10-Q Filing

WATSCO INC CIK: 105016 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-317143`
Period End Date	20130630
Filing Date	20130802
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	wso-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 52 Cash Flow Statement 59 Comprehensive Income 28

Balance Sheet 61 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`	$73.77M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.67M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.53M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$525.61M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$377.65M	USD	Point-in-time
Inventories	`InventoryNet`	$546.08M	USD	Point-in-time
Inventories	`InventoryNet`	$692.01M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$17.94M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$17.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.02B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.26B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$42.84M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$43.91M	USD	Point-in-time
Goodwill	`Goodwill`	$393.33M	USD	Point-in-time
Goodwill	`Goodwill`	$397.26M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$208.39M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$219.50M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.39M	USD	Point-in-time
Assets, Total	`Assets`	$1.91B	USD	Point-in-time
Assets, Total	`Assets`	$1.68B	USD	Point-in-time
Current portion of other long-term obligations	`OtherLongTermDebtCurrent`	$4.00K	USD	Point-in-time
Current portion of other long-term obligations	`OtherLongTermDebtCurrent`	$4.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$184.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$242.93M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$118.84M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$97.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$361.78M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$282.36M	USD	Point-in-time
Borrowings under revolving credit agreement	`LongTermLineOfCredit`	$316.18M	USD	Point-in-time
Borrowings under revolving credit agreement	`LongTermLineOfCredit`	$398.28M	USD	Point-in-time
Other long-term obligations, net of current portion	`OtherLongTermDebtNoncurrent`	$14.00K	USD	Point-in-time
Other long-term obligations, net of current portion	`OtherLongTermDebtNoncurrent`	$12.00K	USD	Point-in-time
Total long-term obligations	`LongTermDebtNoncurrent`	$316.20M	USD	Point-in-time
Total long-term obligations	`LongTermDebtNoncurrent`	$398.29M	USD	Point-in-time
Deferred income taxes and other liabilities	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$62.88M	USD	Point-in-time
Deferred income taxes and other liabilities	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$61.46M	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`	$592.82M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$599.71M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.10M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.78M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.18M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$298.88M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$251.47M	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`	$794.89M	USD	Point-in-time
Total Watsco, Inc. shareholders' equity	`StockholdersEquity`	$748.21M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$273.83M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$295.18M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.09B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.02B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.91B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.68B	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$1.01B	USD	1 Quarter
Revenues	`Revenues`	$1.12B	USD	1 Quarter
Revenues	`Revenues`	$1.83B	USD	2 Qtrs
Revenues	`Revenues`	$1.65B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.26B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$853.77M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$773.33M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.39B	USD	2 Qtrs
Gross profit	`GrossProfit`	$389.10M	USD	2 Qtrs
Gross profit	`GrossProfit`	$266.68M	USD	1 Quarter
Gross profit	`GrossProfit`	$238.47M	USD	1 Quarter
Gross profit	`GrossProfit`	$442.13M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$283.32M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$161.59M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$306.49M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$152.60M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$135.64M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$105.78M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$85.87M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$105.08M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.35M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$2.24M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$1.69M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$2.87M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$132.77M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$103.54M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$84.52M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$103.40M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$39.10M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$29.15M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$23.62M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$30.82M	USD	1 Quarter
Net income	`ProfitLoss`	$74.39M	USD	2 Qtrs
Net income	`ProfitLoss`	$60.90M	USD	1 Quarter
Net income	`ProfitLoss`	$72.58M	USD	1 Quarter
Net income	`ProfitLoss`	$93.67M	USD	2 Qtrs
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$28.97M	USD	2 Qtrs
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$26.82M	USD	2 Qtrs
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$21.80M	USD	1 Quarter
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$21.26M	USD	1 Quarter
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$47.57M	USD	2 Qtrs
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$39.10M	USD	1 Quarter
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$64.70M	USD	2 Qtrs
Net income attributable to Watsco, Inc.	`NetIncomeLoss`	$51.32M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.48	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.42	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.15	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.87	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.15	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.48	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.41	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.87	USD	2 Qtrs

Cash Flow Statement 59 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`	$72.58M	USD	1 Quarter
Net income	`ProfitLoss`	$93.67M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.86M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.72M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$3.97M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$4.27M	USD	2 Qtrs
Non-cash contribution for 401(k) plan	`StockIssuedForEmployeeBenefitPlans`	$1.69M	USD	2 Qtrs
Non-cash contribution for 401(k) plan	`StockIssuedForEmployeeBenefitPlans`	$1.77M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$134.00K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$186.00K	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$116.00K	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$742.00K	USD	2 Qtrs
Other, net	`OtherNoncashIncomeExpense`	$-1.89M	USD	2 Qtrs
Other, net	`OtherNoncashIncomeExpense`	$-2.86M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$150.64M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$137.88M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$154.24M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$148.86M	USD	2 Qtrs
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayable`	$110.84M	USD	2 Qtrs
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayable`	$143.05M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-1.16M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-456.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-76.91M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-59.64M	USD	2 Qtrs
Business acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$82.15M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.89M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.96M	USD	2 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$161.00K	USD	2 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$157.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.80M	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`	$676.00K	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$742.00K	USD	2 Qtrs
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$116.00K	USD	2 Qtrs
Payment of fees related to revolving credit agreement	`PaymentOfFeesRelatedToRevolvingCreditAgreement`	$2.07M	USD	2 Qtrs
Net (repayments of) proceeds from other long-term obligations	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$-2.00K	USD	2 Qtrs
Net (repayments of) proceeds from other long-term obligations	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$11.00K	USD	2 Qtrs
Dividends on Common and Class B common stock	`PaymentsOfDividendsCommonStock`	$17.30M	USD	2 Qtrs
Dividends on Common and Class B common stock	`PaymentsOfDividendsCommonStock`	$41.00M	USD	2 Qtrs
Distributions to noncontrolling interest	`PaymentsOfDistributionsToAffiliates`	$31.49M	USD	2 Qtrs
Distributions to noncontrolling interest	`PaymentsOfDistributionsToAffiliates`	$9.99M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$168.03M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$36.26M	USD	2 Qtrs
Effect of foreign exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-786.00K	USD	2 Qtrs
Effect of foreign exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$23.00K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$19.53M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-48.24M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$73.77M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.67M	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`	$25.53M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$73.77M	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`	$35.21M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.53M	USD	Point-in-time
Common stock issued for Carrier Enterprise III	`StockIssued1`	$93.25M	USD	2 Qtrs

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`	$72.58M	USD	1 Quarter
Net income	`ProfitLoss`	$93.67M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.67M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.38M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.67M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-13.44M	USD	2 Qtrs
Unrealized (loss) gain on available-for-sale securities arising during the period	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$12.00K	USD	2 Qtrs
Unrealized (loss) gain on available-for-sale securities arising during the period	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-11.00K	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
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-8.65M	USD	2 Qtrs
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-13.44M	USD	2 Qtrs
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-8.39M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-8.67M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$64.19M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$80.23M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$52.23M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$65.74M	USD	2 Qtrs
Less: comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$23.20M	USD	2 Qtrs
Less: comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$17.97M	USD	1 Quarter
Less: comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$17.68M	USD	1 Quarter
Less: comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$23.00M	USD	2 Qtrs
Comprehensive income attributable to Watsco, Inc.	`ComprehensiveIncomeNetOfTax`	$46.52M	USD	1 Quarter
Comprehensive income attributable to Watsco, Inc.	`ComprehensiveIncomeNetOfTax`	$34.26M	USD	1 Quarter
Comprehensive income attributable to Watsco, Inc.	`ComprehensiveIncomeNetOfTax`	$57.02M	USD	2 Qtrs
Comprehensive income attributable to Watsco, Inc.	`ComprehensiveIncomeNetOfTax`	$42.74M	USD	2 Qtrs

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