$WSO
WATSCO INC

2016 Q4 Form 10-K Financial Statement

#000119312518067229 Filed on March 01, 2018

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $913.6M $1.241B $1.214B
YoY Change 1.08% 5.46% -0.74%
Cost Of Revenue $685.5M $939.0M $922.6M
YoY Change 0.54% 5.37% -0.61%
Gross Profit $228.1M $302.2M $291.9M
YoY Change 2.72% 5.72% -1.15%
Gross Profit Margin 24.96% 24.35% 24.03%
Selling, General & Admin $170.0M $182.9M $174.3M
YoY Change 1.31% 4.42% 2.28%
% of Gross Profit 74.54% 60.52% 59.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.000M $5.100M $5.000M
YoY Change 2.04% 6.25% 4.17%
% of Gross Profit 2.19% 1.69% 1.71%
Operating Expenses $170.0M $182.9M $174.3M
YoY Change 1.31% 4.42% 2.28%
Operating Profit $58.07M $119.3M $117.6M
YoY Change 7.06% 7.79% -5.82%
Interest Expense -$700.0K $996.0K $1.054M
YoY Change -30.0% -34.43% -35.34%
% of Operating Profit -1.21% 0.83% 0.9%
Other Income/Expense, Net
YoY Change
Pretax Income $57.40M $118.3M $116.5M
YoY Change 7.89% 8.38% -5.43%
Income Tax $17.50M $37.79M $35.11M
% Of Pretax Income 30.49% 31.94% 30.13%
Net Earnings $29.55M $63.10M $64.62M
YoY Change 11.56% 8.85% -1.23%
Net Earnings / Revenue 3.23% 5.08% 5.32%
Basic Earnings Per Share $0.81 $1.78 $1.82
Diluted Earnings Per Share $0.81 $1.78 $1.82
COMMON SHARES
Basic Shares Outstanding 32.61M shares 32.57M shares
Diluted Shares Outstanding 32.65M shares 32.61M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.00M $35.90M $30.50M
YoY Change 59.09% 25.96% 39.27%
Cash & Equivalents $56.01M $35.91M $30.54M
Short-Term Investments
Other Short-Term Assets $23.16M $25.38M $20.44M
YoY Change 10.34% 5.57% -4.69%
Inventory $685.0M $739.7M $749.3M
Prepaid Expenses
Receivables $476.0M $548.0M $606.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.240B $1.349B $1.407B
YoY Change 4.99% 2.63% -2.4%
LONG-TERM ASSETS
Property, Plant & Equipment $90.50M $59.73M $60.31M
YoY Change 44.31% -5.64% -1.11%
Goodwill $379.7M $380.8M $381.5M
YoY Change 0.38% 0.21% -0.46%
Intangibles $158.6M $162.5M $165.5M
YoY Change -1.19% -1.98% -5.23%
Long-Term Investments
YoY Change
Other Assets $5.690M $5.601M $5.422M
YoY Change 0.34% -5.55% -12.72%
Total Long-Term Assets $634.5M $608.6M $612.8M
YoY Change 4.5% -1.04% -1.98%
TOTAL ASSETS
Total Short-Term Assets $1.240B $1.349B $1.407B
Total Long-Term Assets $634.5M $608.6M $612.8M
Total Assets $1.875B $1.958B $2.020B
YoY Change 4.82% 1.46% -2.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $185.5M $229.7M $273.3M
YoY Change 27.78% 14.5% 12.26%
Accrued Expenses $129.2M $128.2M $132.2M
YoY Change 3.4% 0.26% 5.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $793.0K
YoY Change -100.0% -69.13%
Long-Term Debt Due $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $314.9M $358.1M $406.5M
YoY Change 16.5% 8.18% 9.32%
LONG-TERM LIABILITIES
Long-Term Debt $235.6M $219.8M $267.8M
YoY Change -4.16% -28.06% -38.3%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $235.6M $219.8M $267.8M
YoY Change -4.16% -28.06% -38.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $314.9M $358.1M $406.5M
Total Long-Term Liabilities $235.6M $219.8M $267.8M
Total Liabilities $868.8M $577.9M $674.3M
YoY Change 68.33% -9.21% -16.33%
SHAREHOLDERS EQUITY
Retained Earnings $550.5M $558.2M $525.3M
YoY Change 11.15% 13.12% 14.14%
Common Stock $610.7M $633.2M $628.6M
YoY Change -1.63% 2.82% 2.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.4M $114.4M $114.4M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $1.006B $1.039B $1.003B
YoY Change
Total Liabilities & Shareholders Equity $1.875B $1.958B $2.020B
YoY Change 4.82% 1.46% -2.27%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $29.55M $63.10M $64.62M
YoY Change 11.56% 8.85% -1.23%
Depreciation, Depletion And Amortization $5.000M $5.100M $5.000M
YoY Change 2.04% 6.25% 4.17%
Cash From Operating Activities $135.4M $104.4M $0.00
YoY Change 11.35% -39.97% -100.0%
INVESTING ACTIVITIES
Capital Expenditures -$34.60M -$3.400M -$2.900M
YoY Change 1016.13% -43.33% -74.78%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K $500.0K
YoY Change -100.0% 0.0% 0.0%
Cash From Investing Activities -$34.50M -$3.300M -$2.300M
YoY Change 1050.0% -44.07% -79.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.50M -95.70M -100.0K
YoY Change -27.67% -40.49% -100.14%
NET CHANGE
Cash From Operating Activities 135.4M 104.4M 0.000
Cash From Investing Activities -34.50M -3.300M -2.300M
Cash From Financing Activities -80.50M -95.70M -100.0K
Net Change In Cash 20.40M 5.400M -2.400M
YoY Change 179.45% -25.0% -143.64%
FREE CASH FLOW
Cash From Operating Activities $135.4M $104.4M $0.00
Capital Expenditures -$34.60M -$3.400M -$2.900M
Free Cash Flow $170.0M $107.8M $2.900M
YoY Change 36.33% -40.08% -106.33%

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709480000
CY2017Q4 wso Number Of Joint Ventures
NumberOfJointVentures
3 Entity
CY2017Q4 wso Convertible Class B Common Stock Outstanding
ConvertibleClassBCommonStockOutstanding
2601996 shares
CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67014 shares
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.90
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350 pure
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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222848000
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y2M30D
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32480356 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32435961 shares
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.024 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.0229 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0125 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.17
CY2015 us-gaap Treasury Stock Shares Acquired
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0 shares
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
44395 shares
CY2015 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.80
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.91
CY2015 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.003 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.054 pure
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.316 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2096 pure
CY2015 us-gaap Revenues
Revenues
4113239000
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23698000
CY2015 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
39754000
CY2015 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
487000
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
2422000
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
737000
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-8000
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
336748000
CY2015 us-gaap Net Income Loss
NetIncomeLoss
172929000
CY2015 us-gaap Interest Paid
InterestPaid
4993000
CY2015 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
285000
CY2015 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3652000
CY2015 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
26121000
CY2015 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
187858000
CY2015 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
149772000
CY2015 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
13233000
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
871000
CY2015 us-gaap Profit Loss
ProfitLoss
226524000
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1465000
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98532000
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-12000
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-39378000
CY2015 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-5547000
CY2015 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
103261000
CY2015 us-gaap Gross Profit
GrossProfit
1007357000
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StockIssuedDuringPeriodValueEmployeeBenefitPlan
1963000
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3716000
CY2015 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
2713000
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-38666000
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159295000
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NetIncomeLossAvailableToCommonStockholdersDiluted
159303000
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
331201000
CY2015 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
2422000
CY2015 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12596000
CY2015 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
4687000
CY2015 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19117000
CY2015 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
98532000
CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1343000
CY2015 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
85585000
CY2015 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
9661000
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
104677000
CY2015 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-11760000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-22938000
CY2015 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
1003000
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5957000
CY2015 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
760000
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
12596000
CY2015 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
4140000
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1077000
CY2015 us-gaap Advertising Expense
AdvertisingExpense
21150000
CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
99990000
CY2015 us-gaap Depreciation And Amortization
DepreciationAndAmortization
13802000
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2422000
CY2015 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
13626000
CY2015 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
670609000
CY2015 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
9431000
CY2015 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3105882000
CY2015 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2015 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
39754000
CY2015 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
53595000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-187785000
CY2015 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
82581000
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
1993000
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-4000
CY2015 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
13634000
CY2015 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-56256000
CY2015 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2688000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
6691000
CY2015 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5315000
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
10782000
CY2015 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
38086000
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
2730000
CY2015 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
-157000
CY2015 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4850000
CY2015 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
41345000
CY2015 wso Effective Income Tax Rate Reconciliation Controlling Interest
EffectiveIncomeTaxRateReconciliationControllingInterest
0.370 pure
CY2015 wso Stock Issuances From Exercise Of Stock Options And Employee Stock Purchase Plan Value
StockIssuancesFromExerciseOfStockOptionsAndEmployeeStockPurchasePlanValue
8632000
CY2015 wso Non Cash Contribution To401 K Plan
NonCashContributionTo401KPlan
1963000
CY2015 wso Effective Income Tax Rate Reconciliation Tax Credits And Other
EffectiveIncomeTaxRateReconciliationTaxCreditsAndOther
-0.001 pure
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11664 shares
CY2017 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2017 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
CY2017 dei Document Type
DocumentType
10-K
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.81
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.027 pure
CY2017 dei Entity Central Index Key
EntityCentralIndexKey
0000105016
CY2017 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2017 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
306520000
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Reclassifications</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain reclassifications of prior year amounts have been made to conform to the 2017 presentation. These reclassifications had no effect on net income or earnings per share as previously reported.</p> </div>
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1250 shares
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y5M20D
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
98.05
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
67.25
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y2M30D
CY2017 dei Trading Symbol
TradingSymbol
WSO
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32862633 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32824947 shares
CY2017 dei Amendment Flag
AmendmentFlag
false
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.024 pure
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
150.35
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
139.40
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0282 pure
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0177 pure
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y9M18D
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
34166 shares
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.23
CY2017 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
37686 shares
CY2017 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
4.60
CY2017 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.81
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.063 pure
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.010 pure
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EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.038 pure
CY2017 dei Document Period End Date
DocumentPeriodEndDate
2017-12-31
CY2017 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2017 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2017 us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.00125 pure
CY2017 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2019-07-01
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
39751 shares
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
179750 shares
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, inventories and income taxes, reserves related to self-insurance programs and the valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.</p> </div>
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.260 pure
CY2017 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings
0.030 pure
CY2017 dei Entity Registrant Name
EntityRegistrantName
WATSCO INC
CY2017 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2017 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
190794000
CY2017 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3886000
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
347511000
CY2017 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13293000
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-10735000
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.1741 pure
CY2017 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
247433000
CY2017 us-gaap Revenues
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4341955000
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17876000
CY2017 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
42831000
CY2017 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-115000
CY2017 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
311000
CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
133000
CY2017 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-15000
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
353874000
CY2017 us-gaap Net Income Loss
NetIncomeLoss
208221000
CY2017 us-gaap Interest Paid
InterestPaid
5773000
CY2017 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
886000
CY2017 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
73403000
CY2017 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1676000
CY2017 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
2992000
CY2017 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
272208000
CY2017 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
217530000
CY2017 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
13536000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
801000
CY2017 us-gaap Profit Loss
ProfitLoss
257290000
CY2017 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4674000
CY2017 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
164147000
CY2017 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
51000
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
15993000
CY2017 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-6363000
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
48056000
CY2017 us-gaap Gross Profit
GrossProfit
1065659000
CY2017 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
2428000
CY2017 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
63600000
CY2017 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
42688000
CY2017 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-961000
CY2017 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-702000
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
14918000
CY2017 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
190791000
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
271000
CY2017 us-gaap Advertising Expense
AdvertisingExpense
24677000
CY2017 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22033000
CY2017 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
164147000
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1419000
CY2017 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
69079000
CY2017 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
10499000
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
90221000
CY2017 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
99956000
CY2017 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
42688000
CY2017 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-81308000
CY2017 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-259000
CY2017 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5244000
CY2017 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
12720000
CY2017 us-gaap Proceeds From Sale Of Property Plant And Equipment
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