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10-Q Filing

WATSCO INC CIK: 105016 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0001193125-19-142592
Period End Date 20190331
Filing Date 20190509
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance wso-20190331.xml
Balance Sheet 66 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 $58.07M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $77.27M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $80.50M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $82.89M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $504.72M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $501.91M USD Point-in-time
Inventories InventoryNet $893.64M USD Point-in-time
Inventories InventoryNet $837.13M USD Point-in-time
Other current assets OtherAssetsCurrent $14.75M USD Point-in-time
Other current assets OtherAssetsCurrent $19.88M USD Point-in-time
Total current assets AssetsCurrent $1.49B USD Point-in-time
Total current assets AssetsCurrent $1.44B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $93.18M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $91.05M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $183.33M USD Point-in-time
Goodwill Goodwill $392.00M USD Point-in-time
Goodwill Goodwill $393.50M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $148.80M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $147.85M USD Point-in-time
Other assets OtherAssetsNoncurrent $88.33M USD Point-in-time
Other assets OtherAssetsNoncurrent $89.76M USD Point-in-time
Total assets Assets $2.40B USD Point-in-time
Total assets Assets $2.16B USD Point-in-time
Current portion of long-term obligations LongTermDebtAndCapitalLeaseObligationsCurrent $58.51M USD Point-in-time
Current portion of long-term obligations LongTermDebtAndCapitalLeaseObligationsCurrent $246.00K USD Point-in-time
Short-term borrowings ShortTermBorrowings $2.34M USD Point-in-time
Accounts payable AccountsPayableCurrent $200.23M USD Point-in-time
Accounts payable AccountsPayableCurrent $278.63M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $157.09M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $130.29M USD Point-in-time
Total current liabilities LiabilitiesCurrent $469.77M USD Point-in-time
Total current liabilities LiabilitiesCurrent $357.57M USD Point-in-time
Borrowings under revolving credit agreement LongTermLineOfCredit $135.20M USD Point-in-time
Borrowings under revolving credit agreement LongTermLineOfCredit $137.50M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilityNoncurrent $124.48M USD Point-in-time
Other long-term obligations, net of current portion OtherLongTermDebtNoncurrent $552.00K USD Point-in-time
Other long-term obligations, net of current portion OtherLongTermDebtNoncurrent $1.75M USD Point-in-time
Total long-term obligations LongTermDebtAndCapitalLeaseObligations $263.73M USD Point-in-time
Total long-term obligations LongTermDebtAndCapitalLeaseObligations $135.75M USD Point-in-time
Deferred income taxes and other liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $66.18M USD Point-in-time
Deferred income taxes and other liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $66.00M 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 AdditionalPaidInCapitalCommonStock $832.12M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $841.58M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-45.97M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-43.19M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-37.57M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $603.04M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $627.97M USD Point-in-time
Treasury stock, at cost TreasuryStockValue $87.44M USD Point-in-time
Treasury stock, at cost TreasuryStockValue $87.44M USD Point-in-time
Total Watsco, Inc. shareholders' equity StockholdersEquity $1.34B USD Point-in-time
Total Watsco, Inc. shareholders' equity StockholdersEquity $1.35B USD Point-in-time
Non-controlling interest MinorityInterest $264.04M USD Point-in-time
Non-controlling interest MinorityInterest $253.86M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.55B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.55B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.16B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.40B USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Revenues Revenues $931.28M USD 1 Quarter
Revenues Revenues $926.58M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $697.52M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $695.74M USD 1 Quarter
Gross profit GrossProfit $230.83M USD 1 Quarter
Gross profit GrossProfit $233.76M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $178.53M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $180.07M USD 1 Quarter
Other income IncomeLossFromEquityMethodInvestments $1.64M USD 1 Quarter
Other income IncomeLossFromEquityMethodInvestments $1.44M USD 1 Quarter
Operating income OperatingIncomeLoss $53.94M USD 1 Quarter
Operating income OperatingIncomeLoss $55.13M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-776.00K USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-565.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $53.37M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $54.36M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $10.99M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $10.55M USD 1 Quarter
Net income ProfitLoss $42.38M USD 1 Quarter
Net income ProfitLoss $43.80M USD 1 Quarter
Less: net income attributable to non-controlling interest NetIncomeLossAttributableToNoncontrollingInterest $8.16M USD 1 Quarter
Less: net income attributable to non-controlling interest NetIncomeLossAttributableToNoncontrollingInterest $8.77M USD 1 Quarter
Net income attributable to Watsco, Inc. NetIncomeLoss $35.04M USD 1 Quarter
Net income attributable to Watsco, Inc. NetIncomeLoss $34.22M USD 1 Quarter
Basic EarningsPerShareBasic $0.89 USD 1 Quarter
Basic EarningsPerShareBasic $0.88 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.89 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.88 USD 1 Quarter
Cash Flow Statement 55 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $42.38M USD 1 Quarter
Net income ProfitLoss $43.80M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $5.54M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $5.77M USD 1 Quarter
Non-cash contribution to 401(k) plan NonCashContributionTo401KPlan $2.94M USD 1 Quarter
Non-cash contribution to 401(k) plan NonCashContributionTo401KPlan $4.27M USD 1 Quarter
Share-based compensation ShareBasedCompensation $3.59M USD 1 Quarter
Share-based compensation ShareBasedCompensation $3.85M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $1.41M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $898.00K USD 1 Quarter
Other income from investment in unconsolidated entity IncomeLossFromEquityMethodInvestments $1.64M USD 1 Quarter
Other income from investment in unconsolidated entity IncomeLossFromEquityMethodInvestments $1.44M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-431.00K USD 1 Quarter
Other, net OtherNoncashIncomeExpense $221.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $2.33M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $10.06M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $49.94M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $55.56M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayable $55.35M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayable $-36.65M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $1.96M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-890.00K USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $52.94M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-41.61M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $4.13M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $3.49M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $62.00K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $29.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-4.10M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-3.43M USD 1 Quarter
Dividends on Common and Class B common stock PaymentsOfDividendsCommonStock $46.58M USD 1 Quarter
Dividends on Common and Class B common stock PaymentsOfDividendsCommonStock $59.97M USD 1 Quarter
Repurchases of common stock to satisfy employee withholding tax obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $428.00K USD 1 Quarter
Net repayments of long-term obligations ProceedsFromRepaymentsOfOtherLongTermDebt $-230.00K USD 1 Quarter
Net repayments of long-term obligations ProceedsFromRepaymentsOfOtherLongTermDebt $-60.00K USD 1 Quarter
Distributions to non-controlling interest PaymentsOfDividendsMinorityInterest $2.18M USD 1 Quarter
Net proceeds from issuances of common stock ProceedsFromIssuanceOfCommonStock $2.96M USD 1 Quarter
Net proceeds from issuances of common stock ProceedsFromIssuanceOfCommonStock $1.13M USD 1 Quarter
Net proceeds under revolving credit agreement ProceedsFromRepaymentsOfLinesOfCredit $2.30M USD 1 Quarter
Net proceeds under revolving credit agreement ProceedsFromRepaymentsOfLinesOfCredit $69.20M USD 1 Quarter
Proceeds from short-term borrowings ProceedsFromShortTermDebt $2.34M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $23.34M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-54.86M USD 1 Quarter
Effect of foreign exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $402.00K USD 1 Quarter
Effect of foreign exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-716.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-22.42M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-5.62M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $58.07M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $77.27M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $80.50M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $82.89M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $58.07M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $77.27M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $80.50M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $82.89M USD Point-in-time
Stockholders Equity 25 line items
Line Item Tag Value Unit Period
Cash dividends declared and paid, common stock CommonStockDividendsPerShareDeclared $1.25 USD 1 Quarter
Cash dividends declared and paid, common stock CommonStockDividendsPerShareDeclared $1.60 USD 1 Quarter
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.55B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.55B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Net income ProfitLoss $42.38M USD 1 Quarter
Net income ProfitLoss $43.80M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $4.20M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-5.74M USD 1 Quarter
Common stock contribution to 401(k) plan StockIssuedDuringPeriodValueEmployeeBenefitPlan $2.94M USD 1 Quarter
Common stock contribution to 401(k) plan StockIssuedDuringPeriodValueEmployeeBenefitPlan $4.27M USD 1 Quarter
Stock issuances from exercise of stock options and employee stock purchase plan StockIssuancesFromExerciseOfStockOptionsAndEmployeeStockPurchasePlanValue $4.34M USD 1 Quarter
Stock issuances from exercise of stock options and employee stock purchase plan StockIssuancesFromExerciseOfStockOptionsAndEmployeeStockPurchasePlanValue $1.12M USD 1 Quarter
Retirement of common stock StockRepurchasedAndRetiredDuringPeriodValue $914.00K USD 1 Quarter
Retirement of common stock StockRepurchasedAndRetiredDuringPeriodValue $428.00K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $4.40M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $4.54M USD 1 Quarter
Cash dividends declared and paid on Common and Class B common stock DividendsCommonStockCash $59.97M USD 1 Quarter
Cash dividends declared and paid on Common and Class B common stock DividendsCommonStockCash $46.58M USD 1 Quarter
Distributions to non-controlling interest MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $2.18M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.55B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.55B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Comprehensive Income 16 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $42.38M USD 1 Quarter
Net income ProfitLoss $43.80M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-6.64M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $5.00M USD 1 Quarter
Unrealized (loss) gain on cash flow hedging instruments arising during the period OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $-536.00K USD 1 Quarter
Unrealized (loss) gain on cash flow hedging instruments arising during the period OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $151.00K USD 1 Quarter
Reclassification of (gain) loss on cash flow hedging instruments into earnings OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $274.00K USD 1 Quarter
Reclassification of (gain) loss on cash flow hedging instruments into earnings OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $-753.00K USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $4.20M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-5.74M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $36.64M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $48.00M USD 1 Quarter
Less: comprehensive income attributable to non-controlling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $6.07M USD 1 Quarter
Less: comprehensive income attributable to non-controlling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $10.18M USD 1 Quarter
Comprehensive income attributable to Watsco, Inc. ComprehensiveIncomeNetOfTax $37.82M USD 1 Quarter
Comprehensive income attributable to Watsco, Inc. ComprehensiveIncomeNetOfTax $30.57M USD 1 Quarter

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

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