Form 10-Q

0001193125-11-216267.txt : 20110809 0001193125-11-216267.hdr.sgml : 20110809 20110809145042 ACCESSION NUMBER: 0001193125-11-216267 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110809 DATE AS OF CHANGE: 20110809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WATSCO INC CENTRAL INDEX KEY: 0000105016 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-HARDWARE & PLUMBING & HEATING EQUIPMENT & SUPPLIES [5070] IRS NUMBER: 590778222 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05581 FILM NUMBER: 111020364 BUSINESS ADDRESS: STREET 1: 2665 S BAYSHORE DR STREET 2: STE 901 CITY: COCONUT GROVE STATE: FL ZIP: 33133 BUSINESS PHONE: 3058580828 MAIL ADDRESS: STREET 1: 2665 SOUTH BAYSHORE DR, STE 901 CITY: COCONUT GROVE STATE: FL ZIP: 33133 10-Q 1 d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 2011

¨	Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From to

Commission file number 1-5581

I.R.S. Employer Identification Number 59-0778222

LOGO

WATSCO, INC.

(a Florida Corporation)

2665 South Bayshore Drive, Suite 901

Miami, Florida 33133

Telephone: (305) 714-4100

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	¨

Non-accelerated filer	¨	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ¨ NO x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 28,286,850 shares of Common stock ($0.50 par value), excluding treasury shares of 6,322,650 and 4,658,445 shares of Class B common stock ($0.50 par value), excluding treasury shares of 48,263, were outstanding as of August 3, 2011.

WATSCO, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS


		Page No.
PART I.	FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Unaudited Financial Statements

	Condensed Consolidated Unaudited Statements of Income – Quarter and Six Months Ended June 30, 2011 and 2010	3

	Condensed Consolidated Balance Sheets – June 30, 2011 (Unaudited) and December 31, 2010	4

	Condensed Consolidated Unaudited Statements of Cash Flows – Six Months Ended June 30, 2011 and 2010	5

	Notes to Condensed Consolidated Unaudited Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	20

Item 4.	Controls and Procedures	20

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	20

Item 1A.	Risk Factors	20

Item 6.	Exhibits	21

SIGNATURE		22

EXHIBITS

2 of 22

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

WATSCO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF INCOME

(In thousands, except per share data)


	Quarter Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Revenues	$	883,548	$	864,805	$	1,417,887	$	1,374,560
Cost of sales		670,357		663,736		1,069,710		1,050,887

Gross profit		213,191		201,069		348,177		323,673
Selling, general and administrative expenses		137,662		130,150		255,938		243,889

Operating income		75,529		70,919		92,239		79,784
Interest expense, net		997		894		1,819		1,791

Income before income taxes		74,532		70,025		90,420		77,993
Income taxes		22,260		21,818		27,026		24,311

Net income		52,272		48,207		63,394		53,682
Less: net income attributable to noncontrolling interest		16,249		13,162		19,871		14,804

Net income attributable to Watsco, Inc.	$	36,023	$	35,045	$	43,523	$	38,878

Earnings per share for Common and Class B common stock:
Basic	$	1.09	$	1.08	$	1.33	$	1.20

Diluted	$	1.09	$	1.08	$	1.32	$	1.20

See accompanying notes to condensed consolidated unaudited financial statements.

3 of 22

WATSCO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)


	June 30, 2011			December 31, 2010
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	18,627		$	126,498
Accounts receivable, net		435,016			305,088
Inventories		612,736			391,925
Other current assets		16,300			14,493

Total current assets		1,082,679			838,004
Property and equipment, net		36,178			31,221
Goodwill		316,060			303,703
Intangible assets, net		76,155			56,627
Other assets		6,820			7,672

	$	1,517,892		$	1,237,227

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term obligations	$	41		$	72
Accounts payable		349,350			182,185
Accrued expenses and other current liabilities		95,955			83,748

Total current liabilities		445,346			266,005

Long-term obligations:
Borrowings under revolving credit agreements		65,000			10,000
Other long-term obligations, net of current portion		16			16

Total long-term obligations		65,016			10,016

Deferred income taxes and other liabilities		36,159			32,310

Commitments and contingencies

Watsco, Inc. shareholders’ equity:
Common stock, $0.50 par value		17,303			17,223
Class B common stock, $0.50 par value		2,354			2,187
Preferred stock, $0.50 par value		—			—
Paid-in capital		488,209			472,883
Accumulated other comprehensive loss, net of tax		(446	)		(593	)
Retained earnings		395,002			387,186
Treasury stock, at cost		(114,425	)		(114,425	)

Total Watsco, Inc. shareholders’ equity		787,997			764,461
Noncontrolling interest		183,374			164,435

Total shareholders’ equity		971,371			928,896

	$	1,517,892		$	1,237,227

See accompanying notes to condensed consolidated unaudited financial statements.

4 of 22

WATSCO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS

Six Months Ended June 30, 2011 and 2010

(In thousands)


	2011			2010
Cash flows from operating activities:
Net income	$	63,394		$	53,682
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization		5,457			5,148
Share-based compensation		2,986			2,907
Provision for doubtful accounts		410			1,816
Loss (gain) on sale of property and equipment		416			(418	)
Deferred income tax provision		1,704			1,216
Non-cash contribution for 401(k) plans		1,718			489
Excess tax benefits from share-based compensation		(880	)		(2,088	)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable		(104,798	)		(120,494	)
Inventories		(181,808	)		(109,173	)
Accounts payable and other liabilities		169,220			221,543
Other, net		(27	)		2,202

Net cash (used in) provided by operating activities		(42,208	)		56,830

Cash flows from investing activities:
Business acquisitions, net of cash acquired		(35,695	)		(2,406	)
Capital expenditures		(5,730	)		(3,839	)
Proceeds from sale of property and equipment		374			2,073

Net cash used in investing activities		(41,051	)		(4,172	)

Cash flows from financing activities:
Dividends on Common and Class B common stock		(35,707	)		(32,338	)
Return of capital contribution to noncontrolling interest		(32,000	)		—
Distributions to noncontrolling interest		(15,824	)		(3,115	)
Costs related to amendment of revolving credit agreement		(38	)		—
Net repayments of other long-term obligations		(31	)		(90	)
Excess tax benefits from share-based compensation		880			2,088
Net proceeds from issuances of common stock		3,108			3,224
Net proceeds under revolving credit agreements		55,000			7,237

Net cash used in financing activities		(24,612	)		(22,994	)

Net (decrease) increase in cash and cash equivalents		(107,871	)		29,664
Cash and cash equivalents at beginning of period		126,498			58,093

Cash and cash equivalents at end of period	$	18,627		$	87,757


Supplemental cash flow information:
Net assets of locations contributed to joint venture	$	14,769			—

See accompanying notes to condensed consolidated unaudited financial statements.

5 of 22

WATSCO, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

June 30, 2011

(In thousands, except share and per share data)

1.	BASIS OF PRESENTATION

Basis of Consolidation

Watsco, Inc. and its subsidiaries (collectively, “Watsco,” which may be referred to as we, us or our) was incorporated in 1956 and is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies (“HVAC/R”) in the HVAC/R distribution industry. The accompanying Watsco June 30, 2011 interim condensed consolidated unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although we believe the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation have been included in the condensed consolidated unaudited financial statements herein. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2010 Annual Report on Form 10-K.

The condensed consolidated unaudited financial statements contained in this report include the accounts of Watsco and all of its wholly-owned subsidiaries and include the accounts of two joint ventures in which Watsco maintains a 60% controlling interest (see Notes 6 and 7). All significant intercompany balances and transactions have been eliminated.

The results of operations for the quarter and six months ended June 30, 2011 are not necessarily indicative of the results to be expected for the year ending December 31, 2011. Sales of residential central air conditioners, heating equipment and parts and supplies are seasonal. Furthermore, results of operations can be impacted favorably or unfavorably based on weather patterns during the summer and winter selling seasons. Demand related to the residential central air conditioning replacement market is typically highest in the second and third quarters, and demand for heating equipment is usually highest in the fourth quarter. Demand related to the new construction sectors throughout most of the markets is fairly consistent during the year, except for dependence on housing completions and related weather and economic conditions.

Use of Estimates

The preparation of condensed consolidated unaudited 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 condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, inventory and income taxes, reserves related to self-insurance programs and valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.

Recently Adopted Accounting Standards

Revenue Arrangements with Multiple Deliverables

On January 1, 2011, we adopted accounting guidance issued by the Financial Accounting Standards Board (“FASB”) that amended the criteria for allocating a contract’s consideration to individual services or products in multiple deliverable arrangements. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements.

Fair Value Measurement Disclosures

On January 1, 2011, we adopted accounting guidance issued by the FASB that required new disclosures about significant transfers between Level 1 and 2 fair value measurements, including the reason for such transfers, and also required information about purchases, sales, issuances and settlements of Level 3 fair value measurements. The adoption of this guidance did not have a significant impact on our condensed consolidated unaudited financial statements.

6 of 22

Credit Quality of Financing Receivables and the Allowance for Credit Losses

On January 1, 2011, we adopted accounting guidance issued by the FASB that required new disclosures about the credit quality of financing receivables and their allowance for credit losses. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements because we do not have any financing receivables.

Goodwill Impairment Testing

On January 1, 2011, we adopted accounting guidance issued by the Emerging Issues Task Force (“EITF”) of the FASB requiring that Step 2 of the goodwill impairment test be performed in circumstances where a reporting unit has a zero or negative carrying amount for which qualitative factors exist that indicate that goodwill may be impaired. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements.

Supplementary Pro Forma Information for Business Combinations

On January 1, 2011, we adopted accounting guidance issued by the EITF requiring pro forma financial information for business combinations to be presented as if the business combination occurred at the beginning of the prior annual reporting period when calculating both the current reporting period and the prior reporting period. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements. See Note 6.

2.	EARNINGS PER SHARE

We compute earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Shares of our non-vested (restricted) stock are considered participating securities because these awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest. Under the two-class method, earnings per common share for our Common and Class B common stock is computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted-average number of shares of Common and Class B common stock outstanding for the period. In applying the two-class method, undistributed earnings are allocated to Common stock, Class B common stock and participating securities based on the weighted-average shares outstanding during the period.

Diluted earnings per share for our Common stock assumes the conversion of all of our Class B common stock into Common stock as of the beginning of the fiscal year and adjusts for the dilutive effects of outstanding stock options using the treasury stock method. As of June 30, 2011 and 2010, our outstanding Class B common stock was convertible into 2,854,093 and 2,866,881 shares of our Common stock, respectively.

The following table presents the calculation of basic and diluted earnings per common share for our Common and Class B common stock:


	Quarter Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Basic Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$	36,023	$	35,045	$	43,523	$	38,878
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock		2,456		2,100		2,832		2,342

Earnings allocated to Watsco, Inc. shareholders	$	33,567	$	32,945	$	40,691	$	36,536

Weighted-average Common and Class B common shares outstanding for basic earnings per share		30,685,087		30,461,079		30,643,560		30,413,994
Basic earnings per share for Common and Class B Common stock	$	1.09	$	1.08	$	1.33	$	1.20
Allocation of earnings for Basic:
Common stock	$	30,445	$	29,844	$	36,901	$	33,092
Class B common stock		3,122		3,101		3,790		3,444

	$	33,567	$	32,945	$	40,691	$	36,536

7 of 22


Diluted Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$	36,023	$	35,045	$	43,523	$	38,878
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock		2,453		2,097		2,831		2,341

Earnings allocated to Watsco, Inc. shareholders	$	33,570	$	32,948	$	40,692	$	36,537

The diluted earnings per share calculation assumes the conversion of all of our Class B common stock into Common stock as of the beginning of the period; therefore, no allocation of earnings to Class B common stock is required.


Weighted-average Common and Class B common shares outstanding for basic earnings per share		30,685,087		30,461,079		30,643,560		30,413,994
Effect of dilutive stock options		85,208		108,445		88,973		123,142

Weighted-average Common and Class B common shares outstanding for diluted earnings per share		30,770,295		30,569,524		30,732,533		30,537,136

Diluted earnings per share for Common and Class B common stock	$	1.09	$	1.08	$	1.32	$	1.20

Anti-dilutive stock options not included above		3,297		84,000		3,050		117,561

3.	DERIVATIVE FINANCIAL INSTRUMENT

Periodically, we enter into interest rate swap agreements to reduce our exposure to interest rate risk from changing interest rates under our revolving credit agreements. Under the terms of the swap agreements, we agree to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to the notional principal amount. Any differences paid or received on our interest rate swap agreements are recognized as adjustments to interest expense over the life of each swap, thereby adjusting the effective interest rate on the underlying obligation. Financial instruments are not held or issued for trading purposes. In order to obtain hedge accounting treatment, any derivatives used for hedging purposes must be designated as, and effective as, a hedge of an identified risk exposure at the inception of the contract. Changes in the fair value of the derivative contract must be highly correlated with changes in the fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. Accordingly, we record all derivative instruments as either assets or liabilities on the condensed consolidated balance sheets at their respective fair values. We record the change in the fair value of a derivative instrument designated as a cash flow hedge in other comprehensive income to the extent the derivative is effective, and recognize the change in the statement of income when the hedged item affects earnings. Our interest rate hedge is designated as a cash flow hedge.

At June 30, 2011 and December 31, 2010, we had one interest rate swap agreement in effect with a notional value of $10,000, maturing in October 2011. The swap agreement exchanges the variable rate of 30-day LIBOR to a fixed interest rate of 5.07%. For the quarter and six months ended June 30, 2011 and 2010, the hedging relationship was determined to be highly effective in achieving offsetting changes in cash flows.

The negative fair value of the derivative financial instrument was $166 and $399 at June 30, 2011 and December 31, 2010, respectively, and is included, net of accrued interest, in accrued expenses and other current liabilities in the condensed consolidated balance sheets. See Note 4. At June 30, 2011 and December 31, 2010, $94, net of deferred tax benefits of $57 and $238, net of deferred tax benefits of $146, respectively, was included in accumulated other comprehensive loss (“OCL”) associated with the cash flow hedge.

The net change in OCL for the quarters and six months ended June 30, 2011 and 2010 reflected the reclassification of $76, net of income tax benefit of $47, $75, net of income tax benefit of $46, $151, net of income tax benefit of $92 and $150, net of income tax benefit of $92, respectively, of unrealized losses from accumulated OCL to current period earnings (recorded in interest expense, net in the condensed consolidated unaudited statements of income). The net unrealized loss recorded in accumulated OCL will be reclassified to earnings on a monthly basis as interest payments occur. We estimate that approximately $150 in unrealized losses on the derivative instrument accumulated in OCL are expected to be reclassified to earnings during the next four months using a current 30-day LIBOR-based average receive rate (0.21% at June 30, 2011). See Note 5.

8 of 22

4.	FAIR VALUE MEASUREMENTS

We carry various assets and liabilities at fair value in the condensed consolidated balance sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are classified based on the following fair value hierarchy:


Level 1		Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2		Observable inputs other than Level 1 prices such as quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; or model-driven valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3		Unobservable inputs for the asset or liability. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability.

The following tables present our assets and liabilities that are measured at fair value on a recurring basis and the levels of inputs used to measure fair value:


	Fair Value at		Fair Value Measurements at June 30, 2011 Using
Description	June 30, 2011		Level 1		Level 2		Level 3
Assets:
Available-for-sale securities	$	161	$	161		—		—
Liabilities:
Derivative financial instrument	$	166		—	$	166		—

	Fair Value at		Fair Value Measurements at December 31, 2010 Using
Description	December 31, 2010		Level 1		Level 2		Level 3
Assets:
Available-for-sale securities	$	157	$	157		—		—
Liabilities:
Derivative financial instrument	$	399		—	$	399		—

The following is a description of the valuation techniques used for these assets and liabilities, as well as the level of input used to measure fair value:

Available-for-sale securities – the investments are exchange-traded equity securities. Fair values for these investments are based on quoted prices in active markets and are therefore classified within Level 1 of the fair value hierarchy.

Derivative financial instrument – the derivative is a pay-variable, receive fixed interest rate swap based on 30-day LIBOR. Fair value is based on model-derived valuations using the respective LIBOR rate, which is observed at quoted intervals for the full term of the swap and incorporates adjustments to appropriately reflect our nonperformance risk and the counterparty’s nonperformance risk. Therefore, the derivative is classified within Level 2 of the fair value hierarchy. See Note 3.

9 of 22

5.	COMPREHENSIVE INCOME

Comprehensive income consists of net income and changes in the unrealized losses on available-for-sale securities and the effective portion of a cash flow hedge as discussed in Note 3. The components of comprehensive income are as follows:


	Quarter Ended June 30,						Six Months Ended June 30,
	2011			2010			2011		2010
Net income	$	52,272		$	48,207		$	63,394	$	53,682
Changes in unrealized losses on derivative instrument, net of income tax expense of $45, $29, $89 and $40, respectively		73			47			144		68
Changes in unrealized losses on available-for-sale securities, net of income tax benefit (expense) of $3, $10, $(1) and $5, respectively		(4	)		(14	)		3		(4	)

Comprehensive income		52,341			48,240			63,541		53,746
Less: comprehensive income attributable to noncontrolling interest		16,249			13,162			19,871		14,804

Comprehensive income attributable to Watsco, Inc.	$	36,092		$	35,078		$	43,670	$	38,942

6.	ACQUISITIONS

On April 29, 2011, we completed the formation of a second joint venture with Carrier Corporation (“Carrier”) to distribute Carrier, Bryant and Payne branded residential, light-commercial and applied-commercial HVAC products and related parts and supplies in the northeast United States. Carrier contributed 28 of its company-operated northeastern locations to the newly formed joint venture, Carrier Enterprise Northeast, LLC (“Carrier Enterprise Northeast”), and we contributed 14 of our northeast locations. We purchased a 60% controlling interest in the joint venture for a fair value of $49,229. Total consideration paid by us for our 60% controlling interest in Carrier Enterprise Northeast was composed of cash consideration of $35,700 and our contribution of 14 northeastern locations valued at $14,769. The final purchase price is subject to net working capital adjustments of approximately $1,240 pursuant to the Purchase and Contribution Agreement, dated March 18, 2011, and is included in accounts receivable in the condensed consolidated balance sheet.

Based on our preliminary valuation, the purchase price is anticipated to result in the recognition of $32,957 in goodwill and intangibles. The fair value of the identified intangible assets was $20,600 and consisted of $13,400 in trade names and distribution rights and $7,200 in customer relationships to be amortized over a 12 year period. The tax basis of the acquired goodwill recognized will be deductible for income tax purposes over 15 years.

The preliminary purchase price allocation is based upon a purchase price of $49,229, which represents the fair value of our 60% controlling interest in Carrier Enterprise Northeast. The table below presents the allocation of the total consideration to tangible and intangible assets acquired, liabilities assumed and the noncontrolling interest from the acquisition of our 60% controlling interest in Carrier Enterprise Northeast based on the respective fair values as of April 29, 2011:


Cash	$	5
Accounts receivable		24,300
Inventories		39,003
Other current assets		773
Property and equipment		4,402
Goodwill		12,357
Intangibles		20,600
Other assets		202
Accounts payable		(17,474	)
Accrued expenses		(5,420	)
Noncontrolling interest		(29,519	)

Total preliminary purchase price	$	49,229

10 of 22

The fair value of the noncontrolling interest was determined by applying a pro-rata value of the total invested capital adjusted for a discount for lack of control that market participants would consider when estimating the fair value of the noncontrolling interest. As a result of our contribution of 14 locations to the joint venture, $7,708 representing 40% of the carrying value of the contributed locations was attributed to the noncontrolling interest and $7,061, representing 40% of the difference between the fair value and carrying value of the contributed locations, was recognized as an increase to paid-in capital.

The unaudited pro forma financial information combining our results of operations with the operations of Carrier Enterprise Northeast as if the joint venture had been consummated on January 1, 2010 is as follows:


	Quarters Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Revenues	$	898,593	$	925,708	$	1,470,275	$	1,469,566
Net income		52,436		51,135		62,848		55,790
Less: net income attributable to noncontrolling interest		16,423		15,016		19,909		16,368

Net income attributable to Watsco, Inc.	$	36,013	$	36,119	$	42,939	$	39,422

Diluted earnings per share for Common and Class B common stock	$	1.09	$	1.11	$	1.31	$	1.21

This unaudited pro forma financial information is presented for informational purposes only. The unaudited pro forma financial information from the beginning of the periods presented until the acquisition date includes adjustments to record income taxes related to our portion of Carrier Enterprise Northeast’s income and amortization related to identified intangible assets with finite lives. The unaudited pro forma financial information does not include adjustments to remove certain corporate expenses of Carrier Enterprise Northeast, which may not be incurred in future periods, adjustments for depreciation or synergies (primarily related to improved gross profit and lower general and administrative expenses) that may be realized subsequent to the acquisition date. The unaudited pro forma financial information may not necessarily reflect our future results of operations or what the results of operations would have been had we acquired our 60% controlling interest in and operated Carrier Enterprise Northeast as of the beginning of the periods presented.

In April 2010, one of our wholly-owned subsidiaries acquired certain assets and assumed certain liabilities of a wholesale distributor of air conditioning and heating products operating from two locations in Tennessee for cash consideration of $2,406.

The results of operations of these acquired locations have been included in the condensed consolidated unaudited financial statements from the date of acquisition. The pro forma effect of the acquisitions was not deemed significant to the condensed consolidated unaudited financial statements.

7.	SHAREHOLDERS’ EQUITY

Common Stock Dividends

Cash dividends of $0.57 per share, $0.52 per share, $1.09 per share and $1.00 per share of Common and Class B common stock were paid during the quarters and six months ended June 30, 2011 and 2010, respectively. In July 2011, the Board of Directors declared a regular quarterly cash dividend of $0.57 per share of Common and Class B common stock that was paid on July 29, 2011 to shareholders of record as of July 15, 2011.

Non-Vested (Restricted) Stock

During the quarter ended June 30, 2011, we granted 22,750 shares of non-vested (restricted) stock. No shares of non-vested (restricted) stock were granted during the quarter ended June 30, 2010. During the six months ended June 30, 2011 and 2010, we granted 414,602 and 132,500 shares of non-vested (restricted) stock, respectively. For the quarters ended June 30, 2011 and 2010, 2,527 shares of Common stock with an aggregate fair market value of $180 and 258 shares of Common stock with an aggregate fair market value of $16, respectively, were delivered as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of non-vested (restricted) stock. For the six months ended June 30, 2011 and 2010, 2,527 shares of Common stock with an aggregate fair market value of $180 and 5,111 shares of Common stock with an

11 of 22

aggregate fair market value of $293, respectively, were delivered as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of non-vested (restricted) stock. These shares were retired upon delivery.

Stock Options

During the quarters ended June 30, 2011 and 2010, 6,500 and 13,000, respectively, of stock options were exercised for Common stock. During the six months ended June 30, 2011 and 2010, 72,300 and 174,850, respectively, of stock options were exercised for Common and Class B common stock. Cash received from Common stock issued as a result of stock options exercised during the quarters and six months ended June 30, 2011 and 2010, was $228, $366, $2,635 and $2,808, respectively. During the six months ended June 30, 2010, 48,938 shares of Class B common stock with an aggregate fair market value of $2,814 were delivered as payment in lieu of cash for stock option exercises and related tax withholdings. These shares were retired upon delivery.

Employee Stock Purchase Plan

During the quarters ended June 30, 2011 and 2010, 3,395 and 3,864, shares of Common stock were issued under our employee stock purchase plan, respectively, for which we received net proceeds of $232 and $215, respectively. During the six months ended June 30, 2011 and 2010, 7,392 and 8,118 shares of Common stock were issued under our employee stock purchase plan, respectively, for which we received net proceeds of $473 and $416, respectively.

401(k) Plans

During the six months ended June 30, 2011 and 2010, 27,240 and 9,975 shares of Common stock were issued to our profit sharing retirement plans, respectively, representing the discretionary matching contribution of $1,718 and $489, respectively.

Noncontrolling Interest

We have a 60% controlling interest in both Carrier Enterprise, LLC (“Carrier Enterprise”) and Carrier Enterprise Northeast, and Carrier has a 40% noncontrolling interest. The following table reconciles shareholders’ equity attributable to the noncontrolling interest:


Noncontrolling interest at December 31, 2010	$	164,435
Return of capital contribution to noncontrolling interest		(32,000	)
Distributions to noncontrolling interest		(6,159	)
Net income attributable to noncontrolling interest		19,871
Share of carrying value of our locations contributed to Carrier Enterprise Northeast		7,708
Fair value of noncontrolling interest in Carrier Enterprise Northeast		29,519

Noncontrolling interest at June 30, 2011	$	183,374

8.	COMMITMENTS AND CONTINGENCIES

Litigation, Claims and Assessments

We are involved in litigation incidental to the operation of our business. We vigorously defend all matters in which we or our subsidiaries are named defendants and, for insurable losses, maintain significant levels of insurance to protect against adverse judgments, claims or assessments that may affect us. Although the adequacy of existing insurance coverage or the outcome of any legal proceedings cannot be predicted with certainty, based on the current information available, we do not believe the ultimate liability associated with any known claims or litigation in which we or our subsidiaries are involved will materially affect our financial condition or results of operations.

Self-Insurance

Self-insurance reserves are maintained relative to company-wide casualty insurance and health benefit programs. The level of exposure from catastrophic events is limited by the purchase of stop-loss and aggregate liability reinsurance coverage. When estimating the self-insurance liabilities and related reserves, management considers a number of factors, which include historical claims experience, demographic factors, severity factors and valuations provided by independent third-party actuaries. Management reviews its

12 of 22

assumptions with its independent third-party actuaries to evaluate whether the self-insurance reserves are adequate. If actual claims or adverse development of loss reserves occur and exceed these estimates, additional reserves may be required. The estimation process contains uncertainty since management must use judgment to estimate the ultimate cost that will be incurred to settle reported claims and unreported claims for incidents incurred but not reported as of the balance sheet date. Reserves in the amounts of $6,212 and $7,295 at June 30, 2011 and December 31, 2010, respectively, were established related to such insurance programs and are included in accrued expenses and other current liabilities in our condensed consolidated balance sheets.

9.	RELATED PARTY TRANSACTIONS

Purchases from Carrier and its affiliates comprised 48%, 54%, 45% and 54% of all purchases made during the quarters and six months ended June 30, 2011 and 2010, respectively. At June 30, 2011 and December 31, 2010, approximately $191,000 and $93,000, respectively, was payable to Carrier and its affiliates, net of receivables. Carrier Enterprise and Carrier Enterprise Northeast also sell HVAC products to Carrier and its affiliates. Revenues in our condensed consolidated unaudited statements of income for the quarters and six months ended June 30, 2011 and 2010 include $7,693, $14,649, $11,797 and $18,048, respectively, of sales to Carrier and its affiliates. We believe these transactions are conducted at arm’s-length in the ordinary course of business.

Carrier Enterprise Northeast has entered into Transactional Services Agreements (“TSAs”) with Carrier, pursuant to which Carrier will perform certain business processes on its behalf, including processes involving the use of certain information technologies. The services provided pursuant to the TSAs generally terminate on December 31, 2011 but may be extended as agreed upon by the parties. The fees related to the TSAs were $148 for both the quarter and six months ended June 30, 2011, and are included in selling, general and administrative expenses in our condensed consolidated unaudited statements of income.

The services provided by Carrier pursuant to TSAs with Carrier Enterprise terminated on various dates throughout 2010. The fees related to these TSAs were $888 and $2,227 for the quarter and six months ended June 30, 2010, respectively, and are included in selling, general and administrative expenses in our condensed consolidated unaudited statements of income.

10.

SUBSEQUENT EVENTS

Effective July 1, 2011, Carrier Enterprise’s standard payment terms with Carrier for inventory purchases changed. As a result of this change, on July 26, 2011 we amended Carrier Enterprise’s revolving credit agreement to provide borrowings of up to $125,000. All other terms and conditions of the credit facility remain the same.

On July 29, 2011, we acquired a 60% controlling interest in Carrier’s HVAC/R distribution operations in Mexico for cash consideration of $9,000. Carrier’s company-operated Mexico distribution network had revenues of approximately $75,000 in 2010 and operates from six locations with 90 employees servicing its customer base. Products sold include Carrier’s complete product line of HVAC equipment and commercial refrigeration products and supplies servicing both the residential and applied commercial markets.

13 of 22

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Safe Harbor Statement

This Quarterly Report contains or incorporates by reference statements that are not historical in nature and that are intended to be, and are hereby identified as, “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding, among other items, (i) economic conditions, (ii) business and acquisition strategies, (iii) potential acquisitions and/or joint ventures, (iv) financing plans and (v) industry, demographic and other trends affecting our financial condition or results of operations. These forward-looking statements are based largely on management’s current expectations and are subject to a number of risks, uncertainties and changes in circumstances, certain of which are beyond their control.

Actual results could differ materially from these forward-looking statements as a result of several factors, including:

•

general economic conditions;

•

competitive factors within the HVAC/R industry;

•

effects of supplier concentration;

•

fluctuations in certain commodity costs;

•

consumer spending;

•

consumer debt levels;

•

new housing starts and completions;

•

capital spending in the commercial construction market;

•

access to liquidity needed for operations;

•

seasonal nature of product sales;

•

weather conditions;

•

insurance coverage risks;

•

federal, state and local regulations impacting our industry and products;

•

prevailing interest rates; and

•

the continued viability of our business strategy.

In light of these uncertainties, there can be no assurance that the forward-looking information contained herein will be realized or, even if substantially realized, that the information will have the expected consequences to or effects on our business or operations. For additional information identifying some other important factors which may affect our operations and could cause actual results to vary materially from those anticipated in the forward-looking statements, see our Commission filings, including but not limited to, the discussion included in the Risk Factors section of our 2010 Annual Report on Form 10-K under the headings “Business Risk Factors” and “General Risk Factors.” Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information or the discussion of such risks and uncertainties to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.

The following information should be read in conjunction with the condensed consolidated unaudited financial statements and notes thereto included under Item 1 of this Quarterly Report on Form 10-Q. In addition, reference should be made to our audited consolidated financial statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2010 Annual Report on Form 10-K.

Company Overview

Watsco, Inc. and its subsidiaries (collectively, “Watsco,” or “we”, “us” or “our”) was incorporated in 1956 and is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies (“HVAC/R”) in the HVAC/R distribution industry. On April 29, 2011, we completed the formation of a second joint venture with Carrier Corporation (“Carrier”) to distribute Carrier, Bryant and Payne branded residential, light-commercial and applied-commercial HVAC products and related parts and supplies in the northeast United States. Carrier contributed 28 of its northeastern locations to the newly-formed joint venture, Carrier Enterprise Northeast, LLC (“Carrier Enterprise Northeast”), and we contributed 14 of our northeast locations as partial consideration for our 60% controlling interest in the joint venture. At June 30, 2011, we operated from 526 locations in 37 states and Puerto Rico with additional market coverage on an export basis to parts of Latin America and the Caribbean.

14 of 22

Revenues primarily consist of sales of air conditioning, heating and refrigeration equipment and related parts and supplies. Selling, general and administrative expenses primarily consist of selling expenses, the largest components of which are salaries, commissions and marketing expenses that are variable and correlate to changes in sales. Other significant selling, general and administrative expenses relate to the operation of warehouse facilities, including a fleet of trucks and forklifts and facility rent, which are payable mostly under non-cancelable operating leases.

Sales of residential central air conditioners, heating equipment and parts and supplies are seasonal. Furthermore, results of operations can be impacted favorably or unfavorably based on weather patterns during summer and winter selling seasons. Demand related to the residential central air conditioning replacement market is typically highest in the second and third quarters, and demand for heating equipment is usually highest in the fourth quarter. Demand related to the new construction sectors throughout most of the markets is fairly consistent during the year, except for dependence on housing completions and related weather and economic conditions.

Critical Accounting Policies

Management’s discussion and analysis of financial condition and results of operations is based upon the condensed consolidated unaudited financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated unaudited financial statements and the reported amount of revenues and expenses during the reporting period. Actual results may differ from these estimates under different assumptions or conditions. At least quarterly, management reevaluates its judgments and estimates, which are based on historical experience, current trends and various other assumptions that are believed to be reasonable under the circumstances.

Our critical accounting policies are included in our 2010 Annual Report on Form 10-K as filed on March 1, 2011. We believe that there have been no significant changes during the quarter and six months ended June 30, 2011 to the critical accounting policies disclosed in our 2010 Annual Report on Form 10-K.

Recent Accounting Pronouncements

Refer to Note 1 to the condensed consolidated unaudited financial statements for a discussion of recent accounting pronouncements.

Results of Operations

The following table summarizes information derived from the condensed consolidated unaudited statements of income expressed as a percentage of revenues for the quarters and six months ended June 30, 2011 and 2010:


	Quarter Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Revenues		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		75.9			76.7			75.4			76.5

Gross profit		24.1			23.3			24.6			23.5
Selling, general and administrative expenses		15.6			15.1			18.1			17.7

Operating income		8.5			8.2			6.5			5.8
Interest expense, net		0.1			0.1			0.1			0.1

Income before income taxes		8.4			8.1			6.4			5.7
Income taxes		2.5			2.5			1.9			1.8

Net income		5.9			5.6			4.5			3.9
Less: net income attributable to noncontrolling interest		1.8			1.5			1.4			1.1

Net income attributable to Watsco, Inc.		4.1	%		4.1	%		3.1	%		2.8	%

15 of 22

The following narratives include the results of operations for businesses acquired during 2011 and 2010. The results of operations for these acquisitions have been included in our condensed consolidated unaudited statements of income beginning on their respective dates of acquisition. The pro forma effect of these acquisitions was not deemed significant on either an individual or an aggregate basis in the related acquisition year.

In the following narratives, computations and disclosure information referring to “same-store basis” exclude the effects of locations acquired or locations opened or closed during the immediately preceding 12 months unless they are within close geographical proximity to existing locations. At June 30, 2011 and 2010, 47 and 121 locations, respectively, were excluded from “same-store basis” information. The table below summarizes the changes in our locations for the 12 months ended June 30, 2011:


	Number of Locations
June 30, 2010		505
Opened		4
Closed		(4	)

December 31, 2010		505
Acquired		28
Opened		2
Closed		(9	)

June 30, 2011		526

Second Quarter 2011 Compared to Second Quarter 2010

Revenues

Revenues for the quarter ended June 30, 2011 increased $18.7 million, or 2%, compared to the same period in 2010, including $44.9 million attributable to the new Carrier Enterprise Northeast locations and $1.1 million from other locations acquired and opened during the immediately preceding 12 months, offset by $9.5 million from closed locations. On a same-store basis, revenues decreased $17.8 million, or 2%, as compared to the same period in 2010. Revenues reflect a 5% decrease in sales of HVAC equipment, a 1% decrease in sales of other HVAC products and an 8% increase in sales of refrigeration products. Sales of HVAC equipment were impacted by lower demand in the replacement market and a shift in sales mix toward non-equipment products.

Gross Profit

Gross profit for the quarter ended June 30, 2011 increased $12.1 million, or 6%, compared to the same period in 2010, primarily as a result of increased revenues. Gross profit margin for the quarter ended June 30, 2011 improved 80 basis-points to 24.1% versus 23.3% for the same period in 2010. On a same-store basis gross profit margin improved 90 basis-points to 24.1% versus 23.2% for the same period in 2010, primarily due to increased selling prices and a shift in sales mix toward non-equipment products, which generate a higher gross profit margin versus HVAC equipment.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the quarter ended June 30, 2011 increased $7.5 million, or 6%, compared to the same period in 2010. Selling, general and administrative expenses as a percent of revenues for the quarter ended June 30, 2011 increased to 15.6% from 15.1% for the same period in 2010. Selling, general and administrative expenses include $0.5 million of acquisition-related costs primarily associated with the acquisition and transition of Carrier Enterprise Northeast. Excluding acquisition-related costs, same-store selling, general, and administrative expenses were flat compared to the same period in 2010.

Interest Expense, Net

Net interest expense for the quarter ended June 30, 2011 increased $0.1 million, or 12%, compared to the same period in 2010, primarily due to an 11% increase in average outstanding borrowings and a higher effective interest rate.

16 of 22

Income Taxes

Income taxes of $22.3 million consist of the income taxes attributable to Watsco’s wholly-owned operations and 60% of income taxes attributable to Carrier Enterprise, LLC (“Carrier Enterprise”) and Carrier Enterprise Northeast, which are taxed as partnerships for income tax purposes. The effective income tax rate attributable to Watsco, Inc. was 38.0% for the quarters ended June 30, 2011 and 2010.

Net Income Attributable to Watsco, Inc.

Net income attributable to Watsco for the quarter ended June 30, 2011 increased $1.0 million, or 3%, compared to the same period in 2010. The increase was primarily driven by higher revenues and expanded profit margins partially offset by higher levels of selling, general and administrative expense as a percent of revenues as discussed above.

Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010

Revenues

Revenues for the six months ended June 30, 2011 increased $43.3 million, or 3%, compared to the same period in 2010, including $44.9 million attributable to the new Carrier Enterprise Northeast locations and $4.6 million from other locations acquired and opened during the immediately preceding 12 months, offset by $13.3 million from closed locations. On a same-store basis, revenues increased $7.1 million, or 1%, as compared to the same period in 2010. Revenues reflect a 2% decrease in sales of HVAC equipment, a 1% increase in sales of other HVAC products and a 13% increase in sales of refrigeration products. Sales of HVAC equipment were impacted by lower demand in the replacement market and a shift in sales mix toward non-equipment products.

Gross Profit

Gross profit for the six months ended June 30, 2011 increased $24.5 million, or 8%, compared to the same period in 2010, primarily as a result of increased revenues. Gross profit margin for the six months ended June 30, 2011 improved 110 basis-points to 24.6% versus 23.5% for the same period in 2010. The improvement in gross profit margin was primarily due to increased selling prices, a shift in sales mix toward non-equipment products, which generate a higher gross profit margin versus HVAC equipment, and improved discounts and rebates from vendors, reflecting increased purchasing activity during the six months ended June 30, 2011.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the six months ended June 30, 2011 increased $12.0 million, or 5%, compared to the same period in 2010. Selling, general and administrative expenses as a percent of revenues for the six months ended June 30, 2011 increased to 18.1% from 17.7% for the same period in 2010. Selling, general and administrative expenses include $0.8 million of acquisition-related costs primarily associated with the acquisition and transition of Carrier Enterprise Northeast. On a same-store basis, selling, general, and administrative expenses increased 2%.

Interest Expense, Net

Net interest expense for the six months ended June 30, 2011 increased 2% compared to the same period in 2010 primarily due to a higher effective interest rate.

Income Taxes

Income taxes of $27.0 million consist of the income taxes attributable to Watsco’s wholly-owned operations and 60% of income taxes attributable to Carrier Enterprise and Carrier Enterprise Northeast, which are taxed as partnerships for income tax purposes. The effective income tax rate attributable to Watsco, Inc. was 38.0% for the six months ended June 30, 2011 and 2010.

Net Income Attributable to Watsco, Inc.

Net income attributable to Watsco for the six months ended June 30, 2011 increased $4.6 million, or 12%, compared to the same period in 2010. The increase was primarily driven by higher revenues and expanded profit margins partially offset by higher levels of selling, general and administrative expenses as a percent of revenues as discussed above.

17 of 22

Liquidity and Capital Resources

We assess our liquidity in terms of our ability to generate cash to execute our business strategy and fund operating and investing activities, taking into consideration the seasonal demand of HVAC/R products, which peaks in the months of May through August. Significant factors that could affect our liquidity include the following:

•

cash flows generated from operating activities;

•

the adequacy of available bank lines of credit;

•

the ability to attract long-term capital with satisfactory terms;

•

acquisitions;

•

dividend payments;

•

capital expenditures; and

•

the timing and extent of common stock repurchases.

We rely on cash flows from operations and our lines of credit to fund seasonal working capital needs, financial commitments and short-term liquidity needs, including funds necessary for business acquisitions. We believe that, at present, cash flows from operations combined with those available under our lines of credit are sufficient to satisfy our current liquidity needs, including our anticipated dividend payments and capital expenditures. Any future disruption in the capital and credit markets, such as those experienced in 2008, could adversely affect our ability to draw on our lines of credit. Our access to funds under the lines of credit is dependent on the ability of the banks to meet their funding commitments. Disruptions in capital and credit markets also may affect the determination of interest rates for borrowers, particularly rates based on LIBOR, as are our lines of credit. Any future disruptions in these markets and their effect on interest rates could result in increased borrowing costs under our lines of credit.

Cash Flows

The following table summarizes our cash flow activity for the six months ended June 30, 2011 and 2010:


	2011			2010			Change
Cash flows (used in) provided by operating activities	$	(42.2	)	$	56.8		$	(99.0	)
Cash flows used in investing activities	$	(41.1	)	$	(4.2	)	$	(36.9	)
Cash flows used in financing activities	$	(24.6	)	$	(23.0	)	$	(1.6	)

Operating Activities

The increase in net cash used in operating activities is primarily attributable to changes in operating assets and liabilities, which were primarily composed of higher levels of inventory due to our seasonal buildup, including the buy-out of previously consigned inventory from one of our key suppliers in 2011 for approximately $15.0 million, and lower levels of accounts payable and other liabilities, partially offset by higher accounts receivable driven by increased sales volume and higher net income in 2011.

Investing Activities

The increase in net cash used in investing activities is due to the purchase of our 60% controlling interest in Carrier Enterprise Northeast for cash consideration of $35.7 million and an increase in capital expenditures partially offset by lower proceeds from the sale of property and equipment in 2011.

Financing Activities

The increase in net cash used in financing activities is primarily attributable to a $32.0 million return of capital to the noncontrolling interest in Carrier Enterprise, an increase in distributions to the noncontrolling interest and an increase in dividends paid partially offset by higher net borrowings under our revolving credit agreements in 2011.

In March 2011, Carrier Enterprise returned an $80.0 million capital contribution made in 2009 to Watsco and Carrier using cash on hand. Our share of the return of capital totaled $48.0 million and Carrier’s share totaled $32.0 million. Cash distributions attributable to the noncontrolling interest in Carrier Enterprise included $9.7 million that was payable at December 31, 2010. This payment was made in January 2011.

18 of 22

Working capital increased to $637.3 million at June 30, 2011 from $572.0 million at December 31, 2010, reflecting the 28 new locations added by Carrier Enterprise Northeast in April 2011, which added $43.5 million of working capital. Excluding these new locations, working capital was $593.8 million.

Revolving Credit Agreements

We maintain a bank-syndicated, unsecured revolving credit agreement that provides for borrowings of up to $300.0 million. Borrowings are used to fund seasonal working capital needs and for other general corporate purposes, including acquisitions, dividends, stock repurchases and issuances of letters of credit. The credit facility matures in August 2012. At June 30, 2011 and December 31, 2010, $65.0 million and $10.0 million were outstanding under this revolving credit agreement, respectively.

The revolving credit agreement contains customary affirmative and negative covenants including financial covenants with respect to consolidated leverage and interest coverage ratios and limits capital expenditures, dividends and share repurchases in addition to other restrictions. We believe we were in compliance with all covenants and financial ratios at June 30, 2011.

Carrier Enterprise maintains a separate secured revolving credit agreement that provides for borrowings of up to $75.0 million. Borrowings under the credit facility are used by Carrier Enterprise for general corporate purposes, including working capital and permitted acquisitions. The credit facility is secured by substantially all tangible and intangible assets of Carrier Enterprise. Effective July 1, 2011, Carrier Enterprise’s standard payment terms with Carrier for inventory purchases changed. As a result of this change, on July 26, 2011 we amended the revolving credit agreement to provide borrowings of up to $125.0 million. All other terms and conditions of the credit facility remain the same. The credit facility matures in July 2012. No borrowings were outstanding under this credit facility at either June 30, 2011 or December 31, 2010.

The revolving credit agreement contains customary affirmative and negative covenants and representations and warranties, including compliance with a monthly borrowing base certificate with advance rates on accounts receivable and inventory, two financial covenants with respect to Carrier Enterprise’s leverage and interest coverage ratios and limits the level of capital expenditures and cash distributions in addition to other restrictions. We believe Carrier Enterprise was in compliance with all covenants and financial ratios at June 30, 2011.

Company Share Repurchase Program

In September 1999, our Board of Directors authorized the repurchase, at management’s discretion, of up to 7.5 million shares of common stock in the open market or via private transactions. Shares repurchased under the program are accounted for using the cost method and result in a reduction of shareholders’ equity. In aggregate, 6.4 million shares of Common and Class B common stock have been repurchased at a cost of $114.4 million since the inception of the program. The repurchase of up to the remaining 1.1 million shares authorized for repurchase is subject to certain restrictions included in our revolving credit agreements.

Common Stock Dividends

Cash dividends of $1.09 per share and $1.00 per share of Common and Class B common stock were paid during the six months ended June 30, 2011 and 2010, respectively. In July 2011, the Board of Directors declared a regular quarterly cash dividend of $0.57 per share of Common and Class B common stock that was paid on July 29, 2011 to shareholders of record as of July 15, 2011. Future dividends and/or dividend rate increases will be at the sole discretion of the Board of Directors and will depend upon such factors as profitability, financial condition, cash requirements, restrictions under our revolving credit agreements, future prospects and other factors deemed relevant by our Board of Directors.

Capital Resources

We believe we have adequate availability of capital from operations and our current credit facilities to fund working capital requirements and support the development of our short-term and long-term operating strategies. As of June 30, 2011, we had $18.6 million of cash and cash equivalents available on hand and additional borrowing capacity (subject to certain restrictions) under our revolving credit agreements to fund present operations and anticipated growth, including expansion in our current and targeted market areas. Potential acquisitions and/or joint ventures are continually evaluated and discussions are conducted with a number of acquisition candidates. Should suitable acquisition opportunities or working capital needs arise that would require additional financing, we believe our financial position and earnings history provide a sufficient base for obtaining additional financing resources at competitive rates and terms or gives us the ability to raise funds through the issuance of equity securities.

19 of 22

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in market risk from the information provided in Item 7A, Quantitative and Qualitative Disclosures about Market Risk, of the 2010 Annual Report on Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“the Exchange Act”)) that are, among other things, designed to ensure that information required to be disclosed by us under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer (“CEO”), Senior Vice President (“SVP”) and Chief Financial Officer (“CFO”), to allow for timely decisions regarding required disclosure and appropriate Securities and Exchange Commission filings.

Our management, with the participation of our CEO, SVP and CFO, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report, and, based on that evaluation, our CEO, SVP and CFO have concluded that our disclosure controls and procedures were effective, at a reasonable assurance level, at and as of such date.

Changes in Internal Control over Financial Reporting

We are continuously seeking to improve the efficiency and effectiveness of our operations and of our internal controls. This results in refinements to processes throughout the Company. However, there have been no changes in internal controls over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. In accordance with the rules and regulations of the Securities and Exchange Commission, we have not yet assessed the internal control over financial reporting of the 28 locations added by Carrier Enterprise Northeast on April 29, 2011, which represents approximately 8% of our total consolidated assets at June 30, 2011 and approximately 3% of revenues for the six months ended June 30, 2011. From the acquisition date to June 30, 2011, the processes and systems of Carrier Enterprise Northeast did not impact the internal controls over financial reporting for our other consolidated subsidiaries.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are involved in litigation incidental to the operation of our business. We vigorously defend all matters in which we or our subsidiaries are named defendants and, for insurable losses, maintain significant levels of insurance to protect against adverse judgments, claims or assessments that may affect us. Although the adequacy of existing insurance coverage or the outcome of any legal proceedings cannot be predicted with certainty, based on the current information available, we do not believe the ultimate liability associated with any known claims or litigation will have a material impact to our financial condition or results of operations.

ITEM 1A. RISK FACTORS

Information about risk factors for the quarter ended June 30, 2011 does not differ materially from that set forth in Part I, Item 1A, of our 2010 Annual Report on Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

20 of 22

ITEM 4. (REMOVED AND RESERVED)

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS



10.1		Fourth Amended and Restated 1996 Qualified Employee Stock Purchase Plan, filed as Appendix A to our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 29, 2011 in respect of our 2011 Annual Meeting of Shareholders and incorporated by reference herein.

31.1 #		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a- 15(e) and 15d-15(e) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 #		Certification of Senior Vice President pursuant to Securities Exchange Act Rules 13a-15(e) and 15d-15(e) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.3 #		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a- 15(e) and 15d-15(e) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 +		Certification of Chief Executive Officer, Senior Vice President and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

101.INS *		XBRL Instance Document.

101.SCH *		XBRL Taxonomy Extension Schema Document.

101.CAL *		XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF *		XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB *		XBRL Taxonomy Extension Label Linkbase Document.

101.PRE *		XBRL Taxonomy Extension Presentation Linkbase Document.

#	filed herewith.

+	furnished herewith.

XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

21 of 22

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		WATSCO, INC.
		(Registrant)

August 9, 2011	By:	/s/ Ana M. Menendez
		Ana M. Menendez
		Chief Financial Officer
		(on behalf of the Registrant and as Principal Financial Officer)

22 of 22

INDEX TO EXHIBITS


Exhibit No.		Exhibit Description

10.1		Fourth Amended and Restated 1996 Qualified Employee Stock Purchase Plan, filed as Appendix A to our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 29, 2011 in respect of our 2011 Annual Meeting of Shareholders and incorporated by reference herein.

31.1 #		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a- 15(e) and 15d-15(e) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 #		Certification of Senior Vice President pursuant to Securities Exchange Act Rules 13a-15(e) and 15d-15(e) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.3 #		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a- 15(e) and 15d-15(e) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 +		Certification of Chief Executive Officer, Senior Vice President and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

101.INS *		XBRL Instance Document.

101.SCH *		XBRL Taxonomy Extension Schema Document.

101.CAL *		XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF *		XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB *		XBRL Taxonomy Extension Label Linkbase Document.

101.PRE *		XBRL Taxonomy Extension Presentation Linkbase Document.

#	filed herewith.

+	furnished herewith.

EX-31.1 2 dex311.htm SECTION 302 CEO CERTIFICATION Section 302 CEO Certification

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Albert H. Nahmad, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Watsco, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2011

/s/ Albert H. Nahmad

Albert H. Nahmad

Chief Executive Officer

EX-31.2 3 dex312.htm SECTION 302 SENIOR VP CERTIFICATION Section 302 Senior VP Certification

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Barry S. Logan, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Watsco, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2011

/s/ Barry S. Logan

Barry S. Logan

Senior Vice President

EX-31.3 4 dex313.htm SECTION 302 CFO CERTIFICATION Section 302 CFO Certification

Exhibit 31.3

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ana M. Menendez, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Watsco, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2011

/s/ Ana M. Menendez

Ana M. Menendez

Chief Financial Officer

EX-32.1 5 dex321.htm SECTION 906 CEO, SENIOR VP AND CFO CERTIFICATION Section 906 CEO, Senior VP and CFO Certification

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Watsco, Inc. (“Watsco”) for the quarter and six months ended June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Albert H. Nahmad, as Chief Executive Officer of Watsco, Barry S. Logan, as Senior Vice President of Watsco and Ana M. Menendez, as Chief Financial Officer of Watsco, each hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to our knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Watsco.

/s/ Albert H. Nahmad

Albert H. Nahmad

Chief Executive Officer

August 9, 2011

/s/ Barry S. Logan

Barry S. Logan

Senior Vice President

August 9, 2011

/s/ Ana M. Menendez

Ana M. Menendez

Chief Financial Officer

August 9, 2011

A signed original of this written statement required by Section 906 has been provided to Watsco and will be retained by Watsco and furnished to the Securities and Exchange Commission or its staff upon request.

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by Watsco for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

EX-101.INS 6 wso-20110630.xml XBRL INSTANCE DOCUMENT 0000105016 us-gaap:GeneralPartnerMember 2011-04-29 0000105016 wso:CarriersHvacRMember 2011-01-01 2011-06-30 0000105016 2011-04-01 2011-04-29 0000105016 us-gaap:CommonClassBMember 2010-06-30 0000105016 us-gaap:DerivativeMember 2011-06-30 0000105016 us-gaap:DerivativeMember 2010-12-31 0000105016 us-gaap:CommonClassBMember 2011-04-01 2011-06-30 0000105016 us-gaap:CommonClassBMember 2011-01-01 2011-06-30 0000105016 us-gaap:CommonClassBMember 2010-04-01 2010-06-30 0000105016 us-gaap:EmployeeStockMember 2011-04-01 2011-06-30 0000105016 us-gaap:EmployeeStockMember 2011-01-01 2011-06-30 0000105016 us-gaap:EmployeeStockMember 2010-04-01 2010-06-30 0000105016 us-gaap:EmployeeStockMember 2010-01-01 2010-06-30 0000105016 us-gaap:StockCompensationPlanMember 2011-01-01 2011-06-30 0000105016 us-gaap:StockCompensationPlanMember 2010-01-01 2010-06-30 0000105016 wso:CarriersHvacRMember 2010-01-01 2010-12-31 0000105016 us-gaap:CommonClassBMember 2010-01-01 2010-06-30 0000105016 us-gaap:CommonStockMember 2011-04-01 2011-06-30 0000105016 us-gaap:CommonClassBMember 2011-04-01 2011-06-30 0000105016 us-gaap:CommonStockMember 2011-01-01 2011-06-30 0000105016 us-gaap:CommonClassBMember 2011-01-01 2011-06-30 0000105016 us-gaap:CommonStockMember 2010-04-01 2010-06-30 0000105016 us-gaap:CommonClassBMember 2010-04-01 2010-06-30 0000105016 us-gaap:CommonStockMember 2010-01-01 2010-06-30 0000105016 us-gaap:CommonClassBMember 2010-01-01 2010-06-30 0000105016 2011-04-29 0000105016 us-gaap:NoncontrollingInterestMember 2010-12-31 0000105016 us-gaap:NoncontrollingInterestMember 2011-01-01 2011-06-30 0000105016 us-gaap:CustomerRelationshipsMember 2011-01-01 2011-06-30 0000105016 us-gaap:GeneralPartnerMember 2011-06-30 0000105016 us-gaap:CorporateJointVentureMember 2011-06-30 0000105016 2011-07-01 2011-07-31 0000105016 us-gaap:InterestRateContractMember 2011-04-01 2011-06-30 0000105016 us-gaap:InterestRateContractMember 2010-04-01 2010-06-30 0000105016 us-gaap:InterestRateContractMember 2010-01-01 2010-06-30 0000105016 us-gaap:InterestRateContractMember 2011-01-01 2011-06-30 0000105016 us-gaap:CommonStockMember 2011-06-30 0000105016 us-gaap:CommonClassBMember 2011-06-30 0000105016 us-gaap:CommonStockMember 2010-12-31 0000105016 us-gaap:CommonClassBMember 2010-12-31 0000105016 2011-07-01 2011-07-29 0000105016 us-gaap:InterestRateContractMember 2011-06-30 0000105016 us-gaap:InterestRateContractMember 2010-12-31 0000105016 2010-06-30 0000105016 2009-12-31 0000105016 wso:CarriersHvacRMember 2011-07-27 2011-07-29 0000105016 us-gaap:CorporateJointVentureMember 2011-04-29 0000105016 us-gaap:NoncontrollingInterestMember 2011-06-30 0000105016 wso:DifferenceBetweenFairValueAndCarryingValueMember 2011-04-29 0000105016 us-gaap:NoncontrollingInterestMember 2011-04-29 0000105016 wso:CarriersHvacRMember 2011-07-29 0000105016 us-gaap:CorporateJointVentureMember 2011-04-29 0000105016 wso:TennesseeMember 2010-04-30 0000105016 us-gaap:FairValueInputsLevel3Member 2011-06-30 0000105016 us-gaap:FairValueInputsLevel2Member 2011-06-30 0000105016 us-gaap:FairValueInputsLevel1Member 2011-06-30 0000105016 us-gaap:FairValueInputsLevel3Member 2010-12-31 0000105016 us-gaap:FairValueInputsLevel2Member 2010-12-31 0000105016 us-gaap:FairValueInputsLevel1Member 2010-12-31 0000105016 2011-04-01 2011-06-30 0000105016 2010-04-01 2010-06-30 0000105016 2010-01-01 2010-06-30 0000105016 wso:TradeNamesAndDistributionRightsMember us-gaap:CorporateJointVentureMember 2011-04-29 0000105016 us-gaap:CustomerRelationshipsMember 2011-04-29 0000105016 2011-06-30 0000105016 2010-12-31 0000105016 us-gaap:CommonStockMember 2011-08-03 0000105016 us-gaap:CommonClassBMember 2011-08-03 0000105016 2011-01-01 2011-06-30 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-31 Q2 2011 2011-06-30 10-Q 0000105016 4658445 28286850 Large Accelerated Filer WATSCO INC WSO

182185000

349350000

305088000

435016000

83748000

95955000

-593000

-446000

7200000

13400000

472883000

488209000

117561

84000

3050

3297

1237227000

1517892000

838004000

1082679000

-4000

-14000

3000

-4000

157000

161000

5000

10000

-1000

3000

2406000

35700000

9000000

7708000

7061000

14769000

7708000

49229000

July 29, 2011

1.21

1.11

1.31

1.09

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="60%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"> Quarters Ended June 30, </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"> Six Months Ended June 30, </td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2011 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2010 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2011 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2010 </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Revenues</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">898,593</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">925,708</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,470,275</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,469,566</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Net income</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">52,436</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">51,135</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">62,848</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,790</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: net income attributable to noncontrolling interest</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,423</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,016</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,909</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,368</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Net income attributable to Watsco, Inc.</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,013</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,119</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">42,939</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39,422</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Diluted earnings per share for Common and Class B common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.09</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.11</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.31</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.21</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table>

5000

39003000

773000

24300000

17474000

5420000

12357000

202000

4402000

39422000

36119000

42939000

36013000

1469566000

925708000

1470275000

898593000

29519000

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">6.</td> <td valign="top" align="left">ACQUISITIONS </td></tr></table> On April 29, 2011, we completed the formation of a second joint venture with Carrier Corporation ("Carrier") to distribute Carrier, Bryant and Payne branded residential, light-commercial and applied-commercial HVAC products and related parts and supplies in the northeast United States. Carrier contributed 28 of its company-operated northeastern locations to the newly formed joint venture, Carrier Enterprise Northeast, LLC ("Carrier Enterprise Northeast"), and we contributed 14 of our northeast locations. We purchased a 60% controlling interest in the joint venture for a fair value of $49,229. Total consideration paid by us for our 60% controlling interest in Carrier Enterprise Northeast was composed of cash consideration of $35,700 and our contribution of 14 northeastern locations valued at $14,769. The final purchase price is subject to net working capital adjustments of approximately $1,240 pursuant to the Purchase and Contribution Agreement, dated March 18, 2011, and is included in accounts receivable in the condensed consolidated balance sheet. Based on our preliminary valuation, the purchase price is anticipated to result in the recognition of $32,957 in goodwill and intangibles. The fair value of the identified intangible assets was $20,600 and consisted of $13,400 in trade names and distribution rights and $7,200 in customer relationships to be amortized over a 12 year period. The tax basis of the acquired goodwill recognized will be deductible for income tax purposes over 15 years. The preliminary purchase price allocation is based upon a purchase price of $49,229, which represents the fair value of our 60% controlling interest in Carrier Enterprise Northeast. The table below presents the allocation of the total consideration to tangible and intangible assets acquired, liabilities assumed and the noncontrolling interest from the acquisition of our 60% controlling interest in Carrier Enterprise Northeast based on the respective fair values as of April 29, 2011:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="87%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Cash</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Accounts receivable</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24,300</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Inventories</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">39,003</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Other current assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">773</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Property and equipment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,402</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Goodwill</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12,357</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Intangibles</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,600</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Other assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">202</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accounts payable</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,474</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Accrued expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,420</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Noncontrolling interest</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,519</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total preliminary purchase price</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">49,229</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table>   The fair value of the noncontrolling interest was determined by applying a pro-rata value of the total invested capital adjusted for a discount for lack of control that market participants would consider when estimating the fair value of the noncontrolling interest. As a result of our contribution of 14 locations to the joint venture, $7,708 representing 40% of the carrying value of the contributed locations was attributed to the noncontrolling interest and $7,061, representing 40% of the difference between the fair value and carrying value of the contributed locations, was recognized as an increase to paid-in capital. The unaudited pro forma financial information combining our results of operations with the operations of Carrier Enterprise Northeast as if the joint venture had been consummated on January 1, 2010 is as follows:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="60%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"> Quarters Ended June 30, </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"> Six Months Ended June 30, </td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2011 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2010 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2011 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2010 </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Revenues</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">898,593</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">925,708</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,470,275</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,469,566</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Net income</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">52,436</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">51,135</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">62,848</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,790</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: net income attributable to noncontrolling interest</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,423</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,016</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,909</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,368</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Net income attributable to Watsco, Inc.</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,013</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,119</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">42,939</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39,422</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Diluted earnings per share for Common and Class B common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.09</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.11</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.31</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.21</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table> This unaudited pro forma financial information is presented for informational purposes only. The unaudited pro forma financial information from the beginning of the periods presented until the acquisition date includes adjustments to record income taxes related to our portion of Carrier Enterprise Northeast's income and amortization related to identified intangible assets with finite lives. The unaudited pro forma financial information does not include adjustments to remove certain corporate expenses of Carrier Enterprise Northeast, which may not be incurred in future periods, adjustments for depreciation or synergies (primarily related to improved gross profit and lower general and administrative expenses) that may be realized subsequent to the acquisition date. The unaudited pro forma financial information may not necessarily reflect our future results of operations or what the results of operations would have been had we acquired our 60% controlling interest in and operated Carrier Enterprise Northeast as of the beginning of the periods presented. In April 2010, one of our wholly-owned subsidiaries acquired certain assets and assumed certain liabilities of a wholesale distributor of air conditioning and heating products operating from two locations in Tennessee for cash consideration of $2,406. The results of operations of these acquired locations have been included in the condensed consolidated unaudited financial statements from the date of acquisition. The pro forma effect of the acquisitions was not deemed significant to the condensed consolidated unaudited financial statements.

58093000

87757000

126498000

18627000

29664000

-107871000

399000

166000

1.00

0.52

1.09

0.57

0.5

2187000

17223000

2354000

17303000

38942000

35078000

43670000

36092000

14804000

13162000

19871000

16249000

53746000

48240000

63541000

52341000

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">5.</td> <td valign="top" align="left">COMPREHENSIVE INCOME </td></tr></table> Comprehensive income consists of net income and changes in the unrealized losses on available-for-sale securities and the effective portion of a cash flow hedge as discussed in Note 3. The components of comprehensive income are as follows:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="68%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"> Quarter Ended June 30, </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"> Six Months Ended June 30, </td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2011 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2010 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2011 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2010 </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net income</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">52,272</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">48,207</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">63,394</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">53,682</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Changes in unrealized losses on derivative instrument, net of income tax expense of $45, $29, $89 and $40, respectively</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">73</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">144</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Changes in unrealized losses on available-for-sale securities, net of income tax benefit (expense) of $3, $10, $(1) and $5, respectively</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(14</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Comprehensive income</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">52,341</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48,240</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">63,541</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">53,746</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: comprehensive income attributable to noncontrolling interest</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,249</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13,162</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,871</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,804</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Comprehensive income attributable to Watsco, Inc.</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,092</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,078</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">43,670</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,942</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>

<div> Basis of Consolidation Watsco, Inc. and its subsidiaries (collectively, "Watsco," which may be referred to as we, us or our) was incorporated in 1956 and is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies ("HVAC/R") in the HVAC/R distribution industry. The accompanying Watsco June 30, 2011 interim condensed consolidated unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to those rules and regulations, although we believe the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation have been included in the condensed consolidated unaudited financial statements herein. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2010 Annual Report on Form 10-K. The condensed consolidated unaudited financial statements contained in this report include the accounts of Watsco and all of its wholly-owned subsidiaries and include the accounts of two joint ventures in which Watsco maintains a 60% controlling interest (see Notes 6 and 7). All significant intercompany balances and transactions have been eliminated. </div>

1050887000

663736000

1069710000

670357000

32310000

36159000

5148000

5457000

399000

166000

0.0507

150000

75000

151000

76000

0.0021

2011-07-29

2011-07-01

2011-07-15

1.20

1.08

1.33

1.09

1.20

1.08

1.32

1.09

<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">2.</td> <td valign="top" align="left">EARNINGS PER SHARE </td></tr></table> We compute earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Shares of our non-vested (restricted) stock are considered participating securities because these awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest. Under the two-class method, earnings per common share for our Common and Class B common stock is computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted-average number of shares of Common and Class B common stock outstanding for the period. In applying the two-class method, undistributed earnings are allocated to Common stock, Class B common stock and participating securities based on the weighted-average shares outstanding during the period. Diluted earnings per share for our Common stock assumes the conversion of all of our Class B common stock into Common stock as of the beginning of the fiscal year and adjusts for the dilutive effects of outstanding stock options using the treasury stock method. As of June 30, 2011 and 2010, our outstanding Class B common stock was convertible into 2,854,093 and 2,866,881 shares of our Common stock, respectively. The following table presents the calculation of basic and diluted earnings per common share for our Common and Class B common stock:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="60%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Quarter Ended June 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Six Months Ended June 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Basic Earnings per Share:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Net income attributable to Watsco, Inc. shareholders</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,023</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,045</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">43,523</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,878</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,456</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,100</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,832</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,342</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Earnings allocated to Watsco, Inc. shareholders</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,567</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,945</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,691</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,536</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Weighted-average Common and Class B common shares outstanding for basic earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">30,685,087</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,461,079</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">30,643,560</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,413,994</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Basic earnings per share for Common and Class B Common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.09</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.08</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.33</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.20</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Allocation of earnings for Basic:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,445</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29,844</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,901</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,092</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Class B common stock</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,122</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,101</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,790</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,444</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,567</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,945</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,691</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,536</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Diluted Earnings per Share:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Net income attributable to Watsco, Inc. shareholders</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,023</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,045</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">43,523</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,878</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,453</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,097</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,831</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,341</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Earnings allocated to Watsco, Inc. shareholders</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,570</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,948</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,692</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,537</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table> The diluted earnings per share calculation assumes the conversion of all of our Class B common stock into Common stock as of the beginning of the period; therefore, no allocation of earnings to Class B common stock is required.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="60%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Weighted-average Common and Class B common shares outstanding for basic earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">30,685,087</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,461,079</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">30,643,560</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,413,994</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Effect of dilutive stock options</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">85,208</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">108,445</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">88,973</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">123,142</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Weighted-average Common and Class B common shares outstanding for diluted earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">30,770,295</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,569,524</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">30,732,533</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,537,136</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="60%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="top"> Diluted earnings per share for Common and Class B common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.09</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.08</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.32</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.20</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="60%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Anti-dilutive stock options not included above</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,297</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">84,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,050</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">117,561</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>  </div>

0.60

0.6000

0.60

2088000

880000

2088000

880000

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="64%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> Fair Value at </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="10" align="center">Fair Value Measurements at June 30, 2011 Using</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Description</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">June 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Assets:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Available-for-sale securities</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">161</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">161</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Liabilities:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Derivative financial instrument</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">166</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">166</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="16"> </td> <td height="16" colspan="4"> </td> <td height="16" colspan="12"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> Fair Value at </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="10" align="center"> Fair Value Measurements at December 31, 2010 Using </td> <td valign="bottom"> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Description </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> December 31, 2010 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> Level 1 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> Level 2 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> Level 3 </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Assets:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Available-for-sale securities</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">157</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">157</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Liabilities:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Derivative financial instrument</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">399</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">399</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>

<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">4.</td> <td valign="top" align="left"> FAIR VALUE MEASUREMENTS </td></tr></table> We carry various assets and liabilities at fair value in the condensed consolidated balance sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are classified based on the following fair value hierarchy:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="5%"> </td> <td valign="bottom" width="2%"> </td> <td width="93%"> </td></tr> <tr><td valign="top"> Level 1</td> <td valign="bottom">  </td> <td valign="bottom">Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</td></tr> <tr><td height="8"> </td> <td height="8" colspan="2"> </td></tr> <tr><td valign="top"> Level 2</td> <td valign="bottom">  </td> <td valign="bottom">Observable inputs other than Level 1 prices such as quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; or model-driven valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</td></tr> <tr><td height="8"> </td> <td height="8" colspan="2"> </td></tr> <tr><td valign="top"> Level 3</td> <td valign="bottom">  </td> <td valign="bottom">Unobservable inputs for the asset or liability. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability.</td></tr></table> The following tables present our assets and liabilities that are measured at fair value on a recurring basis and the levels of inputs used to measure fair value:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="64%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> Fair Value at </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="10" align="center">Fair Value Measurements at June 30, 2011 Using</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Description</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">June 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Assets:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Available-for-sale securities</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">161</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">161</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Liabilities:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Derivative financial instrument</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">166</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">166</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="16"> </td> <td height="16" colspan="4"> </td> <td height="16" colspan="12"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> Fair Value at </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="10" align="center"> Fair Value Measurements at December 31, 2010 Using </td> <td valign="bottom"> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Description </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> December 31, 2010 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> Level 1 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> Level 2 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> Level 3 </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Assets:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Available-for-sale securities</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">157</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">157</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Liabilities:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Derivative financial instrument</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">399</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">399</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr></table> The following is a description of the valuation techniques used for these assets and liabilities, as well as the level of input used to measure fair value: Available-for-sale securities – the investments are exchange-traded equity securities. Fair values for these investments are based on quoted prices in active markets and are therefore classified within Level 1 of the fair value hierarchy. Derivative financial instrument – the derivative is a pay-variable, receive fixed interest rate swap based on 30-day LIBOR. Fair value is based on model-derived valuations using the respective LIBOR rate, which is observed at quoted intervals for the full term of the swap and incorporates adjustments to appropriately reflect our nonperformance risk and the counterparty's nonperformance risk. Therefore, the derivative is classified within Level 2 of the fair value hierarchy. See Note 3.  </div>

418000

-416000

303703000

316060000

323673000

201069000

348177000

213191000

77993000

70025000

90420000

74532000

24311000

92000

21818000

46000

27026000

92000

22260000

47000

221543000

169220000

120494000

104798000

-1216000

-1704000

109173000

181808000

-2202000

27000

56627000

76155000

1791000

894000

1819000

997000

391925000

612736000

1237227000

1517892000

266005000

445346000

125000000

10016000

65016000

10000000

65000000

164435000

183374000

-6159000

164435000

183374000

0.40

0.4000

-22994000

-24612000

-4172000

-41051000

56830000

-42208000

38878000

35045000

43523000

36023000

14804000

13162000

19871000

16249000

36536000

3444000

33092000

32945000

3101000

29844000

40691000

3790000

36901000

33567000

3122000

30445000

36537000

32948000

40692000

33570000

10000000

79784000

70919000

92239000

75529000

<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">1.</td> <td valign="top" align="left">BASIS OF PRESENTATION </td></tr></table> <div> Basis of Consolidation Watsco, Inc. and its subsidiaries (collectively, "Watsco," which may be referred to as we, us or our) was incorporated in 1956 and is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies ("HVAC/R") in the HVAC/R distribution industry. The accompanying Watsco June 30, 2011 interim condensed consolidated unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to those rules and regulations, although we believe the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation have been included in the condensed consolidated unaudited financial statements herein. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2010 Annual Report on Form 10-K. The condensed consolidated unaudited financial statements contained in this report include the accounts of Watsco and all of its wholly-owned subsidiaries and include the accounts of two joint ventures in which Watsco maintains a 60% controlling interest (see Notes 6 and 7). All significant intercompany balances and transactions have been eliminated. </div> The results of operations for the quarter and six months ended June 30, 2011 are not necessarily indicative of the results to be expected for the year ending December 31, 2011. Sales of residential central air conditioners, heating equipment and parts and supplies are seasonal. Furthermore, results of operations can be impacted favorably or unfavorably based on weather patterns during the summer and winter selling seasons. Demand related to the residential central air conditioning replacement market is typically highest in the second and third quarters, and demand for heating equipment is usually highest in the fourth quarter. Demand related to the new construction sectors throughout most of the markets is fairly consistent during the year, except for dependence on housing completions and related weather and economic conditions <div> Use of Estimates The preparation of condensed consolidated unaudited 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 condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, inventory and income taxes, reserves related to self-insurance programs and valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.</div> . Recently Adopted Accounting Standards Revenue Arrangements with Multiple Deliverables On January 1, 2011, we adopted accounting guidance issued by the Financial Accounting Standards Board ("FASB") that amended the criteria for allocating a contract's consideration to individual services or products in multiple deliverable arrangements. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements. <div> Fair Value Measurement Disclosures On January 1, 2011, we adopted accounting guidance issued by the FASB that required new disclosures about significant transfers between Level 1 and 2 fair value measurements, including the reason for such transfers, and also required information about purchases, sales, issuances and settlements of Level 3 fair value measurements. The adoption of this guidance did not have a significant impact on our condensed consolidated unaudited financial statements.  </div> Credit Quality of Financing Receivables and the Allowance for Credit Losses On January 1, 2011, we adopted accounting guidance issued by the FASB that required new disclosures about the credit quality of financing receivables and their allowance for credit losses. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements because we do not have any financing receivables. Goodwill Impairment Testing On January 1, 2011, we adopted accounting guidance issued by the Emerging Issues Task Force ("EITF") of the FASB requiring that Step 2 of the goodwill impairment test be performed in circumstances where a reporting unit has a zero or negative carrying amount for which qualitative factors exist that indicate that goodwill may be impaired. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements. Supplementary Pro Forma Information for Business Combinations On January 1, 2011, we adopted accounting guidance issued by the EITF requiring pro forma financial information for business combinations to be presented as if the business combination occurred at the beginning of the prior annual reporting period when calculating both the current reporting period and the prior reporting period. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements. See Note 6. </div>

14493000

16300000

7672000

6820000

68000

47000

144000

73000

40000

29000

89000

45000

72000

41000

16000

2342000

2100000

2832000

2456000

2406000

35695000

38000

32338000

35707000

293000

2814000

16000

180000

3839000

5730000

32000000

0.5

3224000

3108000

7237000

55000000

2073000

374000

2808000

366000

2635000

228000

53682000

48207000

63394000

52272000

31221000

36178000

1816000

410000

-93000000

-191000000

18048000

14649000

11797000

7693000

90000

31000

387186000

395002000

1374560000

75000000

864805000

1417887000

883548000

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="68%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"> Quarter Ended June 30, </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"> Six Months Ended June 30, </td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2011 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2010 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2011 </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"> 2010 </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net income</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">52,272</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">48,207</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">63,394</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">53,682</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Changes in unrealized losses on derivative instrument, net of income tax expense of $45, $29, $89 and $40, respectively</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">73</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">144</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Changes in unrealized losses on available-for-sale securities, net of income tax benefit (expense) of $3, $10, $(1) and $5, respectively</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(14</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Comprehensive income</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">52,341</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48,240</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">63,541</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">53,746</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: comprehensive income attributable to noncontrolling interest</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,249</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13,162</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,871</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,804</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Comprehensive income attributable to Watsco, Inc.</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,092</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,078</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">43,670</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,942</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="60%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Quarter Ended June 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Six Months Ended June 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Basic Earnings per Share:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Net income attributable to Watsco, Inc. shareholders</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,023</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,045</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">43,523</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,878</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,456</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,100</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,832</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,342</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Earnings allocated to Watsco, Inc. shareholders</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,567</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,945</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,691</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,536</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Weighted-average Common and Class B common shares outstanding for basic earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">30,685,087</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,461,079</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">30,643,560</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,413,994</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Basic earnings per share for Common and Class B Common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.09</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.08</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.33</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.20</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Allocation of earnings for Basic:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,445</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29,844</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,901</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,092</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Class B common stock</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,122</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,101</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,790</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,444</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,567</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,945</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,691</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,536</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Diluted Earnings per Share:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Net income attributable to Watsco, Inc. shareholders</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,023</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,045</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">43,523</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,878</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,453</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,097</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,831</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,341</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Earnings allocated to Watsco, Inc. shareholders</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,570</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,948</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,692</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,537</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table>

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="87%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Cash</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Accounts receivable</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24,300</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Inventories</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">39,003</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Other current assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">773</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Property and equipment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,402</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Goodwill</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12,357</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Intangibles</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,600</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Other assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">202</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accounts payable</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,474</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Accrued expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,420</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Noncontrolling interest</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,519</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total preliminary purchase price</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">49,229</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table>

7295000

6212000

243889000

130150000

255938000

137662000

2907000

2986000

5111

48938

258

2527

764461000

787997000

928896000

971371000

9975

27240

8118

3864

7392

3395

132500

414602

22750

174850

13000

72300

6500

489000

1718000

416000

215000

473000

232000

114425000

146000

57000

<div> Use of Estimates The preparation of condensed consolidated unaudited 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 condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, inventory and income taxes, reserves related to self-insurance programs and valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.</div>

123142

108445

88973

85208

30537136

30569524

30732533

30770295

30413994

30461079

30643560

30685087

20600000 20600000 32957000 55790000 51135000 62848000 52436000 3115000 15824000 2866881 2854093 15 October 2011 90 2 6 14 28 2341000 2097000 2831000 2453000 0.54 0.54 0.45 0.48 16368000 15016000 19909000 16423000 2227000 888000 148000 148000 <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="60%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="top"> Diluted earnings per share for Common and Class B common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.09</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.08</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.32</td> <td valign="bottom" nowrap="nowrap">   </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.20</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="90%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Noncontrolling interest at December 31, 2010</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">164,435</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Return of capital contribution to noncontrolling interest</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32,000</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Distributions to noncontrolling interest</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,159</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Net income attributable to noncontrolling interest</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,871</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Share of carrying value of our locations contributed to Carrier Enterprise Northeast</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,708</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Fair value of noncontrolling interest in Carrier Enterprise Northeast</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,519</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Noncontrolling interest at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">183,374</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table> 238000 94000

EX-101.SCH 7 wso-20110630.xsd XBRL TAXONOMY EXTENSION SCHEMA 00100 - Statement - Condensed Consolidated Statements Of Income link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - Condensed Consolidated Statements Of Cash Flows link:presentationLink link:calculationLink link:definitionLink 40202 - Disclosure - Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Common Share) (Details) link:presentationLink link:calculationLink link:definitionLink 40203 - Disclosure - Earnings Per Share (Schedule Of Weighted-Average Basic And Diluted Common Shares Outstanding) (Details) link:presentationLink link:calculationLink link:definitionLink 40505 - Disclosure - Comprehensive Income (Details) link:presentationLink link:calculationLink link:definitionLink 40602 - Disclosure - Acquisitions (Schedule Of Purchase Price Allocation) (Details) link:presentationLink link:calculationLink link:definitionLink 40603 - Disclosure - Acquisitions (Schedule Of Unaudited Pro Forma Financial information From Joint Venture) (Details) link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink 00205 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Basis Of Presentation link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Earnings Per Share link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Derivative Financial Instrument link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Acquisitions link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - Shareholders' Equity link:presentationLink link:calculationLink link:definitionLink 10801 - Disclosure - Commitments And Contingencies link:presentationLink link:calculationLink link:definitionLink 10901 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 11001 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 20102 - Disclosure - Basis Of Presentation (Policy) link:presentationLink link:calculationLink link:definitionLink 30203 - Disclosure - Earnings Per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 30403 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 30503 - Disclosure - Comprehensive Income (Tables) link:presentationLink link:calculationLink link:definitionLink 30603 - Disclosure - Acquisitions (Tables) link:presentationLink link:calculationLink link:definitionLink 30703 - Disclosure - Shareholders' Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 40101 - Disclosure - Basis Of Presentation (Details) link:presentationLink link:calculationLink link:definitionLink 40201 - Disclosure - Earnings Per Share (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 40204 - Disclosure - Earnings Per Share (Schedule Of Diluted Earnings Per Share) (Details) link:presentationLink link:calculationLink link:definitionLink 40205 - Disclosure - Earnings Per Share (Anti-dilutive Schedule of Diluted Earnings Per Share) (Details) link:presentationLink link:calculationLink link:definitionLink 40301 - Disclosure - Derivative Financial Instrument (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 40401 - Disclosure - Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) link:presentationLink link:calculationLink link:definitionLink 40601 - Disclosure - Acquisitions (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 40701 - Disclosure - Shareholders' Equity (Common Stock Dividends, Non-Vested Stock And Stock Options) (Details) link:presentationLink link:calculationLink link:definitionLink 40702 - Disclosure - Shareholders' Equity (Employee Stock Purchase Plan And 401(k) Plan) (Details) link:presentationLink link:calculationLink link:definitionLink 40703 - Disclosure - Shareholders' Equity (Schedule Of Shareholders' Equity Attributable To Noncontrolling Interest) (Details) link:presentationLink link:calculationLink link:definitionLink 40801 - Disclosure - Commitments And Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 40901 - Disclosure - Related Party Transactions (Details) link:presentationLink link:calculationLink link:definitionLink 41001 - Disclosure - Subsequent Events (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 wso-20110630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 wso-20110630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 wso-20110630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document and Entity Information [Abstract] Document and Entity Information Statement [Table] Class of Stock [Axis] Class of Stock [Domain] Common Stock [Member] Class B Common Stock [Member] Statement [Line Items] Document Type Amendment Flag Document Period End Date Document Fiscal Year Focus Document Fiscal Period Focus Trading Symbol Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Condensed Consolidated Statements of Income Revenues Revenues, Total Cost of sales Cost of Goods and Services Sold, Total Gross Profit Gross profit Selling, general and administrative expenses Selling, General and Administrative Expense, Total Operating income Operating income Interest Expense Interest expense, net Interest Expense, Total Income before income taxes Income before income taxes Income taxes (Benefit) Income tax benefit Income Tax Expense (Benefit), Total Income taxes Net income Net income Less: net income attributable to noncontrolling interest Less: net income attributable to noncontrolling interest Less: net income attributable to noncontrolling interest Net Income (Loss) Attributable to Noncontrolling Interest, Total Net income attributable to noncontrolling interest Net income attributable to Watsco, Inc. shareholders Net income attributable to Watsco, Inc. Net income attributable to Watsco, Inc. shareholders Earnings Per Share Earnings per share for Common and Class B common stock: Basic Earnings Per Share, Basic, Total Basic earnings per share for Common and Class B Common stock Diluted Earnings Per Share, Diluted, Total Diluted earnings per share for Common and Class B common stock Condensed Consolidated Balance Sheets AssetsAbstract ASSETS Current assets: Cash and cash equivalents Cash and cash equivalents at end of period Cash and cash equivalents at beginning of period Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value, Total Accounts receivable, net Accounts Receivable, Net, Current, Total Inventories Inventory, Net, Total Other current assets Total current assets Total current assets Property and equipment, net Property, Plant and Equipment, Net, Ending Balance Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Total Goodwill Goodwill, Ending Balance Goodwill, Beginning Balance Goodwill, Total Intangible assets Intangible assets, net Intangible Assets, Net (Excluding Goodwill), Total Other assets Other Assets, Noncurrent, Total Assets Assets, total LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Other Long-term Debt, Current Current portion of long-term obligations Accounts payable Accounts Payable, Current, Total Accrued expenses and other current liabilities Accrued Liabilities, Current, Total Total current liabilities Total current liabilities Long-term obligations: Borrowings under revolving credit agreements Other long-term obligations, net of current portion Total long-term obligations Total long-term obligations Deferred Tax and Other Liabilities, Noncurrent Deferred income taxes and other liabilities Commitments and contingencies (Notes 10 and 12) Commitments and contingencies Watsco, Inc. shareholders' equity: Common stock, $0.50 par value, 60,000,000 shares authorized; 34,447,037 and 34,209,913 shares issued in 2010 and 2009, respectively Common Stock, Value, Issued, Ending Balance Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Total Common stock, $0.50 par value Preferred stock, $0.50 par value, 10,000,000 shares authorized; no shares issued Preferred stock, $0.50 par value Preferred Stock, Value, Issued, Ending Balance Preferred Stock, Value, Issued, Beginning Balance Preferred Stock, Value, Issued, Total Preferred stock, $.50 par value Paid-in capital Additional Paid in Capital, Ending Balance Additional Paid in Capital, Beginning Balance Additional Paid in Capital, Total Accumulated other comprehensive loss, net of tax Accumulated other comprehensive loss, net of tax Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax, Total Retained earnings Retained Earnings (Accumulated Deficit), Ending Balance Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Total Treasury stock, at cost Treasury stock, at cost Treasury Stock, Value, Ending Balance Treasury Stock, Value, Beginning Balance Total Watsco, Inc. shareholders' equity Stockholders' Equity Attributable to Parent, Ending Balance Stockholders' Equity Attributable to Parent, Beginning Balance Total Watsco, Inc. shareholders' equity Noncontrolling interest Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance Stockholders' Equity Attributable to Noncontrolling Interest, Total Total shareholders' equity Ending balance Beginning balance Total shareholders' equity Liabilities and Stockholders' Equity Liabilities and shareholders' equity, total Common stock, par value Preferred stock, par value Condensed Consolidated Statements of Cash Flows Cash flows from operating activities: Adjustments to reconcile net income to net cash used in operating activities: Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization Depreciation, Depletion and Amortization, Total Share-based compensation Share-based Compensation, Total Provision for doubtful accounts Provision for doubtful accounts Gain on sale of property and equipment Loss (gain) on sale of property and equipment Gain (Loss) on Sale of Property Plant Equipment, Total Increase (Decrease) in Deferred Income Taxes Deferred income tax provision Deferred income tax provision Stock Issued During Period, Value, Employee Benefit Plan Non-cash contribution for 401(k) plans Common stock issued to profit sharing retirement plans, contribution Excess Tax Benefit from Share-based Compensation, Operating Activities Excess tax benefits from share-based compensation Changes in operating assets and liabilities: Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable Accounts receivable Increase (Decrease) in Inventories Inventories Increase (Decrease) in Inventories, Total Accounts payable and other liabilities Increase (Decrease) in Accounts Payable, Total Increase (Decrease) in Other Operating Assets and Liabilities, Net Other, net Other, net Increase (Decrease) in Other Operating Assets and Liabilities, Net, Total Net cash provided by operating activities Net cash (used in) provided by operating activities Cash flows from investing activities: Business acquisitions, net of cash acquired Business acquisitions, net of cash acquired Payments for (Proceeds from) Businesses and Interest in Affiliates, Total Capital expenditures Capital expenditures Payments to Acquire Property, Plant, and Equipment, Total Proceeds from sale of property and equipment Proceeds from Sale of Property, Plant, and Equipment, Total Net cash used in investing activities Net cash used in investing activities Cash flows from financing activities: Dividends on Common and Class B common stock Dividends on Common and Class B common stock Payments to Noncontrolling Interests Return of capital contribution to noncontrolling interest Return of capital contribution to noncontrolling interest Return of capital contribution to noncontrolling interest Payment of dividends or other distributions to noncontrolling interest holders. Cash Distribution To Noncontrolling Interest Distributions to noncontrolling interest Distribution to noncontrolling interest Payments of Debt Restructuring Costs Costs related to amendment of revolving credit agreement Net repayments of other long-term obligations Net repayments of other long-term obligations Excess tax benefit from share-based compensation Excess tax benefits from share-based compensation Net proceeds from issuances of common stock Proceeds from Long-term Lines of Credit Net proceeds under revolving credit agreements Net cash used in financing activities Net cash used in financing activities Net increase in cash and cash equivalents Net (decrease) increase in cash and cash equivalents Supplemental cash flow information: Share of carrying value of our locations contributed to Carrier Enterprise Northeast Net assets of locations contributed to joint venture Consideration for contribution of 14 locations in joint venture Basis Of Presentation [Abstract] Basis Of Presentation Organization Consolidation And Presentation Of Financial Statements Disclosure Text Block Basis Of Presentation Basis of Presentation Earnings Per Share [TextBlock] EarningsPerShareTextBlock Earnings Per Share Earnings Per Share Derivative Financial Instrument Derivative Instruments And Hedging Activities Disclosure [TextBlock] Derivative Financial Instrument Fair Value Measurements Fair Value Disclosures [TextBlock] FairValueDisclosuresTextBlock Fair Value Measurements Comprehensive Income (Loss) Note [Abstract] Comprehensive Income Comprehensive Income Note [TextBlock] COMPREHENSIVE INCOME Comprehensive Income Acquisitions Business Combination Disclosure Text Block Acquisitions Shareholders' Equity Stockholders Equity Note Disclosure [TextBlock] Shareholders' Equity Commitments And Contingencies Commitments And Contingencies Disclosure [TextBlock] Commitments And Contingencies Related Party Transactions dup_1_Related Party Transaction, Due from (to) Related Party, Noncurrent, Total Related Party Transactions Disclosure [TextBlock] Related Party Transactions Subsequent Events Subsequent Events [Text Block] Subsequent Events Consolidation, Policy [Policy Text Block] Basis Of Consolidation Use of Estimates, Policy [Policy Text Block] Use Of Estimates Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule Of Basic And Diluted Earnings Per Common Share Schedule of Weighted Average Number of Shares [Table Text Block] Schedule Of Weighted-Average Basic And Diluted Common Shares Outstanding Schedule of diluted earnings per share for all classes of common stock Schedule of diluted earnings per share for all classes of common stock Schedule of diluted earnings per share for Common and Class B Common Stock Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] Schedule of anti-dilutive stock options Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Table Text Block] Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Schedule of Comprehensive Income (Loss) [Table Text Block] Schedule Of Comprehensive Income Components of Comprehensive Income Schedule of Purchase Price Allocation [Table Text Block] Schedule Of Purchase Price Allocation Business Acquisition, Pro Forma Information [Table Text Block] Schedule Of Unaudited Pro Forma Financial Information From Joint Venture Schedule of Shareholders' Equity Attributable to Noncontrolling Interest [Table Text Block] Schedule of Shareholders' Equity Attributable to Noncontrolling Interest [Table Text Block] Schedule Of Shareholders' Equity Attributable To Noncontrolling Interest Distributions to noncontrolling interest Number Of Joint Ventures Number Of Joint Ventures Number of joint ventures Controlling interest, percent ownership Controlling Interest in Carrier Enterprise Northeast, LLC Controlling interest in Carrier Enterprise, LLC Convertible Class B common stock outstanding. Convertible Class B Common Stock Outstanding Conversion of stock into common stock, shares convertible Schedule of Basic and Diluted Earnings Per Common Share [Table] Schedule of Basic and Diluted Earnings Per Common Share [Table] Basic Earnings per Share: Participating Securities, Distributed and Undistributed Earnings Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock Earnings allocated to Watsco, Inc. shareholders Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock Net Income (Loss) Available to Common Stockholders, Basic Earnings allocated to Watsco, Inc. shareholders Weighted Average Number of Shares Outstanding, Basic Weighted-average Common and Class B common shares outstanding for basic earnings per share Weighted Average Number of Shares Outstanding, Basic, Total Weighted-average Common and Class B common shares outstanding for basic earnings per share Diluted Earnings per Share: Participating Securities, Distributed and Undistributed Earnings, After Dilution Participating Securities, Distributed and Undistributed Earnings, After Dilution Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock Net Income (Loss) Available to Common Stockholders, Diluted Earnings allocated to Watsco, Inc. shareholders Earnings allocated to Watsco, Inc. shareholders Weighted Average Number Diluted Shares Outstanding Adjustment Weighted Average Number Diluted Shares Outstanding Adjustment, Total Effect of dilutive stock options Weighted Average Number of Shares Outstanding, Diluted Weighted-average Common and Class B common shares outstanding for diluted earnings per share Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Anti-dilutive stock options not included above Diluted earnings per share, excluded shares Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table] Number of Interest Rate Derivatives Held Number of interest rate swap agreements held Notional Amount of Interest Rate Cash Flow Hedge Derivatives Notional value of interest rate swap Interest rate swap maturity date Interest rate swap maturity date Derivative, Fixed Interest Rate Interest rate swap fixed rate Cash Flow Hedge Derivative Instrument Liabilities at Fair Value Negative fair value of derivative financial instrument included in accrued expenses and other current liabilities Unrealized loss accumulated in other comprehensive income associated with derivative instruments net of tax. Unrealized Loss On Deriviative Instrument Net Of Tax Accumulated In O C I Unrealized loss accumulated in other comprehensive income associated with derivative instruments Unrecognized Tax Benefits Unrecognized Tax Benefits, Ending Balance Unrecognized Tax Benefits, Beginning Balance Deferred tax benefit Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total Reclassification of unrealized losses from accumulated OCL to earnings Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred Estimated derivative amount to be reclassified from accumulated OCL to earnings in the next four months Derivative, Variable Interest Rate Current 30-day LIBOR-based average receive rate Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table] Fair Value, Hierarchy [Axis] Fair Value, Measurements, Fair Value Hierarchy [Domain] Level 1 [Member] Level 2 [Member] Level 3 [Member] Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] Assets: Available-for-sale Securities, Fair Value Disclosure Available-for-sale securities Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] Liabilities: Derivative Financial Instruments, Liabilities, Fair Value Disclosure Derivative financial instrument Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax Changes in unrealized losses on derivative instrument, net of income tax expense of $45, $29, $89 and $40, respectively Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax, Total Changes in unrealized losses on available-for-sale securities, net of income tax benefit (expense) of $3, $10, $(1) and $5, respectively Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest Comprehensive income Comprehensive income Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest, Total Less: comprehensive income attributable to noncontrolling interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income attributable to Watsco, Inc. Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax Changes in unrealized losses on derivative instrument, income tax expense Available-for-sale Securities, Income Tax Expense on Change in Unrealized Holding Gain (Loss) Changes in unrealized losses on available-for-sale securities, income tax benefit (expense) Income tax expense attributable to available-for-sale securities Statement, Equity Components [Axis] Equity Component [Domain] Noncontrolling Interest [Member] Difference between fair value and carrying value [Member] Difference between fair value and carrying value [Member] Statement, Geographical [Axis] Segment, Geographical [Domain] Tennessee [Member] Tennessee [Member] Acquired Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Customer Relationships [Member] Trade Names and Distribution Rights [Member] Trade Names and Distribution Rights [Member] Related Party Transactions, by Related Party [Axis] Related Party [Domain] Carrier Enterprise Northeast [Member] Carrier [Member] EX-101.PRE 11 wso-20110630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 12 g203313g78q18.jpg GRAPHIC begin 644 g203313g78q18.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`)`"Q`P$1``(1`0,1`?_$`,0```$%``(#```````` M``````H`!P@)"P4&`@,$`0`"`P$!`0$`````````````!P0%!@,!`@@0```% M`@0#!08"!`D-`0````$"`P0%!@<1$@@)`!,4(146%Q@Q02(C&0HR&H%")"51 M87&AL3-3DR:1T>%2@M)#8S2DU$96-Q$``0(#!00'!`<$"`<``````1$"``,$ M(3$2!09!41,487&!D:$B%?`R%@>QP='A4B,70F(S)O&"DD-4)64GHK+2PR0T M-?_:``P#`0`"$0,1`#\`/XX((7!!"X((7!!"X((7!!"X((7!!"X((7!!%&VZ M[N>'TDWMT.Z2K52K8M]-4^I&S#"IG)4VKXU!6`6N=3D)6LF\9NVCQN#^X1E% M8..$0(=(HNER&`Z1!'1Y'IFHS6CJLQ_N)#">LHO@Q3YGG-)ETR7)>?S7 MD>)]NR+QBB(F-V!E#L#^,??B'NXS$I['@X;PX@]ABW0AW0D>?'2/87!!"X(( M7!!"X((7!!"X((7!!"X((7!!"X((!,WY-:N[SMV:TW9[<:M*LAM-5ZV:-?V' M:>!K;NZ>I]Q")Q[2K[52SQ]1SV2=GAYGHILR;,4SJVLJ!V*":)"*+% MB'381$2(F$-5K?21]C M;--(6FJ,DVM8/X9TZ:5E>RII*HZ3FW;6EBN6[YZF(*IMTX1BDH(`=;'AU9=I M'*\OTN_-6N5NV=A MA\]<_P!R+J#MG5T7HSV_!1OG7=L31%J*LU6UE1XW$K&^-VJ60/"5R>V5H*6C MV4'*-7]0,UN6\(!@64`W3-!0*"IZ_)="4<^A9G&;3>%3SE(;:$`<0!>+4%J6 M199EJB9*J7970`S*J6@)";0+22"EIL4=.Z(3'W<_N;E1`I;<7]`Q>TP([=DH M`8&^(AA*%#J&+F*/O$>+N7IC0$DE\^J#@ZP7@`B]/-$:3G&I'8F\!`T*%>"> MTX1'WQF_[OQ:9Y>`K34U;*3D;=+RJ;)W"7QTDU#9""J%=5,YB0T;<-E"0"D/ M)N`3P3PZDV(YN28`P'TZ%T=7@MRZL',.",:M[C8T7F\Q"J-59]2'_P`BG22O MF(<"0T>\40&P6WA(+7V[=Y"RFO\`TIW.U`05)5C35R-/E,NY>_%@8-H]K6L8 M>0;0$C/QZ5NDXMFA(7&BJM:QJB<2L@U1<+.RF;JHIJERBK\WTU6Y)FHH*SRX MR`";K2BGZ8W.59Y3YGE[JBD1[@%Z?K(^J,['4;JYU07JW%YC5K7='U;%:EFU M^:+K"@[/5=1M0A.46YHJ>C9&SEHQH!VA'U"J,.P0CVYF1$TW$BX7.<`,9;$? MT-D^2991Z7Y1LP,I7RSB>VPO!4E2+TNVPF,VS3,IVJ&++#R#8TVA=^Y+.SK@ MJ#13NX[R]>7/JFX>MFU,=INT8Z=K;U??'4;6=4Z5Z[MY4$O2E+,54HBW%MWU M;S#)K)UW6U2.&S5$J(**-T044$/PXJ'--,Z8ERY*7[2 M3T=,,+*L\SV9QIV;2VLIY04(EMMHNL&[IB*9?NI=QF[%6U6AIUT/4;5=/1[T M[R.@:?IJ[EUJOIVFG;U1"#7K56CF9T6SY\0F0Y@011%QG(EF`F8;8_+O+,OI MY9S2IP3'$7DW+$61J[,:V>\44ESY+5M0`*FRU;#'*'^XJWOG8F*SVXWJ0D#, M/+TS:EW78/8'8,;C[>.GP=H[_&^/WQT^(-1;)'@(G#MM;K^]7K5U?VQLY_V$6V55V>UE2WF989)6V[VV?1%P>[!N[V M5VLK:TY)U7#/[FWJN4E+DM-9J$DVL6YFB1')*_J:L9Q0CH])42Q4<%3%[TRZ MCAR((MTE%`-DRNF].5^H)SI-.O":5+MPNOBVSS.:/)9?$GN`>E@6\]`53N0= M=D";+?=*[I5;OI26MU8*T84^=ZH5I'TW:RYEQ&\.`]A8M>H6$B4'SI`P"!C' M334,(#\`>SAI_IOIVDD@YC6X)J6A=U\+DZUU%4S5H*4FG6Q0`2-]NSINCX5? MN3=ZIR(=!I^I;.91,J:#72M=Q\LL)Q$H))D,_3Q4.<0*7$0Q,.'\?'Q,T/HR M72&JYXE-B_?$J3J75<^>&"G#0O[A^TP1K>K>%J?;5T(V$N!N'LX6N]=M\*5E M:IB=/EG8U&E6;1981DF3"HW+Z3F"TG35)1C]FTE)98%E'$ES4FJ"IB&`J_R[ M3$W/L[G4>2DOH99`#RMR!3WJG?MC8U>?2LIRQE1FGEJ7CW;`223AL&TA+!=M MN@>9W]UON05G+3+^W6FVRZ$&,@OT,+$4K&NJP*@6$+=W1B9FL,^=/+Z60XTC@K5:T+U$F[OZ M8X>0^Z(W9F+922>:?K7Q$8R$JSY[(V1NJU8(H%-B;JGKR0119IG`!#.-(X[_NJ,J*21CY:F*N>HMUC-HUX@JBZ,3EH M.E%1*F;%ZGT-49&L^0_BTPVCVM]KXU.2ZMI\U?PRW`^RPV'M^WO2"9,YO[0W M\W^_Q@\3_P`(C9<1F[PBL?=YV]J=W'-&%P;,E:,$;M4TW7N'8&IW/)14IZZT M`S7-$,5':J:@MX2M&@K0TEAV=(\,?\29!"[TQFT_(G`1<6N=.R]096S/,K M\TX!4`OZ%]K4A:Z,S1V4YA-R:O^H1QMUV6IK255HDKW<&MIW^YD6;KI9^U5A7 M!.YKAIR8I'3/#5=,5"*]+I%4P$I49%4GQ(`/"MT3I%YSZ>_,0[EJ:9BM%A2W MZ+=MXVB&#J74;:3*6OA]L*MF#0Z[TF[:.LK=LN%`O(^Z M]0:7[SQ>E9!9,$9"C+8M:.DV2MRXU)9J5Y'2U?U(D3HU!`,L&R2,4,CLW%YK M3.&9MJ*ER2D<&4+'L5+0J@HE@W%.J*S2V4G+,KGYE5>>J>TDJEY!VVW*A.TX MH:C[1:Q-(5WJWU"WLJJ/CINH[$68I&*H5>10*Y1AYE@WD$$G+:!>O(J69IN"&Z>7@Y)NDZ9K MD$JB+A(IRB`@'$_*7S9&9T\R62'B>P@K^\(BUDN744LR2ZYTMPZE!M@"7[2> MM)J-W$KB4FW>N20];:4:K<3C,A@Z:1?497E".(9\^3_MV1IEWR3%_#U*@>_A MR?,V7S&34U9-*U*CS;UL^N%AH(Y>3]RC48@*@ M&+N!:6E"FSB!@YJEEEA`HAVE`!_#_`'$[)W/=\O&%Y)#9+_^9R"(>8.>S7K0 MTH"[=TP=)O2V@KZ^^UUK/ME;*+>S];R]I'LM"P$S_`.&3,HZJ2YZ$^8"TVKU>PBX\_P!Y!<;*`HZ"*#[?9S-2DIV_H"TG M9QB_TF=_BC_8'_5%^?F71_X6?_9B>V@O[IZQFIR[E#V1U'6,EM-M07,J-C2% M'5U$URUN);`U2SKQ)A3414LBO#4K-TV$R]."!'IFB[--P=,BATP/G"@U%\L\ MQRK+7YC3S#-EL=:$10E]A.V_V6XR;6M-F-6V7A$L.N#K';KC8>RU-EA@G_`$TT\FBX4*>$I.10HYS.*1G-*8&SE]-UW(.A M,0N4RV`B(X!AO]'4C:+0TROIG<.I,LDE/>*FS[^R,;J>8ZNU=*H:IN*G8[$` M#O"6]26C=&DU8VQEJ]-UJZ,LM92BH&WMMZ"A64%35,T^P1:,VC1L7`RZPD`% MGL@]6.=9RY6.=9PNH=0YA,8>$%4U\ZNJGS:I[GS2=IZ-G1#=I*>73R1+E-:T M):=^]=ZP[1B"`%RFRCB`8@`]OO#'*)>S^;CBJV&Z.G#`?B;8-T9BF]C*U-JG MWV;@6QT7YOZ=M,%)N$%!4\*T5-I4,C(+Q:3D>G0-. M.FJR6D^U-+61L#;ZGKY\TO*JL-B52RI#1+EL:)0"`0]$G%1LO'OHN58 MLI*-D6B[*0CY%J@^8/F;E,R3AJ]9N2*-W;9=(YBG34*8ABB("`AQQ,R8P8I; MBQXN<-AW]D?9DRG@MW=NT-7>EZ"0MS`-&MD=3M)TO M#%Z2$HFMPJIPYDV-)MT3`:-IYY-4AU:;1,2IM3.U4D0(CE(#]T--F9WI"HIZ M]W%F,8[S&]1T=/7"@U%(E9)J6GJ*4%LM[P"W8A&_VV;HT!_6<]_^;2_N'O\` MGX5'H+=[O"&7ZJW<.\_9$_C`!2G$`[<#&[!P$1P_A]PCA[>,NX%P+04)%\7% MUUL9ZWW1>W"[LIJ!BM>EMJ?53M-J0D&\!>=-FT4%I2%^4&)6S&=<)HH%2:L; MKP#`N(J&Q/,,EQ$<[@N+P^66I0R4VB>Y%RI?<2NY3AE*`M/(25'Z9&LHV.#.H[H*H*,:RN< MT;.&PMW\?0K%8\7'."G$"RRK@Y!`[4!"%\R=2\*5Z!1>\"DQHO"E4/200=MB M[XEZ%R*8&C.JYIX\P*%OLL";>GNW1=Q]QWMOK:T-'9KSVTIYW)ZA=)[6;KFE M&D8B"\K6ML72;=6Y]`HHI(**OY`8R/)+1B8C@#QB)``16'C(:'SUV19NQ\QZ M4\PX7="W?9W1IM5Y))SC*YCR!S#0HWV%>M!:J;#U(#!M5:!:GW*M8EN;!,SR M+>UT=EK^^]3-C+F2I6S$7)-UI=DR<$3,G'3-=/W18F,*?`@N7BJP%'EG'AS: MPSFBR3)W3J4LYFI!0"]P<.CM\85NDHZL;"U192FH]H`,X^!BWE$N*6IA%N"`8-VD,8K;` M`*``4F`!AQ^L?*S!EV;/:P$`6J180EAWCK0[(3F35[]*9W/H:X M<*F+BCC8""%OM%A(V#:+`8-X;?<2[0"K)H]5U:G(IY&Q< M7'-4:0YKE](/ER(HD+VG4.`?Q\=Y.C-0T-3+J:B2]LMCVN)-P`()-VQ(YG4> M6SPZ6QPQ83^!/_`+4H@LMTY\T6(""H:6+R-E4E`."W-3K"VJ@HF*80 M$IT03,!BB4IBX8&[0X9'S%8\Z9IYB>7RV]HC#Z)X463HR$@;2S4G/,VG+YK]H5E#NCIBF! M@6%$Q2XB`AQ+T]+?5:!%/3C'/,EXPB]<3HKL[[A,4^D=2/-!(R_Y@4[!+D,JV2QL]C$5V8:=9[K MI!6^[;]'A'6AN+]I6)Q=&AMN,#G'M`;-I$`HAV?],-%`5+#W_"`8^WCMPOF+ MNK/".8JM.'^\D_\`%]L!S[J4AHLD-?U9O]M9O$,[`K'M8XI).A8MW$4.:ZP# M&&GCVMC7#=LNRIY25*S`J944D>\N>*)!)E'AKY'3YL[1TTZBFX'<-Y1]]A*+ MTGNNA8Z@FTLS5-/Z0CCC"X>K^E-J61-7[A&RMSM-NYY'ZAEZ<]]+V/OQ M1L])MU4X67N?;FFZ2BJ^@73M,H(#,Q52TFW-UQ M%9$`$Y$SXE!59AHO.:7,'B53S72U\I`L(-UYOV=<,"DU5E$U@<*B667+:;4M MV?2D/Z;?9VB28YM>=E,/8(<^IS>T!]WAP>SCX.D-3"^BG=P^V)XSS*#=42^^ M,_W=[O?:"I-V.Z&JO2Q=:FKUT)4-9V.OA2E5TTZDD8I"KZ0BZ0+)TNNZ=L(] MXR68S5$`*@E3/E2U\J61B(N`2_Q[$@\'2WOY[9VHFUU/U]4&I*@[#5>\CD25;:B]DZSHFK: M3GD`*24:!UYRQ4Y&&1VL81B\D9'7IIOZ1LD85"QUPHZ8=X=I3 MHW^3DYUMEV_MB5ZWE3?-S$KO@!O7M>YQO M<;P]'Q.G*DYE>EZTG[;6&MFHO'.4)R8MG0L^Y>UG=JH6Q"O#0<(BVD)23`RA M2E;Q:;<%@*J8X<.')J9VC]'S3F"R:J8T^5UA)]K(6=5,.J=3-%)^=227*7-N M%FTV;KNN-)CT\4-_SO[AG_XW"9]>J=S?&&/Z33_C/A#_`(^P?Y!_HXH9B\-V M'WL)3NBY%\5V[K'I&]`NHSUS]?Z:?!8>-O#_`$_CGO+O)CX1\L^=\WS,\4]' MW'R/G==DP^'-Q/ROG^=E\CBYA/V56XK=;W6JB6Q%J>5Y-_-X<"CWD15"*MG6 MMB7V0[NA7TX>CS35Z1^A]-OE-2/E!T?3\WPQW8'+[ZY'_MW7]3WUG^?WOU7. M^;GX\K^>YR9ZEBY[%YUO79?T(G1'M)R_+,Y1.72Q+K_M6)6N\O(5S\O)R5>9 MSLO)Y>0<_.S_``\K+^+'LPQQXKJCC<$\NO&4)WQV.%?S/X2%=R)MBAS9@^F+ MXSW!?I^YO%'JRJ+SF[S[EY?(YBGA;RE[O^/T[]]=[^'<.WJ^JS?\/C19IZWR M]-ZKCX?#\JJEWG89OIZ+Q/,E]X[;HOI/E^'-[,3?R8Y1]ONPRX^WLX MHXNH'FWG_H4](?ZD?EKYQ=#&=V>6O4>J[NCF-^AZ;R[_`,?>'^5ER]X_L?)_ M!V<:/3GQ'S'^4XT7RWIX=,9?//0;?44Q;4PKT*OEW7VW;(%Z=?E.>I5Y'U*N M5\63H/,KILFKRUGI]]7/G?R*T\L?4=XV\`>)O!TOR>B[_`/W)X^[LZGP[F^=WEDY7 MS^5Q79Q^H_!/.8.%9BPXO=4+?L3WDV+$F@^">,[E^65+/ M&F#U?#R*M1,27V(MB*ET6]%Z-S?^5X.-;BPX%NMQ8?-U+$C-_;Z'WC MFW'U!_,3U']QE[A]+^?SS\!=TGZW''1OQEA? MZ+_Z^(HJX>F[IWV+TQ&S[X94^K)Q$'O8;[$1=J?AMP_NP-E(_EDN@6[K^JSS M\PY>E\'?[>'7?L&&']K^CMX9(_57EV\7EN%B.&]52V,M4_IY@;P^%S"^9<*I MLOMOW=MD=*EORXOR.[OJXY.5\WI_*+EYW,\Z'ZNG+P1Y63T^XYLOQY>I^;AC[>;\. M/LXF?[B?Z;XQ'?\`!NS#V8?;J2)Q[8WY>WUMV*[P]<_C?QM">4WJS\H/(GS/ MZDO@?Q=Y=?/ZOOKE]V=Y?NWO/DFOYO@'^FEZ4)?ZFWAWRI[T-X(R<[S@\:8H_\`X7W' M_C/QITV'.[J[>CQZGY6/"OT]\1\]_+N+B)YT5,*V+VW=-T;[,?3>6=S^'!AV MI=T8K-RK9O@$2<_+B=:X\.?5HZ;F..DR^4F3D]0IR^7XD_:OZK##F_,_UOBQ MX<$G]2N"WB+]G"GA8G5'`J?E[.>GE^K=^`2_@U?R_>_=PJO2GA'LA/H*]9&=]?5NZ M#F?MV3TFYN1B&;+W5^\<UT&:;#GT1^X)_Z<7,\[N@<>.?4%CZLO#N9MU6/B7]Z>`^?DYONV"-_\O\` *W/&!MC0^3HC_V3\_ ` end XML 13 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 18,627	$ 126,498
Accounts receivable, net	435,016	305,088
Inventories	612,736	391,925
Other current assets	16,300	14,493
Total current assets	1,082,679	838,004
Property and equipment, net	36,178	31,221
Goodwill	316,060	303,703
Intangible assets, net	76,155	56,627
Other assets	6,820	7,672
Assets, total	1,517,892	1,237,227
Current liabilities:
Current portion of long-term obligations	41	72
Accounts payable	349,350	182,185
Accrued expenses and other current liabilities	95,955	83,748
Total current liabilities	445,346	266,005
Long-term obligations:
Borrowings under revolving credit agreements	65,000	10,000
Other long-term obligations, net of current portion	16	16
Total long-term obligations	65,016	10,016
Deferred income taxes and other liabilities	36,159	32,310
Commitments and contingencies
Watsco, Inc. shareholders' equity:
Preferred stock, $.50 par value
Paid-in capital	488,209	472,883
Accumulated other comprehensive loss, net of tax	(446)	(593)
Retained earnings	395,002	387,186
Treasury stock, at cost	(114,425)	(114,425)
Total Watsco, Inc. shareholders' equity	787,997	764,461
Noncontrolling interest	183,374	164,435
Total shareholders' equity	971,371	928,896
Liabilities and shareholders' equity, total	1,517,892	1,237,227
Common Stock [Member]
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	17,303	17,223
Class B Common Stock [Member]
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	$ 2,354	$ 2,187

XML 14 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Preferred stock, par value	$ 0.5	$ 0.5
Common Stock [Member]
Common stock, par value	$ 0.5	$ 0.5
Class B Common Stock [Member]
Common stock, par value	$ 0.5	$ 0.5

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

XML 15 R23.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Narrative) (Details) (Class B Common Stock [Member])	Jun. 30, 2011	Jun. 30, 2010
Class B Common Stock [Member]
Conversion of stock into common stock, shares convertible	2,854,093	2,866,881

XML 16 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2011	Aug. 03, 2011 Common Stock [Member]	Aug. 03, 2011 Class B Common Stock [Member]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Trading Symbol	WSO
Entity Registrant Name	WATSCO INC
Entity Central Index Key	0000105016
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		28,286,850	4,658,445

XML 17 R26.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Schedule Of Diluted Earnings Per Share) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Earnings Per Share
Diluted earnings per share for Common and Class B common stock	$ 1.09	$ 1.08	$ 1.32	$ 1.20

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

XML 18 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'

'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'

'+ "\n"+' '+ "\n"+'

'+ "\n"+'

'+raw+'

'+ "\n"+'

'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 19 R12.htm IDEA: XBRL DOCUMENT

Shareholders' Equity

6 Months Ended

Jun. 30, 2011

Shareholders' Equity

Shareholders' Equity

7.	SHAREHOLDERS' EQUITY

Common Stock Dividends

Non-Vested (Restricted) Stock

Stock Options

Employee Stock Purchase Plan

401(k) Plans

Noncontrolling Interest

We have a 60% controlling interest in both Carrier Enterprise, LLC ("Carrier Enterprise") and Carrier Enterprise Northeast, and Carrier has a 40% noncontrolling interest. The following table reconciles shareholders' equity attributable to the noncontrolling interest:


Noncontrolling interest at December 31, 2010	$	164,435
Return of capital contribution to noncontrolling interest		(32,000	)
Distributions to noncontrolling interest		(6,159	)
Net income attributable to noncontrolling interest		19,871
Share of carrying value of our locations contributed to Carrier Enterprise Northeast		7,708
Fair value of noncontrolling interest in Carrier Enterprise Northeast		29,519

Noncontrolling interest at June 30, 2011	$	183,374

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

XML 20 R27.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Anti-dilutive Schedule of Diluted Earnings Per Share) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Earnings Per Share
Anti-dilutive stock options not included above	3,297	84,000	3,050	117,561

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

+ Details

XML 21 R38.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Related Party Transactions
Percentage of total purchases from Carrier Corporation and its affiliates	48.00%	54.00%	45.00%	54.00%
Amount payable to Carrier Corporation and its affiliates, net of receivables	$ 191,000		$ 191,000		$ 93,000
Revenues from sales to Carrier Corporation and its affiliates	7,693	14,649	11,797	18,048
Fees related to Transactional Services Agreements with Carrier Corporation	$ 148	$ 888	$ 148	$ 2,227

- Definition

Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.

+ References+ Details

XML 22 R25.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Schedule Of Weighted-Average Basic And Diluted Common Shares Outstanding) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Weighted-average Common and Class B common shares outstanding for basic earnings per share	30,685,087	30,461,079	30,643,560	30,413,994
Class B Common Stock [Member]
Weighted-average Common and Class B common shares outstanding for basic earnings per share	30,685,087	30,461,079	30,643,560	30,413,994
Effect of dilutive stock options	85,208	108,445	88,973	123,142
Weighted-average Common and Class B common shares outstanding for diluted earnings per share	30,770,295	30,569,524	30,732,533	30,537,136

- Definition

The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.

+ References+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References+ Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

XML 23 R17.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Schedule Of Basic And Diluted Earnings Per Common Share


	Quarter Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Basic Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$	36,023	$	35,045	$	43,523	$	38,878
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock		2,456		2,100		2,832		2,342

Earnings allocated to Watsco, Inc. shareholders	$	33,567	$	32,945	$	40,691	$	36,536

Weighted-average Common and Class B common shares outstanding for basic earnings per share		30,685,087		30,461,079		30,643,560		30,413,994
Basic earnings per share for Common and Class B Common stock	$	1.09	$	1.08	$	1.33	$	1.20
Allocation of earnings for Basic:
Common stock	$	30,445	$	29,844	$	36,901	$	33,092
Class B common stock		3,122		3,101		3,790		3,444

	$	33,567	$	32,945	$	40,691	$	36,536

Diluted Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$	36,023	$	35,045	$	43,523	$	38,878
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock		2,453		2,097		2,831		2,341

Earnings allocated to Watsco, Inc. shareholders	$	33,570	$	32,948	$	40,692	$	36,537

Schedule Of Weighted-Average Basic And Diluted Common Shares Outstanding


Weighted-average Common and Class B common shares outstanding for basic earnings per share	30,685,087	30,461,079	30,643,560	30,413,994
Effect of dilutive stock options	85,208	108,445	88,973	123,142

Weighted-average Common and Class B common shares outstanding for diluted earnings per share	30,770,295	30,569,524	30,732,533	30,537,136

Schedule of diluted earnings per share for Common and Class B Common Stock


Diluted earnings per share for Common and Class B common stock		$	1.09			$	1.08			$	1.32			$	1.20

Schedule of anti-dilutive stock options


Anti-dilutive stock options not included above			3,297				84,000				3,050				117,561

XML 24 R8.htm IDEA: XBRL DOCUMENT

Derivative Financial Instrument

6 Months Ended

Jun. 30, 2011

Derivative Financial Instrument

Derivative Financial Instrument

3.	DERIVATIVE FINANCIAL INSTRUMENT

The net change in OCL for the quarters and six months ended June 30, 2011 and 2010, reflected the reclassification of $76, net of income tax benefit of $47, $75, net of income tax benefit of $46, $151, net of income tax benefit of $92 and $150, net of income tax benefit of $92, respectively, of unrealized losses from accumulated OCL to current period earnings (recorded in interest expense, net in the condensed consolidated unaudited statements of income). The net unrealized loss recorded in accumulated OCL will be reclassified to earnings on a monthly basis as interest payments occur. We estimate that approximately $150 in unrealized losses on the derivative instrument accumulated in OCL are expected to be reclassified to earnings during the next four months using a current 30-day LIBOR-based average receive rate (0.21% at June 30, 2011). See Note 5.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

+ Details

XML 25 R35.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Employee Stock Purchase Plan And 401(k) Plan) (Details) (USD $) In Thousands, except Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Common stock issued to profit sharing retirement plans, contribution			$ 1,718	$ 489
Employee Stock Purchase Plan [Member]
Common stock issued under employee stock purchase plan, shares	3,395	3,864	7,392	8,118
Common stock issued under employee stock purchase plan, net proceeds	232	215	473	416
401(k) Plan [Member]
Common stock issued to profit sharing retirement plans, shares			27,240	9,975
Common stock issued to profit sharing retirement plans, contribution			$ 1,718	$ 489

- Definition

Number of shares issued during the period as a result of an employee stock purchase plan.

+ References+ Details

- Definition

Aggregate change in value for stock issued during the period as a result of employee stock purchase plan.

+ References+ Details

XML 26 R14.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Jun. 30, 2011

Related Party Transactions

Related Party Transactions

9.	RELATED PARTY TRANSACTIONS

Carrier Enterprise Northeast has entered into Transactional Services Agreements ("TSAs") with Carrier, pursuant to which Carrier will perform certain business processes on its behalf, including processes involving the use of certain information technologies. The services provided pursuant to the TSAs generally terminate on December 31, 2011 but may be extended as agreed upon by the parties. The fees related to the TSAs were $148 for both the quarter and six months ended June 30, 2011, and are included in selling, general and administrative expenses in our condensed consolidated unaudited statements of income.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

+ Details

XML 27 R19.htm IDEA: XBRL DOCUMENT

Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2011

Comprehensive Income

Schedule Of Comprehensive Income


	Quarter Ended June 30,						Six Months Ended June 30,
	2011			2010			2011		2010
Net income	$	52,272		$	48,207		$	63,394	$	53,682
Changes in unrealized losses on derivative instrument, net of income tax expense of $45, $29, $89 and $40, respectively		73			47			144		68
Changes in unrealized losses on available-for-sale securities, net of income tax benefit (expense) of $3, $10, $(1) and $5, respectively		(4	)		(14	)		3		(4	)

Comprehensive income		52,341			48,240			63,541		53,746
Less: comprehensive income attributable to noncontrolling interest		16,249			13,162			19,871		14,804

Comprehensive income attributable to Watsco, Inc.	$	36,092		$	35,078		$	43,670	$	38,942

- Definition

Tabular disclosure of components of comprehensive income (loss) including, but not limited to: (a) foreign currency translation adjustments; (b) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (c) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (d) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (e) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (f) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (g) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References+ Details

XML 28 R15.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events

Subsequent Events

10.

SUBSEQUENT EVENTS

Effective July 1, 2011, Carrier Enterprise's standard payment terms with Carrier for inventory purchases changed. As a result of this change, on July 26, 2011 we amended Carrier Enterprise's revolving credit agreement to provide borrowings of up to $125,000. All other terms and conditions of the credit facility remain the same.

On July 29, 2011, we acquired a 60% controlling interest in Carrier's HVAC/R distribution operations in Mexico for cash consideration of $9,000. Carrier's company-operated Mexico distribution network had revenues of approximately $75,000 in 2010 and operates from six locations with 90 employees servicing its customer base. Products sold include Carrier's complete product line of HVAC equipment and commercial refrigeration products and supplies servicing both the residential and applied commercial markets.

XML 29 R32.htm IDEA: XBRL DOCUMENT

Acquisitions (Schedule Of Purchase Price Allocation) (Details) (Carrier Enterprise Northeast [Member], USD $) In Thousands	Apr. 29, 2011
Carrier Enterprise Northeast [Member]
Cash	$ 5
Accounts receivable	24,300
Inventories	39,003
Other current assets	773
Property and equipment	4,402
Goodwill	12,357
Intangibles	20,600
Other assets	202
Accounts payable	(17,474)
Accrued expenses	(5,420)
Noncontrolling interest	(29,519)
Total preliminary purchase price	$ 49,229

ZIP 30 0001193125-11-216267-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-11-216267-xbrl.zip M4$L#!!0````(`%UV"3_O6)5$NG8``!L!!P`0`!P`=W-O+3(P,3$P-C,P+GAM M;%54"0`#D8%!3I&!04YU>`L``00E#@``!#D!``#L/6MSX[:UWSO3_X"J2::= MH6R^]*"SWH[MW4V<[MH;>]/V?O)`)&0AH4B5I&RKO_X>@`^1$B51$B6!$MN9 MK$R"P'GC'.`B&>3UWGLJ&R;E#;^\?[/ M?WKWEV;S/]@0'Q$*O-!B@&\_U_3[U".I-T`-](0%Z=/O! M*X8G4?](/U/.5$4]D]$@"$87Y^>OKZ]G'FOK1TW/3'?8;$:C76,?>H?O^+#J MF9*\N8E&=IT+U#TWSE5949"B7&C&A:RAJR]AP[>>9R/`S_$O&ZD!V>,SUWN& MKV3MG#I^@!V3-,*6%S9U_EC2G+WN`5QQ\[>Y]J\:;ZT8AG'.WR9-H2.+)FW3 M_;;/PY=Q4XO,M/.)>?;LOIS#"XYL4U::FA(W!SX]8SQ*/NECO\>[CE[D?,)Z MI6N0A?JNKBJ=95^$+>(/7GTW2Q8<^*;+^!M!TVYJ<@*-3_-H"/TJY__Y\OG1 M')`A;B8P`7,1>L=H>^'S5P^DCSBM+X+)B%PV?#H7B`V_,Z#&U+AM7_M-]_TE_4HTGULM3 M1-JG!V(S4?R*O6#RS<..CWD7_O4D_>;JC?K))S\1AWC89B_@QQ2(50L%S>W_VR\E^%_BMR2E?:[\^EGTZY\\LST M-GD`CT*QNR!O(YN:-`AA01:%=J%%B&"^*(YFXWW\31Z>[\YSAYP">9Z%\MUY MAB#O1L2CKI4B#Y>)X'TH4WI3-=Z=Q\_B'E+?O#N/>#K/X`]C#S.4GA3X/V?Q M-_>I_:3)&_,;).[I!GL>,,'_^06;#\?':D#Q(@?%LKD,_/2"#S#V^]B2R0KT MD3Q-&A+'2C5C)H9U;:4:K2T.>DH<$O7?.0_7I8A>C"*A@FQ&D=`"QAHA)QKQ M&$!?C)DW-O;]^_YCX)I_9`S>C3L+U6XGINV9IZA/FI)5 MO)I[^^">W%14<)RW=BOTI6X%L$=7$#M9_#_?P/^]Q-'C$G\URD\G$XLMT) M(?Q-1:1F$5)3GN=@=4)37,WT?3%=H`FF9OI>F+YG\Z[43!>#Z44TO62F'S"" MX81-=\I:541\]N%3+J'/,4TY*ZQ/+8@G*XB'L8A<$'/6A>LMRD-O41:6AVAI MN?*&J5YL$62Q99]F:,5B2\%MX2KYXD5WA8]TH:4\8.*"7,>AE.!7H9B M!7)B"P8;-9?WQV5Q8\\K$XCD$>L3=6A`/M,78@$IL/-,>S:Y\GT2^->3+_AW MU^,&/CN;C?W`'1*/;P^PG8(!'?G5D)$-T$Y->(OQ/@+!65364M=D"E23N8NZ MI0T8?.-Z(Q?L#/G%I4[P+\!@[%6D)&83/B]!5UQV)Q-!)S41="+O[_".[:R% MZQ2S<)TRMGB7;[T4J@2+_88'`(,5O'L@1M50@&(U88OQ.Z8-F>5K=[4@'$X0 MA%K1JP7AH((@3GYL+0@'G1H.&`75B_J"N[O;,JY>G!?O3(9:Z01?>]Z:<[76 M'7[?(+L^(,K&U\;K`V6=R51[?0?R^D0Y[*?FJ'A&:^;8M(-;J;)/%8ME538$ M0DTV2IMIU,[\5%.76@E3:A5.H)V]S+/SI[]>CWWJ$-_GF[0^Y85#1[+KM``U M`;:8MD\IJG--A,@U*=MMFM?/Y6QE)OD#[?8;-YRC#. M"VL/?B+NLX='`VIB.U':;\1A7B>I"#<7(A/JYPPVNSTA7-_!7E3B&EQ/DI\_ M`_6P9PXFG\D+L3-ZF;2Y=4;CP.<-M&IPLABF4YU<@JKH?O).V*R>#IO5$V:S MU7_P;33ATMO%HH@( M>=["463_=>Y;U87RE08/6X2=V>=?`3S4#SS:&S.2/]#G01!529[H(M5&1:=\ MP:,(45=9YGHY;F=;UP>?`G87QXJ$6BDN??=)JVLS]EZ;T6W* MVH'X5B>)'XQSR^OB#FY:]E0@]I=F\S>8&&=O-!^S9XQ*[*6B)]08$NR##_2> M7PM_,8*?[\[C9V'O[,N\/K2D#XN^`#6F"+!V=V.897'@9GR[N./HQOB+WQX_ M9$<+D[>'>>PF`QPNH.1=[^229KC9"VM0M[G!MPZF?PD_O]^W'`IA*+.EGY M+W.61TQ->:^AAB.+F'0("G39N+W[U'BOMUM=76]ET%@"YZ%P2GN;>W1[=Y,>+=OA=#BV'@*8/TZ&/==>;YS'^W"`3!?19)($ MP:8[=@+_*YY@"'LCTYDC#JG8:H:I:IJK39C-E:ZJ`$]EX.KR838$98KB*D@T MW=`8(!M"\D!,0E]8LSL2E$(:#0Q1MYL+4-Y@6X%5G$RZQLSCYE!Y8V)]IKA' M;1I0XI="J:[6T><(E3_0YO`4)Y'1,EIS(ET0G/%PS-<1[X,!V!-W./+(@(50 MK%+-=(?DL^O[0-W[_C?\MAW1FBU#FP5RG='+!KTX?9NZ/B>`VT"^:FGO:LC$ M.P?D_2V/KB))1Y5G35D?M=F>4.W^<38%98[[H=E79V``6<'0L:H]9D2Y$F6./ MF\V/;Z8]MD">/'?(M'P<<%6Y[W_$G@-NBP\Q!W<$%0!GA[PSA_GWLYQET]R[1*(9SOY2Y'F/E;5<4W/[5C!;ZJT=DMOMR^;QD? MJ%I'53M94>3]%ARKN*526DJG:Z@%ARK)<06W5<\9,=\]7#'P&JC*7;7=,0H/ M_(*IS?SZ3Z['[H6>RL?-@%U;>.N`:_6;XQ%LT_\1ZV?79B'D3Y@Z"WV^]8QQ MC@N8A;T4`/>'="%[/(^T4FVL"QGEG#"XRC@7,LQBB7>2Y`A^MVF[;&M@2QO> MZA1$)V?H74&]BVQ780GQYM,+A]J7C<`;D\;>Z*(NI,MY!;'1=H/-5O-X6Q%% MLW9:_B,L'5:*XDZ+W_:M5SLMV-P"F7")#Z:XCV_L1FUR[\3S8NZD>.^Q:;%, M=[154/HV`O0`5-C,/U7D(R/#9@YKLZ@MJ@H9-O-AB_KM)5`AY_"H&]<'KS=> MEXTVB[$_8"N.N2O7VYT;L(H8JBYGMRS6!+E\?'=\+,9*Z>"NL$`4VJ"3&\"'6B14]$)R4L)A1RLWLSIR=Q.J+$1,.#)M=!382K+) M,UZP\&1;(]#1.VVCHLB=GNI\'8/[CWWRU:-F7JQ8[LF6*W<@#57=2'8R:.R) M$'N>AO=$FX]@ZDRVL\0R0:.NPC?Y'N<>SL']96Q/?L##T8].SQ_]J!H2"G-F M-\)B)0&^>BXXOD,\NVWV@>VX$6N+6%1+LU0%2WFF+L=B!2B[0:500#F/R@J& M'`250D'A/"J:@*@4"NSF49&-O:!RZ_39/^S1-P#]VG;-/];*:?W!#GX,6,R) M_&!BD\M&S_5@7FN:,+7BD4\N4/SKQP8*W[&-<602V_9'V`3@D[]'V++BOU^I M%0PN&X;Z?0-!?/KL7#9,PN;IQ@_/P8]__A,?UV._^2\K_J`M?\];3,T.>W\> M6*G/+/02==ES@\`=)J-I!;[=0X,:O",$+_SI+9#>&9CC-WV7)2&PK+W+QM,P M:""?_@]T3,G#A+6=#K24).MV7WR@K!$(A[M`?PU#<*2,WI#OVM0"6S#+)3`3 M8`_@03M/X1-HHP'8[V8?#ZD]N4#?Z)#XZ(Z\H@=WB!WH?"%.T$V/_4`<^%[F MV:]C\&C`A4$?'8M8.0UF/LH0HN>A\WT!^LO8(5.>:+*T)JPE2T4Z!C;*-1N/@8VU-AX%&\74QISY M&/6>@6"N=]GXJVD2TN\G8Z6@"-Q1%/*'GXUBZK$EBB9UV&D=%ZBID.&/:(B] M9^HT;=*'1^Q).617>3'39"/_="9`+.;L7M11!F+X31G(,M25UY*Y(8E(VJRHB M$]4P,(JD=V1)[;1J$R.V.(EC8D!DVH;4:K=%$I0UF)7CL(GLGMV1`%&>YGBB M#EH9&K][0]I2)5UKUU94<*':&(B=25!+D12M)9*XG+K#5@V#TU:EKMZM#8[@ M0B6@P8$(T9!%$I?MG+=JK;9])KY_@9S$J4,X",\GXKE&@0MT3J?P0JLPA[=V M_@2VQ4I;TM5ZE4YTH1+/%BLM25:J&D@?E6Q4S.`8DB$;M<$17*@$-#AM26M7 M=7L@S_E+C\[ZO6#[V%./;0%_U\FS70KETAUV<#H+;:^O!FE'_=:TJ&E1TV*G MB>_"!)YWBT/.?^/`-UT)W3KFV8G&F4)OTFIMB!+J\%)P61)GAQ;D15$,D:3D MU*-*H3@LN20.;%D'15%4E*3B6&U,"/M=PQN&TE.\A;=5Q3HZ9& M38VR8\EJ;6O&1T60Z-P&-&*WD[*3&U#?]5!XU1K"CH7X72WH&IGA(Y]=OU8' MG<),[@EP[*B.VB<46Y+$\0G9<3LBR4@=<`IM6C1E"_AJTW)BID6MJFFI@\TZ MH*BI45-#+&JDK%+XD^T#LK\*GZF/YTB=^7MGP#>\@NC`LNCT,^P-^ M>K$_8&?<`KKL>-N#GP";O9ZA5-Q*(=NM\P*_9V\E/P2E-$.6M3*HE:!4"H&^ M>F2$J17=$`!^;>]X-32^GH'7T[:BW&KE2RS=QR?G#*M71U2S%;BM^FM/O)=:U7:MMK MW*2]4_E2M9F;Z39%95.").?/IW7[X'11975#JN3BLREQP&T;$2^8?+4Q=.58 MS/T8#?/O@-WST?KZQA1:B-1**OFQ&WM'@O#RH+*O\](,75V)5SX8I4*_V35< M6EM15I[IOP?H-[L]2U<-303H-[STJBTK*[W!;:&/3OLJ4^(5O6VTVBNOJ)H% MH228-Y-S0VT5N.UD1R!O)MR*WI'5SLIP=+=D7A/FKM%M&<5E>BG(-^ZP1QT. M3>K;^SZKJ/TVP(XBRU^)QXXES+\%)[DBZ>`SGVJT%AC9TG#/M MM]O[N\_O,53QR">AYFA\$CT#3*`Z*@Q>?48G#1%[M":<]F2&VE(#UD9DCX*-/T%W/O$J?#*UD/,T6?P\P=>RGR)5B(+N]Y[*HA*-[9*[%/*%-:TQ\PV`']PM-H("AZOU,:"PBP4 M6^OFMU/QVC[>>P_;V`$T_0$AP5F.W1ZMM,Z*N@?S?,V5AG$?Q&$$]HL.@5O> MA#.<\U[B:,YS#ZA.33KBV`+U093'=J(^0"?WV:&KA5.5C%8G*YS0Q7.T'A?R MP@FP\TS9ZG@D3QD]9,.%MKM/2;HUPN$"'-.?A0"HLM3.TPZN7WX0:MQBD=%Y*^'QAOQU)S>G6!'6`.-L+IQFFE@,ZXE:\ M!\@.07'9-=/(?8$FN(")S99.H`G!'DN7I:X5TCG`;R#'0(:8S#BZ/7'*GXC/ M;%C^-P`"*@/S(6<`,WU1J2?K"V2(&3&?0U@`OM8\?+[`JL1(EM:@&97!R:HA MTYX>U[OQB"4CS[9<)G'AI).A`?A1`VH.@!([;ZB##0I["-A"G*F36;%$^UU\I0Y%D'FI4UW:.#EF#DO[)O0R\H]NPKU M/7VCOXHO(0SQ26&!8-E@;=\L9'@RPOD'J73OM1$$;)9 M&IGN=Q@9MKMKWD'8[6QQ!V&1;W?8("\5KU(5%BQW9($HKIL96I$4U"0H%SJ9 M^2A/3L_1%I%UXVH^3CA152DC77WW.J/JDB;+)Z(XU9IFXMP[>K(7`E5#A31# MDN6C/!.F8G,/S]9!4:Y.%"[5FB.PYG0ZIZ(VU9IYXJ0NOII`XHRN6I4$5B5= MTF7U1)1)9-6)\VAK91%86115TJ(]E^/7EFI-/;?3K:Y:A016H=2NX?&KD,@* M$P8]=;!3`8TY%?^L6C-.LF(]"@OI:B426(G^IG0DO:.+K4A_/^+I)BJ>1"2L M;ZZG'*&UI27IJN!.VK;*4JW)YJZ^4JYZ6J0:4DL1_`3&K=6H,H=AU3>33,V3 M5K)Y"A/Y%Z=PGJB=$CKK*94/*ZQU*B^TK(R9.I:3R#;+*D>Y#%J27+M6[FZI M)B^WG&)1^C2KI+`(_`'FD?#Z)E85-V%M,"N$:WHXP-FNPBQOZKP07DR1K>V! M!V%EE45]O@S!_[2Q^0>O2E0&5*9 M%YFQ^DG;=E_](ZY_,-0UZQ_:\A;U#]IAZQ]J$X8O&(!WX9!T3:A4*DQ5]8( MQ&:E0"3-S`38`WC0SE/XK6\+T%_&#IGR1).E-6$M63IJX2N!IX_T#7V!?@?5$[]I$TD@\:OM;4&15P\E M\JQTM[9JC8'8F02U%$G1 M6B*)RZD[;-4P.&U5ZNK=VN`(+E0"&AR($`U9)''9SGG[?_:NK;=Q7$F_+[#_ M00@PV`10W+Y?&F<&<"?I:>-T)]DDTX-]"AB)MC4C2QY1LN/SZ[>J2%TM7^/$ M6R*IBL5BL(NL[K&@;8H!\IMKGJDIR>.R.SAIA6?3CA9F#L\65IEZO M'J-T15>JXMGB2D,O5PYU(_VN=./`#$Y'[Y3?Y168=Z54!30X3;W6/-3T0)[S M=S#7HP[J%N=1%D=9'&6Q7!8YUJC(&\_KQ5O./YDO#%?7>HY1^J#[S$(G:6M- MV"4\L!*;!RE<93&41I;[B4/*ZUY:=E49(,S#\M+"`25U<20*2#M"W&&5F?/7,L26DS M57X3RS..74]5(5U:?/%_1)37A>TU&^%;_Y$$!JT,!1@]2V.?8:(8PI%299\ M!#&`8#3;FG"QJ;!,%\AW7#]D=Y[;D3OAFL$]GV%931<&QD/QA*@:JYC4M>G0 M,H:@?S/JYXDDB\"WR(_6#ZCQ#D3CG.TA;+M!A"HL1FKVDA$($H\1/ML6>+!N42DXM1LURP6RLIROD\0\8>_S)HJ+')BD@E76& MYD#65*L7=,\,#-0)J1#PE;2+4S=1/1CZ>^".`]K'9;C/8&(8%6EFH1%;6#*X MJM?+Z4/0!1ZYAX4S1:JA2,R-6$3Q_%$6DLR6*E%LHL&05:WQD!*32THX_^-9 M+WSX21FU<'6B10:',;8BTH#$9H/W^V0+^EES(^L^H^TP.4?M$>!@P!IAL-@Z M;47>PN'[UZ=`G`\8&W_^$@@+->:"*A*3E"XM8=BN`&/UP)_]+R"\OW_[[__2 MM'^%[UR`6G4=$_^[`B;`(<+.NOZ%JOW\DTH_HXV!]^]X_]>3KGB\Z3]6JH^U MRF.U7.Z<`.&6_.D/^%"IG@#K!BP`-@SU>>WDMT:[W*F!ZQ43NE:GNZ&S^5@K M/Z)!6$EFN]5JM/9%9BC.->BL5)OU3GO?\JRLIK/=K+Z2/&]I5>JIXN*77!49 M3U)[&4@3\EAYE')]?'`W4(9JI]FLKT%\/B6OQ$,ER@IL_P=7V,$HQ<>V)=/?MB"_3N\<@1"' MH8H.1`!'KT"[&B*#5Y(;`YA-NTRY'OH"`+`B5XKD^ M;B_8`%[`#;HY`9*X]E=@#FBL=!01CJ$K4;O#(8S"(TSN3P+@M&O[0S<82/P1 M9O)_`F;,L$L.:XDOHP9AWX8+';$!<4P"#'R*@N%FR)D!N0-"=G,-SDTZD@)< MJ-#1 GEH&[%XI\J4VS/].U)R8D0@GM?3"^Y/BI:`N;,,M&8>DH;--5T2C; M`NG02[`Q1#0B'FW!9\BUB\&GL#\D[V\'=O@)R:1T8_5H1FHUM:0>P#((&A$) MDP(_T[F;URTWW.VW-`OWW.Z?]Z+Q+[X)(()CA<6PE#=1`QA.,1A" MBCMBZ!!F$VCP&-3C')8Z1'`2`;-!@>(V5'`&I@DHG<,Q*@DJ/O#82,5L:9;* M&3.F)5^&"@SF,W"/W#$HEH8%7T$!+*$AZJ$O8;TH@A9B'\+[`L1TC@9!QI<& M`P\F5$JM/3X_&<%8Y4!RB;0@DL$I;#P,O(8"0@/D0&-H)Z(P$D)U.0$ZC$A= M']Q'UQ-A6#@,.P_!2K@>V"L[G%H8CH59`]WJ8/Q&*"J20=2``&EXR([ZABB" M%3U0D1L,!%NFE!$>J!MS.E4'?%F>>8[@9##I##^@N5G2?L24>WQB\2G(&8TM MQN?&"8`E_')EL,9.GE"32E6=)L8ARYUY=-V4D+K,RSB7KBCHE0 MD"<-=-2,:X#I(T'P9S2?*JZE1I53@%T:%&@[>BL*=$*7RXG9`V3N0%X1W#?MY$L MS*=@'"OV*`(G^ZU<#^7:+.)FG@*?#'WT>"(,S6P:`S'DW%6!D&;>K62/E2_"F>MVFEDGO>U.0@5##!7J"78*M-^*_&S0MU"@#8QAF4# MC)`]PX7-HX _8V+@X1X/M.+V\Y99Y@M".+7D M%K=W_17VN*74#G>-[G=%<'T[@LNE1G4_!*\58,J5<&>O$MZ48)!P:S\$MQ($ MMQZKG;] M7.X6T;IGYNC[(O,V'TA\/^.V/6_[&;8-PM^[&*3Y%$:EG4F_9&A[2\J7#,%\ M;+I5K=9V2_GKS(MYD=<:]:(0OIG$:^4-)3[V.&Q*!>4(,$1TS?V;_@-[WF42 MKM;NU*M9LA9U_$(*UW+9YBELE%OM-Z)PNR1@O=9$*_"6,MR0PEJSW-G]*'<3 M]5@>W.M4`=`P;[9+7:W4V^6YN?\2XMZ`T^UTOE*K--<>KX)PNMW% MYW2[.0@C6N_LA=,>Q3;@S5MY,O>MYVVCUJHWU^5\&V+W((GMYG6]7:VOO5(< MB"2VF_=-<./6GO<'(HGM[$*C6MNW)%S_!2-?Q]==#G-E(S(;R+0FD[(7,>R6KWCJD90^8,XN0( M)F'4Y0AY_D!+IMG/^ZYW3N?6!3<"+TX:XJOR9#/VFK@KP^3Q\[[M3K4A'A'# M9(UI"2,00N8E<)YJ-9F?PH2KZW"5G3'R6*&D&J:&;&A2?-XJ4UY>9QI7]SR/ M.]5?\N!=J'9EO->6^=*KGJGMOB577U_[/J-ND[8I"6F?\M;\.L:[5>_ M9+\#V.3F&\,F_V_`/)^N4)GG)`9FK/]CM`2BNR%7<29I=RLDAD5"\`K M+*I:@$[Y*;K6&M9B"V^L++VP4T_?OM&7U#?JK/MD._WD\AM`]7*FV>0MG@_J MAN["=WK]1:1U!/,JI@NR-1&OYY0>'=*]&Y5\?ZHH&A*16:D?_=+"+U3%TY]W M!0=]4$'#5>[JTD-0>6YK6!+B5/FO9TL=V-JZ7FDEZV@N?/*T%]:L&!N:L%WP,?G=4B:L_I@9F5/!]U M*P2@=4[\+E6AU:_.^<-YD"2)TPPY*K*)C_:*W>4\NI'D]L[`45[O6EY'R:V# M@)MC$(NS=<^Y*#2_!GR(+>N!N)N-JEZK%QQVBK]J%4^%&C6]56\625\^4@[F.Q?B\X)[WXF:$%CZUDE5A8CP MZSZHVW<8F8I*$U;Q3K'-\O&T36'TIE+3*\U#/:SY#C3BP(Q+1V^W"N[S[=>X M%$*I"FAFZGJ[7*1,QDM=OF-*H^@AY[TS<)37NY;747+O,:4QMP?^D_G"<'6M MYQBE^07B0VQ\"WT]L=;4RYV"WW3^L%F.XEQ*K#7TP.U_\*$137& M4VP>`(IU.<('[/,3D98(8M[#]*=>U M0/[]B;YPO?A'-_#B'\ZT*2-07M<;NQZAPEJ.5NDTFI(N047A;1`'0DN8EI"Q M"Y<0HYGEQ3CHEC/0$4>;$*HE!'4?W"&%AJXA@K&$1D["4R,XLZP]+X+QV";. M3[[][%Y\NCLY"ZO9R[_CSB6@NQG`GS-9<9X9"N0;^Y:B6@3;2T<,K-$B2-S` M88%)^-TQU+L((=>$-F03#H+GB+S,@7AD(?!$P!S"4D9JO<".,+@'@:T@KQ6R M\7VZX/[5LRS4H?(,8(QNI ML*'QOT"[2&!Z"+N`W"/P`@E=$8^0RZ3NR><=CI#=JFM!2,.H%F_PH<@\B@,5>]QGWE]A#J'YD#CX/, MDY0CQ#16O]2Z4O'N"-(;KUM_!6EIE?+YOQ=%-I>:8D)O>&U;_+"UV!7H>CAZ MEE!8YJ%LY%R4&'Z1!,_>SEI9[1"(7*&0>,P1S)!V,YXJ8!!&,`HP M&@N!RNF3\E*2'M-B'RCK+0G_IO^[ZYH(;W[/O8D%1-V[]DN`R>?!ULJ-A\`MD?G*S0Y!\[V="#?%$&N5:XWMQOA2.74( MM>>8-VAPOUOLR;+);T`<+5AUT)%:AM"[&G:S6LL(<-U^=T;M)ABAE49G)\3" M.@QF'`<6/MN<<,H5/(MWI&;;Z%2=[):LCTE.^3I65B?'YR?K M(6M'[7R911^_6>"9>\9P]AU<8SL%^AP]TW/&`1"$#U06PC]_>J,!VR4WU37! MK(\ZD)1:;4\ZL`GV;/,@QVL>FOV`I^RK,+/NC#UJP$LG[#,W0T35.XR)K&5= MX@9BF=Q9XN\4B][G>M=WW_# M$20W#CIA[D(34S;6V,#C*D('#\`>,3`XA2CY\UA:]KGW/#`/6M]S1Q)(-Q7- MP@<$V`107VK%XQ/7GN`C!K1M^8G^2MH?]!C&ZN#M413VS]!%3-"?2`I720!= M8R"I,=B:OD4Q16@"=`B>ED'P/NQX.<;JG[@_Q8A8'^T-A.B(6%V&-?'R#:]6=*ZSBS1J=#&S**P/FP&.=@P M$\.[*(_E(X"A>GC#'3A4B).)9*P\-1!1??B)DJ!M]:E:/&?&D-K59?`9^)!M MX!BD(8O3M+@A&#*,B4VI(?<)IB'9SI(6>02)NO627LP7#+E-W%I"!!C_A8^P M1IB4`@D\T",N*)%`9@WY<)\H::/0D>.$B>]QYJO,`DHT6@1`IX1J>2A7@*AE M;03<8=3>Y!@RI=%CF""!H8Z9I6]4AYB,%$NF1S"AHW(> M*O!/*U])NT@#2%/.8H*N2?AHHLY_^%9$YM`:#.T9?.^%>3U*+1BKVDR,#+&! M>5`^0FKG*%5R!0',Z4?\<\Q.ES);T+"R&*B"GHRZYP(6"-1,;J%^P2?!,<;N M00^1@Q@JTX),@0I@:V+(\5TI;\M+E%]-L`^:\V=$$C4JDX"Y@ M&],RQ$[N/6PU_<&CP+8RXVN)6,OT,-,E9W`.N5%")%$X=PK=Q>,2#BNU"6TS M#Y/%((6;.?.A:!>KV%N8`MA_/JGK+TH]HR0OP7JBEYGXN4(_ETE/A\Q&[P*76HAC M&+TN\_49$L,54!XVB!8S:<3[6JU\;K*9]KWWY>:.3CJHE2]C[?L+J6F4,AA4 MOY0P,TF]_:-@G>D,@O6LC5R"Y>4(R[ML(.60A3J.XB#;ATFKH36F4Q4F1R>` M$H1`=6PGD^L5+!5#BT]DS=O1S5ET2 MUF(=;*8+>2RO?UWK9.%>MIZ.R=+9>G@:)DQ[1Z7"8:GW@H0RZNI@!7VI?!J9 MUU3F6*5#DFO+\N1_>FTI:?>HN,+,%K!2#G)>6LF5H_73D]N+KZ?G*%WX&(V M)'1R:.`.9G&2$]5/+.'`E?1N8ULHMC2&L+O`(VM<.C7@,R`1E.\//;F%0];* MCMCB0OQ+\:-:F686=Y@ME+]EAUFZ%RMEH[*3'CO5#295I9%=O'?2:79"P:OS M8`NTG4Y.+=0T6`=#`SBF77WD#6JGTB&64S*[*Y2$KWM(*G%&)^+U3'H>V$R& M5BW9<9;@J05;AJ>D-LO5/"(;#^?)>6+C.18\D$KF1=$_9C-%"#3LD>,/7ULC M.KDVA,6)C<>>^TQ?0`-KC^1"@(NL+Q^OLDG6U,3'W2Y*6$Y:=RFCIG3Z*&H` M^P8P&N"]*P,1"#H%%XUMTF,[!Z&@%P_;-C;@8?A`^FRGB]@MEZKIZ?++XH7\ M++$D-K:TO>T%ME?+O:>RZ)3WW-&CEX1\UP@>_\XLYSN,_%W&U'Z%J=>-1_OF MHO?@RJ/B5TKWS&ON=RG0\^!^X0]XXDJMLNL'FE\KX#Z?'VID#ZJ\C2RV&@%N MSO<(O(=]AJ[_+1Z>3<*OQ[@6\;Z-1>?<2 MSCV:^'8JO"AK_S8"_JG"1`7,#Y>KE3RYY%&;63(&OMKO))%(D7+W%T8<'1%! MEY8=^"NV&KO4(M7?"XAZ!4UZ.5';:E/U#22U2XU:BZB=W6K^8">:JH4]T735 MO;ON7?]^K]U>W6GWW[IW5P=]B.E/3ED%T.0XI#;FGB90>U4`C%Z+N1>)2>!1#D<7,Q`T_<8(&@E+NW$'@X#ZWI)T@(M.\6E[BT`?0 M%G),%SAE>X'MAP%?I#AU;"PST'IZ7,+1B(8'.;^07Z((+^C5+^E1LT2H>G0( MC$@-U4T$(TJRY0B8@O6)_H:N;8;)H?PA"=5,1H[SWH7NL=3B(M&EGD]( M1GZI@97I4>0MV4LNGYB;EI+Q+76@ MTUU](JBJMQMU_?_9N]K>MHUE_?T"]S\0OBCN*2"[?-%K>DX`V;&;]"9QCNVT M'PV:7%EL*5+ABVV=7W]GEA1)291,4I2\E`8%&LDB=V=FGYV=V9V=D0>+Y<>Q M[T+O=KNM?G_QO"4S#Y='8#R!5VG(=Y6D(Q9]S&;W1C\[=(-K?Y.YWU MK]3U=^IZ3UUGC/,-'M`;9!ZM-2OEXF2;3]^8=_*&;-Z^V5HH1 M3_^.XQTO,:9GA9D'3_JEQLYP391@*=SUZ-#@%QN/6^M%^A*%;!S#^)/"*8@Y M=8>86PD!I_G_EF-1NOPJC07-BR,8B[>:%SEK5+.J?7*S`3]$YXR769>9[]"^ MXRQNRL?ZIM#<(MUXW<\1@\2@``P6,YN%44!?^Z67N1XGG3,T:!]0TUJ=;H^,/<'!)-`^H-H:T#F#`)!HAGYI MRZWN0"'](CB8!-(OW59'ZXH$DP-W(K-EVVNUD+=J^*W-`I)&GC!IU MZ/GG\@7Q#?=+5Z^.XZ74Z!+KZH7L(_5$&W+^H('-V.^TY#[YI<)#2SP8`7K: M7:4E]P8B8>98\=%`U8.A<5V95(_HT!(/1JAZ%*TU6*H:TAS5DV,RBFP@GJ\Q M[[CMEV,L7E#,F]";A9CZD/2NX%`29ZL0N(;8;W;LF!H^8P1P]5*?6T6K6.N0< MBFW`X>9*''A$)IRX8!+'A%,'K7Z[J3MQAP2)ANB7;FL@4Z2:Z&`21[]H6DL> M'-)UIYTZB;6;:TL!($=LMC7E;+6EJ'2M5'A4B8<@`(Y<.CNH('KVH*#1.(73 M&U`B&^!-`)-`^UYT`UP,2#1#O]`-\$:`22#]0C?`]^M^->Q>*TF#I$'2J.B& M-2L2-%F@Y[6UJ:#2D0<5$H--9S!'*8FL@JB@TF&XH510J1%@$L@-I8)*8D"B M&?J%"BHU`DP"Z1OT0FH\*@2#T%84*FID>]Y)J+H)Z&-"K(C69`L2!:;99&CA$3V2JF@ M4N/W`3&WCD0'DT#[@!A.V]1]P$."1#/T"P^GI6O4HH-)(/V"X;1-W;5J MHA/9L"!!D@9)@Z11TIF,/F(@6*[?&#N)G"9%!>TT=QLC&MY)2GDE/-24+`>< MT6R:1&@+7\"6'ABPA]W._P"=6Z[Y*W[VV,CU6`N6E+E?NYS:%=O-[=&7//8C MM#QFGDEKO-V-PI?7R%[*KAYJ,AB+H[[0?!3UMX@YP[5M?>I#&_-/,$31;_\Z MD6&TF&W[4]T`'I/O4]TTY]^?+3,8@P$CRS\EZ[_!G(!Y)VMV+.(WNO!"T55M M_DYO_2MU_9VZWE/7>691H\(OJ+3;7EPN47R0A$PJ[=8<:(D'(RKM)A(^&JAZ MJ+1;,Z`E'HRHM-N>3T)'(V8$Z"1RM]9Z8K%+Z$[1>SS6H\^&Z%HP\=2X-A?I M68%A)1Z$%+F?E'D0!##'"HZFZ9Q^:]"CL'[A824>A!15:RGM0\KD+_H1::-B M"$D6)`N2Q699Y"FA(SN06'_\2KZJ@(M^0J8FMWH]N:4.J+:<\-`2#T:`GDYW MT.JH3=T7/"A\-%#U:&JK0Y7)Q8>6>#!"U:/U6@KERJ7@WC?R44@:)(T#D49& M&44?EX-[*0!4R%#(X^PZ9^G,62*%V5WYL#XT';=.-NRU''$V+:&O(2IG\H"< M%L&A),XE1(`+77%^>T`T1;=H=,%9="B)I%M462205-L!(:>C0>;W<7:=XW0T MZY!WZ`36:7X\,2@$7N?!#DW,!?S@/M&QK8B;W@F96DL=T"4RX5$E'H+Z[98L M-]5@."AL-$[CR!VZ.R8\JL1#D*+T6IWN`>3QS?=1JB?>Z&]*O,$_F=83?O[G M+Z%_^JCKTW?S#)G?F,?+_]V!"7EN@R'W_K__2Y+^F3SV([2"V1<6C%WSDX/E M&B9@9%X_.\SSQ]84WD:/!^/\#*`'VKAAHW^=#/W[Z]%]]UZ3[U5944ZDT+&B M7[[#!Z5](IG,L":Z[:,@W\MG73E#6=$N=T#I?=S:_0VS,6OH-]T+9G>>[OBZ MPO7+C>U/7@M]]=RPG^@,Y"CWUADP?P!S<)H!T)0#X`$?S& MH"O=QA_@0P'>11C\WKTZJ,SYL^_>7^B>9T%''Y]TXV:?3+\8S/?O])=S$/O( M"JX\=\+G\KGN,_/"G4P9D(Z47UF.[N`^QA`8>;(""]1;5A`?0H\_=Z_`?R`* M^?[.31`A+S.C9IDYU4[>JW*_OXC?;2C;%Y-*ELD5';7")&?QK7F\GC)D0L"! MS*%L7TSN;2!?Y?%*M[P_=#MD0]]G@3]TS,^6_F#9_-$O3/=A13"OG1MFA*`R MH!W'_.HZWOPK=&CY^#[O[8X98\?Z$3*@#2R%9($N(XOW.][['*AEMS[;Y;<^ MNV^W"4A=OTF\146W252O#.<83"8'E_ZU(%[G*E@X<+Z,Y&#T2+^' M3J9S36Y)N)A(WWW0_F\$F%)Z(\_A7W&R7T5"I`W?25IO&M1T>A)Q^X'YAF?Q MXY)5=M_^:*2&F;)+-;<"SO0+HI04FAC#])D],3MEA\9%S'$IG:R!QF4OXZ*) ML\XV+#2!>][O1%Q8M[AP5?=SQ"`Q*`"#Q:SZRKI%JUNW/.F6C9MIIR/7._5U MW%7#O3N^O=<0C5.3*+CCB1_$#H#N"EXM>.VH[F5SAH!$0#H\(-4A@-TCBE/Y M/WU546L>.T(;H8W0=@">;.;HF-Q98I`8%)[!')53IX*IVYW]P#SK2>=7>$91 MB))N2Y;C!UZ()XT-T3E'YH=T#W&M/D@@D65(:".U16JK84`BM24HVC9;EV.> M=QO`U5UOOF:>20^UVR6?5]2*=F_3`P@HJ%.X(1$]J/.5T5L.ZWQU'&L.]^V"AUX5!OQ" MI*DL$.9I2`L,:5Y$*HU?8\=/I?%K]/AI`HU?CLW0K+-"BGHE!HG!AC!8S$,1 MYIB0HEX340B4J[73*TV+&&F0"`^$AT/%PQ:[R3L[,2EP4$*@(=`<`6@:[^51 M1.AQ.0K$8-,9;)BK1Q&A0AKWVF#0T"7WD/!`=AJ!AI0(X8&42!-`D[&\HH_S M;.MIXM>]9&M=DR#V@^4;MHL]^-43N]8@TF@4$P%&7^-D\?NJG57`.IX_WT[3 MS:(%7"NX[/@XNGW&15+N/)H3N6O*E@[*^8>KX:<;Z8_AY^^7TI?+X>WWF\LO MEU_3Y^YNI=(S9&,]@NZ:>@1U,OPGDPS=\V8@7<]R0U_2^03E=6WM=(I*>B"- M,)KRB4=36HX4C'F"=_"7?&;B)QX$@1G;I0?=!G\&8#QFT-29=)5YT9=,!OX. MUJO"3B3V8@72U+,,UI(\-H4Y"LX/()>WKT_<$#@,QM#[LQO:T#2#IPP&7I,I M!:[D`]2Q%4ZTY'K25+?X#P&FDA\Q3](3+F9(-3S+)XX]BQZ)LLU#L\$S8PX* M^V]H:*I[@6584]T)..=(RR0-()60S3-IZ$M^:(Q;"X*!Y^-63A\PI_7">YP1 M?SSGQ&0!\R9<&-&S+N21%L@A]/A`H/!185@P)SPO"SY`"9'HL M`H4ULK($(*\CT#/N,S::86UL,4_WC#'`:XUSNGUQ#753<0TAZPMVRN?85C>\ M,L_UK:T^L^/]C=HW4%]-2GG(&QK_#EW4A%RQ^5SQ&'RK)YK-/J\@;N%86(9N MSW5N9N*"R@4%L_0:?RMWFF?U#O;V/+:,<5;#13URG;KZLFN`F070"\:@T$8C M4">HK$8>`Q/+,69\+7AR[7#"4+5./?<)2$_TCN5`TQ-N0'$%AO]_=/&7![3: MS@JLB1ONV/37SY7TD6R@W6%-FYRG! M=X"GB."8^N1]-V4,GC%T-#D`M9[G/O`Z1K``S[(/Q5,9#`T]8B!\ M\`-8^RW=1M,%U^@03!^T'R1WE$[L%25"LV^+V9>3&?:09]]WQUV9?^N7C3/I M;LS\Y$&/C6QFP".PE+C/BX:L_N"&P;R9]*\YMFV^:;N&@'J]+6Y\[MK=NENP MKCEAOA1[/5QT:]RO1)'$-KRYY)#APBLEVR71RLL;0='9B&H?]40\5J$?N4]Q M8YF&#MBVI_HYU'6IOQ=;NYI^NT68.RMTU;K&"T=4/X?JY]0A8:J?0_5S#GZ8 MJ'Y.(\:%ZN>(.2Y4/Z?B9@#=)"8&B<&&,%C,JAMY/*GA"0 M"$A'!:0Z!$`)8`EMA+9&HRW'MFR6)TNWI8_+&2(&F\Y@CLJI4\'0;6GR0Z@0 M16.`1)8AH8W4%JFMA@&)U):@:-ML75+]'`KJW)>^$F9(1`_J?&7TJ'X.18I2 M_9PW#[TJ#/B%2%.JG].P(:7Z.0V2$3,=AT!HMY M*,(<$U+4:R(*<;*A4KT4P@/A030\;+&;O+,3DP(')00:`LT1@*;Q7AY%A!Z7 MHT`,-IW!AKEZ%!$JI'%/I2]$P`/9:00:4B*$!U(B30!-QO**/HJ:KY9GF3?3 MH)YYZNFG>09L*4A*\T1)9N/TP3Y;D]BVA1F\GWD5#S_-59NDJJT]4^U>A(;- M6/CA]>,(*[+"Y[!6?N5"L)PGY@=IG0[V8HQUYY&=!IYN@D#8CQ#S]J=M945/EX+6DZ#A.^@,G,&;2W4"L$*P58:3[V&`1YI4+.&C!(11R)_&$R MTS?YS)CJLU,LHX,CWIK7J8%&7T!F%H8MP%A(F.U=\I_U:3H8FGQJZC/I\Z?S MZYOE:CG)0W'*>>R2F>F,PWDV3Y$-[4]9-(Z\+=Y7*RX&`6U%V;VCW-$Q`#A9 MT%B:Z'LEKSRG%?%@.8;K37FZ>N#6_"N<(POFISZ=>BZ@"7ZS9PNYP!W7F3*/ MEXC`FD">Y?^=)*8VL+P/\S#_]^Q__;Q'>9+Q"(&M')FO`Z6Z&92WC$E?@7]) MJPC0?I&$UYOR7?-/<>VOG"II>27+EJJ;68X5L,\(AD].`,K!`M!%H17#)V#T MD7WW&8SE9VO$2A0[NX_;OQ\:H&,\9F[HYWSV1?_+]2YP#(8OEI^\>P'(<"?, MNV%VA-&Q-?6_\!C%$RF$]C@AW^&#TCZ!$36L"2`0SZ_K5S"SKW>O0-L,D`8]]LW0DN@;$I+\>T22QR5BSR,MEJENQ3[>1]6^G+ MLIS27HR"VJE>JESW&M6G;:6[/=FN:SY;H#2RA`W]^^O1O:+>:THQ`6JRUI.U M16+BA@MW5YQQ#?A&SE_OS0-I@!1&5JUPT52MVUOB-NVI)`GM2B3@0]U!3214 M@Y_6[BN]7KU2*$F"JFC*0"E&PB=8_R8,I\>5YTXN7*Q3%\+:>PU3)-)SYWRA MBIZ[TU^8_\5R7+#09I_BU7_HF(NM7')+[@L+QB[\DAIK-6*MUQL,%J&V1T8$ MDV"UJ0(053LDP2UF^D!NJS))<`M%U6MW-%4D"4*#ER]3K/YYSAQ6\_JHMC5% MR>%VI=.Z*4MLV-0K_)2X@C?@D"P8NG,YWH#;@P/@@1>=;^>NSHB\P:R3O8I6 M@=)?LF3W1-G>!-_N[@=790V1GJR^"64'A_BR@E?5;M[2M'/*]H?X7B7V/*;[ M[`.+_OWD#`V^6^-_TV>\1E>=VEY5.NT5$W5S_W626Q(Q2G>@KEHS]9![PS<- MZQ:PHLKM0;L@Q2D)-1-=5LQRNS=868NV)OH#&S'/8V;&+*I3U*>*JJSH\==) MJ)OJLAM!2D]^#1\5J$83T@G`Y*Q7QHH\4'JOZ8M,WW6161;`:$J]!N`29%[C M84QLW3N/%_K4"G3[*ZO5\#X%S;:R3A>D8R?TES>CZB%^<;\9'KA\,>P0:TK6 ML]_9Z797:'V]SUJH+.%T=I7.\L9'!2*YX1);&[7J@=Y@V4E4/$0;*8&6G+FV\5+?%F>TJ:D]; M7O/7]9J)BQ\ZYFW@&G^/7=MDGA_MO6PG`$75>NJ27GFMQZWI*X'/CM+K+_F! MENL(RCNH@()Q672;G>TI3V)UREPV/7H`FPQ*[C2#5X, M^XO^8DW"R3F6E'^.5C;X9=OQXI-IB;;B?2]1[3J/=\R;?&`/P5?7,>H8/E#_ M2]9V?B\5*2FA`SK;$)(5ZM8"61ZPG#XJ45%*&*6)6-Z:WE(,W79;6YS6RQV4 M[K[,,JQIO?86O<_-5=R2_V#Y@6<]A'Q'_\Y%*.'VCVO;,-/F+WR,-&:5;;_; M0`]X6K=(W5ZXDZGKX*;_PO93?K<%-Z!.P8P<;!1'588WB_&3\[MK.<$?P`U& MTFR$U#[E40"=2Z1OR^>;#'N!:5"*S>MG!X9\;$V_,0_3`.F/['RV2&'T2(X` MVO?J('?R+@0@J2?OY;/V!GH+D[`[3M:JH05.VA$GFV1?D1>P:"]T?_S->WN M1J"M]`K1GT/'3N@O'^LF=Y1=,I#L*NUF`#K=OB87H3^'CIW07WH`5'5I.W0+ M!M*XA5KC\OK]W@J):5>EJ:BVG02V0;M3(Q75Q@M,%%6K7Q9E8P2[`FXH;HX-^;T7WB\K-7FUT M005335D`9-N#W7$SO\UUY\)03%PGNUEYKON64>M2U.TL;2J7)&9?G*S"E=$ MN1[Q1A3 M':-:D3=IW>9*H0RJU4%?U+E=UE26NP/1QK.@:5$KJGN#%0?U(*102E=W!Z+. M[;*NE];I]IK`R:YUM2KHVKM/5,OMMUFW/UAVB!?5:[:LJ^(Z)F6 MWBDH>.RYZTL(JX$)57C9B33V?R-C)\((L>O%-S,/?V2V^29(6,GPD&'Z=9+K MX''GXULGB\G9QVX..'J#7G_1Y\KIL")%52]7#Y:"5NNCJ.)E9575=D51QL__!>`;V\PA+_,G3,;X!$//#'K]>CJWG2H\1N]-/T,TGVF3(" M?E]3BJ8H`T^2G"?Z&B?-V9B?1RZ2GD>=Y^>15K/^\"WBI<)5AFO;^M2'5^>? M@/3H-YSUDL%LK%:%)_?)]ZENFO/OO/`B%O&4?\IPMS;)[OSY]D]).CU,I%MW M"JP'_*"<<1$$)F)BN30XT3NFK+SX>VG6^GZ2OIV/?I^FM*;$[V MIH(I]8K`J+NG-&01I^`E^9BV:F&VOEXM\\TY^%,/?,-M2:")SJ(\88$O^>&# M;YF6SN]4_0,G3)28S)ZUI)/XC9,X,]E$GTD/F+TLNE_&TXGY4I*?[9FUI##Z M'N5A<[WT1S?TTA]^EIYU/YNF#'.62R!V3!0& M.LZT4.PP9UO2F'$-R]\%XCSK,4ZLP//O1F,8LRY_GA=&ISSD\^ M_C&\^.7FY&>D!'N/OJ>=8W.68X;P=<:3G4FZ`1I]JCLS[#L2E?1[Z+!,.3J9 MU[-5HNQMUH33C?^A(X>`C^8AC%);.HQ(!Y9 M"#T_U($O&`.>42ZTF1\S^1C&V;SFN=5ND_2#_(G+.$FAA+Z,Y?OPZ)ETP;Q` MMY!%GM:-LXL/.YA]S4RSG,$?X&?;GN'PV:$9#1WVHCM."'3GC1C5$4[M2#SJRIS0?JM^'P&PQ3*I14 MJ`B0B14$*P)R_34B:H%BA)_#Q['TC,T!&)Y8E+\NP_-$-QG/L@C__@@Q+R!F MNM3_9G$2R%1DTVC%9EQP$DC79CHN+&H<[MGG'68PW]>]&<\/J$?Y]*89^R$CL.61JXA*L),M MAT\%GV5_\$&>8-]S3:'S3J#9OT+'X&3P,8][3?O*[6&./S_*;@DRSU*..0O1 M<)6&$?!N&.B2`#,P7H&T)$4^_;\S89-:WE46.YIW,%'GHP>ZTHL8CV43S<7X MMC5B)]9,/%&H'65LA1^>QZ#J9Z?N,[:TL`C$&23SVEI,D+B<(AGY"I[=!9E+ M?V'8L/0TCW@&FJ.U)*9J`JP@.YB5#[R8YAI*\H:#`/)!"M/Y9+]($.AK[$G-P7JU9OU#WH4*; M:QF+ZW\3A,H3?,;KS+Q?F*@/F`L7 MGRPR`]".^!!)#38!Y!E/XD4R]MJ>#,ZG`4VU;)Y0I,*''_OK;U4W7Z(HB:0H MJ6D1`2:V);*KJNO=5=6X#&[;RKO?I3,!)QI2X.%]-EY3@1*`A<\^JL"\]2=^ MD%G_15M?8N,1B8"8`:9OSH3/D8]:948'EI93#%@&$;&!71@BYA-X*_>`.V`4 MN=FOZ>S79X`%7@JK@Q'RX163R$^&O@;1;!:3_9GR(0##>)@!%9P!569Y/R6Q M[9O(@.\`)>"8%M41\6Q@ZD:]SF&/T*P^V@^/*":QR@\(/AW/=[7]2<(5:!#A M;Q,&".[<,GEM'&4;E;UUZB%1DW>MPL<%-D:-%_H1,PD`#/AVJ.5]M,1>!"AX M\-:8K9)1Q[`N6C7G-3&."$R.P,A?(HY@!O^!@CXA<^1J]#30_GEL`"^*OT/8 M#N>A2_8._X;4`4_"RFB\ZE+*.F'*7A1`NW-R=Q)!?0VHRK@`]V9&9Q3S'SNA M6F5.K)G,4V]FOIDWA`XC]GQF#C!ZM<"*=)9OD',-4T^3I-2BECP`=3)G3!P^ MFJ#SIE,@?*@[D_74T8VQ0G&G:G3%,VP5Q#:1T&:D2(9+ ME\'K@QON1C&$A#6C9R:,/4$C`PBK/+#-MSDCGU$J<6.RL??H$/M/\:M2S\9/ MA]*(=!([[0A/1VG/P`_"(2IB]G1.HX$2GYZ"`Q/Y-*29^]Z#;\X8X-FZ@-)# M,NB!O7="IG1L,M#VB_-P`Z!^Y4^O\I%;LFK.3L>K8:3C=P0K--XXM$`=IP% ML+>PN1/3GW1!U:4IFQLF@\+8]S%=P(26:JP_@+4P'`<#C]R+3A#))WYX1>W* M%?YE0K#HOV9^9^QVBBAH9KQSN=3#0V2S7(4-&A<^NG^E&BC-Q9?O\KD'_Q/> MG7P>WYZ?O(\U](RYV%1A^C8FA$RFAAS'L^(,%HMM0(9_#)B7,TE2633Z!8&T M)RC>J(?HC1`>1OG>!#PI:EMFRT'`L4K1G-@L=4%# M(/!_F?.+_A/&VXT4_<;1_974S+YDF3(PO=J!#O@7_F`7FE!;G)OV?US<#FS, MF#CV4";4B<^GR,Q[=-OSL3:-J*?8&WM/PF<,II-[2-``ROD;'V89C0,QMMK9 M71EHVZB@4,N5OE:,4QJ!ET&UD+VD$,TCWWJ$\`R^CM>ZX.L#3`PF<3^8VM") M=1L(`P-1605E93#WL09`:L-J&*R\:G=[M1"3C<1?_!NV'GC.0/NV_%;*A M@IE7.<:[D.BF(.O$3^/Q:R^[Y;++[!(ET]\9D:&5DCI]W*)D/ M8&I`U5AF%%"O>>+EW_Y:CDG+U\KLA//3"7&70"#;IY;HCC4^'Q4G7\P(0OH@ M7.*?`^'.#/["7#]\\=W)Q>7=9_"TXH"4,CWC=V9'@/UO0S+/[AM*HS$[(VJ( MJ:Q[(L1W&[$4NV7[5C0#%J,FXQD/(D"S9Q$H5H0`DV$"^S_$]]`A<\D#RXM: MX'G1TT$6V5(18>EO)F'L6U.3I;_(BQV$#-8XMQJ'?"FL\0$L`QE3TOSY!QV#7N"!T*F<)ES#G`GSC$?2((`ST'O,,=N#0@AR:3H6/<6%OP.EXS/%>$+8TB.)5\!>O)P_.H`@I7>;:96. MEG(E92U7C!7JT3`)SF:&MC*X3U+5PJTVRRLT@*!.K[%2J.&M`4!;\^]TK3"3 MI72-9F#4F/=FR"LIL18*[&CW"8A=0$MQ,2?ZU87(S`&U-,GN(LL5S(Y]&T]; M/M'CF6LJ95](>#6],U_:+)/5C&5\6@7V,,1H5J%;N#_@K1"CX22)0LOJ6Z%& MP\+D$A7<"6*TK"_4$OW7%IQ[)T'#FX-&;X@$S72#\99(T$PA%)I$=TV"_)#= M5MS*,G>J9)'&H-2@I-0&)*T-6M;60[/6S=O!O.6F\%R;$*!9]IP&>%D!,>(H71J]^JB MIPZU':'W2G,%GSW_VO#@W8M!:E3D:9[Q" MTJ?H?C=98)WL++T_BTHNX_K)J^G.'&>YX'5L6KU-8.NJ%:EP5<(6P.8OWPI* M+_C:=JB07)BGMW'U-H&M:V.6+B?;`EKL*;V:[L6TRX/"85L-.':#0%V6UE>+ M7W/XD?6O6,?:Q0OQ+3MH=UBD7+S">>/JK0#;"5L7 M6'E;)IC:8=NSW(8**[Q9`"M>I][Z#>M"8/4EO=]H_68/I"_)2W6@GFR<'01Q]B:=E_]\._X[ M'2E%=ZK.XJV"7>,J,FDD[1SLN,^5VHCJ<;BW#-QY3>':M5OJL/"+#6$K.IKZ2`9Q\EZJK/^(SHA,3>+*1DG M56_*&/:%@TVA@U;FR1S2,V$"YUTXKP*/ZQ"%+P,$?39 MXN0Z?/?*)T;*T@.+4(MTQ.G(=+PV8BMI/NN8=OF M/N:5K65H[*LE]-"+3DCRA)P_8#K";3(%9?S@DY@AWYW6G6+^*7&Y@+U&$C*A'" MU7,5`:4P:2`&CXE)([8M(^E`N.?P=-P6BK,3EP&;DL7!5RDHS]@2O48$%P6$ M=9$F#9L;AU$*B8J(QWWX9&$(;#Q"44SHP;XT`8)@D2/KKT['AVVCWCB6H'*N M@;U,.#S/0&S'@PRR?3M[THH)/>%H8SHJ+>S!Q!)?8P#*.&PI5% M6=:7V:G96--!45?SR6`;HZS-/;TW9)Z6]"U5X+>9UA@54S5KUFT+Q/H'MHU! M9(.7DZ+IL65%LXANR2QKMIE, M4W16"K\`%UNGZ>HE]RVM$K_SU_PGM'SG.?"^Q_HU^.W)M&XJ5NSH2V?>3?!H MEJ@S--48#-LB8NUN74DWC&+VK#'J=?L!#66XE(XM6SRKTQV[H3W!F]_``&2M M%AU5"*WY"BU->PKI\$O-[TE7T MU8^T]?=^Z3TMG4O$)4PBW#\`$WK`>/]C681,IZFK6T@QECK/*`JG.!S7#3\( MIQ*9I=XS9B+!H8:_M.D[HQB?)G(,[T*)].*YRCCQ)74%S7OOB:P;T[)^+Q9` M7@9&*@[C6QS+5R5K6[902[G:_-#:QH`E>L6W'QYWDU)61#G.WM3+=R<`NMZS M;\Y_/F'_WR,EV]GLKG`5?QQDJ$O)W`/SR['R1N/4=9(KAMD&?6#+.5P MX4:_].Z#K)*0JJ&"YD;_+\I:%GW8,U-)11R7`6M[V`[^^@[QT:[\(?[`C MJYZ=*NYWKQ@K,K.\9V9&/XHC/NF0VCG`3@WZG>K(3KU%F7KK>\:3=)78RVZ= MUF"_&ZN664;Q*$YB?FC.0[O/A@YE4=;E+2#<0SITY<9RKTNW(\`/W+"+:HCR M0.>)-PZ0%N]5R7K@-$541BK?JJ0_6>%(JPP543-DGMBDV7G*AMY!+KRPCX\X MBY)6.T?I>/CXSC^L&Y^D\^'A*SB-%T>N MW.=C+'YS? M+^7>4/''/YK!$Z]LYYQV*VFXR5TUGTS;P7*?TZGGGV*SMA"D=4IE;NL]<AHKOSF.^E]#0>VZ$#W_FM'_-=WG!N:][W;>F!6>2>I M'#%&D1_>)A=TS%WE/`;NG54>N>==Q]1*F8^:7Q1?]P%+!#+'LGQ+JU3\KF6A MS8\N^<-Q00.=%U)2S5#"(G5\M!TN5_+56I0[.`(]O=XTO7K*+:%?HBA+%"(_ MH7N^M^>X*W\ZXFX.95%1I=[GY#-VX8]QL!I(/?;6ZUZ]U*@+&O;JA7^KQ1\+ M#1515S6>^.68SF!^)T'P@8V\+KAS@AFRR\B3.7F^:7CWEWN*1QE(,_,T,`\L3A4O7.ELV$$<1^'+= MGJAHXF#$>:?ST9YR\-.4J`S%@=[5NN_N,T(W=(FJB)K>#Y'EW3!QI%4,<:1V M-7M6XJUU.ZQ5P)N=>!$X;OOQGANNQU&@UE.LIU@OGPW"6_;CNEG;E69AKQJD M79R\?6X&MC5V)Y]P>#>9\#M0>S_7%@T/-UNZ7[KEI4N\D/7>1AUOE1MGF/,I MR$O3LWT'BN**+#N7IZI5LYQM?Z]' ML$>0`P2KNUKTM.AIL:G2M@N'#1>E$6=_SM"A/*"BB$-- M[YT]SIF)HSR@+([Z0\B\]UB MK7K(6[WX4.%"3XV>&F^$&F7*J%.'GM\(&AL MQ1\;`?>HFB0.]!%//'.L_-%!U8.E<5H_#8E[UN*/C5#U2(HX&KVAB;\\.XCG M*]P[ZON5.(L?^YHWKI.%TMF`\QL<>KW+4:H0V*6K!^[[I'\(@1+-%#;6H= MI?U;$?K@D&,'#I,K<>%1[\+QRTS\N'#R2#34KF;BWA)+=$2_:.)HT%>J\#W9X6/2UZ6JRG18D26A-+ M`=X&9.,I[]1W@?+!$-_1+WP'>"6;B2+_T'>#[#;\ZUM?: M4Z.G1D^-AF%8MRI!4P,=7P#<7ZAT[$6%/8)=1[!$*?&L@OH+E=Y&&-I?J-0) M9N(H#.TO5.*#);JA7_H+E3K!3!SIE_Y"I?Y"I3EKT MM.AIL9X6)4J(YZBTOU"I\WE`+*?5^ZXCWIF)HSP@EM-V-0_XEEBB&_J%EM/V M;=2\,Q-'^@7+:;N:M>IB$-FQ(L&>&CTU>FK4#";9CU@(AK_]\ZK/+O#+Y09ITX=@G\T@\=E MR]OG$`[MXW,^Y7+EGJZ%N$1:>):-L65YD1L&@D\L8C]157^&'44MN9-GVW%Z8>%86"195(:/MCI@,0^D6IWM\/=>:'I"'.?./;,=DW_59C'I73P1]LZ5M^8ZZHG M=23*,N?:J;W0LC-JZBT7Z5:JKUU5G/N-H"B0R?B)^.8#^1+-[HE_-:75O@&_ M);K28%"S1E<;L#K;*CT4A=+:1^A$=F;NC#$3-&(H#@_,C MTKY?DD>.98^:.#J@='PFJ<9RU[U<,C&Z'JD11Q-'I#M]#R M["!>3*?$"@5O*DRP/=-^PM@+XS9OCI':L1X.=437@HLG#XQ>S_+.5ORQD#0P M1+4?\L\#FCU[G\,A"DJR(DBKSQ##;.7;<#^3IU$%K3XN>%CTM MUM.B3`D=V8'$)+X0LS^2Z);?J`Q$71^(\HCS&2^][\@C&P'W#+61.)2[FA=\ M4_S10=6CR.)0Z<-6[EF+/S9"U:/HHJ1H//',&X]<.U9[UU.CIT9/C9H1+/MQ M795JC4+30JTJ<::7;A#YIFN1&Q(0_XDLE**.@^]7T^^2_%VAE:B#$R%R;?;1 M5_A!DD^$";'LF>F`]CU53G[1(7`!JN2@+%FB$1!9`>PFDNO#@&U*OQ(7 M*.B,W"]8#N+9*=Y"OTMU,*%E5#&-4!+,"$.T!KC8"7%(& M$F[Q`0$OKXO>2/'A<*08/%"\)N"2HFO:$D?7!SR>,DTF'[T9?DYA:I6G1P-] M$A M)$D%B&M"LU=\OL?K?,^L4OD[QSYHX0>"8];.7[.O7)NO^*?QL^E/Z#]WKW," M?'WMF.X7OX'06.WD9RJ`;+/)STKJ>$EA.0AI^A4DM$2 M=&2=3WPJZ>S=XX/59O&M;A=_1W;XNJ6?IJFJ)BUJQ:4E&H!072OKACX:Z5M" M<.E:3H1DO/9\JEU"=CD[]7F]Q1[TR[@%?3O"C61PV[0-8#>X1RZ?*5IQF)A\7\TZZO#`<"=I4?VL0=J6`KEK MR&Y_&]]<_';U^Z>+F]L?A8M_?[V\^]\,5J%"0FXQ!EXZGHW/8FE]^!@U8.`W)KC<[IUSZ"8A#G89V$2 M^7B$'CX2X>_(]$%C!?2QP'X1X/OA8R``Q^,*(P2?;AY=Y``UH:0?0F@@F M+/$0P<\)I/`:*[^O3;>U"L7"1S,4GLV`40W^C%AD])!',3U";^%&6GPU(`(* M5S#I+XN/24/VV%F)4IBWR/Y,^M+WLU^!;!ME4S+VI%X@E/?U>\R+1%#5:(HUF$T.!-R)*BO3.J00Y54 M41L4M"^\:O.3$A[_%A5I1>H4%1X$-HM:M!JF%79;A-AJ%8@?%[0ZA%GP9L%\ M>`!-:89$F)JVCZS^%PG1!8K(6A4I&8,&1(3(?#_0:05[D:>_R)AU0ASXE1H+ M.O81]Q<9@GYUHZ0E'%&;^[O/$T-1*ICW7<$GCY2.L<7=(PE(0@X*GD]"&X&+ MYO#&&-;7M2[!3^W8[LR.+MG5Q4.Z^?(3S!Q?Y?H!L\\@X.7._K8G?-JRS<"G M5QL9<5#X?I%)@6D6VBL96Y`7XEMV`#!C@6M>:K8SKILQU.7T[K!J*.JJ:`Q; MPW&5$WXFT#".74"'C_C>;%&;V$$0,2G'8"&(G'!YW6S)]F(?#`Q6JRC9*%!F MY5<5K6CD5K]5U)3A\A:M^;XQ*,*QZ,'4YJDJK*0:XDA9[2"4!J>E)B%;JKIM M$`UIL3"TACE`?LPS3LHWC$=\XIBHX0NF(MA>O_,1C]%LSL5L[GBOA,2Q5S(= M3,!3J@XD?79I!!11&96(W^JO&YI:D+Y5'A&R3*S((H#6%[P(8JUD*]B7LNF- ML!5%58NL^_QH6X\81J7:T@69F?N>1U8MARZ.U0=:7&=JAKPZ0N*!UU(+W[ZSW5,5W(+.^6OV5=E-4F$=A('.G# MV@P.,1!R-_#EU`[I`X@;LU_42B)_!T4&]\D<_@`?)X28V(&%#WETTNS,#*U' M_(B>C>%I&9K3M4&GJ!>EGH?P&(C^#B^[X-6O8"/YC[X'")PN^_?Q3>G2Q_Q0I+'PA?/!\8 MT0Q"<>$;CS0R6,E&14#=\J'NU,<#M>XXWC-E>7KPBFE^U[(=H%O^!.!'>L\B M7KF8.RI&04-!6;'`AT8<.UBQVT*^G%].M[\DPD]>O\.3Y)%<<]CJ*#YYKE5$ MG3N'WOCL#K_`?NQP7^Z*6PV`EX5/X,A@*5K.ODDL*ER7MWI[K4D_U%U[=X,T M-%54E:X.[RF1%9XEXX:$D>^R;,'L%AF.!R=U6^"8DIMFTD4,,4^B' M`7*2="P_4#LRS>1TX?)"R5!$A??[O!M.UNJT+GN#@V&J=E26-&)>TG-O=H9_ M37S;F[#>Y:3RZ9RX9&J'M.")T^D`%(_\2_%;%<<$C$;ZL$#(&A39(3T7^UL[ M0T]9E]5B__!N"4J_E%[;26MFFO!I=!_8$]OT7V]-2EU\ZP)5%M:K2`U#DHR: MQ%A&9XJYNP355*U054&/@!6#2>ZR/IPGUM% M/XS;B2[2%@U.?:X&$YDD734J$[24&+LAY@8CR"DQE>4Y+1S0\O#.:P-:ZK+" M(RTW&%T^::E5-V_-2?DG)O*W"U`W#D-2B[,ZZX&R+SQX#0R[0\^ZLSEUR>@" M(IUAC/T3="E,.%C"8%E*I)))D@7+/*)7\OT. MRR-[I8BLR*U3!``E?T>@`2^>X)^@'TI8]=AKP.]4PJ_GMQ?__GKQY4ZX^!/^ MO!(0G9#.5Y,3L?)24*EA\#@=X4AX/EDF9_^&P6L$$#R0/8I6N[ MR.V>_YHV]`8"_`_\@\F9,%X<*A$^VLF'8C(/3I"UN,7SF0C@)=`FT%*(?/+D M.4^T*=(G$SL4S`>?L!;+T,/^2YQHAS+ATQ8SVK49S?&SU4V3\G"IKAV@=AS! M"Q]A?88S=L.!#,.2M&".(D(2(*8@+-AAW_[<_SQIQMLALI6`[SBA19`<4GX[/E_"8\F MSK(`MH]8:[`Y!^9[`>L2$N#GE1#HR[R&**%'1%DL7CN@,UHV=RL']LOBN[*2 M3A32"NW.!5B2_GR0?>(_V1;=IQ!H$P7`AB`-]R#<9\*U[TTB"_X>>,X$:[*= M",1ND90."0E*)'Y1@`VG-72XN[2Q^_9#LY#Q9A,Z6 MB>9SQUZ`B[:]HJ@!$^$IB*+0"Q*9X+/NFNT%CJ#?`(@#7 M^"((J1*J=5)#/5CWD#V'H_]\GJ:Q0I][/@)@SKP( MUT0#&P0DM@6.;=ZCOV7'KYJD)4LQ5CA0@YJ7%<^P51#;U)%K1`I\\2IX4^<` MOT3813L!=5JR)]"*S6F0>2;<0A1C3VW+!+@S2B6F%8O0V;[Y[%XJ]BK3LMB" M;#P.1AEBSAO'I>.&J=!$6P`"7LZGAO#5D;W,^';HPV_@:MX3\`@0\Q!-SJD M@[YRW$!'?9F!YS+X32N,J#.`(0/JL*]:0AGHBCQ4-BF* M0W#"7HF@#^31)ONQ)1&6GCHW`]MJJ7J08J%*RFBTF9_+`=D/#KO=1KX(4/L> M/X:#)@WT$=!_.H\!V21",\1@IH.=JZ<&Z;UMD["2'&>,9YDK^@]F!L3OYLO"' MRS3K,&;)GN6' M)!=$O&$9I&O3#U_O?-,-3'JU1W#^FO_DS=/UUS@I!B_O`AD5<&CU!F1<@^9: MJ@77OO?9\V?F-9V-_/MVG3'+YR1#?;26*TK6;P?>2F[<,KR2I`P/`F^SNE5- M-E3CD/2M"2\$[HK6&%Z$B4_<*_2?;E;@)FQW`R2\ M?3;G?YA@)>WP]1.>^C6(ARJ=\^<7_8@B`,8\WI9?KJS0@Q]H,17#:1V(&2*) M/WV1EN:40J]_E_44?'T;-P,6_1Z7\@2_/9G633EC%7=J%.N#)7B74Y65_7YAW5W/_=TQ`U@:UB$X*[QI4*)>QR7UW7A[_\]>/&ZQ` MP2/=*(GJ"NCJ@=`,E\KWUK?B8/]*7`AE'?P`?JC&_K)1GSR;#"4"8%OVW,1* M@5MBH7:P29!:6XBYW[.\ M"MI"3!>4D7SRR^!L&&OKZLNW!W(E0>,+Y$JBL@RR.CPXE6N#;&P!CX)DCMV')K\(L'5-)?_XJYCM];M;UK< MXBM4F1@;/Z.O?J2MO_=+[VGIDE&[*[J\2YM3]G_+$95.@<3BB5T1[#;(*O?; MKVL`Z.=8'VB.]=E@M`5\_`ZQ?DNLQ-$=C&>=O=/D+3%$5W2+(O>ZA7-6XDFW MR#S=6MGPQ@3V8S;%?\OPIBQ&NLU=O\TN!*B2QKBC'_(XZ*B_,_N-7%_3WYG- MG4[M[\SN[\SF3#HXO'JNOS.[OS.[%X_^SNS^SNQ>*OH[LSMA//H[L]^@2/5W M9O=W9O<"4P.D_L[LDHWI[\P^IJ1C?VTT'S@/[.[/YU&5OY\[L]@_*L@,X M'.X,*/R'3+!R^,JEG:9VH=44XOBKZ9WY,K:L:!;1RLA+]^KC98NSMM#!7E*`*G5'S]UMR2K_>&7UY'O3#`7A-&/1^WCUI&#J1#8(7!-]$])VSX_;Q2?ODN.4,@V!\V6R^O+P<<]E61$V/739J-*+1KI`` MZM!/#7MRW)[_G$)_W0^SQM^!DD&1-/R9-[2 M)_2O)QC-`6U0\?$HP=[K$_>/&7^&GJW39MSP:-;R\E60I=8OIW';=O./S_>/ M[A"/4(-0$2#J+GI),FG]VA<7%TWU*S05Y%*H_O?,18&R3R9?CK:%_-2(FS7D M5XWV2>.T??PJO"/0@>-\X,S'#WC@*`8N@^D8?SP29#3V)>/JNR''@X]'+X(U MI!Y;YZWA;ED' M*!`NDPAH!NB543::-F6[9G[RS:T*=(5\:]`?@.XG:HUR5^")PD M&EZST8A1U;R+`T3\O#)7/_SW4,COF#P/@94..&/TC%<83'`E>F$@W94,`=M3 M4#EVJE,8C#3F>`C0A3`TWC(_0+:'@/@GR[^A`?I;M;SD;_@,G&D.)!L(!.I:&4VAA?!D"D90JG;T_>W_^\[MV^_W/K8OV^P3/"=QT^#+[B+LQ-R8R99]S#'!8<1TXH@"G>S&0@L)Y=0%K`>$AA"'>F,(6LH#7&&8W9&3_XI>L?A,J.+YC@88 M@E<`,6V9R@VXCV#Z&0=#!K],H(F:,1H(?$<.ZH>Q#`BM8V[7VK("U)$RZ'.F MCTQI63^0[-KFZR@T59L5:/DDMW5F$U&#DD2+^J'#U!;K5LP2RPKK/>`)IB'6 M3?#XY_K9+4O[Z_;:*(L5QKIF(N@-/C'F"?!(CYA/8%DE'IGO:;S)TS!+_D@5\<;$4I$(+W4!-^\CN6Z2F-OL\[ULWUQ M)UQ"8COP$*<@FPV_TJI^%JY?$F:B,EL@$NDL$N4*)H,^&].TKA]D"B[NS"2S MP[)+>RB=(.#D*0S0DX^_LB\,?J`!:--7?G,&9I.]+!,Z]4-#YG92-3(6Q<6' MYLK>[/?8L%TY##3:JSTQW:N-B#L1]1V@OR,$UNY[Q3_N8EK.QKX..0<-;N0O M:E._Z;2LV^0\RF;L(M!.(@&$"8R)NZ&+OMA\]P29@;%.IA:K@`H MT)Z",-K4=]%D/TR9*5%DNM-:FZX7##$W":KK#??#C(9R1<8\J[4Q8=D&:_I@ MVH?T4:[995@9RU13/R\W=:FK@34GVOGDL,*QR@W6%^+[NM.=Z&>;#+619RM< M)BQB$7TF$+MG4@+";EY=/Y0/P648S*2K3<8L+(\5[C01&N0VAFEX7+2UR93F M`D2V>U=KV]T3]$1\$A"L#J@"YOXU9#XP+F9;UQHS9G?;L3";D[3UAO6#H*EE MDN`TE,NJ=7$?3>7ZSVQ%O-RXUD8MMB`V$-`6Z_(0>\8S5MM^OVR<0T8K$G,5 M+>\9??Z*^:B+GS(VMG3-]\C(N42T(L]/"I.9_Z4WKK5]S:.ON6Q63-Y8GGM" M<6]PS;&G/;%/:UI#HYH;2&_=3!&MB+]K;LALY6;-]"UCZ;R26C&9NWB`003O M*WH%AS83<>'C,JUOVKV&4"C@R4M):T707M?#'8TVI/J,*P,5?Y:G&N+[`:4M MZL**S<'51R0UD%EM5C_C;]&0ZZ@Q4D>^1..T+H[&V&D<.`8,%6)%]A'50I`2 M;7RJ::69#0@PO@EB()H5,[K/H^PHTYPI+??(HJ;263%!.YY'9GSU$?'NZ#4: MDP#ISFALD^` MJ$!R*Q+V!UG0A2[*/24$AV4Q<;5[@-D=]P@.!86UXIF`KQPC$?)I9GQ?;[A' M%C84+K+HN16W<32U[)*&T-[*.2U604D.X\S&J\B;FM+$N(MG?W5K MDEPD=G0%3W+7YVQ"P')7TV]@DSLZO['<<0,R4;M6&A'-"=1O?A>Q\,J=O#*R M6W'8LZH'$$^F,',9H^1VTZT$4P+U`TA)`Z\CIJ0R,A&S'##.WNJZ[=[D9G7@ MZKW"[V)8K[@DJFXY]K$R"?4Z([ES^;?Z7GOXE]WU`%!06`U6;!"H0K6J6KE< MVD)>MPD1Z8T/``,Y!+=BM:\T(^O:WS+>9>%3,`C]^%E3O>?7=CD`!.06WXHU M_R=$J(QO/?J(5%GDY#VQ^24Q#2+,.A\`-DHHHN@^P@Y.<^^$"+'7#;D\]E0+ M+;4]-5:$K? M`P!+<3U$$'E?;R=S\^IB(4"*"/&RD%IZWF6^Q56*Y@%@JGK]1%B[J#?6UN?2 M>ND18W>TWG5),Q"[&GBHI?14*0B%7 M5W=0XD?*P9<.!L0G*-!ZF*+D#@A.E:C&CK+-23E3]BI-')(YA4.`4$EM6'%$ MJ-%:])K`XEE."H'Z069+68ZI[%8`9!&7XPML:@\I>OPR,[-)ZU0_()0TY*9L MQE@!=F4PO4&72%U13R2N067`(;W3`<$AAP+LR#D>\'@NVEJ-!>VE@@U]#@`, M^>7/#!2UP$(R7TI65A$9A68R^QT`)HKIP(K'DO'BB>> MDK-(/GDAWR0#$R@[/\GJ=P"0*::#S$><:@&+1?8%$?8!BX"';J">R9$O<\Q: MQ.BZ'0(HBJ@@\Z&EDMG*BV#*TJWSTY:R,WRAEO)=^0)&6:D#QC,L;Y2GZQ[; MN[0:BCZ%M*4KDR"'ZS,1O M[H%+IR>;=^6=8-_L/N59ZZ1UXC2#P(2;K`%U'D71^C'F0=RD5%PZPX41\ M+/>8L3+K^)/S8\3.3[NX=[G\IKL)\#$KB),($='VAI))OUV8C\K.7X!H(D@M M74,1:VE?;5ALRZH6M6T0#XA+QNH)AT?L0O22'G'NZK`'L^\;]1:?XQFHS0N* M$MQ+F%2L#COVO.5##61EHI>&(@`45FE,&^*>IHW18VY M:D1LI>2LR315.`GF=IRSKBCT2SAZPEP>PBBVUU2I<=*YJ>PB(J4RJ6.QX_TW MG+VW/H_(V=3JYZ(*(B`9KJK4A16U130Z6Y-UTSHO%XW#@4TN#11\"G;K`2RE M3EZ^(/2N]6XU""W1=&9$=QL[4J3,J*2XL<>.2O3J&"I1"KXDU?I-=@-+KY3] MK5Q^.Q[^V2!YA:\:J'B4?<9;9?JPX\)%P0)6=3=Z959,/=7=I!$KTE%=;=YO ME&/DD[^QMZC1T<6<3,`4$RPZG`BY/$[47LB(W]4/]`;#[ZI9*[S8?)_LEG%Y MK6"Q[74]1/09-`,R+A3S'^:K5TI'^LDJYET)\3?8;EV;!9_]W_K:3EV^$ZI. MOEAL3/9#[@Z1P'U.7-SQU>P@LF)>GE7?^?KI>'*TY4W'>$1'#>DLQMSQCF)\ M@2S!N7P2IC>(;BUZ-Q0$GBXI3#-7BY':A6%66[!ON?*7@VNN_ MJP+>QD'>8%A"3W950S)!.$W!.;4C16WCLQE_\28]T)\ MOS.2\:`TS);)O8'+2"-65%HVEUBY[,5+[2N*J:E4WP"61S&9%Z7LPEG>"E,5 M4'[#6U[E9)9MWL)]3'-9XE?M0+0'2;XL?7%'`T2?B?PIS8-M;Z#]`]EWUE5V M)>@Z.;IK-GHB=";Y0C>]P;VLHC!$M-UJ]3%W88*EGR?>(L(WO56U\G'V#Y_? M5U6%:U/OZ`#V&T6A!\KWP//?,CY"T1UOY-_1@?PLV\O2#;\R0H/?0"MAWLO+ MY^LW0_3'LW-^'&#(41PYC M:9^',^]HA1_9;)X-P:9?-TR3J`L``00E#@``!#D!``#M75]7X[B2 M?]]S]CMXN0_;<\[2$*#_GNF])P3H80<:#C`S]S[-$;9"=-NQ,Y(-Y'[ZE60G ML6-+D6PG*:?]TAT2J5RE7UDJ595*/__]=>P[SY@R$@9?]GIO#_<<'+BA1X*G M+WLQVT?,)63O[__[G__Q\W_M[__C].[*\4(W'N,@K1CC][VYK\,TB>'P6?GX\&G@Z/#7L_I]3X??_K,/_2O MYPVON21#HFAY-&_ID^#[(W^:PT,_#XX-9P[VDY>=7 M1G*M7XYG;7L'_[B^NG='>(SV2<`B%+B+7H),6;_>IT^?#N2O\Z;\\5XT;YOE MYMU!\B-ORLAG)A]U%;HHDE"N%,%1MA!_[<^:[8NO]GM'^\>]MZ_,V^/#Y3@_ MT]#'=WCH2%X_1],)_K+'R'CB"QGE=R.*AU_V7EBX+X;\\/WQH>C^M[-4>6;_ M]P/O/(A(-+T,AB$=2^;W'$'^M[O+_!"AB+FA4)"#"+V&03B>'HAV!V8D#VHR M?A]QC1/D!V'@X8!K)O_`0I]X0A-/D2\`OA]AKLN6_%M1WJ`8M_Q]#*(1CHB+ M_/7)M/28N@*>$>;Z(8LI/DAX%LWK2H51^_B0'Y`Y.G$6>ESY<; M](27&,QPQ6[B2$S(8I%;WP#58Z>Y`3O#?(65ZGE!`O[:$>1?\O6(RKFRL7?" M\BG-B7>!"/T=^3&^QDC\+9['%BCT&>-S#!_W*X(>B4\B@EG:TNM'\\XWP1UV M8THY!`(H5GZ'J87PSN;4S=$;=<;BEQ<=_W M4Y.H2:',']:,3C/R: M:YC\_V8BV:X[!$VRL,Z!.>?]PRG&\L%SA+C-P9DY.>S]*CXV/Q963UVG^`OM M+/[6CR)*'N,(/?KX(>10N6$0<2[XLYXN@PCSY2AJ?F@:XZC!88L?&?XKYO/R M^;.8G!N;_%833H5`U#650[%5F^T`Q1[MG90/^=R$3@EG>9_W(D%TX)'Q0=KF M0'98(T/\6=S\YV_^OH>'*/8C._9*NF^&V7",2%"9U[3W.EF5C]@?X_$CII9\ MYKNNDGG*VUT ML$U&!SYBC"\8THAX)6P5S\7V<_87JM*G>4&XHLWHICI742E#RE>T+WN]&;4A M#.^GX\?0+QGYI=\W.MH?JH[V M$M/;'>'$U7:'GPB+*!)QYW'9!%_>;*/C_;'J>)?S#F'8!YQM*J+^'G[]%4^5 MXUYHM]&!_U1OX`O,;W?D!S&EN>5&;=6HFV[6AW!8%0"U`!"T_X+XF`XX.T\A M5>O^4JO-CGRE/:N2=PB#GO$I%3*IU/./MM-F(:F\JZ4(U7:BF"]4T M$*K1#?Z&XS;5$4NSSQ^%!\&-%&@M-X+PTIAAMLSY>G8J=8<_WB(A`%YJ'A,4!LU`\\\9_(2'Y&ODC;[4<#1.F4[Z3D40S5\F+6%PY>"K7+ M+3IF,D&#L>^Z8!LVCH4-'+``VDKV'HO1!_.69> M_!G.*J$;_`6_T`;Z,HA0\$2X\9!(P;7A_-7U8Q%/6`&"65&L+(;+>I9Y:'@D'&J7=!@I5:8;>7A#G*F>,#MFGC]:K'>N MF'>'L+"8.;_,90(,IIEO3-.`03!=08=C>#`<4 M>T0)7&E38(:#6@US()6*`@V;@H5CYEM0]0#V9IDAI94(&F!66(&`:;4-8?=" M04?H#`\Q9\U[0*]\9D^4JTQ6!6;FW8&A:+V,F4L*#6*1MT3YMXAXE\$`34B$5#%=96L( MAH4=.DI1P"'DNO$X]L5Q-FGP\#=]0O%(G+IYQI>!&X[Q55?<"4)GC&-Q*'^1%,R M]J6Z:K153_BVM94XX(RRQ272IX@1MQ]X9\2/HT7*P*W,`A'"B.:VIMN1B>DV MX\&Y&3J2"WG%:\I'OD?"2M*QLJ%7JLN6`U%FW54GT]E_->V_N@@:6H@`%KW. M*`Q@X/"#.L;!#'T;3/#&?>$`1G\GK>[JZ\=..,B7K<)D`/0G=%;T@?">F>VT M5@@"S1W^#4>+3&P%-DMM("PX1BJ6A65)!F@PW"*^WW/)!(EC=_?8C:G,6SH3 M5\B)E#3L\0GD-[[MF_\]&P%5I*(&00@OFS7`=02&I@TY9>T_\TUIDI*8,:#2 M3#8Y+":OK0D5"%&K>B^VB930P/X#DZ>14,]G3-$3_A:+8>+FW/)M83JH+6E` M.$ID#;2EC-!@+I77QAB"<6+(&C:%+-#A28UU2ZNUT`O"E%K-;BV(TAQBI1[3 MZNMW?QAA*MF5+KV"$[4QRA`-7X6>SG:AC,-#62 M:01@.N[B2%TYT8:0N>:MS>VTRB-1R7U_!SS`ES_(LS`4) M4.`2Y%\&C"\<\C*Z:J=PCHNG;/<18/@G,D9\'H@COVE>N)\*N<3G_! MWA,'[@[[2`P^&Y')Z31QO"PT1'#'?SR=EA&[(^R[;A.^20:V4WRYG"7-'E_? M!S;9MV6EC M(3?[!?O*>+-)3PAOK9GF&(D#S4GQ+4R>WA^+BP?SS`\0&UWXX8O0^:PD*C@K MD6J/8ZJ:?&M.%=#X?8%3324N5<,:M$!VH]#D;)]]K[V5IC`$VY$E:Y_I^_3D2% M[_0U4'KM%*TWZ[([K(.M4@9HT!@J8>(V*2KBPTP-643&XCNN?\DN["$\Q0\4 M!2PIW%AO'FC@\9M5GO4YNAH=%+C:^#NB1+CBK'9EY9TVBWPM1]4J4;:>9C'? M+ES+&YRD1&QQWJ'/&)97LV;V&&E++[/7N`GNQ"$?FN:&,;NTC)-B6H:@[$C2 M3I:Q_+&'A#EYS"'#WJR#Y_2C+)V;P.D[YI M=6,BY#>(Q\O"JK,7Y^%\T2A`98T0%A0#;T+6>6P'`9HFJ`=DLS,V?@<84X; M@DW0P$1A+C`T'=$>G&,9NUW5`4`P(HB:\Q MRYMVB=*TAV8[J-0L!XY:G%T"IQTV1"W`FKI!QP$F#&L7H,*+2`L^BLU M:;;,%+B'MHK(33S%WH482GS%]^_B8!D*GL0%H:G[=7J-_A526991L[Y4HK2% ME6>5-U&Y\E02$`#$&GX7W'Y#8WV)%6LJ0-:O&@J^Y$:V$_]'!1[TVK@=98"Z M'Q_$+`K'F&9K;S!]=6%=#P@+`Q0+2:%95E)_L"IT.LW^HC&H;`ALP8Y:56Y" M:4?9R`4,1^U"6=80B!%DKXLJP`"9-S6``6VD-`T66/,CI).0PNR;>SHM#^V5&.U-$(7P$LIPD^K;$1,:%NU)&)\C:-1R'>HSSBY`./FA2\)8O=_R_=`_&_T MI$HGL^@/OR)@!:&@X7D:,R+"+ID,Q4'(HIOAS/]W'D2[L'P2]MN$[IH4WULPGK,DCA*`T^),6U5F0SF)%H3_5".[F@`JN.*!F! MNKI[BVH6F@L%#4U-7#"]P>XWAH>Q?T6&RMI75B1:5$S03K`U+\\STX#O^4CH M94_7/J#7,^S%28"B9+TU[MF":G]6\D![UPR-^YPY4&\+M$1JLP#7.C)<34!H MB%^30/(S<[N5>&Z67:])$P7L->AM%OM:7J\:4H(ZYKLH[JFP\&V/_Q[IC_]F M*W;.GNC(1SJ+9W9'@RM/UIH\(67K-AT'5@H!8"8MXRU9"?29LP;]@.0'K5"X M54`M";7+D.62:8Z!90XU"6.IH`"0W<&L(6-E;5,2T0^5P-+60G3F#N%!3"GG M/?%`B!"0/";-1B)*_(Q\4:/`?$JM\PSXZ2]K$AS:_K*B>'?8Q5PH_MHTK#`Y MPO`3:9J4=D=40V29!)RE:;.*D2';GNR;^K+NB%+<4CQ!Q$LO9.(3HTPY*0WP MKO5)K4[=J2]^>[7IEH833*/IK8^XJ($G%M5):H?5TQX-Y59G_=B+VU[MF&>] MZ.+&U MQ.VZ8A)DMVBJB2DU^H06I28U*O>.J0V-/ M)$!SKW\BZLWPBO_V,$)![_`PS3TH/RI2N[:7 MVK7FS)[[$:)X%/I\!-B\O.TX#.ZCT/U^1IZ)AP./<?Y>&_G80+YTW"AR.?Y,PY^1^'\[*?,)/^)N[O33ZE#%5.!E)4 M.YZQNEPZNRS9QZC'5J*F\[0M.=RG7`<]P1@.6#)W4+)MQ($E_U M7Q#UY#\/G%$^XL)5(RHGZK;.]RZ?K5:4'P!^.YFD9F3R[,0]JF6;(+Z+EPJ[HHZ#6=?V))N9R0/-=;%@ M-?'RGG%1S[#KU` M-2'0GI0N&ZF@0IK5QYOA'7;YP%1_4944VI-L9246-%3ES]*C[:QG`+-1O*8[BS1Z?QV47Y!OY(&;?ESW_S_2?Y M=Q>U+9MBXT=&/(+H]!Y)/[NT`#4Q5W7[]D9,U3(!F!DS/`E']C MQ3D>6K^3)#*(D+S9BH$D:=PE'+8X;Z*5GL21BH*V!+,\\I[ MB@,.1V0/MX9,>])([&5K"<@Y7:V,L9I*>Y)*K$4#&,]8VIGD?NM'R76!PDQY M",L/7-K&.H[-8AW9.M6E+;*\.0^AD^?.F;'7E;*VOZ3;[#)KS>7=JPAL/WBB MQT=U3_3N%O7N%O6&E\EE#XDN(*'OL_V0 M@OD:LT(4```M,:9=611M@2PN1JI6O%^Y(`X`4,H-V:E+;"1_VKMXO7\M/W>+[Y7_4J]5J>:C7>K/:=O&_#+)[$%.4"[W: MXX->*0HTQ&;'.1["&>M9YY\"L%6=VN-07B4)-+B6]>L,NQ0CAD5*_QEAB8=6 MN&Y4WN-?M,`V1[X]AQ>;DQF:LGS#?/YQPS&^"ADS"2VH]C#V=-ISD+&"<-!P M-JS=.*\ZC=AHP/69\,'3G6:L3[8]IQKKRPI5*;HJNFL\&[D&X;?-G'@7-N["QEW8N`L;UP"F]"#M M@$\PA%OGOSPC]Z[44Z]L!<$YKP\S*EF'9HRT.19?*P#(WX&;=E5A\P=3< MP;!56R-50LB;X8#O!`FWUEUQ>%[S?;#?8L'TS?`J MO?VM["K7DC;P0S4*QC#WB[C_@)N; M"'='E+JE[K&],V?O1NG1,_*I53I),U['Q,8$1:(D>EADF62I5?[UAP]15F8E,5&8BD4@D_O0?+YL(/>,T"Y/XSU^=O#O^"N'83X(P?OSS M5[OLR,O\,/SJ/_[]?_Z//_VOHZ/_/+V]0D'B[S8XSI&?8B_'`?H2YD_H+$VR M;!VF&#WLT6WXC'-TEZSS+Q[YI*"/OGEW\N[#R8=WQ^@IS[??O7__Y)>DCP3S^^+X$ M_(I#?O>2A0WH+Q]+V)/W__GYZLY_PAOO*(RSW(O]&HN2D>&=?/OMM^_9MP0T M"[_+&/Y5XGLY^WTZ^4)*"/JOHQ+LB'YT=/+AZ./)NY%F&U'&V6=/*5[+N8C2]#W%?Q_C1_K3T!&^I2.<_(&.\+^+ MCZ^\!QQ]A2CDC[>72H&^;=`JD-Y;X_(^R;UH$*LBYC!^&>VUESVP`8@%/GK> MEJGM>QSE&?V$4LR.Z$='QR?%3TA8_W*6$!W;YFV>6^08RQ%E\[V(9V^&KW$^ M:'YKO()7)L05X:G!+7[)<1S@H.27DM!8#Y\.:G6,*"6;^`V"$37!)&W*_R5+ MV*]P_(>/QTPX\L$OYX5W7,;!19R'^?XR7B?IAAGP\B'+4\_/2S*,>4;'$.U] MQ1_%7*9-)KW4+RF3/SMD+B#>^_S'/XKXM'+T=9IL^O!5<)&8X_P2/42'\C2$ M27&6[%(?]_D)RY6)C31PDCECQ$\31+H&XOCHQ[NO_KU$15X<((Z,!&ST#\""J@V(M?GR<8+#[V_#A!&4=0LBQK2 MAK*N&BH6.G6"`T-J1;+9)#'CYC/>/.!4)6$;#D@G5`PW5.(0R+Y&R#EH*P2# M*]6!@X*K`]/24P-]:`)"*H2,Y;9&B%!`*M%F0>$D3I%CNE&M?V0KB2_)GYT! MAP`('&FT6):&&!447&QQP((N#J6@B,&.5HH,^^\>D^?W`0ZY/I`_#M6`?%1M MI>X)V0-)VE_;_)7P??&__ MUY0R6/Z$V M@$`L6,*!VI0Y,"+0B(+;UH%/8>9[T=^PEWXBGQRNU%I(.#U0,'VH"0=@(+H@ MY4&M#1P<47C$$&#T@2NEF48T8*%U0L*X7"L$0$"]:''1J1F%N["J&_>I1\^P M[_:;AT0FT\'W]G5`RF#YNS>^M/I;2T9N_;X%#.)`MGY1?D1QBQ]#>JP1Y]?> M1A8`R,'L_[XZ=LN?609C]==6,]#ZT8L3HAH646"[/_X9<2JI%UW&`7[YOWBO M%*@%!_7S*QAN_OX'0``*(.5`I0$%,&+0B(#;TH&S79HVHA/U+D`-:E\3NM@N ME4$%9U4?]$RTLWDYI`B'`0O$D9&`#77",UST&\)@%44`#W_ZLMIAS%CWP+<$7\@&)*I)`P MUJ1A6C0="9AU.U'RT-*:"A*%TMV8'<6?CE^;"8@#K1.T./A%U/DMB M8OD[8OR%%TCB[!2ODQ1SN'OO!6>?PSA)V74[+@M919M4+OZQ(U]_QOE30KYY M)B`L(:5->UGB`#(9:762VPE.*\,#)4TMRB8Q:8J+'M@PQ9J)TI">'5N1`D-Z3^4S+=MO04*9)<*/E0:PW0$O2E@WT)%'L,X)_K. M`"&MOB?7!+P,1.I95X0DDXCQC-.'9)[IAW0N/`>GV6.+`#`NI,VBZ#7J;ZT[ MBL.A6S_Q-L5>YGD:/NQRVL_@/KDFRD&"`")LQ+;_?(E7 M"#N`#HP^#Q985/O>1*Q;QT`.6SIZA;/L.[HY+L,Q3Z"%\@3%#6H$BI.;UN2D MK:W^Y>2^[_(XORWA3?WL5%)3=UR$!6\HJ;=H>2!VDQPJZ0$'/E/*/^[W!EJV M3.;%B>6FP&IZQ(M:,<5`T.8\!=[(NVK(*U;M9Z1MH5Q04XO73(*XEA,BA# MV=X2MIFRHW62EH71](R];)SB\X\R6BO]G3NF<.IEH6\X%P6L&T;08%QG`0P0 M7/T%+EI*Q+Z#6:[ZL-DVT05B\,#!9^^I1MC8:L\$JW7':,_#:)=C53FP$MH- MPSU@7F>Z!2BX\3;X:%^;Y]^Z8`VZ!E MEI'Q._3L$`A&H^2LBKK3A+"N);+AVRVW&D`P&QHS1N_N+N[OH#6SN)5NI*`M M6$@]53#>5M<#0""ME7*A[!'@,1S`+>N9ESTMXX#^A];R/'L1K=]9YF=>FN[) MZO^3%^U4!;:&N$"WY/H(UK@P9X)H_^Z<.5=M92-(+%[SZ1^X1I_%:6[+IGDZ MQSF+.,C+$2:?)VO$F9A1/A+(I#F(A`_X,8QI8#ZSG)V+W^M1R>Y;GE.(POX0 MT!?TURHI($8"O*I[Z?O)CO!VBWU,^'R(\#7.B\5(M:QI48`B`P,Q&@&"!MY^ MG-#)3#N$+%!06N$`WF@8(\"M(`#!6J`"#]PR:/5R3&CO"5<*N9L@4!6_;3:; M9;[U]P"UO8>#2^HR.4@(5P5OS..^4%'H&YOY$TX;FPN%:#)`H/N:2I8;US5; M4/9O:RI8:%]^I(#(;VS;'-G2FVQ'G=C"=V[=8;?LJL:NU/H[?GE+Z^Y$W%JM M?R<[E'Q_0WADS_&1Z'A+T[_J15:/`E8CWRG&0=6\$AZBCKZ#F982E2AL6X-+ M^/DB3J.4P0@Y%H@A\4<=:W'8XG[!FNF5QPB0&8.9!#RM\@5SRFAR6V(.Z:"[ M*25)\"6,5$+77P/U43I@K]%$J?C.?@>EQL#MUD3%UW">QI!!EWR',`-C M?L&S`CGA*WR(,`^^B,^Y>/&C'?W=.VS?#!6L)XFQ6`>-2CKQ(+J7&#(EZ[I1 MH,X:V!OT-)E,`MA.)Q.(L2S$H%7P;RI\5!)074,&RF*1D1%CPKTV9< MD9BI`2%S,X=<*-(SD)OS_MQ6BEZ!@ZLV9TF;?H#-)*E32$"Y(VUQ$F2:2,O8 M`N6PBG85>@]A%.8A9FUU:>%H<9&)=Y3I*%,R1X=1UK[BB>ILBFM=X?LQUKYT M?+D\O;RZO+^\N$/+ZW-T]\/R]N*'U=7YQ>W=[]#%__OQ\OYO3BBD6:6<#@%< MZ0QJYM30D(K5KWHNJA$!2^C8:GZ5Q(_W.-V.>@HU.&!4J&&_%1A*8&%B M0R4CBH"+PA^1S=@&48RJ]`!FS]=3@E+EMTE*:^5I[5=4B9,\1.$C;^$&7UIT MX^UI>8=94=$A,&PYD9QU62%1$Q*LA$C&AKKV9LNA88N&^K%<0+M3)D0X2W)*#PZ<8#(]U MI-MR=BI+-^WE&E?LX^%]DI%FN:54YOKDB"KUTB(>"QDE=RQ%<3-Q;T_7S_$: M$Z:#>^]E&0?**%F.):MYE^C+6;V!3HK)4]W?L7*6!Q MZUP3@6K,,Y60XE,:0J;#B8T4[1<4\F=!Z!5;]NS((X[]4/GZLQ8#ZLW=3B&: MC^XJP0%>W>W@1=)II\+@=[1%'/3F.LG)?TZ.V7"86#+)Q5<_R M!_<*'OJ5.#A4U-"[C$'9@?=W[*9,OH=LYL+ZL#&1M'U;6F!P3E7&[J$G%6%` MW&>;`:EK*5O@+=#7Q^]^?XRV7HJ>>=N'/QPOCH_9_[C.$/^SRY^2-/PG#OX/ M^OC-XIMO_K@X_OA'YI;(/S\8=UQ88P-56!0^2JX3E5DGEH4^T'CI.FJX8ZOF;Z22&O,C;7P;7 MUXSI9')DY9A.(-#U8XR].+*(+(.`M@!>P6YQ[88R#\FD409)SO`Y]98&>"2+,,F4NDK@R M=6-97XQ,66JI8XE8/5T#YW+'RU`])_1&M+("^:U+/G5^61UQFO,+"NP5[U/L M9;MTWYFOE@'">#TURZ*7:T-9]VHJ%MHE=`5@F8CR!,UU@2$?!WB(.BY<&K MV3<>OR+ICD'/(Y\C8=+<:FC/67T.XR0E'%S&.293I=H3ML%@')6*7=%-'<)8 M=U)R!EJZ08N?DS@GY"*JT&$!#>>2#/DV,M@#X4J2+GDH*^(ZXK"LR`J\M6L[ M9>)O>6_-&WX7393D/FG*T>$`IR+N2GPW9FKT,>$0R@[$D;$PI< M^/0'>)\^JYBU+Y]3T@'!)XCNNM-*4S%/W6C@[2JTXO1IF>EZ,^8)FS&YS>4985LV*$"7ZWIDLHQ74; M%1KD#1P]3QW7`ARHY6R6H_;4-E-D%ZX-]-$Y,TS@RP4]-:]53>R`\C'NZ>77 MU9H^5?PI2KYDG1=-=2A0N[5N,9I[,#4\P,ZJBQF)$XL#VL(P0.2O+(G"@)T9 M5Y0R6E+#WIYFU.#TBSX"3-BX29/G,,#!Z?Y'PO1EO"*;$X]>LU[2>XH\A-!K MW1!",+HX7&110_M3L:ZW0UF4OY:^IHJ*Z%2BI*2`O(H$X`WJ9?#W7<8[!-PG MMYBJ0,B>MZY+XNZ3:;1\GJ&@KGG,-VW-.R+3CP-PP60N(20W"*JA:&XZ+0=C M5>*J3=#A>IZ92Y6L^-5-QY`MRM3IB1-H&I4EF3Q M!!R8;-%$TBQ0APT.0I:)RD*"B02E7`LN"86"_1&D^+&V':?WB\!UOM)ZD]NB^*4490 M:<9M6R"SR`27R%`F-4HTBHC>/'IT'V-90N/WPD?_=/P.(I7OKI"OI($8$511 M`5]MR;Z6EO'C<\S_>QF7C5[YCO>>MGE53)0A+M2SXST$:[X[;H`(\/"X,5>2 M!Z\Y#GI38K^EB9>JHV]Q1^3J)CUA*EA7ST?*^QH9Q7*6LB5LGE`_1']!6EM%?^D4YV'*3H:YS(O&E,#YJHL7 M'V<9<;*%H)^(<1]*$\6.33(3HU481M.[C)N"V76+-:+*W'DJ' MQDZ7U0FUBC:JB4/%63/."(U3'CC5XL`],TR/0FYW*C&+=F<=)^E]"+BR\>D2 M4;_[46$[L`72L]9>TY[(OVA;W<:AHU]7MSE M^?_8D8T&]"N&[6DHD[:WV,?A,[U/83R#,E17;%,MEMXJVW@.V*.**?6;VVD% MZ4[B84HI("WF,GXF@7F2JD/:#AQ7;$0BB-XX!`0'K*+%C6F"3D!TQSI,I)F) M;=,$_CP_@8.I^M(!W7C[00MBA>>*I2L$,EL*"R0'+%[*D7KYV'(PL\?TH$S( M3":%&56B%M@.VA)K*7H8:U_C'OM`)0%7K*M+Q(Y]H`+;`7O3LV:JI+RIK)"L MJ3=-S:<\,=C1^VC1&3C;][ER+N:8`/T=HW7E`W>>YA=T%)/8AX#KEZUDSM,< MV^'+5:K#K_(^0M0#:=FO+Q_%:+L=5('7.+VH3C>8-V??I("/*?Y& M)#9^TV]:>4MRK,KF34F1^;.WJ";*XN62+$L\5(3!H^92A/MDR7^91ETQF8ZN M"OX^!&!]F;F(,N_5C0WFKTQ9DZS!;%N(\,L6QT&8[U*XG/XK$*:OEQDL2N57 M\@05)*I:_04OUE\PI^).Q;[H3B47%$P<21\*8+?G^@IY<)G.%!WB;ET_WF07 MU.KES\DK-%/+>'B-QE'3--^RC=[SN;_]'K?M=GB[W94X*AN;R/;93B7%9I8- MW.X^A;$7^Q.DP;2$G+)#`Y$-[%%#Q16[[&2Q,PVV+BFXE09;K<]#*FD<9$(S MTH[X5X4$NPW4BR+;^LDQP+9[.G;:U_9*4'KOM[@^0\.3L\C+,G1*"^"K&S70 M6S]K@D&D5\H7-NZ$!M"=^T*/'4BPP!,EZC9T6[%%0^;.)`RZ2'0 M++Y@L3?41V2-6'KSYS*#U)M"^J5 M-RTJ0P.!<*;1/%1H]+M9#$WF_"<0G87H(CZZ5ZX%MI>""<0[-_SM[/K_B06; MV!M.OKG"#_DMX27=^3F['7^69.J^>$ MH!X11[U!R4,4/K+H!LR2K`OF8F\228Y3,5TC:;K>FT0S$<-ZDT@(.MR;1,FM M02>.?HTX;.W"[/!*IQ5(I712)%"ETW#4 M42%S504Y#)>]T\6P@9+)`X5J6-(N#DCXIM[_O(J*@]''VNY7&(RK+'"XHL"T M&D962N!4I<_,LEE\/Y>PMHP#^A]:]O?L1=0/\`Z7AU=S%5/4CP30B[H#Q&P\ MK=L#W_X;N[V9DVII6%ZD)DK*+[S$`?\#UU1AK'`B"=\$P@WQ`<):[`V]VVXC MMB9[4?G6Z&6\3M(-VVEUO?QJB@W4"[J?<(T>T&:H]GL_]^&KW?-9P.9*2,OJ MB&I6!`#KZ,K+8,OZ8AS-KZ_6Q?6.X"+.PWS/DHKTD(NP3]^Z):MEJGM5:SQ9 M&.6=:CI$K1Y+T[JZ3\.P_`DM7A62IGL:(K%7MUGF>4?SSC[/-=?5(OQXYXR` MAV1GQ+&.:*-UG;IQ'T@ MS5.2,TU!`X;=7FV4#I%I.?E&F!FRO&MG8W`!T:F7A1F]AH.SLG1%L2IW0MLO M$S)@OJP,TH""%`-U\M.^VDTQT(I>=JIQT,\EUG]9+>B9B'VX<&"5/GIQ\8YG M_:8]?R)4Y'"U+O;(7E2_=G\>9GZ49,0.[_%+?AJI,_/3#P,3+LPU76+X,/48 MUL.)>01HMSH3AD&-<1`9J.D>B+U58Z%Z,%2/ANAPB(T'$V-8FC4C_V,KJ+`J M<^**S[WPTIA$PS3AP4+D+N>I@0>J3.@2H%%UH`*V7U&@YZ1]8E[`TP>;^/,E MZ.<*9^(XH\<+)0.E:,'#N+GQ/P)84<;DG-MS.>!)@OV"ZK"`V)B:#_;JFVZZ,T[&6X9_R++9IO@)QQE;C.D#XE=)EETG.=:<]QAA`5P/-Q>F MNAG>C0)S*=R4+]E+S#4FXJCH#45^BR@ZU-'0M!(!EA2VY:`R=*URW6A`I8.& MXC3*!3MP[)<(&C%D9BK<1J!W2$,E6GV^N;WXX>+Z[O*G"W1Y3?Y]`94?G/!' M@2\/(UP]D&TEJ[KHV)SI46#+NG1BR$JV9/!@Y5AJ9B1OY=5M[IU2'O,,GRFR M,PIEF+4SPW1!R7H)& MHC3JPK48]LO!#=B15[\62+]#',TU=3+WSCWP75(R0Q]MC.R(ZID[,Q&_4$(> M\;MT/#):2*=,C=Z'#_/RB..=#D?>DP;85KJ_H`?[:G,"$)OL MOMS)-GK%&;U23K8N.TS[1-PGXO<="\@P4E!-YH:+W>P]UY\.0$NZH4Q* MVB[SCH@,%@G$@*YU3RA:L-O^?(6-0`7K"7N+DU=>/)( M,2<]EME>%)PR8-,%M@>Z*^;:8ZU16ZE3Z^J<@D(V7GC(\#]VQ!-8!??Q8RT=4*% MLD`<"?U<_'=N@S`JB.@M4W4[M8$+9QH_9GBUOLCR<$/?2%?(>0@$H_YR5D6% M;T)85W'9\"T%($#THFX%YJ)>&PNR$@0!C&K\)QSLZ"/#AS<8J;7YRS@X#R/: M:^;>>XBZ#P*'4@.*B,8)WXB7AI&R'TV-X;,=IQ34F%6V;K0N$*/)VNT55$DL M1NFZ8*@SS00Q:R[U4I"Z,3?%*Y#`EWYK\?^*P\B!6WT`P27FWP/0H`&WYM+K;F7U%!!#G%Z]"M.T4E3GW`.5O4<')5S MT+9\T=A)[+K+LYRX0^(+)KNT4@M7C'GHSCXEZ3**V(.SK(6X\J6$T=3L7W*9 M0/CR\LL(4B"78D;SJS7OH-!?7*Y<6V+;[#$0UH?/BR+D<\I=CS3,YN'^Y29! M^PHAZ$Q('K8N'1_LNQWUK"SC/&12A,_XCEXK9E>-+U[\:!?@@)Y!TKL6N[*E M5-\V3',,!!T?33UE\N!IJE$`(ZMI1=`:HC@4JL="Y6#\W%L83KXULQ6<=6?& M(2;1(T,=5;/('#9*ML"GD7U;(A"`ZR1.&QT2*#Z;GWOL/\7A/W:&&SA+8[^. M5ANC)G9,2XY!`SO?NF.$5)H&``O$AV(RI`(=O/42 M5AZ9&9$`#+MZ\*<-!W1-(MR+DR:1>B67&CY!-T8ZBIO$Y?O%;EV=KR6\(?/W MY&7X)@U]3';DQ?,%/;V0(15H+]1+6+D7,B(!Z(5Z\*?U0B4=Q`BAFI)#\M^DR2?Z/)/PS)-IQP)C*LX\<60B;,>+1CH2+CQ@U,V?NJN! M0&9!M#9!C!(22#EDL-/(+AKLC[&W"T)6REW)+O88K6>!IFS07]B#/#]-_"!/ M[8?$V[W\;N\RYR\$,4^4T-L>],V@)"(T'R_IHU$XR[6+[1P#0)Z,33E%[<.R M*:@#GY]-)X)V@9==1$?B2/0YK^98J!S,EDOI/F?[[\GJ>QYG8\96)C-VKYPQ MV\N3M0DZ#[/JO;B,JDS\6R=U@:K(&SOTYH&2[=O10( MQ&MK.&F_H,@KDHAM-**0>2[`JCRGLPQWF.<`OHG;;KR_")CTY6[D,\Z?Z*/1 MS\3"J5*MOL3$Q3R%VQM,)HLHV:/JG?,>^$"O+/45L/'JDBFR_5>8^G$FN_;2 M\NT+6JQ"T5!2T@%ZW6A"X:I8)XRU3^(NT-75&=BC2#/\FG*!I6*.Z`-.F$WS MD`08K)SI5"B6$DHX)5[3&!.B'W@OH>J>X$9H0'W!>_`FTZX2NZI:$VOX4%*3 M>&>Y._C4+HJY/GW15/(EA5U3?QG(IXA:?QP"UZ9R)[*+L>:(?5T<$U$ M*$@J1&)E2727HMW]]"$#F4;J+VX[661.`S@EU)=1;2ZC?0M*>1^H2%U`)7=< M$QONV54^$_J&(!TX;CR_*A5$]P1K`P'\&58)-])[X7ZM7-NRR/4[.'6B;6Y" M/]QZM'-<75T%MWSVPHB?B0B[IN*G9*N@8KI[4X%9,@8**ZX3/4E87QP&\==.N./\ MH$ZU(D556MSM%]2*7@PP7FX:H4>Z-GLVJ[UD+N0X=!;;DP:,O0X25+367@2L MV^H`[EI*V]TF02`TJY%VQ6M32GOD%=)*+@:7ZRJ77LBQLIO$#VPOU[YF#..X MH#1`T9G85G3VNE0!+DE4Y+5ZIHE:6&XDBA3"Z%)%!RC@R2(I/Y*:H(-LY+B$ MD?248/C^9KDFGIJQ*,]13T;9_EG"Q)-2'B],1!;DQ&%2WB=/'"T0&P65PU@] ME?COJ>DJT9IWAOX[HU(L%*,WM14=U[,J!P(/RZL41!S.K#0XG"2W4E!T/;NB M%_R5I(X=$1HW]O&KGYU#O*T7"225IO[25FHI#+JU; M6(.\N8J$&RZLB[^QF5/0(&Q:B8V1GO^4FV2G#F8EHPWB"22=& M]`^3$+;N-2;DNF59$_7-7"`^"LP1W=P3I.B)B>*$7KLI)LI[2)[!&D7-.0/G M2M>Y0+A4$^YVX7SI.4[#9R]GS;&R/&7)Y>Q[+XSI;OAT_P,.'@GO[+5%^M,] MA=O3/=\NWY%)P13\JNBP<[J7$;L-LU]EEQ8@&(#QRO:G6'3=]D:W[M]MB]:V M\`H'"1PL$.6A3/8][%'!"!(Y6=`OBK1@Q0TJV6'?2JDCRA/\]88R'BVOC=X2 M"6I^LQ]PI$QSFV`");;-A6JDLKO1[">O37G2W+VOK@139$$;,T31P=*U$TA6 MW?U-J639%V^+O,<4,QO,T)-$.HN6E5`'X$4\M&C*>>9E3Y^BY`MU**+0JJD: M1`K(]D:(W3#&`73L6^=@)MM*79`J]A%MNZ7T$"7(EJ&&'8.9\`SB/[-.T5+; MGJP(1^3SCA#^[.5TP[`_)_^6'*?KP>V7RYBP7];`Z&!!"ENZ&6KIQF7;RV\* M+!20CZQ6GUC@'V+3^"E\P8$H6V>H+L&`WI8IA9#OHUK@@!L?!2^:G7+8[I*WKTG"O)G\BNCSX>0L&CFJ7)XL(?XQ1[4?A/'-"4 MSRIF4Q$>S,4U)I'NO?>R]$F@LXMH?=!EO#J[E,0*(^G9CRPGF8`R]!Q%#"0V MG8#C]HON%4T4$:)4M4LTJNF%4C>>I`AY-M'+LH08"07\$N9/H@'59I.A&+/- M8NZ]V.U%-?-D4:+TP2"!K.A#:3'F:HT(:230)A!HA<[0I?WV5:]1=^#"+"J9 MGSS&5#8R'Z,U M3NDC<63I0@\$4&YETU^=#$FY:# MHV+T!8W,8"HM?ZNS"5QJ;GE::XI^56ZW:\;!..-SZ37F\HK>TBE+M)Q?1[AP M[2F[+RNT].\7WJQ1E?-5/2E)3,L55`_3@9;1LOKC10RP.4S.$/?^4HB$0'U3@,2AR) M]5'+X`NOJPD[W5=__A`25Y#Z3_LK_$PT^B54)<1-D8%-Q$@TJ?YK,>&4VX`M MK>962.AGBN&"^A56PP+0MG#GR88$I5W38D8#6!G[""K521,"<*IISIU60T4R M"Z$T151=3LP%Y;V,M[L\8Q9X\AG36P%=TR3#`%9,M1!2-6R#PRF=BA=)SS`" M@D[0SQS*,=WYT%MW/KBG.Q_ZZ+)`6CC1=#14 M=21-^_H\"*XJKVVDT^N/.>E%62Z"&'54D2>;DV*`>9Z;,TBRS30S'!/P M^:^J+>&G)+WS(J%51>7;SL/,CQ(:A"OFIB<-H`XV0P1M=*KI0\!^1YK^W+65 ML:1QM$[2HXQ0:;0;%O9>-2FP]BKSR)M59!Q=F(7\XN2KLSEM!Y?HOA-CO$Z; M$G9KL>['=?\56Z#_:I?MD7,DH`,NX.)%Q[:L`H_FZ_DXDM"'TL.G074IMR\] MT%N[PYC5E<`H?$'#`S@5&\P[';*[@G#FOZ)7;L[$&S>\$*>^J5,6\10W@'C3 MBV4:9L3%G>_H">0-NQY07@523.H<`\&XBOFF3'0@TX]BW:W,)4++NMA`J#%2 M\V&#!1)NGHE5>$G<:!]5#(WXV(@/SFJ6:=4N80#*)5F;RK,G\B_,"N#:1 M\!&H75)O)+BS8A31KN^'G)XEG.V25KU$%72'Z79YGS9[_X:SO7Q%$F M<4Y^1L+38UD:J_@1)Q\%J&_./)/5Z*#AG#H M'&,$_WW3](4#HUFLB_*L,!:2]_K$/="SA%8F;F2R7I>E=^]P8\J)NVP?/Q\& MG]JY@_/PU4-K%__8A?F>+HE)3*N--'?F.W!@O*^1(*(OU2)8]XP&W+2TKL)9 M((Z%:C3P:_$') M@S,O3?=D_*)M@T1GAI&P_US$4#'+%R+ZXH,\"C&,2]BGT/5T+)@T\<"BI$D`:1AX"PX60$2&E-`*XQW&, MLPRK%_@6A/WU6\%DN3P??`VR^DIY:/VH%13,JCD5DQ93Y#[95*4X^!3&88ZO MPF?V9B/A-GR(BA:.I_O/WM^3](RV`=:L@X,H`:6ZAPO=2&?W)V,_93V4QW9: MNJ"$.*DC1@O5Q,ING`][Q.@A1A!\.=8(7HM][6VPOL-A7RI@-_6'"'MP)[\/ M"8C;]_WYD]VSU^CPHJ'!E)@#J::S798G&YS>XHBMD=E3N,VTF28M!E#Q4K<0 MC>(E-;C]XJ4N7B2]OCD&:J!,GV2Z3[T`4RVEW9;/PXR?W)#Q;L/'IURN(SWP M`,+1/@)50:H)$DSH:LY9.U:DN,P%\3[7(CKB^$"A+I!0]APNLUH/\)[(^[5)Y$LH( M`ZK8O5.(9K&[$AR@V+V#EW:\Z*5I2,+%"WH0T"O4] MCG'J152_R1]:39*#PJB0CFU1=V1PUI5&S8126R;?3ESO*+W5^BKAKXYE9_2H MG(9G.+A/1&T^W1O=19R*J/V-R'134>Y2QE,$V<),Q7:[$H,1IM=X*M)(H$UO M8C/JJ"!/@R^;5Q%5VY]_V0E1UOK..BOU7/C"7.0)^CN;B^=Z+B:\=#C:.YY- M[AJE%-WVBYI)&.(4)>2<]XA*GE76OS*V_M,].GM-OO`W,A63>4'S^3!W@6Y= MNC[=92$][F;GAUE(13A+LGRU+@\4R7:'E@![V=.-%ZJ>L^Y-!6:S,5!8<1_2 MDX3U+/(R?).&/EY&4>%`OD^2X$L81^;>WH:TH853K9` MVW**MFR*O&H0`'>YW-!&8_^D=Q_Y6\7"!Y/ZSWX#N>Q0ATQ9?P_;9Q3'76Y_ M4=2^QJM'4]L1\NH!F/G%!Y_5YH@\-FRKY8PC7GG*J1-&4WMI)`R`EOQ1\<9G M=ORV=@=J=?IJ,,=7J"ED#8B]A^L0!VT+@2_BOHP#O%;61Q)I=[&J3V0_$K!E MVWW$E-5KF^"#%6J;,Z>NT*YI'$72"M<%XH2`NH&,%U5GAPN4L_JRN*HO"\3Z MLI35E\$;J[J0VHC`SS$]@1FG2:V:Z]EW,<['AUK23` M-\:TGQ+I*529XS!$`TE:].)-F=);%#TR444`K9.4-:VK:5C-*+QVN3IVP>/$ M*X3R&D+1=G!!A8G>A#':8R]M]Q!T[BRYL?\?=Z!W0,KI4V6IV`..EAMT7#U? MEC`Y]I"YF?*#Z1T^H?3L\0&T)0%WN`EC+]T?I(,=/THW$?%&*Y`]O_0YC).4 M\%R6\*R^Q#BE.QSB6'VZV#ZV"AXYB&**1M"#\5"C)T!T4X.)6?=5(SDU[4NW M0!5A5%.65/YR,)BLWM1S48N\;8A\4.";S">R@2^;6NCR4H=S3Z>8G[*<[5+Z M]`;?F=*")]8P+GNBW3N?O8AV=S5?&,:,X4RL-GZB.H*XX0.X$-V-Y7Y\V4TQ M5)7U865Z]."`_2$,".-9;IYVZ!N%7Y4CF!?A1S)GFI_P>]#&4@;+=I'CKA4'QC@R) M&-GK8M*"YEE'>E7.U&32)O"ONF%>B\OMEF%Z=U.,6;V013=S_#5`F*L4]J>0 M2^L7\P)=H6HN]TV:;'&:[V^(-#F1E&Y=M_3`>O2,:BB[[GHZ)V68JU&2==BU M=/`\WI64`Y"_Z!#,=52#N![4P<[.JXGM^DY3"<_$Q2IE<-&=5K?R=#7%P\FY M[CCEX@_SEDU:#KM(&:,3WDV=\^K`=)[0RB2\&H=G-!LET&OP:RR\I0>K8I@\ M>IH45%WW(RS.+&V]/SRNFVH+K1G#=,QA/TJAM*$5._YJB3=SB'I;#44D\OY:GQHNB,J4W\RSX2V!GF5GE0Q M51,ZTX,17IL_E;(_GTNEPXD?OE*O:C9KI;R8GPJ\EN*T.42U[UO/DLU#&/.V M(K7DJ_45^>[^R8M/CH^+$F!YG^/J.>6.:9UP'%@/._F$R9SL9(.`^=F))5"[ M6F&@1:/Q$>T\3@%R,AHBPY4W#A:J-N,+1`=%;%1HASOW]%V;U>7;S@3,+?:G M^LUVHAZ*RPGD#Z1[P@3>:0MSD]VDR:/41S M(NV?[J;(OZ)=0/T[`Z6-\FB+R)PWTF)-`O*$?:=8#L`; M1II/G!(AT-SV:YQ7ORRD[F2VTYVZBF@ MVY+OV+)3K#F'R\IKN/Z<26=E0"!X@._>;D(JH.F>HH'LU,Y"PEGO_85@PF\H MF59O)+"RJ%YB7JM-\:]>GOD)O<#CSQ/1C=Q&]1//*0]2BG#AI3%Q<]D-3N^> MO!2?AQ%]VZE'PKV+D#,^Q5#DK@,T/147O(P1B[W=34F-YF01H[=`!46';'.8 M[,6W")V[">)9L-W8#2K@R11Z;HE.QQV4=9GOB_3K:Y.0\SG^R2 M=RFF1>'YGHR[36+:.>%>4E1DA&%_HV(H1+D=Z0`'V708\211HA)K@3@>JA'1 MSPRU]5+RK-L'BW+8?%N>6MX=-;SS\#D,'_>E"GY,W5!B80"[$<>;91(G&U/-VSK_.\W(*QIP<5THK(;LO4JFZQE`@]> M7:?Q-+6(O*KNG&C">?$3G7O[STFE&`\3L#A!3=3P]TZUZH M-V^2I;#4UX($"7D)$512H?_<+Q"CQ#27TH(QS?'"-BQT43@C_NP4/+\B"'2?G&+J//NY%1,"L%[%7$294^G&!O,IIJP9NY0\00^8 M/3/LH%,9+BT5S1<="UOYH7W).'E8[$+S`E^_^_T?*\'@_8GH(5?K6^PGZ8@X M14G!G3BE0\BN.$6![D2"KET:QH_\V0ZV\\MN,7WCSB?[9`:V_.*EP?>I^D1R*#$8SS-. M=-$)#:-DW1^-8;/=G8[0\<@<9T7U[M$S(8`#]":M"+WE20`&(>8X%L7G,'YJ MTEFXJP04IJ">`2XO>DR]&/`X97Z)FS^Z3F:+GHTQ2D-`_F#17\/\Z2F):/DA M^8!]>^IE.*`Y2.+&(9O/ODW%V/IP?\%I>C>QCVY6K+ZKLN7G#JAYFR#&H((0?W+EJ1C??/K6[0E&+-N3L8&ZWT$YC:=<&"$2VB3 MPB<'%O8T\3$.LD]$Z_M8L`$>T%)M*E!C3>Y"LK_XFG$DNZ#`\!"=%<15LT!% M%2[04CI0I%'V!;UB[AZR,`B]='_G17BUYEO_EU"9V%/#`ZU_70(TECD5L/W5 M3,])6\L.KT M4PH)HUL:ID5EDH!9UQXE#RUU*2$+EU3WUB)0Z&>."NFB_"<<[)@I2/?"RY3H M]2.FN]S3?0U2;*U9(IS]WSUA=!D'5"IJ$;IEI*'*?+B#:BU:I)*&%\4(V2CIJ#B?YNX8VS_6I2 M;J7\N_A4I.DX.<3I(4X0%4?^NFV,BS5*O:>@Y!HP.>!>D77<5,Y.OZGNHN641S03W,`? MZ@FYX@U-N.SC"QD]K2MTRA,.$G^H'Z1-I;;%*9%CWG"$&DSF"YWS@!WF_=V?AHQ3GJ]3W-Y!H$##%7_7P6`/5[T*0J06K`#E9R?PSA)PWQ?=OF[C/^2A''^$V%QERH?C.G$ M@C%40V%$N^Q`L6Z&1OQTM;*_%+JX,W14XL]B9;SW\$6L[>HQB6!5>WHO1W_9 MQ1A]/%X@JMDSRG67>VEN5;)S[+/<#_IXPJ0[A@D!)Y?K,S'EIU*HUD\&Y_/( M?*>81%6T$ND\S*H*Q4S5"O6')"+1JZES'$[>#2\Z=GIT[G8H;7"_/(YQ68^P MFD2/KKGCY#;OR611?"=[!M_A:'T99[N4[MQN<8;39]4S(W)0H)V+ANW&[D0" M9W\'HF2BO#=__C"0]TB+SVBCX3(KP:IL MBTLK-R2>V1^(TA<9H%]_;]&J!OW&F#`=^7NRUZ[QK@BPHD%*HLH@9H@2J>Y8 M,3)V.^[_)J33=]2?5D36(+S*]!59PO(MKK,DW29%$S&:'PSS#'GK=1B%9!#` M-((HI5CUNF,1PGVB<3W#2,"LIT/$%-?9/OC6U]_^S$E>NA(L4:Q?7B!"AJOR MFSQY.Z?)F@>U$PB\W-!WHLMGHFGH:F:IU4--*=GKA\\4>:8C[Z[G!L!^]05W MYE!!VZP_OO!DXK#?'MQSEV_6L?ASMR]D&+A\4Y*NK`+] M^.WC(DK*W$^(M-FE=PO1W7!O,7I61-$SCS@"\R5DLDVC0C;A3R^Z(]O4T,?9 M\C'%O"[V$VZ=#HTE9G]3.5[TD"3J'1#_\M#Q[?ZLL:Y_5W'NS^[M.?NT%Z%=AC%?KLQ0'8?[)\\GJ MG^\_>R_A9KEGRCC,;[D8`)O8>(*<;9??"M!]7]F6N_LTE( ML&<]&!%44EF@@@ZJ"*&2$DS9P`2RDK@XB9ZI*#Z7UBO7#+0II'VHI/45TH(^ M!WBQ7F.R\CT7/8N%;Q2SUI.&,X\`=@O:\?Z?FH`+3_]U<6?XZE]%IFHC+GP- M8Z93"%O5J0>%5']GQ6;/O$)HLBCN>D>7X-7ZBF+0[;5DB9?`V(_@E(R6\5L+ M`"1Z4W#1+N5B<&BU1A6DU;#--3ZUVZF>S!)CB53,CC:4LFQ99R@"#)RAM!@] M-)0*`-10#KC0*&`%"6(HKO!I9"B&S!)#P2IF+3X)@]/PV:-KXV6TN"\9(W;;L/'0*,-G6+ M(.J2&MJZ)G6QTG[&I;P703'0W1=OZT"JL59NK=ZTP:!]CUI'#F$`?8Q6'P2_ M`J\'DMR`)M!10CN3I%*%-PI0%Q)/FJ!&EF("#V=D(M`_4ZR/:0SPW%$CJ4!= M"M5`W:<)FH(L3%.DFQ?;FE]_`)"42)$``1(4D[1W(K9=-I!$ MYO?AGLC\ZW^]KVSC%7D^=IU?O@R_#KX8R+'<.7:>?_D2^@>F;V'\Y;_^W__^ M7W_]/P<'_WUQ_\.8NU:X0DY@6!XR`S0WWG"P-"X]U_<7V$/&T]JXQZ\H,![< M1?!FDM_$\HVCK\.OH^'HZ\!8!L'+S]^^O;V]??5H63\N^M5R5P<'\= M6OSRY'`UK]/R8Q(Y+_CIWYE1/@8'WC+%QOQ1K_Q:#B?[N_R>IM M!K[E4M2_!>:[Z[BK]3=:[INN,T<.H1OYP7=M/*?TVOS5 MGRYN2*=8(44EU,4WJ]"%:5,:/BP1Z7%:==F1O$0 MZ]A26"NW,Z\('V-G"`R3Q+57]$U=@@ML6G?D%G%8X-CY1:72-77_&L3 M>[^;=HAND4G_S:A7N=D<:?J:>^FN7CRT)-V&F*;2T%\B2U]3Q]:?(?8Q[135 M#9H5HJ]QK!LL77M.%H!7Y!/!NG(3BT1I!7R%`\8CLM(@(V5`.C)9"&-4W:A" MF?J:?H]L.J*3"2I8/WJFXYM6/3+P!6HD1OCDHS]#8INKUUI#05Y0HW/8C$R@ M5G42"R0V-Y\]FD]V#1KSQ#4\.=1LM5!FHQ-%S88+)#8S:=1L;Y&H)B>0FLWE M"VQTW)B@P,1V]6:+1#8WJ53^_#X/\`^'G)6G*^!5YYC/::6"J5?XT#.@1%CT6;,Y` M]9JS#X/EH6N8,V4?;$[I,5FNLJ^37KIW`U3[^)YVV]I&1<6O-+S@VMIY[/N( M[5E^8/,)VV1N1WY<!WTG_"^F-S$TUI70&6Y3D!:0;[U?.,$B"PY`_VFT=:BO9R#:ICB2D4W M?RI:5XM2NXJ=MA-X#,EJB^>:W.*`? M&PP&YP/CP$@$I7\D0HU(JI$6RU0@2I!9.O,%-FN[7@D,Y!?_%+5Z_$06Z@3[ M1(QM/B&;R9&L]DVI?;&QF4O'PO2?F%]'Z!\\F^8+\VGYANS`3W[#5#D8#&/W MCO^(?_W/S:TO._/::7IQH7^>'!X=G1V=G9P>#T='H\'Y\"S5]C1!QEY6#].S MDB^0'W.T-!19D%:%BV;@1KI)*KD?&WE^^#+\8H4\: MZK)YF=[TOWC8]4JNB$_ELZ2FX+@4*PW/8KUDD#P ML`Z"/K*^/KNOW^8(1^"1'W8Q([_:K.@>B=@=I';_#!*FR?82O3+T8P..V M`7ST3.HL\K!>/;EV`6B9O_<#J'*58G!.V@8G.LN[1\^8'N%1UX=5T6165*P? M4$EK%B-V"@.Q2Z*F1R]\Y^C][VC-A6RG7)\PDU$M!NVL;=`N0\_+S+O\=2.O M:#^@4](N1N^\;?0BOEUC&WF7I*W/KL?O<)E2_E26_U5M]0%]W!`+[@WU(=#B=_SI+PM/W.5F+R]$&P4`?N M(6,[-R]^,%U\=]TY=0QZ0-XKMI#_X&Z-D+N!X57H,F"*6G&/(MN`\#L-_C+S MW`7F=?]4B2Z#5*:&X*P1+1!9=LY_1';A-INU.7`#TV8E6[I&0\S1\#MR$-G= M$#J.YROLL-TI]1.[>G^A\Q+O:DVJ>*^?4$F8?ZRDU.Z^SR24TEP]*R"^2ORGMQ61[EH MR2U8H&P+=!G;$BT$9]%=ZL)W*-@.8S(/G3B8*\OI,C7T*"LZ'E>AD`V$/3+, MZ`WJ0D2+SL2[-"CD0D"(CY-YQ;L,MI).">Y%OHA=VK_L*LVBODB"SLJ"0UP) MQG(6\)6$^Y@B%Z(EBMPB"6M>C+J`9X&C7])8WQ1OY#;ZA?39O>2H^#2]/SUMAY9H%:>3.K3%V@4,N@ M5C#?5M:XT6'@O*5AP++@6?-'(Z/7];QWSFN2_("]8TY#*+H4E6&R\LUP!W#!95`,=XTC$EE-&SW)KA7)N/Y)]LQXFO@JIP]^G2V'X$4-70K+W[!KJTWVX[Y5=U^3J0V:%Y M82>I/-QQ/EF]T.W-='%)",Q]:%Y4%#+4DM@4X"NK:(>6['+G:L4U>@FRJK[P MN[`4S!\(875P=<8T:YT6D[CEC^8[F?0BNA=9E4,4V>J0J:-CLJ]E!TV\R@8G M:7W7+TAS*WA+P*G1=_ZHJJYIA\&C3$LW?,H7!AVZ(M!,F&I7!0"O`E,OI83> MT#O%P.&K90@HU5#3\3"PJ6*6-+Z4!@4E^\<$624%FPT=9#AKZ4QY/L>1(C,3 MSV^<2_,%!R;/%XA3NG^D4%$4[FGRV++"56C3T!9LD4P&/0+&$CD^?D7;`$]W M*)@NR%J:?XV@(J6'9-!@`$U+2'MWV#AI*Y-!8&('S9/@,BD3D?BCK#744^>LCT0V]=NH#(%\QH>@PBD4Q-="5UK.N`=AX-``YZIKR!$O/[[<9N'$$IRQO!8H@!; MV^./TKB2QU7B2AH_93[VE\\XDT#B3$+H]0W$F=SIS`!=8YJ),PD*3CXL`BRE MU(,+JZXXDZ"`E,*DX,))3D7`8&J),PD!2DDHA)>&`M6@0U@_SF0/0"S5#:YO MH:XXDQ!0K#<]BO6"BV!J'"$[@:G'%)JSL^,D2G_YX,JK"1=C,5S"X59)6;@# M<-;70!%[N3V'=L!?@U.F,3JZ8N"&[' M%@"ZDU1,A\KR?73OD>4Z%F;!3K=. M/H^NGO[?Q*<^#L/V9KV&G3Y;\OR?(-)\"S,JD)]MQ#CAS,MWX;_9[[A.D M\JK@>+@WNN296ME><$?))#T@7<^N:"YH$5^*"W\RI)*%X)YH,+/XI#77KC=Q MPZ=@$=I)S!7^RHA;Y9,?->RDZ8%CSM7XM*7PLB9VJ'VGSH-IH^DB$SEW$S:7 M0S*YREDS`G`Y;I%N-2Q6U\>]Q,6U)7#3?N6]L MI>I^LD^'P>I&3B\AWW&+_I@WOA^B^23TJ$,@(DV*3D"O5B^VNT;H`CF([+=I M!Q4Y7LI+^22D7M/IZS\-0&L>"5;@`&'IK5D?I*V24/6 M?;-0,KJV=`Z2GVTV]H@??):8[^[RYDBR>_&G5V&=C\B@,O7K'OYWA3H[P9&5QZ&XWD>D MD(P)X,:'*#`0C6^P:R51KD19`1^1'$JV:/CPK*7P,O*KS-I^,N`8UM@*NZ9- M^A@OFV,2.L/[.ORR!(+`\4Z37Y:JRMS54BOWD>::G;QU=941PX;FC"NN"64J>%&MZSM726GYCHT1U; M?X;80]P=3+4OTT[WX'KULC)'+?\8ADK#.QV&1NAD:=A)N M:3B2=_%(/IX9Y\CR)NX]H'BQZ%739LT&GN\K35MNOR,W@3M.H!QF*8B`AS75`^M:RO;P"T('-Z,2?_RO#7I M2L)DC#)U>\H4&2WK;NIBBKPP4I)F>\$'(\KP8S!EJ&US%5'ERIFW2)2'\.7% M9F8S[<1L-\["]5:F3`Q_N=J='U7JZ,G=.K4!=^)(Q[RZ$HC09)UFR<*SU-7+#R"U``\3Y]&S*,IJW#Q_FNSF6\LK.D$ M^Y;M^B$[X\(^=8+:2OR2P9@3P'0X(/\S#HRM)/(/)HQ&*T:Q1!+MS*5+60;]'5KX$<"Q87-/V?3_1DPXX(D!=*= M?B^V:&`0V%N_3_*8[L:K+NGTHWRG3R091)01R6KC_F1'GY*U$[]X*Y<_.ZTI MZ^G<\F"ZK"PLF7L8):VZW/DF9._Q2@2]HLWH<^/0^_.T-W=)3SS,]\2M6&,C MUT@);B5*:=*D;3LF-)5R650.F8KMA%W-MXN^B_D5S9\SQZGR\W8=D9FN<0(@ MR*(\X-D(JYI-T.71X=K$'CO_N&5)J:,UB>2H<)0?%:@X@\DS,@);Z#P;S<:^ MCQC`J826<>/F4^<>6:%'_8C8HJ]DH*@ILXTQ9-/D+4Y^V2`AK`-N%-`"='J` M4%>_RR,`]3GQT!(Y/AL1::@QR?Y_G.__&6%&+$V#;VZ^C30TK5: M2N>TVS#:J+)N658-3,]4A&PGA9.ZCIJZ7]8%:F\=,'56*#OSGN1[7D9*B^?- M!,`GLA]@[2B93<55VCPT3[5(?FDM5QE,)U4!KNB(NX*:79XFTX]Y-LEW7>GZX'JO'(2Y`,65=>UR%Z:N MKSA(MON7KD,?52/'2CGYE?3EL\(5;R+4(%*-K-B6">C=A:DW]NSP@W".;/LN9F5ZP?O1,QR=F4EB%G^='@UBB MP40:&9FM/!4KU&\2(NH`3H.,;_]>,B)4$]7.^[AB4.5'!04)X(:$.I!GG\K5 MLT&7AX6'\,E'?X9$VM6K_''X<%"PT-](,F)1K3C^9=4I]?3C%6_':S';FM*5 M/*\\N)Y:!DO6*U%%JR[WO0+7FYEK8TMNMTU(-!A).8H9/T5B_P+)8XRA240? M#\]'HZ.3T=EY2RG4,EY,D:'*E]+\*F#Z7A7[%ZV:%55M\'QZO[SXS4?3Q94? MX)4@]FFV4,^PEU"ND13`K?GJ/=(P]7)+H,/!:'!8[K%G_!3)5!QZ0;GN)6PY M.3D:'(V&9ZV-U`_6$LU#&EIRMZF4ZQ;9U4^P'9*5/+-YZ>JIFC0P?;P2;`7+ M+8UFZ,W8OS7*/Q!^7A+MQZ11YC.Z"U=/R)LNF(%\19XIR.HOR^H:H<$9I];" M>*MAW%]V+7;M>F/;OK1-&O!;%-ZCIK2^4*<),VC*GY;?+;8U/(V=`,^I:?`K M>J!.7\P1[.K=LD.R9J''8-3))$S>9*CZP^O_4%_8N6<+Z7KI#\;M5FFI?91? M:G.<;UM=;X/SPDTX?'IR='ITREU5"U+@SG6\C%*T/J/C([*6#OXSE%Q_ M[>7;X(8U_;S)CWWM6;;;3I`%?I]*P^%Q?C@L\D6N.!9^!*?D[:S-::+BSDY* M"I@QHH;+L@Z5NWQED_8\5NJS)_D^FY;5ZKJE%^[,6V;.0L]:FCZ:>=A"9'=( MOTDG&+4N+24%3)>NZN"L0]_>G/H5!#29>>XU#8^2BI(BZQHO*:7S%-*A;[>O MD?+N\DI3PVE^:BARFF]UBFC`>S[99)R/!J?#T6&5S6G)06P>EW$096I@@QHG M58-PGM#_`7#]OP)JO$/;QNS3[?U?PQ2"=J8ZE4X"WCIXWTOU0= M5"'Z]!P=GHZ.#D?G1^WY]"3!X=BLSUU(I@N!Z:F5C%RP!R_73C"4PE M590`LZV\#,PKAJEQ<8OH$I+KU[Y;$!R8DF`4H"BG&UP4-S0FZR9T0WXL'6(W M!<&A6&]L%>LE6,Y61I!S)TJ6VEZ`B081K5+>9],P\`/3F9-E0>&]J%1-N+") M$ZOAY]ZJZWNK]K93K,D2NZE4.7#HU=Q,E:D&$+7/3;#")EBT MA6II[.S#)GA?T^3^M\G-K/`C"ZDM\S-UP"!?>1]=74VXYUEW*-BZ#7-@S90! M!Z,Z&GE$RS74=`9B[QY_G+24V=ST`FSA%Y.&W]N^DYM@/_(,0G,R&/[FS+?_ M3LS,X4AU@;TDE&9S:'(.*,G'U^+(,WXUL1VYHZ56M;'3&@-`9FPJE])+LNFP M@:XWV869T%MBF##(0>K06\0O)1F]9%=]"S3P;+KU<\-"RZHLB[.6`IC+K@I7 MY#75E!$]ZQH)CA7Q=E)QV[13"QQ3M&V<9!2%NT.NN74"`&05/)0V3^7)+"MW MV,)[O^K+[O&"3"],?YS+1*Y1C]&HO?>)Y?2,?7KM MT.@.:&/G5KU<=I;R.X?>J9/N]+I>U>M%*AYGVNLE:=5!W*P"-YBTYXMOI!K7 M*S>8X^.C\^.3\[.3"FXP0-X!`!Q3A$867-SPM?MPWBP`4)6`I;*OBCRL;;F. MZ_)5@02D%";JOBIE8';85P4`>I+65_95@8N:!E\5"+A)F5_=504B;MJ\4P#@ M5F_:$^L%]V2MY8L;2+B+(=1Z6U.^#-)QY@+I+C#>7N:,,Y[_*XQ>[ZN0JUQ: MSVE6T0#]/.3C=$2>C=1&,9Z4GA-,4?']^#2T>J+'"F9WI'IF5_@^K6\/ MT\X&1R?#X1EAU-'AT1FH&V6UFV1PPX*2V:7OD?>WG&FMY]/T!I,DO8'N4>!8 M9A2@+3A(,BP8FS'!_2ACPM'IV>CH]/3HZ'PT;"E:3\T<%^.5&W)7MEID=VR\ MV8$T/]XT9Y0N1^&>(`^_LFABV=5%[2@:<\HK1W=7I8'!R?C88'IZ.1BTM1XJ:ZG\WL4.OWB_6 MOZ+Y,V$^2^5-(Q8O\4UP_*E\W5)5V88OB]MR MT'6V[;[0OIDW$8U$%43VBE2[M&[XC5G9**'Q]E-;NXE2XGI!_%SPI$A7O/@4J::CIQC879:.E.$GI$])W-$^;HW2)F:O1?4I4 M55+3^W%@'DF<\6^[5DNE\1T'FRR_/!_4:M+Z0RJ=!FCX<;J>V>8WQT.FC?]- M&D,V!U.'Z8QWE+Y#9-9]--_'EA6N0K)MH-UM>GE3,!W5DM=]'C5C@IA))WT* M?4&M9+G/#K43L<,%M0JI)M5N0*L\;G^4'*O%HHY?09ELM1UVD]M M0/KSU?L+IK<(2B<:197Z M2#AI/1.:-'5Z?KQ'9\#-AOH6F?3?K+]M/93'OH\"?^S,4[OPN.0\M1N?.O?4 MO=*+'ZCY:LZ#1WGG02K98**-=,.RCQFBQK&`(ZGF)17FQCA(RYDZQMC8-#-* M^=RRY^'&?B(S[]JVQ"FQELS8$6U(_F]T.#H^'IPO!#=.RT?MBO?GQ5XP\@LYR_0.](EO@<2A7N?-\4L-: MP"UU,\%-6E0XR^;5$WH=*LF`2R-U6`4;8(: M<)&O#):``)+Z@X=[I`SWZ(/#+=(?E)]C4>,/E>$^_.!PB_3G>I]\NK5V:^W7 M>:_5@@>5_N9WD1$O3)O\$STL$0J^>V[XPB(JE^SI:XH%1ZS*IW6-6**?SK"; M@,K7KO=@VJD'T)MNO3URXQ!/208XEC5"ECPGZQNIGP04FC\UD6@?$65E@R-L M,\-B+7/T,\B7,`2"GS*8_%!91R0X(C;')]$%G";#[6LTW!`D"MH M6P!,/U:$(9,!4ZP-J).T:;!DB9YW]=SZ`R>>([%/QAGR;(".DF=49^ M[\X3YV`.Q/H_U`>J[,DJC2Q!8.W(+I>F\TRL1^RP-=ZOKDU#9"8V+*&H'N%] MH&6#EM#TSJU]*A:8-E&<_,L.J45B_^%Q$.7_BG(SW;FDL!,0-4B;GA-7*=[C M)KU?Z0,Y]V$277E;4_%S@7&T&4Y^@>,=>J,ZCE;>ZU_+HHV]Q MNX]M14^XUKQ!-+WDRP=NA;*5V'WQ,W6256_ADG?J"4XV-'\E`\CIJ),,W8=) M-+W,:R6X\-CZ,R2=D86YJAA+^"3_'"`M%4[@X(N0C#K(]PF5GK`3A?8JN;<2 M5^EBZM`V^[$*$)*Y0G?ZH,B7N*777)O&7Y$^$:SI..8Z]*I$)E]H41UP<$K` M(\!46D6X[PQV5!"ZA1>6A0NI-#IYA.4U!75)4;R)%CJ`BJJ`@U8>ECRDRHIJ M0K;PWG*"%V1UA1P+7:#@#2%GZ_[HS"_)FF--VAC[NA:`5T5$+\#4IKB$7V=+ M[WW/#C`Z\VU4NI)P-I6VG7TO*N%<*[EEH<+JQ1" M!0@K:=KDJ/R('+JT1_Q!=Z<$/"R4;)D=5V5T@_OLD6W;/32_Q@X.T`^R8Z=! M(TWG&9.Q)G;`7=^:_W(]EJE:,*!6D`2/!U6&6EV*"VZNVWX;R]=LJ]>=N1+G MY%"4`HX%^RE!#7!$T`%7P26>H@4:G=$] MJDVK2^V<*I#X\0@E:P1-[YHTL4FGY\(M"I8NV>Z^$M6II:=O M9'*D1PXSY%D4[F>>HY%T_>[32H_*FEXD@4I4DKASI;S^+ET_F"Z20](K)R#M M8\["=/0V_27I517;'\HU8HF&LWW!YB+-8C4S,2\/@**4#\(-9_52)E;ANJM`T5GH64O31S,/6VALV_'2X;OKSM^P;8^=W(%PP>I+B]SN M\ZE94VAZL@2%8>,5?4#Z;[H?CB+RI7ZAE7(J'_IH'*QMFX9SCK7DO9Z,^S?. M'"VX5V-1RI827Q`9$=UGG3:M&WA5U/KJK-QK0HI)9=7[QZ)*&FM*$`9L1!)< MT(])4\G&^S M1G>Z!0LIR9K=9T1=99M.J`7[[""S@*QW@)`1U7U>:=<^(5K/PIG>8H\:/J;?\_O^;9I`SAY8]=W_2/SN/YW[+_FB MP3YI;+_Y&1/@,R:`+!#Z8P*TE'>B8((4^,IR2H.#L))KCXIR<%].%6D1K77$ MSV!*ZX$#604O.;3+]07E2]EO_]AJ`.6![K2[[*>_I9*_)0PG6?FKGLO0HU:+ MCK[H53:+>>`OJ6?/JVF3/RG,Q-6_`9/F[$?G@VBBW12)#[KG)QYJ$7 M$\_CF)YD=F%.D86^,PU^Z<,S5MDX#7NC@B?QS'-?D!>L9[9);.C,Z8+HA0)6 MF[1 MOLF;;_.N)KW"J3T:%DKM/C.;-(0FE]C.SL?Q$CN58W5L670F\6?F6G#UJ_$+ M'Y&@U8Q2U_OV/"*K@YYIJ(L<64\Z258O)*IL?],,7W<^\DE9!;O4]O$MH>UQ MN[1->9>DC#A=_"!_>UR:SG`PB!W&BL-,;,)DR_L&U?M._\C;K&EJNR:7\!?. M7=&G:W(O7)/3>?,*EJ*MN8C^YICA'-,@6YY[[7HK\YIT6L?"IGWC+.B_:?EK M`DK:P4/5@?10WH%TTQZ#-,A@+3(V33+PMDT&;93!6F7$S?KT,6UD!/(3:MRC M5^24SHF"FMD>UF(NQ*K>J%5UU.374"<-J^P!WT8?\M\%#@K2$,I7["S>-55L MQ&U``]Q)\^]0L$VM6"%I%$E M1KS!Z=GH<'!X?G9Z=G:F?"C(R0>8P+";M++H69Q$#7"#0@6[9EUC!.MV%Z:,YU0@Y?HR*1Q-ZTV.BB_6VR,Q22M`PIZ;6\B^S&UR2DID<"KI0@$11NC9(-8 M$AQ9IBH8R!4!X_75"MHV^F2Q)5>UK04BQZ<),>H$63:QQ7QBKF]=)Z`O.O\' MF;R)04%"?SA45^E&,T^TY)&3V"1EDD?W`M'NI,:D<@'](U)%G1M-/M$RC])] M:[JX1Q91MOJ0Q)'0/R9555K7E0,D*K%)_L;W0S(JAQYVGJ/8F&RJ]^\13=QJ M;8Z-Z1[@N\>_NZHFK#\$TZB_IDL)4,$?(CO0@3N*N/H/'"SIR2XQ%/E%\=Y4 M=.*C**I'/-.EO::'=Z!8%I]:^'&^S$>W'M.JBNL/V[1:H-%7=6V-:Z)A/WW1 M>O6./`O[W#M\=4']89DFW?OY7&[FN19"?_A3355-Z2)*#JQ: M<0.Y6KW8[AHA9HR-;[]M.F2+ M'N3[/_WQ%_;OGOIZ#$>CHY/1X/#X<'@VU)/DX=/7H\"NO?;U")]\/,>FMWXP MV;TOVS<*/#5XY<$`K?$R2DE7P%X2V];3*]7IXM$SR?J9)2(1^SR45@2#>C7, M"C"OIC*H*^7,K"QT)R@H"0_1:HCDH955%A26G[YXP.>(=GSQ1)X/G[YXG[YX MG[YX]79K:86I`L)95%`#'JO:\\Y3-1,P5GRZZ55UTRORBVC934]X$LP]U:IT M)\V7!H88S1ZL*QJ@CRD)./9AX7:XYE$CFUA6[ZE60?U&O?]@$2W;$2^0@Q8X M4.<85TSOZ:6F><.9`V!Q*]/S*E.+)R5CW[,.1,BJ-7"5*=YP-/]])E#-7R;N M;'@S?Y.)^*%ZT9@+DE5\T9@.EE58(MTVX]$ULJTSDN;U]!)R<'H^/!F.#@_/ M!X?'K:WFZ^5IA3&N*)M:L"_CZPCW*C+V_9J97K!.G?'[%^OT7P0GU_("`*)? M"EP>[9KZPDWCFVZ^\"`X7Q`:5.MR0]",(N*]@=%:>U`I77=S#B[Y\"BJV%1'7"`5II3U56$^Q9]1P7A M3%I8%BZDTN@4N(%(:PIJN"W>\PJ'75$5<-#*PY*'5%E14,CJNEJ$@&*],5>L M%]S;Q(B[MRA8NG.:4]8/J#;3-[(<\)?X)4Z[8#[SCB:DZ\/%6PP=;Q2NJK*F M.T(;2/*?6^RP!B0C5X$9+M;902XJPN%397G]X9=>$_0S+?FNC6Z<]#Y4EEP[ MM?I+(1E%-=W\O427C@'94D(A2_)"]]%-[)*^#.%P15RI/U2IH&?=JSR8^91V M^\P$61XR?41?3$ZP'UV4T>-/WB7>KT(^Z1+?'^8U:A%!@)"65]QU$VI4EM,? MYNA1'5I:[;VFA=MDV#7]Y27I8YC80A3GHZ[8_I"O$4MHBON1VQ6VG)NPV[DU M>T'39DW3<#P1($O!IG:7PXYRJY*FFF*)1/O+*R>_;]AG/!$:`ABSKN>>"*UM\E#Q8YYBC):N=9`]N+&(>TP M'0O=$])XKUS7O(*BX":12K!EKCEDM6PP>>4>>C7/X4FM2Y_GNW0LV&"2C;3H M=OLS1^%)R#;ACV[&STO/6BJ\DY7Z2<5ZIFKD39V&:9*C:^I'TWX@2SUL(7_\[*$H MR,(URNV`ZPG["/1JP$(-A-O?WPNZ\,E'?X;4&_*5*GEG>O1P]!4IK;2'@X)< MJQO)1B3:^&DCO.UG;#M*ESU@XQ;_?*=6/<">"`#]S]$`/$+Z?(X&XCD:@(>) MG\_1!*@W[TM?N`2[)',3)C/PKZ^F=5_H$<\I!1H=*0]X%<7@!JC]?!ZH\WD@ MC/=EG\\#5;7C[G`_'Z6`?Y0"H\_1IDX7EV37BH-KT\(V?6)AON-5N+IP/<]] MP\[SI?E"_L(]Y5(1`1=HU;OXVEKW,6A=@8_6U6*!+';$P-(:IOXB[_'&E]$? M/M57NX_!Z3Z?R;7S3`[@BTE)_\^2C.F*4OI#"QV*[RN6W+[/:J([)NX)3?3G M_E!!J)'$`PX]>:/N0KJMF2Y^T!KT/*G@`"97IOL@R*L%*PNJ$,,D&*4(PTV9 M?F$H5JO1O*)#X5"P`` M!F\``!``'`!W'-D550)``.1@4%.D8%!3G5X"P`!!"4. M```$.0$``.U=45/C.!)^OZK[#[J\'%-U(0D,LPL%NQ5@V.4."`69O7W;4FPE M48TC9229P/[Z:\F6X\2V;"=A8.M<6[4X=G>K6U^[U2W)FM.?GVB)"4L[. M6KW];@L1YG&?LLE9*Y1M+#U*6S__]/>_G?ZCW?[]_.$&^=P+9X0IY`F"%?'1 M@JHINA!T`-](@H]\K%:8+@3RTG\!% M_S8AO`5+QK244GI3,L,(^H+)LU9*N<7A/A<3X.KV.K_?WCP:NE9$>/(\$@%= M(==W+,-AAS*I,/.(I0\H^^H@UX]'8'(B/D,?:],[/C[NF*>6="'Y*B%6TN.Z M,XW![>ZG]F$WK;:O$OJT$D>=Z&$+*2PF1-WA&9%S[)$JTDE`M%M<<3&[)&,< M!M#&MQ`'!H`6PDH).@H562$(68HDTH^%L_Q>\I7HJ)XT/W%L_6B(^QG)DN.R3V+Y>^[#7`C]!Z!0SQA56X,WFM[XSGU,VYO%/N*&! M.1$\($,0@?3%EX?KH@Y4^)DS/GOI:+K.(X@VG7C!F4\8N#]<2!Y07[M[\E0. MQM?PDL[`5:A_UJK-E>AJM?7)F#)JK`)/[W91&R5L<)W(16G!2Q*)!F,4R3[M MK`M<;RL$.0/VD[F>"R*!W_3G#=R(N6,2%Z>'`R\,-F!<:E;,%]^U&'X':,]Q MH"/%XY1`+*R"ZBJ#&]"#JH#&0E$DM8%RZ[?T`LOI5<`7E2#-9W1#>[C9NZK% M(R._`;D`Y$LJO8#+4)#/6#!(A^0]$8]3R%%T$N"'`1F,(4&A7I_YES2`<[9M[1JF=03- MH[C]58Y(A8CQ`]J+U?C0N-$6;O1?0B=3Z.D^Y,EX0M;P3X$N!Z'2*:7.SFN[ MU5:ME+G985TWL]JT8W5R_"[M:A"UEDHU?E?'[Z`;P>XIC`E0:$5)6H'O."C= M^!]UC];Q7Y$5YX8-;#5@ZWO?0BJ-"G+Y$M^'PIM"C7@/90SI!P'WC'$%@&XD MPPWUI^R(DFYE]26W+2'3%%JVU;S!V[O"%X9#GT*@O!=HWZ+6P,!EYA1;*W"@S8A2[4:('^!%'1A.4J(+H4A>DE4%& M&Q2KTWA:!4^+)_3L7QB$/S-%U4L*YMACJE"Z*Y;NL:Y8K(#TI1[[(VDH):Y! M;?L)A7O(H)B:$D7!RMJS"ZO<95,-1YM,-:"]E4::5[5\4-#YLH3!/&7[>E3/ M(W'!U^O"?^MAV0@Q@WE*3(-/[7*OK%`K0>8@BTRVQ&I@*87ED@CZ!)H_D50R M(Y4P0]`Z1FYB-V"'6<"6XE+IRU)@@UXI>E>8BM]P$));@O5O,Z&YCEH^D1NM MCUFTM!ADY*"TH`:E368<*DPUE"!TE$4H;XZA@:=6.>DJ!$L`^90%),W=`%$* MA!FSISSPB9"?H>?4RSH<.11N4'[(@I*6\4\426G`J1+$9E29D`^%*=0N"G(M M`F,VR9LW+21UP_5C;E"SPDQ%O"*NP:T4MP<2Z`(3ZDGU,A282>SE1KI".C=B MQUG$8DG(B$)I60UMV<^)=(0)&(!I5-)A?N M>4"]S`!53.C""8K9[#)"[D0#VHO$-3-"]6<K`BH77(=5%W@C60U6 M&Q:R^8"Y2-VH?HUMN^W'3*/$?WOC/=UDD+QLSZC&[/:+^ M(GHSFNQR1F+Y8O>E)&9YXX;B$0U`52)C2K^O$N8!>R!>*`2\?29;*_"1UVW, M[5/5E_I7!Z=(*;,FDU++,OBHK])R!@SU4:)>E+HV#KEIS5X6+?,W\'<]'T!V#N4[':-BHOI M:,]^J:1;0(D&_T*@0SM2(GZF@T=T%2O2^-1V/O5Y-@_X"R&F4Y,/6P+,H*9`HF@RN2:*0(]J"K[T:X:*O.QBM.:Z20FER*M$QIRM*H5 MLFHU_K>C_4/%GU^6<;@]HNYNH@;/'>PK*@"SC-R-9*U=1@V,6^PW*JLL2NF= M0%;:C_1_6V+H_^D#KQ[(&)GCK$[TH4MG+4DA*]+'8)E[6'B:WWT05FNR6<9"U7HBULA*F@HS/6@O)V_H\J.ZGP^X?P+#_/`LLA:)* M-W*Q%(.T'*@!<`!$G?=K^2J,Y88#?8[AEXF4OXK=`1Z1H)K)0)IC\HT6\%>Q M=CT^E!L-'#E&KZR\YME^VDF?AP:_5L]+.P73N5"(Y1XL5W1\7G0\WTU\>("# M1?]J6[ZVOM7N';0/>_O/TK,'1(HF%0X0+&>'IS=;:A*+L#; M>X:^4P1-?(RER0,A(OZASTJ#!"XJD:&=HJJ]9=37.4!E>AH$NN8^:RD10HR) M1@=SJNC)C#-(!,7+M2(SG3J!M9`W0A0V,G\1/)Q;4@HD$*;--8P1E/M#(\@/ M1?Q9>/1L%'UR?];R!/&I*C38=;A#'W004'=88RO2.@S5'06=4M5,'`NUHEQF M%]B7LR5IW2PWR;NRQKK3`X3>QP6>WV(5"@#B$GY; M<4764:E&^J[0V78JT&Q)'))G=1YP[ZOMB)U+S>VSZ%C=$V7I7M,+:IY^:`S( M]D8MWNW]Q%4K)W:A^`X>F8.@&\ MAE`:!';-0^K#F]+39M;46ASYG@QN/(^DO*83%\SYI2YQ\$C$$_6([$\$B789 M7!&]TSDR=2L);Y1-^&3D2"8@\1L1,1C;+$WJ&>CH''!_R-,'AYV_N/.JG4AR M]!'PDPD16W115'CNIB\N=M,1^6+>M!?L87)W1"W'\"JC5A(/MA#PKM^1-'1R M'>WUAPY+YEQO7M$ITFMC>1Y*R@CT_G+'3,'IDK]P[B]`9QB=02W,)A24C[94 M)4GWCH2]+L9)E]2"&"*X3\R_IF#2DV5U^*"/P96W1(-L.Z(JL2MK\_D,4_:: MHYT%X=XP]9\P-=K`JSG$SY>0D=GO[B.CJI-_%\\NSU-@#*8>G6.]7OJH-_*9 M_7X)',0'<+XP?_G;IIO],82;:&NTEA\'K9V)>YP^KWIS_ MZ&U]UP95N_TF$VW3#UYUM"Q5=4B8#HJ$K,6(S.VW[5%(-)[T^@1H_)21W%=3^GL<`'.,E3:1 M@[]CJG06Y^B:?.KW.8.:R=`+4_=W,]Q]88+@@/Y)?-VS`V8^LZ`X:CWY>H,H M*,'Q<]_SPEEH2M5K-KBXMN9M*^1M'+=L.IR.QU`^`.DY40M"6/+]@=ZE!8/; M"P2J^&.&=(3>@.]M0WCI5USP^D%,,O&:Z'^C9AFRLU-QFXCXOK.0IYUH_0@N M_P=02P$"'@,4````"`!==@D_[UB51+IV```;`0<`$``8```````!````I($` M````=W-O+3(P,3$P-C,P+GAM;%54!0`#D8%!3G5X"P`!!"4.```$.0$``%!+ M`0(>`Q0````(`%UV"3_D;H-R2PX``-G.```4`!@```````$```"D@01W``!W M`Q0````(`%UV"3^B`SK0-1H``#2W`0`4`!@```````$```"D@9V%``!W M`Q0````(`%UV"3]]F'J:#4$``+N=`P`4`!@```````$```"D@2"@``!W M`Q0````(`%UV"3_I^W1``BT``-L1`P`4`!@```````$```"D@7OA``!W M`Q0````(`%UV"3\#Q+[WE0L```9O```0`!@```````$```"D@'-D550%``.1@4%.=7@+``$$)0X```0Y`0``4$L%!@`` 0```&``8`%`(``*H:`0`````` ` end XML 31 R13.htm IDEA: XBRL DOCUMENT v2.3.0.11

Commitments And Contingencies
6 Months Ended

Jun. 30, 2011

Commitments And Contingencies

Commitments And Contingencies

8. COMMITMENTS AND CONTINGENCIES

Litigation, Claims and Assessments

We are involved in litigation incidental to the operation of our business. We vigorously defend all matters in which we or our subsidiaries are named defendants and, for insurable losses, maintain significant levels of insurance to protect against adverse judgments, claims or assessments that may affect us. Although the adequacy of existing insurance coverage or the outcome of any legal proceedings cannot be predicted with certainty, based on the current information available, we do not believe the ultimate liability associated with any known claims or litigation in which we or our subsidiaries are involved will materially affect our financial condition or results of operations.

Self-Insurance

Self-insurance reserves are maintained relative to company-wide casualty insurance and health benefit programs. The level of exposure from catastrophic events is limited by the purchase of stop-loss and aggregate liability reinsurance coverage. When estimating the self-insurance liabilities and related reserves, management considers a number of factors, which include historical claims experience, demographic factors, severity factors and valuations provided by independent third-party actuaries. Management reviews its assumptions with its independent third-party actuaries to evaluate whether the self-insurance reserves are adequate. If actual claims or adverse development of loss reserves occur and exceed these estimates, additional reserves may be required. The estimation process contains uncertainty since management must use judgment to estimate the ultimate cost that will be incurred to settle reported claims and unreported claims for incidents incurred but not reported as of the balance sheet date. Reserves in the amounts of $6,212 and $7,295 at June 30, 2011 and December 31, 2010, respectively, were established related to such insurance programs and are included in accrued expenses and other current liabilities in our condensed consolidated balance sheets.

X

- Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 32 R6.htm IDEA: XBRL DOCUMENT v2.3.0.11

Basis Of Presentation
6 Months Ended

Jun. 30, 2011

Basis Of Presentation

Basis Of Presentation

1. BASIS OF PRESENTATION

Basis of Consolidation

Watsco, Inc. and its subsidiaries (collectively, "Watsco," which may be referred to as we, us or our) was incorporated in 1956 and is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies ("HVAC/R") in the HVAC/R distribution industry. The accompanying Watsco June 30, 2011 interim condensed consolidated unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to those rules and regulations, although we believe the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation have been included in the condensed consolidated unaudited financial statements herein. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2010 Annual Report on Form 10-K.

The condensed consolidated unaudited financial statements contained in this report include the accounts of Watsco and all of its wholly-owned subsidiaries and include the accounts of two joint ventures in which Watsco maintains a 60% controlling interest (see Notes 6 and 7). All significant intercompany balances and transactions have been eliminated.

The results of operations for the quarter and six months ended June 30, 2011 are not necessarily indicative of the results to be expected for the year ending December 31, 2011. Sales of residential central air conditioners, heating equipment and parts and supplies are seasonal. Furthermore, results of operations can be impacted favorably or unfavorably based on weather patterns during the summer and winter selling seasons. Demand related to the residential central air conditioning replacement market is typically highest in the second and third quarters, and demand for heating equipment is usually highest in the fourth quarter. Demand related to the new construction sectors throughout most of the markets is fairly consistent during the year, except for dependence on housing completions and related weather and economic conditions

Use of Estimates

The preparation of condensed consolidated unaudited 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 condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, inventory and income taxes, reserves related to self-insurance programs and valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.

.

Recently Adopted Accounting Standards

Revenue Arrangements with Multiple Deliverables

On January 1, 2011, we adopted accounting guidance issued by the Financial Accounting Standards Board ("FASB") that amended the criteria for allocating a contract's consideration to individual services or products in multiple deliverable arrangements. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements.

Fair Value Measurement Disclosures

On January 1, 2011, we adopted accounting guidance issued by the FASB that required new disclosures about significant transfers between Level 1 and 2 fair value measurements, including the reason for such transfers, and also required information about purchases, sales, issuances and settlements of Level 3 fair value measurements. The adoption of this guidance did not have a significant impact on our condensed consolidated unaudited financial statements.

Credit Quality of Financing Receivables and the Allowance for Credit Losses

On January 1, 2011, we adopted accounting guidance issued by the FASB that required new disclosures about the credit quality of financing receivables and their allowance for credit losses. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements because we do not have any financing receivables.

Goodwill Impairment Testing

On January 1, 2011, we adopted accounting guidance issued by the Emerging Issues Task Force ("EITF") of the FASB requiring that Step 2 of the goodwill impairment test be performed in circumstances where a reporting unit has a zero or negative carrying amount for which qualitative factors exist that indicate that goodwill may be impaired. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements.

Supplementary Pro Forma Information for Business Combinations

On January 1, 2011, we adopted accounting guidance issued by the EITF requiring pro forma financial information for business combinations to be presented as if the business combination occurred at the beginning of the prior annual reporting period when calculating both the current reporting period and the prior reporting period. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements. See Note 6.

X

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6228881-111685

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6359553&loc=d3e288-107754

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

Basis Of Presentation [Abstract]

+ Details

Name: wso_BasisOfPresentationAbstract

Namespace Prefix: wso

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 33 R9.htm IDEA: XBRL DOCUMENT v2.3.0.11

Fair Value Measurements
6 Months Ended

Jun. 30, 2011

Fair Value Measurements

Fair Value Measurements

4. FAIR VALUE MEASUREMENTS

We carry various assets and liabilities at fair value in the condensed consolidated balance sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are classified based on the following fair value hierarchy:

Level 1
 Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2
 Observable inputs other than Level 1 prices such as quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; or model-driven valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3
 Unobservable inputs for the asset or liability. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability.

The following tables present our assets and liabilities that are measured at fair value on a recurring basis and the levels of inputs used to measure fair value:

 Fair Value at Fair Value Measurements
at June 30, 2011 Using

Description
 June 30, 2011 Level 1 Level 2 Level 3

Assets:


Available-for-sale securities
 $ 161 $ 161 — —

Liabilities:


Derivative financial instrument
 $ 166 — $ 166 —

 Fair Value at Fair Value Measurements
at December 31, 2010 Using

Description
 December 31, 2010 Level 1 Level 2 Level 3

Assets:


Available-for-sale securities
 $ 157 $ 157 — —

Liabilities:


Derivative financial instrument
 $ 399 — $ 399 —

The following is a description of the valuation techniques used for these assets and liabilities, as well as the level of input used to measure fair value:

Available-for-sale securities – the investments are exchange-traded equity securities. Fair values for these investments are based on quoted prices in active markets and are therefore classified within Level 1 of the fair value hierarchy.

Derivative financial instrument – the derivative is a pay-variable, receive fixed interest rate swap based on 30-day LIBOR. Fair value is based on model-derived valuations using the respective LIBOR rate, which is observed at quoted intervals for the full term of the swap and incorporates adjustments to appropriately reflect our nonperformance risk and the counterparty's nonperformance risk. Therefore, the derivative is classified within Level 2 of the fair value hierarchy. See Note 3.

X

- Details

Name: us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_FairValueDisclosuresTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 34 R31.htm IDEA: XBRL DOCUMENT v2.3.0.11

Acquisitions (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
1 Months Ended 6 Months Ended

Apr. 29, 2011

Jun. 30, 2011

Jun. 30, 2011

Noncontrolling Interest [Member]

Apr. 29, 2011

Noncontrolling Interest [Member]

Apr. 29, 2011

Difference between fair value and carrying value [Member]

Apr. 30, 2010

Tennessee [Member]

Jun. 30, 2011

Customer Relationships [Member]

Apr. 29, 2011

Customer Relationships [Member]

Apr. 29, 2011

Trade Names and Distribution Rights [Member]

Carrier Enterprise Northeast [Member]

Jun. 30, 2011

Carrier Enterprise Northeast [Member]

Apr. 29, 2011

Carrier Enterprise Northeast [Member]

Jun. 30, 2011

Carrier [Member]

Apr. 29, 2011

Carrier [Member]

Locations contributed to joint venture by noncontrolling interest 28

Locations contributed to joint venture by controlling interest 14

Controlling Interest in Carrier Enterprise Northeast, LLC 60.00% 60.00% 60.00%

Consideration for contribution of 14 locations in joint venture $ 14,769 $ 7,708 $ 7,708 $ 7,061

Cash consideration 2,406 35,700

Goodwill and intangibles, purchase price allocation 32,957

Identified intangible assets 20,600

Identified intangible assets, trade names and distribution rights 13,400

Identified intangible assets, customer relationships 7,200

Finite-lived intangible assets, average useful life 12

Period available for tax deductions (in years) 15

Purchase price $ 49,229

Ownership percentage by noncontrolling owners 40.00% 40.00%

X

- Definition

The aggregate amount assigned to a major class of finite-lived intangible assets acquired either individually or as part of a group of assets (in either an asset acquisition or business combination). A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 44
-Subparagraph a(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275

+ Details

Name: us-gaap_AcquiredFiniteLivedIntangibleAssetAmount

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The aggregate cost of a major indefinite-lived intangible asset class acquired, during the period, either individually or as part of a group of assets (in either an asset acquisition or business combination).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 44
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275

+ Details

Name: us-gaap_AcquiredIndefiniteLivedIntangibleAssetAmount

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Amount of cash paid to acquire the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph f(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Fair value of noncash consideration given by the acquirer to acquire the entity. Does not include cash paid, the fair value of debt and securities issued and liabilities incurred to acquire the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionCostOfAcquiredEntityOtherNoncashConsideration

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph a (1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

+ Details

Name: us-gaap_EquityMethodInvestmentOwnershipPercentage

Namespace Prefix: us-gaap

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition

The average useful life of a major finite-lived intangible asset class. A major class is composed of intangible assets that can be grouped together because they are similar either by their nature or by their use in the operations of a company.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275

+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAverageUsefulLife

Namespace Prefix: us-gaap

Data Type: xbrli:decimalItemType

Balance Type: na

Period Type: duration

X

- Definition

The equity interest of noncontrolling shareholders, partners or other equity holders in consolidated entity.

+ Details

Name: us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners

Namespace Prefix: us-gaap

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition

Business acquisition purchase price allocation amortizable and non amortizable intangible assets.

+ Details

Name: wso_BusinessAcquisitionPurchasePriceAllocationAmortizableAndNonAmortizableIntangibleAssets

Namespace Prefix: wso

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Business Acquisition, Purchase Price Allocation, Goodwill and Intangible Assets

+ Details

Name: wso_BusinessAcquisitionPurchasePriceAllocationGoodwillAndIntangibleAssets

Namespace Prefix: wso

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Goodwill, Period Available for Tax Deductions

+ Details

Name: wso_GoodwillPeriodAvailableForTaxDeductions

Namespace Prefix: wso

Data Type: xbrli:positiveIntegerItemType

Balance Type: na

Period Type: duration

X

- Definition

Number Of Locations Contributed To Joint Venture By Controlling Interest

+ Details

Name: wso_NumberOfLocationsContributedToJointVentureByControllingInterest

Namespace Prefix: wso

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition

Number of Locations Contributed To Joint Venture by Noncontrolling Interest

+ Details

Name: wso_NumberOfLocationsContributedToJointVentureByNoncontrollingInterest

Namespace Prefix: wso

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

XML 35 R10.htm IDEA: XBRL DOCUMENT v2.3.0.11

Comprehensive Income
6 Months Ended

Jun. 30, 2011

Comprehensive Income

Comprehensive Income

5. COMPREHENSIVE INCOME

Comprehensive income consists of net income and changes in the unrealized losses on available-for-sale securities and the effective portion of a cash flow hedge as discussed in Note 3. The components of comprehensive income are as follows:

 Quarter Ended
June 30, Six Months Ended
June 30,

 2011 2010 2011 2010

Net income
 $ 52,272 $ 48,207 $ 63,394 $ 53,682

Changes in unrealized losses on derivative instrument, net of income tax expense of $45, $29, $89 and $40, respectively
 73 47 144 68

Changes in unrealized losses on available-for-sale securities, net of income tax benefit (expense) of $3, $10, $(1) and $5, respectively
 (4 ) (14 ) 3 (4 )





Comprehensive income
 52,341 48,240 63,541 53,746

Less: comprehensive income attributable to noncontrolling interest
 16,249 13,162 19,871 14,804





Comprehensive income attributable to Watsco, Inc.
 $ 36,092 $ 35,078 $ 43,670 $ 38,942





X

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e689-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e709-108580

+ Details

Name: us-gaap_ComprehensiveIncomeNoteTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

Comprehensive Income (Loss) Note [Abstract]

+ Details

Name: wso_ComprehensiveIncomeLossNoteAbstract

Namespace Prefix: wso

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 36 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 37 R28.htm IDEA: XBRL DOCUMENT v2.3.0.11

Derivative Financial Instrument (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Dec. 31, 2010

Income tax benefit $ 22,260 $ 21,818 $ 27,026 $ 24,311

Interest Rate Swap [Member]

Number of interest rate swap agreements held 1 1 1

Notional value of interest rate swap 10,000 10,000 10,000

Interest rate swap maturity date October 2011

Interest rate swap fixed rate 5.07% 5.07% 5.07%

Negative fair value of derivative financial instrument included in accrued expenses and other current liabilities 166 166 399

Unrealized loss accumulated in other comprehensive income associated with derivative instruments 94 94 238

Reclassification of unrealized losses from accumulated OCL to earnings 76 75 151 150

Income tax benefit 47 46 92 92

Estimated derivative amount to be reclassified from accumulated OCL to earnings in the next four months 150

Current 30-day LIBOR-based average receive rate 0.21% 0.21%

Derivative [Member]

Deferred tax benefit $ 57 $ 57 $ 146

X

- Definition

Fair value of all liability derivatives designated as cash flow hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

+ Details

Name: us-gaap_CashFlowHedgeDerivativeInstrumentLiabilitiesAtFairValue

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Fixed interest rate related to the interest rate derivative.

+ Details

Name: us-gaap_DerivativeFixedInterestRate

Namespace Prefix: us-gaap

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition

The estimated value of gains (losses), net anticipated to be transferred in the future from accumulated other comprehensive income into earnings.

+ Details

Name: us-gaap_DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The effective portion of net gain (loss) reclassified from accumulated other comprehensive income into income on derivative instruments designated and qualifying as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44C
-Subparagraph b
-Clause 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 205G
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Variable interest rate in effect as of the balance sheet date related to the interest rate derivative.

+ Details

Name: us-gaap_DerivativeVariableInterestRate

Namespace Prefix: us-gaap

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Income Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6515339

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Aggregate notional amount of all interest rate derivatives designated as hedging instruments in cash flow hedges. Notional amount refers to the monetary amount specified in the interest rate derivative contract.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Notional Amount
-URI http://asc.fasb.org/extlink&oid=6519104

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

+ Details

Name: us-gaap_NotionalAmountOfInterestRateCashFlowHedgeDerivatives

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Number of interest rate derivative instruments held by the entity at the reporting date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

+ Details

Name: us-gaap_NumberOfInterestRateDerivativesHeld

Namespace Prefix: us-gaap

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition

The gross amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 48
-Paragraph 21
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Unrecognized Tax Benefit
-URI http://asc.fasb.org/extlink&oid=6527854

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319

+ Details

Name: us-gaap_UnrecognizedTaxBenefits

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Interest rate swap maturity date

+ Details

Name: wso_InterestRateSwapMaturityDate

Namespace Prefix: wso

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Unrealized loss accumulated in other comprehensive income associated with derivative instruments net of tax.

+ Details

Name: wso_UnrealizedLossOnDeriviativeInstrumentNetOfTaxAccumulatedInOCI

Namespace Prefix: wso

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 38 R33.htm IDEA: XBRL DOCUMENT v2.3.0.11

Acquisitions (Schedule Of Unaudited Pro Forma Financial information From Joint Venture) (Details) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Acquisitions

Revenues $ 898,593 $ 925,708 $ 1,470,275 $ 1,469,566

Net income 52,436 51,135 62,848 55,790

Less: net income attributable to noncontrolling interest 16,423 15,016 19,909 16,368

Net income attributable to Watsco, Inc. $ 36,013 $ 36,119 $ 42,939 $ 39,422

Diluted earnings per share for Common and Class B common stock $ 1.09 $ 1.11 $ 1.31 $ 1.21

X

- Definition

The pro forma diluted net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)-(3)
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 54
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 55
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph r(2, 3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted

Namespace Prefix: us-gaap

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The pro forma net Income or Loss for the period as if the business combination or combinations had been completed at the beginning of a period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)-(3)
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463

+ Details

Name: us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The pro forma revenue for a period as if the business combination or combinations had been completed at the beginning of the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)-(3)
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463

+ Details

Name: us-gaap_BusinessAcquisitionsProFormaRevenue

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_BusinessCombinationsAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The pro forma consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ Details

Name: wso_BusinessAcquisitionsProFormaProfitLoss

Namespace Prefix: wso

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Pro Forma Net Income Loss Attributable To Noncontrolling Interest

+ Details

Name: wso_ProFormaNetIncomeLossAttributableToNoncontrollingInterest

Namespace Prefix: wso

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 39 R30.htm IDEA: XBRL DOCUMENT v2.3.0.11

Comprehensive Income (Details) (USD $)
In Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Comprehensive Income

Net income $ 52,272 $ 48,207 $ 63,394 $ 53,682

Changes in unrealized losses on derivative instrument, net of income tax expense of $45, $29, $89 and $40, respectively 73 47 144 68

Changes in unrealized losses on available-for-sale securities, net of income tax benefit (expense) of $3, $10, $(1) and $5, respectively (4) (14) 3 (4)

Comprehensive income 52,341 48,240 63,541 53,746

Less: comprehensive income attributable to noncontrolling interest 16,249 13,162 19,871 14,804

Comprehensive income attributable to Watsco, Inc. 36,092 35,078 43,670 38,942

Changes in unrealized losses on derivative instrument, income tax expense 45 29 89 40

Changes in unrealized losses on available-for-sale securities, income tax benefit (expense) $ 3 $ 10 $ (1) $ 5

X

- Definition

The change in unrealized holding gain (loss), net of tax, on available-for-sale securities included in a separate component of shareholders' equity during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

+ Details

Name: us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

This item represents the tax effects occurring during the period which are related to the net unrealized gain (loss) resulting from changes in the fair [carrying] value during the period of available-for-sale securities. Such tax affects would have been charged or credited directly to other comprehensive income or to related components of shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6909487&loc=d3e39076-109324

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 36
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_AvailableForSaleSecuritiesIncomeTaxExpenseOnChangeInUnrealizedHoldingGainOrLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e540-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A5
-Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 8, 9, 10, 11, 12, 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6508144

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e557-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTax

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4613674-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A5
-Appendix A

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569643-111683

+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A5
-Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 24
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 20
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 121
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

+ Details

Name: us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Tax effect on the change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a),(c)
-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Comprehensive Income (Loss) Note [Abstract]

+ Details

Name: wso_ComprehensiveIncomeLossNoteAbstract

Namespace Prefix: wso

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 40 R18.htm IDEA: XBRL DOCUMENT v2.3.0.11

Fair Value Measurements (Tables)
6 Months Ended

Jun. 30, 2011

Fair Value Measurements

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

 Fair Value at Fair Value Measurements
at June 30, 2011 Using

Description
 June 30, 2011 Level 1 Level 2 Level 3

Assets:


Available-for-sale securities
 $ 161 $ 161 — —

Liabilities:


Derivative financial instrument
 $ 166 — $ 166 —

 Fair Value at Fair Value Measurements
at December 31, 2010 Using

Description
 December 31, 2010 Level 1 Level 2 Level 3

Assets:


Available-for-sale securities
 $ 157 $ 157 — —

Liabilities:


Derivative financial instrument
 $ 399 — $ 399 —

X

- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets and liabilities that are measured on a recurring and/or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-SubTopic 10
-Topic 820
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-SubTopic 10
-Topic 820
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Name: us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 41 R11.htm IDEA: XBRL DOCUMENT v2.3.0.11

Acquisitions
6 Months Ended

Jun. 30, 2011

Acquisitions

Acquisitions

6. ACQUISITIONS

On April 29, 2011, we completed the formation of a second joint venture with Carrier Corporation ("Carrier") to distribute Carrier, Bryant and Payne branded residential, light-commercial and applied-commercial HVAC products and related parts and supplies in the northeast United States. Carrier contributed 28 of its company-operated northeastern locations to the newly formed joint venture, Carrier Enterprise Northeast, LLC ("Carrier Enterprise Northeast"), and we contributed 14 of our northeast locations. We purchased a 60% controlling interest in the joint venture for a fair value of $49,229. Total consideration paid by us for our 60% controlling interest in Carrier Enterprise Northeast was composed of cash consideration of $35,700 and our contribution of 14 northeastern locations valued at $14,769. The final purchase price is subject to net working capital adjustments of approximately $1,240 pursuant to the Purchase and Contribution Agreement, dated March 18, 2011, and is included in accounts receivable in the condensed consolidated balance sheet.

Based on our preliminary valuation, the purchase price is anticipated to result in the recognition of $32,957 in goodwill and intangibles. The fair value of the identified intangible assets was $20,600 and consisted of $13,400 in trade names and distribution rights and $7,200 in customer relationships to be amortized over a 12 year period. The tax basis of the acquired goodwill recognized will be deductible for income tax purposes over 15 years.

The preliminary purchase price allocation is based upon a purchase price of $49,229, which represents the fair value of our 60% controlling interest in Carrier Enterprise Northeast. The table below presents the allocation of the total consideration to tangible and intangible assets acquired, liabilities assumed and the noncontrolling interest from the acquisition of our 60% controlling interest in Carrier Enterprise Northeast based on the respective fair values as of April 29, 2011:

Cash
 $ 5

Accounts receivable
 24,300

Inventories
 39,003

Other current assets
 773

Property and equipment
 4,402

Goodwill
 12,357

Intangibles
 20,600

Other assets
 202

Accounts payable
 (17,474 )

Accrued expenses
 (5,420 )

Noncontrolling interest
 (29,519 )



Total preliminary purchase price
 $ 49,229



The fair value of the noncontrolling interest was determined by applying a pro-rata value of the total invested capital adjusted for a discount for lack of control that market participants would consider when estimating the fair value of the noncontrolling interest. As a result of our contribution of 14 locations to the joint venture, $7,708 representing 40% of the carrying value of the contributed locations was attributed to the noncontrolling interest and $7,061, representing 40% of the difference between the fair value and carrying value of the contributed locations, was recognized as an increase to paid-in capital.

The unaudited pro forma financial information combining our results of operations with the operations of Carrier Enterprise Northeast as if the joint venture had been consummated on January 1, 2010 is as follows:

 Quarters Ended
June 30, Six Months Ended
June 30,

 2011 2010 2011 2010

Revenues
 $ 898,593 $ 925,708 $ 1,470,275 $ 1,469,566

Net income
 52,436 51,135 62,848 55,790

Less: net income attributable to noncontrolling interest
 16,423 15,016 19,909 16,368



Net income attributable to Watsco, Inc.
 $ 36,013 $ 36,119 $ 42,939 $ 39,422



Diluted earnings per share for Common and Class B common stock
 $ 1.09 $ 1.11 $ 1.31 $ 1.21



This unaudited pro forma financial information is presented for informational purposes only. The unaudited pro forma financial information from the beginning of the periods presented until the acquisition date includes adjustments to record income taxes related to our portion of Carrier Enterprise Northeast's income and amortization related to identified intangible assets with finite lives. The unaudited pro forma financial information does not include adjustments to remove certain corporate expenses of Carrier Enterprise Northeast, which may not be incurred in future periods, adjustments for depreciation or synergies (primarily related to improved gross profit and lower general and administrative expenses) that may be realized subsequent to the acquisition date. The unaudited pro forma financial information may not necessarily reflect our future results of operations or what the results of operations would have been had we acquired our 60% controlling interest in and operated Carrier Enterprise Northeast as of the beginning of the periods presented.

In April 2010, one of our wholly-owned subsidiaries acquired certain assets and assumed certain liabilities of a wholesale distributor of air conditioning and heating products operating from two locations in Tennessee for cash consideration of $2,406.

The results of operations of these acquired locations have been included in the condensed consolidated unaudited financial statements from the date of acquisition. The pro forma effect of the acquisitions was not deemed significant to the condensed consolidated unaudited financial statements.

X

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1500-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7000-128479

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7008-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1490-128463

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6996-128479

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1383-128463

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1497-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1524-128463

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1486-128463

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

+ Details

Name: us-gaap_BusinessCombinationDisclosureTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_BusinessCombinationsAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 42 R21.htm IDEA: XBRL DOCUMENT v2.3.0.11

Shareholders' Equity (Tables)
6 Months Ended

Jun. 30, 2011

Shareholders' Equity

Distributions to noncontrolling interest

Noncontrolling interest at December 31, 2010
 $ 164,435

Return of capital contribution to noncontrolling interest
 (32,000 )

Distributions to noncontrolling interest
 (6,159 )

Net income attributable to noncontrolling interest
 19,871

Share of carrying value of our locations contributed to Carrier Enterprise Northeast
 7,708

Fair value of noncontrolling interest in Carrier Enterprise Northeast
 29,519



Noncontrolling interest at June 30, 2011
 $ 183,374



X

- Details

Name: us-gaap_StockholdersEquityNoteAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Schedule of Shareholders' Equity Attributable to Noncontrolling Interest [Table Text Block]

+ Details

Name: wso_ScheduleOfShareholdersEquityAttributableToNoncontrollingInterestTableTextBlock

Namespace Prefix: wso

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 43 R39.htm IDEA: XBRL DOCUMENT v2.3.0.11

Subsequent Events (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended 12 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Jul. 29, 2011

Carrier's HVAC/R [Member]

Jun. 30, 2011

Carrier's HVAC/R [Member]

Dec. 31, 2010

Carrier's HVAC/R [Member]

Jun. 30, 2011

Carrier Enterprise Northeast [Member]

Apr. 29, 2011

Carrier Enterprise Northeast [Member]

Jun. 30, 2011

Carrier [Member]

Revolving credit agreement maximum borrowing capacity $ 125,000 $ 125,000

Purchase date of joint venture July 29, 2011

Controlling interest, percent ownership 60.00% 60.00% 60.00% 60.00% 60.00%

Cash consideration 9,000 35,700

Revenues $ 883,548 $ 864,805 $ 1,417,887 $ 1,374,560 $ 75,000

Number of locations 6

Number of employees 90

X

- Definition

Amount of cash paid to acquire the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph f(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Month, date and year in which the acquirer obtains control of the acquiree.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 25
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6909708&loc=d3e848-128460

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 3
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 25
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6909708&loc=d3e845-128460

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 10, 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Acquisition Date
-URI http://asc.fasb.org/extlink&oid=6919109

+ Details

Name: us-gaap_BusinessAcquisitionEffectiveDateOfAcquisition

Namespace Prefix: us-gaap

Data Type: us-types:dateStringItemType

Balance Type: na

Period Type: duration

X

- Definition

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph a (1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

+ Details

Name: us-gaap_EquityMethodInvestmentOwnershipPercentage

Namespace Prefix: us-gaap

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition

Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 22
-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 1

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Number Of Employees

+ Details

Name: wso_NumberOfEmployees

Namespace Prefix: wso

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition

Number Of Locations

+ Details

Name: wso_NumberOfLocations

Namespace Prefix: wso

Data Type: xbrli:positiveIntegerItemType

Balance Type: na

Period Type: duration

XML 44 R29.htm IDEA: XBRL DOCUMENT v2.3.0.11

Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Thousands

Jun. 30, 2011

Dec. 31, 2010

Assets:

Available-for-sale securities $ 161 $ 157

Liabilities:

Derivative financial instrument 166 399

Level 1 [Member]

Assets:

Available-for-sale securities 161 157

Liabilities:

Derivative financial instrument

Level 2 [Member]

Assets:

Available-for-sale securities

Liabilities:

Derivative financial instrument 166 399

Level 3 [Member]

Assets:

Available-for-sale securities

Liabilities:

Derivative financial instrument

X

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6379932&loc=d3e22054-111558

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Available-for-Sale Securities
-URI http://asc.fasb.org/extlink&oid=6505594

+ Details

Name: us-gaap_AvailableForSaleSecuritiesFairValueDisclosure

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 10
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 15
-Paragraph 83
-URI http://asc.fasb.org/extlink&oid=6913464&loc=d3e34841-113949

+ Details

Name: us-gaap_DerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 45 R5.htm IDEA: XBRL DOCUMENT v2.3.0.11

Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands
6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Cash flows from operating activities:

Net income $ 63,394 $ 53,682

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Depreciation and amortization 5,457 5,148

Share-based compensation 2,986 2,907

Provision for doubtful accounts 410 1,816

Loss (gain) on sale of property and equipment 416 (418)

Deferred income tax provision 1,704 1,216

Non-cash contribution for 401(k) plans 1,718 489

Excess tax benefits from share-based compensation (880) (2,088)

Changes in operating assets and liabilities, net of effects of acquisitions:

Accounts receivable (104,798) (120,494)

Inventories (181,808) (109,173)

Accounts payable and other liabilities 169,220 221,543

Other, net (27) 2,202

Net cash (used in) provided by operating activities (42,208) 56,830

Cash flows from investing activities:

Business acquisitions, net of cash acquired (35,695) (2,406)

Capital expenditures (5,730) (3,839)

Proceeds from sale of property and equipment 374 2,073

Net cash used in investing activities (41,051) (4,172)

Cash flows from financing activities:

Dividends on Common and Class B common stock (35,707) (32,338)

Return of capital contribution to noncontrolling interest (32,000)

Distributions to noncontrolling interest (15,824) (3,115)

Costs related to amendment of revolving credit agreement (38)

Net repayments of other long-term obligations (31) (90)

Excess tax benefits from share-based compensation 880 2,088

Net proceeds from issuances of common stock 3,108 3,224

Net proceeds under revolving credit agreements 55,000 7,237

Net cash used in financing activities (24,612) (22,994)

Net (decrease) increase in cash and cash equivalents (107,871) 29,664

Cash and cash equivalents at beginning of period 126,498 58,093

Cash and cash equivalents at end of period 18,627 87,757

Supplemental cash flow information:

Net assets of locations contributed to joint venture $ 14,769

X

- Details

Name: us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Fair value of noncash consideration given by the acquirer to acquire the entity. Does not include cash paid, the fair value of debt and securities issued and liabilities incurred to acquire the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionCostOfAcquiredEntityOtherNoncashConsideration

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.1)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7
-Footnote 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 8, 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

+ Details

Name: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_DepreciationDepletionAndAmortization

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 00-15
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6576910&loc=d3e11374-113907

+ Details

Name: us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Reductions in the entity's income taxes that arise when compensation cost (from non-qualified equity-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element reduces net cash provided by operating activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A96
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6576910&loc=d3e11374-113907

+ Details

Name: us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_GainLossOnSaleOfPropertyPlantEquipment

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayable

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsReceivable

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInDeferredIncomeTaxes

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInInventories

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_IncreaseDecreaseInOperatingCapitalAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The net cash inflow or outflow from financing activity for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivities

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net cash inflow or outflow from investing activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivities

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivities

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net cash outflow or inflow associated with the acquisition or sale of a business segment during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15, 16, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PaymentsForProceedsFromBusinessesAndInterestInAffiliates

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow for cost incurred in the modification of term of existing debt agreement in order for the entity to achieve some advantage.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18, 19, 20
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsOfDebtRestructuringCosts

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 20
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsOfDividendsCommonStock

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 13
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 17
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133

+ Details

Name: us-gaap_PaymentsToAcquirePropertyPlantAndEquipment

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This element does not include dividends paid to noncontrolling shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 20
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsToMinorityShareholders

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash inflow from the additional capital contribution to the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 19
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_ProceedsFromIssuanceOfCommonStock

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 19
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_ProceedsFromLongTermLinesOfCredit

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3179-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 16
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133

+ Details

Name: us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a),(c)
-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.5)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_ProvisionForDoubtfulAccounts

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cash outflow attributable to repayments of borrowings not otherwise defined in the taxonomy (with maturities initially due after one year or beyond the operating cycle if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 20
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_RepaymentsOfOtherLongTermDebt

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_ShareBasedCompensation

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Value of shares issued during the period to an employee benefit plan, such as a defined contribution or defined benefit plan.

+ Details

Name: us-gaap_StockIssuedDuringPeriodValueEmployeeBenefitPlan

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_SupplementalCashFlowInformationAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Payment of dividends or other distributions to noncontrolling interest holders.

+ Details

Name: wso_CashDistributionToNoncontrollingInterest

Namespace Prefix: wso

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 46 R22.htm IDEA: XBRL DOCUMENT v2.3.0.11

Basis Of Presentation (Details)

Jun. 30, 2011

Basis Of Presentation

Number of joint ventures 2

Controlling interest, percent ownership 60.00%

X

- Definition

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph a (1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

+ Details

Name: us-gaap_EquityMethodInvestmentOwnershipPercentage

Namespace Prefix: us-gaap

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition

Basis Of Presentation [Abstract]

+ Details

Name: wso_BasisOfPresentationAbstract

Namespace Prefix: wso

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Number Of Joint Ventures

+ Details

Name: wso_NumberOfJointVentures

Namespace Prefix: wso

Data Type: xbrli:positiveIntegerItemType

Balance Type: na

Period Type: instant

XML 47 R24.htm IDEA: XBRL DOCUMENT v2.3.0.11

Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Common Share) (Details) (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Basic Earnings per Share:

Net income attributable to Watsco, Inc. shareholders $ 36,023 $ 35,045 $ 43,523 $ 38,878

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock 2,456 2,100 2,832 2,342

Earnings allocated to Watsco, Inc. shareholders 33,567 32,945 40,691 36,536

Weighted-average Common and Class B common shares outstanding for basic earnings per share 30,685,087 30,461,079 30,643,560 30,413,994

Basic earnings per share for Common and Class B Common stock $ 1.09 $ 1.08 $ 1.33 $ 1.20

Diluted Earnings per Share:

Net income attributable to Watsco, Inc. shareholders 36,023 35,045 43,523 38,878

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock 2,453 2,097 2,831 2,341

Earnings allocated to Watsco, Inc. shareholders 33,570 32,948 40,692 36,537

Common Stock [Member]

Basic Earnings per Share:

Earnings allocated to Watsco, Inc. shareholders 30,445 29,844 36,901 33,092

Class B Common Stock [Member]

Basic Earnings per Share:

Earnings allocated to Watsco, Inc. shareholders $ 3,122 $ 3,101 $ 3,790 $ 3,444

Weighted-average Common and Class B common shares outstanding for basic earnings per share 30,685,087 30,461,079 30,643,560 30,413,994

X

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 20

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 7
-Paragraph 18

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

+ Details

Name: us-gaap_EarningsPerShareBasic

Namespace Prefix: us-gaap

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_EarningsPerShareBasicAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_EarningsPerShareDilutedAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1377-109256

+ Details

Name: us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1505-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1377-109256

+ Details

Name: us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Aggregate of earnings distributed and earnings allocated to participating securities under the two-class method to the extent that participating securities may share in earnings as if all of the earnings for the period had been distributed.

+ Details

Name: us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarnings

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition

Participating Securities, Distributed and Undistributed Earnings, After Dilution

+ Details

Name: wso_ParticipatingSecuritiesDistributedAndUndistributedEarningsAfterDilution

Namespace Prefix: wso

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 48 R7.htm IDEA: XBRL DOCUMENT v2.3.0.11

Earnings Per Share
6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

2. EARNINGS PER SHARE

We compute earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Shares of our non-vested (restricted) stock are considered participating securities because these awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest. Under the two-class method, earnings per common share for our Common and Class B common stock is computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted-average number of shares of Common and Class B common stock outstanding for the period. In applying the two-class method, undistributed earnings are allocated to Common stock, Class B common stock and participating securities based on the weighted-average shares outstanding during the period.

Diluted earnings per share for our Common stock assumes the conversion of all of our Class B common stock into Common stock as of the beginning of the fiscal year and adjusts for the dilutive effects of outstanding stock options using the treasury stock method. As of June 30, 2011 and 2010, our outstanding Class B common stock was convertible into 2,854,093 and 2,866,881 shares of our Common stock, respectively.

The following table presents the calculation of basic and diluted earnings per common share for our Common and Class B common stock:

 Quarter Ended
June 30, Six Months Ended
June 30,

 2011 2010 2011 2010

Basic Earnings per Share:


Net income attributable to Watsco, Inc. shareholders
 $ 36,023 $ 35,045 $ 43,523 $ 38,878

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock
 2,456 2,100 2,832 2,342



Earnings allocated to Watsco, Inc. shareholders
 $ 33,567 $ 32,945 $ 40,691 $ 36,536



Weighted-average Common and Class B common shares outstanding for basic earnings per share
 30,685,087 30,461,079 30,643,560 30,413,994

Basic earnings per share for Common and Class B Common stock
 $ 1.09 $ 1.08 $ 1.33 $ 1.20

Allocation of earnings for Basic:


Common stock
 $ 30,445 $ 29,844 $ 36,901 $ 33,092

Class B common stock
 3,122 3,101 3,790 3,444



 $ 33,567 $ 32,945 $ 40,691 $ 36,536



Diluted Earnings per Share:


Net income attributable to Watsco, Inc. shareholders
 $ 36,023 $ 35,045 $ 43,523 $ 38,878

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock
 2,453 2,097 2,831 2,341



Earnings allocated to Watsco, Inc. shareholders
 $ 33,570 $ 32,948 $ 40,692 $ 36,537



The diluted earnings per share calculation assumes the conversion of all of our Class B common stock into Common stock as of the beginning of the period; therefore, no allocation of earnings to Class B common stock is required.

Weighted-average Common and Class B common shares outstanding for basic earnings per share
 30,685,087 30,461,079 30,643,560 30,413,994

Effect of dilutive stock options
 85,208 108,445 88,973 123,142



Weighted-average Common and Class B common shares outstanding for diluted earnings per share
 30,770,295 30,569,524 30,732,533 30,537,136



Diluted earnings per share for Common and Class B common stock
 $ 1.09 $ 1.08 $ 1.32 $ 1.20

Anti-dilutive stock options not included above
 3,297 84,000 3,050 117,561

X

- Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_EarningsPerShareTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 49 R16.htm IDEA: XBRL DOCUMENT v2.3.0.11

Basis Of Presentation (Policy)
6 Months Ended

Jun. 30, 2011

Basis Of Presentation

Basis Of Consolidation

Basis of Consolidation

Watsco, Inc. and its subsidiaries (collectively, "Watsco," which may be referred to as we, us or our) was incorporated in 1956 and is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies ("HVAC/R") in the HVAC/R distribution industry. The accompanying Watsco June 30, 2011 interim condensed consolidated unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to those rules and regulations, although we believe the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation have been included in the condensed consolidated unaudited financial statements herein. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2010 Annual Report on Form 10-K.

The condensed consolidated unaudited financial statements contained in this report include the accounts of Watsco and all of its wholly-owned subsidiaries and include the accounts of two joint ventures in which Watsco maintains a 60% controlling interest (see Notes 6 and 7). All significant intercompany balances and transactions have been eliminated.

Use Of Estimates

Use of Estimates

The preparation of condensed consolidated unaudited 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 condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, inventory and income taxes, reserves related to self-insurance programs and valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.

X

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 02, 03

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph a(2)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 97-2
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 96-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.3A-02)
-URI http://asc.fasb.org/extlink&oid=6959686&loc=d3e355033-122828

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph k
-Article 1

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2197087

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 40
-Section 45
-URI http://asc.fasb.org/section&trid=2197723

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2196966

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 5, 6, 16-19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6382870&loc=d3e33801-111570

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

+ Details

Name: us-gaap_ConsolidationPolicyTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6061-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 11, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6143-108592

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6132-108592

+ Details

Name: us-gaap_UseOfEstimates

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

Basis Of Presentation [Abstract]

+ Details

Name: wso_BasisOfPresentationAbstract

Namespace Prefix: wso

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 50 R34.htm IDEA: XBRL DOCUMENT v2.3.0.11

Shareholders' Equity (Common Stock Dividends, Non-Vested Stock And Stock Options) (Details) (USD $)
In Thousands, except Share data
1 Months Ended 3 Months Ended 6 Months Ended

Jul. 31, 2011

Jul. 29, 2011

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Cash dividends paid per share of Common and Class B stock $ 0.57 $ 0.57 $ 0.52 $ 1.09 $ 1.00

Cash dividend, declaration date Jul. 01, 2011 Jul. 01, 2011

Date cash dividend paid Jul. 29, 2011

Date of record for cash dividend Jul. 15, 2011

Shares of non-vested restricted stock granted 22,750 414,602 132,500

Stock delivered as payment to satisfy tax withholdings, shares 2,527 258 2,527 5,111

Stock delivered as payment to satisfy tax withholdings, market value $ 180 $ 16 $ 180 $ 293

Stock options exercised for Common and Class B common stock, value 228 366 2,635 2,808

Class B Common Stock [Member]

Stock delivered as payment to satisfy tax withholdings, shares 48,938

Stock delivered as payment to satisfy tax withholdings, market value $ 2,814

Stock options exercised for Common and Class B common stock, shares 6,500 13,000 72,300 174,850

X

- Definition

Aggregate dividends paid during the period for each share of common stock outstanding.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

+ Details

Name: us-gaap_CommonStockDividendsPerShareCashPaid

Namespace Prefix: us-gaap

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The day, month, and year (YYYY-MM-DD) that the dividend declared as of or prior to the financial reporting date will be paid in the subsequent period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_DividendPayableDateToBePaidDayMonthAndYear

Namespace Prefix: us-gaap

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition

The day, month and year (YYYY-MM-DD) that the dividend to be paid was declared.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_DividendsPayableDateDeclaredDayMonthAndYear

Namespace Prefix: us-gaap

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition

The date as of when a holder must own the stock to be entitled to the dividend. The ex-dividend date is generally 3 days before the record date.

+ Details

Name: us-gaap_DividendsPayableDateOfRecordDayMonthAndYear

Namespace Prefix: us-gaap

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition

The cash outflow paid by the company to cover an employee's income tax withholding obligation as part of a net-share settlement of a share-based award.

+ Details

Name: us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3255-108585

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 19
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_ProceedsFromStockOptionsExercised

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

For net-share settlement of share-based awards when the employer settles employees' income tax withholding obligations, this element represents the number of shares the employees use to repay the employer.

+ Details

Name: us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation

Namespace Prefix: us-gaap

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition

Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 4, 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross

Namespace Prefix: us-gaap

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition

Number of share options (or share units) exercised during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28,29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised

Namespace Prefix: us-gaap

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 51 R20.htm IDEA: XBRL DOCUMENT v2.3.0.11

Acquisitions (Tables)
6 Months Ended

Jun. 30, 2011

Acquisitions

Schedule Of Purchase Price Allocation

Cash
 $ 5

Accounts receivable
 24,300

Inventories
 39,003

Other current assets
 773

Property and equipment
 4,402

Goodwill
 12,357

Intangibles
 20,600

Other assets
 202

Accounts payable
 (17,474 )

Accrued expenses
 (5,420 )

Noncontrolling interest
 (29,519 )



Total preliminary purchase price
 $ 49,229



Schedule Of Unaudited Pro Forma Financial Information From Joint Venture

 Quarters Ended
June 30, Six Months Ended
June 30,

 2011 2010 2011 2010

Revenues
 $ 898,593 $ 925,708 $ 1,470,275 $ 1,469,566

Net income
 52,436 51,135 62,848 55,790

Less: net income attributable to noncontrolling interest
 16,423 15,016 19,909 16,368



Net income attributable to Watsco, Inc.
 $ 36,013 $ 36,119 $ 42,939 $ 39,422



Diluted earnings per share for Common and Class B common stock
 $ 1.09 $ 1.11 $ 1.31 $ 1.21



X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)-(3)
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 54
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 55
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph r(2, 3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionProFormaInformationTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_BusinessCombinationsAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Topic 805
-SubTopic 30
-Publisher FASB
-Number
-Article
-Subparagraph
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

+ Details

Name: us-gaap_ScheduleOfPurchasePriceAllocationTableTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 52 R2.htm IDEA: XBRL DOCUMENT v2.3.0.11

Condensed Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Condensed Consolidated Statements of Income

Revenues $ 883,548 $ 864,805 $ 1,417,887 $ 1,374,560

Cost of sales 670,357 663,736 1,069,710 1,050,887

Gross profit 213,191 201,069 348,177 323,673

Selling, general and administrative expenses 137,662 130,150 255,938 243,889

Operating income 75,529 70,919 92,239 79,784

Interest expense, net 997 894 1,819 1,791

Income before income taxes 74,532 70,025 90,420 77,993

Income taxes 22,260 21,818 27,026 24,311

Net income 52,272 48,207 63,394 53,682

Less: net income attributable to noncontrolling interest 16,249 13,162 19,871 14,804

Net income attributable to Watsco, Inc. $ 36,023 $ 35,045 $ 43,523 $ 38,878

Earnings per share for Common and Class B common stock:

Basic $ 1.09 $ 1.08 $ 1.33 $ 1.20

Diluted $ 1.09 $ 1.08 $ 1.32 $ 1.20

X

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 2

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2(a),(d))
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_CostOfGoodsAndServicesSold

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 20

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 7
-Paragraph 18

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

+ Details

Name: us-gaap_EarningsPerShareBasic

Namespace Prefix: us-gaap

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 11, 12, 36
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 20

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 7
-Paragraph 18

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_EarningsPerShareDiluted

Namespace Prefix: us-gaap

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_GrossProfit

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph h
-Subparagraph 1(i)

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_IncomeStatementAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Income Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6515339

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cost of borrowed funds accounted for as interest that was charged against earnings during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.9)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 34
-Paragraph 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 9
-Article 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Chapter V
-Section 563c.102
-Paragraph 9
-Subsection II
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_InterestExpense

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

+ Details

Name: us-gaap_NetIncomeLossAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a),(c)
-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 1

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 4
-Paragraph 5A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 30
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6386349&loc=d3e3636-108311

+ Details

Name: us-gaap_SellingGeneralAndAdministrativeExpense

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 53 R36.htm IDEA: XBRL DOCUMENT v2.3.0.11

Shareholders' Equity (Schedule Of Shareholders' Equity Attributable To Noncontrolling Interest) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Apr. 29, 2011

Controlling interest, percent ownership 60.00% 60.00%

Carrier noncontrolling interest 40.00% 40.00% 40.00%

Return of capital contribution to noncontrolling interest $ (32,000)

Net income attributable to noncontrolling interest 16,249 13,162 19,871 14,804

Share of carrying value of our locations contributed to Carrier Enterprise Northeast 14,769 14,769

Carrier Enterprise Northeast [Member]

Controlling interest, percent ownership 60.00% 60.00%

Carrier [Member]

Controlling interest, percent ownership 60.00% 60.00%

Noncontrolling Interest [Member]

Noncontrolling interest at December 31, 2010 164,435

Return of capital contribution to noncontrolling interest (32,000)

Distributions to noncontrolling interest (6,159)

Net income attributable to noncontrolling interest 19,871

Share of carrying value of our locations contributed to Carrier Enterprise Northeast 7,708 7,708 7,708

Fair value of noncontrolling interest in Carrier Enterprise Northeast 29,519 29,519

Noncontrolling interest at June 30, 2011 $ 183,374 $ 183,374

X

- Definition

Fair value of noncash consideration given by the acquirer to acquire the entity. Does not include cash paid, the fair value of debt and securities issued and liabilities incurred to acquire the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionCostOfAcquiredEntityOtherNoncashConsideration

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

This element represents the fair value of the noncontrolling interest in the acquiree at the acquisition date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph p(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

+ Details

Name: us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph a (1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

+ Details

Name: us-gaap_EquityMethodInvestmentOwnershipPercentage

Namespace Prefix: us-gaap

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition

Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(2)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Carrying amount of the equity interests owned by noncontrolling shareholders, partners, or other equity holders in joint ventures included in the entity's consolidated financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4568740-111683

+ Details

Name: us-gaap_MinorityInterestInJointVentures

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The equity interest of noncontrolling shareholders, partners or other equity holders in consolidated entity.

+ Details

Name: us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners

Namespace Prefix: us-gaap

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition

The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

+ Details

Name: us-gaap_NetIncomeLossAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This element does not include dividends paid to noncontrolling shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 20
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsToMinorityShareholders

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 54 FilingSummary.xml IDEA: XBRL DOCUMENT 2.3.0.11 Html 69 182 1 false 19 0 false 4 true false R1.htm 00090 - Document - Document And Entity Information Sheet http://www.watsco.com/taxonomy/role/DocumentDocumentAndEntityInformation Document And Entity Information false false R2.htm 00100 - Statement - Condensed Consolidated Statements Of Income Sheet http://www.watsco.com/taxonomy/role/StatementCondensedConsolidatedStatementsOfIncome Condensed Consolidated Statements Of Income false false R3.htm 00200 - Statement - Condensed Consolidated Balance Sheets Sheet http://www.watsco.com/taxonomy/role/StatementCondensedConsolidatedBalanceSheets Condensed Consolidated Balance Sheets false false R4.htm 00205 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://www.watsco.com/taxonomy/role/StatementCondensedConsolidatedBalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) false false R5.htm 00300 - Statement - Condensed Consolidated Statements Of Cash Flows Sheet http://www.watsco.com/taxonomy/role/StatementCondensedConsolidatedStatementsOfCashFlows Condensed Consolidated Statements Of Cash Flows false false R6.htm 10101 - Disclosure - Basis Of Presentation Sheet http://www.watsco.com/taxonomy/role/DisclosureBasisOfPresentation Basis Of Presentation false false R7.htm 10201 - Disclosure - Earnings Per Share Sheet http://www.watsco.com/taxonomy/role/DisclosureEarningsPerShare Earnings Per Share false false R8.htm 10301 - Disclosure - Derivative Financial Instrument Sheet http://www.watsco.com/taxonomy/role/DisclosureDerivativeFinancialInstrument Derivative Financial Instrument false false R9.htm 10401 - Disclosure - Fair Value Measurements Sheet http://www.watsco.com/taxonomy/role/DisclosureFairValueMeasurements Fair Value Measurements false false R10.htm 10501 - Disclosure - Comprehensive Income Sheet http://www.watsco.com/taxonomy/role/DisclosureComprehensiveIncome Comprehensive Income false false R11.htm 10601 - Disclosure - Acquisitions Sheet http://www.watsco.com/taxonomy/role/DisclosureAcquisitions Acquisitions false false R12.htm 10701 - Disclosure - Shareholders' Equity Sheet http://www.watsco.com/taxonomy/role/DisclosureShareholdersEquity Shareholders' Equity false false R13.htm 10801 - Disclosure - Commitments And Contingencies Sheet http://www.watsco.com/taxonomy/role/DisclosureCommitmentsAndContingencies Commitments And Contingencies false false R14.htm 10901 - Disclosure - Related Party Transactions Sheet http://www.watsco.com/taxonomy/role/DisclosureRelatedPartyTransactions Related Party Transactions false false R15.htm 11001 - Disclosure - Subsequent Events Sheet http://www.watsco.com/taxonomy/role/DisclosureSubsequentEvents Subsequent Events false false R16.htm 20102 - Disclosure - Basis Of Presentation (Policy) Sheet http://www.watsco.com/taxonomy/role/DisclosureBasisOfPresentationPolicy Basis Of Presentation (Policy) false false R17.htm 30203 - Disclosure - Earnings Per Share (Tables) Sheet http://www.watsco.com/taxonomy/role/DisclosureEarningsPerShareTables Earnings Per Share (Tables) false false R18.htm 30403 - Disclosure - Fair Value Measurements (Tables) Sheet http://www.watsco.com/taxonomy/role/DisclosureFairValueMeasurementsTables Fair Value Measurements (Tables) false false R19.htm 30503 - Disclosure - Comprehensive Income (Tables) Sheet http://www.watsco.com/taxonomy/role/DisclosureComprehensiveIncomeTables Comprehensive Income (Tables) false false R20.htm 30603 - Disclosure - Acquisitions (Tables) Sheet http://www.watsco.com/taxonomy/role/DisclosureAcquisitionsTables Acquisitions (Tables) false false R21.htm 30703 - Disclosure - Shareholders' Equity (Tables) Sheet http://www.watsco.com/taxonomy/role/DisclosureShareholdersEquityTables Shareholders' Equity (Tables) false false R22.htm 40101 - Disclosure - Basis Of Presentation (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureBasisOfPresentationDetails Basis Of Presentation (Details) false false R23.htm 40201 - Disclosure - Earnings Per Share (Narrative) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureEarningsPerShareNarrativeDetails Earnings Per Share (Narrative) (Details) false false R24.htm 40202 - Disclosure - Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Common Share) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureEarningsPerShareScheduleOfBasicAndDilutedEarningsPerCommonShareDetails Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Common Share) (Details) false false R25.htm 40203 - Disclosure - Earnings Per Share (Schedule Of Weighted-Average Basic And Diluted Common Shares Outstanding) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureEarningsPerShareScheduleOfWeightedAverageBasicAndDilutedCommonSharesOutstandingDetails Earnings Per Share (Schedule Of Weighted-Average Basic And Diluted Common Shares Outstanding) (Details) false false R26.htm 40204 - Disclosure - Earnings Per Share (Schedule Of Diluted Earnings Per Share) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureEarningsPerShareScheduleOfDilutedEarningsPerShareDetails Earnings Per Share (Schedule Of Diluted Earnings Per Share) (Details) false false R27.htm 40205 - Disclosure - Earnings Per Share (Anti-dilutive Schedule of Diluted Earnings Per Share) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureEarningsPerShareAntiDilutiveScheduleOfDilutedEarningsPerShareDetails Earnings Per Share (Anti-dilutive Schedule of Diluted Earnings Per Share) (Details) false false R28.htm 40301 - Disclosure - Derivative Financial Instrument (Narrative) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureDerivativeFinancialInstrumentNarrativeDetails Derivative Financial Instrument (Narrative) (Details) false false R29.htm 40401 - Disclosure - Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureFairValueMeasurementsScheduleOfAssetsAndLiabilitiesMeasuredAtFairValueOnRecurringBasisDetails Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) false false R30.htm 40505 - Disclosure - Comprehensive Income (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureComprehensiveIncomeDetails Comprehensive Income (Details) false false R31.htm 40601 - Disclosure - Acquisitions (Narrative) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureAcquisitionsNarrativeDetails Acquisitions (Narrative) (Details) false false R32.htm 40602 - Disclosure - Acquisitions (Schedule Of Purchase Price Allocation) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureAcquisitionsScheduleOfPurchasePriceAllocationDetails Acquisitions (Schedule Of Purchase Price Allocation) (Details) false false R33.htm 40603 - Disclosure - Acquisitions (Schedule Of Unaudited Pro Forma Financial information From Joint Venture) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureAcquisitionsScheduleOfUnauditedProFormaFinancialInformationFromJointVentureDetails Acquisitions (Schedule Of Unaudited Pro Forma Financial information From Joint Venture) (Details) false false R34.htm 40701 - Disclosure - Shareholders' Equity (Common Stock Dividends, Non-Vested Stock And Stock Options) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureShareholdersEquityCommonStockDividendsNonVestedStockAndStockOptionsDetails Shareholders' Equity (Common Stock Dividends, Non-Vested Stock And Stock Options) (Details) false false R35.htm 40702 - Disclosure - Shareholders' Equity (Employee Stock Purchase Plan And 401(k) Plan) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureShareholdersEquityEmployeeStockPurchasePlanAnd401KPlanDetails Shareholders' Equity (Employee Stock Purchase Plan And 401(k) Plan) (Details) false false R36.htm 40703 - Disclosure - Shareholders' Equity (Schedule Of Shareholders' Equity Attributable To Noncontrolling Interest) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureShareholdersEquityScheduleOfShareholdersEquityAttributableToNoncontrollingInterestDetails Shareholders' Equity (Schedule Of Shareholders' Equity Attributable To Noncontrolling Interest) (Details) false false R37.htm 40801 - Disclosure - Commitments And Contingencies (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureCommitmentsAndContingenciesDetails Commitments And Contingencies (Details) false false R38.htm 40901 - Disclosure - Related Party Transactions (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureRelatedPartyTransactionsDetails Related Party Transactions (Details) false false R39.htm 41001 - Disclosure - Subsequent Events (Narrative) (Details) Sheet http://www.watsco.com/taxonomy/role/DisclosureSubsequentEventsNarrativeDetails Subsequent Events (Narrative) (Details) false false All Reports Book All Reports Element us-gaap_EquityMethodInvestmentOwnershipPercentage had a mix of decimals attribute values: 4 2. Element us-gaap_EquityMethodInvestmentOwnershipPercentage had a mix of decimals attribute values: 4 2. Element us-gaap_EquityMethodInvestmentOwnershipPercentage had a mix of decimals attribute values: 4 2. Element us-gaap_EquityMethodInvestmentOwnershipPercentage had a mix of decimals attribute values: 4 2. Process Flow-Through: 00100 - Statement - Condensed Consolidated Statements Of Income Process Flow-Through: 00200 - Statement - Condensed Consolidated Balance Sheets Process Flow-Through: Removing column 'Jun. 30, 2010' Process Flow-Through: Removing column 'Dec. 31, 2009' Process Flow-Through: 00205 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Process Flow-Through: 00300 - Statement - Condensed Consolidated Statements Of Cash Flows wso-20110630.xml wso-20110630.xsd wso-20110630_cal.xml wso-20110630_def.xml wso-20110630_lab.xml wso-20110630_pre.xml true true EXCEL 55 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\Y938P-F$P.%]C,SDY7S1C-F)?.#4P9E]D-#!A M-C5F96$V9#8B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;F1E;G-E9%]#;VYS;VQI9&%T961?4W1A=&5M M93$\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7;W)K#I7;W)K#I7;W)K#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I.86UE/D-O;7!R96AE;G-I=F5?26YC;VUE/"]X.DYA M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I%>&-E;%=O3PO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;6UI=&UE;G1S7T%N9%]#;VYT:6YG96YC:65S/"]X.DYA;64^ M#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O5]4 M#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D)A#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@ M(#QX.E=O#I%>&-E M;%=O#I.86UE/E-H87)E:&]L9&5R#I%>&-E;%=O M#I7;W)K#I7;W)K#I7;W)K#I% M>&-E;%=O#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D5A#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D1E#I7;W)K#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O5]#;VUM;VY? M4W1O/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O5]%;7!L;WEE95]3/"]X.DYA;64^#0H@("`@/'@Z M5V]R:W-H965T4V]U#I%>&-E;%=O5]38VAE M9'5L95]//"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O M#I%>&-E;%=O5]4#I%>&-E M;%=O#I%>&-E;%=O#I!8W1I=F53:&5E=#XP/"]X.D%C M=&EV95-H965T/@T*("`\>#I0#I%>&-E;%=O7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI M(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^9F%L M'0^2G5N(#,P+`T*"0DR,#$Q/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M,C`Q,3QS<&%N/CPO'0^43(\2!296=I2!#96YT3PO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^,#`P,#$P-3`Q-CQS<&%N/CPO'0^ M+2TQ,BTS,3QS<&%N/CPO3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y938P-F$P M.%]C,SDY7S1C-F)?.#4P9E]D-#!A-C5F96$V9#8-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO.64V,#9A,#A?8S,Y.5\T8S9B7S@U,&9?9#0P838U M9F5A-F0V+U=O'0O:'1M;#L@8VAA&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$;G5M<#XR,BPR-C`\7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA2!S=&]C:RP@870@8V]S=#PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S2P@=&]T86P\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3H\+W-T3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y938P-F$P.%]C,SDY7S1C-F)?.#4P M9E]D-#!A-C5F96$V9#8-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M.64V,#9A,#A?8S,Y.5\T8S9B7S@U,&9?9#0P838U9F5A-F0V+U=O'0O:'1M;#L@8VAA M3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y938P-F$P.%]C,SDY7S1C M-F)?.#4P9E]D-#!A-C5F96$V9#8-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO.64V,#9A,#A?8S,Y.5\T8S9B7S@U,&9?9#0P838U9F5A-F0V+U=O M'0O:'1M M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!O<&5R871I;F<@86-T:79I=&EE"!P"!B96YE M9FET'!E;F1I M='5R97,\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^)FYB"!B96YE9FET'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA M'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O='1O M;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SX@/"]P/@T*#0H\=&%B;&4@3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)VUA M#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@6QE/3-$)VUA#L@;6%R M9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/E=A='-C M;RP@26YC+B!A;F0@:71S('-U8G-I9&EA2X@5&AE(&%C8V]M<&%N M>6EN9R!7871S8V\@2G5N929N8G-P.S,P+"`R,#$Q(&EN=&5R:6T@8V]N9&5N M6QE/3-$ M)VUA#LG/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE2!B86QA;F-E3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA"!M;VYT:',@96YD960@2G5N M929N8G-P.S,P+"`R,#$Q(&%R92!N;W0@;F5C97-S87)I;'D@:6YD:6-A=&EV M92!O9B!T:&4@'!E8W1E9"!F;W(@=&AE('EE87(@ M96YD:6YG($1E8V5M8F5R)FYB2!O2!B87-E9"!O;B!W96%T:&5R M('!A='1E2!H:6=H97-T(&EN('1H92!F;W5R=&@@<75A&-E<'0@9F]R(&1E<&5N9&5N8V4@;VX@ M:&]U#L@;6%R9VEN+6)O='1O;3H@,'!X M.R<^/&9O;G0@F4],T0R/B`\+V9O;G0^/"]P/@T*#0H\<"!S M='EL93TS1"=M87)G:6XM=&]P.B`Q.'!X.R!M87)G:6XM8F]T=&]M.B`P<'@[ M)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!A;F0@:6YC;VUE('1A>&5S+"!R97-E6QE/3-$)VUA M#LG/BX\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)VUA M#LG/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE#LG/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M29N8G-P.S$L(#(P,3$L('=E M(&%D;W!T960@86-C;W5N=&EN9R!G=6ED86YC92!I#L@;6%R9VEN M+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/CQI/D9A:7(@ M5F%L=64@365A6QE/3-$)VUA#L@;6%R9VEN+6)O='1O M;3H@,'!X.R<^/&9O;G0@F4],T0R/D]N($IA;G5A#LG/B9N8G-P.SPO<#X\+V1I=CX-"@T*/'`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`V83`X7V,S.3E?-&,V8E\X-3!F7V0T,&$V-69E839D-@T*0V]N M=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\Y938P-F$P.%]C,SDY7S1C-F)? M.#4P9E]D-#!A-C5F96$V9#8O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@2!P87)T:6-I<&%T:6YG M('-E8W5R:71I97,@86-C;W)D:6YG('1O(&1I=FED96YD2!V97-T+B!5;F1E3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!S=&]C:R!M971H;V0N M($%S(&]F($IU;F4F;F)S<#LS,"P@,C`Q,2!A;F0@,C`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`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B9N8G-P M.R0\+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N M/3-$6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0R/CQB/B`\+V(^)FYBF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)W1E>'0M M:6YD96YT.B`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`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`M,65M.R!M87)G:6XM;&5F=#H@,65M M.R<^/&9O;G0@F4],T0R/D%L;&]C871I;VX@;V8@96%R;FEN M9W,@9F]R($)AF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UEF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/CQB/B`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^ M/&9O;G0@F4],T0R/CQB/D1I;'5T960@16%R;FEN9W,@<&5R M(%-H87)E.CPO8CX\+V9O;G0^/"]P/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T M=&]M/CQF;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V M86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\ M=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG M;CTS1'1O<#X-"@T*/'`@3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R/C,U+#`T-3PO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N;W=R87`^ M/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R0\+V9O;G0^ M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B`\+V(^)FYBF4],T0R/CQB/B`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`M,65M.R!M87)G M:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/D5AF4],T0R/CQB/B9N8G-P M.R0\+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N M/3-$6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0R/CQB/B`\+V(^)FYBF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O M;G0M"!D;W5B;&4[)R!V86QI9VX] M,T1B;W1T;VT^)FYB6QE/3-$)V)O6QE/3-$)V)O"!D;W5B;&4[)R!V86QI9VX],T1B;W1T;VT^)FYB#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R M<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L M;&%P6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4Z(#%P>#LG/CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P.SPO=&0^#0H\=&0@ M6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/CQB/B9N8G-P.R0\+V(^/"]F;VYT/CPO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UEF4],T0R/CQB/B`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`Q.'!X.R<^)FYB7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`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`R,#$Q(&%N9"`R,#$P+"!T:&4@:&5D9VEN M9R!R96QA=&EO;G-H:7`@=V%S(&1E=&5R;6EN960@=&\@8F4@:&EG:&QY(&5F M9F5C=&EV92!I;B!A8VAI979I;F<@;V9F6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE2P@=V%S(&EN8VQU9&5D(&EN(&%C8W5M=6QA=&5D(&]T:&5R M(&-O;7!R96AE;G-I=F4@;&]S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M"!M;VYT:',@96YD960@2G5N929N8G-P.S,P M+"`R,#$Q(&%N9"`R,#$P+"!R969L96-T960@=&AE(')E8VQA"!B96YE9FET(&]F("9N8G-P.R0\ M9F]N="!C;&%S"!B96YE9FET M(&]F("9N8G-P.R0\9F]N="!C;&%S"!B96YE9FET(&]F("9N8G-P.R0\9F]N="!C;&%S2P@;V8@=6YR96%L:7IE9"!L;W-S97,@ M9G)O;2!A8V-U;75L871E9"!/0TP@=&\@8W5R6UE;G1S M(&]C8W5R+B!792!E&EM871E;'D@)FYB'0@9F]U2!,24)/4BUB87-E9"!A=F5R86=E(')E8V5I=F4@6QE/3-$)VUA#L@ M9F]N="US:7IE.B`Q<'@[)SXF;F)S<#L\+W`^/"]D:78^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y938P-F$P.%]C,SDY7S1C M-F)?.#4P9E]D-#!A-C5F96$V9#8-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO.64V,#9A,#A?8S,Y.5\T8S9B7S@U,&9?9#0P838U9F5A-F0V+U=O M'0O:'1M M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/&9O;G0@6QE/3-$)V)O3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!I;B!A;B!O6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X M.R!F;VYT+7-I>F4Z(#$R<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L92!S='EL M93TS1"=B;W)D97(M8V]L;&%P6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@ M,65M.R<^/&9O;G0@F4],T0R/DQE=F5L)FYB6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$ M)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@ MF4],T0R/DQE=F5L)FYB6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQAF4],T0R/E5N;V)S M97)V86)L92!I;G!U=',@9F]R('1H92!A3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA#LG/B9N8G-P.SPO<#X-"@T*/'1A8FQE('-T M>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E M>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0Q/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$ M8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S MF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^ M(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/CPO='(^#0H\='(^ M/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`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`^#0H-"CQP('-T>6QE/3-$ M)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@ MF4],T0R/DQI86)I;&ET:65S.CPO9F]N=#X\+W`^/"]T9#X- M"CQT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX] M,T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B9N M8G-P.R0\+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&%L M:6=N/3-$6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B9N M8G-P.R9N8G-P.SPO8CX\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA"!S M;VQI9#LG('9A;&EG;CTS1&)O='1O;2!C;VQS<&%N/3-$,B!A;&EG;CTS1&-E M;G1E3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0Q M/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!C;&%S3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F M=#H@,65M.R<^/&9O;G0@F4],T0R/D%SF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT M9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M M/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`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`M,65M.R!M M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/DQI86)I M;&ET:65S.CPO9F]N=#X\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@8VQAF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@ M=F%L:6=N/3-$8F]T=&]M/B`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`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)VUA#L@9F]N="US:7IE.B`Q<'@[ M)SXF;F)S<#L\+W`^#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%P M6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF5D(&QO#L@9F]N="US:7IE.B`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`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`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`C,#`P M,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$)V)O"!S M;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X- M"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0R/CQB/B`\+V(^)FYBF4],T0Q M/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0R/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C M;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`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`C,#`P,#`P(#%P>"!S;VQI M9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T* M/'`@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\ M+W1D/@T*/'1D/B9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N M8G-P.R9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S M='EL93TS1"=B;W)D97(M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P M.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`C,#`P,#`P(#-P>"!D;W5B M;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^#0H- M"CQP('-T>6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V)O7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6YE(&)R86YD960@6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF5D(&]V97(@829N8G-P.SQF;VYT(&-L87-S/3-$ M7VUT/C$R/"]F;VYT/B!Y96%R('!E"!B87-I#L@;6%R9VEN+6)O='1O;3H@ M,'!X.R<^/&9O;G0@F4],T0R/E1H92!P2!P M=7)C:&%S92!P#L@9F]N="US:7IE M.B`Q,G!X.R<^)FYB3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B9N8G-P.R9N8G-P.SPO8CX\+V9O;G0^/"]T9#X\ M+W1R/@T*/'1R/CQT9"!V86QI9VX],T1T;W`^#0H-"CQP('-T>6QE/3-$)W1E M>'0M:6YD96YT.B`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`^#0H-"CQP('-T>6QE/3-$ M)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@ MF4],T0R/D=O;V1W:6QL/"]F;VYT/CPO<#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0R/CQB/B9N8G-P.R9N8G-P.SPO8CX\+V9O;G0^/"]T9#X\+W1R M/@T*/'1R(&)G8V]L;W(],T0C8V-E969F/CQT9"!V86QI9VX],T1T;W`^#0H- M"CQP('-T>6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@ M,65M.R<^/&9O;G0@F4],T0R/DEN=&%N9VEB;&5S/"]F;VYT M/CPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M M.R<^/&9O;G0@F4],T0R/D]T:&5R(&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UEF4],T0R/CQB/B9N8G-P.SPO8CX\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX] M,T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA'!E;G-E6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB M/B@U+#0R,#PO8CX\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@ M;F]W6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/BDF;F)S<#L\+V(^/"]F;VYT/CPO=&0^/"]T MF4Z(#%P>#LG/CQT9"!V86QI9VX] M,T1B;W1T;VT^)FYB6QE/3-$)V)O6QE/3-$)W1E M>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,V5M.R<^/&9O;G0@F4],T0R/CQB M/B9N8G-P.R0\+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M M(&%L:6=N/3-$6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4Z(#%P>#LG/CQT9"!V86QI9VX],T1B;W1T;VT^)FYB"!D;W5B;&4[)R!V86QI9VX],T1B;W1T;VT^)FYB#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F M;VYT+7-I>F4Z(#%P>#LG/B9N8G-P.SPO<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6EN9R!V86QU92!O9B!T:&4@8V]N=')I8G5T960@ M;&]C871I;VYS+"!W87,@6QE/3-$)VUA M#LG/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF M;F)S<#L\+W`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`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`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@ MF4],T0R/D1I;'5T960@96%R;FEN9W,@<&5R('-H87)E(&9O MF4],T0R/CQB/B9N8G-P.R0\+V(^ M/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0R/B9N8G-P.R0\+V9O;G0^ M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4] M,T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R0\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B M;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/CPO='(^#0H\='(@"!D;W5B;&4[)R!V86QI9VX] M,T1B;W1T;VT^)FYB6QE/3-$ M)V)O6QE/3-$)V)O6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE&5S(')E;&%T960@=&\@;W5R('!O MF%T:6]N(')E;&%T960@=&\@:61E;G1I9FEE9"!I;G1A M;F=I8FQE(&%S2!N;W0@8F4@:6YC=7)R960@:6X@9G5T=7)E('!E2!B92!R96%L:7IE9"!S=6)S97%U96YT('1O('1H92!A8W%U:7-I=&EO M;B!D871E+B!4:&4@=6YA=61I=&5D('!R;R!F;W)M82!F:6YA;F-I86P@:6YF M;W)M871I;VX@;6%Y(&YO="!N96-E2!R969L96-T(&]U3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE M/3-$)VUA#LG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE#LG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M"!M;VYT:',@96YD960@2G5N929N8G-P.S,P+"`R,#$Q(&%N9"`R,#$P M+"!R97-P96-T:79E;'DN($EN(#QF;VYT(&-L87-S/3-$7VUT/DIU;'D@,C`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`Q,2!A;F0@,C`Q,"PF;F)S<#L\9F]N="!C;&%S65E('-T;V-K('!U2P@9F]R('=H:6-H('=E(')E8V5I=F5D(&YE="!P2X@/"]F M;VYT/CPO<#X-"@T*/'`@#L@;6%R M9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/CQB/C0P M,2AK*2!0;&%N3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!M871C M:&EN9R!C;VYT2X@/"]F;VYT/CPO<#X-"@T*/'`@#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^ M/&9O;G0@F4],T0R/CQB/DYO;F-O;G1R;VQL:6YG($EN=&5R M97-T(#PO8CX\+V9O;G0^/"]P/@T*#0H\<"!S='EL93TS1"=M87)G:6XM=&]P M.B`V<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE#L@9F]N="US:7IE.B`Q,G!X.R<^ M)FYB3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM M;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/E)E='5R;B!O9B!C M87!I=&%L(&-O;G1R:6)U=&EO;B!T;R!N;VYC;VYT6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQAF4],T0R/BDF;F)S<#L\+V9O;G0^/"]T9#X\+W1R/@T* M/'1R(&)G8V]L;W(],T0C8V-E969F/CQT9"!V86QI9VX],T1T;W`^#0H-"CQP M('-T>6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M M.R<^/&9O;G0@F4],T0R/D1IF4],T0Q/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0R/BDF;F)S<#L\ M+V9O;G0^/"]T9#X\+W1R/@T*/'1R/CQT9"!V86QI9VX],T1T;W`^#0H-"CQP M('-T>6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M M.R<^/&9O;G0@F4],T0R/DYE="!I;F-O;64@871TF4],T0R/B9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$)W1E M>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$ M)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@ MF4],T0R/D9A:7(@=F%L=64@;V8@;F]N8V]N=')O;&QI;F<@ M:6YT97)E6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA"!S;VQI9#LG('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\+W1D/@T*/'1D('-T M>6QE/3-$)V)O6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M M.R<^/&9O;G0@F4],T0R/DYO;F-O;G1R;VQL:6YG(&EN=&5R M97-T(&%T($IU;F4F;F)S<#LS,"P@,C`Q,3PO9F]N=#X\+W`^/"]T9#X-"CQT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B`\+V(^)FYB"!D;W5B;&4[)R!V86QI9VX],T1B;W1T;VT^)FYB'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!D M969E;F0@86QL(&UA='1E2P@8F%S960@;VX@=&AE M(&-U6QE/3-$)VUA#LG/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA2UW M:61E(&-A'!O2!T:&4@<'5R8VAA&-E960@=&AE2!B92!R97%U:7)E9"X@5&AE(&5S=&EM871I M;VX@<')O8V5S2!S:6YC92!M86YA9V5M M96YT(&UU'!E;G-E M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA2X@070@2G5N929N M8G-P.S,P+"`R,#$Q(&%N9"!$96-E;6)E2P@=V%S('!A>6%B;&4@=&\@0V%R3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!T97)M:6YA=&4@;VX@1&5C96UB97(F;F)S<#LS,2P@ M,C`Q,2!B=70@;6%Y(&)E(&5X=&5N9&5D(&%S(&%G#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/E1H M92!S97)V:6-E2!#87)R:65R('!U"!M;VYT:',@96YD M960@2G5N929N8G-P.S,P+"`R,#$P+"!R97-P96-T:79E;'DL(&%N9"!A7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA2!R96UA:6X@=&AE('-A;64N(#PO9F]N=#X\+W`^#0H-"CQP M('-T>6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE&EM871E;'D@)FYB#PO9F]N=#X@;&]C871I;VYS M('=I=&@F;F)S<#L\9F]N="!C;&%S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2D\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@ M/'1H(&-L87-S/3-$=&@@8V]L'0^/&1I=CX-"@T*/'`@3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA2!I M;F-L=61E9"!I;B!T:&4@86YN=6%L(&9I;F%N8VEA;"!S=&%T96UE;G1S('!R M97!A2!A8V-E M<'1E9"!A8V-O=6YT:6YG('!R:6YC:7!L97,@*")'04%0(BD@:&%V92!B965N M(&-O;F1E;G-E9"!O2!F;W(@82!F86ER('!R97-E;G1A=&EO;B!H879E(&)E96X@:6YC;'5D960@ M:6X@=&AE(&-O;F1E;G-E9"!C;VYS;VQI9&%T960@=6YA=61I=&5D(&9I;F%N M8VEA;"!S=&%T96UE;G1S(&AE#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/E1H M92!C;VYD96YS960@8V]N2UO M=VYE9"!S=6)S:61I87)I97,@86YD(&EN8VQU9&4@=&AE(&%C8V]U;G1S(&]F M)FYB6QE/3-$)VUA M#LG/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M'!E;G-E'0O:F%V87-C3X-"B`@("`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`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B9N8G-P M.R0\+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N M/3-$6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0R/CQB/B`\+V(^)FYBF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)W1E>'0M M:6YD96YT.B`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`\+V(^)FYBF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@6QE/3-$)V)O M6QE/3-$)V)O"!D;W5B;&4[)R!V86QI9VX],T1B;W1T;VT^)FYB6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE MF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R0\+V9O;G0^/"]T9#X-"CQT9"!V86QI M9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S MF4],T0R/CQB/C$N,S,\+V(^ M/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&YO=W)A<#TS1&YO M=W)A<#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M M.R<^/&9O;G0@F4],T0R/D%L;&]C871I;VX@;V8@96%R;FEN M9W,@9F]R($)AF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UEF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/CQB/B`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^ M/&9O;G0@F4],T0R/CQB/D1I;'5T960@16%R;FEN9W,@<&5R M(%-H87)E.CPO8CX\+V9O;G0^/"]P/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T M=&]M/CQF;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V M86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\ M=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG M;CTS1'1O<#X-"@T*/'`@3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R/C,U+#`T-3PO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N;W=R87`^ M/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R0\+V9O;G0^ M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B`\+V(^)FYBF4],T0R/CQB/B`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`M,65M.R!M87)G M:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/D5AF4],T0R/CQB/B9N8G-P M.R0\+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N M/3-$6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0R/CQB/B`\+V(^)FYBF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O M;G0M"!D;W5B;&4[)R!V86QI9VX] M,T1B;W1T;VT^)FYB6QE/3-$)V)O6QE/3-$)V)O"!D;W5B;&4[)R!V86QI9VX],T1B;W1T;VT^)FYB'0^/'1A8FQE M('-T>6QE/3-$)V)O6QE M/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O M;G0@F4],T0R/E=E:6=H=&5D+6%V97)A9V4@0V]M;6]N(&%N M9"!#;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B`\+V(^)FYBF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R M/CQB/B`\+V(^)FYBF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R M/C,P+#0Q,RPY.30\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@ M;F]W6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F M=#H@,65M.R<^/&9O;G0@F4],T0R/D5F9F5C="!O9B!D:6QU M=&EV92!S=&]C:R!O<'1I;VYS/"]F;VYT/CPO<#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/CQB/B`\+V(^)FYB MF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/C$R,RPQ-#(\+V9O M;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@;F]W6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M"!S;VQI9#LG('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\+W1D/@T* M/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)W1E M>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/CQB/B`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`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`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`@("`\=&%B;&4@8VQA'0^/'1A8FQE('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G M:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/D%SF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T M;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$ M8F]T=&]M/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T* M/'`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`M,65M.R!M M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/DQI86)I M;&ET:65S.CPO9F]N=#X\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@8VQAF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@ M=F%L:6=N/3-$8F]T=&]M/B`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X- M"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T M=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/CPO='(^#0H\='(^/'1D M('9A;&EG;CTS1'1O<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UEF4],T0R/C$U-SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N;W=R87`^ M/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE M/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O M;G0@F4],T0R/DQI86)I;&ET:65S.CPO9F]N=#X\+W`^/"]T M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI M9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`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`] M,T1N;W=R87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`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`],T1N M;W=R87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF5D(&QO MF4],T0R/CQB/B9N8G-P M.SPO8CX\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@86QI9VX] M,T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0R/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!C;&%SF4],T0R/CQB/C$T-#PO M8CX\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@;F]W6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\ M='(@8F=C;VQO3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQAF5D M(&QOF4],T0Q/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M6QE/3-$ M)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T* M/'1D/B9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.SPO M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B;W)D M97(M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D/B9N8G-P M.SPO=&0^/"]T6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/CQB M/B`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`C,#`P M,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$)V)O"!S M;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D/B9N8G-P.SPO=&0^/"]T6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/CQB/B9N8G-P.R0\+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M(&%L:6=N/3-$6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UEF4],T0R/B9N8G-P.R0\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0R/CQB/B`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`^#0H-"CQP M('-T>6QE/3-$)W1E>'0M:6YD96YT.B`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`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`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`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA'0^/'1A8FQE('-T>6QE/3-$)V)O6QE/3-$)W1E>'0M M:6YD96YT.B`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`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT M4&%R=%\Y938P-F$P.%]C,SDY7S1C-F)?.#4P9E]D-#!A-C5F96$V9#8-"D-O M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO.64V,#9A,#A?8S,Y.5\T8S9B M7S@U,&9?9#0P838U9F5A-F0V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y938P-F$P.%]C,SDY7S1C-F)? M.#4P9E]D-#!A-C5F96$V9#8-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O M0SHO.64V,#9A,#A?8S,Y.5\T8S9B7S@U,&9?9#0P838U9F5A-F0V+U=O'0O:'1M;#L@ M8VAA'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%\Y938P-F$P.%]C,SDY7S1C-F)?.#4P9E]D M-#!A-C5F96$V9#8-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO.64V M,#9A,#A?8S,Y.5\T8S9B7S@U,&9?9#0P838U9F5A-F0V+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5D(')A=&4\+W1D/@T*("`@("`@("`\ M=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$"!B96YE9FET/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD(#4W/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%\Y938P-F$P.%]C,SDY7S1C-F)?.#4P9E]D-#!A-C5F96$V9#8- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO.64V,#9A,#A?8S,Y.5\T M8S9B7S@U,&9?9#0P838U9F5A-F0V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M)FYB'0^)FYB'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^)FYB'0^)FYB'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$F5D(&QOF5D M(&QO3PO=&0^#0H@("`@("`@(#QT9"!C;&%SF5D(&QO3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y M938P-F$P.%]C,SDY7S1C-F)?.#4P9E]D-#!A-C5F96$V9#8-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO.64V,#9A,#A?8S,Y.5\T8S9B7S@U,&9? M9#0P838U9F5A-F0V+U=O'0O:'1M;#L@8VAA2!N;VYC;VYT'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$65A'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$2!N;VYC;VYT7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT M4&%R=%\Y938P-F$P.%]C,SDY7S1C-F)?.#4P9E]D-#!A-C5F96$V9#8-"D-O M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO.64V,#9A,#A?8S,Y.5\T8S9B M7S@U,&9?9#0P838U9F5A-F0V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^2G5L(#$L#0H)"3(P,3$\6UE;G0@=&\@ M2!T87@@=VET:&AO;&1I;F=S+"!S:&%R97,\+W1D/@T*("`@("`@ M("`\=&0@8VQA6UE;G0@=&\@2!T87@@=VET:&AO;&1I M;F=S+"!M87)K970@=F%L=64\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S6UE;G0@=&\@2!T87@@ M=VET:&AO;&1I;F=S+"!S:&%R97,\+W1D/@T*("`@("`@("`\=&0@8VQA6UE;G0@=&\@ M2!T87@@=VET:&AO;&1I;F=S+"!M87)K970@=F%L=64\+W1D/@T* M("`@("`@("`\=&0@8VQA7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA&-E<'0@4VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$65E('-T;V-K('!U7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!!='1R:6)U M=&%B;&4@5&\@3F]N8V]N=')O;&QI;F<@26YT97)E'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`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`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B M;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y M938P-F$P.%]C,SDY7S1C-F)?.#4P9E]D-#!A-C5F96$V9#8-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO.64V,#9A,#A?8S,Y.5\T8S9B7S@U,&9? M9#0P838U9F5A-F0V+U=O&UL#0I#;VYT96YT M+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT M+51Y<&4Z('1E>'0O:'1M;#L@8VAA&UL;G,Z;STS1")U'1087)T7SEE-C`V83`X7V,S.3E?-&,V8E\X-3!F7V0T,&$V-69E839D-BTM "#0H` ` end XML 56 R37.htm IDEA: XBRL DOCUMENT v2.3.0.11

Commitments And Contingencies (Details) (USD $)
In Thousands

Jun. 30, 2011

Dec. 31, 2010

Commitments And Contingencies

Self-insurance reserve $ 6,212 $ 7,295

X

- Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Carrying amount (including both current and noncurrent portions) of accrued known and estimated losses incurred as of the balance sheet date for which no insurance coverage exists, and for which a claim has been made or is probable of being asserted, typically arising from workmen's compensation-type of incidents and personal injury to nonemployees from accidents on the entity's property.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.24)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_SelfInsuranceReserve

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Acquisitions (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	1 Months Ended						6 Months Ended
	Apr. 29, 2011	Jun. 30, 2011	Jun. 30, 2011 Noncontrolling Interest [Member]	Apr. 29, 2011 Noncontrolling Interest [Member]	Apr. 29, 2011 Difference between fair value and carrying value [Member]	Apr. 30, 2010 Tennessee [Member]	Jun. 30, 2011 Customer Relationships [Member]	Apr. 29, 2011 Customer Relationships [Member]	Apr. 29, 2011 Trade Names and Distribution Rights [Member] Carrier Enterprise Northeast [Member]	Jun. 30, 2011 Carrier Enterprise Northeast [Member]	Apr. 29, 2011 Carrier Enterprise Northeast [Member]	Jun. 30, 2011 Carrier [Member]	Apr. 29, 2011 Carrier [Member]
Locations contributed to joint venture by noncontrolling interest													28
Locations contributed to joint venture by controlling interest	14
Controlling Interest in Carrier Enterprise Northeast, LLC		60.00%								60.00%		60.00%
Consideration for contribution of 14 locations in joint venture		$ 14,769	$ 7,708	$ 7,708	$ 7,061
Cash consideration						2,406					35,700
Goodwill and intangibles, purchase price allocation											32,957
Identified intangible assets											20,600
Identified intangible assets, trade names and distribution rights									13,400
Identified intangible assets, customer relationships								7,200
Finite-lived intangible assets, average useful life							12
Period available for tax deductions (in years)	15
Purchase price											$ 49,229
Ownership percentage by noncontrolling owners	40.00%	40.00%

Comprehensive Income (Details) (USD $) In Thousands	3 Months Ended		6 Months Ended
Comprehensive Income (Details) (USD $) In Thousands	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Comprehensive Income
Net income	$ 52,272	$ 48,207	$ 63,394	$ 53,682
Changes in unrealized losses on derivative instrument, net of income tax expense of $45, $29, $89 and $40, respectively	73	47	144	68
Changes in unrealized losses on available-for-sale securities, net of income tax benefit (expense) of $3, $10, $(1) and $5, respectively	(4)	(14)	3	(4)
Comprehensive income	52,341	48,240	63,541	53,746
Less: comprehensive income attributable to noncontrolling interest	16,249	13,162	19,871	14,804
Comprehensive income attributable to Watsco, Inc.	36,092	35,078	43,670	38,942
Changes in unrealized losses on derivative instrument, income tax expense	45	29	89	40
Changes in unrealized losses on available-for-sale securities, income tax benefit (expense)	$ 3	$ 10	$ (1)	$ 5

Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Assets:
Available-for-sale securities	$ 161	$ 157
Liabilities:
Derivative financial instrument	166	399
Level 1 [Member]
Assets:
Available-for-sale securities	161	157
Liabilities:
Derivative financial instrument
Level 2 [Member]
Assets:
Available-for-sale securities
Liabilities:
Derivative financial instrument	166	399
Level 3 [Member]
Assets:
Available-for-sale securities
Liabilities:
Derivative financial instrument

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income	$ 63,394	$ 53,682
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	5,457	5,148
Share-based compensation	2,986	2,907
Provision for doubtful accounts	410	1,816
Loss (gain) on sale of property and equipment	416	(418)
Deferred income tax provision	1,704	1,216
Non-cash contribution for 401(k) plans	1,718	489
Excess tax benefits from share-based compensation	(880)	(2,088)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(104,798)	(120,494)
Inventories	(181,808)	(109,173)
Accounts payable and other liabilities	169,220	221,543
Other, net	(27)	2,202
Net cash (used in) provided by operating activities	(42,208)	56,830
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(35,695)	(2,406)
Capital expenditures	(5,730)	(3,839)
Proceeds from sale of property and equipment	374	2,073
Net cash used in investing activities	(41,051)	(4,172)
Cash flows from financing activities:
Dividends on Common and Class B common stock	(35,707)	(32,338)
Return of capital contribution to noncontrolling interest	(32,000)
Distributions to noncontrolling interest	(15,824)	(3,115)
Costs related to amendment of revolving credit agreement	(38)
Net repayments of other long-term obligations	(31)	(90)
Excess tax benefits from share-based compensation	880	2,088
Net proceeds from issuances of common stock	3,108	3,224
Net proceeds under revolving credit agreements	55,000	7,237
Net cash used in financing activities	(24,612)	(22,994)
Net (decrease) increase in cash and cash equivalents	(107,871)	29,664
Cash and cash equivalents at beginning of period	126,498	58,093
Cash and cash equivalents at end of period	18,627	87,757
Supplemental cash flow information:
Net assets of locations contributed to joint venture	$ 14,769

Basis Of Presentation (Details)	Jun. 30, 2011
Basis Of Presentation
Number of joint ventures	2
Controlling interest, percent ownership	60.00%

Basis Of Presentation (Policy)	6 Months Ended
Basis Of Presentation (Policy)	Jun. 30, 2011
Basis Of Presentation
Basis Of Consolidation	Basis of Consolidation Watsco, Inc. and its subsidiaries (collectively, "Watsco," which may be referred to as we, us or our) was incorporated in 1956 and is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies ("HVAC/R") in the HVAC/R distribution industry. The accompanying Watsco June 30, 2011 interim condensed consolidated unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to those rules and regulations, although we believe the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation have been included in the condensed consolidated unaudited financial statements herein. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2010 Annual Report on Form 10-K. The condensed consolidated unaudited financial statements contained in this report include the accounts of Watsco and all of its wholly-owned subsidiaries and include the accounts of two joint ventures in which Watsco maintains a 60% controlling interest (see Notes 6 and 7). All significant intercompany balances and transactions have been eliminated.
Use Of Estimates	Use of Estimates The preparation of condensed consolidated unaudited 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 condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, inventory and income taxes, reserves related to self-insurance programs and valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.

Shareholders' Equity (Common Stock Dividends, Non-Vested Stock And Stock Options) (Details) (USD $) In Thousands, except Share data	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2011	Jul. 29, 2011	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Cash dividends paid per share of Common and Class B stock		$ 0.57	$ 0.57	$ 0.52	$ 1.09	$ 1.00
Cash dividend, declaration date	Jul. 01, 2011				Jul. 01, 2011
Date cash dividend paid					Jul. 29, 2011
Date of record for cash dividend					Jul. 15, 2011
Shares of non-vested restricted stock granted			22,750		414,602	132,500
Stock delivered as payment to satisfy tax withholdings, shares			2,527	258	2,527	5,111
Stock delivered as payment to satisfy tax withholdings, market value			$ 180	$ 16	$ 180	$ 293
Stock options exercised for Common and Class B common stock, value			228	366	2,635	2,808
Class B Common Stock [Member]
Stock delivered as payment to satisfy tax withholdings, shares						48,938
Stock delivered as payment to satisfy tax withholdings, market value						$ 2,814
Stock options exercised for Common and Class B common stock, shares			6,500	13,000	72,300	174,850

Commitments And Contingencies (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Commitments And Contingencies
Self-insurance reserve	$ 6,212	$ 7,295