10-Q Filing

WATSCO INC CIK: 105016 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-346835`
Period End Date	20120630
Filing Date	20120809
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	wso-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 52 Cash Flow Statement 62 Comprehensive Income 28

Balance Sheet 59 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`	$15.67M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$126.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.63M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$509.61M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$327.66M	USD	Point-in-time
Inventories	`InventoryNet`	$672.43M	USD	Point-in-time
Inventories	`InventoryNet`	$465.35M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$19.49M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$20.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.24B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$828.18M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$39.45M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$43.44M	USD	Point-in-time
Goodwill	`Goodwill`	$319.44M	USD	Point-in-time
Goodwill	`Goodwill`	$386.95M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$75.37M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$219.68M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.71M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.20M	USD	Point-in-time
Total assets	`Assets`	$1.89B	USD	Point-in-time
Total assets	`Assets`	$1.27B	USD	Point-in-time
Borrowings under revolving credit agreement	`LinesOfCreditCurrent`	$20.00M	USD	Point-in-time
Current portion of other long-term obligations	`OtherLongTermDebtCurrent`	$19.00K	USD	Point-in-time
Current portion of other long-term obligations	`OtherLongTermDebtCurrent`	$13.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$127.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$272.42M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$75.66M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$108.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$381.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$223.04M	USD	Point-in-time
Borrowings under revolving credit agreement	`LongTermLineOfCredit`	$235.62M	USD	Point-in-time
Other long-term obligations, net of current portion	`OtherLongTermDebtNoncurrent`	$17.00K	USD	Point-in-time
Total long-term obligations	`LongTermDebtNoncurrent`	$235.64M	USD	Point-in-time
Deferred income taxes and other liabilities	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$43.40M	USD	Point-in-time
Deferred income taxes and other liabilities	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$47.12M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.50 par value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.50 par value	`PreferredStockValue`	-	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$493.52M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$595.27M	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`	$-352.00K	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.18M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$410.93M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$404.36M	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`	$906.99M	USD	Point-in-time
Total Watsco, Inc. shareholders' equity	`StockholdersEquity`	$802.79M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$198.92M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$323.80M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.23B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.00B	USD	Point-in-time
Liabilities and Equity, Total	`LiabilitiesAndStockholdersEquity`	$1.27B	USD	Point-in-time
Liabilities and Equity, Total	`LiabilitiesAndStockholdersEquity`	$1.89B	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$1.65B	USD	2 Qtrs
Revenues	`Revenues`	$1.01B	USD	1 Quarter
Revenues	`Revenues`	$1.42B	USD	2 Qtrs
Revenues	`Revenues`	$883.55M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$773.33M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$670.36M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.07B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.26B	USD	2 Qtrs
Gross profit	`GrossProfit`	$389.10M	USD	2 Qtrs
Gross profit	`GrossProfit`	$238.47M	USD	1 Quarter
Gross profit	`GrossProfit`	$213.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$348.18M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$152.60M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$137.66M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$255.94M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$283.32M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$85.87M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$105.78M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$75.53M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$92.24M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$1.35M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$997.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$2.24M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$1.82M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$84.52M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$74.53M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$103.54M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$90.42M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$29.15M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$22.26M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$27.03M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$23.62M	USD	1 Quarter
Net income	`ProfitLoss`	$74.39M	USD	2 Qtrs
Net income	`ProfitLoss`	$60.90M	USD	1 Quarter
Net income	`ProfitLoss`	$63.39M	USD	2 Qtrs
Net income	`ProfitLoss`	$52.27M	USD	1 Quarter
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$21.80M	USD	1 Quarter
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$16.25M	USD	1 Quarter
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$19.87M	USD	2 Qtrs
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$26.82M	USD	2 Qtrs
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$39.10M	USD	1 Quarter
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$43.52M	USD	2 Qtrs
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$47.57M	USD	2 Qtrs
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$36.02M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.15	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.09	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.42	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.33	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.15	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.41	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.32	USD	2 Qtrs

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$74.39M	USD	2 Qtrs
Net income	`ProfitLoss`	$60.90M	USD	1 Quarter
Net income	`ProfitLoss`	$63.39M	USD	2 Qtrs
Net income	`ProfitLoss`	$52.27M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.46M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.86M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.99M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$3.97M	USD	2 Qtrs
Non-cash contribution for 401(k) plan	`NonCashContributionTo401KPlan`	$1.72M	USD	2 Qtrs
Non-cash contribution for 401(k) plan	`NonCashContributionTo401KPlan`	$1.77M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$410.00K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$134.00K	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$742.00K	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$880.00K	USD	2 Qtrs
Other, net	`OtherNoncashIncomeExpense`	$-1.89M	USD	2 Qtrs
Other, net	`OtherNoncashIncomeExpense`	$-2.12M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$137.88M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$104.80M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$154.24M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$181.81M	USD	2 Qtrs
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayable`	$143.05M	USD	2 Qtrs
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayable`	$169.22M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-1.16M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$27.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-59.64M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-42.21M	USD	2 Qtrs
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$82.15M	USD	2 Qtrs
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$35.70M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.89M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.73M	USD	2 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$374.00K	USD	2 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$157.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.05M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-88.88M	USD	2 Qtrs
Net proceeds from issuances of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.19M	USD	2 Qtrs
Net proceeds from issuances of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.11M	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$742.00K	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$880.00K	USD	2 Qtrs
Net proceeds (repayments) of other long-term obligations	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$11.00K	USD	2 Qtrs
Net proceeds (repayments) of other long-term obligations	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$-31.00K	USD	2 Qtrs
Return of capital contribution to noncontrolling interest	`PaymentsToMinorityShareholders`	$32.00M	USD	2 Qtrs
Payment of fees related to revolving credit agreement	`PaymentOfFeesRelatedToRevolvingCreditAgreement`	$2.07M	USD	2 Qtrs
Payment of fees related to revolving credit agreement	`PaymentOfFeesRelatedToRevolvingCreditAgreement`	$38.00K	USD	2 Qtrs
Distributions to noncontrolling interest	`PaymentsOfDistributionsToAffiliates`	$9.99M	USD	2 Qtrs
Distributions to noncontrolling interest	`PaymentsOfDistributionsToAffiliates`	$15.82M	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`	$41.00M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.61M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$168.03M	USD	2 Qtrs
Effect of foreign exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$23.00K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-107.87M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$19.53M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.67M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$126.50M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$35.21M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$18.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.67M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$126.50M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$35.21M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$18.63M	USD	Point-in-time
Common stock issued for Carrier Enterprise III	`StockIssued1`	$93.25M	USD	2 Qtrs
Net assets of locations contributed to Carrier Enterprise II	`BusinessAcquisitionCostOfAcquiredEntityOtherNoncashConsideration`	$14.77M	USD	Point-in-time

Comprehensive Income 28 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$74.39M	USD	2 Qtrs
Net income	`ProfitLoss`	$60.90M	USD	1 Quarter
Net income	`ProfitLoss`	$63.39M	USD	2 Qtrs
Net income	`ProfitLoss`	$52.27M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-4.84M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-4.84M	USD	1 Quarter
Unrealized (loss) gain on available-for-sale securities arising during the period	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-4.00K	USD	1 Quarter
Unrealized (loss) gain on available-for-sale securities arising during the period	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-4.00K	USD	1 Quarter
Unrealized (loss) gain on available-for-sale securities arising during the period	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$3.00K	USD	2 Qtrs
Unrealized (loss) gain on available-for-sale securities arising during the period	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$12.00K	USD	2 Qtrs
Unrealized gain on derivative instrument arising during the period	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$73.00K	USD	1 Quarter
Unrealized gain on derivative instrument arising during the period	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$144.00K	USD	2 Qtrs
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-4.83M	USD	2 Qtrs
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$147.00K	USD	2 Qtrs
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-4.84M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$69.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$56.06M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$69.57M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$52.34M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$63.54M	USD	2 Qtrs
Less: comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$21.80M	USD	1 Quarter
Less: comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$16.25M	USD	1 Quarter
Less: comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$26.82M	USD	2 Qtrs
Less: comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$19.87M	USD	2 Qtrs
Comprehensive income attributable to Watsco, Inc.	`ComprehensiveIncomeNetOfTax`	$43.67M	USD	2 Qtrs
Comprehensive income attributable to Watsco, Inc.	`ComprehensiveIncomeNetOfTax`	$42.74M	USD	2 Qtrs
Comprehensive income attributable to Watsco, Inc.	`ComprehensiveIncomeNetOfTax`	$34.26M	USD	1 Quarter
Comprehensive income attributable to Watsco, Inc.	`ComprehensiveIncomeNetOfTax`	$36.09M	USD	1 Quarter

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