Note 2. Revenue
Disaggregation of Revenue
Revenues are attributed to countries based on the selling location from which the sale occurred. During 2025, 2024, and 2023, 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 |
| 2025 | | 2024 | | 2023 |
| United States | $ | 6,818.9 | | | 6,273.1 | | | 6,139.8 | |
| % of revenues | 83.2 | % | | 83.1 | % | | 83.6 | % |
| Canada and Mexico | 1,110.2 | | | 1,035.6 | | | 981.9 | |
| % of revenues | 13.5 | % | | 13.7 | % | | 13.4 | % |
| All other foreign countries | 271.4 | | | 237.3 | | | 225.0 | |
| % of revenues | 3.3 | % | | 3.2 | % | | 3.0 | % |
| Total revenues | $ | 8,200.5 | | | 7,546.0 | | | 7,346.7 | |
The percentages of our sales by end market were as follows for the periods ended December 31:
| | | | | | | | | | | | | | | | | |
| Twelve-month Period |
| 2025 | | 2024 | | 2023 |
| Manufacturing | 75.9 | % | | 75.0 | % | | 74.3 | % |
| Non-residential construction | 8.1 | % | | 8.5 | % | | 9.1 | % |
| Other | 16.0 | % | | 16.5 | % | | 16.6 | % |
| 100.0 | % | | 100.0 | % | | 100.0 | % |
The percentages of our sales by product line were as follows for the periods ended December 31:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Twelve-month Period |
| Type | Introduced | | 2025 | | 2024 | | 2023 |
Fasteners (1) | 1967 | | 30.5 | % | | 30.7 | % | | 32.4 | % |
| Tools | 1993 | | 8.3 | % | | 8.4 | % | | 8.5 | % |
| Cutting tools | 1996 | | 5.2 | % | | 5.3 | % | | 5.3 | % |
| Hydraulics & pneumatics | 1996 | | 6.9 | % | | 6.7 | % | | 6.7 | % |
| Material handling | 1996 | | 5.7 | % | | 5.6 | % | | 5.6 | % |
| Janitorial supplies | 1996 | | 9.0 | % | | 8.8 | % | | 8.4 | % |
| Electrical supplies | 1997 | | 4.7 | % | | 4.7 | % | | 4.6 | % |
| Welding supplies | 1997 | | 4.3 | % | | 4.2 | % | | 4.1 | % |
| Safety supplies | 1999 | | 22.2 | % | | 22.2 | % | | 21.2 | % |
| Other | | | 3.2 | % | | 3.4 | % | | 3.2 | % |
| | | 100.0 | % | | 100.0 | % | | 100.0 | % |
(1) The fastener product line represents fasteners and miscellaneous supplies.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.