FORM 10-Q

Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company

0001193125-13-422654.txt : 20131101 0001193125-13-422654.hdr.sgml : 20131101 20131101135552 ACCESSION NUMBER: 0001193125-13-422654 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131101 DATE AS OF CHANGE: 20131101 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: 131185372 BUSINESS ADDRESS: STREET 1: 2665 S BAYSHORE DR STREET 2: STE 901 CITY: COCONUT GROVE STATE: FL ZIP: 33133 BUSINESS PHONE: 305-714-4100 MAIL ADDRESS: STREET 1: 2665 SOUTH BAYSHORE DR, STE 901 CITY: COCONUT GROVE STATE: FL ZIP: 33133 10-Q 1 d606300d10q.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 September 30, 2013

¨	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.

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

The number of shares of common stock outstanding as of October 28, 2013 was (i) 30,036,054 shares of Common stock, $0.50 par value per share, excluding 6,322,650 treasury shares, and (ii) 4,685,473 shares of Class B common stock, $0.50 par value per share, excluding 48,263 treasury shares.

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 Nine Months Ended September 30, 2013 and 2012		3

		Condensed Consolidated Unaudited Statements of Comprehensive Income – Quarter and Nine Months Ended September 30, 2013 and 2012		4

		Condensed Consolidated Balance Sheets – September 30, 2013 (Unaudited) and December 31, 2012		5

		Condensed Consolidated Unaudited Statements of Cash Flows – Nine Months Ended September 30, 2013 and 2012		6

		Notes to Condensed Consolidated Unaudited Financial Statements		7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		13

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk		19

	Item 4.	Controls and Procedures		19

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings		19

	Item 1A.	Risk Factors		19

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		20

	Item 6.	Exhibits		20

SIGNATURE				21

EXHIBITS

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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 September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Revenues	$	1,081,893	$	1,020,859	$	2,915,978	$	2,666,172
Cost of sales		823,296		778,354		2,215,255		2,034,570

Gross profit		258,597		242,505		700,723		631,602
Selling, general and administrative expenses		163,142		156,808		469,629		440,125

Operating income		95,455		85,697		231,094		191,477
Interest expense, net		1,781		1,185		4,651		3,423

Income before income taxes		93,674		84,512		226,443		188,054
Income taxes		27,556		24,981		66,654		54,129

Net income		66,118		59,531		159,789		133,925
Less: net income attributable to noncontrolling interest		20,419		18,526		49,387		45,350

Net income attributable to Watsco, Inc.	$	45,699	$	41,005	$	110,402	$	88,575

Earnings per share for Common and Class B common stock:
Basic	$	1.32	$	1.19	$	3.19	$	2.62

Diluted	$	1.32	$	1.19	$	3.18	$	2.61

See accompanying notes to condensed consolidated unaudited financial statements.

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WATSCO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)


	Quarter Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013			2012
Net income	$	66,118	$	59,531	$	159,789		$	133,925
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment		5,073		8,454		(8,367	)		(212	)
Unrealized gain on available-for-sale securities arising during the period		18		15		15			27

Other comprehensive income (loss)		5,091		8,469		(8,352	)		(185	)
Comprehensive income		71,209		68,000		151,437			133,740
Less: comprehensive income attributable to noncontrolling interest		22,588		22,249		45,792			45,247

Comprehensive income attributable to Watsco, Inc.	$	48,621	$	45,751	$	105,645		$	88,493

See accompanying notes to condensed consolidated unaudited financial statements.

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WATSCO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)


	September 30, 2013			December 31, 2012
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	29,229		$	73,770
Accounts receivable, net		466,340			377,655
Inventories		643,874			546,083
Other current assets		22,372			17,943

Total current assets		1,161,815			1,015,451
Property and equipment, net		44,891			42,842
Goodwill		394,746			397,262
Intangible assets, net		209,832			219,501
Other assets		6,749			6,999

	$	1,818,033		$	1,682,055

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of other long-term obligations	$	106		$	4
Accounts payable		198,277			184,957
Accrued expenses and other current liabilities		113,406			97,397

Total current liabilities		311,789			282,358

Long-term obligations:
Borrowings under revolving credit agreement		284,800			316,182
Other long-term obligations, net of current portion		540			14

Total long-term obligations		285,340			316,196

Deferred income taxes and other liabilities		64,381			61,461

Commitments and contingencies
Watsco, Inc. shareholders’ equity:
Common stock, $0.50 par value		18,166			18,131
Class B common stock, $0.50 par value		2,368			2,315
Preferred stock, $0.50 par value		—			—
Paid-in capital		603,586			592,820
Accumulated other comprehensive loss, net of tax		(6,859	)		(2,102	)
Retained earnings		335,919			251,475
Treasury stock, at cost		(114,425	)		(114,425	)

Total Watsco, Inc. shareholders’ equity		838,755			748,214
Noncontrolling interest		317,768			273,826

Total shareholders’ equity		1,156,523			1,022,040

	$	1,818,033		$	1,682,055

See accompanying notes to condensed consolidated unaudited financial statements.

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WATSCO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30, 2013 and 2012

(In thousands)


	2013			2012
Cash flows from operating activities:
Net income	$	159,789		$	133,925
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		13,223			11,276
Share-based compensation		6,453			5,609
Deferred income tax provision		4,208			4,743
Excess tax benefits from share-based compensation		(590	)		(913	)
Other, net		1,510			2,347
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable		(90,205	)		(81,793	)
Inventories		(99,655	)		(98,001	)
Accounts payable and other liabilities		60,278			87,696
Other, net		(3,828	)		(446	)

Net cash provided by operating activities		51,183			64,443

Cash flows from investing activities:
Capital expenditures		(10,915	)		(9,228	)
Business acquisition, net of cash acquired		—			(80,479	)
Proceeds from sale of property and equipment		222			405

Net cash used in investing activities		(10,693	)		(89,302	)

Cash flows from financing activities:
Distributions to noncontrolling interest		(31,487	)		(16,003	)
Net (repayments) proceeds under current revolving credit agreement		(30,010	)		202,271
Dividends on Common and Class B common stock		(25,958	)		(62,379	)
Payment of fees related to revolving credit agreement		(456	)		(2,072	)
Purchase of additional ownership from noncontrolling interest		—			(51,881	)
Net repayments under prior revolving credit agreements		—			(20,000	)
Excess tax benefits from share-based compensation		590			913
Net proceeds from other long-term obligations		628			2
Net proceeds from issuances of common stock		1,998			3,977

Net cash (used in) provided by financing activities		(84,695	)		54,828

Effect of foreign exchange rate changes on cash and cash equivalents		(336	)		319

Net (decrease) increase in cash and cash equivalents		(44,541	)		30,288
Cash and cash equivalents at beginning of period		73,770			15,673

Cash and cash equivalents at end of period	$	29,229		$	45,961

Supplemental cash flow information:
Common stock issued for Carrier Enterprise III		—		$	93,250

See accompanying notes to condensed consolidated unaudited financial statements.

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WATSCO, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

September 30, 2013

(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 in Florida 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 September 30, 2013 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 Annual Report on Form 10-K for the year ended December 31, 2012.

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 three joint ventures with Carrier Corporation (“Carrier”), in each of which Watsco maintains a controlling interest. All significant intercompany balances and transactions have been eliminated.

The results of operations for the quarter and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. 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.

Reclassifications

Certain reclassifications of prior year amounts have been made to conform to the 2013 presentation. These reclassifications had no effect on net income or earnings per share as previously reported.

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, inventories and income taxes, reserves related to self-insurance programs and the valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.

New Accounting Standards

Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income

In February 2013, the Financial Accounting Standards Board (“FASB”) amended guidance that requires disclosure for amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. The amendments require the presentation of amounts reclassified out of AOCI by the respective line items of net income if the amount reclassified is required to be reclassified to net income in its entirety in the reporting period. For amounts that are not required to be reclassified in their entirety to net income, a cross-reference to other disclosures that provide additional detail about those amounts is required. This guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2012. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements.

Presentation of Unrecognized Tax Benefits

In July 2013, the FASB issued guidance that requires the presentation of an unrecognized tax benefit as a reduction to a deferred tax asset for a net operating loss carryforward rather than as a liability when the uncertain tax position would reduce the net operating loss under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. This guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2013. We do not expect the adoption of this guidance to have a material impact on our condensed consolidated unaudited financial statements.

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2.	EARNINGS PER SHARE

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


	Quarter Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Basic Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$	45,699	$	41,005	$	110,402	$	88,575
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock		3,251		2,822		7,813		6,119

Earnings allocated to Watsco, Inc. shareholders	$	42,448	$	38,183	$	102,589	$	82,456

Weighted-average Common and Class B common shares outstanding for basic earnings per share		32,206,448		32,107,701		32,182,430		31,529,296
Basic earnings per share for Common and Class B common stock	$	1.32	$	1.19	$	3.19	$	2.62
Allocation of earnings for Basic:
Common stock	$	38,880	$	34,789	$	93,960	$	74,992
Class B common stock		3,568		3,394		8,629		7,464

	$	42,448	$	38,183	$	102,589	$	82,456

Diluted Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$	45,699	$	41,005	$	110,402	$	88,575
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock		3,246		2,820		7,801		6,115

Earnings allocated to Watsco, Inc. shareholders	$	42,453	$	38,185	$	102,601	$	82,460

Weighted-average Common and Class B common shares outstanding for basic earnings per share		32,206,448		32,107,701		32,182,430		31,529,296
Effect of dilutive stock options		69,665		60,465		63,936		68,242

Weighted-average Common and Class B common shares outstanding for diluted earnings per share		32,276,113		32,168,166		32,246,366		31,597,538

Diluted earnings per share for Common and Class B common stock	$	1.32	$	1.19	$	3.18	$	2.61
Anti-dilutive stock options not included in above		620		2,283		4,963		11,445

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; therefore, no allocation of earnings to Class B common stock is required. As of September 30, 2013 and 2012, our outstanding Class B common stock was convertible into 2,706,860 and 2,854,055 shares of our Common stock, respectively.

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3.	OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) consists of the foreign currency translation adjustment associated with our Canadian operations’ use of the Canadian dollar as their functional currency and changes in the unrealized gain on available-for-sale securities. The tax effects allocated to each component of other comprehensive income (loss) are as follows:


	Quarter Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Foreign currency translation adjustment	$	5,073		$	8,454		$	(8,367	)	$	(212	)
Unrealized gain on available-for-sale securities	$	27		$	28		$	24		$	51
Income tax expense		(9	)		(13	)		(9	)		(24	)

Unrealized gain on available-for-sale securities, net of tax	$	18		$	15		$	15		$	27

Other comprehensive income (loss)	$	5,091		$	8,469		$	(8,352	)	$	(185	)

The changes in accumulated other comprehensive loss, net of tax, are as follows:


Nine Months Ended September 30,	2013			2012
Foreign currency translation adjustment:
Beginning balance	$	(1,785	)	$	—
Current period other comprehensive loss		(4,772	)		(109	)

Ending balance	$	(6,557	)	$	(109	)

Available-for-sale securities:
Beginning balance	$	(317	)	$	(352	)
Current period other comprehensive income		15			27

Ending balance	$	(302	)	$	(325	)

Accumulated other comprehensive loss, net of tax	$	(6,859	)	$	(434	)

4.	DERIVATIVE FINANCIAL INSTRUMENTS

We routinely use certain derivative instruments to hedge foreign currency exposure. Although these derivatives were not designated as hedges and/or did not qualify for hedge accounting, they were effective economic hedges for the periods presented. The changes in fair value of economic hedges are recognized in earnings. During 2012, we entered into foreign currency forward contracts to offset the earnings impact that foreign currency exchange rate fluctuations would otherwise have had on certain monetary liabilities that are denominated in nonfunctional currencies. The changes in fair value of these foreign currency forward contracts were a (loss) gain of $(1,534), $14, $(6) and $(233) for the quarters and nine months ended September 30, 2013 and 2012, respectively, and are included in selling, general and administrative expenses in our condensed consolidated unaudited statements of income. The total notional value of our foreign currency exchange contracts as of September 30, 2013 was $40,500, and such contracts have varying terms expiring through January 2014. See Note 5.

5.	FAIR VALUE MEASUREMENTS

The following tables present our assets and liabilities carried at fair value that are measured on a recurring basis:

Description

Fair Value at
September 30,
2013

Fair Value Measurements
at September 30, 2013 Using

Level 1

Level 2

Level 3

Assets:

Available-for-sale securities

250

—

Liabilities:

Derivative financial instruments

203

—

203

—

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Description	Fair Value at December 31, 2012		Fair Value Measurements at December 31, 2012 Using
Description	Fair Value at December 31, 2012		Level 1		Level 2		Level 3
Assets:
Available-for-sale securities	$	226	$	226		—		—
Liabilities:
Derivative financial instruments	$	197		—	$	197		—

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 closing stock prices from active markets and are therefore classified within Level 1 of the fair value hierarchy. The fair value of available-for-sale securities is included in other assets in our condensed consolidated balance sheets.

Derivative financial instruments – the derivatives are foreign currency forward contracts. Fair value is based on observable market inputs, such as forward rates in active markets; therefore, we classify the derivatives within Level 2 of the valuation hierarchy. The fair value of derivative financial instruments is included in accrued expenses and other current liabilities in our condensed consolidated balance sheets.

There were no transfers in or out of Level 1 and Level 2 during the nine months ended September 30, 2013.

6.	ACQUISITIONS

Carrier Enterprise I

Carrier Enterprise, LLC (“Carrier Enterprise I”) is a joint venture formed on July 1, 2009 with Carrier that operates a network of locations primarily throughout the U.S. Sun Belt. From its inception until July 2, 2012, we owned 60% of the joint venture and Carrier owned 40%. We had an option to purchase an additional 10% ownership interest in Carrier Enterprise I, which became exercisable on July 1, 2012. On July 2, 2012, we exercised this option and acquired an additional 10% ownership interest in Carrier Enterprise I for cash consideration of $51,881. We have a second option to purchase an additional 10% interest in Carrier Enterprise I, which becomes exercisable beginning on July 1, 2014.

Carrier Enterprise II

In 2011, we formed a second joint venture with Carrier and completed two additional transactions. In April 2011, Carrier contributed 28 of its company-owned locations in eight Northeast U.S. states, and we contributed 14 locations in the Northeast U.S. In July 2011, we purchased Carrier’s distribution operations in Mexico, which included seven locations. Collectively, the Northeast locations and the Mexico operations are referred to as Carrier Enterprise II. We have a 60% controlling interest in Carrier Enterprise II, and Carrier has a 40% noncontrolling interest. Neither we nor Carrier has any options to purchase additional ownership interests in Carrier Enterprise II.

Carrier Enterprise III

On April 27, 2012, we completed the formation of a joint venture with UTC Canada Corporation (“UTC Canada”), an affiliate of Carrier, to distribute Carrier-manufactured HVAC products in Canada. The newly formed joint venture, Carrier Enterprise Canada, L.P. (“Carrier Enterprise III”), operates 35 locations throughout Canada. We have a 60% controlling interest in Carrier Enterprise III and Carrier has a 40% noncontrolling interest. Total consideration paid by us for our 60% controlling interest in Carrier Enterprise III comprised cash consideration of $80,489 and the issuance to UTC Canada of 1,250,000 shares of Common stock, having a fair value of $93,250. Neither we nor UTC Canada has any options to purchase additional ownership interests in Carrier Enterprise III.

The purchase price for Carrier Enterprise III resulted in the recognition of $216,463 in goodwill and intangibles. The fair value of the identified intangible assets was $151,172 and consisted of $95,515 in trade names and distribution rights and $55,657 in customer relationships to be amortized over a 15 year period. For Canadian income tax purposes, seventy-five percent of the tax basis of the acquired goodwill is amortized at a rate of 7% annually on a declining balance basis.

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The purchase price allocation is based upon a purchase price of $173,739, which represents the fair value of our 60% controlling interest in Carrier Enterprise III. 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 III based on the respective fair values as of April 27, 2012:


Cash	$	10
Accounts receivable		46,718
Inventories		55,024
Other current assets		481
Property and equipment		2,517
Goodwill		65,291
Intangible assets		151,172
Other assets		978
Accounts payable and accrued expenses		(44,208	)
Noncontrolling interest		(104,244	)

Total purchase price	$	173,739

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.

The unaudited pro forma financial information, combining our results of operations with the operations of Carrier Enterprise III as if the joint venture had been formed on January 1, 2012, is as follows:


	Nine Months Ended September 30, 2012
Revenues	$	2,761,081
Net income		133,052
Less: net income attributable to noncontrolling interest		45,236

Net income attributable to Watsco, Inc.	$	87,816

Diluted earnings per share for Common and Class B common stock	$	2.59

The foregoing unaudited pro forma financial information is presented for informational purposes only. The unaudited pro forma financial information for the periods presented includes adjustments to record income taxes related to our portion of Carrier Enterprise III’s income, amortization related to identified intangible assets with finite lives and interest expense on borrowings incurred to acquire our 60% controlling interest. This unaudited pro forma financial information does not include adjustments to add or remove certain corporate expenses of Carrier Enterprise III, which may or may not be incurred in future periods, or adjustments for depreciation or synergies that may be realized subsequent to the acquisition date. This unaudited pro forma financial information does 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 III as of the beginning of the periods presented.

DEBT

On July 1, 2013, we entered into Amendment No. 2 to our unsecured $500,000 syndicated revolving credit agreement, which extended the maturity date from April 27, 2017 to July 1, 2018, reduced pricing, improved covenant flexibility to reflect the seasonal nature of our working capital requirements and modified certain definitions. Borrowings under the amended credit facility bear interest at either LIBOR-based rates plus a spread, which ranges from 87.5 to 250 basis-points, depending upon our ratio of total debt to EBITDA, or on rates based on the higher of the Prime rate or the Federal Funds Rate, in each case plus a spread which ranges from 0 to 150 basis-points, depending upon our ratio of total debt to EBITDA. We pay a variable commitment fee on the unused portion of the commitment under the amended credit facility, ranging from 12.5 to 35 basis-points. At September 30, 2013 and December 31, 2012, $284,800 and $316,182 were outstanding under the 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 other customary restrictions. We believe we were in compliance with all covenants at September 30, 2013.

8.	SHAREHOLDERS’ EQUITY

Common Stock Dividends

We paid cash dividends of $0.25, $0.62, $0.75 and $1.86 per share of Common stock and Class B common stock during the quarters and nine months ended September 30, 2013 and 2012, respectively.

Non-Vested (Restricted) Stock

During the quarters ended September 30, 2013 and 2012, we granted 31,500 and 53,000 shares of non-vested (restricted) stock, respectively. During the nine months ended September 30, 2013 and 2012, we granted 119,043 and 111,301 shares of non-vested (restricted) stock, respectively.

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Stock Options

During the quarters ended September 30, 2013 and 2012, 34,700 and 18,250 stock options, respectively, were exercised for Common stock. During the nine months ended September 30, 2013 and 2012, 44,200 and 109,084 stock options, respectively, were exercised for Common stock. Cash received from Common stock issued as a result of stock options exercised during the quarters and nine months ended September 30, 2013 and 2012, was $1,162, $571, $1,539 and $3,380, respectively.

During both the quarter and nine months ended September 30, 2013, 5,448 shares of Class B Common stock with an aggregate fair market value of $490 were delivered as payment in lieu of cash for stock option exercises and related tax withholdings. We retired these shares upon delivery. During the quarter and nine months ended September 30, 2012, 3,592 shares of Common stock with an aggregate fair market value of $276 and 23,159 shares of Common stock with an aggregate fair market value of $1,725, respectively, were withheld as payment in lieu of cash for stock option exercises and related tax withholdings.

Employee Stock Purchase Plan

During the quarters ended September 30, 2013 and 2012, 1,944 and 3,126 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $160 and $217, respectively. During the nine months ended September 30, 2013 and 2012, 5,870 and 8,720 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $459 and $597, respectively.

401(k) Plan

During the nine months ended September 30, 2013 and 2012, we issued 22,551 and 26,991 shares of Common stock to our profit sharing retirement plan representing the Common stock discretionary matching contribution of $1,689 and $1,772, respectively.

Noncontrolling Interest

We have a 60% controlling interest in both Carrier Enterprise II and Carrier Enterprise III, and Carrier has a 40% noncontrolling interest in each. Effective July 2, 2012, our controlling interest in Carrier Enterprise I increased to 70% from 60%, following our exercise of the option described in Note 6. The following table reconciles shareholders’ equity attributable to Carrier’s noncontrolling interest:


Noncontrolling interest at December 31, 2012	$	273,826
Net income attributable to noncontrolling interest		49,387
Foreign currency translation adjustment		(3,595	)
Distributions to noncontrolling interest		(1,850	)

Noncontrolling interest at September 30, 2013	$	317,768

9.	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 and 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 adverse effect on 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 $5,478 and $4,844 at September 30, 2013 and December 31, 2012, respectively, were established related to such insurance programs and are included in accrued expenses and other current liabilities in our condensed consolidated balance sheets.

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10.

RELATED PARTY TRANSACTIONS

Purchases from Carrier and its affiliates comprised 62%, 57%, 58% and 57% of all purchases made during the quarters and nine months ended September 30, 2013 and 2012, respectively. At September 30, 2013 and December 31, 2012, approximately $96,000 and $62,000, respectively, was payable to Carrier and its affiliates, net of receivables. Our joint ventures with Carrier also sell HVAC products to Carrier and its affiliates. Revenues in our condensed consolidated unaudited statements of income for the quarters and nine months ended September 30, 2013 and 2012 include $7,834, $10,466, $21,822 and $27,314, 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 II entered into Transactional Services Agreements (“TSAs”) with Carrier, pursuant to which Carrier performed certain business processes on its behalf, including processes involving the use of certain information technologies. The services provided by Carrier pursuant to the TSAs terminated on April 30, 2012. The fees related to these TSAs were $807 for the nine months ended September 30, 2012 and are included in selling, general and administrative expenses in our condensed consolidated unaudited statements of income. At December 31, 2012, $25 related to these TSAs was payable to Carrier and was included in accrued expenses and other current liabilities in our condensed consolidated balance sheet. Amounts outstanding were repaid in 2013 and no further services are required under the TSAs for Carrier Enterprise II.

Carrier Enterprise III entered into TSAs with UTC Canada, pursuant to which UTC Canada performs certain business processes on behalf of Carrier Enterprise III, including processes involving the use of certain information technologies, and UTC Canada entered into TSAs with Carrier Enterprise III, pursuant to which Carrier Enterprise III performs certain business processes on behalf of UTC Canada. The services provided pursuant to the TSAs terminate on various dates but may be extended as agreed upon by the parties. The fees payable by Carrier Enterprise III to UTC Canada under one TSA were substantially offset by the fees payable to Carrier Enterprise III by UTC Canada under the other TSA.

At December 31, 2012, $29,637 was payable to Carrier and UTC Canada for unpaid distributions declared to the noncontrolling interest. This amount was paid to Carrier and UTC Canada in February 2013.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

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, but not limited to:

•

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;

•

foreign currency exchange rate fluctuations;

•

international political risk; and

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•

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 realized, in whole or in part, that the information will have the expected consequences to, or effects on, our business or operations. For additional information identifying other important factors that may affect our operations and could cause actual results to vary materially from those anticipated in the forward-looking statements, see our SEC filings, including but not limited to, the discussion included in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2012. 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, except as required by applicable law.

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 the related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2012.

Company Overview

Watsco, Inc. and its subsidiaries (collectively, “Watsco,” or we, us or our) was incorporated in Florida 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. At September 30, 2013, we operated from 571 locations in 38 U.S. states, Canada, Mexico and Puerto Rico with additional market coverage on an export basis to Latin America and the Caribbean.

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 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.

Joint Ventures with Carrier Corporation

In 2009, we formed a joint venture with Carrier Corporation (“Carrier”), which we refer to as Carrier Enterprise I, in which Carrier contributed 95 of its company-owned locations in 13 U.S. Sun Belt states and Puerto Rico and its export division in Miami, Florida, and we contributed 15 locations that distributed Carrier products. On July 2, 2012, we exercised our option to acquire an additional 10% ownership interest in Carrier Enterprise I, which increased our ownership interest to 70%. We have an option to purchase from Carrier an additional 10% interest in Carrier Enterprise I, which becomes exercisable in July 2014.

In April 2012, we formed a third joint venture, which we refer to as Carrier Enterprise III, with UTC Canada Corporation, referred to as UTC Canada, an affiliate of Carrier. Carrier contributed 35 of its company-owned locations in Canada to Carrier Enterprise III. We have a 60% controlling interest in Carrier Enterprise III, and UTC Canada has a 40% noncontrolling interest. Neither we nor UTC Canada has any options to purchase additional ownership interests in Carrier Enterprise III.

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.

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Our critical accounting policies are included in our 2012 Annual Report on Form 10-K as filed on February 28, 2013. We believe that there have been no significant changes during the quarter ended September 30, 2013 to the critical accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2012.

Recent Accounting Pronouncements

Refer to Note 1 to our condensed consolidated unaudited financial statements included in this Quarterly Report on Form 10-Q for a discussion of new accounting standards.

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 nine months ended September 30, 2013 and 2012:


	Quarter Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Revenues		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		76.1			76.2			76.0			76.3

Gross profit		23.9			23.8			24.0			23.7
Selling, general and administrative expenses		15.1			15.4			16.1			16.5

Operating income		8.8			8.4			7.9			7.2
Interest expense, net		0.2			0.1			0.1			0.1

Income before income taxes		8.6			8.3			7.8			7.1
Income taxes		2.5			2.5			2.3			2.1

Net income		6.1			5.8			5.5			5.0
Less: net income attributable to noncontrolling interest		1.9			1.8			1.7			1.7

Net income attributable to Watsco, Inc.		4.2	%		4.0	%		3.8	%		3.3	%

The following narratives include the results of operations for businesses acquired during 2012. The results of operations for these acquisitions have been included in our condensed consolidated unaudited statements of income beginning on the respective dates of acquisition. See Note 6 to our condensed consolidated unaudited financial statements included in this Quarterly Report on Form 10-Q for the pro forma financial information combining our results of operations with the operations of Carrier Enterprise III. The following narratives also reflect our acquisition of an additional 10% ownership interest in Carrier Enterprise I, which became effective on July 2, 2012. We did not acquire any businesses during the nine months ended September 30, 2013.

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 September 30, 2013 and 2012, 20 and 62 locations, respectively, were excluded from “same-store basis” information. The table below summarizes the changes in our locations for the 12 months ended September 30, 2013:


	Number of Locations
September 30, 2012		579
Closed		(6	)

December 31, 2012		573
Opened		6
Closed		(8	)

September 30, 2013		571

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Third Quarter 2013 Compared to Third Quarter 2012

Revenues

Revenues for the quarter ended September 30, 2013 increased $61.0 million, or 6%, compared to the same period in 2012, including $1.0 million from locations opened during the preceding 12 months, partially offset by $3.2 million from closed locations. On a same-store basis, revenues increased $63.2 million, or 6%, as compared to the same period in 2012, reflecting an 8% increase in sales of HVAC equipment (9% increase in residential HVAC equipment and a 3% increase in commercial HVAC equipment), a 3% increase in sales of other HVAC products and a 1% increase in sales of commercial refrigeration products. The increase in same-store revenues is primarily due to strong demand for residential HVAC equipment.

Gross Profit

Gross profit for the quarter ended September 30, 2013 increased $16.1 million, or 7%, compared to the same period in 2012, primarily as a result of increased revenues. Gross profit margin for the quarter ended September 30, 2013 improved 10 basis-points to 23.9% versus 23.8% for the same period in 2012, primarily due to higher realized gross margins for non-equipment products.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the quarter ended September 30, 2013 increased $6.3 million, or 4%, compared to the same period in 2012, primarily as a result of increased revenues. Selling, general and administrative expenses as a percent of revenues for the quarter ended September 30, 2013 decreased to 15.1% from 15.4% for the same period in 2012. The decrease in selling, general, and administrative expenses as a percentage of revenues was primarily due to leveraging of fixed operating costs as compared to 2012. For the quarter ended September 30, 2012, selling, general and administrative expenses included $0.4 million of acquisition-related costs.

Interest Expense, Net

Net interest expense for the quarter ended September 30, 2013 increased $0.6 million, or 50%, compared to the same period in 2012, primarily as a result of an increase in average outstanding borrowings, partially offset by a lower effective interest rate in 2013 as compared to 2012.

Income Taxes

Income taxes increased to $27.6 million for the quarter ended September 30, 2013 as compared to $25.0 million for the quarter ended September 30, 2012 and are a composite of the income taxes attributable to our wholly owned operations and investments, and income taxes attributable to the Carrier joint ventures, which are taxed as partnerships for income tax purposes. The effective income tax rate attributable to us was 37.0% for both the quarters ended September 30, 2013 and 2012.

Net Income Attributable to Watsco, Inc.

Net income attributable to Watsco for the quarter ended September 30, 2013 increased $4.7 million, or 11%, compared to the same period in 2012. The increase was primarily driven by higher revenues, expanded profit margins and reduced selling, general and administrative expenses as a percent of revenues, as discussed above.

Nine Months Ended September 30, 2013 Compared to Nine Months Ended September 30, 2012

Revenues

Revenues for the nine months ended September 30, 2013 increased $249.8 million, or 9%, compared to the same period in 2012, including $87.4 million attributable to the 35 new Carrier Enterprise III locations acquired in 2012, and $1.9 million from other locations opened during the preceding 12 months, partially offset by $6.1 million from closed locations. On a same-store basis, revenues increased $166.6 million, or 6%, as compared to the same period in 2012. Revenues reflect an 8% increase in sales of HVAC equipment (11% increase in residential HVAC equipment offset by a 2% decrease in commercial HVAC equipment), a 3% increase in sales of other HVAC products and a 4% increase in sales of commercial refrigeration products. The increase in same-store revenues is primarily due to strong demand for residential HVAC equipment.

Gross Profit

Gross profit for the nine months ended September 30, 2013 increased $69.1 million, or 11%, compared to the same period in 2012, primarily as a result of increased revenues. Gross profit margin for the nine months ended September 30, 2013 improved 30 basis-points to 24.0% versus 23.7% for the same period in 2012, primarily due to higher realized gross margins for residential HVAC equipment and non-equipment products, and higher gross margins achieved by Carrier Enterprise III.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the nine months ended September 30, 2013 increased $29.5 million, or 7%, compared to the same period in 2012, primarily as a result of increased revenues. Selling, general and administrative expenses as a percent of revenues for the nine months ended September 30, 2013 decreased to 16.1% from 16.5% for the same period in 2012. The decrease in

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selling, general, and administrative expenses as a percentage of revenues was primarily due to leveraging of fixed operating costs as compared to 2012. For the nine months ended September 30, 2012, selling, general and administrative expenses included $1.1 million of acquisition-related costs. On a same-store basis, selling, general, and administrative expenses increased 2% as compared to 2012.

Interest Expense, Net

Net interest expense for the nine months ended September 30, 2013 increased $1.2 million, or 36%, compared to the same period in 2012, primarily as a result of an increase in average outstanding borrowings, partially offset by a lower effective interest rate in 2013 as compared to 2012.

Income Taxes

Income taxes increased to $66.7 million for the nine months ended September 30, 2013 as compared to $54.1 million for the nine months ended September 30, 2012 and are a composite of the income taxes attributable to our wholly owned operations and investments, and income taxes attributable to the Carrier joint ventures, which are taxed as partnerships for income tax purposes. The effective income tax rate attributable to us was 37.0% for both the nine months ended September 30, 2013 and 2012.

Net Income Attributable to Watsco, Inc.

Net income attributable to Watsco for the nine months ended September 30, 2013 increased $21.8 million, or 25%, compared to the same period in 2012. The increase was primarily driven by higher revenues, expanded profit margins and reduced selling, general and administrative expenses as a percent of revenues as discussed above, and by a reduction in the net income attributable to the noncontrolling interest related to Carrier Enterprise I following our purchase of an additional 10% ownership interest in Carrier Enterprise I in July 2012.

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 necessary to fund our business (primarily working capital requirements);

•

the adequacy of our available bank line 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.

Sources and Uses of Cash

We rely on cash flows from operations and borrowing capacity (subject to certain restrictions) under our revolving credit agreement to fund seasonal working capital needs and for other general corporate purposes, including anticipated dividend payments, capital expenditures, business acquisitions and development of our long-term operating strategies.

As of September 30, 2013, we had $29.2 million of cash and cash equivalents, of which, $19.1 million was held by foreign subsidiaries. We believe that our operating cash flows, cash on hand and funds available for borrowing under our line of credit will be sufficient to meet our liquidity needs in the foreseeable future. However, there can be no assurance that our current sources of available funds will be sufficient to meet our cash requirements.

Our access to funds under the line of credit is dependent on the ability of the syndicate banks to meet their respective funding commitments. Disruptions in the capital and credit markets could adversely affect our ability to draw on our line of credit and may also affect the determination of interest rates for borrowers, particularly rates based on LIBOR, which is one of the base rates under our line of credit. Any disruptions in these markets could result in increased borrowing costs and/or reduced borrowing capacity under our line of credit.

Working Capital

Working capital increased to $850.0 million at September 30, 2013 from $733.1 million at December 31, 2012, reflecting higher levels of accounts receivable and inventories, primarily due to the seasonality of our business.

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Cash Flows

The following table summarizes our cash flow activity for the nine months ended September 30, 2013 and 2012:


	2013			2012			Change
Cash flows provided by operating activities	$	51.2		$	64.4		$	(13.2	)
Cash flows used in investing activities	$	(10.7	)	$	(89.3	)	$	78.6
Cash flows (used in) provided by financing activities	$	(84.7	)	$	54.8		$	(139.5	)

The individual items contributing to cash flow changes for the periods presented are detailed in the condensed consolidated unaudited statements of cash flows contained in this Quarterly Report on Form 10-Q.

Operating Activities

The decrease in net cash provided by operating activities was principally attributable to changes in operating assets and liabilities, which were primarily composed of lower levels of accounts payable and other liabilities due to approximately $18.0 million in incremental vendor payments from a one-time change in payment terms related to Carrier Enterprise II and higher accounts receivable driven by increased sales volume in 2013.

Investing Activities

The decrease in net cash used in investing activities is due to the purchase of our 60% controlling interest in Carrier Enterprise III for cash consideration of $80.5 million in 2012 partially offset by higher capital expenditures in 2013.

Financing Activities

The decrease in net cash provided by financing activities was primarily attributable to lower net borrowings under our revolving credit agreement and an increase in distributions to the noncontrolling interest in 2013, partially offset by the exercise of our option to acquire an additional 10% ownership interest in Carrier Enterprise I for $51.9 million in 2012 and a decrease in dividends paid in 2013.

Revolving Credit Agreement

We maintain an unsecured, syndicated revolving credit agreement that provides for borrowings of up to $500.0 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. At September 30, 2013 and December 31, 2012, $284.8 million and $316.2 million were outstanding under the 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 other customary restrictions. We believe we were in compliance with all covenants at September 30, 2013.

On July 1, 2013, we entered into an amendment to the revolving credit agreement, which extended the maturity date from April 27, 2017 to July 1, 2018, reduced pricing, improved covenant flexibility to reflect the seasonal nature of our working capital requirements and modified certain definitions. Borrowings under the amended credit facility bear interest at either LIBOR-based rates plus a spread, which ranges from 87.5 to 250 basis-points, depending upon our ratio of total debt to EBITDA, or on rates based on the higher of the Prime rate or the Federal Funds Rate, in each case plus a spread which ranges from 0 to 150 basis-points, depending upon our ratio of total debt to EBITDA. We pay a variable commitment fee on the unused portion of the commitment under the amended credit facility, ranging from 12.5 to 35 basis-points.

Acquisitions

We continually evaluate potential acquisitions and/or joint ventures and routinely hold discussions with a number of acquisition candidates. Should suitable acquisition opportunities arise that would require additional financing, we believe our financial position and earnings history provide a sufficient basis for us to either obtain additional debt financing at competitive rates and on reasonable terms or raise capital through the issuance of equity securities.

Common Stock Dividends

We paid cash dividends of $0.75 per share and $1.86 per share of Common stock and Class B common stock during the nine months ended September 30, 2013 and 2012, respectively. On October 2, 2013, our Board of Directors declared a regular quarterly cash dividend of $0.40 per share of Common stock and Class B common stock that was paid on October 31, 2013 to shareholders of record as of October 15, 2013. 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 cash flow generated by operations, profitability, financial condition, cash requirements, future prospects and other factors deemed relevant by our Board of Directors.

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ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In the normal course of business we are exposed to fluctuations in foreign currency exchange rates and interest rates. To manage certain of these exposures, we use derivative financial instruments, including forward contracts and swaps. We do not use derivative financial instruments for trading purposes.

Information with respect to this item may be found in Note 4 to our condensed consolidated unaudited financial statements contained in this Quarterly Report on Form 10-Q, which information is incorporated by reference in this Item 3 of Part I of this Quarterly Report on Form 10-Q. 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 Annual Report on Form 10-K for the year ended December 31, 2012.

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 SEC filings.

Our management, with the participation of our CEO, SVP and CFO, 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 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 September 30, 2013, 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 SEC, we have not yet assessed the internal control over financial reporting of the 35 locations added by Carrier Enterprise III on April 27, 2012, which represents approximately 17% of our consolidated assets at September 30, 2013 and approximately 8% of our consolidated revenues for the nine months ended September 30, 2013. From the acquisition date to September 30, 2013, the processes and systems of Carrier Enterprise III did not impact the internal controls over financial reporting for our other consolidated subsidiaries.

PART II.

OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

Information with respect to this item may be found in Note 9 to our condensed consolidated unaudited financial statements contained in this Quarterly Report on Form 10-Q under the caption “Litigation, Claims and Assessments,” which information is incorporated by reference in this Item 1 of Part II of this Quarterly Report on Form 10-Q.

ITEM 1A.

RISK FACTORS

Information about risk factors for the quarter ended September 30, 2013 does not differ materially from that set forth in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2012.

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ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table provides information with respect to purchases we made of our common stock during the quarter ended September 30, 2013:


	Issuer Purchases of Equity Securities
Period	Total Number of Shares Purchased (1)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Maximum Number of Shares that May Yet be Purchased under the Program
July 1 – July 31		—		—		—		—

August 1 – August 31		5,448	$	89.96		—		—

September 1 – September 30		—		—		—		—

Total		5,448	$	89.96		—		—

(1)	Reflects shares of Class B common stock delivered as payment for the exercise price of options exercised and related tax withholdings associated with our 2001 Incentive Compensation Plan.

ITEM 6.

EXHIBITS


10.1		Amendment No. 2, dated as of July 1, 2013, to Credit Agreement dated as of April 27, 2012, by and among Watsco, Inc., as Borrower, Watsco Canada, Inc., as Canadian Borrower, the Lenders From Time to Time Party Thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, Bank of America, N.A. and Wells Fargo Bank, National Association as Co-Syndication Agents and U.S. Bank National Association as Documentation Agent, filed as Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on July 2, 2013 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.

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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)

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

		November 1, 2013

21 of 21

INDEX TO EXHIBITS


Exhibit No.		Exhibit Description

10.1		Amendment No. 2, dated as of July 1, 2013, to Credit Agreement dated as of April 27, 2012, by and among Watsco, Inc., as Borrower, Watsco Canada, Inc., as Canadian Borrower, the Lenders From Time to Time Party Thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, Bank of America, N.A. and Wells Fargo Bank, National Association as Co-Syndication Agents and U.S. Bank National Association as Documentation Agent, filed as Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on July 2, 2013 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 d606300dex311.htm EX-31.1 EX-31.1

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: November 1, 2013

/s/ Albert H. Nahmad

Albert H. Nahmad

Chief Executive Officer

EX-31.2 3 d606300dex312.htm EX-31.2 EX-31.2

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: November 1, 2013

/s/ Barry S. Logan

Barry S. Logan

Senior Vice President

EX-31.3 4 d606300dex313.htm EX-31.3 EX-31.3

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: November 1, 2013

/s/ Ana M. Menendez

Ana M. Menendez

Chief Financial Officer

EX-32.1 5 d606300dex321.htm EX-32.1 EX-32.1

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 nine months ended September 30, 2013, 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

November 1, 2013

/s/ Barry S. Logan

Barry S. Logan

Senior Vice President

November 1, 2013

/s/ Ana M. Menendez

Ana M. Menendez

Chief Financial Officer

November 1, 2013

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.

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119043

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3.18

<div> The changes in accumulated other comprehensive loss, net of tax, are as follows:   <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr> <td width="82%"></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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <td valign="bottom" nowrap="nowrap"> Nine Months Ended September 30, </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2013</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Foreign currency translation adjustment: </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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Beginning balance </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,785</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Current period other comprehensive loss </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,772</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(109</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> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Ending balance </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(6,557</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(109</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> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Available-for-sale securities: </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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Beginning balance </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(317</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(352</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Current period other comprehensive income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27</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> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Ending balance </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(302</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(325</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> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Accumulated other comprehensive loss, net of tax </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(6,859</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(434</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> </tr> </table> </div>

32246366

<div> The following tables present our assets and liabilities carried at fair value that are measured on a recurring basis:   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="68%"></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 style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom" rowspan="2">Description</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1.00pt solid #000000">Fair Value at September 30, 2013</td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1.00pt solid #000000">Fair Value Measurements at September 30, 2013 Using</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Level 3</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <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 style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Available-for-sale securities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">250</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">250</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <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 style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Derivative financial instruments </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">203</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">203</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> </table>   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="68%"></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 style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom" rowspan="2">Description</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1.00pt solid #000000">Fair Value at December 31, 2012</td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1.00pt solid #000000">Fair Value Measurements at December 31, 2012 Using</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Level 3</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <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 colspan="9" valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Available-for-sale securities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">226</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">226</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Liabilities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td colspan="5" valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td colspan="5" valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Derivative financial instruments </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">197</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">197</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> </table> </div>

63936

<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 in Florida 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 September 30, 2013 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 Annual Report on Form 10-K for the year ended December 31, 2012. 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 three joint ventures with Carrier Corporation (“Carrier”), in each of which Watsco maintains a controlling interest. All significant intercompany balances and transactions have been eliminated. The results of operations for the quarter and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. 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>

<div> 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; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr> <td width="55%"></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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Quarter Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Nine Months Ended September 30,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2013</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2013</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Net income attributable to Watsco, Inc. shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">45,699</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">41,005</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">110,402</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">88,575</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">3,251</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,822</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,813</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,119</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Earnings allocated to Watsco, Inc. shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">42,448</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,183</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">102,589</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,456</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">32,206,448</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,107,701</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,182,430</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31,529,296</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Basic earnings per share for Common and Class B common stock </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.32</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.19</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.19</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.62</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Common stock </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,880</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,789</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">93,960</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">74,992</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Class B common stock </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,568</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,394</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,629</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,464</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">42,448</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,183</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">102,589</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,456</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Net income attributable to Watsco, Inc. shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">45,699</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">41,005</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">110,402</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">88,575</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">3,246</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,820</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,801</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,115</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Earnings allocated to Watsco, Inc. shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">42,453</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,185</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">102,601</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,460</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">32,206,448</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,107,701</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,182,430</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31,529,296</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Effect of dilutive stock options </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">69,665</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">60,465</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">63,936</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68,242</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">32,276,113</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,168,166</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,246,366</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31,597,538</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Diluted earnings per share for Common and Class B common stock </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.32</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.19</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.18</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.61</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Anti-dilutive stock options not included in above </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">620</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,283</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,963</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,445</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> </div>

<div> The tax effects allocated to each component of other comprehensive income (loss) are as follows:   <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr> <td width="72%"></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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Quarter Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Nine Months Ended September 30,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2013</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2013</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Foreign currency translation adjustment </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,073</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,454</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,367</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(212</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Unrealized gain on available-for-sale securities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">27</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">28</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">24</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">51</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Income tax expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(24</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Unrealized gain on available-for-sale securities, net of tax </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">27</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Other comprehensive income (loss) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,091</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,469</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,352</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(185</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>

51183000

<div> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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> 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; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr> <td width="55%"></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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Quarter Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Nine Months Ended September 30,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2013</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2013</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Net income attributable to Watsco, Inc. shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">45,699</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">41,005</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">110,402</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">88,575</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">3,251</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,822</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,813</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,119</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Earnings allocated to Watsco, Inc. shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">42,448</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,183</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">102,589</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,456</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">32,206,448</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,107,701</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,182,430</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31,529,296</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Basic earnings per share for Common and Class B common stock </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.32</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.19</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.19</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.62</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Common stock </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,880</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,789</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">93,960</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">74,992</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Class B common stock </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,568</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,394</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,629</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,464</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">42,448</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,183</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">102,589</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,456</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Net income attributable to Watsco, Inc. shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">45,699</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">41,005</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">110,402</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">88,575</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">3,246</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,820</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,801</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,115</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Earnings allocated to Watsco, Inc. shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">42,453</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,185</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">102,601</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,460</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">32,206,448</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,107,701</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,182,430</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31,529,296</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Effect of dilutive stock options </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">69,665</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">60,465</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">63,936</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68,242</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">32,276,113</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,168,166</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,246,366</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31,597,538</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 style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Diluted earnings per share for Common and Class B common stock </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.32</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.19</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.18</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.61</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Anti-dilutive stock options not included in above </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">620</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,283</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,963</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,445</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> 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; therefore, no allocation of earnings to Class B common stock is required. As of September 30, 2013 and 2012, our outstanding Class B common stock was convertible into 2,706,860 and 2,854,055 shares of our Common stock, respectively. </div>

<div> Reclassifications Certain reclassifications of prior year amounts have been made to conform to the 2013 presentation. These reclassifications had no effect on net income or earnings per share as previously reported. </div>

0.75

4963

<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, inventories and income taxes, reserves related to self-insurance programs and the valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates. </div>

32182430

<div> New Accounting Standards Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income In February 2013, the Financial Accounting Standards Board (“FASB”) amended guidance that requires disclosure for amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. The amendments require the presentation of amounts reclassified out of AOCI by the respective line items of net income if the amount reclassified is required to be reclassified to net income in its entirety in the reporting period. For amounts that are not required to be reclassified in their entirety to net income, a cross-reference to other disclosures that provide additional detail about those amounts is required. This guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2012. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements. Presentation of Unrecognized Tax Benefits In July 2013, the FASB issued guidance that requires the presentation of an unrecognized tax benefit as a reduction to a deferred tax asset for a net operating loss carryforward rather than as a liability when the uncertain tax position would reduce the net operating loss under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. This guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2013. We do not expect the adoption of this guidance to have a material impact on our condensed consolidated unaudited financial statements. </div>

<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">9.</td> <td align="left" valign="top">COMMITMENTS AND CONTINGENCIES</td> </tr> </table> 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 and 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 adverse effect on 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 $5,478 and $4,844 at September 30, 2013 and December 31, 2012, respectively, were established related to such insurance programs and are included in accrued expenses and other current liabilities in our condensed consolidated balance sheets. </div>

10915000

15000

159789000

151437000

25958000

21822000

102589000

590000

102601000

31487000

226443000

-8367000

90205000

3828000

2915978000

105645000

700723000

-1510000

231094000

24000

110402000

99655000

-4772000

-8352000

2215255000

3595000

4208000

45792000

-84695000

6453000

-44541000

628000

469629000

66654000

-336000

1850000

4651000

60278000

1998000

9000

222000

13223000

590000

7813000

-10693000

49387000

7801000 0.58 <div> The following table reconciles shareholders’ equity attributable to Carrier’s noncontrolling interest:   <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr> <td width="87%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Noncontrolling interest at December 31, 2012 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">273,826</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Net income attributable to noncontrolling interest </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">49,387</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Foreign currency translation adjustment </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,595</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Distributions to noncontrolling interest </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,850</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Noncontrolling interest at September 30, 2013 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">317,768</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> </tr> </table> </div> 456000

-30010000

93960000

8629000

2014-07-01

<div> III. 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 III based on the respective fair values as of April 27, 2012:   <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Cash </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Accounts receivable </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">46,718</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Inventories </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,024</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Other current assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">481</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Property and equipment </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,517</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Goodwill </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,291</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Intangible assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">151,172</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Other assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">978</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Accounts payable and accrued expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(44,208</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Noncontrolling interest </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(104,244</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> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Total purchase price </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">173,739</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> </tr> </table> </div>

<div> The unaudited pro forma financial information, combining our results of operations with the operations of Carrier Enterprise III as if the joint venture had been formed on January 1, 2012, is as follows:   <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr> <td width="80%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Nine Months Ended September 30, 2012</td> <td valign="bottom"> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,761,081</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">133,052</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> Less: net income attributable to noncontrolling interest </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">45,236</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> Net income attributable to Watsco, Inc. </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87,816</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> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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">2.59</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> </tr> </table> </div>

44200

1539000

5448

490000

-6000

2014-01

22551

1689000

5870

459000

111301

2.62

2.61

31597538

68242

2.59

64443000

1.86

11445

31529296

9228000

27000

93250000

133925000

133740000

51881000

62379000

27314000

82456000

80479000

913000

82460000

16003000

188054000

-212000

81793000

446000

2666172000

88493000

631602000

-2347000

191477000

87816000

51000

2761081000

88575000

98001000

-109000

-185000

2034570000

4743000

45247000

807000

54828000

5609000

30288000

2000

440125000

54129000

319000

3423000

87696000

3977000

24000

405000

11276000

913000

6119000

-89302000

45350000

-45236000 6115000 133052000 0.57 2072000

202271000

-20000000

74992000

7464000

23159

109084

1725000

3380000

-233000

26991

1772000

8720

597000

51881000

2017-04-27

2018-07-01

0.00125

0.00875

0.0000

0.0035

0.0250

0.0150

53000

1.19

32168166

60465

0.62

2283

32107701

15000

59531000

68000000

10466000

38183000

38185000

84512000

8454000

1020859000

45751000

242505000

85697000

28000

41005000

8469000

778354000

22249000

156808000

24981000

1185000

13000

2822000

18526000

2820000 0.57

34789000

3394000

3592

18250

276000

571000

14000

3126

217000

31500

1.32

32276113

69665

0.25

620

32206448

18000

66118000

71209000

7834000

42448000

42453000

93674000

5073000

1081893000

48621000

258597000

95455000

27000

45699000

5091000

823296000

22588000

163142000

27556000

1781000

9000

3251000

20419000

3246000 0.62

38880000

3568000

34700

1162000

5448

490000

-1534000

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Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2013
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 in Florida 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 September 30, 2013 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 Annual Report on Form 10-K for the year ended December 31, 2012. 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 three joint ventures with Carrier Corporation (“Carrier”), in each of which Watsco maintains a controlling interest. All significant intercompany balances and transactions have been eliminated. The results of operations for the quarter and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. 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.
Reclassifications	Reclassifications Certain reclassifications of prior year amounts have been made to conform to the 2013 presentation. These reclassifications had no effect on net income or earnings per share as previously reported.
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, inventories and income taxes, reserves related to self-insurance programs and the valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.
New Accounting Standards	New Accounting Standards Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income In February 2013, the Financial Accounting Standards Board (“FASB”) amended guidance that requires disclosure for amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. The amendments require the presentation of amounts reclassified out of AOCI by the respective line items of net income if the amount reclassified is required to be reclassified to net income in its entirety in the reporting period. For amounts that are not required to be reclassified in their entirety to net income, a cross-reference to other disclosures that provide additional detail about those amounts is required. This guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2012. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements. Presentation of Unrecognized Tax Benefits In July 2013, the FASB issued guidance that requires the presentation of an unrecognized tax benefit as a reduction to a deferred tax asset for a net operating loss carryforward rather than as a liability when the uncertain tax position would reduce the net operating loss under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. This guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2013. We do not expect the adoption of this guidance to have a material impact on our condensed consolidated unaudited financial statements.

- 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.

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Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified

Sep. 30, 2013

Dec. 31, 2012

Current assets:

Cash and cash equivalents $ 29,229 $ 73,770

Accounts receivable, net 466,340 377,655

Inventories 643,874 546,083

Other current assets 22,372 17,943

Total current assets 1,161,815 1,015,451

Property and equipment, net 44,891 42,842

Goodwill 394,746 397,262

Intangible assets, net 209,832 219,501

Other assets 6,749 6,999

Assets, Total 1,818,033 1,682,055

Current liabilities:

Current portion of other long-term obligations 106 4

Accounts payable 198,277 184,957

Accrued expenses and other current liabilities 113,406 97,397

Total current liabilities 311,789 282,358

Long-term obligations:

Borrowings under revolving credit agreement 284,800 316,182

Other long-term obligations, net of current portion 540 14

Total long-term obligations 285,340 316,196

Deferred income taxes and other liabilities 64,381 61,461

Commitments and contingencies

Watsco, Inc. shareholders' equity:

Preferred stock, $0.50 par value

Paid-in capital 603,586 592,820

Accumulated other comprehensive loss, net of tax (6,859) (2,102)

Retained earnings 335,919 251,475

Treasury stock, at cost (114,425) (114,425)

Total Watsco, Inc. shareholders' equity 838,755 748,214

Noncontrolling interest 317,768 273,826

Total shareholders' equity 1,156,523 1,022,040

Total liabilities and shareholders' equity 1,818,033 1,682,055

Common Stock

Watsco, Inc. shareholders' equity:

Common stock, $0.50 par value 18,166 18,131

Class B Common Stock

Watsco, Inc. shareholders' equity:

Common stock, $0.50 par value $ 2,368 $ 2,315

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XML 16 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8

Derivative Financial Instruments
9 Months Ended

Sep. 30, 2013

Derivative Financial Instruments

4. DERIVATIVE FINANCIAL INSTRUMENTS

We routinely use certain derivative instruments to hedge foreign currency exposure. Although these derivatives were not designated as hedges and/or did not qualify for hedge accounting, they were effective economic hedges for the periods presented. The changes in fair value of economic hedges are recognized in earnings. During 2012, we entered into foreign currency forward contracts to offset the earnings impact that foreign currency exchange rate fluctuations would otherwise have had on certain monetary liabilities that are denominated in nonfunctional currencies. The changes in fair value of these foreign currency forward contracts were a (loss) gain of $(1,534), $14, $(6) and $(233) for the quarters and nine months ended September 30, 2013 and 2012, respectively, and are included in selling, general and administrative expenses in our condensed consolidated unaudited statements of income. The total notional value of our foreign currency exchange contracts as of September 30, 2013 was $40,500, and such contracts have varying terms expiring through January 2014. See Note 5.

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Schedule of Basic and Diluted Earnings per Common Share (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Net income attributable to Watsco, Inc. shareholders $ 45,699 $ 41,005 $ 110,402 $ 88,575

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock - basic 3,251 2,822 7,813 6,119

Earnings allocated to Watsco, Inc. shareholders - basic 42,448 38,183 102,589 82,456

Weighted-average Common and Class B common shares outstanding for basic earnings per share 32,206,448 32,107,701 32,182,430 31,529,296

Basic earnings per share for Common and Class B common stock $ 1.32 $ 1.19 $ 3.19 $ 2.62

Net income attributable to Watsco, Inc. shareholders 45,699 41,005 110,402 88,575

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock - diluted 3,246 2,820 7,801 6,115

Earnings allocated to Watsco, Inc. shareholders 42,453 38,185 102,601 82,460

Weighted-average Common and Class B common shares outstanding for basic earnings per share 32,206,448 32,107,701 32,182,430 31,529,296

Effect of dilutive stock options 69,665 60,465 63,936 68,242

Weighted-average Common and Class B common shares outstanding for diluted earnings per share 32,276,113 32,168,166 32,246,366 31,597,538

Diluted earnings per share for Common and Class B common stock $ 1.32 $ 1.19 $ 3.18 $ 2.61

Anti-dilutive stock options not included in above 620 2,283 4,963 11,445

Common Stock

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Earnings allocated to Watsco, Inc. shareholders - basic 38,880 34,789 93,960 74,992

Class B Common Stock

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Earnings allocated to Watsco, Inc. shareholders - basic $ 3,568 $ 3,394 $ 8,629 $ 7,464

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Earnings Per Share (Tables)
9 Months Ended

Sep. 30, 2013

Schedule of Basic and Diluted Earnings Per Common Share

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

 Quarter Ended
September 30, Nine Months Ended
September 30,

 2013 2012 2013 2012

Basic Earnings per Share:


Net income attributable to Watsco, Inc. shareholders
 $ 45,699 $ 41,005 $ 110,402 $ 88,575

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock
 3,251 2,822 7,813 6,119









Earnings allocated to Watsco, Inc. shareholders
 $ 42,448 $ 38,183 $ 102,589 $ 82,456









Weighted-average Common and Class B common shares outstanding for basic earnings per share
 32,206,448 32,107,701 32,182,430 31,529,296

Basic earnings per share for Common and Class B common stock
 $ 1.32 $ 1.19 $ 3.19 $ 2.62

Allocation of earnings for Basic:


Common stock
 $ 38,880 $ 34,789 $ 93,960 $ 74,992

Class B common stock
 3,568 3,394 8,629 7,464









 $ 42,448 $ 38,183 $ 102,589 $ 82,456









Diluted Earnings per Share:


Net income attributable to Watsco, Inc. shareholders
 $ 45,699 $ 41,005 $ 110,402 $ 88,575

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock
 3,246 2,820 7,801 6,115









Earnings allocated to Watsco, Inc. shareholders
 $ 42,453 $ 38,185 $ 102,601 $ 82,460









Weighted-average Common and Class B common shares outstanding for basic earnings per share
 32,206,448 32,107,701 32,182,430 31,529,296

Effect of dilutive stock options
 69,665 60,465 63,936 68,242









Weighted-average Common and Class B common shares outstanding for diluted earnings per share
 32,276,113 32,168,166 32,246,366 31,597,538









Diluted earnings per share for Common and Class B common stock
 $ 1.32 $ 1.19 $ 3.18 $ 2.61

Anti-dilutive stock options not included in above
 620 2,283 4,963 11,445

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Schedule of Accumulated Other Comprehensive Loss (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning balance, Foreign currency translation adjustment $ (1,785)

Current period other comprehensive loss (4,772) (109)

Ending balance, Foreign currency translation adjustment (6,557) (109) (6,557) (109)

Beginning balance, Available-for-sale securities (317) (352)

Current period other comprehensive income 18 15 15 27

Ending balance, Available-for-sale securities (302) (325) (302) (325)

Accumulated other comprehensive loss, net of tax $ (6,859) $ (434) $ (6,859) $ (434) $ (2,102)

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Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

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Income tax expense (9) (13) (9) (24)

Unrealized gain on available-for-sale securities, net of tax 18 15 15 27

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Shareholders Equity - Additional Information (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
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Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Employee Stock Purchase Plan

Sep. 30, 2012

Employee Stock Purchase Plan

Sep. 30, 2013

Employee Stock Purchase Plan

Sep. 30, 2012

Employee Stock Purchase Plan

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Jul. 30, 2011

Carrier Enterprise II

Sep. 30, 2013

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Jul. 02, 2012

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Common Stock

Sep. 30, 2012

Common Stock

Sep. 30, 2013

Common Stock

Sep. 30, 2012

Common Stock

Sep. 30, 2013

Class B Common Stock

Sep. 30, 2013

Class B Common Stock

Stockholders Equity Note [Line Items]

Cash dividends paid per share of Common and Class B common stock $ 0.25 $ 0.62 $ 0.75 $ 1.86

Shares of non-vested restricted stock granted 31,500 53,000 119,043 111,301

Stock options exercised, shares 34,700 18,250 44,200 109,084

Stock options exercised, value $ 1,162 $ 571 $ 1,539 $ 3,380

Stock delivered as payment to satisfy tax withholdings, shares 3,592 23,159 5,448 5,448

Stock delivered as payment to satisfy tax withholdings, market value 276 1,725 490 490

Common stock issued under employee stock purchase plan, shares 1,944 3,126 5,870 8,720

Common stock issued under employee stock purchase plan, net proceeds 160 217 459 597

Common stock issued to profit sharing retirement plan, shares 22,551 26,991

Non-cash contribution for 401(k) plan $ 1,689 $ 1,772

Controlling interest, ownership percentage 60.00% 60.00% 60.00% 70.00% 60.00%

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Purchase Price Allocation (Detail) (USD $)
In Thousands, unless otherwise specified

Sep. 30, 2013

Dec. 31, 2012

Apr. 27, 2012

Carrier Enterprise III

Business Acquisition [Line Items]

Cash $ 10

Accounts receivable 46,718

Inventories 55,024

Other current assets 481

Property and equipment 2,517

Goodwill 394,746 397,262 65,291

Intangible assets 151,172

Other assets 978

Accounts payable and accrued expenses (44,208)

Noncontrolling interest (104,244)

Total purchase price $ 173,739

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Earnings Per Share - Additional Information (Detail) (Class B Common Stock)

Sep. 30, 2013

Sep. 30, 2012

Class B Common Stock

Earnings Per Share, Convertible Stock Outstanding, Including Two Class Method [Line Items]

Convertible Class B common stock outstanding 2,706,860 2,854,055

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Condensed Consolidated Unaudited Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Cash flows from operating activities:

Net income $ 159,789 $ 133,925

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 13,223 11,276

Share-based compensation 6,453 5,609

Deferred income tax provision 4,208 4,743

Excess tax benefits from share-based compensation (590) (913)

Other, net 1,510 2,347

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

Accounts receivable (90,205) (81,793)

Inventories (99,655) (98,001)

Accounts payable and other liabilities 60,278 87,696

Other, net (3,828) (446)

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Cash flows from investing activities:

Capital expenditures (10,915) (9,228)

Business acquisition, net of cash acquired (80,479)

Proceeds from sale of property and equipment 222 405

Net cash used in investing activities (10,693) (89,302)

Cash flows from financing activities:

Distributions to noncontrolling interest (31,487) (16,003)

Dividends on Common and Class B common stock (25,958) (62,379)

Payment of fees related to revolving credit agreement (456) (2,072)

Purchase of additional ownership from noncontrolling interest (51,881)

Excess tax benefits from share-based compensation 590 913

Net proceeds from other long-term obligations 628 2

Net proceeds from issuances of common stock 1,998 3,977

Net cash (used in) provided by financing activities (84,695) 54,828

Effect of foreign exchange rate changes on cash and cash equivalents (336) 319

Net (decrease) increase in cash and cash equivalents (44,541) 30,288

Cash and cash equivalents at beginning of period 73,770 15,673

Cash and cash equivalents at end of period 29,229 45,961

Supplemental cash flow information:

Common stock issued for Carrier Enterprise III 93,250

Current Revolving Credit Facility

Cash flows from financing activities:

Net (repayments) proceeds under revolving credit agreements (30,010) 202,271

Previous Revolving Credit Facility

Cash flows from financing activities:

Net (repayments) proceeds under revolving credit agreements $ (20,000)

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Earnings Per Share
9 Months Ended

Sep. 30, 2013

Earnings Per Share

2. EARNINGS PER SHARE

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

 Quarter Ended
September 30, Nine Months Ended
September 30,

 2013 2012 2013 2012

Basic Earnings per Share:


Net income attributable to Watsco, Inc. shareholders
 $ 45,699 $ 41,005 $ 110,402 $ 88,575

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock
 3,251 2,822 7,813 6,119









Earnings allocated to Watsco, Inc. shareholders
 $ 42,448 $ 38,183 $ 102,589 $ 82,456









Weighted-average Common and Class B common shares outstanding for basic earnings per share
 32,206,448 32,107,701 32,182,430 31,529,296

Basic earnings per share for Common and Class B common stock
 $ 1.32 $ 1.19 $ 3.19 $ 2.62

Allocation of earnings for Basic:


Common stock
 $ 38,880 $ 34,789 $ 93,960 $ 74,992

Class B common stock
 3,568 3,394 8,629 7,464









 $ 42,448 $ 38,183 $ 102,589 $ 82,456









Diluted Earnings per Share:


Net income attributable to Watsco, Inc. shareholders
 $ 45,699 $ 41,005 $ 110,402 $ 88,575

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock
 3,246 2,820 7,801 6,115









Earnings allocated to Watsco, Inc. shareholders
 $ 42,453 $ 38,185 $ 102,601 $ 82,460









Weighted-average Common and Class B common shares outstanding for basic earnings per share
 32,206,448 32,107,701 32,182,430 31,529,296

Effect of dilutive stock options
 69,665 60,465 63,936 68,242









Weighted-average Common and Class B common shares outstanding for diluted earnings per share
 32,276,113 32,168,166 32,246,366 31,597,538









Diluted earnings per share for Common and Class B common stock
 $ 1.32 $ 1.19 $ 3.18 $ 2.61

Anti-dilutive stock options not included in above
 620 2,283 4,963 11,445

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; therefore, no allocation of earnings to Class B common stock is required. As of September 30, 2013 and 2012, our outstanding Class B common stock was convertible into 2,706,860 and 2,854,055 shares of our Common stock, respectively.

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Fair Value Measurements
9 Months Ended

Sep. 30, 2013

Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

The following tables present our assets and liabilities carried at fair value that are measured on a recurring basis:

Description Fair Value at
September 30,
2013 Fair Value Measurements
at September 30, 2013 Using

 Level 1 Level 2 Level 3

Assets:


Available-for-sale securities
 $ 250 $ 250 — —

Liabilities:


Derivative financial instruments
 $ 203 — $ 203 —

Description Fair Value at
December 31,
2012 Fair Value Measurements
at December 31, 2012 Using

 Level 1 Level 2 Level 3

Assets:


Available-for-sale securities
 $ 226 $ 226 — —

Liabilities:


Derivative financial instruments
 $ 197 — $ 197 —

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 closing stock prices from active markets and are therefore classified within Level 1 of the fair value hierarchy. The fair value of available-for-sale securities is included in other assets in our condensed consolidated balance sheets.

Derivative financial instruments – the derivatives are foreign currency forward contracts. Fair value is based on observable market inputs, such as forward rates in active markets; therefore, we classify the derivatives within Level 2 of the valuation hierarchy. The fair value of derivative financial instruments is included in accrued expenses and other current liabilities in our condensed consolidated balance sheets.

There were no transfers in or out of Level 1 and Level 2 during the nine months ended September 30, 2013.

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Other Comprehensive Income (Loss)
9 Months Ended

Sep. 30, 2013

Other Comprehensive Income (Loss)

3. OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) consists of the foreign currency translation adjustment associated with our Canadian operations’ use of the Canadian dollar as their functional currency and changes in the unrealized gain on available-for-sale securities. The tax effects allocated to each component of other comprehensive income (loss) are as follows:

 Quarter Ended
September 30, Nine Months Ended
September 30,

 2013 2012 2013 2012

Foreign currency translation adjustment
 $ 5,073 $ 8,454 $ (8,367 ) $ (212 )

Unrealized gain on available-for-sale securities
 $ 27 $ 28 $ 24 $ 51

Income tax expense
 (9 ) (13 ) (9 ) (24 )



Unrealized gain on available-for-sale securities, net of tax
 $ 18 $ 15 $ 15 $ 27



Other comprehensive income (loss)
 $ 5,091 $ 8,469 $ (8,352 ) $ (185 )



The changes in accumulated other comprehensive loss, net of tax, are as follows:

Nine Months Ended September 30,
 2013 2012

Foreign currency translation adjustment:


Beginning balance
 $ (1,785 ) $ —

Current period other comprehensive loss
 (4,772 ) (109 )



Ending balance
 $ (6,557 ) $ (109 )



Available-for-sale securities:


Beginning balance
 $ (317 ) $ (352 )

Current period other comprehensive income
 15 27



Ending balance
 $ (302 ) $ (325 )



Accumulated other comprehensive loss, net of tax
 $ (6,859 ) $ (434 )



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Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Foreign Exchange Forward | Not Designated as Hedging Instrument

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Changes in fair value foreign currency forward contracts $ (1,534) $ 14 $ (6) $ (233)

Notional value of derivative $ 40,500 $ 40,500

Contract expiring terms 2014-01

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Unaudited Pro Forma Financial Information from Joint Venture (Detail) (USD $)
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Sep. 30, 2012

Business Acquisition, Pro Forma Information [Line Items]

Revenues $ 2,761,081

Net income 133,052

Less: net income attributable to noncontrolling interest 45,236

Net income attributable to Watsco, Inc. $ 87,816

Diluted earnings per share for Common and Class B common stock $ 2.59

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Related Party Transactions - Additional Information (Detail) (USD $)
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Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Carrier and Its Affiliates

Dec. 31, 2012

Carrier and Its Affiliates

Dec. 31, 2012

Carrier

Dec. 31, 2012

Carrier and UTC Canada

Related Party Transaction [Line Items]

Percentage of total purchases from Carrier and its affiliates 62.00% 57.00% 58.00% 57.00%

Amount payable to related parties, net of receivables $ (96,000) $ (62,000) $ (25) $ (29,637)

Revenues from sales to Carrier Corporation and its affiliates 7,834 10,466 21,822 27,314

Fees related to Transactional Services Agreements with Carrier Corporation $ 807

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Other comprehensive income (loss), net of tax

Foreign currency translation adjustment 5,073 8,454 (8,367) (212)

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Other comprehensive income (loss) 5,091 8,469 (8,352) (185)

Comprehensive income 71,209 68,000 151,437 133,740

Less: comprehensive income attributable to noncontrolling interest 22,588 22,249 45,792 45,247

Comprehensive income attributable to Watsco, Inc. $ 48,621 $ 45,751 $ 105,645 $ 88,493

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Shareholders' Equity
9 Months Ended

Sep. 30, 2013

Shareholders' Equity

8. SHAREHOLDERS’ EQUITY

Common Stock Dividends

We paid cash dividends of $0.25, $0.62, $0.75 and $1.86 per share of Common stock and Class B common stock during the quarters and nine months ended September 30, 2013 and 2012, respectively.

Non-Vested (Restricted) Stock

During the quarters ended September 30, 2013 and 2012, we granted 31,500 and 53,000 shares of non-vested (restricted) stock, respectively. During the nine months ended September 30, 2013 and 2012, we granted 119,043 and 111,301 shares of non-vested (restricted) stock, respectively.

Stock Options

During the quarters ended September 30, 2013 and 2012, 34,700 and 18,250 stock options, respectively, were exercised for Common stock. During the nine months ended September 30, 2013 and 2012, 44,200 and 109,084 stock options, respectively, were exercised for Common stock. Cash received from Common stock issued as a result of stock options exercised during the quarters and nine months ended September 30, 2013 and 2012, was $1,162, $571, $1,539 and $3,380, respectively.

During both the quarter and nine months ended September 30, 2013, 5,448 shares of Class B Common stock with an aggregate fair market value of $490 were delivered as payment in lieu of cash for stock option exercises and related tax withholdings. We retired these shares upon delivery. During the quarter and nine months ended September 30, 2012, 3,592 shares of Common stock with an aggregate fair market value of $276 and 23,159 shares of Common stock with an aggregate fair market value of $1,725, respectively, were withheld as payment in lieu of cash for stock option exercises and related tax withholdings.

Employee Stock Purchase Plan

During the quarters ended September 30, 2013 and 2012, 1,944 and 3,126 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $160 and $217, respectively. During the nine months ended September 30, 2013 and 2012, 5,870 and 8,720 shares of Common stock were issued under our employee stock purchase plan for which we received net proceeds of $459 and $597, respectively.

401(k) Plan

During the nine months ended September 30, 2013 and 2012, we issued 22,551 and 26,991 shares of Common stock to our profit sharing retirement plan representing the Common stock discretionary matching contribution of $1,689 and $1,772, respectively.

Noncontrolling Interest

We have a 60% controlling interest in both Carrier Enterprise II and Carrier Enterprise III, and Carrier has a 40% noncontrolling interest in each. Effective July 2, 2012, our controlling interest in Carrier Enterprise I increased to 70% from 60%, following our exercise of the option described in Note 6. The following table reconciles shareholders’ equity attributable to Carrier’s noncontrolling interest:

Noncontrolling interest at December 31, 2012
 $ 273,826

Net income attributable to noncontrolling interest
 49,387

Foreign currency translation adjustment
 (3,595 )

Distributions to noncontrolling interest
 (1,850 )



Noncontrolling interest at September 30, 2013
 $ 317,768



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Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Revenues $ 1,081,893 $ 1,020,859 $ 2,915,978 $ 2,666,172

Cost of sales 823,296 778,354 2,215,255 2,034,570

Gross profit 258,597 242,505 700,723 631,602

Selling, general and administrative expenses 163,142 156,808 469,629 440,125

Operating income 95,455 85,697 231,094 191,477

Interest expense, net 1,781 1,185 4,651 3,423

Income before income taxes 93,674 84,512 226,443 188,054

Income taxes 27,556 24,981 66,654 54,129

Net income 66,118 59,531 159,789 133,925

Less: net income attributable to noncontrolling interest 20,419 18,526 49,387 45,350

Net income attributable to Watsco, Inc. $ 45,699 $ 41,005 $ 110,402 $ 88,575

Earnings per share for Common and Class B common stock:

Basic $ 1.32 $ 1.19 $ 3.19 $ 2.62

Diluted $ 1.32 $ 1.19 $ 3.18 $ 2.61

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Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) (USD $)
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Sep. 30, 2013

Dec. 31, 2012

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Available-for-sale securities $ 250 $ 226

Liabilities:

Derivative financial instruments 203 197

Fair Value Measurements, Level 1

Assets:

Available-for-sale securities 250 226

Fair Value Measurements, Level 2

Liabilities:

Derivative financial instruments $ 203 $ 197

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Basis of Presentation - Additional Information (Detail)

Sep. 30, 2013

Entity

Basis of Presentation [Line Items]

Number of joint ventures 3

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Schedule of Rollforward of Noncontrolling Interest Balance (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Noncontrolling Interest [Line Items]

Noncontrolling interest beginning balance $ 273,826

Net income attributable to noncontrolling interest 20,419 18,526 49,387 45,350

Foreign currency translation adjustment (3,595)

Distributions to noncontrolling interest (1,850)

Noncontrolling interest ending balance $ 317,768 $ 317,768

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Commitments and Contingencies - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified

Sep. 30, 2013

Dec. 31, 2012

Commitments and Contingencies Disclosure [Line Items]

Self-insurance reserves $ 5,478 $ 4,844

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Sep. 30, 2013

Debt

7. DEBT

On July 1, 2013, we entered into Amendment No. 2 to our unsecured $500,000 syndicated revolving credit agreement, which extended the maturity date from April 27, 2017 to July 1, 2018, reduced pricing, improved covenant flexibility to reflect the seasonal nature of our working capital requirements and modified certain definitions. Borrowings under the amended credit facility bear interest at either LIBOR-based rates plus a spread, which ranges from 87.5 to 250 basis-points, depending upon our ratio of total debt to EBITDA, or on rates based on the higher of the Prime rate or the Federal Funds Rate, in each case plus a spread which ranges from 0 to 150 basis-points, depending upon our ratio of total debt to EBITDA. We pay a variable commitment fee on the unused portion of the commitment under the amended credit facility, ranging from 12.5 to 35 basis-points. At September 30, 2013 and December 31, 2012, $284,800 and $316,182 were outstanding under the 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 other customary restrictions. We believe we were in compliance with all covenants at September 30, 2013.

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Acquisitions - Additional Information (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
1 Months Ended 9 Months Ended 1 Months Ended 1 Months Ended

Sep. 30, 2013

Jul. 02, 2012

Carrier Enterprise I

Sep. 30, 2013

Carrier Enterprise I

Jul. 01, 2009

Carrier Enterprise I

Jul. 30, 2011

Carrier Enterprise II

Location

Sep. 30, 2013

Carrier Enterprise II

Apr. 30, 2011

Carrier Enterprise II

Location

Apr. 27, 2012

Carrier Enterprise III

Location

Apr. 27, 2012

Carrier Enterprise III

Customer Relationships

Apr. 27, 2012

UTC Canada

Business Acquisition [Line Items]

Controlling interest 70.00% 60.00% 60.00% 60.00% 60.00%

Non-controlling interest, ownership percentage 40.00% 40.00% 40.00% 40.00%

Option to acquire interests, percentage 10.00% 10.00%

Percentage of additional ownership acquired 10.00%

Cash consideration $ 51,881 $ 80,489

Option to purchase additional interest, date 2014-07-01

Number of locations contributed to joint venture by non-controlling interest 28 35

Number of locations contributed to joint venture by controlling interest 14

Number of locations 7

Shares issued to UTC Canada Corporation, an affiliate of Carrier Corporation 1,250,000

Fair value of shares issued to UTC Canada Corporation 93,250

Goodwill and intangibles, purchase price allocation 216,463

Percent of tax basis of acquired goodwill amortized at a rate of 7% 75.00%

Goodwill amortization rate 7.00%

Fair value of acquired intangible assets 151,172

Finite-lived intangible assets, average useful life, in years 15 years

Identified intangible assets, customer relationships 55,657

Identified intangible assets, trade names and distribution rights 95,515

Purchase price $ 173,739

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Related Party Transactions
9 Months Ended

Sep. 30, 2013

Related Party Transactions

10. RELATED PARTY TRANSACTIONS

Purchases from Carrier and its affiliates comprised 62%, 57%, 58% and 57% of all purchases made during the quarters and nine months ended September 30, 2013 and 2012, respectively. At September 30, 2013 and December 31, 2012, approximately $96,000 and $62,000, respectively, was payable to Carrier and its affiliates, net of receivables. Our joint ventures with Carrier also sell HVAC products to Carrier and its affiliates. Revenues in our condensed consolidated unaudited statements of income for the quarters and nine months ended September 30, 2013 and 2012 include $7,834, $10,466, $21,822 and $27,314, 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 II entered into Transactional Services Agreements (“TSAs”) with Carrier, pursuant to which Carrier performed certain business processes on its behalf, including processes involving the use of certain information technologies. The services provided by Carrier pursuant to the TSAs terminated on April 30, 2012. The fees related to these TSAs were $807 for the nine months ended September 30, 2012 and are included in selling, general and administrative expenses in our condensed consolidated unaudited statements of income. At December 31, 2012, $25 related to these TSAs was payable to Carrier and was included in accrued expenses and other current liabilities in our condensed consolidated balance sheet. Amounts outstanding were repaid in 2013 and no further services are required under the TSAs for Carrier Enterprise II.

Carrier Enterprise III entered into TSAs with UTC Canada, pursuant to which UTC Canada performs certain business processes on behalf of Carrier Enterprise III, including processes involving the use of certain information technologies, and UTC Canada entered into TSAs with Carrier Enterprise III, pursuant to which Carrier Enterprise III performs certain business processes on behalf of UTC Canada. The services provided pursuant to the TSAs terminate on various dates but may be extended as agreed upon by the parties. The fees payable by Carrier Enterprise III to UTC Canada under one TSA were substantially offset by the fees payable to Carrier Enterprise III by UTC Canada under the other TSA.

At December 31, 2012, $29,637 was payable to Carrier and UTC Canada for unpaid distributions declared to the noncontrolling interest. This amount was paid to Carrier and UTC Canada in February 2013.

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Acquisitions
9 Months Ended

Sep. 30, 2013

Acquisitions

6. ACQUISITIONS

Carrier Enterprise I

Carrier Enterprise, LLC (“Carrier Enterprise I”) is a joint venture formed on July 1, 2009 with Carrier that operates a network of locations primarily throughout the U.S. Sun Belt. From its inception until July 2, 2012, we owned 60% of the joint venture and Carrier owned 40%. We had an option to purchase an additional 10% ownership interest in Carrier Enterprise I, which became exercisable on July 1, 2012. On July 2, 2012, we exercised this option and acquired an additional 10% ownership interest in Carrier Enterprise I for cash consideration of $51,881. We have a second option to purchase an additional 10% interest in Carrier Enterprise I, which becomes exercisable beginning on July 1, 2014.

Carrier Enterprise II

In 2011, we formed a second joint venture with Carrier and completed two additional transactions. In April 2011, Carrier contributed 28 of its company-owned locations in eight Northeast U.S. states, and we contributed 14 locations in the Northeast U.S. In July 2011, we purchased Carrier’s distribution operations in Mexico, which included seven locations. Collectively, the Northeast locations and the Mexico operations are referred to as Carrier Enterprise II. We have a 60% controlling interest in Carrier Enterprise II, and Carrier has a 40% noncontrolling interest. Neither we nor Carrier has any options to purchase additional ownership interests in Carrier Enterprise II.

Carrier Enterprise III

On April 27, 2012, we completed the formation of a joint venture with UTC Canada Corporation (“UTC Canada”), an affiliate of Carrier, to distribute Carrier-manufactured HVAC products in Canada. The newly formed joint venture, Carrier Enterprise Canada, L.P. (“Carrier Enterprise III”), operates 35 locations throughout Canada. We have a 60% controlling interest in Carrier Enterprise III and Carrier has a 40% noncontrolling interest. Total consideration paid by us for our 60% controlling interest in Carrier Enterprise III comprised cash consideration of $80,489 and the issuance to UTC Canada of 1,250,000 shares of Common stock, having a fair value of $93,250. Neither we nor UTC Canada has any options to purchase additional ownership interests in Carrier Enterprise III.

The purchase price for Carrier Enterprise III resulted in the recognition of $216,463 in goodwill and intangibles. The fair value of the identified intangible assets was $151,172 and consisted of $95,515 in trade names and distribution rights and $55,657 in customer relationships to be amortized over a 15 year period. For Canadian income tax purposes, seventy-five percent of the tax basis of the acquired goodwill is amortized at a rate of 7% annually on a declining balance basis.

The purchase price allocation is based upon a purchase price of $173,739, which represents the fair value of our 60% controlling interest in Carrier Enterprise III. 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 III based on the respective fair values as of April 27, 2012:

Cash
 $ 10

Accounts receivable
 46,718

Inventories
 55,024

Other current assets
 481

Property and equipment
 2,517

Goodwill
 65,291

Intangible assets
 151,172

Other assets
 978

Accounts payable and accrued expenses
 (44,208 )

Noncontrolling interest
 (104,244 )



Total purchase price
 $ 173,739



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.

The unaudited pro forma financial information, combining our results of operations with the operations of Carrier Enterprise III as if the joint venture had been formed on January 1, 2012, is as follows:

 Nine Months Ended
September 30, 2012

Revenues
 $ 2,761,081

Net income
 133,052

Less: net income attributable to noncontrolling interest
 45,236



Net income attributable to Watsco, Inc.
 $ 87,816



Diluted earnings per share for Common and Class B common stock
 $ 2.59



The foregoing unaudited pro forma financial information is presented for informational purposes only. The unaudited pro forma financial information for the periods presented includes adjustments to record income taxes related to our portion of Carrier Enterprise III’s income, amortization related to identified intangible assets with finite lives and interest expense on borrowings incurred to acquire our 60% controlling interest. This unaudited pro forma financial information does not include adjustments to add or remove certain corporate expenses of Carrier Enterprise III, which may or may not be incurred in future periods, or adjustments for depreciation or synergies that may be realized subsequent to the acquisition date. This unaudited pro forma financial information does 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 III as of the beginning of the periods presented.

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Basis of Presentation
9 Months Ended

Sep. 30, 2013

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 in Florida 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 September 30, 2013 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 Annual Report on Form 10-K for the year ended December 31, 2012.

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 three joint ventures with Carrier Corporation (“Carrier”), in each of which Watsco maintains a controlling interest. All significant intercompany balances and transactions have been eliminated.

The results of operations for the quarter and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. 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.

Reclassifications

Certain reclassifications of prior year amounts have been made to conform to the 2013 presentation. These reclassifications had no effect on net income or earnings per share as previously reported.

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, inventories and income taxes, reserves related to self-insurance programs and the valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.

New Accounting Standards

Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income

In February 2013, the Financial Accounting Standards Board (“FASB”) amended guidance that requires disclosure for amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. The amendments require the presentation of amounts reclassified out of AOCI by the respective line items of net income if the amount reclassified is required to be reclassified to net income in its entirety in the reporting period. For amounts that are not required to be reclassified in their entirety to net income, a cross-reference to other disclosures that provide additional detail about those amounts is required. This guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2012. The adoption of this guidance did not have an impact on our condensed consolidated unaudited financial statements.

Presentation of Unrecognized Tax Benefits

In July 2013, the FASB issued guidance that requires the presentation of an unrecognized tax benefit as a reduction to a deferred tax asset for a net operating loss carryforward rather than as a liability when the uncertain tax position would reduce the net operating loss under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. This guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2013. We do not expect the adoption of this guidance to have a material impact on our condensed consolidated unaudited financial statements.

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Debt - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
1 Months Ended

Sep. 30, 2013

Jul. 01, 2013

Dec. 31, 2012

Jul. 01, 2013

Minimum

Jul. 01, 2013

Maximum

Jul. 01, 2013

Before Extension

Jul. 01, 2013

After Extension

Jul. 01, 2013

Scenario 1

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Jul. 01, 2013

Scenario 1

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Jul. 01, 2013

Scenario 2

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Debt Instrument [Line Items]

Revolving credit agreement maximum borrowing capacity $ 500,000

Revolving credit agreement maturity date Apr. 27, 2017 Jul. 01, 2018

Basis spread 0.875% 2.50% 0.00% 1.50%

Commitment fee percentage on unused portion of the commitment 0.125% 0.35%

Outstanding amount under revolving line of credit $ 284,800 $ 316,182

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Other Comprehensive Income (Loss) (Tables)
9 Months Ended

Sep. 30, 2013

Schedule of Tax Effects Allocated to Each Component of Other Comprehensive (Loss) Income

The tax effects allocated to each component of other comprehensive income (loss) are as follows:

 Quarter Ended
September 30, Nine Months Ended
September 30,

 2013 2012 2013 2012

Foreign currency translation adjustment
 $ 5,073 $ 8,454 $ (8,367 ) $ (212 )

Unrealized gain on available-for-sale securities
 $ 27 $ 28 $ 24 $ 51

Income tax expense
 (9 ) (13 ) (9 ) (24 )



Unrealized gain on available-for-sale securities, net of tax
 $ 18 $ 15 $ 15 $ 27



Other comprehensive income (loss)
 $ 5,091 $ 8,469 $ (8,352 ) $ (185 )



Schedule of Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, are as follows:

Nine Months Ended September 30,
 2013 2012

Foreign currency translation adjustment:


Beginning balance
 $ (1,785 ) $ —

Current period other comprehensive loss
 (4,772 ) (109 )



Ending balance
 $ (6,557 ) $ (109 )



Available-for-sale securities:


Beginning balance
 $ (317 ) $ (352 )

Current period other comprehensive income
 15 27



Ending balance
 $ (302 ) $ (325 )



Accumulated other comprehensive loss, net of tax
 $ (6,859 ) $ (434 )



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Commitments and Contingencies
9 Months Ended

Sep. 30, 2013

Commitments and Contingencies

9. 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 and 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 adverse effect on 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 $5,478 and $4,844 at September 30, 2013 and December 31, 2012, respectively, were established related to such insurance programs and are included in accrued expenses and other current liabilities in our condensed consolidated balance sheets.

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Shareholders' Equity (Tables)
9 Months Ended

Sep. 30, 2013

Schedule of Rollforward of Noncontrolling Interest Balance

The following table reconciles shareholders’ equity attributable to Carrier’s noncontrolling interest:

Noncontrolling interest at December 31, 2012
 $ 273,826

Net income attributable to noncontrolling interest
 49,387

Foreign currency translation adjustment
 (3,595 )

Distributions to noncontrolling interest
 (1,850 )



Noncontrolling interest at September 30, 2013
 $ 317,768



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Fair Value Measurements (Tables)
9 Months Ended

Sep. 30, 2013

Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis

The following tables present our assets and liabilities carried at fair value that are measured on a recurring basis:

Description Fair Value at
September 30,
2013 Fair Value Measurements
at September 30, 2013 Using

 Level 1 Level 2 Level 3

Assets:


Available-for-sale securities
 $ 250 $ 250 — —

Liabilities:


Derivative financial instruments
 $ 203 — $ 203 —

Description Fair Value at
December 31,
2012 Fair Value Measurements
at December 31, 2012 Using

 Level 1 Level 2 Level 3

Assets:


Available-for-sale securities
 $ 226 $ 226 — —

Liabilities:


Derivative financial instruments
 $ 197 — $ 197 —

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Oct. 28, 2013

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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 30,036,054 4,685,473

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Acquisitions (Tables) (Carrier Enterprise III)
9 Months Ended

Sep. 30, 2013

Carrier Enterprise III

Purchase Price Allocation for Joint Venture

III. 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 III based on the respective fair values as of April 27, 2012:

Cash
 $ 10

Accounts receivable
 46,718

Inventories
 55,024

Other current assets
 481

Property and equipment
 2,517

Goodwill
 65,291

Intangible assets
 151,172

Other assets
 978

Accounts payable and accrued expenses
 (44,208 )

Noncontrolling interest
 (104,244 )



Total purchase price
 $ 173,739



Schedule of Unaudited Pro Forma Financial Information from Joint Venture

The unaudited pro forma financial information, combining our results of operations with the operations of Carrier Enterprise III as if the joint venture had been formed on January 1, 2012, is as follows:

 Nine Months Ended
September 30, 2012

Revenues
 $ 2,761,081

Net income
 133,052

Less: net income attributable to noncontrolling interest
 45,236



Net income attributable to Watsco, Inc.
 $ 87,816



Diluted earnings per share for Common and Class B common stock
 $ 2.59



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.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(2)-(3)

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 29,229	$ 73,770
Accounts receivable, net	466,340	377,655
Inventories	643,874	546,083
Other current assets	22,372	17,943
Total current assets	1,161,815	1,015,451
Property and equipment, net	44,891	42,842
Goodwill	394,746	397,262
Intangible assets, net	209,832	219,501
Other assets	6,749	6,999
Assets, Total	1,818,033	1,682,055
Current liabilities:
Current portion of other long-term obligations	106	4
Accounts payable	198,277	184,957
Accrued expenses and other current liabilities	113,406	97,397
Total current liabilities	311,789	282,358
Long-term obligations:
Borrowings under revolving credit agreement	284,800	316,182
Other long-term obligations, net of current portion	540	14
Total long-term obligations	285,340	316,196
Deferred income taxes and other liabilities	64,381	61,461
Commitments and contingencies
Watsco, Inc. shareholders' equity:
Preferred stock, $0.50 par value
Paid-in capital	603,586	592,820
Accumulated other comprehensive loss, net of tax	(6,859)	(2,102)
Retained earnings	335,919	251,475
Treasury stock, at cost	(114,425)	(114,425)
Total Watsco, Inc. shareholders' equity	838,755	748,214
Noncontrolling interest	317,768	273,826
Total shareholders' equity	1,156,523	1,022,040
Total liabilities and shareholders' equity	1,818,033	1,682,055
Common Stock
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	18,166	18,131
Class B Common Stock
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	$ 2,368	$ 2,315

Schedule of Basic and Diluted Earnings per Common Share (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Watsco, Inc. shareholders	$ 45,699	$ 41,005	$ 110,402	$ 88,575
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock - basic	3,251	2,822	7,813	6,119
Earnings allocated to Watsco, Inc. shareholders - basic	42,448	38,183	102,589	82,456
Weighted-average Common and Class B common shares outstanding for basic earnings per share	32,206,448	32,107,701	32,182,430	31,529,296
Basic earnings per share for Common and Class B common stock	$ 1.32	$ 1.19	$ 3.19	$ 2.62
Net income attributable to Watsco, Inc. shareholders	45,699	41,005	110,402	88,575
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock - diluted	3,246	2,820	7,801	6,115
Earnings allocated to Watsco, Inc. shareholders	42,453	38,185	102,601	82,460
Weighted-average Common and Class B common shares outstanding for basic earnings per share	32,206,448	32,107,701	32,182,430	31,529,296
Effect of dilutive stock options	69,665	60,465	63,936	68,242
Weighted-average Common and Class B common shares outstanding for diluted earnings per share	32,276,113	32,168,166	32,246,366	31,597,538
Diluted earnings per share for Common and Class B common stock	$ 1.32	$ 1.19	$ 3.18	$ 2.61
Anti-dilutive stock options not included in above	620	2,283	4,963	11,445
Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings allocated to Watsco, Inc. shareholders - basic	38,880	34,789	93,960	74,992
Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings allocated to Watsco, Inc. shareholders - basic	$ 3,568	$ 3,394	$ 8,629	$ 7,464

Purchase Price Allocation (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012	Apr. 27, 2012 Carrier Enterprise III
Business Acquisition [Line Items]
Cash			$ 10
Accounts receivable			46,718
Inventories			55,024
Other current assets			481
Property and equipment			2,517
Goodwill	394,746	397,262	65,291
Intangible assets			151,172
Other assets			978
Accounts payable and accrued expenses			(44,208)
Noncontrolling interest			(104,244)
Total purchase price			$ 173,739

Earnings Per Share - Additional Information (Detail) (Class B Common Stock)	Sep. 30, 2013	Sep. 30, 2012
Class B Common Stock
Earnings Per Share, Convertible Stock Outstanding, Including Two Class Method [Line Items]
Convertible Class B common stock outstanding	2,706,860	2,854,055

Condensed Consolidated Unaudited Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net income	$ 159,789	$ 133,925
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,223	11,276
Share-based compensation	6,453	5,609
Deferred income tax provision	4,208	4,743
Excess tax benefits from share-based compensation	(590)	(913)
Other, net	1,510	2,347
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable	(90,205)	(81,793)
Inventories	(99,655)	(98,001)
Accounts payable and other liabilities	60,278	87,696
Other, net	(3,828)	(446)
Net cash provided by operating activities	51,183	64,443
Cash flows from investing activities:
Capital expenditures	(10,915)	(9,228)
Business acquisition, net of cash acquired		(80,479)
Proceeds from sale of property and equipment	222	405
Net cash used in investing activities	(10,693)	(89,302)
Cash flows from financing activities:
Distributions to noncontrolling interest	(31,487)	(16,003)
Dividends on Common and Class B common stock	(25,958)	(62,379)
Payment of fees related to revolving credit agreement	(456)	(2,072)
Purchase of additional ownership from noncontrolling interest		(51,881)
Excess tax benefits from share-based compensation	590	913
Net proceeds from other long-term obligations	628	2
Net proceeds from issuances of common stock	1,998	3,977
Net cash (used in) provided by financing activities	(84,695)	54,828
Effect of foreign exchange rate changes on cash and cash equivalents	(336)	319
Net (decrease) increase in cash and cash equivalents	(44,541)	30,288
Cash and cash equivalents at beginning of period	73,770	15,673
Cash and cash equivalents at end of period	29,229	45,961
Supplemental cash flow information:
Common stock issued for Carrier Enterprise III		93,250
Current Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) proceeds under revolving credit agreements	(30,010)	202,271
Previous Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) proceeds under revolving credit agreements		$ (20,000)

Unaudited Pro Forma Financial Information from Joint Venture (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	9 Months Ended
	Sep. 30, 2012
Business Acquisition, Pro Forma Information [Line Items]
Revenues	$ 2,761,081
Net income	133,052
Less: net income attributable to noncontrolling interest	45,236
Net income attributable to Watsco, Inc.	$ 87,816
Diluted earnings per share for Common and Class B common stock	$ 2.59

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Preferred stock, par value	$ 0.50	$ 0.50
Common Stock
Common stock, par value	$ 0.50	$ 0.50
Class B Common Stock
Common stock, par value	$ 0.50	$ 0.50

Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Assets:
Available-for-sale securities	$ 250	$ 226
Liabilities:
Derivative financial instruments	203	197
Fair Value Measurements, Level 1
Assets:
Available-for-sale securities	250	226
Fair Value Measurements, Level 2
Liabilities:
Derivative financial instruments	$ 203	$ 197

Basis of Presentation - Additional Information (Detail)	Sep. 30, 2013 Entity
Basis of Presentation [Line Items]
Number of joint ventures	3

Commitments and Contingencies - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Commitments and Contingencies Disclosure [Line Items]
Self-insurance reserves	$ 5,478	$ 4,844

Acquisitions - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified		1 Months Ended	9 Months Ended		1 Months Ended			1 Months Ended
	Sep. 30, 2013	Jul. 02, 2012 Carrier Enterprise I	Sep. 30, 2013 Carrier Enterprise I	Jul. 01, 2009 Carrier Enterprise I	Jul. 30, 2011 Carrier Enterprise II Location	Sep. 30, 2013 Carrier Enterprise II	Apr. 30, 2011 Carrier Enterprise II Location	Apr. 27, 2012 Carrier Enterprise III Location	Apr. 27, 2012 Carrier Enterprise III Customer Relationships	Apr. 27, 2012 UTC Canada
Business Acquisition [Line Items]
Controlling interest		70.00%		60.00%	60.00%	60.00%		60.00%
Non-controlling interest, ownership percentage	40.00%			40.00%	40.00%			40.00%
Option to acquire interests, percentage			10.00%	10.00%
Percentage of additional ownership acquired		10.00%
Cash consideration		$ 51,881						$ 80,489
Option to purchase additional interest, date			2014-07-01
Number of locations contributed to joint venture by non-controlling interest							28	35
Number of locations contributed to joint venture by controlling interest					14
Number of locations					7
Shares issued to UTC Canada Corporation, an affiliate of Carrier Corporation										1,250,000
Fair value of shares issued to UTC Canada Corporation										93,250
Goodwill and intangibles, purchase price allocation								216,463
Percent of tax basis of acquired goodwill amortized at a rate of 7%								75.00%
Goodwill amortization rate								7.00%
Fair value of acquired intangible assets								151,172
Finite-lived intangible assets, average useful life, in years									15 years
Identified intangible assets, customer relationships									55,657
Identified intangible assets, trade names and distribution rights								95,515
Purchase price								$ 173,739

Debt - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified				1 Months Ended
	Sep. 30, 2013	Jul. 01, 2013	Dec. 31, 2012	Jul. 01, 2013 Minimum	Jul. 01, 2013 Maximum	Jul. 01, 2013 Before Extension	Jul. 01, 2013 After Extension	Jul. 01, 2013 Scenario 1 Minimum	Jul. 01, 2013 Scenario 1 Maximum	Jul. 01, 2013 Scenario 2 Minimum	Jul. 01, 2013 Scenario 2 Maximum
Debt Instrument [Line Items]
Revolving credit agreement maximum borrowing capacity		$ 500,000
Revolving credit agreement maturity date						Apr. 27, 2017	Jul. 01, 2018
Basis spread								0.875%	2.50%	0.00%	1.50%
Commitment fee percentage on unused portion of the commitment				0.125%	0.35%
Outstanding amount under revolving line of credit	$ 284,800		$ 316,182

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Oct. 28, 2013 Common Stock	Oct. 28, 2013 Class B Common Stock
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
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		30,036,054	4,685,473