Watsco (WSO) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Registrant Name	WATSCO, INC.
Entity Central Index Key	0000105016
Entity File Number	1-5581
Entity Incorporation, State or Country Code	FL
Document Quarterly Report	true
Document Transition Report	false
Entity Tax Identification Number	59-0778222
Entity Address, Address Line One	2665 South Bayshore Drive
Entity Address, City or Town	Miami
Entity Address, Postal Zip Code	33133
Entity Address, Address Line Two	Suite 901
Entity Address, State or Province	FL
City Area Code	305
Local Phone Number	714-4100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	WSO
Security Exchange Name	NYSE
Title of 12(b) Security	Common stock, $0.50 par value
Entity Common Stock, Shares Outstanding		32,971,067
Common Class B [Member]
Document Information [Line Items]
Trading Symbol	WSOB
Security Exchange Name	NYSE
Title of 12(b) Security	Class B common stock, $0.50 par value
Entity Common Stock, Shares Outstanding		5,764,118

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues	$ 1,849,640	$ 1,355,385	$ 2,985,758	$ 2,363,541
Cost of sales	1,371,699	1,036,186	2,212,996	1,796,727
Gross profit	477,941	319,199	772,762	566,814
Selling, general and administrative expenses	266,697	194,053	484,309	397,439
Other income	5,539	4,103	10,210	5,117
Operating income	216,783	129,249	298,663	174,492
Interest expense, net	448	283	536	1,073
Income before income taxes	216,335	128,966	298,127	173,419
Income taxes	44,202	24,724	59,867	32,930
Net income	172,133	104,242	238,260	140,489
Less: net income attributable to non-controlling interest	28,031	17,664	39,066	23,409
Net income attributable to Watsco, Inc.	$ 144,102	$ 86,578	$ 199,194	$ 117,080
Earnings per share for Common and Class B common stock:
Basic	$ 3.73	$ 2.26	$ 5.16	$ 3.03
Diluted	$ 3.71	$ 2.26	$ 5.13	$ 3.02

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income	$ 172,133	$ 104,242	$ 238,260	$ 140,489
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment	4,016	9,823	7,473	(12,106)
Unrealized (loss) gain on cash flow hedging instruments	(6)	(1,170)	70	1,364
Reclassification of (gain) loss on cash flow hedging instruments into earnings	(22)	(297)	221	(182)
Other comprehensive income (loss)	3,988	8,356	7,764	(10,924)
Comprehensive income	176,121	112,598	246,024	129,565
Less: comprehensive income attributable to non-controlling interest	29,370	20,499	41,707	19,703
Comprehensive income attributable to Watsco, Inc.	$ 146,751	$ 92,099	$ 204,317	$ 109,862

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 96,787	$ 146,067
Accounts receivable, net	857,864	535,288
Inventories, net	1,044,608	781,299
Other current assets	22,803	21,791
Total current assets	2,022,062	1,484,445
Property and equipment, net	104,967	98,225
Operating lease right-of-use assets	263,682	209,169
Goodwill	434,946	412,486
Intangible assets, net	190,093	169,929
Investment in unconsolidated entity	108,057	97,847
Other assets	7,877	12,246
Total assets	3,131,684	2,484,347
Current liabilities:
Current portion of long-term obligations	81,306	71,804
Accounts payable	490,921	251,553
Accrued expenses and other current liabilities	243,037	163,788
Total current liabilities	815,264	487,145
Long-term obligations:
Borrowings under revolving credit agreement	114,167	0
Operating lease liabilities, net of current portion	184,925	139,527
Finance lease liabilities, net of current portion	6,165	4,811
Total long-term obligations	305,257	144,338
Deferred income taxes and other liabilities	79,630	73,103
Commitments and contingencies
Watsco, Inc. shareholders' equity:
Preferred stock, $0.50 par value	0	0
Paid-in capital	979,430	950,915
Accumulated other comprehensive loss, net of tax	(29,744)	(34,867)
Retained earnings	691,658	636,373
Treasury stock, at cost	(87,440)	(87,440)
Total Watsco, Inc. shareholders' equity	1,575,703	1,486,678
Non-controlling interest	355,830	293,083
Total shareholders' equity	1,931,533	1,779,761
Total liabilities and shareholders' equity	3,131,684	2,484,347
Common Stock
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	18,893	18,851
Class B Common Stock
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	$ 2,906	$ 2,846

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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

Condensed Consolidated Unaudi_3

Condensed Consolidated Unaudited Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	ACME Refrigeration LLC [Member]	TEC Distribution LLC [Member]	Common Stock, Class B Common Stock and Preferred Stock	Common Stock, Class B Common Stock and Preferred StockACME Refrigeration LLC [Member]	Paid-In Capital	Paid-In CapitalACME Refrigeration LLC [Member]	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock	Non-controlling Interest	Non-controlling InterestTEC Distribution LLC [Member]
Beginning balance at Dec. 31, 2019	$ 1,714,767			$ 21,533		$ 907,877		$ (39,050)	$ 632,507	$ (87,440)	$ 279,340
Beginning balance (in shares) at Dec. 31, 2019				38,194,056
Net income	36,247								30,502		5,745
Other comprehensive (loss) income	(19,280)							(12,739)			(6,541)
Issuances of non-vested restricted shares of common stock				$ 57		(57)
Issuances of non-vested restricted shares of common stock (in shares)				113,765
Common stock contribution to 401(k) plan	4,543			$ 13		4,530
Common stock contribution to 401(k) plan (in shares)				25,216
Stock issuances from exercise of stock options and employee stock purchase plan	2,541			$ 9		2,532
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)				18,674
Retirement of common stock	(791)			$ (2)		(789)
Retirement of common stock (in shares)				(4,828)
Share-based compensation	6,097					6,097
Cash dividends declared and paid on Common and Class B common stock	(61,238)								(61,238)
Ending balance at Mar. 31, 2020	1,682,886			$ 21,610		920,190		(51,789)	601,771	(87,440)	278,544
Ending balance (in shares) at Mar. 31, 2020				38,346,883
Beginning balance at Dec. 31, 2019	1,714,767			$ 21,533		907,877		(39,050)	632,507	(87,440)	279,340
Beginning balance (in shares) at Dec. 31, 2019				38,194,056
Net income	140,489
Other comprehensive (loss) income	(10,924)
Ending balance at Jun. 30, 2020	1,736,082			$ 21,630		928,845		(46,268)	620,272	(87,440)	299,043
Ending balance (in shares) at Jun. 30, 2020				38,388,079
Beginning balance at Mar. 31, 2020	1,682,886			$ 21,610		920,190		(51,789)	601,771	(87,440)	278,544
Beginning balance (in shares) at Mar. 31, 2020				38,346,883
Net income	104,242								86,578		17,664
Other comprehensive (loss) income	8,356							5,521			2,835
Issuances of non-vested restricted shares of common stock				$ 8		(8)
Issuances of non-vested restricted shares of common stock (in shares)				15,500
Stock issuances from exercise of stock options and employee stock purchase plan	4,545			$ 16		4,529
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)				32,073
Retirement of common stock	(1,096)			$ (4)		(1,092)
Retirement of common stock (in shares)				(6,377)
Share-based compensation	5,226					5,226
Cash dividends declared and paid on Common and Class B common stock	(68,077)								(68,077)
Ending balance at Jun. 30, 2020	1,736,082			$ 21,630		928,845		(46,268)	620,272	(87,440)	299,043
Ending balance (in shares) at Jun. 30, 2020				38,388,079
Beginning balance at Dec. 31, 2020	1,779,761			$ 21,697		950,915		(34,867)	636,373	(87,440)	293,083
Beginning balance (in shares) at Dec. 31, 2020				38,521,694
Net income	66,127								55,092		11,035
Other comprehensive (loss) income	3,776							2,474			1,302
Issuances of non-vested restricted shares of common stock				$ 61		(61)
Issuances of non-vested restricted shares of common stock (in shares)				121,934
Forfeitures of non-vested restricted shares of common stock				$ (21)		21
Forfeitures of non-vested restricted shares of common stock (in shares)				(43,000)
Common stock contribution to 401(k) plan	5,154			$ 11		5,143
Common stock contribution to 401(k) plan (in shares)				22,752
Stock issuances from exercise of stock options and employee stock purchase plan	3,874			$ 12		3,862
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)				24,735
Share-based compensation	6,656					6,656
Cash dividends declared and paid on Common and Class B common stock	(68,521)								(68,521)
Ending balance at Mar. 31, 2021	1,796,827			$ 21,760		966,536		(32,393)	622,944	(87,440)	305,420
Ending balance (in shares) at Mar. 31, 2021				38,648,115
Beginning balance at Dec. 31, 2020	1,779,761			$ 21,697		950,915		(34,867)	636,373	(87,440)	293,083
Beginning balance (in shares) at Dec. 31, 2020				38,521,694
Net income	238,260
Other comprehensive (loss) income	7,764
Ending balance at Jun. 30, 2021	1,931,533			$ 21,799		979,430		(29,744)	691,658	(87,440)	355,830
Ending balance (in shares) at Jun. 30, 2021				38,725,245
Beginning balance at Mar. 31, 2021	1,796,827			$ 21,760		966,536		(32,393)	622,944	(87,440)	305,420
Beginning balance (in shares) at Mar. 31, 2021				38,648,115
Net income	172,133								144,102		28,031
Other comprehensive (loss) income	3,988							2,649			1,339
Issuances of non-vested restricted shares of common stock				$ 22		(22)
Issuances of non-vested restricted shares of common stock (in shares)				44,881
Forfeitures of non-vested restricted shares of common stock				$ (4)		4
Forfeitures of non-vested restricted shares of common stock (in shares)				(7,589)
Stock issuances from exercise of stock options and employee stock purchase plan	5,676			$ 18		5,658
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)				34,311
Retirement of common stock	(863)			$ (1)		(862)
Retirement of common stock (in shares)				(2,965)
Common stock issued for Acme Refrigeration of Baton Rouge LLC		$ 2,551			$ 4		$ 2,547
Common stock issued for Acme Refrigeration of Baton Rouge LLC (in shares)					8,492
Investment in TEC Distribution LLC			$ 21,040									$ 21,040
Share-based compensation	5,569					5,569
Cash dividends declared and paid on Common and Class B common stock	(75,388)								(75,388)
Ending balance at Jun. 30, 2021	$ 1,931,533			$ 21,799		$ 979,430		$ (29,744)	$ 691,658	$ (87,440)	$ 355,830
Ending balance (in shares) at Jun. 30, 2021				38,725,245

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Cash dividends declared and paid, common stock	$ 1.95	$ 1.775	$ 1.775	$ 1.60

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 238,260	$ 140,489
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,877	12,898
Share-based compensation	12,351	10,140
Deferred income tax provision	2,115	1,676
Other income from investment in unconsolidated entity	(10,210)	(5,117)
Other, net	6,150	6,475
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	(283,077)	(146,512)
Inventories, net	(173,539)	63,432
Accounts payable and other liabilities	282,852	182,957
Other, net	(6,897)	(5,183)
Net cash provided by operating activities	81,882	261,255
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(126,549)	0
Capital expenditures	(11,008)	(8,019)
Proceeds from sale of property and equipment	100	37
Proceeds from sale of equity securities	5,993	0
Net cash used in investing activities	(131,464)	(7,982)
Cash flows from financing activities:
Dividends on Common and Class B common stock	(143,909)	(129,315)
Net repayments of finance lease liabilities	(966)	(651)
Repurchases of common stock to satisfy employee withholding tax obligations	0	(1,034)
Payment of fees related to revolving credit agreement	0	(189)
Net proceeds from issuances of common stock	8,687	6,233
Proceeds from non-controlling interest for investment in TEC Distribution LLC	21,040
Net proceeds (repayments) under revolving credit agreement	114,167	(122,343)
Net cash used in financing activities	(981)	(247,299)
Effect of foreign exchange rate changes on cash and cash equivalents	1,283	(855)
Net (decrease) increase in cash and cash equivalents	(49,280)	5,119
Cash and cash equivalents at beginning of period	146,067	74,454
Cash and cash equivalents at end of period	96,787	$ 79,573
ACME Refrigeration LLC [Member]
Supplemental cash flow information:
Common stock issued	$ 2,551

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Basis of Consolidation Watsco, Inc. (collectively with its subsidiaries, “Watsco,” “we,” “us,” or “our”) w a r 10-K. The condensed consolidated unaudited financial statements include the accounts of Watsco, all of its wholly owned subsidiaries, the accounts of four joint ventures with Carrier Global Corporation, which we refer to as Carrier, the accounts of Carrier InterAmerica Corporation, of which we have an 80% controlling interest and Carrier has a 20% non-controlling The results of operations for the quarter and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. Sales of residential central air conditioners, heating equipment, and parts and supplies are seasonal. Furthermore, profitability can be impacted favorably or unfavorably based on weather patterns, particularly 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 first and fourth quarters. Demand related to the new construction sectors throughout most of the markets we serve tends to be fairly evenly distributed throughout the year and depends largely on housing completions and related weather and economic conditions. Equity Method Investments Investments in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in investment in unconsolidated entity in our condensed consolidated unaudited balance sheets. Under this method of accounting, our proportionate share of the net income or loss of the investee is included in other income in our condensed consolidated unaudited statements of income. The excess, if any, of the carrying amount of our investment over our ownership percentage in the underlying net assets of the investee is attributed to certain fair value adjustments with the remaining portion recognized as goodwill. 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 accounts contingencies the indefinite from Impact of COVID-19 Since COVID-19 COVID-19 COVID-19 COVID-19 impacted reasonably estimate .

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2021
REVENUES	2. REVENUES Disaggregation of Revenues The following table presents our revenues disaggregated by primary geographical regions and major product lines within our single reporting segment: Quarter Ended Six Months Ended 2021 2020 2021 2020 Primary Geographical Regions: United States $ 1,665,253 $ 1,226,649 $ 2,676,519 $ 2,126,193 Canada 113,880 71,917 188,372 127,258 Latin America and the Caribbean 70,507 56,819 120,867 110,090 $ 1,849,640 $ 1,355,385 $ 2,985,758 $ 2,363,541 Major Product Lines: HVAC equipment 71 % 71 % 69 % 69 % Other HVAC products 26 % 26 % 28 % 28 % Commercial refrigeration products 3 % 3 % 3 % 3 % 100 % 100 % 100 % 100 %

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE	3. EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings per share for our Common and Class B common stock: Quarter Ended Six Months Ended 2021 2020 2021 2020 Basic Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 144,102 $ 86,578 $ 199,194 $ 117,080 Less: distributed and undistributed earnings allocated to non-vested 12,779 7,439 17,618 11,082 Earnings allocated to Watsco, Inc. shareholders $ 131,323 $ 79,139 $ 181,576 $ 105,998 Weighted-average common shares outstanding - Basic 35,228,061 35,042,958 35,203,925 35,019,003 Basic earnings per share for Common and Class B common stock $ 3.73 $ 2.26 $ 5.16 $ 3.03 Allocation of earnings for Basic: Common stock $ 121,745 $ 73,323 $ 168,324 $ 98,202 Class B common stock 9,578 5,816 13,252 7,796 $ 131,323 $ 79,139 $ 181,576 $ 105,998 Diluted Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 144,102 $ 86,578 $ 199,194 $ 117,080 Less: distributed and undistributed earnings allocated to non-vested 12,748 7,439 17,596 11,082 Earnings allocated to Watsco, Inc. shareholders $ 131,354 $ 79,139 $ 181,598 $ 105,998 Weighted-average common shares outstanding - Basic 35,228,061 35,042,958 35,203,925 35,019,003 Effect of dilutive stock options 199,657 21,753 175,121 25,347 Weighted-average common shares outstanding - Diluted 35,427,718 35,064,711 35,379,046 35,044,350 Diluted earnings per share for Common and Class B common stock $ 3.71 $ 2.26 $ 5.13 $ 3.02 Anti-dilutive stock options not included above 10,907 208,641 7,144 182,122 Diluted earnings per share for our Common Common stock, respectively.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2021
OTHER COMPREHENSIVE INCOME (LOSS)	4. 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 (losses) gains on cash flow hedging instruments. The tax effects allocated to each Quarter Ended Six Months Ended 2021 2020 2021 2020 Foreign currency translation adjustment $ 4,016 $ 9,823 $ 7,473 $ (12,106 ) Unrealized (loss) gain on cash flow hedging instruments (6 ) (1,606 ) 97 1,867 Income tax benefit (expense) — 436 (27 ) (503 ) Unrealized (loss) gain on cash flow hedging instruments, net of ta x (6 ) (1,170 ) 70 1,364 Reclassification of (gain) loss on cash flow hedging instruments into earnings (28 ) (406 ) 305 (249 ) Income tax expense (benefit) 6 109 (84 ) 67 Reclassification of (gain) loss on cash flow hedging instruments into earnings, net of tax (22 ) (297 ) 221 (182 ) Other comprehensive income (loss) $ 3,988 $ 8,356 $ 7,764 $ (10,924 ) The changes in each component of accumulated other comprehensive loss, net of tax, were as follows: Six Months Ended June 30, 2021 2020 Foreign currency translation adjustment: Beginning balance $ (34,694 ) $ (38,599 ) Current period other comprehensive income (loss) 4,948 (7,927 ) Ending balanc e (29,746 ) (46,526 ) Cash flow hedging instruments: Beginning balance (173 ) (451 ) Current period other comprehensive income 43 818 Reclassification adjustment 132 (109 ) Ending balance 2 258 Accumulated other comprehensive loss, net of tax $ (29,744 ) $ (46,268 )

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2021
ACQUISITIONS	5. ACQUISITIONS Acme Refrigeration of Baton Rouge On May 7, 2021, we acquired certain assets and assumed certain liabilities of Acme Refrigeration of Baton Rouge LLC, a distributor of air conditioning, heating, and refrigeration products, operating from 18 locations in Louisiana and Mississippi, for $22,855 less certain average revolving indebtedness. Consideration for the net purchase price consisted of $18,051 in cash, 8,492 shares of Common stock having a fair value of $2,551, and $3,141 for repayment of indebtedness, net of cash acquired of $1,340. Temperature Equipment Corporation On April 9, 2021, we acquired certain assets and assumed certain liabilities comprising s , Carrier non-controlling and w e and $ for repayment o f indebtedness. The preliminary purchase price resulted in the recognition of $ in goodwill and intangibles. The fair value of the identified intangible assets was $ and consisted of $ in trade names and distribution rights, and $ in customer relationships to be amortized over an 18-year period. The tax basis of such goodwill is deductible for income tax purposes over years. The table below presents the allocation of the total consideration to tangible and intangible assets acquired and liabilities assumed from the acquisition of our % controlling interest in TEC based on their respective preliminary fair values as of April 9, 2021: Accounts receivable $ 33,315 Inventories 71,395 Other current assets 962 Property and equipment 2,590 Operating lease right-of-use 53,829 Goodwill 17,382 Intangibles 19,900 Accounts payable (25,393 ) Accrued expenses and other current liabilities (19,237 ) Operating lease liabilities, net of current portion (48,046 ) Total $ 106,697 The results of operations of these acquisitions have been included in the consolidated financial statements from their respective dates of acquisition. The pro forma effect of these acquisitions were not deemed significant to the consolidated financial statements.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2021
DERIVATIVES	6. DERIVATIVES We enter into foreign currency forward and option contracts to offset the earnings impact that foreign exchange rate fluctuations would otherwise have on certain monetary liabilities that are denominated in nonfunctional currencies. Cash Flow Hedging Instruments We enter into foreign currency forward contracts that are designated as cash flow hedges. The settlement of these derivatives results in reclassifications from accumulated other comprehensive loss to earnings for the period in which the settlement of these instruments occurs. The maximum period for which we hedge our cash flow using these instruments is 12 months. At June 30, 2021, no foreign currency forward contracts were designated as cash flow hedges. The impact from foreign exchange derivative instruments designated as cash flow hedges was as follows: Quarter Ended Six Months Ended 2021 2020 2021 2020 (Loss) gain recorded in accumulated other comprehensive los s $ (6 ) $ (1,606 ) $ 97 $ 1,867 (Gain) loss reclassified from accumulated other comprehensive loss into earnings $ (28 ) $ (406 ) $ 305 $ (249 ) At June 30, 2021, no pre-tax Derivatives Not Designated as Hedging Instruments We have also entered into foreign currency forward We recognized losses of $211 and $317 from foreign currency forward and option contracts not designated as hedging instruments in our condensed consolidated unaudited statements of income for the quarters ended June 30, 2021 and 2020, respectively. We recognized (losses) gains of $(184) and $511 from foreign currency forward and option contracts not designated as hedging instruments in our condensed consolidated unaudited statements of income for the six months ended June 30, 2021 and 2020, respectively . The following table summarizes the fair value of derivative instruments, which consist solely of foreign exchange contracts, included in accrued expenses and other current liabilities in our condensed consolidated unaudited balance sheets. See Note 7. Asset Derivatives Liability Derivatives June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Derivatives designated as hedging instruments $ — $ — $ — $ 91 Derivatives not designated as hedging instruments — — 5 10 Total derivative instruments $ — $ — $ 5 $ 101

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
FAIR VALUE MEASUREMENTS	7. FAIR VALUE MEASUREMENTS The following tables present our assets and liabilities carried at fair value that are measured on a recurring basis: Fair Value Measurements Balance Sheet Location Total Level 1 Level 2 Level 3 Assets: Equity securities Other assets $ 1,579 $ 1,579 $ — $ — Liabilities: Derivative financial instruments Accrued expenses and other current liabilities $ 5 $ — $ 5 $ — Fair Value Measurements Balance Sheet Location Total Level 1 Level 2 Level 3 Assets: Equity securities Other assets $ 6,065 $ 6,065 $ — $ — Liabilities: Derivative financial instruments Accrued expenses and other current liabilities $ 101 $ — $ 101 $ — 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: Equity securities Derivative financial instruments During the six months ended June 30, 2021, we recognized a realized gain of $3,815 recorded in our condensed consolidated unaudited statement of income attributable to the sale of certain equity securities.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2021
SHAREHOLDERS' EQUITY	8. SHAREHOLDERS’ EQUITY Common Stock Dividends We paid cash dividends of $1.95, $1.775, $3.725, and $3.375 per share of both Common stock and Class B common stock during the quarters and six months ended June 30, 2021 and 2020, respectively. Non-Vested There were no shares of non-vested non-vested Exercise of Stock Options Cash received from Common stock issued as a result of stock options exercised during the quarters and six months ended June 30, 2021 and 2020, was $4,377, $3,217, $7,846, and $5,405, respectively. During the quarter and six months ended June 30, 2021, 2,965 shares of Common stock with an aggregate fair market value of $863 were withheld as payment in lieu of cash for stock option exercises. These shares were retired upon delivery. During the quarter and six months ended June 30, 2020, 4,873 shares of Common stock with an aggregate fair market value of $853 were withheld as payment in lieu of cash for stock option exercises. These shares were retired upon delivery. Employee Stock Purchase Plan During the quarters ended June 30, 2021 and 2020, we received net proceeds of $436 and $475, respectively, for shares of our Common stock purchased under our employee stock purchase plan. During the six months ended June 30, 2021 and 2020, we received net proceeds of $841 and $828, respectively, for shares of our Common stock purchased under our employee stock purchase plan.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
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. Reserves in the amounts of $7,478 and $5,404 at June 30, 2021 and December 31, 2020, respectively, were established related to such programs and are included in accrued expenses and other current liabilities in our condensed consolidated unaudited balance sheets.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS Purchases from Carrier and its affiliates comprised 72% and 63% of all inventory purchases made during the quarters ended June 30, 2021 and 2020, respectively. Purchases from Carrier and its affiliates comprised 67% and 60% of all inventory purchases made during the six months ended June 30, 2021 and 2020, respectively. At June 30, 2021 a arm’s-length A member of our Board of Directors is the Senior Chairman of Greenberg Traurig, P.A., which serves as our principal outside counsel for compliance and acquisition-related legal services. During the quarters and six months ended June 30, 2021 and 2020, fees to this firm for services performed were $32, $0, $98 and $0, respectively. At June 30, 2021 and December 31, 2020, $1 and $8, respectively, was payable to this firm.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2021
Basis of Consolidation	Basis of Consolidation Watsco, Inc. (collectively with its subsidiaries, “Watsco,” “we,” “us,” or “our”) w a r 10-K. The condensed consolidated unaudited financial statements include the accounts of Watsco, all of its wholly owned subsidiaries, the accounts of four joint ventures with Carrier Global Corporation, which we refer to as Carrier, the accounts of Carrier InterAmerica Corporation, of which we have an 80% controlling interest and Carrier has a 20% non-controlling The results of operations for the quarter and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. Sales of residential central air conditioners, heating equipment, and parts and supplies are seasonal. Furthermore, profitability can be impacted favorably or unfavorably based on weather patterns, particularly 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 first and fourth quarters. Demand related to the new construction sectors throughout most of the markets we serve tends to be fairly evenly distributed throughout the year and depends largely on housing completions and related weather and economic conditions.
Equity Method Investments	Equity Method Investments Investments in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in investment in unconsolidated entity in our condensed consolidated unaudited balance sheets. Under this method of accounting, our proportionate share of the net income or loss of the investee is included in other income in our condensed consolidated unaudited statements of income. The excess, if any, of the carrying amount of our investment over our ownership percentage in the underlying net assets of the investee is attributed to certain fair value adjustments with the remaining portion recognized as goodwill.
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 accounts contingencies the indefinite from
Impact of COVID-19 Pandemic	Impact of COVID-19 Since COVID-19 COVID-19 COVID-19 COVID-19 impacted reasonably estimate .

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2021
Summary of Disaggregated Revenue	The following table presents our revenues disaggregated by primary geographical regions and major product lines within our single reporting segment: Quarter Ended Six Months Ended 2021 2020 2021 2020 Primary Geographical Regions: United States $ 1,665,253 $ 1,226,649 $ 2,676,519 $ 2,126,193 Canada 113,880 71,917 188,372 127,258 Latin America and the Caribbean 70,507 56,819 120,867 110,090 $ 1,849,640 $ 1,355,385 $ 2,985,758 $ 2,363,541 Major Product Lines: HVAC equipment 71 % 71 % 69 % 69 % Other HVAC products 26 % 26 % 28 % 28 % Commercial refrigeration products 3 % 3 % 3 % 3 % 100 % 100 % 100 % 100 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule of Basic and Diluted Earnings Per Common Share	Quarter Ended Six Months Ended 2021 2020 2021 2020 Basic Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 144,102 $ 86,578 $ 199,194 $ 117,080 Less: distributed and undistributed earnings allocated to non-vested 12,779 7,439 17,618 11,082 Earnings allocated to Watsco, Inc. shareholders $ 131,323 $ 79,139 $ 181,576 $ 105,998 Weighted-average common shares outstanding - Basic 35,228,061 35,042,958 35,203,925 35,019,003 Basic earnings per share for Common and Class B common stock $ 3.73 $ 2.26 $ 5.16 $ 3.03 Allocation of earnings for Basic: Common stock $ 121,745 $ 73,323 $ 168,324 $ 98,202 Class B common stock 9,578 5,816 13,252 7,796 $ 131,323 $ 79,139 $ 181,576 $ 105,998 Diluted Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 144,102 $ 86,578 $ 199,194 $ 117,080 Less: distributed and undistributed earnings allocated to non-vested 12,748 7,439 17,596 11,082 Earnings allocated to Watsco, Inc. shareholders $ 131,354 $ 79,139 $ 181,598 $ 105,998 Weighted-average common shares outstanding - Basic 35,228,061 35,042,958 35,203,925 35,019,003 Effect of dilutive stock options 199,657 21,753 175,121 25,347 Weighted-average common shares outstanding - Diluted 35,427,718 35,064,711 35,379,046 35,044,350 Diluted earnings per share for Common and Class B common stock $ 3.71 $ 2.26 $ 5.13 $ 3.02 Anti-dilutive stock options not included above 10,907 208,641 7,144 182,122

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss)	The tax effects allocated to each Quarter Ended Six Months Ended 2021 2020 2021 2020 Foreign currency translation adjustment $ 4,016 $ 9,823 $ 7,473 $ (12,106 ) Unrealized (loss) gain on cash flow hedging instruments (6 ) (1,606 ) 97 1,867 Income tax benefit (expense) — 436 (27 ) (503 ) Unrealized (loss) gain on cash flow hedging instruments, net of ta x (6 ) (1,170 ) 70 1,364 Reclassification of (gain) loss on cash flow hedging instruments into earnings (28 ) (406 ) 305 (249 ) Income tax expense (benefit) 6 109 (84 ) 67 Reclassification of (gain) loss on cash flow hedging instruments into earnings, net of tax (22 ) (297 ) 221 (182 ) Other comprehensive income (loss) $ 3,988 $ 8,356 $ 7,764 $ (10,924 )
Schedule of Accumulated Other Comprehensive Loss	The changes in each component of accumulated other comprehensive loss, net of tax, were as follows: Six Months Ended June 30, 2021 2020 Foreign currency translation adjustment: Beginning balance $ (34,694 ) $ (38,599 ) Current period other comprehensive income (loss) 4,948 (7,927 ) Ending balanc e (29,746 ) (46,526 ) Cash flow hedging instruments: Beginning balance (173 ) (451 ) Current period other comprehensive income 43 818 Reclassification adjustment 132 (109 ) Ending balance 2 258 Accumulated other comprehensive loss, net of tax $ (29,744 ) $ (46,268 )

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Summary of tangible and intangible assets acquired and liabilities assumed	The table below presents the allocation of the total consideration to tangible and intangible assets acquired and liabilities assumed from the acquisition of our % controlling interest in TEC based on their respective preliminary fair values as of April 9, 2021: Accounts receivable $ 33,315 Inventories 71,395 Other current assets 962 Property and equipment 2,590 Operating lease right-of-use 53,829 Goodwill 17,382 Intangibles 19,900 Accounts payable (25,393 ) Accrued expenses and other current liabilities (19,237 ) Operating lease liabilities, net of current portion (48,046 ) Total $ 106,697

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2021
Impact from Foreign Exchange Derivative Instruments Designated as Cash Flow Hedges	The impact from foreign exchange derivative instruments designated as cash flow hedges was as follows: Quarter Ended Six Months Ended 2021 2020 2021 2020 (Loss) gain recorded in accumulated other comprehensive los s $ (6 ) $ (1,606 ) $ 97 $ 1,867 (Gain) loss reclassified from accumulated other comprehensive loss into earnings $ (28 ) $ (406 ) $ 305 $ (249 )
Fair Value of Derivative Instruments and Location in the Balance Sheets	The following table summarizes the fair value of derivative instruments, which consist solely of foreign exchange contracts, included in accrued expenses and other current liabilities in our condensed consolidated unaudited balance sheets. See Note 7. Asset Derivatives Liability Derivatives June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Derivatives designated as hedging instruments $ — $ — $ — $ 91 Derivatives not designated as hedging instruments — — 5 10 Total derivative instruments $ — $ — $ 5 $ 101

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present our assets and liabilities carried at fair value that are measured on a recurring basis: Fair Value Measurements Balance Sheet Location Total Level 1 Level 2 Level 3 Assets: Equity securities Other assets $ 1,579 $ 1,579 $ — $ — Liabilities: Derivative financial instruments Accrued expenses and other current liabilities $ 5 $ — $ 5 $ — Fair Value Measurements Balance Sheet Location Total Level 1 Level 2 Level 3 Assets: Equity securities Other assets $ 6,065 $ 6,065 $ — $ — Liabilities: Derivative financial instruments Accrued expenses and other current liabilities $ 101 $ — $ 101 $ —

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	Jun. 30, 2021Entity
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Joint Ventures	4

Revenues - Summary of Disaggreg

Revenues - Summary of Disaggregated Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	100.00%	100.00%	100.00%	100.00%
Revenues	$ 1,849,640	$ 1,355,385	$ 2,985,758	$ 2,363,541
United States
Disaggregation of Revenue [Line Items]
Revenues	1,665,253	1,226,649	2,676,519	2,126,193
Canada
Disaggregation of Revenue [Line Items]
Revenues	113,880	71,917	188,372	127,258
Latin America and the Caribbean
Disaggregation of Revenue [Line Items]
Revenues	$ 70,507	$ 56,819	$ 120,867	$ 110,090
HVAC Equipment
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	71.00%	71.00%	69.00%	69.00%
Other HVAC Products
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	26.00%	26.00%	28.00%	28.00%
Commercial Refrigeration Products
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	3.00%	3.00%	3.00%	3.00%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Watsco, Inc. shareholders	$ 144,102	$ 86,578	$ 199,194	$ 117,080
Less: distributed and undistributed earnings allocated to non-vested restricted common stock	12,779	7,439	17,618	11,082
Earnings allocated to Watsco, Inc. shareholders – Basic	$ 131,323	$ 79,139	$ 181,576	$ 105,998
Weighted-average common shares outstanding - Basic	35,228,061	35,042,958	35,203,925	35,019,003
Basic earnings per share for Common and Class B common stock	$ 3.73	$ 2.26	$ 5.16	$ 3.03
Net income attributable to Watsco, Inc. shareholders	$ 144,102	$ 86,578	$ 199,194	$ 117,080
Less: distributed and undistributed earnings allocated to non-vested restricted common stock – Diluted	12,748	7,439	17,596	11,082
Earnings allocated to Watsco, Inc. shareholders – Diluted	$ 131,354	$ 79,139	$ 181,598	$ 105,998
Weighted-average common shares outstanding - Basic	35,228,061	35,042,958	35,203,925	35,019,003
Effect of dilutive stock options	199,657	21,753	175,121	25,347
Weighted-average common shares outstanding - Diluted	35,427,718	35,064,711	35,379,046	35,044,350
Diluted earnings per share for Common and Class B common stock	$ 3.71	$ 2.26	$ 5.13	$ 3.02
Anti-dilutive stock options not included above	10,907	208,641	7,144	182,122
Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings allocated to Watsco, Inc. shareholders – Basic	$ 121,745	$ 73,323	$ 168,324	$ 98,202
Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings allocated to Watsco, Inc. shareholders – Basic	$ 9,578	$ 5,816	$ 13,252	$ 7,796

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Line Items]
Class B common stock conversion, number of shares	2,569,236	2,575,482

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Components Of Other Comprehensive Income Loss [Line Items]
Foreign currency translation adjustment	$ 4,016		$ 9,823		$ 7,473	$ (12,106)
Unrealized (loss) gain on cash flow hedging instruments	(6)		(1,606)		97	1,867
Income tax benefit (expense)	0		436		(27)	(503)
Unrealized (loss) gain on cash flow hedging instruments, net of tax	(6)		(1,170)		70	1,364
Reclassification of (gain) loss on cash flow hedging instruments into earnings	(28)		(406)		305	(249)
Income tax expense (benefit)	6		109		(84)	67
Reclassification of (gain) loss on cash flow hedging instruments into earnings, net of tax	(22)		(297)		221	(182)
Other comprehensive income (loss)	$ 3,988	$ 3,776	$ 8,356	$ (19,280)	$ 7,764	$ (10,924)

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (34,867)
Ending balance	(29,744)	$ (46,268)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(34,694)	(38,599)
Current period other comprehensive income (loss)	4,948	(7,927)
Ending balance	(29,746)	(46,526)
Cash Flow Hedging Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(173)	(451)
Current period other comprehensive income (loss)	43	818
Reclassification adjustment	132	(109)
Ending balance	$ 2	$ 258

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands	May 07, 2021USD ($)Locationshares	Apr. 09, 2021USD ($)Location	Jun. 30, 2021USD ($)
ACME Refrigeration LLC [Member]
Business Acquisition [Line Items]
Number of locations in which the company operates | Location	18
Cash consideration for Business Acquisition	$ 18,051
Fair value of equity shares issued or issuable	$ 2,551		$ 2,551
Stock issued for acquisition | shares	8,492
Business combination consideration transferred liabilities incurred	$ 3,141
Business acquistion total consideration	22,855
Cash acquired from acquisition	$ 1,340
TEC Distribution LLC [Member]
Business Acquisition [Line Items]
Number of locations in which the company operates | Location		32
Cash consideration for Business Acquisition		$ 105,200
Businees acquisition total identifiable goodwill and intangibles		$ 37,282
Businesss acquistion goodwill expected period of tax deduction		15 years
Intangible assets acquired		$ 19,900
TEC Distribution LLC [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Amortization period		18 years
Finite lived intangible assets acquired		$ 4,200
TEC Distribution LLC [Member] | Trade Names and Distribution Rights [Member]
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired		15,700
TEC Distribution LLC [Member] | Carrier Global Corporation [Member]
Business Acquisition [Line Items]
Cash consideration for Business Acquisition		$ 21,040
Ownership percentage, by non-controlling owners		20.00%
TEC Distribution LLC [Member] | Watsco, Inc. [member]
Business Acquisition [Line Items]
Cash consideration for Business Acquisition		$ 84,160
Ownership percentage by parent		80.00%
Repayment of indebtedness for Business Acquisition		$ 1,497

Acquisitions - Summary of Tangi

Acquisitions - Summary of Tangible and Intangible Assets Acquired and Liabilities Assumed (Detail) - TEC Distribution LLC [Member] $ in Thousands	Apr. 09, 2021USD ($)
Business Acquisition [Line Items]
Accounts receivable	$ 33,315
Inventories	71,395
Other current assets	962
Property and equipment	2,590
Operating lease right-of-use assets	53,829
Goodwill	17,382
Intangibles	19,900
Accounts payable	(25,393)
Accrued expenses and other current liabilities	(19,237)
Operating lease liabilities, net of current portion	(48,046)
Total	$ 106,697

Derivatives - Impact from Forei

Derivatives - Impact from Foreign Exchange Derivative Instruments Designated as Cash Flow Hedges (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recorded in accumulated other comprehensive loss	$ (6)	$ (1,606)	$ 97	$ 1,867
Foreign Currency Forward Contracts | Cash Flow Hedge
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recorded in accumulated other comprehensive loss	(6)	(1,606)	97	1,867
(Gain) loss reclassified from accumulated other comprehensive loss into earnings	$ (28)	$ (406)	$ 305	$ (249)

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments and Location in the Balance Sheets (Detail) - Foreign Exchange Forward And Option Contracts [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative instruments, assets derivatives	$ 0
Derivative instruments, liabilities derivatives	5	101
Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative instruments, assets derivatives	0
Derivative instruments, liabilities derivatives	0	91
Derivatives Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative instruments, assets derivatives
Derivative instruments, liabilities derivatives	$ 5	$ 10

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)Contract	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Contract	Jun. 30, 2020USD ($)
Foreign Currency Forward Contracts | Cash Flow Hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum length of time hedged in cash flow hedge			12 months
Pre-tax gain to be reclassified into earnings within the next 12 months	$ 0		$ 0
Foreign Exchange Forward And Option Contracts [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value of derivatives	5,000		$ 5,000
Contract expiring terms			2021-07
(Loss) gain from foreign currency forward and option contracts not designated as hedging instruments	$ (211)	$ (317)	$ (184)	$ 511
Number of derivative contracts | Contract	1		1

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Equity securities	$ 1,579	$ 6,065
Liabilities:
Derivative financial instruments	5	101
Fair Value Measurements, Level 1 | Other assets
Assets:
Equity securities	1,579	6,065
Fair Value Measurements, Level 2 | Accrued expenses and other current liabilities
Liabilities:
Derivative financial instruments	$ 5	$ 101

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Fair Value Disclosures [Abstract]
Equity Securities, FV-NI, Realized Gain	$ 3,815

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stockholders Equity Note [Line Items]
Shares withheld as payment for tax withholdings related to share based compensation, market value			$ 0	$ 1,034
Common and Class B Common Stock | Non-Vested Restricted Stock
Stockholders Equity Note [Line Items]
Shares withheld as payment for tax withholdings related to share based compensation, shares		1,504		6,332
Shares withheld as payment for tax withholdings related to share based compensation, market value		$ 243		$ 1,034
Common Stock | Stock Option
Stockholders Equity Note [Line Items]
Net proceeds from the sale of Common stock	$ 4,377	$ 3,217	$ 7,846	$ 5,405
Shares withheld as payment for tax withholdings related to share based compensation, shares	2,965	4,873	2,965	4,873
Shares withheld as payment for tax withholdings related to share based compensation, market value	$ 863	$ 853	$ 863	$ 853
Common Stock | Employee Stock Purchase Plan [Member]
Stockholders Equity Note [Line Items]
Net proceeds from shares purchased under ESPP	$ 436	$ 475	$ 841	$ 828
Common Stock | Class B Common Stock
Stockholders Equity Note [Line Items]
Cash dividends paid per share of Common and Class B common stock	$ 1.95	$ 1.775	$ 3.725	$ 3.375

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Line Items]
Self-insurance reserves	$ 7,478	$ 5,404

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Greenberg Traurig, P.A.
Related Party Transaction [Line Items]
Amount payable to related party	$ 1		$ 1		$ 8
Related Party Transaction	32	$ 0	98	$ 0
Carrier and Its Affiliates | Supplier Concentration Risk
Related Party Transaction [Line Items]
Amount payable to Carrier and its affiliates, net of receivables	150,000		150,000		$ 81,000
Revenues from sales to Carrier and its affiliates	$ 33,000	$ 33,000	$ 56,000	$ 55,000
Carrier and Its Affiliates | Supplier Concentration Risk | Cost of Goods, Total
Related Party Transaction [Line Items]
Percentage of purchases from key suppliers	72.00%	63.00%	67.00%	60.00%