Watsco (WSO) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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 Address, City or Town	Miami
Entity Tax Identification Number	59-0778222
Entity Address, Postal Zip Code	33133
Entity Address, Address Line One	2665 South Bayshore Drive
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		33,866,284
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		5,527,941

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 2,126,845	$ 2,035,796	$ 5,680,570	$ 5,693,121
Cost of sales	1,559,900	1,484,948	4,102,846	4,096,382
Gross profit	566,945	550,848	1,577,724	1,596,739
Selling, general and administrative expenses	319,834	321,522	911,046	919,629
Other income	9,506	6,927	20,384	17,289
Operating income	256,617	236,253	687,062	694,399
Interest expense, net	1,890	483	5,920	2,151
Income before income taxes	254,727	235,770	681,142	692,248
Income taxes	54,103	49,600	144,744	145,682
Net income	200,624	186,170	536,398	546,566
Less: net income attributable to non-controlling interest	29,671	28,529	82,608	83,070
Net income attributable to Watsco, Inc.	$ 170,953	$ 157,641	$ 453,790	$ 463,496
Earnings per share for Common and Class B common stock:
Basic	$ 4.36	$ 4.04	$ 11.64	$ 11.9
Diluted	$ 4.35	$ 4.03	$ 11.6	$ 11.86

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 200,624	$ 186,170	$ 536,398	$ 546,566
Other comprehensive (loss) income, net of tax Foreign currency translation adjustment	(6,966)	(19,091)	409	(24,091)
Other comprehensive (loss) income	(6,966)	(19,091)	409	(24,091)
Comprehensive income	193,658	167,079	536,807	522,475
Less: comprehensive income attributable to non-controlling interest	27,350	22,040	82,712	74,911
Comprehensive income attributable to Watsco, Inc.	$ 166,308	$ 145,039	$ 454,095	$ 447,564

Condensed Consolidated Unaudi_3

Condensed Consolidated Unaudited Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 175,022	$ 147,505
Accounts receivable, net	949,317	747,110
Inventories, net	1,549,740	1,370,173
Other current assets	56,493	33,951
Total current assets	2,730,572	2,298,739
Property and equipment, net	134,076	125,424
Operating lease right-of-use assets	362,901	317,314
Goodwill	491,522	430,711
Intangible assets, net	172,473	175,191
Investment in unconsolidated entity	137,596	132,802
Other assets	9,927	8,033
Total assets	4,039,067	3,488,214
Current liabilities:
Current portion of lease liabilities	98,507	90,597
Borrowings under revolving credit agreement	0	56,400
Accounts payable	509,308	456,128
Accrued expenses and other current liabilities	279,813	303,397
Total current liabilities	887,628	906,522
Long-term obligations:
Borrowings under revolving credit agreement	105,600	0
Operating lease liabilities, net of current portion	272,154	232,144
Finance lease liabilities, net of current portion	12,585	11,388
Total long-term obligations	390,339	243,532
Deferred income taxes and other liabilities	95,338	89,882
Commitments and contingencies
Watsco, Inc. shareholders' equity:
Preferred stock, $0.50 par value	0	0
Paid-in capital	1,138,749	973,060
Accumulated other comprehensive loss, net of tax	(47,405)	(47,710)
Retained earnings	1,197,184	1,029,516
Treasury stock, at cost	(86,630)	(87,440)
Total Watsco, Inc. shareholders' equity	2,224,009	1,889,237
Non-controlling interest	441,753	359,041
Total shareholders' equity	2,665,762	2,248,278
Total liabilities and shareholders' equity	4,039,067	3,488,214
Common Stock
Watsco, Inc. shareholders' equity:
Common stock	19,323	19,054
Class B Common Stock
Watsco, Inc. shareholders' equity:
Common stock	$ 2,788	$ 2,757

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value	$ 0.5	$ 0.5
Common Stock
Common stock, par value	0.5	0.5
Class B Common Stock
Common stock, par value	$ 0.5	$ 0.5

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock, Class B Common Stock and Preferred Stock	Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock	Non-controlling Interest
Beginning balance at Dec. 31, 2021	$ 1,997,415	$ 21,836	$ 1,003,932	$ (34,176)	$ 760,796	$ (87,440)	$ 332,467
Beginning balance (in shares) at Dec. 31, 2021		38,799,632
Net income	134,890				113,298		21,592
Other comprehensive income (loss)	4,381			2,935			1,446
Issuances of restricted shares of common stock	0	$ 53	(53)
Issuances of restricted shares of common stock (in shares)		105,882
Common stock contribution to 401(k) plan	6,737	$ 11	6,726
Common stock contribution to 401(k) plan (in shares)		21,532
Stock issuances from exercise of stock options and employee stock purchase plan	4,420	$ 12	4,408
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)		24,850
Share-based compensation	8,667		8,667
Cash dividends declared and paid on Common and Class B common stock	(75,795)				(75,795)
Ending balance at Mar. 31, 2022	2,080,715	$ 21,912	1,023,680	(31,241)	798,299	(87,440)	355,505
Ending balance (in shares) at Mar. 31, 2022		38,951,896
Beginning balance at Dec. 31, 2021	1,997,415	$ 21,836	1,003,932	(34,176)	760,796	(87,440)	332,467
Beginning balance (in shares) at Dec. 31, 2021		38,799,632
Net income	546,566
Other comprehensive income (loss)	(24,091)
Ending balance at Sep. 30, 2022	2,316,153	$ 21,956	1,047,317	(50,108)	977,050	(87,440)	407,378
Ending balance (in shares) at Sep. 30, 2022		39,039,334
Beginning balance at Mar. 31, 2022	2,080,715	$ 21,912	1,023,680	(31,241)	798,299	(87,440)	355,505
Beginning balance (in shares) at Mar. 31, 2022		38,951,896
Net income	225,506				192,557		32,949
Other comprehensive income (loss)	(9,381)			(6,265)			(3,116)
Issuances of restricted shares of common stock	0	$ 11	(11)
Issuances of restricted shares of common stock (in shares)		21,177
Forfeitures of restricted shares of common stock	0	$ (5)	5
Forfeitures of restricted shares of common stock (in shares)		(10,000)
Common stock contribution to 401(k) plan	9	$ 0	9
Common stock contribution to 401(k) plan (in shares)		28
Stock issuances from exercise of stock options and employee stock purchase plan	3,807	$ 11	3,796
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)		21,939
Retirement of common stock	(2,179)	$ (4)	(2,175)
Retirement of common stock (in shares)		(8,181)
Share-based compensation	6,987		6,987
Cash dividends declared and paid on Common and Class B common stock	(85,689)				(85,689)
Ending balance at Jun. 30, 2022	2,219,775	$ 21,925	1,032,291	(37,506)	905,167	(87,440)	385,338
Ending balance (in shares) at Jun. 30, 2022		38,976,859
Net income	186,170				157,641		28,529
Other comprehensive income (loss)	(19,091)			(12,602)			(6,489)
Issuances of restricted shares of common stock	0	$ 7	(7)
Issuances of restricted shares of common stock (in shares)		13,000
Stock issuances from exercise of stock options and employee stock purchase plan	8,664	$ 25	8,639
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)		51,407
Retirement of common stock	(549)	$ (1)	(548)
Retirement of common stock (in shares)		(1,932)
Share-based compensation	6,942		6,942
Cash dividends declared and paid on Common and Class B common stock	(85,758)				(85,758)
Ending balance at Sep. 30, 2022	2,316,153	$ 21,956	1,047,317	(50,108)	977,050	(87,440)	407,378
Ending balance (in shares) at Sep. 30, 2022		39,039,334
Beginning balance at Dec. 31, 2022	2,248,278	$ 21,811	973,060	(47,710)	1,029,516	(87,440)	359,041
Beginning balance (in shares) at Dec. 31, 2022		38,749,887
Net income	130,371				110,073		20,298
Other comprehensive income (loss)	260			170			90
Issuances of restricted shares of common stock	0	$ 58	(58)
Issuances of restricted shares of common stock (in shares)		116,510
Forfeitures of restricted shares of common stock	0	$ (1)	1
Forfeitures of restricted shares of common stock (in shares)		(2,000)
Common stock contribution to 401(k) plan	8,862	$ 18	8,844
Common stock contribution to 401(k) plan (in shares)		35,533
Stock issuances from exercise of stock options and employee stock purchase plan	12,985	$ 38	12,947
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)		75,186
Issuance of Class B common stock (in shares)		632
Issuance of Class B common stock	200	$ 0	200
Retirement of common stock	(6,452)	$ (11)	(6,441)
Retirement of common stock (in shares)		(21,702)
Share-based compensation	8,763		8,763
Cash dividends declared and paid on Common and Class B common stock	(94,970)				(94,970)
Ending balance at Mar. 31, 2023	2,308,297	$ 21,913	997,316	(47,540)	1,044,619	(87,440)	379,429
Ending balance (in shares) at Mar. 31, 2023		38,954,046
Beginning balance at Dec. 31, 2022	2,248,278	$ 21,811	973,060	(47,710)	1,029,516	(87,440)	359,041
Beginning balance (in shares) at Dec. 31, 2022		38,749,887
Net income	536,398
Other comprehensive income (loss)	409
Ending balance at Sep. 30, 2023	2,665,762	$ 22,111	1,138,749	(47,405)	1,197,184	(86,630)	441,753
Ending balance (in shares) at Sep. 30, 2023		39,394,529
Beginning balance at Mar. 31, 2023	2,308,297	$ 21,913	997,316	(47,540)	1,044,619	(87,440)	379,429
Beginning balance (in shares) at Mar. 31, 2023		38,954,046
Net income	205,403				172,764		32,639
Other comprehensive income (loss)	7,115			4,780			2,335
Issuances of restricted shares of common stock	0	$ 19	(19)
Issuances of restricted shares of common stock (in shares)		38,000
Forfeitures of restricted shares of common stock	0	$ 0	0
Forfeitures of restricted shares of common stock (in shares)		(467)
Stock issuances from exercise of stock options and employee stock purchase plan	5,637	$ 15	5,622
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)		30,794
Retirement of common stock	(595)	$ (1)	(594)
Retirement of common stock (in shares)		(1,737)
Share-based compensation	6,828		6,828
Net proceeds from the sale of Common stock	14,804		13,994			810
Net proceeds from the sale of Common stock (in shares)		45,000
Cash dividends declared and paid on Common and Class B common stock	(95,439)				(95,439)
Ending balance at Jun. 30, 2023	2,452,050	$ 21,946	1,023,147	(42,760)	1,121,944	(86,630)	414,403
Ending balance (in shares) at Jun. 30, 2023		39,065,636
Net income	200,624				170,953		29,671
Other comprehensive income (loss)	(6,966)			(4,645)			(2,321)
Issuances of restricted shares of common stock	0	$ 7	(7)
Issuances of restricted shares of common stock (in shares)		13,607
Forfeitures of restricted shares of common stock	0	$ (1)	1
Forfeitures of restricted shares of common stock (in shares)		(1,000)
Stock issuances from exercise of stock options and employee stock purchase plan	6,629	$ 19	6,610
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)		37,399
Retirement of common stock	(467)	$ 0	(467)
Retirement of common stock (in shares)		(1,328)
Common stock issued for Gateway Supply Company, Inc.	102,343	$ 140	102,203
Common stock issued for Gateway Supply Company, Inc. (in shares)		280,215
Share-based compensation	7,262		7,262
Cash dividends declared and paid on Common and Class B common stock	(95,713)				(95,713)
Ending balance at Sep. 30, 2023	$ 2,665,762	$ 22,111	$ 1,138,749	$ (47,405)	$ 1,197,184	$ (86,630)	$ 441,753
Ending balance (in shares) at Sep. 30, 2023		39,394,529

Condensed Consolidated Unaudi_6

Condensed Consolidated Unaudited Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Cash dividends declared and paid, common stock	$ 2.45	$ 2.45	$ 2.45	$ 2.2	$ 2.2	$ 1.95

Condensed Consolidated Unaudi_7

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 536,398	$ 546,566
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	25,406	23,440
Share-based compensation	20,791	22,017
Non-cash contribution to 401(k) plan	8,862	6,746
Deferred income tax provision	5,892	6,311
Other income from investment in unconsolidated entity	(20,384)	(17,289)
Other, net	2,841	5,672
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	(184,106)	(170,746)
Inventories, net	(143,746)	(276,653)
Accounts payable and other liabilities	17,608	212,829
Other, net	(6,222)	(13)
Net cash provided by operating activities	263,340	358,880
Cash flows from investing activities:
Capital expenditures	(25,500)	(26,526)
Business acquisitions, net of cash acquired	(3,827)	(47)
Proceeds from sale of property and equipment	1,277	167
Net cash used in investing activities	(28,050)	(26,406)
Cash flows from financing activities:
Net proceeds under current revolving credit agreement	105,600	0
Net proceeds from issuances of Common stock under employee-related plans	20,373	16,635
Net proceeds from the sale of Common stock	15,179	0
Payment of fees related to revolving credit agreement	(837)	0
Repurchases of common stock to satisfy employee withholding tax obligations	(2,639)	(2,471)
Net repayments of finance lease liabilities	(2,794)	(2,206)
Net repayments under prior revolving credit agreement	(56,400)	(80,200)
Dividends on Common and Class B common stock	(286,122)	(247,242)
Net cash used in financing activities	(207,640)	(315,484)
Effect of foreign exchange rate changes on cash and cash equivalents	(133)	(5,030)
Net increase in cash and cash equivalents	27,517	11,960
Cash and cash equivalents at beginning of period	147,505	118,268
Cash and cash equivalents at end of period	175,022	130,228
Supplemental cash flow information:
Common stock issued for Gateway Supply Company, Inc.	$ 102,343	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 170,953	$ 157,641	$ 453,790	$ 463,496

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2023
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Basis of Consolidation Watsco, Inc. (collectively with its subsidiaries, “Watsco,” the Company”, “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 in North America. The accompanying September 30, 2023 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, but 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 included herein. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2022 Annual Report on Form 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, in which we have a controlling interest, the accounts of Carrier InterAmerica Corporation, in which we have an 80% controlling interest, and Carrier has a 20% non-controlling The results of operations for the quarter and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. 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 of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, net realizable value adjustments to inventories, income taxes, reserves related to loss contingencies and the valuation of goodwill, indefinite-lived intangible assets, and long-lived assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2023
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 Nine Months Ended 2023 2022 2023 2022 Primary Geographical Regions: United States $ 1,924,556 $ 1,851,071 $ 5,118,591 $ 5,156,846 Canada 100,030 100,567 288,653 303,149 Latin America and the Caribbean 102,259 84,158 273,326 233,126 $ 2,126,845 $ 2,035,796 $ 5,680,570 $ 5,693,121 Major Product Lines: HVAC equipment 70 % 69 % 69 % 69 % Other HVAC products 26 % 27 % 27 % 27 % Commercial refrigeration products 4 % 4 % 4 % 4 % 100 % 100 % 100 % 100 %

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2023
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 Nine Months Ended 2023 2022 2023 2022 Basic Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 170,953 $ 157,641 $ 453,790 $ 463,496 Less: distributed and undistributed earnings allocated to 11,921 14,387 31,248 42,293 Earnings allocated to Watsco, Inc. shareholders $ 159,032 $ 143,254 $ 422,542 $ 421,203 Weighted-average common shares outstanding—Basic 36,446,825 35,450,277 36,315,680 35,401,179 Basic earnings per share for Common and Class B common $ 4.36 $ 4.04 $ 11.64 $ 11.90 Allocation of earnings for Basic: Common stock $ 144,942 $ 132,846 $ 384,970 $ 390,557 Class B common stock 14,090 10,408 37,572 30,646 $ 159,032 $ 143,254 $ 422,542 $ 421,203 Diluted Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 170,953 $ 157,641 $ 453,790 $ 463,496 Less: distributed and undistributed earnings allocated to 11,903 14,368 31,211 42,228 Earnings allocated to Watsco, Inc. shareholders $ 159,050 $ 143,273 $ 422,579 $ 421,268 Weighted-average common shares outstanding—Basic 36,446,825 35,450,277 36,315,680 35,401,179 Effect of dilutive stock options 132,583 112,008 122,395 128,309 Weighted-average common shares outstanding—Diluted 36,579,408 35,562,285 36,438,075 35,529,488 Diluted earnings per share for Common and Class B common $ 4.35 $ 4.03 $ 11.60 $ 11.86 Anti-dilutive stock options not included above 24,988 208,610 37,533 181,115 Diluted earnings per share for our Common stock assumes the conversion of all of our Class B common stock into Common stock as the our

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2023
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. The change in accumulated other comprehensive loss, net of tax, was as follows: Nine Months Ended September 30, 2023 2022 Foreign currency translation adjustment: Beginning balance $ (47,710 ) $ (34,176 ) Current period other comprehensive income (loss) 305 (15,932 ) Ending balance $ (47,405 ) $ (50,108 )

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2023
ACQUISITIONS	5. ACQUISITIONS Gateway Supply Company, Inc. On September 1, 2023, we acquired substantially all the assets and assumed certain of the liabilities of Gateway Supply Company, Inc. (“GWS”), a plumbing and HVAC distributor operating from 15 locations in South Carolina and one location in Charlotte, North Carolina. We formed a new, wholly owned subsidiary, Gateway Supply LLC, that operates this business. Consideration for the net purchase price consisted of $4,000 in cash , net of cash acquired of $3,097, and 280,215 shares of Common stock having a fair value of $102,343 . Of the 280,215 shares of Common stock issued, 21,228 shares are subject to a contractual restriction that generally prohibits the sale or other transfer of such shares by GWS and its permitted transferees for a period of one year following the closing date with respect to half of such shares, and two years following the closing date with respect to the other half of such shares. The preliminary $ Capitol District Supply Co., Inc. On March 3, 2023, one of our wholly owned subsidiaries acquired Capitol District Supply Co., Inc., a distributor of air conditioning and heating products with annual sales of approximately $13,000, operating from three locations in New York. Consideration for the purchase consisted of $1,217 in cash, net of cash acquired of $144, and $1,851 for repayment of indebtedness. The preliminary initial estimated The results of operations of these acquisitions have been included in the condensed consolidated unaudited financial statements from their respective dates of acquisition. The pro forma effect of the acquisitions was not deemed significant to the condensed consolidated unaudited financial statements.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
DEBT	6. DEBT On March 16, 2023, we entered into an unsecured, five-year $600,000 syndicated multicurrency revolving credit agreement, which replaced in its entirety our prior five-year $560,000 unsecured revolving credit agreement that was nearing maturity. Proceeds from the new facility were used to repay the $235,500 outstanding under the prior facility. Additional proceeds may be used for, among other things, funding seasonal working capital needs and other general corporate purposes, including acquisitions, dividends (if and as declared by our Board of Directors), capital expenditures, stock repurchases, and issuances of letters of credit. The revolving credit facility has a seasonal component from October 1 to March 31, during which the borrowing capacity may be reduced to $500,000 at our discretion (which effectively reduces fees payable in respect of the unused portion of the commitment ), and we effected this reduction on October 1, 2023. Included in the revolving credit facility are a $125,000 swingline loan sublimit, a $10,000 letter of credit sublimit, a $75,000 alternative currency borrowing sublimit, and an $10,000 Mexican borrowing subfacility. The credit agreement matures on March 16, 2028. Borrowings under the revolving credit facility bear interest at either Term Secured Overnight Financing Rate (“SOFR”) or Daily Simple SOFR-based rates plus 0.10%, plus a spread which ranges from 100.0 to 137.5 basis-points (Term SOFR and Daily Simple SOFR plus 100.0 basis-points at September 30, 2023), depending on our ratio of total debt to EBITDA, or on rates based on the highest of the Federal Funds Effective Rate plus 0.5%, the Prime Rate or Term SOFR plus 1.0%, in each case plus a spread which ranges from 0 to 50.0 basis-points (0 basis-points at September 30, 2023), depending on our ratio of total debt to EBITDA. We pay a variable commitment fee on the unused portion of the commitment under the revolving credit agreement, ranging from 12.5 to 27.5 basis-points (12.5 basis-points at September 30, 2023). We paid fees of $837 in connection with entering into the revolving credit agreement, which are being amortized ratably through the maturity of the facility in March 2028. At September 30, 2023, $105,600 was outstanding under the revolving credit agreement. 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, 2023.

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2023
DERIVATIVES	7. 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. Derivatives Not Designated as Hedging Instruments We have entered into foreign currency forward and option contracts that are either not designated as hedges or did not qualify for hedge accounting. These derivative instruments were effective economic hedges for all of the periods presented. The fair value gains and losses on these contracts are recognized in earnings as a component of selling, general and administrative expenses. The total notional value of our foreign currency exchange contracts not designated as hedging instruments at September 30, 2023 was $6,600, and such contracts expired in October 2023. We recognized losses of $371 and $149 from foreign currency forward and option contracts not designated as hedging instruments in our condensed consolidated unaudited statements of income for the quarters ended September 30, 2023 and 2022, respectively. We recognized losses of $2,423 and $524 from foreign currency forward and option contracts not designated as hedging instruments in our condensed consolidated unaudited statements of income for the nine months ended September 30, 2023 and 2022, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
FAIR VALUE MEASUREMENTS	8. FAIR VALUE MEASUREMENTS The following tables present our assets and liabilities carried at fair value that are measured on a recurring basis: Total Fair Value Measurements Balance Sheet Location Level 1 Level 2 Level 3 Assets: Derivative financial instruments Other current assets $ 9 —  $ 9 —  Equity securities Other assets $ 773 $ 773 —  —  Private equities Other assets $ 1,500 —  —  $ 1,500 Total Fair Value Measurements Balance Sheet Location Level 1 Level 2 Level 3 Assets: Equity securities Other assets $ 678 $ 678 —  —  Private equities Other assets $ 1,000 —  —  $ 1,000 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: Derivative financial instruments Equity securities Private equities

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2023
SHAREHOLDERS' EQUITY	9. SHAREHOLDERS’ EQUITY At-the-Market On February 25, 2022, we entered into an amended and restated sales agreement with Robert W. Baird & Co. Inc. (“Baird”) and Goldman Sachs & Co. LLC (“GS”), which enables the Company to issue and sell shares of Common stock in one or more negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), for a maximum aggregate offering amount of up the “ATM Program”). The offer and sale of our Common stock pursuant to the ATM Program has been registered under the Securities Act pursuant to our automatically effective shelf registration statement on Form S-3 No. 333-260758). During paid-in On November 3, 2023, we entered into a second amended and restated sales agreement with Baird, which removed GS as a sales agent under the ATM Program. Common Stock Dividends We paid cash dividends of $2.45, $2.20, $7.35, and $6.35 per share on both Common and Class B common stock during the quarters and nine months ended September 30, 2023 and 2022, respectively. Restricted Stock During the quarter and nine months ended September 30, 2023, a total of 1,033 shares of Common and Class B common stock with an aggregate fair market value of $362, and a total of 7,080 shares of Common and Class B common stock with an aggregate fair market value of $2,026, respectively, were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of restricted stock. These shares were retired upon delivery. During the quarter and nine months ended September 30, 2022, a total of 879 shares of Class B common stock with an aggregate fair market value of $252, and a total of 9,060 shares of Class B common stock with an aggregate fair market value of $2,431, respectively, were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of restricted stock. These shares were retired upon delivery. Exercise of Stock Options Cash received from Common stock issued as a result of stock options exercised during the quarters and nine months ended September 30, 2023 and 2022, was $5,983, $7,929, $18,677, and $15,151, respectively. During the quarter and nine months ended September 30, 2023, a total of 295 shares of Common stock with an aggregate fair market value of $106 , and a total of 17,687 shares of Common stock with an aggregate fair market value of $ 5,489 , respectively, were withheld as payment in lieu of cash for stock option exercises. These shares were retired upon delivery. During both the quarter and nine months ended September 30, 2022, a total of 1,053 shares of Common stock with an aggregate fair market value of $298 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 September 30, 2023 and 2022, we received net proceeds of $563 and $478, respectively, for shares of our Common stock purchased under our employee stock purchase plan. During the nine months ended September 30, 2023 and 2022, we received net proceeds of $1,696 and $1,484, respectively, for shares of our Common stock purchased under our employee stock purchase plan.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES	10. 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 several 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 $10,066 and $12,256 at September 30, 2023 and December 31, 2022, 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	9 Months Ended
	Sep. 30, 2023
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS Purchases from Carrier and its affiliates comprised 67% and 63% of all inventory purchases made during the quarters ended September 30, 2023 and 2022, respectively. Purchases from Carrier and its affiliates comprised 65% and 60% of all inventory purchases made during the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023 and December 31, 2022, approximately $178,000 and $88,000, respectively, was payable to Carrier and its affiliates, net of receivables. We 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, 2023 and 2022 included approximately $34,000, $26,000, $88,000, and $76,000, respectively, of sales to Carrier and its affiliates. We believe these transactions are conducted on terms equivalent to an 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 nine months ended September 30, 2023 and 2022, fees for services performed were $60, $ 50 and $

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2023
Basis of Consolidation	Basis of Consolidation Watsco, Inc. (collectively with its subsidiaries, “Watsco,” the Company”, “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 in North America. The accompanying September 30, 2023 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, but 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 included herein. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2022 Annual Report on Form 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, in which we have a controlling interest, the accounts of Carrier InterAmerica Corporation, in which we have an 80% controlling interest, and Carrier has a 20% non-controlling The results of operations for the quarter and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. 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 of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, net realizable value adjustments to inventories, income taxes, reserves related to loss contingencies and the valuation of goodwill, indefinite-lived intangible assets, and long-lived assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2023
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 Nine Months Ended 2023 2022 2023 2022 Primary Geographical Regions: United States $ 1,924,556 $ 1,851,071 $ 5,118,591 $ 5,156,846 Canada 100,030 100,567 288,653 303,149 Latin America and the Caribbean 102,259 84,158 273,326 233,126 $ 2,126,845 $ 2,035,796 $ 5,680,570 $ 5,693,121 Major Product Lines: HVAC equipment 70 % 69 % 69 % 69 % Other HVAC products 26 % 27 % 27 % 27 % Commercial refrigeration products 4 % 4 % 4 % 4 % 100 % 100 % 100 % 100 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
Schedule of Basic and Diluted Earnings Per Common Share	The following table presents the calculation of basic and diluted earnings per share for our Common and Class B common stock: Quarter Ended Nine Months Ended 2023 2022 2023 2022 Basic Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 170,953 $ 157,641 $ 453,790 $ 463,496 Less: distributed and undistributed earnings allocated to 11,921 14,387 31,248 42,293 Earnings allocated to Watsco, Inc. shareholders $ 159,032 $ 143,254 $ 422,542 $ 421,203 Weighted-average common shares outstanding—Basic 36,446,825 35,450,277 36,315,680 35,401,179 Basic earnings per share for Common and Class B common $ 4.36 $ 4.04 $ 11.64 $ 11.90 Allocation of earnings for Basic: Common stock $ 144,942 $ 132,846 $ 384,970 $ 390,557 Class B common stock 14,090 10,408 37,572 30,646 $ 159,032 $ 143,254 $ 422,542 $ 421,203 Diluted Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 170,953 $ 157,641 $ 453,790 $ 463,496 Less: distributed and undistributed earnings allocated to 11,903 14,368 31,211 42,228 Earnings allocated to Watsco, Inc. shareholders $ 159,050 $ 143,273 $ 422,579 $ 421,268 Weighted-average common shares outstanding—Basic 36,446,825 35,450,277 36,315,680 35,401,179 Effect of dilutive stock options 132,583 112,008 122,395 128,309 Weighted-average common shares outstanding—Diluted 36,579,408 35,562,285 36,438,075 35,529,488 Diluted earnings per share for Common and Class B common $ 4.35 $ 4.03 $ 11.60 $ 11.86 Anti-dilutive stock options not included above 24,988 208,610 37,533 181,115

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 2023
Schedule of Accumulated Other Comprehensive Loss	The change in accumulated other comprehensive loss, net of tax, was as follows: Nine Months Ended September 30, 2023 2022 Foreign currency translation adjustment: Beginning balance $ (47,710 ) $ (34,176 ) Current period other comprehensive income (loss) 305 (15,932 ) Ending balance $ (47,405 ) $ (50,108 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
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: Total Fair Value Measurements Balance Sheet Location Level 1 Level 2 Level 3 Assets: Derivative financial instruments Other current assets $ 9 —  $ 9 —  Equity securities Other assets $ 773 $ 773 —  —  Private equities Other assets $ 1,500 —  —  $ 1,500 Total Fair Value Measurements Balance Sheet Location Level 1 Level 2 Level 3 Assets: Equity securities Other assets $ 678 $ 678 —  —  Private equities Other assets $ 1,000 —  —  $ 1,000

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	Sep. 30, 2023 Entity
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	100%	100%	100%	100%
Revenues	$ 2,126,845	$ 2,035,796	$ 5,680,570	$ 5,693,121
United States
Disaggregation of Revenue [Line Items]
Revenues	1,924,556	1,851,071	5,118,591	5,156,846
Canada
Disaggregation of Revenue [Line Items]
Revenues	100,030	100,567	288,653	303,149
Latin America and the Caribbean
Disaggregation of Revenue [Line Items]
Revenues	$ 102,259	$ 84,158	$ 273,326	$ 233,126
HVAC Equipment
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	70%	69%	69%	69%
Other HVAC Products
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	26%	27%	27%	27%
Commercial Refrigeration Products
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	4%	4%	4%	4%

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$ 170,953	$ 157,641	$ 453,790	$ 463,496
Basic earnings per share for Common and Class B common stock	$ 4.36	$ 4.04	$ 11.64	$ 11.9
Diluted Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$ 170,953	$ 157,641	$ 453,790	$ 463,496
Diluted earnings per share for Common and Class B common stock	$ 4.35	$ 4.03	$ 11.6	$ 11.86
Class B Common Stock
Basic Earnings per Share:
Earnings allocated to Watsco, Inc. shareholders - Basic	$ 14,090	$ 10,408	$ 37,572	$ 30,646
Common Stock
Basic Earnings per Share:
Earnings allocated to Watsco, Inc. shareholders - Basic	144,942	132,846	384,970	390,557
Common Stock | Class B Common Stock
Basic Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	170,953	157,641	453,790	463,496
Less: distributed and undistributed earnings allocated to restricted common stock	11,921	14,387	31,248	42,293
Earnings allocated to Watsco, Inc. shareholders - Basic	$ 159,032	$ 143,254	$ 422,542	$ 421,203
Weighted-average common shares outstanding—Basic	36,446,825	35,450,277	36,315,680	35,401,179
Basic earnings per share for Common and Class B common stock	$ 4.36	$ 4.04	$ 11.64	$ 11.9
Diluted Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$ 170,953	$ 157,641	$ 453,790	$ 463,496
Less: distributed and undistributed earnings allocated to restricted common stock	11,903	14,368	31,211	42,228
Earnings allocated to Watsco, Inc. shareholders - Diluted	$ 159,050	$ 143,273	$ 422,579	$ 421,268
Weighted-average common shares outstanding—Basic	36,446,825	35,450,277	36,315,680	35,401,179
Effect of dilutive stock options	132,583	112,008	122,395	128,309
Weighted-average common shares outstanding—Diluted	36,579,408	35,562,285	36,438,075	35,529,488
Diluted earnings per share for Common and Class B common stock	$ 4.35	$ 4.03	$ 11.6	$ 11.86
Anti-dilutive stock options not included above	24,988	208,610	37,533	181,115

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Line Items]
Class B common stock conversion, number of shares	3,229,118	2,575,725

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (47,710)
Ending balance	(47,405)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(47,710)	$ (34,176)
Current period other comprehensive income (loss)	305	(15,932)
Ending balance	$ (47,405)	$ (50,108)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands	Sep. 01, 2023 USD ($) Location shares	Mar. 03, 2023 USD ($)
Gateway Supply Company, Inc. [Member]
Business Acquisition [Line Items]
Cash consideration for Business Acquisition	$ 4,000
Stock issued for acquisition | shares	280,215
Cash acquired	$ 3,097
Business acquisition equity interests issued or issuable value assigned	102,343
Business acquisition estimated goodwill	$ 59,698
Stock issued for acquisition / shares subject to a contractual restriction | shares	21,228
Gateway Supply Company, Inc. [Member] | SOUTH CAROLINA
Business Acquisition [Line Items]
Number of locations in which the entity operates | Location	15
Gateway Supply Company, Inc. [Member] | NORTH CAROLINA
Business Acquisition [Line Items]
Number of locations in which the entity operates | Location	1
Capitol District Supply Co Inc [Member]
Business Acquisition [Line Items]
Cash consideration for Business Acquisition		$ 1,217
Business acquisition estimated goodwill expected period of tax deduction		15 years
Cash acquired		$ 144
Repayment of indebtedness		1,851
Annual sales		13,000
Business acquisition estimated goodwill expected to be deductible for tax purposes		$ 1,033

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands		9 Months Ended
	Mar. 16, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Payment of fees related to revolving credit agreement		$ 837	$ 0
Borrowings under revolving credit agreement		$ 105,600		$ 0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit agreement, maturity date		Mar. 16, 2028
Payment of fees related to revolving credit agreement		$ 837
Borrowings under revolving credit agreement		$ 105,600
Maximum capacity under revolving credit agreement	$ 600,000
Seasonal discretionary maximum borrowing capacity under revolving credit agreement	500,000
Line of credit facility term		5 years
Revolving Credit Facility [Member] | Swingline Subfacility [Member]
Debt Instrument [Line Items]
Maximum capacity under revolving credit agreement	125,000
Revolving Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum capacity under revolving credit agreement	10,000
Revolving Credit Facility [Member] | Alternative Currency Sublimit [Member]
Debt Instrument [Line Items]
Maximum capacity under revolving credit agreement	75,000
Revolving Credit Facility [Member] | Mexican Borrowing Sublimit [Member]
Debt Instrument [Line Items]
Maximum capacity under revolving credit agreement	10,000
Revolving Credit Facility [Member] | Prior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum capacity under revolving credit agreement	560,000
Repayment under prior revolving credit agreement	$ 235,500
Revolving Credit Facility [Member] | Unused Commitment Fee [Member]
Debt Instrument [Line Items]
Unused commitment fee percentage		0.125%
Revolving Credit Facility [Member] | Maximum [Member] | Unused Commitment Fee [Member]
Debt Instrument [Line Items]
Unused commitment fee percentage		0.275%
Revolving Credit Facility [Member] | Minimum [Member] | Unused Commitment Fee [Member]
Debt Instrument [Line Items]
Unused commitment fee percentage		0.125%
Prime Rate | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread		0%
Prime Rate | Revolving Credit Facility [Member] | Additional Variable Interest Rate Spread One [Member]
Debt Instrument [Line Items]
Basis spread		1%
Prime Rate | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread		0.50%
Prime Rate | Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread		0%
Federal Funds Effective Rate [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread		0%
Federal Funds Effective Rate [Member] | Revolving Credit Facility [Member] | Additional Variable Interest Rate Spread One [Member]
Debt Instrument [Line Items]
Basis spread		0.50%
Federal Funds Effective Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread		0.50%
Federal Funds Effective Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread		0%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread		1%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | Additional Variable Interest Rate Spread One [Member]
Debt Instrument [Line Items]
Basis spread		0%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread		1.375%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Additional Variable Interest Rate Spread One [Member]
Debt Instrument [Line Items]
Basis spread		0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread		1%
Daily Simple SOFR [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread		1%
Daily Simple SOFR [Member] | Revolving Credit Facility [Member] | Additional Variable Interest Rate Spread One [Member]
Debt Instrument [Line Items]
Basis spread		0.10%
Daily Simple SOFR [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread		1.375%
Daily Simple SOFR [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread		1%

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) - Foreign Exchange Forward And Option Contracts and Not Designated As Hedging Instrument Economic Hedge [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value of derivatives	$ 6,600		$ 6,600
Contract expiring terms			2023-10
Loss from foreign currency forward and option contracts not designated as hedging instruments	$ (371)	$ (149)	$ (2,423)	$ (524)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Current Assets
Assets:
Derivative financial instruments	$ 9
Other assets
Assets:
Equity securities	773	$ 678
Private equities	1,500	1,000
Fair Value Measurements, Level 1 | Other assets
Assets:
Equity securities	773	678
Fair Value Measurements, Level 2 | Other Current Assets
Assets:
Derivative financial instruments	9
Fair Value Measurements, Level 3 | Other assets
Assets:
Private equities	$ 1,500	$ 1,000

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 25, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stockholders Equity Note [Line Items]
Shares withheld as payment for tax withholdings related to share based compensation, market value				$ 2,639	$ 2,471
ATM Program [Member]
Stockholders Equity Note [Line Items]
Maximum aggregate offering amount of stock	$ 300,000
Number of shares sold under ATM				45,000
Net proceeds from the sale of Common stock				$ 15,179
Direct costs				375
Available for sale under ATM Program		$ 284,745		$ 284,745
Common stock, issued		45,000		45,000
Class B Common Stock | Restricted Stock
Stockholders Equity Note [Line Items]
Shares withheld as payment for tax withholdings related to share based compensation, shares			879		9,060
Shares withheld as payment for tax withholdings related to share based compensation, market value			$ 252		$ 2,431
Common and Class B Common Stock
Stockholders Equity Note [Line Items]
Cash dividends paid per share of Common and Class B common stock		$ 2.45	$ 2.2	$ 7.35	$ 6.35
Common and Class B Common Stock | Restricted Stock
Stockholders Equity Note [Line Items]
Shares withheld as payment for tax withholdings related to share based compensation, shares		1,033		7,080
Shares withheld as payment for tax withholdings related to share based compensation, market value		$ 362		$ 2,026
Common Stock | Employee Stock Option [Member]
Stockholders Equity Note [Line Items]
Net proceeds from the sale of Common stock		$ 5,983	$ 7,929	$ 18,677	$ 15,151
Shares withheld as payment for tax withholdings related to share based compensation, shares		295	1,053	17,687	1,053
Shares withheld as payment for tax withholdings related to share based compensation, market value		$ 106	$ 298	$ 5,489	$ 298
Common Stock | Employee Stock Purchase Plan [Member]
Stockholders Equity Note [Line Items]
Net proceeds from shares purchased under ESPP		$ 563	$ 478	$ 1,696	$ 1,484

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Line Items]
Self-insurance reserves	$ 10,066	$ 12,256

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Amount payable to Carrier and its affiliates, net of receivables	$ 509,308		$ 509,308		$ 456,128
Revenues from sales to Carrier and its affiliates	2,126,845	$ 2,035,796	5,680,570	$ 5,693,121
Greenberg Traurig, P.A. | Customary Fees for Legal Services
Related Party Transaction [Line Items]
Fees for related party transaction	60	40	131	169
Greenberg Traurig, P.A. | Customary Fees for Legal Services | Related Party [Member] | Accounts Payable [Member]
Related Party Transaction [Line Items]
Amount payable to related party	50		50		1
Carrier and Its Affiliates | Supplier Concentration Risk | Related Party [Member]
Related Party Transaction [Line Items]
Amount payable to Carrier and its affiliates, net of receivables	178,000		178,000		$ 88,000
Revenues from sales to Carrier and its affiliates	$ 34,000	$ 26,000	$ 88,000	$ 76,000
Carrier and Its Affiliates | Supplier Concentration Risk | Cost of Goods, Total
Related Party Transaction [Line Items]
Percentage of purchases from key suppliers	67%	63%	65%	60%