使用这些工具，并且历史上也未对冲此风险敞口。 如果我们将来决定这样做，我们可能会放弃因货币汇率的有利波动而可能产生的好处。
Our current estimates of total market potential as well as the market potential of our business strategies could be incorrect. We believe we have a significant opportunity for growth based on our belief that North American market demand for the products we sell is estimated to exceed $140 billion. This figure is not derived from an independent organization or data source that aggregates and publishes widely agreed-upon demand and market share statistics. Instead, we have identified this figure based on our own experience in the marketplace for our products and by evaluating estimates from other sources. If we have overestimated the size of our market, and in doing so, underestimated our current share of it, the size of our opportunity for growth may not be as significant as we currently believe. Similarly, we have provided estimates of the opportunities we have with some of our specific growth strategies, such as FMI solutions and Onsite locations. Within North America, we believe the potential market opportunity for industrial vending is approximately 1.7 million devices and we have identified over 11,000 customer locations with the potential to implement our Onsite service model within our traditional manufacturing and construction customer base. We have identified additional markets, such as government, healthcare, and academia, and geographies into which we can sell our FMI solutions, which would increase the number of identified potential FMI solutions or Onsite locations. However, our presence in emerging markets and geographies is not as established as is the case in our traditional markets and geographies, which could extend the sales cycle. As is the case for total market size, we use our own experience and data to arrive at the size of these potential opportunities and not independent sources. These estimates are based on our business model today, and the introduction or expansion of other business strategies could cause them to change. In addition, the market potential of a particular business strategy may vary from expectations due to a change in the marketplace (such as changes in customer concentration or needs), a change in the nature of that business strategy, or weaker than anticipated acceptance by customers of that business strategy. We cannot guarantee that our market potential estimates are accurate or that we will ultimately decide to expand our industrial vending or Onsite service models as we anticipate to reach the full market opportunity.
我们目前对总体市场潜力以及我们的业务战略的市场潜力的估计可能不正确。我们认为，基于我们对北美市场对我们所售产品的需求估计超过 1400 亿美元的信念，我们拥有巨大的增长机会。这个数字并非来自汇总和发布广泛认可的需求和市场份额统计数据的独立组织或数据来源。相反，我们是根据我们自己在市场上销售产品的经验，并通过评估来自其他来源的估计来确定这个数字的。如果我们高估了我们市场的规模，并且在这样做时低估了我们目前所占的份额，那么我们的增长机会可能不如我们目前认为的那么重要。同样，我们已经提供了我们通过一些特定增长战略（例如 FMI 解决方案和 Onsite 地点）所拥有的机会的估计。 在北美，我们认为工业自动售货机的潜在市场机会约为 170 万台设备，并且我们已在我们传统的制造和建筑客户群中确定了超过 11,000 个具有实施 Onsite 服务模式潜力的客户地点。我们已经确定了其他市场，例如政府、医疗保健和学术界，以及我们可以销售我们的 FMI 解决方案的地区，这将增加已确定的潜在 FMI 解决方案或 Onsite 地点的数量。但是，我们在新兴市场和地区的业务不如我们在传统市场和地区的业务那样稳固，这可能会延长销售周期。与总体市场规模一样，我们使用我们自己的经验和数据来确定这些潜在机会的规模，而不是独立来源。这些估计是基于我们今天的业务模式，其他业务战略的引入或扩展可能会导致它们发生变化。 此外，由于市场变化（如客户集中度或需求的变化）、业务策略性质的变化或客户对该业务策略的接受程度低于预期，特定业务策略的市场潜力可能与预期有所不同。我们无法保证我们的市场潜力估计是准确的，也无法保证我们最终会决定扩大我们的工业自动售货或现场服务模式，以达到充分的市场机会。
我们目前对总体市场潜力以及我们的业务战略的市场潜力的估计可能不正确。我们认为，基于我们对北美市场对我们所售产品的需求估计超过 1400 亿美元的信念，我们拥有巨大的增长机会。这个数字并非来自汇总和发布广泛认可的需求和市场份额统计数据的独立组织或数据来源。相反，我们是根据我们自己在市场上销售产品的经验，并通过评估来自其他来源的估计来确定这个数字的。如果我们高估了我们市场的规模，并且在这样做时低估了我们目前所占的份额，那么我们的增长机会可能不如我们目前认为的那么重要。同样，我们已经提供了我们通过一些特定增长战略（例如 FMI 解决方案和 Onsite 地点）所拥有的机会的估计。 在北美，我们认为工业自动售货机的潜在市场机会约为 170 万台设备，并且我们已在我们传统的制造和建筑客户群中确定了超过 11,000 个具有实施 Onsite 服务模式潜力的客户地点。我们已经确定了其他市场，例如政府、医疗保健和学术界，以及我们可以销售我们的 FMI 解决方案的地区，这将增加已确定的潜在 FMI 解决方案或 Onsite 地点的数量。但是，我们在新兴市场和地区的业务不如我们在传统市场和地区的业务那样稳固，这可能会延长销售周期。与总体市场规模一样，我们使用我们自己的经验和数据来确定这些潜在机会的规模，而不是独立来源。这些估计是基于我们今天的业务模式，其他业务战略的引入或扩展可能会导致它们发生变化。 此外，由于市场变化（如客户集中度或需求的变化）、业务策略性质的变化或客户对该业务策略的接受程度低于预期，特定业务策略的市场潜力可能与预期有所不同。我们无法保证我们的市场潜力估计是准确的，也无法保证我们最终会决定扩大我们的工业自动售货或现场服务模式，以达到充分的市场机会。
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The industrial, construction, and maintenance supply industry is consolidating, which could cause it to become more competitive and could negatively impact our market share, gross profit, and operating income. The industrial, construction, and maintenance supply industry in North America is consolidating, reflecting two factors. First, our customers' needs are evolving to reflect a greater awareness of the total cost and risk of fulfillment and their need to have consistent sources of supply at multiple locations, including outside of North America. Second, providing these capabilities to our customers requires increasing investment in hardware, software, and analytic capabilities that require a certain degree of scale to support. While we believe that in a fragmented market such as exists for industrial supplies these emerging trends favor large distributors such as Fastenal, as the industry consolidates into fewer and larger competitors it may become more difficult to differentiate our product and service offering from that of our competitors. We also continue to see consolidation among our suppliers. This trend could result in fewer and larger suppliers, with greater channel power and negotiating leverage. There can be no assurance we will be able in the future to take effective advantage of the trend toward consolidation within our industry or among our suppliers. In either or both cases, the trend toward consolidation could make it more difficult for us to maintain our growth and/or gross and operating profit. Furthermore, as our industrial customers face increased foreign competition, and potentially lose business to foreign competitors, or shift their operations overseas in an effort to reduce expenses, we may face increased difficulty in growing and maintaining our market share.
工业、建筑和维护用品行业正在整合，这可能导致竞争加剧，并可能对我们的市场份额、毛利润和营业收入产生负面影响。北美的工业、建筑和维护用品行业正在整合，这反映了两个因素。首先，我们的客户的需求正在发生变化，反映出他们更加关注履约的总成本和风险，以及他们需要在包括北美以外的多个地点拥有稳定的供应来源。其次，为我们的客户提供这些能力需要在硬件、软件和分析能力方面增加投资，而这些都需要一定程度的规模来支持。虽然我们认为，在像工业用品这样分散的市场中，这些新兴趋势有利于像 Fastenal 这样的大型分销商，但随着行业整合为更少、更大的竞争对手，将我们的产品和服务与竞争对手的产品和服务区分开来可能会变得更加困难。我们还继续看到我们的供应商之间的整合。 这种趋势可能导致供应商数量减少但规模扩大，从而增强渠道力量和议价能力。我们无法保证未来能够有效利用行业内部或供应商之间的整合趋势。在这两种情况下，整合趋势都可能使我们更难维持增长和/或毛利润和营业利润。此外，由于我们的工业客户面临日益激烈的外国竞争，并可能因外国竞争对手而损失业务，或者为了降低开支而将业务转移到海外，我们可能在增长和维持市场份额方面面临更大的困难。
工业、建筑和维护用品行业正在整合，这可能导致竞争加剧，并可能对我们的市场份额、毛利润和营业收入产生负面影响。北美的工业、建筑和维护用品行业正在整合，这反映了两个因素。首先，我们的客户的需求正在发生变化，反映出他们更加关注履约的总成本和风险，以及他们需要在包括北美以外的多个地点拥有稳定的供应来源。其次，为我们的客户提供这些能力需要在硬件、软件和分析能力方面增加投资，而这些都需要一定程度的规模来支持。虽然我们认为，在像工业用品这样分散的市场中，这些新兴趋势有利于像 Fastenal 这样的大型分销商，但随着行业整合为更少、更大的竞争对手，将我们的产品和服务与竞争对手的产品和服务区分开来可能会变得更加困难。我们还继续看到我们的供应商之间的整合。 这种趋势可能导致供应商数量减少但规模扩大，从而增强渠道力量和议价能力。我们无法保证未来能够有效利用行业内部或供应商之间的整合趋势。在这两种情况下，整合趋势都可能使我们更难维持增长和/或毛利润和营业利润。此外，由于我们的工业客户面临日益激烈的外国竞争，并可能因外国竞争对手而损失业务，或者为了降低开支而将业务转移到海外，我们可能在增长和维持市场份额方面面临更大的困难。
The occurrence of a widespread public health crisis could have a material adverse effect on our business, results of operations, and financial condition. A public health crisis, if sufficiently widespread as to affect economic activity, could negatively impact our business. Mitigation efforts and prescriptions may be facilitated by regulatory authorities, which could limit our flexibility to pursue alternative, potentially more favorable, means of limiting these negative impacts. The effects on our business efforts to mitigate the effects of the crisis may include a reduction in demand, inefficiencies due to workplace accommodations, reduced availability of personnel, supply chain disruption, or constraints on product availability, among other difficulties. In any such event, the severity, duration, and extent of the crisis can be difficult to predict, which can make it difficult to anticipate the magnitude and length of the impact on our sales, profits, and/or cash flow. It can also be difficult to anticipate what the effect on business conditions will be as the impacts of any public health crisis fade and mitigating policies are reversed.
广泛的公共卫生危机可能会对我们的业务、经营成果和财务状况产生重大不利影响。如果公共卫生危机蔓延到足以影响经济活动，可能会对我们的业务产生负面影响。监管机构可能会推动缓解措施和处方，这可能会限制我们寻求其他可能更有利的方式来限制这些负面影响的灵活性。为减轻危机影响而采取的业务措施可能包括需求减少、因工作场所调整而导致的效率低下、人员可用性降低、供应链中断或产品可用性限制等困难。在任何此类情况下，危机的严重程度、持续时间和范围都难以预测，这使得难以预测其对我们的销售额、利润和/或现金流的影响程度和持续时间。同样难以预测的是，随着任何公共卫生危机的影响消退以及缓解政策逆转，对商业环境的影响将会是什么。
广泛的公共卫生危机可能会对我们的业务、经营成果和财务状况产生重大不利影响。如果公共卫生危机蔓延到足以影响经济活动，可能会对我们的业务产生负面影响。监管机构可能会推动缓解措施和处方，这可能会限制我们寻求其他可能更有利的方式来限制这些负面影响的灵活性。为减轻危机影响而采取的业务措施可能包括需求减少、因工作场所调整而导致的效率低下、人员可用性降低、供应链中断或产品可用性限制等困难。在任何此类情况下，危机的严重程度、持续时间和范围都难以预测，这使得难以预测其对我们的销售额、利润和/或现金流的影响程度和持续时间。同样难以预测的是，随着任何公共卫生危机的影响消退以及缓解政策逆转，对商业环境的影响将会是什么。
Inclement weather and other disruptions to the transportation network could adversely impact our distribution system and demand for our products. Our ability to provide efficient distribution of core business products to our branch network is an integral component of our overall business strategy. Disruptions at distribution centers or shipping ports may affect our ability to both maintain core products in inventory and deliver products to our customers on a timely basis, which may in turn adversely affect our results of operations. In addition, severe weather conditions could adversely affect demand for our products in particularly hard hit regions.
恶劣天气和运输网络中的其他中断可能会对我们的分销系统和对我们产品的需求产生不利影响。我们向分支机构网络高效分销核心业务产品的能力是我们整体业务战略的一个组成部分。配送中心或航运港口的中断可能会影响我们维持核心产品库存以及及时向客户交付产品的能力，这反过来可能会对我们的经营业绩产生不利影响。此外，恶劣的天气条件可能会对特定受灾严重地区对我们产品的需求产生不利影响。
恶劣天气和运输网络中的其他中断可能会对我们的分销系统和对我们产品的需求产生不利影响。我们向分支机构网络高效分销核心业务产品的能力是我们整体业务战略的一个组成部分。配送中心或航运港口的中断可能会影响我们维持核心产品库存以及及时向客户交付产品的能力，这反过来可能会对我们的经营业绩产生不利影响。此外，恶劣的天气条件可能会对特定受灾严重地区对我们产品的需求产生不利影响。
Legal, Regulatory, and Compliance Risks
法律、监管和合规风险
法律、监管和合规风险
Failure to maintain an effective system of internal controls over business processes and/or financial reporting could materially impact our business and results. Fastenal's management is responsible for establishing and maintaining effective internal controls designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance. Any system of internal controls, no matter how well designed and operated, can only provide reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a system of controls must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all systems of internal controls, internal controls over business processes and financial reporting may not prevent or detect fraud or misstatements. Any failure to maintain an effective system of internal controls over business processes and financial reporting could limit our ability to report our financial results accurately and timely or to detect and prevent fraud, and could expose us to litigation, economic loss, or adversely affect the market price of our common stock.
未能维持有效的业务流程和/或财务报告内部控制系统可能会对我们的业务和业绩产生重大影响。Fastenal 的管理层负责建立和维护有效的内部控制，旨在为实现与运营、报告和合规相关的目标提供合理保证。任何内部控制系统，无论设计和运行多么完善，都只能提供合理的而非绝对的保证，确保控制系统的目标得以实现。此外，控制系统的设计必须反映存在资源约束这一事实，并且必须考虑控制的收益相对于其成本。由于所有内部控制系统都存在固有的局限性，因此业务流程和财务报告的内部控制可能无法防止或发现欺诈或虚报。 任何未能维护有效的业务流程和财务报告内部控制系统，都可能限制我们准确、及时地报告财务结果或发现和防止欺诈的能力，并可能使我们面临诉讼、经济损失，或对我们普通股的市场价格产生不利影响。
未能维持有效的业务流程和/或财务报告内部控制系统可能会对我们的业务和业绩产生重大影响。Fastenal 的管理层负责建立和维护有效的内部控制，旨在为实现与运营、报告和合规相关的目标提供合理保证。任何内部控制系统，无论设计和运行多么完善，都只能提供合理的而非绝对的保证，确保控制系统的目标得以实现。此外，控制系统的设计必须反映存在资源约束这一事实，并且必须考虑控制的收益相对于其成本。由于所有内部控制系统都存在固有的局限性，因此业务流程和财务报告的内部控制可能无法防止或发现欺诈或虚报。 任何未能维护有效的业务流程和财务报告内部控制系统，都可能限制我们准确、及时地报告财务结果或发现和防止欺诈的能力，并可能使我们面临诉讼、经济损失，或对我们普通股的市场价格产生不利影响。
Our business is subject to a wide array of operating laws and regulations in every jurisdiction where we operate. Compliance with these laws and regulations increases the cost of doing business and failure to comply could result in the imposition of fines or penalties, damage to our reputation, or the termination of contracts. We are subject to a variety of laws and regulations including without limitation import and export requirements, anti-bribery and corruption laws, product compliance laws, environmental laws, foreign exchange controls and cash repatriation restrictions, advertising regulations, data privacy (including in the U.S., the California Consumer Privacy Act, as amended by the California Privacy Rights Act, and in the European Union, the General Data Protection Regulation 2016, with interpretations varying from state to state and country to country) and cybersecurity requirements (including protection of information and incident responses), regulations on suppliers regarding the sources of supplies or products, labor and employment laws, and anti-competition regulations. In addition, as a supplier to federal, state, and local government agencies, we must comply with certain laws and regulations relating specifically to the formation, administration, and performance of our governmental contracts. We are also subject to governmental audits and inquiries in the normal course of business. Ongoing audit activity and changes to the legal and regulatory environments could increase the cost of doing business, and such costs may increase in the future as a result of changes in these laws and regulations or in their interpretation. While we have implemented policies and procedures designed to facilitate compliance
我们的业务在每个运营司法管辖区都受到各种运营法律和法规的约束。遵守这些法律和法规增加了经营成本，未能遵守可能会导致罚款或处罚、损害我们的声誉或终止合同。我们受到各种法律和法规的约束，包括但不限于进出口要求、反贿赂和腐败法律、产品合规法律、环境法律、外汇管制和现金汇回限制、广告法规、数据隐私（包括在美国的《加州消费者隐私法》，经《加州隐私权法》修订，以及在欧盟的《通用数据保护条例 2016》，其解释因州和国家/地区而异）和网络安全要求（包括信息保护和事件响应）、关于供应商的供应或产品来源的法规、劳动和就业法律以及反竞争法规。 此外，作为联邦、州和地方政府机构的供应商，我们必须遵守与政府合同的订立、管理和履行相关的特定法律法规。在正常的业务过程中，我们也需要接受政府的审计和调查。持续的审计活动以及法律和监管环境的变化可能会增加经营成本，并且由于这些法律法规或对其解释的变更，此类成本将来可能会增加。虽然我们已经实施了旨在促进合规的政策和程序
我们的业务在每个运营司法管辖区都受到各种运营法律和法规的约束。遵守这些法律和法规增加了经营成本，未能遵守可能会导致罚款或处罚、损害我们的声誉或终止合同。我们受到各种法律和法规的约束，包括但不限于进出口要求、反贿赂和腐败法律、产品合规法律、环境法律、外汇管制和现金汇回限制、广告法规、数据隐私（包括在美国的《加州消费者隐私法》，经《加州隐私权法》修订，以及在欧盟的《通用数据保护条例 2016》，其解释因州和国家/地区而异）和网络安全要求（包括信息保护和事件响应）、关于供应商的供应或产品来源的法规、劳动和就业法律以及反竞争法规。 此外，作为联邦、州和地方政府机构的供应商，我们必须遵守与政府合同的订立、管理和履行相关的特定法律法规。在正常的业务过程中，我们也需要接受政府的审计和调查。持续的审计活动以及法律和监管环境的变化可能会增加经营成本，并且由于这些法律法规或对其解释的变更，此类成本将来可能会增加。虽然我们已经实施了旨在促进合规的政策和程序
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with these laws and regulations, there can be no assurance that our employees, contractors, or agents will not violate such laws and regulations, or our policies. Any such violations could result in the imposition of fines and penalties, damage to our reputation, and, in the case of laws and regulations relating specifically to governmental contracts, the loss of those contracts.
由于存在这些法律法规，因此无法保证我们的员工、承包商或代理商不会违反此类法律法规或我们的政策。任何此类违规行为都可能导致处以罚款和处罚、损害我们的声誉，并且如果涉及专门针对政府合同的法律法规，则可能导致失去这些合同。
由于存在这些法律法规，因此无法保证我们的员工、承包商或代理商不会违反此类法律法规或我们的政策。任何此类违规行为都可能导致处以罚款和处罚、损害我们的声誉，并且如果涉及专门针对政府合同的法律法规，则可能导致失去这些合同。
Tax laws and regulations require compliance efforts that can increase our cost of doing business and changes to these laws and regulations could impact financial results. We are subject to a variety of tax laws and regulation in the jurisdictions in which we operate. Maintaining compliance with these laws can increase our cost of doing business and failure to comply could result in audits or the imposition of fines or penalties. Further, our future effective tax rates in any of these jurisdictions could be affected, positively or negatively, by changing tax priorities, changes in statutory rates, and/or changes in tax laws or the interpretation thereof, including any changes resulting from the new presidential administration in the U.S. In 2022, the Inflation Reduction Act was passed, which contained tax-related provisions. We did not experience, and do not anticipate experiencing in the near future, any meaningful impact to our tax rates from the legislation.
税法和法规要求合规工作，这可能会增加我们的经营成本，并且这些法律和法规的变更可能会影响财务业绩。我们在运营所在司法管辖区受到各种税法和法规的约束。维持对这些法律的合规可能会增加我们的经营成本，而未能遵守可能会导致审计或处以罚款或处罚。此外，我们在任何这些司法管辖区未来的实际税率可能会受到以下因素的积极或消极影响：税收优先级的变化、法定税率的变化和/或税法的变化或对其的解释，包括美国新总统政府产生的任何变化。2022 年，《通货膨胀削减法案》获得通过，其中包含与税收相关的条款。我们过去没有，并且预计在不久的将来也不会，因该立法而对我们的税率产生任何有意义的影响。
税法和法规要求合规工作，这可能会增加我们的经营成本，并且这些法律和法规的变更可能会影响财务业绩。我们在运营所在司法管辖区受到各种税法和法规的约束。维持对这些法律的合规可能会增加我们的经营成本，而未能遵守可能会导致审计或处以罚款或处罚。此外，我们在任何这些司法管辖区未来的实际税率可能会受到以下因素的积极或消极影响：税收优先级的变化、法定税率的变化和/或税法的变化或对其的解释，包括美国新总统政府产生的任何变化。2022 年，《通货膨胀削减法案》获得通过，其中包含与税收相关的条款。我们过去没有，并且预计在不久的将来也不会，因该立法而对我们的税率产生任何有意义的影响。
Changes in accounting standards and subjective assumptions, estimates, and judgments by management related to complex accounting matters could significantly affect our financial results or financial condition. U.S. generally accepted accounting principles (GAAP) and related accounting pronouncements, implementation guidelines and interpretations with regard to a wide range of matters that are relevant to our business, such as asset impairment, inventories, lease obligations, self-insurance, vendor allowances, tax matters, business combinations, and legal matters, are complex and involve many subjective assumptions, estimates, and judgments. Changes in accounting standards or their interpretation or changes in underlying assumptions, estimates or judgments, could significantly change our reported or expected financial performance or financial condition. The implementation of new accounting standards could also require certain systems, internal processes, internal control, and other changes that could increase our operating costs.
会计准则的变更以及管理层对复杂会计事项相关的主观假设、估计和判断可能会严重影响我们的财务业绩或财务状况。美国通用会计准则 (GAAP) 及相关会计公告、实施指南和解释，涉及与我们业务相关的广泛事项，例如资产减值、存货、租赁义务、自保、供应商补贴、税务事项、业务合并和法律事项，这些都非常复杂，涉及许多主观假设、估计和判断。会计准则或其解释的变更，或基础假设、估计或判断的变更，可能会严重改变我们已报告或预期的财务业绩或财务状况。新会计准则的实施也可能需要某些系统、内部流程、内部控制和其他变更，从而可能增加我们的运营成本。
会计准则的变更以及管理层对复杂会计事项相关的主观假设、估计和判断可能会严重影响我们的财务业绩或财务状况。美国通用会计准则 (GAAP) 及相关会计公告、实施指南和解释，涉及与我们业务相关的广泛事项，例如资产减值、存货、租赁义务、自保、供应商补贴、税务事项、业务合并和法律事项，这些都非常复杂，涉及许多主观假设、估计和判断。会计准则或其解释的变更，或基础假设、估计或判断的变更，可能会严重改变我们已报告或预期的财务业绩或财务状况。新会计准则的实施也可能需要某些系统、内部流程、内部控制和其他变更，从而可能增加我们的运营成本。
We are subject to litigation risk due to the nature of our business, which may have a material adverse effect on our business. From time to time, we are involved in lawsuits or other legal proceedings that arise from business transactions or the operation of our business. Due to the nature of our business, these proceedings may, for example, relate to product liability claims, commercial disputes, suits arising from our trucking operations, or employment matters. In addition, we could face claims over other matters, such as claims arising from our status as a government contractor, intellectual property matters, or corporate or securities law matters. The defense and ultimate outcome of lawsuits or other legal proceedings may result in higher operating expenses, which could have a material adverse effect on our business, financial condition, or results of operations.
由于我们业务的性质，我们面临诉讼风险，这可能对我们的业务产生重大不利影响。我们不时会卷入因业务交易或业务运营而产生的诉讼或其他法律程序。由于我们业务的性质，这些程序可能涉及产品责任索赔、商业纠纷、因我们的卡车运输业务引起的诉讼或雇佣事宜等。此外，我们可能面临其他事项的索赔，例如因我们作为政府承包商的身份、知识产权事宜或公司或证券法事宜引起的索赔。诉讼或其他法律程序的辩护和最终结果可能导致更高的运营费用，这可能对我们的业务、财务状况或经营业绩产生重大不利影响。
由于我们业务的性质，我们面临诉讼风险，这可能对我们的业务产生重大不利影响。我们不时会卷入因业务交易或业务运营而产生的诉讼或其他法律程序。由于我们业务的性质，这些程序可能涉及产品责任索赔、商业纠纷、因我们的卡车运输业务引起的诉讼或雇佣事宜等。此外，我们可能面临其他事项的索赔，例如因我们作为政府承包商的身份、知识产权事宜或公司或证券法事宜引起的索赔。诉讼或其他法律程序的辩护和最终结果可能导致更高的运营费用，这可能对我们的业务、财务状况或经营业绩产生重大不利影响。
Credit and Liquidity Risks
信用和流动性风险
信用和流动性风险
Tight credit markets could impact our ability to obtain financing on reasonable terms or increase the cost of existing or future financing and interest rate fluctuations could adversely impact our results. As of December 31, 2024, we had $200.0 of outstanding debt obligations, all in the form of senior unsecured promissory notes issued under our master note agreement (the Master Note Agreement). The notes issued under our Master Note Agreement carry a fixed interest rate and consist of four series and are described in further detail in Note 9 of the Notes to Consolidated Financial Statements in this Form 10-K. We also have borrowing capacity under our revolving credit facility (the Credit Facility) of $835.0, but no loans were outstanding as of December 31, 2024. Loans under the Credit Facility generally bear interest at a rate per annum equal to Daily Simple Secured Overnight Financing Rate (SOFR), the rate on which may vary daily, and mature on September 28, 2027.
信贷市场紧缩可能会影响我们以合理的条款获得融资的能力，或增加现有或未来融资的成本，利率波动可能会对我们的业绩产生不利影响。截至 2024 年 12 月 31 日，我们有 200.0 美元的未偿债务，全部为根据我们的主票据协议（Master Note Agreement）发行的优先无担保本票形式。根据我们的 Master Note Agreement 发行的票据采用固定利率，由四个系列组成，并在本 10-K 表格的合并财务报表附注 9 中进行了更详细的描述。我们还在循环信贷安排（Credit Facility）下拥有 835.0 美元的借款额度，但截至 2024 年 12 月 31 日，没有未偿还贷款。Credit Facility 下的贷款通常按年利率等于每日简易担保隔夜融资利率（SOFR）的利率计息，该利率可能每日变动，并于 2027 年 9 月 28 日到期。
信贷市场紧缩可能会影响我们以合理的条款获得融资的能力，或增加现有或未来融资的成本，利率波动可能会对我们的业绩产生不利影响。截至 2024 年 12 月 31 日，我们有 200.0 美元的未偿债务，全部为根据我们的主票据协议（Master Note Agreement）发行的优先无担保本票形式。根据我们的 Master Note Agreement 发行的票据采用固定利率，由四个系列组成，并在本 10-K 表格的合并财务报表附注 9 中进行了更详细的描述。我们还在循环信贷安排（Credit Facility）下拥有 835.0 美元的借款额度，但截至 2024 年 12 月 31 日，没有未偿还贷款。Credit Facility 下的贷款通常按年利率等于每日简易担保隔夜融资利率（SOFR）的利率计息，该利率可能每日变动，并于 2027 年 9 月 28 日到期。
We currently have the capacity under our Credit Facility and Master Note Agreement to increase borrowings in the future to finance stock purchases, dividends, capital expenditures, working capital additions, acquisitions, or other investments. Should we seek to increase our borrowings during periods of volatility and disruption in the U.S. credit markets, financing may become more costly and more difficult to obtain. This was not a material consideration in 2024. The cost of servicing any existing balances on our Credit Facility could increase if interest rates increase due to the SOFR-based interest rate provided for under our Credit Facility.
根据我们的信贷安排和主票据协议，我们目前有能力在未来增加借款，以为股票购买、股息、资本支出、营运资本增加、收购或其他投资提供资金。如果我们在美国信贷市场出现波动和混乱时期寻求增加借款，融资可能会变得更加昂贵且更难获得。这在 2024 年不是一个重要的考虑因素。如果利率因我们的信贷安排中规定的基于 SOFR 的利率而上升，我们信贷安排中任何现有余额的偿还成本可能会增加。
根据我们的信贷安排和主票据协议，我们目前有能力在未来增加借款，以为股票购买、股息、资本支出、营运资本增加、收购或其他投资提供资金。如果我们在美国信贷市场出现波动和混乱时期寻求增加借款，融资可能会变得更加昂贵且更难获得。这在 2024 年不是一个重要的考虑因素。如果利率因我们的信贷安排中规定的基于 SOFR 的利率而上升，我们信贷安排中任何现有余额的偿还成本可能会增加。
ITEM 1B.UNRESOLVED STAFF COMMENTS
第 1B 项 未解决的员工意见
第 1B 项 未解决的员工意见
None. 无。
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ITEM 1C. CYBERSECURITY 第 1C 项。网络安全
Cybersecurity Risk Management and Strategy
网络安全风险管理和战略
网络安全风险管理和战略
我们已建立相关流程和程序，以确保数据的保密性、完整性和可用性。这些流程旨在评估、识别和管理网络安全威胁带来的重大风险。我们会进行年度风险评估，并将其纳入我们的企业风险管理 (ERM) 组织流程，该流程由我们的董事会（以下简称“董事会”）和审计委员会以及执行领导层负责监督。我们的信息安全管理系统 (ISMS) 计划与 ISO 27001 保持一致，ISO 27001 是一项管理信息安全的国际标准。ISO 27001 由国际标准化组织 (ISO)（世界上最大的自愿标准制定者）和国际电工委员会发布。
Our IT security department, led by our Senior Vice President (SVP) IT Infrastructure & Security, is tasked with monitoring cybersecurity and operational risks related to information security and system disruption. The team employs measures designed to protect against, detect, and respond to cybersecurity threats, and has implemented processes and procedures aligned with our ISMS to support and promote resilient programs. This includes:
我们的 IT 安全部门由 IT 基础设施与安全高级副总裁（SVP）领导，负责监控与信息安全和系统中断相关的网络安全和运营风险。该团队采取旨在防御、检测和响应网络安全威胁的措施，并已实施与我们的 ISMS 相一致的流程和程序，以支持和促进弹性计划。这包括：
我们的 IT 安全部门由 IT 基础设施与安全高级副总裁（SVP）领导，负责监控与信息安全和系统中断相关的网络安全和运营风险。该团队采取旨在防御、检测和响应网络安全威胁的措施，并已实施与我们的 ISMS 相一致的流程和程序，以支持和促进弹性计划。这包括：
•Enterprise security framework and cybersecurity standards;
•企业安全框架和网络安全标准；
•企业安全框架和网络安全标准；
•Cybersecurity awareness and training plans;
•网络安全意识和培训计划；
•网络安全意识和培训计划；
•Security assessments and monitoring;
•安全评估和监控；
•安全评估和监控；
•Restricted physical access to critical areas, servers, and network equipment;
•限制对关键区域、服务器和网络设备的物理访问；
•限制对关键区域、服务器和网络设备的物理访问；
•Incident response, crisis management, business continuity, and disaster recovery plans; and
•事件响应、危机管理、业务连续性和灾难恢复计划；以及
•事件响应、危机管理、业务连续性和灾难恢复计划；以及
•Third-party IT vendor risk management process to identify, assess, and manage risks presented by our IT vendors and business partners.
•第三方 IT 供应商风险管理流程，以识别、评估和管理我们的 IT 供应商和业务合作伙伴带来的风险。
•第三方 IT 供应商风险管理流程，以识别、评估和管理我们的 IT 供应商和业务合作伙伴带来的风险。
Our IT security department maintains a playbook to respond to potential cybersecurity threats. We conduct tabletop exercises for tactical response readiness, perform regular security scans of our environment both from an external and internal perspective, as well as work with a qualified third-party vendor to perform penetration tests of our environment. Any identified risks are included in our overall risk management program, and internal and external auditors validate our IT controls on a regular basis.
我们的 IT 安全部门维护一个应对潜在网络安全威胁的剧本。我们进行桌面演练以实现战术响应准备，从外部和内部角度对我们的环境执行定期安全扫描，并与合格的第三方供应商合作以执行我们环境的渗透测试。任何已识别的风险都包含在我们的整体风险管理计划中，内部和外部审计师会定期验证我们的 IT 控制。
我们的 IT 安全部门维护一个应对潜在网络安全威胁的剧本。我们进行桌面演练以实现战术响应准备，从外部和内部角度对我们的环境执行定期安全扫描，并与合格的第三方供应商合作以执行我们环境的渗透测试。任何已识别的风险都包含在我们的整体风险管理计划中，内部和外部审计师会定期验证我们的 IT 控制。
We conduct organization-wide cybersecurity training and compliance exercises in connection with our information security program. This training consists of educational material and compliance testing administered to all of our employees, which is tracked and recorded throughout the year. Results and progress are shared with Executive Leadership, the Audit Committee, and the Board. Employee phishing tests are conducted on a regular basis. Employees who do not follow protocol are redirected for additional training.
我们针对信息安全项目开展全机构范围内的网络安全培训和合规演练。该培训包括向我们所有员工提供的教育材料和合规性测试，并在全年进行跟踪和记录。结果和进展将与执行领导层、审计委员会和董事会分享。我们会定期进行员工网络钓鱼测试。未遵循协议的员工将被重新定向以接受额外培训。
我们针对信息安全项目开展全机构范围内的网络安全培训和合规演练。该培训包括向我们所有员工提供的教育材料和合规性测试，并在全年进行跟踪和记录。结果和进展将与执行领导层、审计委员会和董事会分享。我们会定期进行员工网络钓鱼测试。未遵循协议的员工将被重新定向以接受额外培训。
We have implemented an IT vendor risk management policy that provides guidance in managing risks associated with IT vendors and business partners. We have also established a third-party risk management program and conduct pre-onboarding security assessments and annual re-assessments of our service providers to collect, track, and manage third-party security controls based upon the risk presented to the business. Any issues identified during assessment are tracked through to remediation.
我们已实施 IT 供应商风险管理政策，为管理与 IT 供应商和业务合作伙伴相关的风险提供指导。我们还建立了第三方风险管理项目，并对我们的服务提供商进行入职前安全评估和年度重新评估，以根据业务面临的风险收集、跟踪和管理第三方安全控制。评估期间发现的任何问题都会被跟踪直至补救。
我们已实施 IT 供应商风险管理政策，为管理与 IT 供应商和业务合作伙伴相关的风险提供指导。我们还建立了第三方风险管理项目，并对我们的服务提供商进行入职前安全评估和年度重新评估，以根据业务面临的风险收集、跟踪和管理第三方安全控制。评估期间发现的任何问题都会被跟踪直至补救。
Governance 治理
Our Board and Audit Committee are actively engaged in the oversight of our risk management, including cybersecurity risk. The Audit Committee receives quarterly reports on information security from our SVP IT Infrastructure & Security. Additionally, Executive Leadership is briefed on information security at least quarterly by members of our IT security, compliance, governance, and audit teams. The Audit Committee of the Board is responsible for overseeing our risk exposure to information security, cybersecurity, and data protection, as well as the steps management has taken to monitor and control such exposures.
我们的董事会和审计委员会积极参与对我们风险管理（包括网络安全风险）的监督。审计委员会每季度都会收到来自我们 IT 基础设施与安全高级副总裁的信息安全报告。此外，执行领导团队至少每季度会听取我们 IT 安全、合规、治理和审计团队成员的信息安全简报。董事会审计委员会负责监督我们面临的信息安全、网络安全和数据保护风险，以及管理层为监控和控制此类风险而采取的措施。
我们的董事会和审计委员会积极参与对我们风险管理（包括网络安全风险）的监督。审计委员会每季度都会收到来自我们 IT 基础设施与安全高级副总裁的信息安全报告。此外，执行领导团队至少每季度会听取我们 IT 安全、合规、治理和审计团队成员的信息安全简报。董事会审计委员会负责监督我们面临的信息安全、网络安全和数据保护风险，以及管理层为监控和控制此类风险而采取的措施。
Our IT security department, which assesses and manages our risks from cybersecurity threats, is led by our SVP IT Infrastructure & Security, who reports to our Senior EVP IT. Additional oversight for assessing and managing cybersecurity risk include Executive sponsors, IT, Human Resources, IT Governance Risk and Compliance, Internal Audit, and Legal, as well as members of our Information Security Risk Council, IT Risk Committee, and ERM teams.
我们的 IT 安全部门由 IT 基础设施与安全高级副总裁领导，负责评估和管理我们面临的网络安全威胁风险，他向 IT 高级执行副总裁汇报。评估和管理网络安全风险的其他监督部门包括执行发起人、IT 部门、人力资源部、IT 治理风险与合规部、内部审计部和法务部，以及我们的信息安全风险委员会、IT 风险委员会和 ERM 团队的成员。
我们的 IT 安全部门由 IT 基础设施与安全高级副总裁领导，负责评估和管理我们面临的网络安全威胁风险，他向 IT 高级执行副总裁汇报。评估和管理网络安全风险的其他监督部门包括执行发起人、IT 部门、人力资源部、IT 治理风险与合规部、内部审计部和法务部，以及我们的信息安全风险委员会、IT 风险委员会和 ERM 团队的成员。
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We have in place an incident response plan to identify, protect, detect, respond to, and recover from cybersecurity threats and incidents. The Information Security Risk Council, Executive Leadership, the Audit Committee, and the Board are notified of any material cybersecurity incidents through an established escalation process. Additionally, we maintain a qualified third-party vendor relationship which is available to the team for on-demand incident response and investigation, as needed.
我们制定了事件响应计划，以识别、保护、检测、响应和恢复网络安全威胁和事件。信息安全风险委员会、执行领导层、审计委员会和董事会通过既定的升级流程收到任何重大网络安全事件的通知。此外，我们与合格的第三方供应商保持合作关系，该供应商可根据需要为团队提供按需事件响应和调查。
我们制定了事件响应计划，以识别、保护、检测、响应和恢复网络安全威胁和事件。信息安全风险委员会、执行领导层、审计委员会和董事会通过既定的升级流程收到任何重大网络安全事件的通知。此外，我们与合格的第三方供应商保持合作关系，该供应商可根据需要为团队提供按需事件响应和调查。
The IT security department team members have degrees applicable to cybersecurity, including Bachelors in Information Systems, Computer Science, Management Information Systems and/or Masters in Cybersecurity, and hold professional certifications, including Certified Information Systems Security Professional, Offensive Security Certified Professional, Global Information Assurance Certification (GIAC) Defensible Security Architecture, GIAC Forensic Examiner, GIAC Incident Handling, and GIAC Open Source Intelligence. Our SVP IT Infrastructure & Security holds a Cybersecurity and Privacy Law Certificate from Mitchell Hamline School of Law, and has 29 years of experience in systems, network, and database administration. Additionally, our Senior IT security department manager is an Offensive Security Certified Professional, and holds GIAC Security Leadership (GSLC), with over 25 years of experience in network performance, availability, and protection.
IT 安全部门团队成员拥有网络安全相关学位，包括信息系统学士、计算机科学学士、管理信息系统学士和/或网络安全硕士，并持有专业认证，包括注册信息系统安全专家 (Certified Information Systems Security Professional)、Offensive Security Certified Professional、全球信息保障认证 (Global Information Assurance Certification, GIAC) 防御性安全架构、GIAC 法证检查员、GIAC 事件处理和 GIAC 开源情报。我们的 IT 基础设施与安全高级副总裁持有 Mitchell Hamline 法学院的网络安全和隐私法证书，并在系统、网络和数据库管理方面拥有 29 年的经验。此外，我们的高级 IT 安全部门经理是 Offensive Security Certified Professional，并持有 GIAC 安全领导力 (GSLC) 证书，在网络性能、可用性和保护方面拥有超过 25 年的经验。
IT 安全部门团队成员拥有网络安全相关学位，包括信息系统学士、计算机科学学士、管理信息系统学士和/或网络安全硕士，并持有专业认证，包括注册信息系统安全专家 (Certified Information Systems Security Professional)、Offensive Security Certified Professional、全球信息保障认证 (Global Information Assurance Certification, GIAC) 防御性安全架构、GIAC 法证检查员、GIAC 事件处理和 GIAC 开源情报。我们的 IT 基础设施与安全高级副总裁持有 Mitchell Hamline 法学院的网络安全和隐私法证书，并在系统、网络和数据库管理方面拥有 29 年的经验。此外，我们的高级 IT 安全部门经理是 Offensive Security Certified Professional，并持有 GIAC 安全领导力 (GSLC) 证书，在网络性能、可用性和保护方面拥有超过 25 年的经验。
Impact of Cybersecurity Threats
网络安全威胁的影响
网络安全威胁的影响
There have been no previous cybersecurity incidents which have materially affected us to date, including our business strategy, results of operations or financial condition. However, any future potential risks from cybersecurity threats, including but not limited to exploitation of vulnerabilities, ransomware, denial of service, supply chain attacks, and the use of artificial intelligence by threat actors engaged in these activities, or other similar threats may materially affect us, including our execution of business strategy, reputation, results of operations and/or financial condition. For additional information regarding cybersecurity threats, see 'Item 1A. Risk Factors' of this Form 10-K.
迄今为止，尚未发生过对我们产生重大影响的网络安全事件，包括我们的业务战略、经营业绩或财务状况。然而，未来任何潜在的网络安全威胁风险，包括但不限于漏洞利用、勒索软件、拒绝服务、供应链攻击以及从事这些活动的威胁者使用人工智能，或其他类似威胁，都可能对我们产生重大影响，包括我们的业务战略执行、声誉、经营业绩和/或财务状况。有关网络安全威胁的更多信息，请参阅本 10-K 表格的“第 1A 项。风险因素”。
迄今为止，尚未发生过对我们产生重大影响的网络安全事件，包括我们的业务战略、经营业绩或财务状况。然而，未来任何潜在的网络安全威胁风险，包括但不限于漏洞利用、勒索软件、拒绝服务、供应链攻击以及从事这些活动的威胁者使用人工智能，或其他类似威胁，都可能对我们产生重大影响，包括我们的业务战略执行、声誉、经营业绩和/或财务状况。有关网络安全威胁的更多信息，请参阅本 10-K 表格的“第 1A 项。风险因素”。
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ITEM 2. PROPERTIES 第二项. 资产
Note – Information in this section is as of December 31, 2024, unless otherwise noted.
注意——除非另有说明，本节中的信息截至 2024 年 12 月 31 日。
注意——除非另有说明，本节中的信息截至 2024 年 12 月 31 日。
We own, and in some cases, lease, the following facilities, excluding selling locations:
我们拥有，并在某些情况下租赁以下设施（不包括销售场所）：
我们拥有，并在某些情况下租赁以下设施（不包括销售场所）：
| Location 地点 | Purpose 目的 | Leased 已租赁 | Tote Locations (ASRS)(1) 料箱位置（ASRS）(1) | Approximate 大约 Square Feet 平方英尺 | |||||||||||||
| Winona, Minnesota 威诺纳，明尼苏达州 | Distribution center and home office 配送中心和总部 | 246,000 | 334,000 | ||||||||||||||
| Indianapolis, Indiana 印第安纳州，印第安纳波利斯 | Distribution center 配送中心 | 547,000 | (2) | 1,078,000 | |||||||||||||
| Akron, Ohio 俄亥俄州，阿克伦 | Distribution center 配送中心 | 103,000 | 188,000 | ||||||||||||||
| Scranton, Pennsylvania 宾夕法尼亚州斯克兰顿 | Distribution center 配送中心 | 106,000 | 187,000 | ||||||||||||||
| Denton, Texas 德克萨斯州丹顿 | Distribution center 配送中心 | 154,000 | (3) | 294,000 | |||||||||||||
| Atlanta, Georgia 佐治亚州亚特兰大 | Distribution center 配送中心 | 77,000 | 252,000 | ||||||||||||||
| Seattle, Washington 华盛顿州西雅图 | Distribution center 配送中心 | 140,000 | 238,000 | ||||||||||||||
| Modesto, California 加利福尼亚州莫德斯托 | Distribution center and manufacturing facility 配送中心和制造工厂 | 75,000 | 328,000 | ||||||||||||||
| Salt Lake City, Utah 犹他州盐湖城 | Distribution center and packaging facility (three buildings)(4) 配送中心和包装设施（三栋建筑物）(4) | X | — | 154,000 | |||||||||||||
| High Point, North Carolina 北卡罗来纳州海波因特 | Distribution center (two buildings)(5) 配送中心（两栋建筑物）(5) | 131,000 | 829,000 | ||||||||||||||
| Kansas City, Kansas 堪萨斯州堪萨斯城 | Distribution center 配送中心 | 156,000 | 462,000 | ||||||||||||||
| Jackson, Mississippi 密西西比州杰克逊 | Distribution center 配送中心 | — | 271,000 | ||||||||||||||
| Kitchener, Ontario, Canada 加拿大安大略省基奇纳市 | Distribution center 配送中心 | 128,000 | 242,000 | ||||||||||||||
| Edmonton, Alberta, Canada 加拿大艾伯塔省埃德蒙顿市 | Distribution center 配送中心 | X | — | 38,000 | |||||||||||||
| Apodaca, Nuevo Leon, Mexico 墨西哥新莱昂州阿波达卡 | Distribution center 配送中心 | X | — | 104,000 | |||||||||||||
| Dordrecht, Netherlands 多德雷赫特，荷兰 | Distribution center 配送中心 | X | — | 39,000 | |||||||||||||
| Saint Helens, United Kingdom 圣海伦斯，英国 | Distribution center 配送中心 | X | — | 14,000 | |||||||||||||
| Shanghai, China 中国上海 | Distribution center 配送中心 | X | — | 12,000 | |||||||||||||
(1) | Total number of tote locations for small parts storage included in facilities with an ASRS. 包含自动存储和检索系统 (ASRS) 的设施中，用于存储小零件的手提袋总数。 | ||||
(2) | This property contains an ASRS with a capacity of 52,000 pallet locations, in addition to the 547,000 tote locations for small parts. 该物业包含一个自动化存储和检索系统（ASRS），该系统除了用于存放小零件的 547,000 个料箱位置外，还具有 52,000 个托盘位置的容量。 | ||||
(3) | In March of 2024, we installed a new ASRS that has a capacity of 154,000 tote locations for small parts. This property contains an ASRS with a capacity of 14,000 pallet locations, in addition to the 154,000 tote locations for small parts. 2024 年 3 月，我们安装了一个新的 ASRS，该系统具有用于存放小零件的 154,000 个料箱位置的容量。该物业包含一个 ASRS，该系统除了用于存放小零件的 154,000 个料箱位置外，还具有 14,000 个托盘位置的容量。 | ||||
(4) | During 2021, we acquired land for future expansion of our distribution center in Magna, Utah. This building is expected to be complete in June of 2025 and will be approximately 290,000 square feet. 2021 年期间，我们收购了土地，用于未来扩建我们在犹他州马格纳的配送中心。该建筑预计将于 2025 年 6 月完工，面积约为 290,000 平方英尺。 | ||||
(5) | In December 2018, we purchased an additional distribution center in High Point, North Carolina with approximately 750,000 total square feet. We currently utilize approximately 355,000 square feet for distribution activities and the other 395,000 square feet will be renovated in 2025 for additional distribution space. 2018 年 12 月，我们在北卡罗来纳州海波因特购买了一个额外的配送中心，总面积约为 750,000 平方英尺。目前，我们使用约 355,000 平方英尺用于配送活动，其余 395,000 平方英尺将于 2025 年进行翻新，以增加配送空间。 | ||||
We also own, and in some cases, lease, the following support facilities, excluding selling locations:
我们还拥有（在某些情况下，租赁）以下支持设施（不包括销售地点）：
我们还拥有（在某些情况下，租赁）以下支持设施（不包括销售地点）：
| Location 地点 | Purpose 用途 | Leased 已租赁 | Approximate 大约 Square Feet 平方英尺 | ||||||||
| Winona, Minnesota 威诺纳，明尼苏达州 | Manufacturing facility 制造工厂 | 121,000 | |||||||||
| Indianapolis, Indiana 印第安纳州，印第安纳波利斯 | Manufacturing facility 制造工厂 | 194,000 | |||||||||
| Houston, Texas 德克萨斯州，休斯顿 | Manufacturing facility 制造工厂 | 114,000 | |||||||||
| Wallingford, Connecticut 沃灵福德，康涅狄格州 | Manufacturing facility 制造工厂 | 177,000 | |||||||||
| Rockford, Illinois 罗克福德，伊利诺伊州 | Manufacturing facility 制造工厂 | 101,000 | |||||||||
| Johor, Malaysia 马来西亚柔佛州 | Manufacturing facility 制造工厂 | 30,000 | |||||||||
| Brno-Lisen, Czech Republic 捷克共和国布尔诺-利森 | Manufacturing facility 制造工厂 | X | 20,000 | ||||||||
| Leeds, United Kingdom 英国利兹 | Manufacturing facility 制造工厂 | X | 28,000 | ||||||||
| Winona, Minnesota 美国明尼苏达州威诺纳市 | Multiple facilities for office space, storage, and packaging operations 多处办公、仓储和包装运营场所 | 419,000 | |||||||||
| Bangalore, India 印度班加罗尔 | International information technology office 国际信息技术办公室 | X | 67,000 | ||||||||
In addition, we own 151 buildings that house our in-market locations in various cities throughout North America.
此外，我们拥有 151 栋建筑物，用于容纳我们在北美各地城市的市场场所。
此外，我们拥有 151 栋建筑物，用于容纳我们在北美各地城市的市场场所。
All other buildings we occupy are leased. On average, leased in-market locations range from approximately 3,000 to 15,000 square feet, with lease terms of up to 144 months (most initial lease terms are for 36 to 60 months).
我们占用的所有其他建筑物均为租赁。平均而言，租赁的市场场所面积约为 3,000 至 15,000 平方英尺，租赁期限最长为 144 个月（大多数初始租赁期限为 36 至 60 个月）。
我们占用的所有其他建筑物均为租赁。平均而言，租赁的市场场所面积约为 3,000 至 15,000 平方英尺，租赁期限最长为 144 个月（大多数初始租赁期限为 36 至 60 个月）。
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We currently own land for future distribution center expansion and development. If economic conditions are suitable in the future, we will consider purchasing branch locations to house our older branches. It is anticipated the majority of new branch locations will continue to be leased. It is our policy to negotiate relatively short lease terms to facilitate relocation of particular branch operations, when desirable. Our experience has been that there is sufficient space suitable for our needs and available for leasing.
目前，我们拥有土地，用于未来配送中心的扩建和开发。如果未来经济条件适宜，我们将考虑购买分行地点，以安置我们较旧的分行。预计大部分新分行地点将继续租赁。我们的政策是谈判相对较短的租赁期限，以便在需要时促进特定分行业务的搬迁。我们的经验是，有足够的空间适合我们的需求，并且可以租赁。
目前，我们拥有土地，用于未来配送中心的扩建和开发。如果未来经济条件适宜，我们将考虑购买分行地点，以安置我们较旧的分行。预计大部分新分行地点将继续租赁。我们的政策是谈判相对较短的租赁期限，以便在需要时促进特定分行业务的搬迁。我们的经验是，有足够的空间适合我们的需求，并且可以租赁。
ITEM 3.LEGAL PROCEEDINGS 第三项.法律诉讼
A description of our legal proceedings, if any, is contained in Note 11 of the Notes to Consolidated Financial Statements and is incorporated herein by reference.
有关我们法律诉讼的描述（如有），请参见合并财务报表附注 11，并在此处引用。
有关我们法律诉讼的描述（如有），请参见合并财务报表附注 11，并在此处引用。
ITEM 4.MINE SAFETY DISCLOSURES
第四项. 矿山安全披露
第四项. 矿山安全披露
Not applicable. 不适用。
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PART II 第二部分
ITEM 5.MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
第五项.发行人普通股的市场、相关股东事宜和发行人购买的权益性证券
第五项.发行人普通股的市场、相关股东事宜和发行人购买的权益性证券
Common Stock Data 普通股数据
Dollar amounts in this section are stated in whole numbers.
本节中的美元金额以整数表示。
本节中的美元金额以整数表示。
Our shares are traded on The Nasdaq Stock Market under the symbol 'FAST'. As of January 21, 2025, there were approximately 900 record holders of our common stock, which include nominees or broker dealers holding stock on behalf of an estimated 767,000 beneficial owners.
我们的股票在纳斯达克股票市场交易，代码为“FAST”。截至 2025 年 1 月 21 日，我们约有 900 名普通股登记持有人，其中包括代表约 767,000 名实际权益所有人持有股票的代理人或经纪交易商。
我们的股票在纳斯达克股票市场交易，代码为“FAST”。截至 2025 年 1 月 21 日，我们约有 900 名普通股登记持有人，其中包括代表约 767,000 名实际权益所有人持有股票的代理人或经纪交易商。
Issuer Purchases of Equity Securities
发行人回购权益性证券
发行人回购权益性证券
The table below sets forth information regarding purchases of our common stock during each of the last three months of 2024:
下表列出了我们在 2024 年最近三个月内购买普通股的相关信息：
下表列出了我们在 2024 年最近三个月内购买普通股的相关信息：
| Period 期间 | Total Number of 总数 Shares 股票 Purchased 已购买 | Average Price 平均价格 Paid per Share 每股支付价格 | Total Number of 总数 Shares Purchased 购买股份 as Part of Publicly 作为公开的一部分 Announced Plans 已公布的计划 or Programs (1) 或项目 (1) | Maximum Number (or 可购买的股份的 Approximate Dollar 最大数量（或 Value) of Shares that 约略美元 May Yet Be Purchased 价值） Under the Plans or 根据计划或 Programs (1) 项目 (1) | ||||||||||||||||||||||||||||||||||
| October 1-31, 2024 2024 年 10 月 1 日至 31 日 | 0 | $0.00 | 0 | 6,200,000 | ||||||||||||||||||||||||||||||||||
| November 1-30, 2024 2024 年 11 月 1 日至 30 日 | 0 | $0.00 | 0 | 6,200,000 | ||||||||||||||||||||||||||||||||||
| December 1-31, 2024 2024 年 12 月 1 日至 31 日 | 0 | $0.00 | 0 | 6,200,000 | ||||||||||||||||||||||||||||||||||
| Total 总计 | 0 | $0.00 | 0 | 6,200,000 | ||||||||||||||||||||||||||||||||||
(1) | As of December 31, 2024, we had remaining authority to repurchase 6,200,000 shares of our common stock under the July 12, 2022 authorization, which originally authorized the repurchase of up to 8,000,000 shares. This authorization does not have an expiration date. 截至 2024 年 12 月 31 日，根据 2022 年 7 月 12 日的授权，我们仍有权回购 6,200,000 股普通股，该授权最初批准回购最多 8,000,000 股。此授权没有到期日。 | ||||
Purchases of shares of our common stock, if applicable, are described later in this Form 10-K under the heading 'Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations' under 'Liquidity and Capital Resources' - 'Stock Purchases'.
购买本公司普通股（如果适用）的情况，将在本 10-K 表格“第 7 项. 管理层对财务状况和经营成果的讨论与分析”中“流动性和资本资源” - “股票回购”标题下进行说明。
购买本公司普通股（如果适用）的情况，将在本 10-K 表格“第 7 项. 管理层对财务状况和经营成果的讨论与分析”中“流动性和资本资源” - “股票回购”标题下进行说明。
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Fastenal Company Common Stock Comparative Performance Graph
Fastenal Company 普通股比较业绩图
Fastenal Company 普通股比较业绩图
Set forth below is a graph comparing, for the five years ended December 31, 2024, the yearly cumulative total shareholder return on our common stock with the yearly cumulative total shareholder return of the S&P 500 Index and the Dow Jones US Industrial Suppliers Index.
以下图表比较了截至 2024 年 12 月 31 日止五个年度，本公司普通股的年度累计总股东回报与标普 500 指数和道琼斯美国工业供应商指数的年度累计总股东回报。
以下图表比较了截至 2024 年 12 月 31 日止五个年度，本公司普通股的年度累计总股东回报与标普 500 指数和道琼斯美国工业供应商指数的年度累计总股东回报。
The comparison of total shareholder returns in the performance graph assumes that $100 was invested on December 31, 2019 in Fastenal Company, the S&P 500 Index, and the Dow Jones US Industrial Suppliers Index, and that dividends were reinvested when and as paid.
业绩图表中对股东总回报的比较假设在 2019 年 12 月 31 日向 Fastenal Company、标普 500 指数和道琼斯美国工业品供应商指数各投资了 100 美元，并且股息在支付时已进行再投资。
业绩图表中对股东总回报的比较假设在 2019 年 12 月 31 日向 Fastenal Company、标普 500 指数和道琼斯美国工业品供应商指数各投资了 100 美元，并且股息在支付时已进行再投资。
Comparison of Five-Year Cumulative Total Return Among Fastenal Company, the S&P 500 Index, and the Dow Jones US Industrial Suppliers Index
Fastenal Company、标普 500 指数和道琼斯美国工业品供应商指数五年累计总回报比较
Fastenal Company、标普 500 指数和道琼斯美国工业品供应商指数五年累计总回报比较
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||||||||||||||||||||
| Fastenal Company Fastenal 公司 | $ | 100.00 | 136.57 | 183.05 | 138.50 | 195.65 | 222.04 | |||||||||||||||||||||||||||||||
| S&P 500 Index 标普 500 指数 | 100.00 | 118.40 | 152.39 | 124.79 | 157.59 | 197.02 | ||||||||||||||||||||||||||||||||
| Dow Jones US Industrial Suppliers Index 道琼斯美国工业供应商指数 | 100.00 | 126.43 | 168.93 | 146.64 | 217.57 | 247.40 | ||||||||||||||||||||||||||||||||
Note - The graph and index table above were obtained from Zacks SEC Compliance Services Group.
注 - 以上图表和指数表均来自 Zacks SEC Compliance Services Group。
注 - 以上图表和指数表均来自 Zacks SEC Compliance Services Group。
ITEM 6.RESERVED 第 6 项。保留
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ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
第七项. 管理层对财务状况和经营成果的讨论与分析
第七项. 管理层对财务状况和经营成果的讨论与分析
The following is management's discussion and analysis of certain significant factors which have affected our financial position and operating results during the periods included in the accompanying consolidated financial statements and should be read in conjunction with those consolidated financial statements. This section of this Form 10-K generally discusses 2024 and 2023 items and year-to-year comparisons for the current year and the prior year. Discussions of 2022 items can be found in 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in Part II, Item 7 of our annual report on Form 10-K for the fiscal year ended December 31, 2023.
以下是管理层对某些重大因素的讨论与分析，这些因素影响了我们在随附的合并财务报表中所列期间的财务状况和经营成果，应与这些合并财务报表结合阅读。本 10-K 表格的这一部分通常讨论 2024 年和 2023 年的项目，以及本年度和上一年度的同比比较。关于 2022 年项目的讨论，请参见截至 2023 年 12 月 31 日财年的 10-K 表格年度报告第二部分，第七项“管理层对财务状况和经营成果的讨论与分析”。
以下是管理层对某些重大因素的讨论与分析，这些因素影响了我们在随附的合并财务报表中所列期间的财务状况和经营成果，应与这些合并财务报表结合阅读。本 10-K 表格的这一部分通常讨论 2024 年和 2023 年的项目，以及本年度和上一年度的同比比较。关于 2022 年项目的讨论，请参见截至 2023 年 12 月 31 日财年的 10-K 表格年度报告第二部分，第七项“管理层对财务状况和经营成果的讨论与分析”。
Business and Operational Overview
业务和运营概览
业务和运营概览
Fastenal is a North American leader in the wholesale distribution of industrial and construction supplies. We distribute these supplies through a network of more than 3,600 in-market locations. Our largest end market is manufacturing. Sales to these customers include products for both OEM, where our products are consumed in the final products of our customers, and MRO, where our products are consumed to support the facilities and ongoing operations of our customers. We also service general and commercial contractors in non-residential end markets as well as farmers, truckers, railroads, oil exploration companies, oil production and refinement companies, mining companies, federal, state, and local governmental entities, schools, and certain retail trades. Geographically, our branches, Onsite locations, and customers are primarily located in North America, though we continue to grow our non-North American presence as well.
Fastenal 是北美工业和建筑用品批发分销领域的领导者。我们通过超过 3,600 个本地市场网点分销这些用品。我们最大的终端市场是制造业。面向这些客户的销售包括 OEM 产品（我们的产品在客户的最终产品中使用）和 MRO 产品（我们的产品用于支持客户的设施和持续运营）。我们还为非住宅终端市场中的一般和商业承包商以及农民、卡车司机、铁路、石油勘探公司、石油生产和提炼公司、矿业公司、联邦、州和地方政府实体、学校以及某些零售行业提供服务。从地域上看，我们的分支机构、Onsite 地点和客户主要位于北美，但我们也继续扩大在北美以外地区的业务。
Fastenal 是北美工业和建筑用品批发分销领域的领导者。我们通过超过 3,600 个本地市场网点分销这些用品。我们最大的终端市场是制造业。面向这些客户的销售包括 OEM 产品（我们的产品在客户的最终产品中使用）和 MRO 产品（我们的产品用于支持客户的设施和持续运营）。我们还为非住宅终端市场中的一般和商业承包商以及农民、卡车司机、铁路、石油勘探公司、石油生产和提炼公司、矿业公司、联邦、州和地方政府实体、学校以及某些零售行业提供服务。从地域上看，我们的分支机构、Onsite 地点和客户主要位于北美，但我们也继续扩大在北美以外地区的业务。
It is helpful to appreciate several aspects of our marketplace: First, it is big and fragmented. We estimate the North American marketplace for industrial supplies is in excess of $140 billion per year (and we have expanded beyond North America) and no company has a significant portion of this market. Second, many of the products we sell are individually inexpensive, but the cost and time to manage, procure, and transport these products can be quite meaningful. Third, many customers prefer to reduce their number of MRO and OEM suppliers to simplify their business, while also utilizing various technologies and models (including our local branches when they need something quickly or unexpectedly) to improve availability and reduce waste. Lastly, we believe the markets are efficient. In our view, this means that companies who grow market share are those that develop differentiated capabilities that provide the greatest value to the customer.
了解我们市场的几个方面很有帮助：首先，市场规模庞大且分散。我们估计北美工业用品市场每年超过 1400 亿美元（并且我们已经扩展到北美以外），没有哪家公司占据该市场的很大份额。其次，我们销售的许多产品单价不高，但管理、采购和运输这些产品的成本和时间可能相当可观。第三，许多客户倾向于减少其 MRO 和 OEM 供应商的数量，以简化其业务，同时还利用各种技术和模式（包括在他们需要快速或意外获得某些东西时使用我们的本地分支机构）来提高可用性并减少浪费。最后，我们认为市场是有效的。我们认为，这意味着那些扩大市场份额的公司是那些开发出差异化能力，从而为客户提供最大价值的公司。
了解我们市场的几个方面很有帮助：首先，市场规模庞大且分散。我们估计北美工业用品市场每年超过 1400 亿美元（并且我们已经扩展到北美以外），没有哪家公司占据该市场的很大份额。其次，我们销售的许多产品单价不高，但管理、采购和运输这些产品的成本和时间可能相当可观。第三，许多客户倾向于减少其 MRO 和 OEM 供应商的数量，以简化其业务，同时还利用各种技术和模式（包括在他们需要快速或意外获得某些东西时使用我们的本地分支机构）来提高可用性并减少浪费。最后，我们认为市场是有效的。我们认为，这意味着那些扩大市场份额的公司是那些开发出差异化能力，从而为客户提供最大价值的公司。
Our approach to addressing these aspects of our marketplace is captured in our motto Growth Through Customer Service® and our tagline Where Industry Meets Innovation™. The concept of growth is simple: find more customers every day that value the services we provide and increase our activity with them. However, execution is hard work. First, we recruit service-minded individuals to support customers and empower them to operate in a decentralized fashion to maximize their flexibility to solve customer problems. We support these customer-facing resources with a supply chain capability that is speedy, efficient, and cost-effective. This has formed the foundation of our high-touch model since inception. Second, we invest in, develop, and deploy capabilities that allow us to illuminate and provide greater control over a customer's supply chain. These capabilities range from service models that take advantage of our local presence and/or our ability to more efficiently manage complex procurement needs, to hardware and software technologies that promote actionable data capture, improve operating efficiencies, and reduce supply chain risk. Third, we strive to generate strong profits, which produce the cash flow necessary to support our growth, our product and technology development, and the needs of our customers.
我们应对市场这些方面的方法体现在我们的座右铭“通过客户服务实现增长®”和我们的标语“行业与创新交汇™”中。增长的概念很简单：每天找到更多重视我们所提供服务的客户，并增加我们与他们的业务往来。然而，执行起来却很困难。首先，我们招募具有服务意识的员工来支持客户，并授权他们以分散的方式运营，从而最大限度地提高他们解决客户问题的灵活性。我们通过快速、高效且具有成本效益的供应链能力来支持这些面向客户的资源。自成立以来，这构成了我们高接触模式的基础。其次，我们投资、开发和部署各种能力，使我们能够阐明并更好地控制客户的供应链。这些能力包括利用我们本地优势和/或更有效地管理复杂采购需求的服务模式，以及促进可操作数据捕获、提高运营效率和降低供应链风险的硬件和软件技术。 第三，我们努力创造强劲的利润，从而产生必要的现金流，以支持我们的增长、产品和技术开发以及客户的需求。
我们应对市场这些方面的方法体现在我们的座右铭“通过客户服务实现增长®”和我们的标语“行业与创新交汇™”中。增长的概念很简单：每天找到更多重视我们所提供服务的客户，并增加我们与他们的业务往来。然而，执行起来却很困难。首先，我们招募具有服务意识的员工来支持客户，并授权他们以分散的方式运营，从而最大限度地提高他们解决客户问题的灵活性。我们通过快速、高效且具有成本效益的供应链能力来支持这些面向客户的资源。自成立以来，这构成了我们高接触模式的基础。其次，我们投资、开发和部署各种能力，使我们能够阐明并更好地控制客户的供应链。这些能力包括利用我们本地优势和/或更有效地管理复杂采购需求的服务模式，以及促进可操作数据捕获、提高运营效率和降低供应链风险的硬件和软件技术。 第三，我们努力创造强劲的利润，从而产生必要的现金流，以支持我们的增长、产品和技术开发以及客户的需求。
The ultimate aim of this 'high-touch, high-tech' approach to gaining market share is to allow us to get closer to our customers, going so far as to be right to the point of consumption within customers' facilities. Marrying our presence, capabilities and technologies deepens our relationships and our understanding of our customers' day-to-day opportunities and obstacles. This, in turn, enhances our ability to provide innovative and comprehensive solutions to our customers' challenges. By doing these things every day, Fastenal remains a growth-centric organization.
这种通过“高接触、高科技”方式来获取市场份额的最终目的是让我们更贴近客户，甚至深入到客户设施内的消费点。将我们的存在、能力和技术相结合，加深了我们与客户的关系，以及我们对客户日常机遇和障碍的理解。反过来，这增强了我们为客户的挑战提供创新和全面解决方案的能力。通过每天做这些事情，Fastenal 仍然是一个以增长为中心的组织。
这种通过“高接触、高科技”方式来获取市场份额的最终目的是让我们更贴近客户，甚至深入到客户设施内的消费点。将我们的存在、能力和技术相结合，加深了我们与客户的关系，以及我们对客户日常机遇和障碍的理解。反过来，这增强了我们为客户的挑战提供创新和全面解决方案的能力。通过每天做这些事情，Fastenal 仍然是一个以增长为中心的组织。
32
Executive Overview 执行概要
The following table presents a performance summary of our results of operations for the periods ended December 31.
下表为截至 12 月 31 日止期间的经营业绩概要。
下表为截至 12 月 31 日止期间的经营业绩概要。
| 2024 | 2023 | YOY 同比 Change 变动 | 2022 | YOY 同比 Change 变动 | |||||||||||||||||||||||||
| Net sales 净销售额 | $ | 7,546.0 | 7,346.7 | 2.7 | % | $ | 6,980.6 | 5.2 | % | ||||||||||||||||||||
| Business days 营业日 | 255 | 253 | 254 | ||||||||||||||||||||||||||
| Daily sales 日均销售额 | $ | 29.6 | 29.0 | 1.9 | % | $ | 27.5 | 5.7 | % | ||||||||||||||||||||
| Gross profit 毛利润 | $ | 3,401.9 | 3,354.5 | 1.4 | % | $ | 3,215.8 | 4.3 | % | ||||||||||||||||||||
| % of net sales 占净销售额的百分比 | 45.1 | % | 45.7 | % | 46.1 | % | |||||||||||||||||||||||
| SG&A expenses 销售、管理及行政费用 | $ | 1,891.9 | 1,825.8 | 3.6 | % | $ | 1,762.2 | 3.6 | % | ||||||||||||||||||||
| % of net sales 占净销售额的百分比 | 25.1 | % | 24.9 | % | 25.2 | % | |||||||||||||||||||||||
| Operating income 营业收入 | $ | 1,510.0 | 1,528.7 | -1.2 | % | $ | 1,453.6 | 5.2 | % | ||||||||||||||||||||
| % of net sales 占净销售额的百分比 | 20.0 | % | 20.8 | % | 20.8 | % | |||||||||||||||||||||||
| Income before income taxes 所得税前利润 | $ | 1,508.1 | 1,522.0 | -0.9 | % | $ | 1,440.0 | 5.7 | % | ||||||||||||||||||||
| % of net sales 占净销售额的百分比 | 20.0 | % | 20.7 | % | 20.6 | % | |||||||||||||||||||||||
| Net income 净利润 | $ | 1,150.6 | 1,155.0 | -0.4 | % | $ | 1,086.9 | 6.3 | % | ||||||||||||||||||||
| Diluted net income per share 摊薄后每股净收益 | $ | 2.00 | 2.02 | -0.6 | % | $ | 1.89 | 6.7 | % | ||||||||||||||||||||
| Note – Daily sales are defined as the total net sales for the period divided by the number of business days (in the U.S.) in the period. 注释 – 每日销售额定义为该期间的总净销售额除以该期间的营业天数（美国）。 | |||||||||||||||||||||||||||||
We saw modest economic contraction in our key markets in 2024. The Institute for Supply Management's Purchasing Manager's Index (PMI) for the U.S. averaged 48.3 for the full year and remained below 50, the threshold demarcating manufacturing growth or contraction, in 11 out of 12 months. Business activity as measured by U.S. Industrial Production declined 0.4% in the first 11 months of 2024 over 2023 with markets that are most relevant to us, such as Primary Metal (-1.5%), Fabricated Metals (-0.8%), and Machinery (-2.2%) declining more rapidly than the broad index. This was the primary factor contributing to daily sales growth of 1.9%, slowing from the preceding year. The overall profile of our growth was consistent with 2023: growth was driven by larger, key accounts and Onsite customers and by non-fastener products, particularly safety. We continued to expand our installed base of Onsites and FMI technology and lift the proportion of sales that run through our Digital Footprint. However, the effect of our continued investment in key areas we view as critical to accelerate future growth and the slow growth in sales volume combined to pressure our profitability, reducing operating margin. On the other hand, asset efficiency remained stable from the preceding year and we generated good cash flow.
2024 年，我们在主要市场中看到温和的经济萎缩。美国供应管理协会（ISM）的采购经理人指数（PMI）全年平均为 48.3，并且在 12 个月中有 11 个月低于 50，这是区分制造业增长或收缩的阈值。以美国工业生产衡量的商业活动在 2024 年的前 11 个月比 2023 年下降了 0.4％，与我们最相关的市场，例如初级金属（-1.5％），金属制品（-0.8％）和机械（-2.2％）的下降速度快于广泛指数。这是导致每日销售额增长 1.9％的主要因素，低于前一年。我们增长的总体情况与 2023 年一致：增长是由较大的主要客户和 Onsite 客户以及非紧固件产品（尤其是安全产品）驱动的。我们继续扩大 Onsites 和 FMI 技术的安装基础，并提高通过我们的 Digital Footprint 进行的销售比例。 然而，我们持续投资于我们认为对加速未来增长至关重要的关键领域，以及销售额增长缓慢，这两者共同作用，对我们的盈利能力造成压力，降低了营业利润率。另一方面，资产效率与上年相比保持稳定，我们产生了良好的现金流。
2024 年，我们在主要市场中看到温和的经济萎缩。美国供应管理协会（ISM）的采购经理人指数（PMI）全年平均为 48.3，并且在 12 个月中有 11 个月低于 50，这是区分制造业增长或收缩的阈值。以美国工业生产衡量的商业活动在 2024 年的前 11 个月比 2023 年下降了 0.4％，与我们最相关的市场，例如初级金属（-1.5％），金属制品（-0.8％）和机械（-2.2％）的下降速度快于广泛指数。这是导致每日销售额增长 1.9％的主要因素，低于前一年。我们增长的总体情况与 2023 年一致：增长是由较大的主要客户和 Onsite 客户以及非紧固件产品（尤其是安全产品）驱动的。我们继续扩大 Onsites 和 FMI 技术的安装基础，并提高通过我们的 Digital Footprint 进行的销售比例。 然而，我们持续投资于我们认为对加速未来增长至关重要的关键领域，以及销售额增长缓慢，这两者共同作用，对我们的盈利能力造成压力，降低了营业利润率。另一方面，资产效率与上年相比保持稳定，我们产生了良好的现金流。
The table below summarizes our absolute and full-time equivalent (FTE; based on 40 hours per week) employee headcount, our investments related to in-market locations (defined as the sum of the total number of branch locations and the total number of active Onsite locations), and weighted FMI devices at the end of the periods presented and the percentage change compared to the end of the prior period.
下表总结了我们期末的员工总数和全职当量（FTE；基于每周 40 小时），与市场内地点相关的投资（定义为分支机构总数和活跃的 Onsite 地点总数之和），以及加权 FMI 设备，以及与上期末相比的变化百分比。
下表总结了我们期末的员工总数和全职当量（FTE；基于每周 40 小时），与市场内地点相关的投资（定义为分支机构总数和活跃的 Onsite 地点总数之和），以及加权 FMI 设备，以及与上期末相比的变化百分比。
| Q4 2024 | Q4 2023 | Twelve-month 十二个月 % Change % 变化 | |||||||||||||||
Selling personnel - absolute employee headcount 销售人员 - 员工总数 | 16,712 | 16,512 | 1.2 | % | |||||||||||||
| Selling personnel - FTE employee headcount 销售人员 - FTE 员工人数 | 15,055 | 15,070 | -0.1 | % | |||||||||||||
| Total personnel - absolute employee headcount 员工总数 - 绝对员工人数 | 23,702 | 23,201 | 2.2 | % | |||||||||||||
| Total personnel - FTE employee headcount 员工总数 - FTE 员工人数 | 20,958 | 20,721 | 1.1 | % | |||||||||||||
| Number of branch locations 分行数量 | 1,597 | 1,597 | — | % | |||||||||||||
| Number of active Onsite locations 活跃现场办公点数量 | 2,031 | 1,822 | 11.5 | % | |||||||||||||
| Number of in-market locations 市场内办公点数量 | 3,628 | 3,419 | 6.1 | % | |||||||||||||
| Weighted FMI devices (MEU installed count) 加权 FMI 设备（已安装 MEU 数量） | 126,957 | 113,138 | 12.2 | % | |||||||||||||
33
During the last twelve months, we increased our total FTE employee headcount by 237. Our total FTE selling and sales support personnel decreased by 15. While we added FTE to support growth in our Onsite locations, we reduced personnel at our branch locations, reflecting both shifts to Onsite locations and tight management of headcount given challenging business conditions. We had an increase in our distribution and transportation FTE personnel of 115 to support increased product throughput at our distribution facilities. We had an increase in our remaining FTE personnel of 137, which related primarily to personnel investments in manufacturing, quality control, IT, and business analytics.
在过去的十二个月里，我们的全职员工总数增加了 237 人。我们的全职销售和销售支持人员减少了 15 人。虽然我们增加了全职员工以支持 Onsite 网点的增长，但我们减少了分支机构的人员，这反映了向 Onsite 网点的转移以及在充满挑战的商业环境下对员工人数的严格管理。我们的配送和运输全职员工增加了 115 人，以支持我们配送设施中产品吞吐量的增加。我们剩余的全职员工增加了 137 人，这主要与在制造、质量控制、IT 和业务分析方面的人员投资有关。
在过去的十二个月里，我们的全职员工总数增加了 237 人。我们的全职销售和销售支持人员减少了 15 人。虽然我们增加了全职员工以支持 Onsite 网点的增长，但我们减少了分支机构的人员，这反映了向 Onsite 网点的转移以及在充满挑战的商业环境下对员工人数的严格管理。我们的配送和运输全职员工增加了 115 人，以支持我们配送设施中产品吞吐量的增加。我们剩余的全职员工增加了 137 人，这主要与在制造、质量控制、IT 和业务分析方面的人员投资有关。
The table below summarizes the number of branches opened and closed, net of conversions, as well as the number of Onsites activated and closed, net of conversions during the periods presented.
下表总结了在所示期间内，分支机构开设和关闭的数量（净转换后），以及 Onsite 激活和关闭的数量（净转换后）。
下表总结了在所示期间内，分支机构开设和关闭的数量（净转换后），以及 Onsite 激活和关闭的数量（净转换后）。
| Twelve-month Period 十二个月期间 | |||||||||||
| 2024 | 2023 | ||||||||||
| Branch openings 开设分店 | 11 | 10 | |||||||||
| Branch closures, net of conversions 分支机构关闭数（净值，已扣除转换） | (11) | (96) | |||||||||
| % of net closures vs. prior year-end number of branch locations 净关闭数占上一年末分支机构数量的百分比 | -0.7 | % | -5.7 | % | |||||||
| Onsite activations 现场激活数 | 343 | 329 | |||||||||
| Onsite closures, net of conversions 现场关闭数（净值，已扣除转换） | (134) | (130) | |||||||||
| % of net closures vs. prior year-end number of Onsite locations 净关闭数占上年年末 Onsite 网点数量的百分比 | -7.4 | % | -8.0 | % | |||||||
Our in-market network forms the foundation of our business strategy. In recent years, we have seen a gradual increase in our in-market locations. This has reflected significant growth in Onsites and, to a lesser degree, international branches, which has more than overcome a meaningful decline in our traditional branch network from a strategic rationalization that aligned our physical footprint with changes in our business strategies. Branch closures may occur in the future to reflect normal churn in our business, but the strategic rationalization has concluded. As a result, we expect to see an increase in the rate of in-market location growth as we continue to open Onsites while our traditional branch network remains stable or grows moderately to sustain and improve our North American network, to continue our global expansion beyond North America, and to support our growth drivers. This dynamic played out in 2024.
我们的本地市场网络是我们业务战略的基础。近年来，我们的本地市场网点数量逐渐增加。这反映了 Onsites 业务的显著增长，以及国际分支机构的较小程度的增长，这已超过了我们传统分支机构网络的显著下降，这是由于战略调整使我们的实体业务与业务战略的变化保持一致。未来可能会出现分支机构关闭的情况，以反映我们业务的正常流失，但战略调整已经结束。因此，我们预计本地市场网点增长率将会提高，因为我们将继续开设 Onsites，同时我们的传统分支机构网络保持稳定或适度增长，以维持和改善我们的北美网络，继续我们在北美以外的全球扩张，并支持我们的增长动力。这种动态在 2024 年得到了体现。
我们的本地市场网络是我们业务战略的基础。近年来，我们的本地市场网点数量逐渐增加。这反映了 Onsites 业务的显著增长，以及国际分支机构的较小程度的增长，这已超过了我们传统分支机构网络的显著下降，这是由于战略调整使我们的实体业务与业务战略的变化保持一致。未来可能会出现分支机构关闭的情况，以反映我们业务的正常流失，但战略调整已经结束。因此，我们预计本地市场网点增长率将会提高，因为我们将继续开设 Onsites，同时我们的传统分支机构网络保持稳定或适度增长，以维持和改善我们的北美网络，继续我们在北美以外的全球扩张，并支持我们的增长动力。这种动态在 2024 年得到了体现。
CURRENT YEAR RESULTS ENDED 2024
本年度业绩截止于 2024 年
本年度业绩截止于 2024 年
Results of Operations 经营成果
The following table sets forth consolidated statements of income information (as a percentage of net sales) for the periods ended December 31:
下表列出了截至 12 月 31 日的各期间的综合收益表信息（占净销售额的百分比）：
下表列出了截至 12 月 31 日的各期间的综合收益表信息（占净销售额的百分比）：
| 2024 | 2023 | ||||||||||
| Net sales 净销售额 | 100.0 | % | 100.0 | % | |||||||
| Gross profit 毛利润 | 45.1 | % | 45.7 | % | |||||||
SG&A expenses 销售、管理及行政费用 | 25.1 | % | 24.9 | % | |||||||
| Operating income 营业收入 | 20.0 | % | 20.8 | % | |||||||
| Net interest expense 净利息费用 | 0.0 | % | -0.1 | % | |||||||
| Income before income taxes 所得税前利润 | 20.0 | % | 20.7 | % | |||||||
| Note – Amounts may not foot due to rounding difference. 注 – 金额可能因四舍五入而略有差异。 | |||||||||||
Sales 销售额
The table below sets forth net sales and daily sales for the periods ended December 31, and changes in such sales from the prior period to the more recent period:
下表列出了截至 12 月 31 日的期间的净销售额和日销售额，以及此类销售额从前期到最近期间的变化：
下表列出了截至 12 月 31 日的期间的净销售额和日销售额，以及此类销售额从前期到最近期间的变化：
| 2024 | 2023 | ||||||||||
| Net sales 净销售额 | $ | 7,546.0 | 7,346.7 | ||||||||
| Percentage change 百分比变化 | 2.7 | % | 5.2 | % | |||||||
| Business days 营业日 | 255 | 253 | |||||||||
| Daily sales 每日销售额 | $ | 29.6 | 29.0 | ||||||||
| Percentage change 变动百分比 | 1.9 | % | 5.7 | % | |||||||
| Daily sales impact of currency fluctuations 货币波动对每日销售额的影响 | -0.1 | % | -0.3 | % | |||||||
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The increase in net sales noted above for 2024 was primarily due to higher unit sales of MRO, OEM, and construction supplies. We believe higher unit sales in 2024 were primarily a result of our ability to gain market share, as most measures of industrial activity were flat to down throughout the period. Despite this challenging environment, in 2024 we produced net sales growth of 2.7% and, owing to two more selling days in the period, daily sales growth of 1.9%.
上述 2024 年净销售额的增长主要是由于 MRO、OEM 和建筑用品的单位销量增加。我们认为，2024 年单位销量增加的主要原因是由于我们获得了市场份额，因为大多数工业活动指标在该期间内持平或下降。尽管面临这一充满挑战的环境，2024 年我们的净销售额增长了 2.7%，并且由于该期间增加了两个销售日，日均销售额增长了 1.9%。
上述 2024 年净销售额的增长主要是由于 MRO、OEM 和建筑用品的单位销量增加。我们认为，2024 年单位销量增加的主要原因是由于我们获得了市场份额，因为大多数工业活动指标在该期间内持平或下降。尽管面临这一充满挑战的环境，2024 年我们的净销售额增长了 2.7%，并且由于该期间增加了两个销售日，日均销售额增长了 1.9%。
We estimate the disruption to operations and logistics from severe winter weather in January 2024 and hurricanes in September 2024, while meaningful in the months in which they occurred, were not material to net sales for the full year of 2024.
我们估计，2024 年 1 月严寒天气和 2024 年 9 月飓风对运营和物流造成的干扰，虽然在其发生的月份影响显著，但对 2024 年全年的净销售额而言并不构成重大影响。
我们估计，2024 年 1 月严寒天气和 2024 年 9 月飓风对运营和物流造成的干扰，虽然在其发生的月份影响显著，但对 2024 年全年的净销售额而言并不构成重大影响。
Changes in product pricing did not have a material impact on net sales in 2024.
产品定价的变化对 2024 年的净销售额没有产生重大影响。
产品定价的变化对 2024 年的净销售额没有产生重大影响。
We effectively increased the penetration of key growth initiatives in 2024, as judged by installations and adoption, which enhanced the value we provide to our customers and supported our growth and efficiency. This was achieved through three areas. First, we signed 358 Onsites in 2024, below our goal of 375 to 400 units but constituting expansion from 2023 (326 signings) and consistent with previous peak signing years in 2019 (362 signings) and 2022 (356 signings). Our installed base of Onsites was 2,031 at the end of December 2024, +11.5% over the preceding year. Second, we signed 27,984 FMI MEUs, meeting our goal at the start of 2024 of 26,000 to 28,000 MEUs and meaningfully above prior year signings of 24,126 MEUs. Our installed base of FMI MEUs was 126,957 at the end of December, +12.2% over the end of December 2023. Third, we expanded the proportion of our sales running through our Digital Footprint. This measure reached 62.5% in November 2024 before easing modestly to 62.1% in December 2024. This was below our goal at the start of 2024 of 66.0%, attributable to lower volume through our FMI devices due to weaker business activity. Even so, it was meaningfully above the prior year level of 56.1% reflecting increasing internal and external adoption of our digital resources. We expect that at some point during 2025 we will achieve having 66% to 68% of our sales volume running through Digital Footprint.
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Sales by Product Line
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From a product standpoint, we have three categories: fasteners (including fasteners used in OEM and MRO), safety supplies, and other product lines, the latter of which includes eight smaller product categories, such as tools, janitorial supplies, and cutting tools. The percent of sales in the periods below were as follows:
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| 2024 | 2023 | ||||||||||
| OEM fasteners 重试 错误原因 | 19.3 | % | 20.1 | % | |||||||
| MRO fasteners 重试 错误原因 | 11.4 | % | 12.3 | % | |||||||
| Total fasteners 重试 错误原因 | 30.7 | % | 32.4 | % | |||||||
| Safety supplies 重试 错误原因 | 22.2 | % | 21.2 | % | |||||||
| Other product lines 重试 错误原因 | 47.1 | % | 46.4 | % | |||||||
| Total non-fasteners 重试 错误原因 | 69.3 | % | 67.6 | % | |||||||
We experienced a shift in mix away from fasteners and toward safety supplies and other product lines. We experienced a slight decline in sales for fasteners in 2024 due primarily to weak business activity during the year. Fasteners are more heavily oriented toward production of final goods than maintenance, which results in greater susceptibility to periods of weaker industrial production. In contrast, safety supplies experienced relatively faster growth. This is a result of lower cyclicality due to the products being used in MRO applications, growth in our installed base of vending devices which disproportionately dispense personal protective equipment (PPE), and strong growth with warehousing customers who are strong consumers of PPE. Other product lines is a mix of OEM- and MRO-oriented products, and relatively strong growth within the latter (e.g., janitorial) was partially offset by relatively slow growth in the former (e.g., tools, cutting tools, material handling). These dynamics produced a meaningful divergence in the daily sales growth rates of our fastener versus our non-fastener product lines in 2024.
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Annual Sales Changes, Sequential Trends, and End Market Performance
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This section focuses on three distinct views of our business – annual sales changes by month, sequential trends, and end market performance. The first discussion regarding sales changes by month provides a good mechanical view of our business. The second discussion provides a framework for understanding the sequential trends (that is, comparing a month to the immediately preceding month, and also looking at the cumulative change from an earlier benchmark month) in our business. Finally, we believe the third discussion regarding end market performance provides insight into activities with our various types of customers.
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Annual Sales Changes, by Month
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During the months noted below, all of our selling locations, when combined, had a DSR change of (compared to the same month in the preceding year):
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| Jan. 重试 错误原因 | Feb. 重试 错误原因 | Mar. 重试 错误原因 | Apr. 重试 错误原因 | May 重试 错误原因 | June 重试 错误原因 | July 重试 错误原因 | Aug. 重试 错误原因 | Sept. 重试 错误原因 | Oct. 重试 错误原因 | Nov. 重试 错误原因 | Dec. 重试 错误原因 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 1.6 | % | 2.6 | % | 1.8 | % | 0.7 | % | 1.5 | % | 3.3 | % | 0.5 | % | 2.1 | % | 3.2 | % | 2.8 | % | 3.4 | % | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 11.2 | % | 9.6 | % | 6.8 | % | 7.8 | % | 5.2 | % | 4.7 | % | 3.7 | % | 3.6 | % | 5.0 | % | 1.9 | % | 3.8 | % | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Sequential Trends
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We find it helpful to think about the monthly sequential changes in our business using the analogy of climbing a stairway – This stairway has several predictable landings where there is a pause in the sequential gain (i.e., April, July, and October to December), but generally speaking, climbs from January to October. The October landing then establishes the benchmark for the start of the next year.
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History has identified these landings in our business cycle. They generally relate to months where certain holidays impair business days and/or seasons impact certain end markets, particularly non-residential construction. The first landing centers on Easter and the Good Friday holiday that precedes it, which in any given year can fall in March or April, the second landing centers on July 4th, and the third landing centers on the approach of winter with its seasonal impact on primarily our non-residential construction business and with the Christmas/New Year holidays. The holidays we noted impact the trends because they either move from month-to-month or because they move around during the week.
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The table below shows the pattern to the sequential change in our daily sales. The line labeled 'Benchmark' is a historical average of our sequential daily sales change for the trailing five year average that excludes 2020. We have excluded 2020 from the average as the effects of the pandemic created unusual sequential patterns that we do not consider representative of normal trends. We believe this time frame serves to show the historical pattern and could serve as a benchmark. The '2024' and '2023' lines represent our actual sequential daily sales changes. The '24Delta' and '23Delta' lines indicate the difference between the 'Benchmark' and the actual results in the respective year. Under normal circumstances, the sequential trends shown below are directly linked to fluctuations in our end markets. Further, in any given month it is possible to get significant deviation from the benchmark.
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It is important to note that these benchmarks are historical averages. In a year where demand is strong, our daily sales growth rates will tend to have more months that exceed the benchmark than fall below it. In a year where demand is weak, we will tend to have more months that fall short of the benchmark than exceed it. In both cases, there is a random element that makes it difficult to know how any single month will perform and puts greater relevance on performance trends over multiple periods.
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| Feb. 重试 错误原因 | Mar. 重试 错误原因 | Apr. 重试 错误原因 | May 重试 错误原因 | June 重试 错误原因 | July 重试 错误原因 | Aug. 重试 错误原因 | Sept. 重试 错误原因 | Oct. 重试 错误原因 | Cumulative
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Change from 重试 错误原因 Jan. to Oct. 重试 错误原因 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 0.1 | % | 1.6 | % | 3.3 | % | -0.7 | % | 2.5 | % | 1.4 | % | -3.2 | % | 2.7 | % | 3.6 | % | -2.1 | % | 9.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 2024 | -0.7 | % | 2.7 | % | 0.2 | % | -1.3 | % | 1.5 | % | 1.6 | % | -5.3 | % | 3.0 | % | 5.1 | % | -3.4 | % | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||||
| 24Delta 重试 错误原因 | -0.8 | % | 1.1 | % | -3.1 | % | -0.6 | % | -1.1 | % | 0.2 | % | -2.1 | % | 0.3 | % | 1.5 | % | -1.3 | % | -5.6 | % | |||||||||||||||||||||||||||||||||||||||||||
| 2023 | -0.4 | % | 1.7 | % | 1.0 | % | -0.2 | % | 0.7 | % | -0.2 | % | -2.6 | % | 1.3 | % | 4.0 | % | -3.0 | % | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||
| 23Delta 重试 错误原因 | -0.5 | % | 0.1 | % | -2.3 | % | 0.5 | % | -1.9 | % | -1.5 | % | 0.5 | % | -1.4 | % | 0.4 | % | -0.9 | % | -6.8 | % | |||||||||||||||||||||||||||||||||||||||||||
(1) | The January figures represent the percentage change from the previous October, whereas the remaining figures represent the percentage change from the previous month.
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| ||||
(2) | The benchmark for each month is the average of the previous five years for that month. As COVID-19-related surge sales made sequential averages in 2020 unrepresentative, the benchmark uses a preceding five-year average that excludes 2020.
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| ||||
Note – Amounts may not foot due to rounding difference.
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A graph of the sequential daily sales change patterns discussed above, starting with a base of '100' in the previous October and ending with the next October, would be as follows:
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End Market Performance
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We estimate approximately 70% to 75% of our business is with customers engaged in some type of manufacturing, a significant subset of which finds its way into the heavy equipment market. As previously addressed, we believe these markets contracted slightly in 2024. Our manufacturing end markets outperformed primarily due to the relative strength we are experiencing with key account customers with significant managed spend where our service model and technology is particularly impactful. This disproportionately benefits manufacturing customers. The DSR changes to our manufacturing customers, when compared to the same periods in the prior year, were as follows:
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| DSR change - manufacturing customers 重试 错误原因 | Q1 | Q2 | Q3 | Q4 | Annual 重试 错误原因 | ||||||||||||||||||||||||
| 2024 | 2.6 | % | 2.7 | % | 3.0 | % | 3.3 | % | 2.9 | % | |||||||||||||||||||
| 2023 | 14.4 | % | 10.4 | % | 6.2 | % | 4.7 | % | 8.9 | % | |||||||||||||||||||
We estimate approximately 25% to 30% of our business is with customers engaged in a wide range of activities, none of which individually constitute 10% of sales. This includes non-residential construction, reseller, transportation, and government customers. Weakness within our construction end market reflected the ongoing effect of our reduced physical footprint and reduced local inventory tailored to smaller, local contractors. Weakness within our reseller end market reflected efforts in many industries to reduce channel inventories. Strength in our transportation end market reflected strong growth with customers who manage large networks or warehouses, who have increased spend with us due to our ability to meet their needs for rapid fulfillment on a large scale. The DSR changes to our non-manufacturing customers, when compared to the same periods in the prior year, was as follows:
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| DSR change - non-manufacturing customers 重试 错误原因 | Q1 | Q2 | Q3 | Q4 | Annual 重试 错误原因 | ||||||||||||||||||||||||
| 2024 | 0.0 | % | -1.0 | % | -1.5 | % | -0.3 | % | -0.7 | % | |||||||||||||||||||
| 2023 | -3.7 | % | -5.3 | % | -1.3 | % | 0.9 | % | -2.4 | % | |||||||||||||||||||
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Product Performance
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Our products fall into two functional subsets: (1) OEM parts which become part of a customer's finished good and (2) MRO which provide for the maintenance, repair, and ongoing operations of a customer's facility.
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While certain products in our other product categories have an OEM application, such as welding consumables or metal cutting carbides, the majority of our sales for OEM applications are of fasteners. As a result, the best way to understand the change in our production business is to examine the results in our fastener product line (which represents 30% to 35% of our business). From a company perspective, the DSR changes of fasteners, when compared to the same periods in the prior year, were as follows (note: this information includes all end markets):
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| DSR change - fasteners 重试 错误原因 | Q1 | Q2 | Q3 | Q4 | Annual 重试 错误原因 | ||||||||||||||||||||||||
| 2024 | -4.4 | % | -3.0 | % | -4.0 | % | -1.4 | % | -3.3 | % | |||||||||||||||||||
| 2023 | 7.0 | % | 0.0 | % | -2.0 | % | -2.3 | % | 0.7 | % | |||||||||||||||||||
We continued to experience a divergence in the performance of our fastener versus our non-fastener product lines in 2024.
This divergence was due in part to relatively weak performance from our fastener product line. Fasteners are more heavily oriented toward production of final goods than maintenance, which results in greater susceptibility to periods of weaker industrial production, such as we experienced in 2024. In addition, due to its greater commodity content and shipping costs, fastener pricing can be more sensitive to cyclical trends. In 2024, weak business activity did contribute to slightly lower pricing for our fastener products.
By contrast, while we do sell significant quantities of MRO fasteners, the best way to understand the change in our MRO business is to examine the results in our non-fastener product lines, which include safety, tools, janitorial, and other products. From a company perspective, the DSR changes of non-fasteners, when compared to the same periods in the prior year, were as follows (note: this information includes all end markets):
| DSR change - non-fasteners | Q1 | Q2 | Q3 | Q4 | Annual | ||||||||||||||||||||||||
| 2024 | 5.2 | % | 4.2 | % | 4.7 | % | 4.3 | % | 4.6 | % | |||||||||||||||||||
| 2023 | 10.3 | % | 9.2 | % | 7.5 | % | 6.6 | % | 8.4 | % | |||||||||||||||||||
Our non-fastener business is not immune to the impact of industrial cycles, but because it is more dependent on whether a facility is operating than how much product that facility is producing, it does tend to exhibit less volatility in its growth than our fastener business. We also expect growth of our non-fastener products to outperform growth of our fastener products over the course of a cycle. This reflects three things: the non-fastener market is larger than the fastener market, we are under penetrated in the non-fastener market relative to the fastener market, and industrial vending lends itself to sales of non-fastener products. The MRO orientation of our non-fastener category and our capabilities in vending played the greatest roles in the ability of our non-fastener products to outperform fasteners in 2024.
Gross Profit
The gross profit percentage during each period was as follows:
| Q1 | Q2 | Q3 | Q4 | Annual | |||||||||||||||||||||||||
| 2024 | 45.5 | % | 45.1 | % | 44.9 | % | 44.8 | % | 45.1 | % | |||||||||||||||||||
| 2023 | 45.7 | % | 45.5 | % | 45.9 | % | 45.5 | % | 45.7 | % | |||||||||||||||||||
Our gross profit, as a percentage of net sales, was 45.1% in 2024 and 45.7% in 2023. Our gross profit percentage was primarily impacted by two factors. First, we experienced unfavorable customer and product mix. This reflects relatively stronger growth from large customers, including Onsite customers, and non-fastener products, each of which tend to have a lower gross profit percentage than our business as a whole. Second, we experienced product margin pressure. In safety, over the course of the year we incurred certain costs to support our customers' short-term operations, but also to prepare for incremental volumes that we expect to materialize in 2025. Other product lines exhibited stability in product margin throughout the year, but did not recover the margin pressure that was experienced in the latter part of 2023 and faced difficult comparisons year-over-year. These factors were only slightly offset by higher price-cost, which reflects the reversal in the first half of 2024 of the negative price-cost experienced in the first half of 2023.
SG&A Expenses
SG&A expenses, as a percentage of net sales, increased to 25.1% in 2024 from 24.9% in 2023. We continued to invest in areas, such as Onsite, technology and analytics personnel, and sales-related travel that we view as critical to supporting future growth. We managed expenses not directly related to customer acquisition and growth more tightly, but the overall level of investment produced negative leverage at the growth rates experienced in 2024.
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The percentage change in employee-related, occupancy-related, and all other SG&A expenses compared to the same periods in the preceding year, is outlined in the table below.
| Approximate Percentage of Total SG&A Expenses | Twelve-month Period | |||||||||||||
| 2024 | 2023 | |||||||||||||
| Employee-related expenses | 70% to 75% | 3.2 | % | 3.4 | % | |||||||||
| Occupancy-related expenses | 15% to 20% | 2.1 | % | 4.2 | % | |||||||||
| All other SG&A expenses | 10% to 15% | 8.1 | % | 4.2 | % | |||||||||
Employee-related expenses include: (1) payroll (which includes cash compensation, stock option expense, and profit sharing), (2) health care, (3) personnel development, and (4) social taxes.
Our employee-related expenses increased in 2024 from 2023. This was related to: higher base pay and employment taxes as a result of increased FTE during the period and moderate wage inflation; and higher healthcare costs due to growth in the number and size of claims. These factors were partly offset by a decline in bonuses and a decline in profit sharing reflecting slower sales and profit growth versus the prior year.
The table below summarizes the percentage change in our FTE headcount at the end of the periods presented compared to the end of the prior period:
| Twelve-month Period | |||||||||||
| 2024 | 2023 | ||||||||||
Selling personnel (1) | -0.1 | % | 4.1 | % | |||||||
| Distribution/Transportation personnel | 3.7 | % | 4.2 | % | |||||||
| Manufacturing personnel | 3.7 | % | 0.1 | % | |||||||
Organizational support personnel (2) | 6.0 | % | 8.6 | % | |||||||
| Total personnel | 1.1 | % | 4.4 | % | |||||||
(1) | Of our Selling Personnel, 80%-85% are attached to a specific in-market location. | ||||
(2) | Organizational support personnel consists of: (1) Sales & Growth Driver Support personnel (35% to 40% of category), which includes sourcing, purchasing, supply chain, product development, etc.; (2) IT personnel (35% to 40% of category); and (3) Administrative Support personnel (22% to 27% of category), which includes human resources, FSB, accounting and finance, senior management, etc. | ||||
Occupancy-related expenses include: (1) building rent and depreciation, (2) building utility costs, (3) equipment related to our branches and distribution locations, and (4) industrial vending equipment and bins utilized as part of FMI services (we consider this hardware to be a logical extension of our in-market operations and classify the depreciation and repair costs as occupancy expenses).
Our occupancy-related expenses increased in 2024 from 2023. This was related to: moderately higher costs and depreciation for the maintenance, upgrade, and installation of equipment in hub and non-hub facilities; and a slight rise in branch rents, which was more evident in 2024 than in preceding years as we are no longer actively reducing our branch locations and the associated costs.
All other SG&A expenses include: (1) selling-related transportation, (2) IT expenses, (3) general corporate expenses, which consists of legal expenses, general insurance expenses, travel and marketing expenses, etc., and (4) sales of property and equipment.
Combined, all other SG&A expenses increased in 2024 from 2023. This was related to: selling-related transportation costs were higher reflecting higher lease costs as we refreshed our fleet of pick-ups, which more than offset lower fuel expense; higher expenses related to Fastenal-sponsored trade events, such as our Customer Expo held in April, and general marketing costs; higher spending on IT; and higher general insurance costs.
Net Interest
We had higher interest income reflecting the investment of cash balances into higher earning short-term instruments throughout 2024 as part of a program we began in the fourth quarter of 2023. We had lower interest expense in 2024. We carried lower average borrowings relative to 2023 primarily from cash generated from working capital reductions enabling us to reduce outstanding revolver debt under our Credit Facility. The increase in interest income and the reduction in interest expense resulted in net interest expense of $1.9 in 2024 compared to $6.7 in 2023.
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Income Taxes
We recorded income tax expense of $357.5 in 2024, or 23.7% of income before income taxes, compared to $367.0 in 2023, or 24.1% of income before income taxes. We believe our ongoing tax rate, absent any discrete tax items or broader changes to tax law, will be approximately 24.5%. Our tax rate in 2024 was below our expected ongoing tax rate due to the tax benefits associated with (1) the exercise of stock options during the period and (2) return to provision adjustments processed during the year.
Net Income
Net income, net income per share, the percentage change in net income, and the percentage change in net income per share, were as follows:
| Dollar Amounts | 2024 | 2023 | |||||||||
| Net income | $ | 1,150.6 | 1,155.0 | ||||||||
| Basic net income per share | 2.01 | 2.02 | |||||||||
| Diluted net income per share | 2.00 | 2.02 | |||||||||
| Percentage Change | 2024 | 2023 | |||||||||
| Net income | -0.4 | % | 6.3 | % | |||||||
| Basic net income per share | -0.6 | % | 6.7 | % | |||||||
| Diluted net income per share | -0.6 | % | 6.7 | % | |||||||
| 2024 | 2023 | ||||||||||
| Tax Rate | 23.7 | % | 24.1 | % | |||||||
During 2024, net income per share decreased. Volume growth in 2024 was not sufficient to produce SG&A leverage that could offset mix-related gross margin contraction, resulting in operating margin contraction that was only partially offset by our modest growth in sales, lower net interest expense, and a more favorable tax rate.
Liquidity and Capital Resources
Net Cash Provided by Operating Activities
Net cash provided by operating activities in dollars and as a percentage of net income were as follows:
| 2024 | 2023 | ||||||||||
| Net cash provided | $ | 1,173.3 | 1,432.7 | ||||||||
| % of net income | 102.0 | % | 124.0 | % | |||||||
In 2024, we experienced a decrease in our operating cash flow as a percentage of net income. The decrease in operating cash flow, as a percent of net income, primarily reflects our operating assets and liabilities being a use of cash in 2024 as compared to a source of cash in 2023. This was primarily attributable to investing in inventory in 2024 as opposed to reducing inventory in 2023.
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Trade Working Capital Assets
The following table sets forth the dollar and percentage change in accounts receivable, net, inventories, and accounts payable for the period ended December 31:
| Twelve-month Dollar Change | Twelve-month Percentage Change | |||||||||||||||||||
| 2024 | 2024 | 2024 | ||||||||||||||||||
| Accounts receivable, net | $ | 1,108.6 | 21.0 | 1.9 | % | |||||||||||||||
| Inventories | 1,645.0 | 122.3 | 8.0 | % | ||||||||||||||||
| Trade working capital | $ | 2,753.6 | 143.3 | 5.5 | % | |||||||||||||||
| Accounts payable | $ | 287.7 | 23.6 | 8.9 | % | |||||||||||||||
| Trade working capital, net | $ | 2,465.9 | 119.7 | 5.1 | % | |||||||||||||||
| Net sales in last three months | $ | 1,824.5 | 65.9 | 3.7 | % | |||||||||||||||
Note – Amounts may not foot due to rounding difference.
The increase in our accounts receivable balance in 2024 was primarily attributable to growth in sales to our customers.
Our inventory balances over time will respond to business activity, though various factors produce a looser relationship to our monthly sales patterns than we tend to experience in accounts receivable. One reason for this is because it is cyclical. We source significant quantities of product from overseas, and the lead time involved in procuring these products is typically longer than the visibility we have into future monthly sales patterns. As a result, trends in our inventory will often lag trends in economic conditions. A second reason relates to product cost and the length of our supply chain. A significant proportion of our products, particularly fasteners, are sourced from Asia and transported primarily by ship and rail to our North American network for sale. This requires us to purchase a meaningful quantity of our products months in advance of those products being available for sale in our North American facilities. Product that is in transit is in our inventory but is not available for sale, which can create a lag in our ability to adjust inventory levels or costs in response to rapid changes in economic or cost conditions. A third factor that tends to require incremental inventory increases over time is our growth drivers, including our FMI offerings, Onsite channel, and international expansion, all of which tend to require significant investments in inventory.
The increase in our inventory balance in 2024 was primarily attributable to three factors. First, our inventory increased as a result of growth in sales to our customers and the addition of stock to ensure we can support our customers' future growth. Second, we added $30.0 to $35.0 in stock to improve service to our in-market locations and generate efficiencies in our hubs. Third, we took advantage of year-end opportunities arising from our suppliers' desire to reduce inventory at year-end. These factors were partially offset by the effects of soft underlying business activity and modest product cost deflation.
The increase in our accounts payable balance in 2024 was primarily attributable to an increase in our product purchases as reflected in the growth in inventories.
The approximate percentage mix of inventory stocked at our selling locations versus our distribution center and manufacturing locations was as follows at year end:
| 2024 | 2023 | ||||||||||
| Selling locations | 59 | % | 64 | % | |||||||
| Distribution center and manufacturing locations | 41 | % | 36 | % | |||||||
| Total | 100 | % | 100 | % | |||||||
Lease Obligations
We have facilities, equipment, and vehicles leased under operating leases. A discussion of our lease obligations is contained in Note 8 of the Notes to Consolidated Financial Statements.
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Net Cash Used in Investing Activities
Net cash used in investing activities in dollars and as a percentage of net income were as follows:
| 2024 | 2023 | ||||||||||
| Net cash used | $ | 214.5 | 161.2 | ||||||||
| % of net income | 18.6 | % | 14.0 | % | |||||||
Our net cash used in investing activities increased in 2024 from 2023. This increase was primarily related to investments for net capital expenditures.
Property and equipment expenditures typically consist primarily of: (1) purchases related to FMI hardware, (2) purchases of property and equipment related to expansion of and enhancements to distribution centers, owned or leased branch properties, and other company facilities, (3) spending on software and hardware for our information processing systems, (4) the addition of fleet vehicles, and (5) the addition of manufacturing equipment. Proceeds from the sales of property and equipment, typically for the planned disposition of pick-up trucks as well as distribution vehicles and trailers in the normal course of business, are netted against these purchases and additions.
Set forth below is a recap of our 2024 and 2023 net capital expenditures in dollars and as a percentage of net sales and net income:
| 2024 | 2023 | ||||||||||
| Manufacturing, warehouse and packaging equipment, industrial vending equipment, and facilities | $ | 145.8 | 83.9 | ||||||||
| Shelving and related supplies for in-market location openings and for product expansion at existing in-market locations | 23.5 | 24.0 | |||||||||
| Data processing software and equipment | 25.5 | 33.4 | |||||||||
| Real estate and improvements to branch locations | 8.7 | 7.0 | |||||||||
| Vehicles | 23.0 | 24.5 | |||||||||
| Purchases of property and equipment | 226.5 | 172.8 | |||||||||
| Proceeds from sale of property and equipment | (12.4) | (12.2) | |||||||||
| Net capital expenditures | 214.1 | 160.6 | |||||||||
| % of net sales | 2.8 | % | 2.2 | % | |||||||
| % of net income | 18.6 | % | 13.9 | % | |||||||
Our net capital expenditures in 2024 increased when compared to 2023, though they were below our anticipated range of $235.0 to $255.0 for the year. This was primarily related to two factors. First, there was less demand to install incremental picking modules in our in-market locations than we anticipated. Second, spending on FMI hardware was lower, primarily as a result of lower FASTBin signings and installations than anticipated.
For 2025, we expect our investment in property and equipment, net of proceeds from sales, to be within a range of $265.0 to $285.0, an increase from $214.1 in 2024. This increase reflects three items. First, we expect elevated IT spending as projects that were planned in 2024, but experienced delays, are now expected to occur in 2025. Second, we expect higher distribution center spending to complete our upgraded Utah hub, begin construction on a new Atlanta hub, and improve our picking capacity and efficiency across our hub network. Third, we expect greater outlays for FMI hardware reflecting an increase in our targeted signings.
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Net Cash Used in Financing Activities
Net cash used in financing activities in dollars and as a percentage of income were as follows:
| 2024 | 2023 | ||||||||||
| Cash dividends paid | $ | 893.3 | 1,016.8 | ||||||||
| % of net income | 77.6 | % | 88.0 | % | |||||||
| Total returned to shareholders | $ | 893.3 | 1,016.8 | ||||||||
| % of net income | 77.6 | % | 88.0 | % | |||||||
| Proceeds from the exercise of stock options | $ | (39.6) | (30.1) | ||||||||
| % of net income | -3.4 | % | -2.6 | % | |||||||
| Debt obligations payments (proceeds), net | $ | 60.0 | 295.0 | ||||||||
| % of net income | 5.2 | % | 25.5 | % | |||||||
| Net cash used | $ | 913.7 | 1,281.7 | ||||||||
The decrease in net cash used in financing activities reflects two factors. First, we had lower dividend payments. While we increased regular dividend payments in 2024 by 11.7%, in the fourth quarter of 2023 we paid a special fifth dividend that did not recur in 2024. Second, we used less cash to reduce outstanding debt obligations in 2024 than we did in 2023, primarily because we carried lower balances on our Credit Facility throughout 2024. These uses of cash were only partly offset by an increase in the exercise of stock options.
Dividends
We declared a quarterly dividend of $0.43 per share on January 16, 2025. In 2024, we paid aggregate annual dividends per share of $1.56. In 2023, we paid aggregate annual dividends per share of $1.78, which included $1.40 per share in regular quarterly dividends and a $0.38 per share special dividend paid in December 2023.
Stock Purchases
We did not purchase any of our common stock in 2024 or 2023.
We have authority to purchase up to 6,200,000 additional shares of our common stock under the July 12, 2022 authorization. This authorization does not have an expiration date.
Debt
In order to fund the considerable cash needed to expand our industrial vending business, expand capacity and increase the use of automation in our distribution centers, and pay dividends, we have borrowed under our Credit Facility and our Master Note Agreement in recent periods.
Our borrowings under the Credit Facility and Master Note Agreement peaked during each quarter of 2024 as follows:
| Peak borrowings | 2024 | ||||
| First quarter | $ | 390.0 | |||
| Second quarter | 300.0 | ||||
| Third quarter | 305.0 | ||||
| Fourth quarter | 300.0 | ||||
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As of December 31, 2024, we had $0.0 outstanding under the Credit Facility and had contingent obligations from letters of credit outstanding under the Credit Facility in an aggregate face amount of $31.2. As of December 31, 2024, we had loans outstanding under the Master Note Agreement of $200.0. Descriptions of our Credit Facility and Master Note Agreement are contained in Note 9 of the Notes to Consolidated Financial Statements.
Material Cash Requirements
Our material cash requirements for known contractual obligations include capital expenditures, debt, and lease obligations, each of which are discussed in more detail earlier in this section. We believe that net cash provided by operating activities will be adequate to meet our liquidity and capital needs for these items in the short-term over the next 12 months and also in the long-term beyond the next 12 months. We also have cash requirements for purchase orders and contracts for the purchase of inventory and other goods and services, which are based on current distribution needs and are fulfilled by our suppliers within short time horizons. We do not have significant agreements for the purchase of inventory or other goods or services specifying minimum order quantities. In addition, we may have liabilities for uncertain tax positions but we do not believe any of these liabilities will be material. A discussion of income taxes is contained in Note 7 of the Notes to Consolidated Financial Statements.
Unremitted Foreign Income
Approximately $197.5 of cash and cash equivalents were held by non-U.S. subsidiaries on December 31, 2024. These funds may create foreign currency translation gains or losses depending on the functional currency of the entity holding the cash. We have considered the financial requirements of each foreign subsidiary and our parent company and will continue to reinvest these funds to support our expansion activities outside the U.S., even after taking into consideration the deemed repatriation and transition tax under the Tax Cuts and Jobs Act. The income tax impact of repatriating cash associated with investments in foreign subsidiaries is discussed in Note 7 of the Notes to Consolidated Financial Statements.
Effects of Inflation
We observed very modest deflationary conditions in 2024, primarily for fasteners. Most inputs, including steel, energy, and domestic transportation costs, experienced price levels that were stable to slightly down during the year, resulting in sustained slight deflation in our inventory and slightly lower pricing affecting our sales. However, given the immaterial impact of these changes on our financials, we did not institute any broad pricing actions through 2024. The primary exception to the modestly deflationary tenor of the marketplace in 2024 was in transportation costs for imported goods, where we experienced inflation in container rates through much of 2024. We took actions to mitigate these effects in the latter part of the year. The combined net effect on our gross profit percentage of these trends in cost and price inflation was immaterial in 2024.
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PRIOR YEAR RESULTS ENDED 2023
Results of Operations
The following table sets forth consolidated statements of income information (as a percentage of net sales) for the periods ended December 31:
| 2023 | 2022 | ||||||||||
| Net sales | 100.0 | % | 100.0 | % | |||||||
| Gross profit | 45.7 | % | 46.1 | % | |||||||
SG&A expenses | 24.9 | % | 25.2 | % | |||||||
| Operating income | 20.8 | % | 20.8 | % | |||||||
| Net interest expense | -0.1 | % | -0.2 | % | |||||||
| Income before income taxes | 20.7 | % | 20.6 | % | |||||||
| Note – Amounts may not foot due to rounding difference. | |||||||||||
Sales
The table below sets forth net sales and daily sales for the periods ended December 31, and changes in such sales from the prior period to the more recent period:
| 2023 | 2022 | ||||||||||
| Net sales | $ | 7,346.7 | 6,980.6 | ||||||||
| Percentage change | 5.2 | % | 16.1 | % | |||||||
| Business days | 253 | 254 | |||||||||
| Daily sales | $ | 29.0 | 27.5 | ||||||||
| Percentage change | 5.7 | % | 15.7 | % | |||||||
| Daily sales impact of currency fluctuations | -0.3 | % | -0.5 | % | |||||||
The increase in net sales noted above for 2023 was due to higher unit sales of MRO, OEM, and construction supplies, as well as higher pricing as further set forth below.
We believe higher unit sales in 2023 were primarily a result of our ability to gain market share, as most measures of industrial activity were flat to down throughout the period. Despite this challenging environment, in 2023 we produced net sales growth of 5.2% and, owing to one fewer selling day in the period, daily sales growth of 5.7%. Growth was led by our transportation customers, which includes sales to transportation services customers as the warehousing operations of retailer-oriented customers, and manufacturing end markets, which benefit disproportionately from our shift to a key account model. Our non-residential construction and reseller customers contracted during the period, which we believe is due to our shift to a key account model which tends to de-emphasize walk-in, over-the-counter, and infrequent transactions.
Price contributed 160 to 190 basis points to our net sales growth in 2023. This contribution to growth from price was primarily due to easier comparisons in the first six months of 2023. For instance, in the first six months of 2023 contribution to growth from price averaged 240 to 270 basis points, while in the third and fourth quarters of 2023 contribution to growth from price averaged 110 to 140 basis points and 50 to 80 basis points, respectively.
We increased total Onsite locations, the installed base of FMI devices, and our Digital Footprint in 2023, which enhanced the value we provide to our customers and supported our growth and efficiency. The rate of penetration we achieved with these growth drivers was uneven, however. We signed 326 Onsites in 2023, below our goal at the start of 2023 of 375 to 400 units and slightly below the prior year signings of 356 units. We signed 24,126 FMI MEUs, meeting our goal at the start of 2023 of 23,000 to 25,000 MEUs and meaningfully above the prior year signings of 20,735 MEUs. We expanded the proportion of our sales running through our Digital Footprint to 56.1%, below our goal at the start of 2023 of 65.0% but above the prior year level of 49.3%.
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Sales by Product Line
From a product standpoint, we have three categories: fasteners (including fasteners used in OEM and MRO), safety supplies, and other product lines, the latter of which includes eight smaller product categories, such as tools, janitorial supplies, and cutting tools. The percent of sales in the periods below were as follows:
| 2023 | 2022 | ||||||||||
| OEM fasteners | 20.1 | % | 20.4 | % | |||||||
| MRO fasteners | 12.3 | % | 13.6 | % | |||||||
| Total fasteners | 32.4 | % | 34.0 | % | |||||||
| Safety supplies | 21.2 | % | 20.8 | % | |||||||
| Other product lines | 46.4 | % | 45.2 | % | |||||||
| Total non-fasteners | 67.6 | % | 66.0 | % | |||||||
The shifts in product mix in 2023 compared to 2022 are largely attributable to two factors. First, fasteners are more heavily oriented toward production of final goods than maintenance, which results in greater susceptibility to periods of weaker industrial production. Second, pricing for fasteners has decelerated at a faster pace than non-fastener products. These dynamics produced a meaningful divergence in the daily sales growth rates of our fastener versus our non-fastener product lines in 2023.
Annual Sales Changes, Sequential Trends, and End Market Performance
This section focuses on three distinct views of our business – annual sales changes by month, sequential trends, and end market performance. The first discussion regarding sales changes by month provides a good mechanical view of our business. The second discussion provides a framework for understanding the sequential trends (that is, comparing a month to the immediately preceding month, and also looking at the cumulative change from an earlier benchmark month) in our business. Finally, we believe the third discussion regarding end market performance provides insight into activities with our various types of customers.
Annual Sales Changes, by Month
During the months noted below, all of our selling locations, when combined, had a DSR change of (compared to the same month in the preceding year):
| Jan. | Feb. | Mar. | Apr. | May | June | July | Aug. | Sept. | Oct. | Nov. | Dec. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 11.2 | % | 9.6 | % | 6.8 | % | 7.8 | % | 5.2 | % | 4.7 | % | 3.7 | % | 3.6 | % | 5.0 | % | 1.9 | % | 3.8 | % | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 14.9 | % | 21.3 | % | 19.1 | % | 20.3 | % | 17.6 | % | 16.0 | % | 18.1 | % | 16.1 | % | 13.7 | % | 13.6 | % | 10.2 | % | 8.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Sequential Trends
The table below shows the pattern to the sequential change in our daily sales. The line labeled 'Benchmark' is a historical average of our sequential daily sales change for the trailing five year average that excludes 2020. We have excluded 2020 from the average as the effects of the pandemic created unusual sequential patterns that we do not consider representative of normal trends. We believe this time frame serves to show the historical pattern and could serve as a benchmark. The '2023' and '2022' lines represent our actual sequential daily sales changes. The '23Delta' and '22Delta' lines indicate the difference between the 'Benchmark' and the actual results in the respective year. Under normal circumstances, the sequential trends shown below are directly linked to fluctuations in our end markets. Further, in any given month it is possible to get significant deviation from the benchmark.
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It is important to note that these benchmarks are historical averages. In a year where demand is strong, our daily sales growth rates will tend to have more months that exceed the benchmark than fall below it. In a year where demand is weak, we will tend to have more months that fall short of the benchmark than exceed it. In both cases, there is a random element that makes it difficult to know how any single month will perform and puts greater relevance on performance trends over multiple periods.
Jan. (1) | Feb. | Mar. | Apr. | May | June | July | Aug. | Sept. | Oct. | Cumulative Change from Jan. to Oct. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benchmark (2) | 0.2 | % | 1.5 | % | 3.8 | % | -0.5 | % | 2.7 | % | 2.0 | % | -3.1 | % | 2.9 | % | 3.6 | % | -1.9 | % | 11.2 | % | |||||||||||||||||||||||||||||||||||||||||||
| 2023 | -0.4 | % | 1.7 | % | 1.0 | % | -0.2 | % | 0.7 | % | -0.2 | % | -2.6 | % | 1.3 | % | 4.0 | % | -3.0 | % | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||
| 23Delta | -0.6 | % | 0.1 | % | -2.9 | % | 0.2 | % | -2.0 | % | -2.1 | % | 0.5 | % | -1.6 | % | 0.4 | % | -1.1 | % | -8.8 | % | |||||||||||||||||||||||||||||||||||||||||||
| 2022 | 1.7 | % | 3.1 | % | 3.6 | % | -1.2 | % | 3.2 | % | 0.2 | % | -1.6 | % | 1.3 | % | 2.7 | % | -0.1 | % | 11.7 | % | |||||||||||||||||||||||||||||||||||||||||||
| 22Delta | 1.5 | % | 1.6 | % | -0.2 | % | -0.7 | % | 0.6 | % | -1.7 | % | 1.5 | % | -1.6 | % | -0.9 | % | 1.8 | % | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||
(1) | The January figures represent the percentage change from the previous October, whereas the remaining figures represent the percentage change from the previous month. | ||||
(2) | The benchmark for each month is the average of the previous five years for that month. As COVID-19-related surge sales made sequential averages in 2020 unrepresentative, the benchmark uses a preceding five-year average that excludes 2020. We also exclude the impact of the 2017 Mansco acquisition. | ||||
Note – Amounts may not foot due to rounding difference.
A graph of the sequential daily sales change patterns discussed above, starting with a base of '100' in the previous October and ending with the next October, would be as follows:
End Market Performance
The DSR changes to our manufacturing customers, when compared to the same periods in the prior year, were as follows:
| DSR change - manufacturing customers | Q1 | Q2 | Q3 | Q4 | Annual | ||||||||||||||||||||||||
| 2023 | 14.4 | % | 10.4 | % | 6.2 | % | 4.7 | % | 8.9 | % | |||||||||||||||||||
| 2022 | 23.9 | % | 23.1 | % | 22.6 | % | 16.0 | % | 21.3 | % | |||||||||||||||||||
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The DSR changes to our non-manufacturing customers, when compared to the same periods in the prior year, was as follows:
| DSR change - non-manufacturing customers | Q1 | Q2 | Q3 | Q4 | Annual | ||||||||||||||||||||||||
| 2023 | -3.7 | % | -5.3 | % | -1.3 | % | 0.9 | % | -2.4 | % | |||||||||||||||||||
| 2022 | 6.9 | % | 6.9 | % | 1.0 | % | -0.8 | % | 3.5 | % | |||||||||||||||||||
Product Performance
From a company perspective, the DSR changes of fasteners, when compared to the same periods in the prior year, were as follows (note: this information includes all end markets):
| DSR change - fasteners | Q1 | Q2 | Q3 | Q4 | Annual | ||||||||||||||||||||||||
| 2023 | 7.0 | % | 0.0 | % | -2.0 | % | -2.3 | % | 0.7 | % | |||||||||||||||||||
| 2022 | 24.6 | % | 21.2 | % | 18.2 | % | 9.1 | % | 18.1 | % | |||||||||||||||||||
From a company perspective, the DSR changes of non-fasteners, when compared to the same periods in the prior year, were as follows (note: this information includes all end markets):
| DSR change - non-fasteners | Q1 | Q2 | Q3 | Q4 | Annual | ||||||||||||||||||||||||
| 2023 | 10.3 | % | 9.2 | % | 7.5 | % | 6.6 | % | 8.4 | % | |||||||||||||||||||
| 2022 | 15.0 | % | 16.0 | % | 14.4 | % | 11.6 | % | 14.2 | % | |||||||||||||||||||
Gross Profit
The gross profit percentage during each period was as follows:
| Q1 | Q2 | Q3 | Q4 | Annual | |||||||||||||||||||||||||
| 2023 | 45.7 | % | 45.5 | % | 45.9 | % | 45.5 | % | 45.7 | % | |||||||||||||||||||
| 2022 | 46.6 | % | 46.5 | % | 45.9 | % | 45.3 | % | 46.1 | % | |||||||||||||||||||
Our gross profit, as a percentage of net sales, was 45.7% in 2023 and 46.1% in 2022. This decrease was primarily related to two factors. First, in 2023 customer and product mix had a negative effect on our gross profit percentage. We continued to experience relatively strong growth from larger customers, including Onsites, and non-fastener products, each of which tend to have a lower gross profit percentage than our business as a whole. Second, we had higher organizational/overhead costs, including from higher inbound freight costs and working capital needs being relieved from inventory and generating higher period costs. These negative effects were partly offset by favorable freight costs, which reflects elevated domestic freight sales leveraging what are relatively stable costs to support our captive fleet, lower expenses related to external freight providers, and lower fuel costs.
SG&A Expenses
Our SG&A expenses, as a percentage of net sales, improved to 24.9% in 2023 from 25.2% in 2022. This primarily reflected improvement, as a percentage of net sales, in employee-related expenses as bonuses and commissions were down as a result of slower sales and profit growth in 2023 versus the prior year.
The percentage change in employee-related, occupancy-related, and all other SG&A expenses compared to the same periods in the preceding year, is outlined in the table below.
| Approximate Percentage of Total SG&A Expenses | Twelve-month Period | |||||||||||||
| 2023 | 2022 | |||||||||||||
| Employee-related expenses | 70% to 75% | 3.4 | % | 14.7 | % | |||||||||
| Occupancy-related expenses | 15% to 20% | 4.2 | % | 2.6 | % | |||||||||
| All other SG&A expenses | 10% to 15% | 4.2 | % | 18.5 | % | |||||||||
Our employee-related expenses increased in 2023 from 2022. This was related to higher base pay and employment taxes as a result of increased FTE during the period and moderate wage inflation. This was partly offset by a decline in bonuses reflecting slower sales and profit growth versus the prior year.
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The table below summarizes the percentage change in our FTE headcount at the end of the periods presented compared to the end of the prior period:
| Twelve-month Period | |||||||||||
| 2023 | 2022 | ||||||||||
Selling personnel (1) | 4.1 | % | 7.9 | % | |||||||
| Distribution/Transportation personnel | 4.2 | % | 8.4 | % | |||||||
| Manufacturing personnel | 0.1 | % | 12.4 | % | |||||||
Organizational support personnel (2) | 8.6 | % | 9.5 | % | |||||||
| Total personnel | 4.4 | % | 8.3 | % | |||||||
(1) | Of our Selling Personnel, 80%-85% are attached to a specific in-market location. | ||||
(2) | Organizational support personnel consists of: (1) Sales & Growth Driver Support personnel (approximately 35% of category), which includes sourcing, purchasing, supply chain, product development, etc.; (2) IT personnel (35% to 40% of category); and (3) Administrative Support personnel (25% to 30% of category), which includes human resources, FSB, accounting and finance, senior management, etc. | ||||
Our occupancy-related expenses increased in 2023 from 2022. This was related to: slightly higher depreciation and expenses related to a higher installed base of our FMI suite of technologies; moderately higher costs and depreciation for the maintenance, upgrade, and installation of equipment in hub and non-hub facilities; and a slight rise in branch rents related to higher inflation and branch size.
Combined, all other SG&A expenses increased in 2023 from 2022. This was related to: higher spending on IT; higher general insurance costs; increased spending on travel and supplies; and higher bad debt expense. These elements were only partly offset by increased contributions from our supplier collaboration programs and increased income from asset sales related to our field truck fleet.
Net Interest
Our net interest expense was $6.7 in 2023 compared to $13.6 in 2022. We carried lower average debt balances in 2023 relative to the prior year, with cash generated from working capital reductions enabling us to reduce outstanding revolver debt under our Credit Facility. This was only partly offset by slightly higher average rates against borrowings under our Credit Facility due to changing interest rate levels in the marketplace. We also generated higher interest income in 2023 relative to the prior year.
Income Taxes
We recorded income tax expense of $367.0 in 2023, or 24.1% of income before income taxes, compared to $353.1 in 2022, or 24.5% of income before income taxes. The decrease in our tax rate in 2023 is due primarily to an increase in the tax benefit associated with the exercise of stock options.
Net Income
Net income, net income per share, the percentage change in net income, and the percentage change in net income per share, were as follows:
| Dollar Amounts | 2023 | 2022 | |||||||||
| Net income | $ | 1,155.0 | 1,086.9 | ||||||||
| Basic net income per share | 2.02 | 1.89 | |||||||||
| Diluted net income per share | 2.02 | 1.89 | |||||||||
| Percentage Change | 2023 | 2022 | |||||||||
| Net income | 6.3 | % | 17.5 | % | |||||||
| Basic net income per share | 6.7 | % | 17.7 | % | |||||||
| Diluted net income per share | 6.7 | % | 17.8 | % | |||||||
| 2023 | 2022 | ||||||||||
| Tax Rate | 24.1 | % | 24.5 | % | |||||||
During 2023, net income per share increased, primarily due to higher sales, lower net interest expense, a lower tax rate, and lower average fully diluted shares outstanding as a result of our buying back shares in 2022.
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Liquidity and Capital Resources
Net Cash Provided by Operating Activities
Net cash provided by operating activities in dollars and as a percentage of net income were as follows:
| 2023 | 2022 | ||||||||||
| Net cash provided | $ | 1,432.7 | 941.0 | ||||||||
| % of net income | 124.0 | % | 86.6 | % | |||||||
In 2023, we experienced an increase in our operating cash flow as a percentage of net income. The improvement in operating cash flow in 2023, as a percent of net income, reflects the reduced demand for working capital as a result of an improved supply chain and, to a lesser degree, slower business activity relative to the prior year.
Trade Working Capital Assets
The following table sets forth the dollar and percentage change in accounts receivable, net, inventories, and accounts payable for the period ended December 31:
| Twelve-month Dollar Change | Twelve-month Percentage Change | |||||||||||||||||||
| 2023 | 2023 | 2023 | ||||||||||||||||||
| Accounts receivable, net | $ | 1,087.6 | 74.4 | 7.3 | % | |||||||||||||||
| Inventories | 1,522.7 | (185.3) | -10.8 | % | ||||||||||||||||
| Trade working capital | $ | 2,610.3 | (110.9) | -4.1 | % | |||||||||||||||
| Accounts payable | $ | 264.1 | 9.2 | 3.6 | % | |||||||||||||||
| Trade working capital, net | $ | 2,346.2 | (120.1) | -4.9 | % | |||||||||||||||
| Net sales in last three months | $ | 1,758.6 | 63.0 | 3.7 | % | |||||||||||||||
Note – Amounts may not foot due to rounding difference.
In 2023, the annual growth in net accounts receivable is primarily attributable to three factors. First, our receivables increased as a result of growth in sales to our customers. Second, we continue to experience a shift in our mix due to relatively stronger growth from national account customers, which tend to carry longer payment terms than our non-national account customers. Third, and to a lesser degree, customers have historically delayed payments at the end of years that are economically challenged, and we saw that effect in 2023.
In 2023, our inventories decreased, reflecting the absence of supply chain disruptions from the prior year. Our response at the time was to deepen our inventory as a means of maintaining high service to our customers, particularly for imported inventory. Dissipation of these disruptions has allowed us to shorten our product ordering cycle. It is also likely that slower business activity reduced the level of inventory our customers required us to maintain to meet their production needs.
In 2023, the annual growth in accounts payable was primarily attributable to our product purchases increasing to support the growth in our business. The growth in our accounts payable balance is below the growth in our sales, which reflects the dissipation of supply chain disruptions from the prior year. This allowed us to shorten our product ordering cycle in 2023 versus 2022.
The approximate percentage mix of inventory stocked at our selling locations versus our distribution center and manufacturing locations was as follows at year end:
| 2023 | 2022 | ||||||||||
| Selling locations | 64 | % | 58 | % | |||||||
| Distribution center and manufacturing locations | 36 | % | 42 | % | |||||||
| Total | 100 | % | 100 | % | |||||||
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Net Cash Used in Investing Activities
Net cash used in investing activities in dollars and as a percentage of net income were as follows:
| 2023 | 2022 | ||||||||||
| Net cash used | $ | 161.2 | 163.0 | ||||||||
| % of net income | 14.0 | % | 15.0 | % | |||||||
Our net cash used in investing activities in 2023 was comparable to 2022 and primarily related to investments for net capital expenditures.
Set forth below is a recap of our 2023 and 2022 net capital expenditures in dollars and as a percentage of net sales and net income:
| 2023 | 2022 | ||||||||||
| Manufacturing, warehouse and packaging equipment, industrial vending equipment, and facilities | $ | 83.9 | 97.8 | ||||||||
| Shelving and related supplies for in-market location openings and for product expansion at existing in-market locations | 24.0 | 21.5 | |||||||||
| Data processing software and equipment | 33.4 | 30.6 | |||||||||
| Real estate and improvements to branch locations | 7.0 | 12.4 | |||||||||
| Vehicles | 24.5 | 11.5 | |||||||||
| Purchases of property and equipment | 172.8 | 173.8 | |||||||||
| Proceeds from sale of property and equipment | (12.2) | (11.4) | |||||||||
| Net capital expenditures | 160.6 | 162.4 | |||||||||
| % of net sales | 2.2 | % | 2.3 | % | |||||||
| % of net income | 13.9 | % | 14.9 | % | |||||||
Our net capital expenditures in 2023 were comparable to 2022, though they were below our original expectations for net capital investment during the year. The slower business environment in 2023 reduced the need to purchase certain equipment at the pace originally anticipated. We also saw the timing of certain outlays pushed out and, to a lesser extent, longer lead times on certain materials. It does not reflect the cancellation of any significant initiatives.
Net Cash Used in Financing Activities
Net cash used in financing activities in dollars and as a percentage of income were as follows:
| 2023 | 2022 | ||||||||||
| Cash dividends paid | $ | 1,016.8 | 711.3 | ||||||||
| % of net income | 88.0 | % | 65.4 | % | |||||||
| Purchases of common stock | — | 237.8 | |||||||||
| % of net income | — | % | 21.9 | % | |||||||
| Total returned to shareholders | $ | 1,016.8 | 949.1 | ||||||||
| % of net income | 88.0 | % | 87.3 | % | |||||||
| Proceeds from the exercise of stock options | $ | (30.1) | (9.2) | ||||||||
| % of net income | -2.6 | % | -0.8 | % | |||||||
| Debt obligations payments (proceeds), net | $ | 295.0 | (165.0) | ||||||||
| % of net income | 25.5 | % | -15.2 | % | |||||||
| Net cash used | $ | 1,281.7 | 774.9 | ||||||||
The increase in net cash used in financing activities reflects higher dividend payments, including a supplemental payment in December of 2023, and a reduction in our outstanding debt obligations. These uses of cash were only partly offset by the absence of common stock purchases that we made in the prior year and, to a lesser degree, the exercise of stock options.
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Dividends
We declared a quarterly dividend of $0.39 per share on January 17, 2024. In 2023, we paid aggregate annual dividends per share of $1.78. This included $1.40 per share in regular quarterly dividends and a $0.38 per share special dividend paid in December 2023 reflecting what was at the time our high cash balances, as well as our favorable outlook for future cash generation. In 2022, we paid aggregate annual dividends per share of $1.24.
Stock Purchases
In 2023, we did not purchase any of our common stock. In 2022, we purchased 5,000,000 shares of our common stock at an average price of approximately $47.58 per share.
We have authority to purchase up to 6,200,000 additional shares of our common stock under the July 12, 2022 authorization. This authorization does not have an expiration date.
Debt
Our borrowings under the Credit Facility and Master Note Agreement peaked during each quarter of 2023 as follows:
| Peak borrowings | 2023 | ||||
| First quarter | $ | 565.0 | |||
| Second quarter | 470.0 | ||||
| Third quarter | 350.0 | ||||
| Fourth quarter | 330.0 | ||||
Effects of Inflation
In 2023, we observed easing in inflationary pressures for metals (especially steel), energy, and transportation services (especially overseas containers and shipping) resulting in stable costs for most of our product offering. As a result, we did not institute any broad pricing actions through 2023 and we saw our contribution to growth in daily sales due to price moderate throughout the year. The exception to this stability was cost deflation for imported goods, which resulted in modest price deflation specifically in our fastener product line over the course of the year. The net effect on our gross profit percentage of these trends in cost and price inflation was immaterial in 2023.
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Critical Accounting Estimates
In preparing our consolidated financial statements in conformity with U.S. GAAP, we must make decisions that impact the reported amounts of assets, liabilities, sales, and expenses, and the related disclosures. Such decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgments based on our understanding and analysis of relevant circumstances, historical experience, and actuarial valuations. Actual amounts could differ from those estimated at the time the consolidated financial statements are prepared.
Our most significant accounting policies, including Revenue Recognition and Inventories, are described in Note 1 of the Notes to Consolidated Financial Statements. Some of those significant accounting policies require us to make difficult, subjective, or complex judgments, or estimates. An accounting estimate is considered to be critical if it meets both of the following criteria: (i) the estimate requires assumptions about matters that are highly uncertain at the time the accounting estimate is made, and (ii) different estimates reasonably could have been used, or changes in the estimate that are reasonably likely to occur from period to period may have a material impact on the presentation of our financial condition, changes in financial condition, or results of operations. Our most critical accounting estimates include the following:
Allowance for Credit Losses – This reserve is for accounts receivable balances that are potentially uncollectible. The allowance for credit losses is based on an income statement approach which adjusts the ending balance sheet to take into consideration expected losses over the contractual lives of the receivables, considering factors such as historical data as a basis for future expected losses. If business or economic conditions change, our estimates and assumptions may be adjusted as deemed appropriate. Historically, actual required reserves have not varied materially from estimated amounts and our estimation and assumption methods have not materially changed during 2024.
Inventory valuation – Adjustments to the valuation of inventory are based on an analysis of inventory trends including reviews of inventory levels, sales information, and the on-hand quantities relative to the sales history for the product. Our methodology for estimating whether adjustments are necessary is continually evaluated for factors including significant changes in product demand, market conditions, condition of the inventory, or liquidation value. If business or economic conditions change, our estimates and assumptions may be adjusted as deemed appropriate. Historically, actual required adjustments have not varied materially from estimated amounts and our estimation and assumption methods have not materially changed during 2024.
General insurance reserves – These reserves are for general claims related to workers' compensation, property and casualty losses, and other general liability self-insured losses. The reserves are based on an analysis of reported claims and claims incurred but not yet reported related to our historical claim trends. We perform ongoing reviews of our insured and uninsured risks and use this information to establish appropriate reserve levels. We analyze historical trends, claims experience, and loss development patterns to ensure the appropriate loss development factors are applied to the incurred costs associated with the claims made. Historically, actual required reserves have not varied materially from estimated amounts and our estimation and assumption methods have not materially changed during 2024.
Recently Issued and Adopted Accounting Pronouncements
A description of recently issued and adopted accounting pronouncements, if any, is contained in Note 1 of the Notes to Consolidated Financial Statements.
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ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to certain market risks from changes in import shipping costs, commodity steel prices, commodity energy prices, foreign currency exchange rates, and interest rates as described in Item 1A above. Changes in these factors cause fluctuations in our income and cash flows. We evaluate and manage exposure to these market risks as follows:
Import shipping costs – We import a significant quantity of our products from foreign suppliers, primarily in Asia. These imports are both direct, where we procure directly from a foreign producer, and indirect, where we purchase from a domestic supplier that produces or supplies the product we purchase from foreign locations. As a result, we incur costs related to shipping charges, duties, harbor fees, and sundry other expenses involved in the movement of product for sale in North America and our other global locations. These costs are embedded in our product values, and significant fluctuations can affect our product gross profit depending on what mitigating actions might be taken. The most significant contributor to these fluctuations is the cost of overseas shipping containers, although the timing of any impact can be affected by the length of our supply chain, contractually agreed upon rates, or differences in rates between routes. We estimate the effect on our net income related to import shipping costs was a favorable $15.0 to $18.0 in 2024.
Commodity steel prices – We buy and sell various types of steel products; these products consist primarily of different types of fasteners and related hardware. We are exposed to the impacts of commodity steel pricing and our related ability to pass through the impacts to our end customers. During 2024, the price of steel as reflected in many market indexes most relevant to our business was lower than the prior year. Due to our long supply chain, changes in the cost of steel can take a number of quarters to be reflected in our financial results. Further, the cost of the raw material is generally a smaller part of the total value of the steel products that we sell, which can also diminish the impact of cost changes for the raw material. We estimate the effect on our net income related to commodity steel prices was immaterial in 2024.
Commodity energy prices – We have market risk for changes in prices of oil, gasoline, diesel fuel, natural gas, and electricity, largely due to our consumption of fuel in our vehicles and utility costs at our facilities. As reflected in many market indexes, energy prices during 2024 were below the prior year. Total direct fuel consumption is a relatively smaller cost to us and, as a result, we estimate the effect on our net income related to commodity energy prices was immaterial in 2024.
Fossil fuels are also often a key feedstock for chemicals and plastics that comprise a key raw material for many products that we sell. During 2024, prices for fossil fuels were generally at or slightly below the prior year. The cost of the raw material is generally a smaller part of the total value of the products that we sell, which can diminish the impact of cost changes for the raw material. As a result, we estimate the effect on our net income related to materials for which fossil fuels are a feedstock was immaterial in 2024.
Foreign currency exchange rates – Foreign currency fluctuations can affect our operations in countries other than the U.S., and/or the value of income and assets denominated in foreign currencies. Our primary currency exposures are the Canadian dollar and the Mexican peso against the U.S. dollar, reflecting the scale of those operations relative to the size of our business. Changes in foreign currency rates have not historically had a material effect on our results due to certain jurisdictions conducting some portion of their transactions in U.S. dollars and our foreign operations typically having sales and expenses denominated in the applicable local currency. As a result, we have not historically hedged our foreign currency risk. The dollar strengthened in 2024 relative to other foreign currencies in which we operate. However, the effect of these changes in foreign currencies to our net income was immaterial in 2024.
Interest rates - Loans under our Credit Facility bear interest at floating rates. As a result, changes in such rates can affect our operating results and liquidity to the extent we do not have effective interest rate swap arrangements in place. Our debt levels are relatively small; therefore, we have not historically used interest rate swap arrangements to hedge the variable interest rates under our Credit Facility. A one percentage point increase to our floating rate debt in 2024 would have resulted in approximately $0.3 of additional interest expense. A description of our Credit Facility is contained in Note 9 of the Notes to Consolidated Financial Statements.
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ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors
Fastenal Company:
Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting
We have audited the accompanying consolidated balance sheets of Fastenal Company and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule II — valuation and qualifying accounts (collectively, the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control Over Financial Reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Sufficiency of audit evidence over inventory quantities at in-market locations
As disclosed in the consolidated balance sheet, the Company held $1,645.0 million of inventory, the majority of which was held at 3,628 in-market locations, as of December 31, 2024. The Company's processes to track and determine consolidated inventory relies on a perpetual inventory system which involves the interaction of information technology (IT) systems.
We identified the evaluation of the sufficiency of audit evidence obtained related to the quantities of inventory at in-market locations as a critical audit matter. Evaluating the sufficiency of audit evidence over quantities of inventory at in-market locations required challenging auditor judgment to assess the number of in-market locations visited and included the involvement of IT professionals with specialized skills and knowledge due to the interaction of IT systems that track physical inventory quantities by location.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This included IT application controls, as well as certain controls related to access to programs and data, program changes, and computer operations. It also included certain controls related to the Company's physical inventory cycle counts. We involved IT professionals with specialized skills and knowledge, who assisted in testing certain IT controls, inclusive of the interface of IT systems, which support the Company's perpetual inventory system. We applied auditor judgment in the determination of the locations to test the Company's inventory quantities by evaluating:
•Homogeneity of the locations;
•Historical inventory locations we have visited and results of prior physical counts;
•Inventory dollars by location; and
•The Company's inventory cycle count results, including the results of monitoring and compliance with cycle count program by in-market location.
We tested the existence and completeness of inventory by counting inventory quantities on a sample basis through in-market location visits during the year to evaluate the Company's perpetual inventory records. In addition, we evaluated the overall sufficiency of audit evidence obtained over the quantities of inventory at in-market locations.
/s/ KPMG LLP
We have served as the Company's auditor since 1987.
Minneapolis, Minnesota
February 6, 2025
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FASTENAL COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(Amounts in millions except share and per share information)
| December 31 | |||||||||||
| 2024 | 2023 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | ||||||||||
Trade accounts receivable, net of allowance for credit losses of $ | |||||||||||
| Inventories | |||||||||||
| Prepaid income taxes | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Property and equipment, net | |||||||||||
| Operating lease right-of-use assets | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | ||||||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of debt | $ | ||||||||||
| Accounts payable | |||||||||||
| Accrued expenses | |||||||||||
| Current portion of operating lease liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt | |||||||||||
| Operating lease liabilities | |||||||||||
| Deferred income taxes | |||||||||||
| Other long-term liabilities | |||||||||||
| Commitments and contingencies (Notes 5, 8, 9, and 11) | |||||||||||
| Stockholders' equity: | |||||||||||
Preferred stock: $ | |||||||||||
Common stock: $ | |||||||||||
| Additional paid-in capital | |||||||||||
| Retained earnings | |||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| Total stockholders' equity | |||||||||||
| Total liabilities and stockholders' equity | $ | ||||||||||
See accompanying Notes to Consolidated Financial Statements.
57
FASTENAL COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Amounts in millions except income per share)
For the year ended December 31
| 2024 | 2023 | 2022 | |||||||||||||||
| Net sales | $ | ||||||||||||||||
| Cost of sales | |||||||||||||||||
| Gross profit | |||||||||||||||||
| Selling, general, and administrative expenses | |||||||||||||||||
| Operating income | |||||||||||||||||
| Interest income | |||||||||||||||||
| Interest expense | ( | ( | ( | ||||||||||||||
| Income before income taxes | |||||||||||||||||
| Income tax expense | |||||||||||||||||
| Net income | $ | ||||||||||||||||
| Basic net income per share | $ | ||||||||||||||||
| Diluted net income per share | $ | ||||||||||||||||
| Basic weighted average shares outstanding | |||||||||||||||||
| Diluted weighted average shares outstanding | |||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
58
FASTENAL COMPANY AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(Amounts in millions)
For the year ended December 31
| 2024 | 2023 | 2022 | |||||||||||||||
| Net income | $ | ||||||||||||||||
| Other comprehensive (loss) income, net of tax: | |||||||||||||||||
Foreign currency translation adjustments (net of tax of $ | ( | ( | |||||||||||||||
| Comprehensive income | $ | ||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
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FASTENAL COMPANY AND SUBSIDIARIES
Consolidated Statements of Stockholders' Equity
(Amounts in millions except per share information)
| 2024 | 2023 | 2022 | |||||||||||||||
| Common stock | |||||||||||||||||
| Balance at beginning of year | $ | ||||||||||||||||
| Stock options exercised | ( | ||||||||||||||||
| Balance at end of year | |||||||||||||||||
| Additional paid-in capital | |||||||||||||||||
| Balance at beginning of year | |||||||||||||||||
| Stock options exercised | |||||||||||||||||
| Purchases of common stock | ( | ||||||||||||||||
| Stock-based compensation | |||||||||||||||||
| Balance at end of year | |||||||||||||||||
| Retained earnings | |||||||||||||||||
| Balance at beginning of year | |||||||||||||||||
| Net income | |||||||||||||||||
| Cash dividends paid | ( | ( | ( | ||||||||||||||
| Translation adjustment upon closure of foreign subsidiary | ( | ||||||||||||||||
| Purchases of common stock | ( | ||||||||||||||||
| Balance at end of year | |||||||||||||||||
| Accumulated other comprehensive (loss) income | |||||||||||||||||
| Balance at beginning of year | ( | ( | ( | ||||||||||||||
| Other comprehensive (loss) income | ( | ( | |||||||||||||||
| Balance at end of year | ( | ( | ( | ||||||||||||||
| Total stockholders' equity | $ | ||||||||||||||||
| Cash dividends paid per share of common stock | $ | ||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
60
FASTENAL COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Amounts in millions)
For the year ended December 31
| 2024 | 2023 | 2022 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | ||||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation of property and equipment | |||||||||||||||||
| (Gain) loss on sale of property and equipment | ( | ( | |||||||||||||||
| Bad debt expense (recoveries) | ( | ||||||||||||||||
| Deferred income taxes | ( | ( | ( | ||||||||||||||
| Stock-based compensation | |||||||||||||||||
| Amortization of intangible assets | |||||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Trade accounts receivable | ( | ( | ( | ||||||||||||||
| Inventories | ( | ( | |||||||||||||||
| Other current assets | ( | ( | |||||||||||||||
| Accounts payable | |||||||||||||||||
| Accrued expenses | ( | ( | ( | ||||||||||||||
| Income taxes | ( | ( | |||||||||||||||
| Other | ( | ||||||||||||||||
| Net cash provided by operating activities | |||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Purchases of property and equipment | ( | ( | ( | ||||||||||||||
| Proceeds from sale of property and equipment | |||||||||||||||||
| Other | ( | ( | ( | ||||||||||||||
| Net cash used in investing activities | ( | ( | ( | ||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Proceeds from debt obligations | |||||||||||||||||
| Payments against debt obligations | ( | ( | ( | ||||||||||||||
| Proceeds from exercise of stock options | |||||||||||||||||
| Purchases of common stock | ( | ||||||||||||||||
| Cash dividends paid | ( | ( | ( | ||||||||||||||
| Net cash used in financing activities | ( | ( | ( | ||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||||||||
| Net increase (decrease) in cash and cash equivalents | ( | ( | |||||||||||||||
| Cash and cash equivalents at beginning of year | |||||||||||||||||
| Cash and cash equivalents at end of year | $ | ||||||||||||||||
| Supplemental information: | |||||||||||||||||
| Cash paid for interest | $ | ||||||||||||||||
| Net cash paid for income taxes | $ | ||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
61
Note 1. Business Overview and Summary of Significant Accounting Policies
Business Overview
Fastenal is a leader in the wholesale distribution of industrial and construction supplies. We distribute these supplies through a network of branches and Onsite locations. Collectively, we refer to our branches and Onsite locations as in-market locations. We have more than 3,600 in-market locations located primarily in North America.
Principles of Consolidation
The consolidated financial statements include the accounts of Fastenal Company and its subsidiaries (collectively, referred to as Fastenal or by terms such as we, our, or us). All material intercompany balances and transactions have been eliminated in consolidation.
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 or as we satisfy our performance obligations under the contract. We recognize revenue by transferring control of 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, which are based on known inputs at year-end, 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.
Accounts Receivable
Credit is extended based upon an evaluation of the customer's financial condition. Accounts receivable are stated at their estimated net realizable value. The allowance for credit losses is based on an income statement approach which adjusts the ending balance sheet to take into consideration expected losses over the contractual lives of the receivables, considering factors such as historical data as a basis for future expected losses.
Foreign Currency Translation and Transactions
The functional currency of our foreign operations is typically the applicable local currency. The functional currency is translated into U.S. dollars for balance sheet accounts, except retained earnings, using current exchange rates as of the balance sheet date, for retained earnings at historical exchange rates, and for sales and expense accounts using a weighted average exchange rate during the applicable period. The translation adjustments are deferred as a separate component of stockholders' equity captioned accumulated other comprehensive income (loss). Gains or losses resulting from transactions denominated in foreign currencies are included in cost of sales or SG&A expenses.
Cash and Cash Equivalents
We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.
Inventories
Property and Equipment
Property and equipment are stated at cost. Depreciation on property and equipment is provided for using the straight-line method over the anticipated economic useful lives of the related property.
Leases
We determine if an arrangement contains a lease at inception. Operating leases are included in our operating lease right-of-use (ROU) assets, the current portion of operating lease liabilities, and the operating lease liabilities in our Consolidated Balance Sheets.
62
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
The ROU assets represent our right to control the use of an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The operating lease ROU assets also include any prepaid lease payments made and exclude lease incentives. Lease expense is recognized on a straight-line basis over the lease term.
Many of our leases include both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Our pick-up truck leases typically have a non-cancelable lease term of less than one year and therefore, we have elected the practical expedient to exclude these short-term leases from our ROU assets and lease liabilities.
Most leases include one or more options to renew. The exercise of lease renewal options is typically at our sole discretion; therefore, the majority of renewals to extend the lease terms are not included in our ROU assets and lease liabilities as they are not reasonably certain of exercise. We regularly evaluate the renewal options and when they are reasonably certain of exercise, we include the renewal period in our lease term.
Long-Lived Assets
Accounting Estimates
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, sales and expenses, and the disclosure of contingent liabilities. Actual results could differ from those estimates.
Insurance Reserves
Product Warranties
We offer a basic limited warranty for certain of our products. The specific terms and conditions of those warranties vary depending upon the product sold. We typically recoup these costs through product warranties we hold with the original equipment manufacturers. Our warranty expense has historically been immaterial.
Stock-Based Compensation
63
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
Income Taxes
We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits in income tax expense.
Net Income Per Share
Basic net income per share is calculated using net income available to common stockholders divided by the weighted average number of shares of common stock outstanding during the year. Diluted net income per share is similar to basic net income per share except that the weighted average number of shares of common stock outstanding includes the incremental shares assumed to be issued upon the exercise of stock options considered to be 'in-the-money' (i.e., when the market price of our stock is greater than the exercise price of our outstanding stock options).
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances reporting requirements under Topic 280. The enhanced disclosure requirements include: title and position of the Chief Operating Decision Maker (CODM), significant segment expenses provided to the CODM, extending certain annual disclosures to interim periods, clarifying single reportable segment entities must apply Accounting Standards Codification 280 in its entirety, and permitting more than one measure of segment profit or loss to be reported under certain circumstances. This change is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. We adopted ASU 2023-07 for the year ended December 31, 2024 and have applied the guidance retrospectively for all periods presented within the notes to the consolidated financial statements in this Form 10-K.
Recently Issued Accounting Pronouncements
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. The new guidance requires consistent categorization and greater disaggregation of information in the rate reconciliation, as well as further disaggregation of income taxes paid. This change is effective for annual periods beginning after December 15, 2024. This change will apply on a prospective basis to annual financial statements for periods beginning after the effective date. However, retrospective application in all prior periods presented is permitted. 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.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which specifies additional disclosure requirements. The new guidance requires additional disclosures, including the composition of certain income expense line items (such as purchases of inventory, employee compensation, and 'other expenses') and a separate disclosure for selling expenses. This change is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, however, early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2024-03 will have on our consolidated financial statements and disclosures and we anticipate adoption in our 2027 annual report on Form 10-K.
64
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
Note 2. Revenue
Disaggregation of Revenue
The accounting policies of the operations in the various geographic areas are the same as those described in the summary of significant accounting policies. Revenues are attributed to countries based on the selling location from which the sale occurred. During 2024, 2023, and 2022, no single customer represented 5% or more of our consolidated net sales.
Our revenues related to the following geographic areas were as follows for the periods ended December 31:
| Twelve-month Period | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| United States | $ | ||||||||||||||||
| % of revenues | % | % | % | ||||||||||||||
| Canada and Mexico | |||||||||||||||||
| % of revenues | % | % | % | ||||||||||||||
| All other foreign countries | |||||||||||||||||
| % of revenues | % | % | % | ||||||||||||||
| Total revenues | $ | ||||||||||||||||
The percentages of our sales by end market were as follows for the periods ended December 31:
| Twelve-month Period | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| Manufacturing | % | % | % | ||||||||||||||
| Non-residential construction | % | % | % | ||||||||||||||
| Other | % | % | % | ||||||||||||||
| % | % | % | |||||||||||||||
The percentages of our sales by product line were as follows for the periods ended December 31:
| Twelve-month Period | |||||||||||||||||||||||
| Type | Introduced | 2024 | 2023 | 2022 | |||||||||||||||||||
Fasteners (1) | 1967 | % | % | % | |||||||||||||||||||
| Tools | 1993 | % | % | % | |||||||||||||||||||
| Cutting tools | 1996 | % | % | % | |||||||||||||||||||
| Hydraulics & pneumatics | 1996 | % | % | % | |||||||||||||||||||
| Material handling | 1996 | % | % | % | |||||||||||||||||||
| Janitorial supplies | 1996 | % | % | % | |||||||||||||||||||
| Electrical supplies | 1997 | % | % | % | |||||||||||||||||||
| Welding supplies | 1997 | % | % | % | |||||||||||||||||||
| Safety supplies | 1999 | % | % | % | |||||||||||||||||||
| Other | % | % | % | ||||||||||||||||||||
| % | % | % | |||||||||||||||||||||
(1) The fastener product line represents fasteners and miscellaneous supplies.
65
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
Note 3. Long-Lived Assets
The accounting policies of the operations in the various geographic areas are the same as those described in the summary of significant accounting policies. Long-lived assets consist of net property and equipment, operating lease right-of-use assets, prepaid deposits, goodwill, and definite-lived intangible assets.
Property and equipment at year end consisted of the following:
| Depreciable Life in Years | 2024 | 2023 | |||||||||||||||
| Land | — | $ | |||||||||||||||
| Buildings and improvements | |||||||||||||||||
| Automated distribution and warehouse equipment | |||||||||||||||||
| Shelving, industrial vending, and equipment | |||||||||||||||||
| Transportation equipment | |||||||||||||||||
| Construction in progress | — | ||||||||||||||||
| Less accumulated depreciation | ( | ( | |||||||||||||||
| Property and equipment, net | $ | ||||||||||||||||
Our long-lived assets related to the following geographic areas at year end:
| 2024 | 2023 | ||||||||||
| United States | $ | ||||||||||
| Canada and Mexico | |||||||||||
| All other foreign countries | |||||||||||
| Total long-lived assets | $ | ||||||||||
Note 4. Accrued Expenses
Accrued expenses at year end consisted of the following:
| 2024 | 2023 | ||||||||||
| Employee payroll and related taxes | $ | ||||||||||
| Employee bonuses and commissions | |||||||||||
| Profit sharing contribution | |||||||||||
| Insurance reserves | |||||||||||
| Indirect taxes | |||||||||||
| Customer promotions and marketing | |||||||||||
Occupancy (1) | |||||||||||
Transportation (1) | |||||||||||
Other (1) | |||||||||||
| Accrued expenses | $ | ||||||||||
(1) In 2024, we disaggregated certain accrual category designations and have conformed the prior period amounts to the current year presentation.
66
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
Note 5. Stockholders' Equity
Dividends
On January 16, 2025, our board of directors declared a quarterly dividend of $0.43 per share of common stock to be paid in cash on February 28, 2025 to shareholders of record at the close of business on January 31, 2025. In 2024, we paid aggregate annual cash dividends per share of $1.56 . We paid aggregate annual cash dividends per share of $1.78 and $1.24 in 2023 and 2022, respectively. In 2023, this included a special dividend of $0.38 per share paid in the fourth quarter.
Stock Options
Effective January 2, 2025, the compensation committee of our board of directors granted to our employees options to purchase a total of 639,304 shares of our common stock at an exercise price of $72.00 per share. On the same date, certain of our non-employee directors received options to acquire a total of 44,014 shares of our common stock at an exercise price of $72.00 per share. The closing stock price on the effective date of the grants was $71.11
The following tables summarize the details of options granted under our stock option plans that were still outstanding as of December 31, 2024, and the assumptions used to value those grants. All such grants were effective at the close of business on the date of grant.
| Options Granted | Option Exercise Price | Closing Stock Price on Date of Grant | December 31, 2024 | ||||||||||||||||||||||||||
| Date of Grant | Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||
| January 2, 2024 | $ | $ | |||||||||||||||||||||||||||
| January 3, 2023 | $ | $ | |||||||||||||||||||||||||||
| January 3, 2022 | $ | $ | |||||||||||||||||||||||||||
| January 4, 2021 | $ | $ | |||||||||||||||||||||||||||
| January 2, 2020 | $ | $ | |||||||||||||||||||||||||||
| January 2, 2019 | $ | $ | |||||||||||||||||||||||||||
| January 2, 2018 | $ | $ | |||||||||||||||||||||||||||
| January 3, 2017 | $ | $ | |||||||||||||||||||||||||||
| April 19, 2016 | $ | $ | |||||||||||||||||||||||||||
| Total | |||||||||||||||||||||||||||||
| 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, 2024 | % | $ | |||||||||||||||||||||||||||
| January 3, 2023 | % | $ | |||||||||||||||||||||||||||
| January 3, 2022 | % | $ | |||||||||||||||||||||||||||
| January 4, 2021 | % | $ | |||||||||||||||||||||||||||
| January 2, 2020 | % | $ | |||||||||||||||||||||||||||
| January 2, 2019 | % | $ | |||||||||||||||||||||||||||
| January 2, 2018 | % | $ | |||||||||||||||||||||||||||
| January 3, 2017 | % | $ | |||||||||||||||||||||||||||
| April 19, 2016 | % | $ | |||||||||||||||||||||||||||
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 10 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, net of forfeitures, 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.
67
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
A summary of activities under our stock option plans consisted of the following:
| Options Outstanding | Exercise Price (1) | Remaining Life (2) | |||||||||||||||
| Outstanding as of January 1, 2024 | $ | ||||||||||||||||
| Granted | $ | ||||||||||||||||
| Exercised | ( | $ | |||||||||||||||
| Cancelled/forfeited | ( | $ | |||||||||||||||
| Outstanding as of December 31, 2024 | $ | ||||||||||||||||
| Exercisable as of December 31, 2024 | $ | ||||||||||||||||
| Options Outstanding | Exercise Price (1) | Remaining Life (2) | |||||||||||||||
| Outstanding as of January 1, 2023 | $ | ||||||||||||||||
| Granted | $ | ||||||||||||||||
| Exercised | ( | $ | |||||||||||||||
| Cancelled/forfeited | ( | $ | |||||||||||||||
| Outstanding as of December 31, 2023 | $ | ||||||||||||||||
| Exercisable as of December 31, 2023 | $ | ||||||||||||||||
(1) Weighted average exercise price.
(2) Weighted average remaining contractual life in years.
The total intrinsic value of stock options exercised during the years ended December 31, 2024, 2023, and 2022 was $57.6 , $38.1 , and $10.2 , respectively. The intrinsic value represents the difference between the exercise price and fair value of the underlying shares at the date of exercise.
At December 31, 2024, there was $19.0 of total unrecognized stock-based compensation expense related to outstanding unvested stock options granted under the employee stock option plan. This expense is expected to be recognized over a weighted average period of 4.09 years. Any future change in estimated forfeitures will impact this amount. The total grant date fair value of stock options vested under our employee stock option plan during 2024, 2023, and 2022 was $7.6 , $5.3 , and $5.2 , respectively.
Total stock-based compensation expense related to our employee stock option plan was $8.0 , $7.3 , and $7.2 for 2024, 2023, and 2022, respectively.
Shares Outstanding
Shares of common stock outstanding were as follows:
| 2024 | 2023 | 2022 | |||||||||||||||
| Balance at beginning of year | |||||||||||||||||
| Stock options exercised | |||||||||||||||||
| Purchases of common stock | ( | ||||||||||||||||
| Balance at end of year | |||||||||||||||||
68
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
Net Income Per Share
The following tables present a reconciliation of the denominators used in the computation of basic and diluted net income per share and a summary of the options to purchase shares of common stock which were excluded from the diluted net income per share calculation because they were anti-dilutive:
| Reconciliation | 2024 | 2023 | 2022 | ||||||||||||||
| Basic weighted average shares outstanding | |||||||||||||||||
| Weighted shares assumed upon exercise of stock options | |||||||||||||||||
| Diluted weighted average shares outstanding | |||||||||||||||||
| Summary of Anti-dilutive Options Excluded | 2024 | 2023 | 2022 | ||||||||||||||
| Options to purchase shares of common stock | |||||||||||||||||
| Weighted average exercise prices of options | $ | ||||||||||||||||
Any dilutive impact summarized above related to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive stock options then outstanding.
Note 6. Retirement Savings Plan
Note 7. Income Taxes
Income before income taxes were derived from the following sources:
| 2024 | 2023 | 2022 | |||||||||||||||
| Domestic | $ | ||||||||||||||||
| Foreign | |||||||||||||||||
| Income before income taxes | $ | ||||||||||||||||
Components of income tax expense (benefit) were as follows:
| 2024 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Federal | $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
| State | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense in the accompanying consolidated financial statements differed from the expected expense as follows:
| 2024 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||
| United States federal statutory income tax | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
| State income taxes, net of federal benefit | % | % | % | ||||||||||||||||||||||||||||||||
| Other, net | ( | - | % | % | % | ||||||||||||||||||||||||||||||
| Effective income tax rate | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
69
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at year end consisted of the following:
| 2024 | 2023 | ||||||||||
| Deferred income tax assets: | |||||||||||
| Inventory costing and valuation methods | $ | ||||||||||
| Insurance reserves | |||||||||||
| Foreign net operating loss and credit carryforwards | |||||||||||
| Stock-based compensation | |||||||||||
| Operating lease liabilities | |||||||||||
| Section 174 capitalization | |||||||||||
| Other, deferred tax assets | |||||||||||
| Total deferred income tax assets | |||||||||||
| Less: Valuation allowances | ( | ( | |||||||||
| Total net deferred income tax assets | |||||||||||
| Deferred income tax liabilities: | |||||||||||
| Property and equipment | ( | ( | |||||||||
| Operating lease ROU assets | ( | ( | |||||||||
| Prepaid expenses | ( | ( | |||||||||
| Other, deferred tax liabilities | ( | ( | |||||||||
| Total deferred income tax liabilities | ( | ( | |||||||||
| Net deferred income tax liabilities | $ | ( | ( | ||||||||
A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows:
| 2024 | 2023 | ||||||||||
| Balance at beginning of year: | $ | ||||||||||
| Increase related to prior year tax positions | |||||||||||
| Increase related to current year tax positions | |||||||||||
| Decrease related to statute of limitation lapses | ( | ( | |||||||||
| Balance at end of year: | $ | ||||||||||
Included in the liability for gross unrecognized tax benefits is $4.2 as of December 31, 2024 and $3.8 as of December 31, 2023 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 $9.1 as of December 31, 2024 and $9.2 as of December 31, 2023. We believe it is reasonably possible that a decrease of up to $1.9 in unrecognized tax benefits may be recognized by the end of 2025 as a result of the lapse of the statute of limitations. The 2024 and 2023 liability is included in deferred income taxes in the Consolidated Balance Sheets.
We file income tax returns in the U.S. federal jurisdiction, all states, and various local and foreign jurisdictions. We are no longer subject to income tax examinations by taxing authorities for taxable years before 2021 in the case of U.S. federal examinations, and with limited exception, before 2019 in the case of foreign, state, and local examinations.
In general, it is our practice and intention to permanently reinvest the income of our foreign subsidiaries and repatriate income only when the tax impact is zero or very minimal. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes that would result upon repatriation of our approximately $539.6 of undistributed income from foreign subsidiaries to the U.S. as that income continues to be permanently reinvested.
70
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
Note 8. Operating Leases
We lease space under non-cancelable operating leases for several distribution centers, several manufacturing locations, and certain branch locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions. We also lease certain semi-tractors, pick-up trucks, and computer equipment under operating leases.
Certain operating leases for pick-up trucks contain residual value guarantee provisions which would generally become due at the expiration of the operating lease agreement if the fair value of the leased vehicles is less than the guaranteed residual value. The aggregate residual value guarantee related to these leases was approximately $127.3 . We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote.
The cost components of our operating leases were as follows for the periods ended December 31:
2024 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
| Leased Facilities and Equipment | Leased Vehicles | Total | Leased Facilities and Equipment | Leased Vehicles | Total | Leased Facilities and Equipment | Leased Vehicles | Total | |||||||||||||||||||||||||||
| Operating lease cost | $ | ||||||||||||||||||||||||||||||||||
| Variable lease cost | |||||||||||||||||||||||||||||||||||
| Short-term lease cost | |||||||||||||||||||||||||||||||||||
| Total | $ | ||||||||||||||||||||||||||||||||||
Variable lease costs are excluded from ROU assets and lease liabilities and consist primarily of taxes, insurance, and common area or other maintenance costs for our leased facilities and equipment which are paid based on actual costs incurred by the lessor as well as variable mileage costs related to our leased vehicles.
Maturities of our lease liabilities for all operating leases were as follows as of December 31, 2024:
| Leased Facilities and Equipment | Leased Vehicles | Total | |||||||||||||||
| 2025 | $ | ||||||||||||||||
| 2026 | |||||||||||||||||
| 2027 | |||||||||||||||||
| 2028 | |||||||||||||||||
| 2029 | |||||||||||||||||
| 2030 and thereafter | |||||||||||||||||
| Total lease payments | $ | ||||||||||||||||
| Less: Imputed interest | ( | ( | ( | ||||||||||||||
| Present value of lease liabilities | $ | ||||||||||||||||
The weighted average remaining lease terms and discount rates for all of our operating leases were as follows for the periods ended December 31:
| Remaining lease term and discount rate: | 2024 | 2023 | |||||||||
| Weighted average remaining lease term (years) | |||||||||||
| Leased facilities and equipment | |||||||||||
| Leased vehicles | |||||||||||
| Weighted average discount rate | |||||||||||
| Lease facilities and equipment | |||||||||||
| Leased vehicles | |||||||||||
71
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
Supplemental cash flow information related to our operating leases was as follows for the periods ended December 31:
2024 | 2023 | 2022 | |||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
| Operating cash outflow from operating leases | $ | ||||||||||||||||
| Leased assets obtained in exchange for new operating lease liabilities | |||||||||||||||||
Note 9. Debt Commitments
Credit Facility, Notes Payable, and Commitments
Debt obligations and letters of credit outstanding at year end consisted of the following:
Average Interest Rate at December 31, 2024 | Debt Outstanding | ||||||||||||||||||||||
| Maturity Date | 2024 | 2023 | |||||||||||||||||||||
| Unsecured revolving credit facility | % | September 28, 2027 | $ | ||||||||||||||||||||
| Senior unsecured promissory notes payable, Series C | % | March 1, 2024 | |||||||||||||||||||||
| Senior unsecured promissory notes payable, Series D | % | May 15, 2025 | |||||||||||||||||||||
| Senior unsecured promissory notes payable, Series E | % | May 15, 2027 | |||||||||||||||||||||
| Senior unsecured promissory notes payable, Series G | % | June 24, 2026 | |||||||||||||||||||||
| Senior unsecured promissory notes payable, Series H | % | June 24, 2030 | |||||||||||||||||||||
| Total | |||||||||||||||||||||||
| Less: Current portion of debt | ( | ( | |||||||||||||||||||||
| Long-term debt | $ | ||||||||||||||||||||||
| Outstanding letters of credit under unsecured revolving credit facility - contingent obligation | $ | ||||||||||||||||||||||
Unsecured Revolving Credit Facility
We have an $835.0 committed unsecured revolving Credit Facility with an uncommitted accordion option to increase the aggregate revolving commitment by an additional $365.0 for a total amount of $1,200.0 . The Credit Facility includes a committed letter of credit subfacility of $55.0 . Any borrowings outstanding under the Credit Facility for which we have the ability and intent to pay using cash within the next 12 months will be classified as a current liability. The Credit Facility contains certain financial and other covenants, and our right to borrow under the Credit Facility is conditioned upon, among other things, our compliance with these covenants. We are currently in compliance with these covenants.
Borrowings under the Credit Facility generally bear interest at a rate per annum equal to Daily Simple SOFR plus a 0.10 % spread adjustment plus 0.95 %. We pay a commitment fee for the unused portion of the Credit Facility. This fee is either 0.10 % or 0.125 % per annum based on our usage of the Credit Facility.
Senior Unsecured Promissory Notes Payable
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 December 31, 2024. Our aggregate borrowing capacity under the Master Note Agreement is $900.0 ; however, none of the institutional investors party to that agreement are committed to purchase notes thereunder. There is no amortization of these notes prior to their maturity date and interest is payable quarterly. The notes currently issued under our Master Note Agreement, including the maturity date and fixed interest rate per annum of each series of note, are contained in the table above. The Master Note Agreement contains certain financial and other covenants and we are currently in compliance with these covenants.
72
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
Principal payments required on our outstanding indebtedness, based on the maturity dates defined within our long-term debt arrangements, for the succeeding five years, are displayed in the table below, as of December 31, 2024:
| Principal Payments | |||||
| 2025 | $ | ||||
| 2026 | |||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 and thereafter | |||||
| Total | $ | ||||
Note 10. Segment Reporting
Each of our geographic regions (U.S., Canada, Mexico, Central & South America, Europe, Africa, Asia, and SE Asia) is engaged in business activities for which it may earn sales and incur expenses. Discrete financial information is available at the geographic region level through our internal Return on Asset (ROA) reporting. The ROA reporting is ultimately a selling location income statement with a ROA calculation and the results are compiled by geographic region. ROA pre-tax profit measures financial performance and drives compensation programs.
Our Chief Executive Officer and President/Chief Sales Officer are our Chief Operating Decision Maker (CODM). We consider each geographic region to be an operating segment. The CODM regularly reviews ROA pre-tax profit to make decisions about the allocation of resources at the geographic region level. Operating segment significant expense categories and amounts are not regularly reviewed by or provided to our CODM. Segment expenses represent the difference between net sales and ROA pre-tax profit and consist of cost of sales and SG&A expenses. However, our CODM reviews consolidated expense information to manage the operations of the business.
Considering our operating segments outside of the U.S. individually represent less than 10% of our total operating segment net sales, ROA pre-tax profit, and ROA assets, we do not consider them reportable segments. Therefore, we report the results of the U.S. reportable segment below. Prior to the fourth quarter of 2024, we aggregated the U.S., Canada, and Mexico operating segments into one operating segment, which we referred to as North America. In the fourth quarter of 2024, we discontinued aggregating the U.S., Canada, and Mexico operating segments into one operating segment. We no longer meet the criteria to aggregate these operating segments as we no longer believe the operating segments to be economically similar. Further details on our significant accounting policies can be found in Note 1 of our Form 10-K, which are applied company wide.
Our measure of profit or loss is ROA pre-tax profit and our measure of assets is ROA assets. ROA pre-tax profit is not a financial measure calculated in accordance with GAAP and excludes inter-company transactions.
The following table presents a reconciliation of reportable segment net sales from external customers to consolidated net sales for the periods ended December 31:
| 2024 | 2023 | 2022 | |||||||||
| U.S. net sales from external customers | $ | ||||||||||
Other operating segment net sales (1) | |||||||||||
| Net sales | $ | ||||||||||
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Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
The following table presents a reconciliation of reportable segment ROA pre-tax profit to consolidated income before income taxes for the periods ended December 31:
| 2024 | 2023 | 2022 | |||||||||
| U.S. ROA pre-tax profit | $ | ||||||||||
Other operating segment pre-tax profit (1) | |||||||||||
| Income before income taxes | $ | ||||||||||
(1) Other operating segment pre-tax profit includes ROA pre-tax profit for all other operating segments that are below the reportable segment quantitative threshold and immaterial allocations excluded from ROA pre-tax profit.
The following table presents a reconciliation of reportable segment ROA assets to consolidated total assets for the periods ended December 31:
| 2024 | 2023 | |||||||
U.S. ROA assets (1) | $ | |||||||
Other operating segment ROA assets (2) | ||||||||
Other current assets (3) | ||||||||
| Property and equipment | ||||||||
| Intangibles and other assets | ||||||||
| Operating lease right-of-use assets | ||||||||
| Total assets | $ | |||||||
(1) Operating segment ROA assets primarily include accounts receivable, inventory, in-market location vehicles, and exclude certain centrally managed assets.
(2) Other operating segment ROA assets include all other operating segments that are below the reportable segment quantitative threshold.
(3) Other current assets includes cash and cash equivalents, the allowance for credit losses, inventories that are centrally managed, prepaid income taxes, and other current assets.
Other Segment Items
Interest revenue and interest expense included in the ROA pre-tax profit are not material. The following table presents a reconciliation of reportable segment ROA pre-tax profit depreciation and amortization expense to consolidated depreciation and amortization expense for the periods ended December 31:
| 2024 | 2023 | 2022 | |||||||||
| U.S. ROA pre-tax profit depreciation and amortization expense | $ | ||||||||||
Other operating segment ROA pre-tax profit depreciation and amortization expense (1) | |||||||||||
Other reconciling items (2) | ( | ( | ( | ||||||||
| Depreciation and amortization expense | $ | ||||||||||
(1) Other operating segment ROA pre-tax profit depreciation and amortization expense include all other operating segments that are below the reportable segment quantitative threshold.
(2) Other reconciling items includes depreciation and amortization expense for certain assets not allocated to the ROA and differences in allocations specific to the ROA that drive decisions in the field and compensation programs.
74
Fastenal Company and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
Note 11. Legal Contingencies
We are involved in certain legal actions, including those that are ordinary routine litigation incidental to our business. The outcomes of these legal actions are not within our complete control and may not be known for prolonged periods of time. In some actions, the claimants seek damages, as well as other relief, that could require significant expenditures or result in lost sales. We record a liability for these legal actions when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded. As of December 31, 2024, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.
Note 12. Subsequent Events
We evaluated all subsequent event activity and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the Notes to Consolidated Financial Statements, with the exception of the dividend declaration and stock option activities disclosed in Note 5.
***End of Notes to Consolidated Financial Statements***
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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A.CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the Securities Exchange Act)). Based on this evaluation, the principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and is accumulated and communicated to our management, including the principal executive officer and principal financial officer, to allow for timely decisions regarding required disclosure.
Attestation Report of Independent Registered Public Accounting Firm
The attestation report required under Item 9A is contained earlier in this Form 10-K under the heading 'Item 8, Financial Statements and Supplementary Data'.
Management's Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act. Fastenal's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:
(i)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
(ii)provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
(iii)provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Under the supervision of our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment and those criteria, management believes that we maintained effective internal control over financial reporting as of December 31, 2024. There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
| /s/ Daniel L. Florness | /s/ Holden Lewis | |||||||
| Daniel L. Florness | Holden Lewis | |||||||
| Chief Executive Officer | Senior Executive Vice President and Chief Financial Officer | |||||||
| Winona, Minnesota | ||||||||
| February 6, 2025 | ||||||||
76
ITEM 9B.OTHER INFORMATION
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
None.
PART III
ITEM 10.DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
Incorporated herein by reference is the information appearing under the headings 'Proposal #1—Election of Directors', 'Corporate Governance and Director Compensation—Board Leadership Structure and Committee Membership', 'Corporate Governance and Director Compensation—Other Board and Corporate Governance Matters: Securities Trading Policy', 'Corporate Governance and Director Compensation—Audit Committee', and 'Corporate Governance and Director Compensation—Delinquent Section 16(a) Reports' in the Proxy Statement.
There have been no material changes to the procedures by which security holders may recommend nominees to the board of directors since our last report.
In January 2004, our board of directors adopted a supplement to our existing standards of conduct designed to qualify the standards of conduct as a code of ethics within the meaning of Item 406(b) of Regulation S-K promulgated by the SEC (Code of Ethics). The standards of conduct, as supplemented, apply to all of our directors, officers, and employees, including without limitation our chief executive officer, chief financial officer, principal accounting officer, and controller (if any), and persons performing similar functions (Senior Financial Officers). Those portions of the standards of conduct, as supplemented, that constitute a required element of a Code of Ethics are available without charge by submitting a request to us pursuant to the directions detailed under 'Does Fastenal have a Code of Conduct?' on the 'Investor FAQs' page of the 'Investor Relations' section of our website at www.fastenal.com. In the event we amend or waive any portion of the standards of conduct, as supplemented, that constitutes a required element of a Code of Ethics and such amendment or waiver applies to any of our Senior Financial Officers, we intend to post on our website at www.fastenal.com, within four business days after the date of such amendment or waiver, a brief description of such amendment or waiver, the name of each Senior Financial Officer to whom the amendment or waiver applies, and the date of the amendment or waiver.
Information regarding our executive officers is included under the heading "Information about our Executive Officers" in Part I, Item 1 of this Form 10-K.
ITEM 11.EXECUTIVE COMPENSATION
Incorporated herein by reference is the information appearing under the headings 'Corporate Governance and Director Compensation—Compensation Committee Interlocks and Insider Participation', 'Executive Compensation', and 'Corporate Governance and Director Compensation—Compensation of our Directors' in the Proxy Statement.
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ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Incorporated herein by reference is the information appearing under the heading 'Security Ownership of Principal Shareholders and Management' in the Proxy Statement.
Equity Compensation Plan Information
| Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | ||||||||||||||
| (a) | (b) | (c) | |||||||||||||||
Equity compensation plans approved by security holders (1) | 4,227,927 | $ | 45.93 | 10,282,849 | |||||||||||||
| Equity compensation plans not approved by security holders | — | — | — | ||||||||||||||
| Total | 4,227,927 | 10,282,849 | |||||||||||||||
(1) | Reflects stock option awards issued and issuable in the future under our Fastenal Company Stock Option Plan and our Fastenal Company Non-Employee Director Stock Option Plan. | ||||
ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Incorporated herein by reference is the information appearing under the headings 'Corporate Governance and Director Compensation—Director Independence', 'Corporate Governance and Director Compensation—Related Person Transaction Approval Policy', and 'Corporate Governance and Director Compensation—Transactions with Related Persons' in the Proxy Statement.
ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES
Incorporated herein by reference is the information appearing under the heading 'Audit and Related Matters—Audit and Related Fees' and 'Audit and Related Matters—Pre-Approval of Services' in the Proxy Statement.
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PART IV
ITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
| a) | 1. Financial Statements: | ||||
Consolidated Balance Sheets as of December 31, 2024 and 2023 | |||||
Consolidated Statements of Income for the years ended December 31, 2024, 2023, and 2022 | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022 | |||||
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2024, 2023, and 2022 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022 | |||||
| Notes to Consolidated Financial Statements | |||||
Report of Independent Registered Public Accounting Firm ( | |||||
2. Financial Statement Schedules: | |||||
| Schedule II—Valuation and Qualifying Accounts | |||||
3. Exhibits: | |||||
INDEX TO EXHIBITS
| Exhibit Number | Description of Document | |||||||||||||
| 3.1 | ||||||||||||||
| 3.2 | ||||||||||||||
| 4.1 | ||||||||||||||
| 4.2 | ||||||||||||||
| 4.3 | ||||||||||||||
| 4.4 | ||||||||||||||
| 4.5 | ||||||||||||||
| 10.1 | ||||||||||||||
| 10.2 | ||||||||||||||
| 10.3 | ||||||||||||||
| 10.4 | ||||||||||||||
| 10.5 | ||||||||||||||
| 10.6 | ||||||||||||||
| 10.7 | ||||||||||||||
79
| Exhibit Number | Description of Document | |||||||||||||
| 10.8 | ||||||||||||||
| 10.9 | ||||||||||||||
| 10.10 | ||||||||||||||
| 19 | ||||||||||||||
| 21 | ||||||||||||||
| 23 | ||||||||||||||
| 31 | ||||||||||||||
| 32 | ||||||||||||||
| 97 | ||||||||||||||
| 101 | The following financial statements from the annual report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows, (vi) Notes to Consolidated Financial Statements, and (vii) the information set forth in Part II, Item 9B. | |||||||||||||
| 104 | The cover page from the annual report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL. | |||||||||||||
* Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Form 10-K pursuant to Item 15(b).
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FASTENAL COMPANY
Schedule II—Valuation and Qualifying Accounts
Years ended December 31, 2024, 2023, and 2022
(Amounts in millions)
| Description | Balance at Beginning of Year | "Additions/(Reductions)" to Costs and Expenses | "Other" Additions (Deductions) | "Less" Deductions | Balance at End of Year | ||||||||||||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||||||||||||||
| Allowance for credit losses | $ | ||||||||||||||||||||||||||||
| Insurance reserves | $ | (1) | (2) | ||||||||||||||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||||||||||||||
| Allowance for credit losses | $ | ||||||||||||||||||||||||||||
| Insurance reserves | $ | (1) | (2) | ||||||||||||||||||||||||||
| Year ended December 31, 2022 | |||||||||||||||||||||||||||||
| Allowance for credit losses | $ | ( | |||||||||||||||||||||||||||
| Insurance reserves | $ | (1) | (2) | ||||||||||||||||||||||||||
(1) Includes costs and expenses incurred for premiums and claims related to health and general insurance.
(2) Includes costs and expenses paid for premiums and claims related to health and general insurance.
See accompanying Report of Independent Registered Public Accounting Firm incorporated herein by reference.
ITEM 16.FORM 10-K SUMMARY
Not applicable.
81
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: | February 6, 2025 | |||||||
| FASTENAL COMPANY | ||||||||
| By | /s/ Daniel L. Florness | |||||||
| Daniel L. Florness, Chief Executive Officer | ||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
| Date: | February 6, 2025 | |||||||
| /s/ Daniel L. Florness | /s/ Holden Lewis | |||||||||||||
| Daniel L. Florness, Chief Executive Officer (Principal Executive Officer) and Director | Holden Lewis, Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||||
| /s/ Sheryl A. Lisowski | ||||||||||||||
| Sheryl A. Lisowski, Executive Vice President - Chief Accounting Officer and Treasurer (Principal Accounting Officer) | ||||||||||||||
| /s/ Scott A. Satterlee | /s/ Hsenghung Sam Hsu | |||||||||||||
| Scott A. Satterlee, Director (Chair) | Hsenghung Sam Hsu, Director | |||||||||||||
| /s/ Michael J. Ancius | /s/ Daniel L. Johnson | |||||||||||||
| Michael J. Ancius, Director | Daniel L. Johnson, Director | |||||||||||||
| /s/ Stephen L. Eastman | /s/ Sarah N. Nielsen | |||||||||||||
| Stephen L. Eastman, Director | Sarah N. Nielsen, Director | |||||||||||||
| /s/ Brady D. Ericson | /s/ Irene A. Quarshie | |||||||||||||
| Brady D. Ericson, Director | Irene A. Quarshie, Director | |||||||||||||
| /s/ Rita J. Heise | /s/ Reyne K. Wisecup | |||||||||||||
| Rita J. Heise, Director | Reyne K. Wisecup, Director | |||||||||||||
82