10-Q Filing

WATSCO INC CIK: 105016 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001193125-11-216267`
Period End Date	20110630
Filing Date	20110809
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	wso-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 52 Cash Flow Statement 64

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$87.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$58.09M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$126.50M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$305.09M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$435.02M	USD	Point-in-time
Inventories	`InventoryNet`	$612.74M	USD	Point-in-time
Inventories	`InventoryNet`	$391.93M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$14.49M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$16.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$838.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.08B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$36.18M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$31.22M	USD	Point-in-time
Goodwill	`Goodwill`	$303.70M	USD	Point-in-time
Goodwill	`Goodwill`	$316.06M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$76.16M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$56.63M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.82M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.67M	USD	Point-in-time
Assets, total	`Assets`	$1.52B	USD	Point-in-time
Assets, total	`Assets`	$1.24B	USD	Point-in-time
Current portion of long-term obligations	`OtherLongTermDebtCurrent`	$41.00K	USD	Point-in-time
Current portion of long-term obligations	`OtherLongTermDebtCurrent`	$72.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$182.19M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$349.35M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$83.75M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$95.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$266.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$445.35M	USD	Point-in-time
Borrowings under revolving credit agreements	`LongTermLineOfCredit`	$65.00M	USD	Point-in-time
Borrowings under revolving credit agreements	`LongTermLineOfCredit`	$10.00M	USD	Point-in-time
Other long-term obligations, net of current portion	`OtherLongTermDebtNoncurrent`	$16.00K	USD	Point-in-time
Other long-term obligations, net of current portion	`OtherLongTermDebtNoncurrent`	$16.00K	USD	Point-in-time
Total long-term obligations	`LongTermDebtNoncurrent`	$65.02M	USD	Point-in-time
Total long-term obligations	`LongTermDebtNoncurrent`	$10.02M	USD	Point-in-time
Deferred income taxes and other liabilities	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$32.31M	USD	Point-in-time
Deferred income taxes and other liabilities	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$36.16M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $.50 par value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $.50 par value	`PreferredStockValue`	-	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$488.21M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$472.88M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-446.00K	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-593.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$395.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$387.19M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockValue`	$114.42M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockValue`	$114.42M	USD	Point-in-time
Total Watsco, Inc. shareholders' equity	`StockholdersEquity`	$764.46M	USD	Point-in-time
Total Watsco, Inc. shareholders' equity	`StockholdersEquity`	$788.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$164.44M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$183.37M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$928.90M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$971.37M	USD	Point-in-time
Liabilities and shareholders' equity, total	`LiabilitiesAndStockholdersEquity`	$1.24B	USD	Point-in-time
Liabilities and shareholders' equity, total	`LiabilitiesAndStockholdersEquity`	$1.52B	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$883.55M	USD	1 Quarter
Revenues	`Revenues`	$1.37B	USD	2 Qtrs
Revenues	`Revenues`	$864.80M	USD	1 Quarter
Revenues	`Revenues`	$1.42B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$670.36M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.07B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$663.74M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.05B	USD	2 Qtrs
Gross profit	`GrossProfit`	$323.67M	USD	2 Qtrs
Gross profit	`GrossProfit`	$213.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$348.18M	USD	2 Qtrs
Gross profit	`GrossProfit`	$201.07M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$137.66M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$243.89M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$255.94M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$130.15M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$92.24M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$75.53M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$70.92M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$79.78M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$894.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.79M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$1.82M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$997.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$70.03M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$74.53M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$77.99M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$90.42M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$21.82M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$24.31M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$27.03M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$22.26M	USD	1 Quarter
Net income	`ProfitLoss`	$52.27M	USD	1 Quarter
Net income	`ProfitLoss`	$53.68M	USD	2 Qtrs
Net income	`ProfitLoss`	$63.39M	USD	2 Qtrs
Net income	`ProfitLoss`	$48.21M	USD	1 Quarter
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$14.80M	USD	2 Qtrs
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$19.87M	USD	2 Qtrs
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$13.16M	USD	1 Quarter
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$16.25M	USD	1 Quarter
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$35.05M	USD	1 Quarter
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$43.52M	USD	2 Qtrs
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$36.02M	USD	1 Quarter
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$38.88M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.09	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.20	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.08	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.33	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.32	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.20	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.08	USD	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$52.27M	USD	1 Quarter
Net income	`ProfitLoss`	$53.68M	USD	2 Qtrs
Net income	`ProfitLoss`	$63.39M	USD	2 Qtrs
Net income	`ProfitLoss`	$48.21M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.15M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.46M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.99M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.91M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$1.82M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$410.00K	USD	2 Qtrs
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-416.00K	USD	2 Qtrs
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$418.00K	USD	2 Qtrs
Deferred income tax provision	`IncreaseDecreaseInDeferredIncomeTaxes`	$-1.22M	USD	2 Qtrs
Deferred income tax provision	`IncreaseDecreaseInDeferredIncomeTaxes`	$-1.70M	USD	2 Qtrs
Non-cash contribution for 401(k) plans	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$1.72M	USD	2 Qtrs
Non-cash contribution for 401(k) plans	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$489.00K	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$880.00K	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$2.09M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$104.80M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$120.49M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$109.17M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$181.81M	USD	2 Qtrs
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayable`	$221.54M	USD	2 Qtrs
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayable`	$169.22M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-2.20M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$27.00K	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-42.21M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$56.83M	USD	2 Qtrs
Business acquisitions, net of cash acquired	`PaymentsForProceedsFromBusinessesAndInterestInAffiliates`	$2.41M	USD	2 Qtrs
Business acquisitions, net of cash acquired	`PaymentsForProceedsFromBusinessesAndInterestInAffiliates`	$35.70M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.84M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.73M	USD	2 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.07M	USD	2 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$374.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.05M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.17M	USD	2 Qtrs
Dividends on Common and Class B common stock	`PaymentsOfDividendsCommonStock`	$35.71M	USD	2 Qtrs
Dividends on Common and Class B common stock	`PaymentsOfDividendsCommonStock`	$32.34M	USD	2 Qtrs
Return of capital contribution to noncontrolling interest	`PaymentsToMinorityShareholders`	$32.00M	USD	2 Qtrs
Distributions to noncontrolling interest	`CashDistributionToNoncontrollingInterest`	$3.12M	USD	2 Qtrs
Distributions to noncontrolling interest	`CashDistributionToNoncontrollingInterest`	$15.82M	USD	2 Qtrs
Costs related to amendment of revolving credit agreement	`PaymentsOfDebtRestructuringCosts`	-	USD	2 Qtrs
Costs related to amendment of revolving credit agreement	`PaymentsOfDebtRestructuringCosts`	$38.00K	USD	2 Qtrs
Net repayments of other long-term obligations	`RepaymentsOfOtherLongTermDebt`	$90.00K	USD	2 Qtrs
Net repayments of other long-term obligations	`RepaymentsOfOtherLongTermDebt`	$31.00K	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$2.09M	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$880.00K	USD	2 Qtrs
Net proceeds from issuances of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.22M	USD	2 Qtrs
Net proceeds from issuances of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.11M	USD	2 Qtrs
Net proceeds under revolving credit agreements	`ProceedsFromLongTermLinesOfCredit`	$7.24M	USD	2 Qtrs
Net proceeds under revolving credit agreements	`ProceedsFromLongTermLinesOfCredit`	$55.00M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.61M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-22.99M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-107.87M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$29.66M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$87.76M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$18.63M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$58.09M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$126.50M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$87.76M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$18.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$58.09M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$126.50M	USD	Point-in-time
Net assets of locations contributed to joint venture	`BusinessAcquisitionCostOfAcquiredEntityOtherNoncashConsideration`	$14.77M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.