Watsco (WSO) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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, Address Line One	2665 South Bayshore Drive
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		34,747,547
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		5,552,467

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 1,564,991	$ 1,550,641
Cost of sales	1,134,366	1,102,484
Gross profit	430,625	448,157
Selling, general and administrative expenses	309,548	287,057
Other income	5,460	3,640
Operating income	126,537	164,740
Interest (income) expense, net	(2,470)	615
Income before income taxes	129,007	164,125
Income taxes	24,745	33,754
Net income	104,262	130,371
Less: net income attributable to non-controlling interest	17,258	20,298
Net income attributable to Watsco, Inc.	$ 87,004	$ 110,073
Earnings per share for Common and Class B common stock:
Basic	$ 2.17	$ 2.84
Diluted	$ 2.17	$ 2.83

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 104,262	$ 130,371
Other comprehensive income, net of tax
Foreign currency translation adjustment	(8,000)	260
Other comprehensive (loss) income	(8,000)	260
Comprehensive income	96,262	130,631
Less: comprehensive income attributable to non-controlling interest	14,797	20,388
Comprehensive income attributable to Watsco, Inc.	$ 81,465	$ 110,243

Condensed Consolidated Unaudi_3

Condensed Consolidated Unaudited Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 278,864	$ 210,112
Short-term cash investments	200,000	0
Accounts receivable, net	832,119	797,832
Inventories, net	1,655,635	1,347,289
Other current assets	31,754	36,698
Total current assets	2,998,372	2,391,931
Property and equipment, net	138,486	136,230
Operating lease right-of-use assets	383,434	368,748
Goodwill	459,440	457,148
Intangible assets, net	214,055	218,146
Investment in unconsolidated entity	151,698	146,238
Other assets	11,633	10,741
Total assets	4,357,118	3,729,182
Current liabilities:
Current portion of lease liabilities	102,897	100,265
Accounts payable	687,637	369,396
Accrued expenses and other current liabilities	235,592	242,351
Total current liabilities	1,026,126	712,012
Long-term obligations:
Borrowings under revolving credit agreement	0	15,400
Operating lease liabilities, net of current portion	290,951	276,913
Finance lease liabilities, net of current portion	15,362	12,214
Total long-term obligations	306,313	304,527
Deferred income taxes and other liabilities	97,106	96,453
Commitments and contingencies
Watsco, Inc. shareholders' equity:
Preferred stock, $0.50 par value	0	0
Paid-in capital	1,452,450	1,153,459
Accumulated other comprehensive loss, net of tax	(47,870)	(42,331)
Retained earnings	1,173,446	1,183,207
Treasury stock, at cost	(73,810)	(86,630)
Total Watsco, Inc. shareholders' equity	2,526,425	2,229,839
Non-controlling interest	401,148	386,351
Total shareholders' equity	2,927,573	2,616,190
Total liabilities and shareholders' equity	4,357,118	3,729,182
Common Stock [Member]
Watsco, Inc. shareholders' equity:
Common stock	19,408	19,353
Class B Common Stock [Member]
Watsco, Inc. shareholders' equity:
Common stock	$ 2,801	$ 2,781

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.5	$ 0.5
Common Stock [Member]
Common stock, par value	0.5	0.5
Class B Common Stock [Member]
Common stock, par value	$ 0.5	$ 0.5

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock, Class B Common Stock and Preferred Stock [Member]	Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Non-controlling Interest [Member]
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		$ 58	(58)
Issuances of restricted shares of common stock (in shares)		116,510
Forfeitures of restricted shares of common stock		$ (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	200	$ 0	200
Issuance of Class B common stock (in shares)		632
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, 2023	2,616,190	$ 22,134	1,153,459	(42,331)	1,183,207	(86,630)	386,351
Beginning balance (in shares) at Dec. 31, 2023		39,441,280
Net income	104,262				87,004		17,258
Other comprehensive income (loss)	(8,000)			(5,539)			(2,461)
Issuances of restricted shares of common stock		$ 44	(44)
Issuances of restricted shares of common stock (in shares)		87,660
Forfeitures of restricted shares of common stock		$ (6)	6
Forfeitures of restricted shares of common stock (in shares)		(12,064)
Common stock contribution to 401(k) plan	8,735	$ 10	8,725
Common stock contribution to 401(k) plan (in shares)		20,387
Stock issuances from exercise of stock options and employee stock purchase plan	10,746	$ 27	10,719
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)		53,029
Retirement of common stock	(565)	$ (1)	(564)
Retirement of common stock (in shares)		(1,425)
Net proceeds from the sale of Common stock	281,751		268,931			12,820
Net proceeds from the sale of Common stock (in shares)		712,000
Common stock issued for Commercial Specialists, Inc.	752	$ 1	751
Common stock issued for Commercial Specialists, Inc. (in shares)		1,904
Share-based compensation	10,467		10,467
Cash dividends declared and paid on Common and Class B common stock	(96,765)				(96,765)
Ending balance at Mar. 31, 2024	$ 2,927,573	$ 22,209	$ 1,452,450	$ (47,870)	$ 1,173,446	$ (73,810)	$ 401,148
Ending balance (in shares) at Mar. 31, 2024		40,302,771

Condensed Consolidated Unaudi_6

Condensed Consolidated Unaudited Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash dividends declared and paid, common stock	$ 2.45	$ 2.45

Condensed Consolidated Unaudi_7

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 104,262	$ 130,371
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	9,882	8,183
Share-based compensation	8,127	6,701
Non-cash contribution to 401(k) plan	8,735	8,862
Provision for doubtful accounts	862	1,043
Other income from investment in unconsolidated entity	(5,460)	(3,640)
Other, net	1,245	1,160
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	(33,502)	(64,691)
Inventories, net	(307,219)	(240,758)
Accounts payable and other liabilities	315,087	101,813
Other, net	1,687	3,535
Net cash provided by (used in) operating activities	103,706	(47,421)
Cash flows from investing activities:
Purchases of short-term cash investments	(200,000)	0
Capital expenditures	(5,845)	(7,505)
Business acquisitions, net of cash acquired	(5,178)	(2,989)
Proceeds from sale of property and equipment	58	56
Net cash used in investing activities	(210,965)	(10,438)
Cash flows from financing activities:
Net proceeds from the sale of Common stock	281,784	0
Net proceeds from issuances of Common stock under employee related plans	10,623	8,747
Net repayments under prior revolving credit agreement	0	(56,400)
Payment of fees related to revolving credit agreement	0	(580)
Repurchases of common stock to satisfy employee withholding tax obligations	(442)	(2,216)
Net repayments of finance lease liabilities	(1,399)	(880)
Net (repayments) proceeds under current revolving credit agreement	(15,400)	197,600
Dividends on Common and Class B common stock	(96,765)	(94,970)
Net cash provided by financing activities	178,401	51,301
Effect of foreign exchange rate changes on cash and cash equivalents	(2,390)	8
Net increase (decrease) in cash and cash equivalents	68,752	(6,550)
Cash and cash equivalents at beginning of period	210,112	147,505
Cash and cash equivalents at end of period	278,864	140,955
Supplemental cash flow information:
Common stock issued for Commercial Specialists, Inc.	$ 752	$ 0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 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 2023 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 and Carrier (Puerto Rico), Inc., in each of non-controlling The results of operations for the quarter ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. 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. Short-Term Cash Investments Short-term cash investments consist of a certificate of deposit that matures in September 2024. 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. Recently Adopted Accounting Standards Segment Reporting In September 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that enhances segment reporting primarily by expanding the disclosures about significant segment expenses. Under the new standard, an entity will be required to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), how the CODM assesses segment performance and decides how to allocate resources, the title and position of the CODM, and certain other disclosures. This guidance is effective prospectively and is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The adoption of this guidance on January 1, 2024 did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted Income Taxes In December 2023, the FASB issued guidance that enhances annual income tax disclosures primarily by disaggregating the existing disclosures related to the effective tax rate reconciliation and income taxes paid. Under the new guidance five Climate Disclosures In March 2024, the Securities and Exchange Commission (“SEC”) adopted rules to enhance and standardize disclosures related to the impacts and risks of climate-related matters. Under the new rules, an entity will be required to disclose information about climate-related risks that have materially impacted, or are likely to have a material impact, on its business strategy, results of operations, or financial condition. In addition, certain disclosures related to severe weather events, other natural conditions, and greenhouse gas emissions will be required in the audited financial statements. These rules are effective prospectively and are effective for annual periods beginning with the year ending December 31, 2025. On April 4, 2024, the SEC announced that it will stay implementation of its final rules pending the results of a legal challenge. We will continue to assess the impact of these rules on our consolidated financial statements while the stay is in place.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2024
REVENUES	2. REVENUES Disaggregation of Revenues The following table presents our revenues disaggregated by primary geographical regions and major product lines within our single reportable segment: Quarters Ended March 31, 2024 2023 Primary Geographical Regions: United States $ 1,398,686 $ 1,395,004 Canada 79,798 81,263 Latin America and the Caribbean 86,507 74,374 $ 1,564,991 $ 1,550,641 Major Product Lines: HVAC equipment 67 % 68 % Other HVAC products 29 % 28 % Commercial refrigeration products 4 % 4 % 100 % 100 %

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
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: Quarters Ended March 31, 2024 2023 Basic Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 87,004 $ 110,073 Less: distributed and undistributed earnings allocated to restricted common stock 6,836 7,414 Earnings allocated to Watsco, Inc. shareholders $ 80,168 $ 102,659 Weighted-average common shares outstanding – Basic 36,875,549 36,192,597 Basic earnings per share for Common and Class B common stock $ 2.17 $ 2.84 Allocation of earnings for Basic: Common stock $ 73,166 $ 93,489 Class B common stock 7,002 9,170 $ 80,168 $ 102,659 Diluted Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 87,004 $ 110,073 Less: distributed and undistributed earnings allocated to restricted common stock 6,836 7,411 Earnings allocated to Watsco, Inc. shareholders $ 80,168 $ 102,662 Weighted-average common shares outstanding – Basic 36,875,549 36,192,597 Effect of dilutive stock options 123,999 109,231 Weighted-average common shares outstanding – Diluted 36,999,548 36,301,828 Diluted earnings per share for Common and Class B common stock $ 2.17 $ 2.83 Anti-dilutive stock options not included above 46,456 169,916 Diluted earnings per share for our Common stock assumes the conversion of all our Class B common stock into Common stock as of the beginning of the fiscal year; therefore, no allocation of earnings to Class B common stock is required. At March 31, 2024 and 2023, our outstanding Class B common stock was convertible into 3,220,567 and 3,232,844 shares of our Common stock, respectively.

OTHER COMPREHENSIVE (LOSS) INCO

OTHER COMPREHENSIVE (LOSS) INCOME	3 Months Ended
	Mar. 31, 2024
OTHER COMPREHENSIVE (LOSS) INCOME	4. OTHER COMPREHENSIVE (LOSS) INCOME Other comprehensive (loss) income 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: Quarters Ended March 31, 2024 2023 Foreign currency translation adjustment: Beginning balance $ (42,331 ) $ (47,710 ) Current period other comprehensive (loss) income (5,539 ) 170 Ending balance $ (47,870 ) $ (47,540 )

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2024
ACQUISITIONS	5. ACQUISITIONS Commercial Specialists, Inc. On February 1, 2024, one of our wholly owned subsidiaries acquired Commercial Specialists, Inc., a distributor of HVAC products with annual sales of approximately $13,000, operating from two locations in Kentucky and Ohio. Consideration for the purchase consisted of $6,042 in cash, 1,904 shares of Common stock having a fair value of $752, and $562 for repayment of indebtedness, net of cash acquired of $1,426. 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 with annual sales of approximately $180,000, 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 $3,102, and 280,215 shares of Common stock having a fair value of $101,645, net of a discount for lack of marketability. 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 purchase price resulted in the recognition of $70,029 in goodwill and intangibles. The fair value of the identified intangible assets was $44,000 and consisted of $18,600 in trade names and distribution rights, and $25,400 in customer relationships to be amortized over an 18-year The table below presents the allocation of the total consideration to tangible and intangible assets acquired and liabilities assumed from the acquisition of GWS based on their respective fair values as of September 1, 2023: Accounts receivable $ 21,159 Inventories 37,098 Other current assets 319 Property and equipment 3,213 Operating lease ROU assets 15,737 Goodwill 26,029 Intangibles 44,000 Other assets 86 Current portion of long-term liabilities (3,633 ) Accounts payable (8,306 ) Accrued expenses and other current liabilities (4,934 ) Operating lease liabilities, net of current portion (12,434 ) Finance lease liabilities, net of current portion (1,431 ) Other liabilities (14,360 ) Total $ 102,543 Capitol District Supply Co., Inc. On March 3, 2023, one of our wholly owned subsidiaries acquired Capitol District Supply Co., Inc., a distributor of plumbing and 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 purchase price resulted in the recognition of $1,055 in goodwill and intangibles. The fair value of the identified intangible assets was $606 and consisted of $430 in trade names and distribution rights, and $176 in customer relationships to be amortized over an 18-year 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 these acquisitions was not deemed significant to our condensed consolidated unaudited financial statements.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2024
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. 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. We had only one foreign currency exchange contract not designated as a hedging instrument at March 31, 2024, the total notional value of which was $15,700. Such contract expired in April 2024. We recognized losses of $ and $ from foreign currency forward and option contracts not designated as hedging instruments in our condensed consolidated unaudited statements of income for the quarters ended March 31, 2024 and 2023, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
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: Total Fair Value Measurements Balance Sheet Location Level 1 Level 2 Level 3 Assets: Certificate of deposit Short-term cash investments $ 200,000 —  $ 200,000 —  Derivative financial instruments Other current assets $ 55 —  $ 55 —  Equity securities Other assets $ 1,235 $ 1,235 —  —  Private equities Other assets $ 1,500 —  —  $ 1,500 Total Fair Value Measurements Balance Sheet Location Level 1 Level 2 Level 3 Assets: Derivative financial instruments Other current assets $ 5 —  $ 5 —  Equity securities Other assets $ 1,044 $ 1,044 —  —  Private equities Other assets $ 1,500 —  —  $ 1,500 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: Short-term cash investments Derivative financial instruments Equity securities Private equities

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2024
SHAREHOLDERS' EQUITY	8. SHAREHOLDERS’ EQUITY Dividend Reinvestment Plan On March 29, 2024, we implemented the Watsco, Inc. Dividend Reinvestment Plan (the “Plan”), under which existing shareholders may, in accordance with the Plan, acquire shares of the Company’s Common stock or Class B Common stock, as applicable (collectively “common stock”), by reinvesting all or a portion of the cash dividends paid on such shareholders’ shares of common stock. The Plan has been registered under the Securities Act of 1933, as amended (the “Securities Act”), S-3 No. 333-260758). had At-the-Market We are party to a sales agreement with Robert W. Baird & Co. Inc . (“Baird”), S-3 No. 333-260758). During the quarter ended March 31, 2024, we issued and sold 712,000 shares of Common stock under the ATM Program for net proceeds of $281,784. Direct costs of $33 incurred in connection with the offering were charged against the proceeds from the sale of Common stock and reflected as a reduction of paid-in On May 3, 2024, we entered into an amendment to the sales agreement for the ATM Program, which increased the maximum aggregate offering amount under the ATM Program by an additional $400,000. See Note 11. Restricted Stock During the quarter ended March 31, 2024, a total of 999 shares of Class B common stock with an aggregate fair market value of $390 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of restricted stock. During the quarter ended March 31, 2023, a total of 6,047 shares of Common and Class B common stock with an aggregate fair market value of $1,664 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 ended March 31, 2024 and 2023 was $10,040 and $8,168, respectively. During quarters ended March 31, 2024 and 2023, a total of 426 shares of Common stock with an aggregate fair market value of $175 and a total of 15,655 shares of Common stock with an aggregate fair market value of $4,788, respectively, were withheld as payment in lieu of cash for stock option exercises and related tax withholdings. These shares were retired upon delivery. Employee Stock Purchase Plan During the quarters ended March 31, 2024 and 2023, we received net proceeds of $583 and $579, respectively, for shares of our Common stock purchased under our employee stock purchase plan.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
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 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 $9,658 and $9,747 at March 31, 2024 and December 31, 2023, 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	3 Months Ended
	Mar. 31, 2024
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS Purchases from Carrier and its affiliates comprised 58% and 62% of all inventory purchases made during the quarters ended March 31, 2024 and 2023, respectively. At March 31, 2024 and December 31, 2023, approximately $202,000 and $100,000, 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 ended March 31, 2024 and 2023 included approximately $18,000 and $22,000, 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 ended March 31, 2024 and 2023, fees for services performed were $75 and $13, respectively, and $67 and $3 was payable at March 31, 2024 and December

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENT As previously reported, on August 6, 2021, we entered into a Sales Agreement (as amended, the “Original Sales Agreement”) with Baird, relating to our ATM Program. On May 3, 2024, we and Baird entered into a third amended and restated sales agreement, which amended the Original Sales Agreement to increase the dollar amount of shares of our Common stock that we may issue and sell thereunder by an additional $400,000. Except for the additional capacity under the ATM Program provided by the third amended and restated sales agreement, the material terms of the Original Sales Agreement remain unmodified.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
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 March 31, 2024 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 2023 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 and Carrier (Puerto Rico), Inc., in each of non-controlling The results of operations for the quarter ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. 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.
Short-Term Cash Investments	Short-Term Cash Investments Short-term cash investments consist of a certificate of deposit that matures in September 2024.
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.
Recently Issued Accounting Standards	Recently Adopted Accounting Standards Segment Reporting In September 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that enhances segment reporting primarily by expanding the disclosures about significant segment expenses. Under the new standard, an entity will be required to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), how the CODM assesses segment performance and decides how to allocate resources, the title and position of the CODM, and certain other disclosures. This guidance is effective prospectively and is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The adoption of this guidance on January 1, 2024 did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted Income Taxes In December 2023, the FASB issued guidance that enhances annual income tax disclosures primarily by disaggregating the existing disclosures related to the effective tax rate reconciliation and income taxes paid. Under the new guidance five Climate Disclosures In March 2024, the Securities and Exchange Commission (“SEC”) adopted rules to enhance and standardize disclosures related to the impacts and risks of climate-related matters. Under the new rules, an entity will be required to disclose information about climate-related risks that have materially impacted, or are likely to have a material impact, on its business strategy, results of operations, or financial condition. In addition, certain disclosures related to severe weather events, other natural conditions, and greenhouse gas emissions will be required in the audited financial statements. These rules are effective prospectively and are effective for annual periods beginning with the year ending December 31, 2025. On April 4, 2024, the SEC announced that it will stay implementation of its final rules pending the results of a legal challenge. We will continue to assess the impact of these rules on our consolidated financial statements while the stay is in place.

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2024
Summary of Disaggregated Revenue	The following table presents our revenues disaggregated by primary geographical regions and major product lines within our single reportable segment: Quarters Ended March 31, 2024 2023 Primary Geographical Regions: United States $ 1,398,686 $ 1,395,004 Canada 79,798 81,263 Latin America and the Caribbean 86,507 74,374 $ 1,564,991 $ 1,550,641 Major Product Lines: HVAC equipment 67 % 68 % Other HVAC products 29 % 28 % Commercial refrigeration products 4 % 4 % 100 % 100 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
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: Quarters Ended March 31, 2024 2023 Basic Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 87,004 $ 110,073 Less: distributed and undistributed earnings allocated to restricted common stock 6,836 7,414 Earnings allocated to Watsco, Inc. shareholders $ 80,168 $ 102,659 Weighted-average common shares outstanding – Basic 36,875,549 36,192,597 Basic earnings per share for Common and Class B common stock $ 2.17 $ 2.84 Allocation of earnings for Basic: Common stock $ 73,166 $ 93,489 Class B common stock 7,002 9,170 $ 80,168 $ 102,659 Diluted Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 87,004 $ 110,073 Less: distributed and undistributed earnings allocated to restricted common stock 6,836 7,411 Earnings allocated to Watsco, Inc. shareholders $ 80,168 $ 102,662 Weighted-average common shares outstanding – Basic 36,875,549 36,192,597 Effect of dilutive stock options 123,999 109,231 Weighted-average common shares outstanding – Diluted 36,999,548 36,301,828 Diluted earnings per share for Common and Class B common stock $ 2.17 $ 2.83 Anti-dilutive stock options not included above 46,456 169,916

OTHER COMPREHENSIVE (LOSS) IN_2

OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	3 Months Ended
	Mar. 31, 2024
Schedule of Accumulated Other Comprehensive Loss	The change in accumulated other comprehensive loss, net of tax, was as follows: Quarters Ended March 31, 2024 2023 Foreign currency translation adjustment: Beginning balance $ (42,331 ) $ (47,710 ) Current period other comprehensive (loss) income (5,539 ) 170 Ending balance $ (47,870 ) $ (47,540 )

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Gateway Supply Company, Inc. [Member]
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 GWS based on their respective fair values as of September 1, 2023: Accounts receivable $ 21,159 Inventories 37,098 Other current assets 319 Property and equipment 3,213 Operating lease ROU assets 15,737 Goodwill 26,029 Intangibles 44,000 Other assets 86 Current portion of long-term liabilities (3,633 ) Accounts payable (8,306 ) Accrued expenses and other current liabilities (4,934 ) Operating lease liabilities, net of current portion (12,434 ) Finance lease liabilities, net of current portion (1,431 ) Other liabilities (14,360 ) Total $ 102,543

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
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: Certificate of deposit Short-term cash investments $ 200,000 —  $ 200,000 —  Derivative financial instruments Other current assets $ 55 —  $ 55 —  Equity securities Other assets $ 1,235 $ 1,235 —  —  Private equities Other assets $ 1,500 —  —  $ 1,500 Total Fair Value Measurements Balance Sheet Location Level 1 Level 2 Level 3 Assets: Derivative financial instruments Other current assets $ 5 —  $ 5 —  Equity securities Other assets $ 1,044 $ 1,044 —  —  Private equities Other assets $ 1,500 —  —  $ 1,500

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 Entity
Income Tax [Line Items]
Number of Joint Ventures	4
Minimum [Member] | Individual Tax Jurisdictions [Member]
Income Tax [Line Items]
Percentage threshold to disclose the amount of income taxes paid by individual jurisdictions	5%

Revenues - Summary of Disaggreg

Revenues - Summary of Disaggregated Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	100%	100%
Revenues	$ 1,564,991	$ 1,550,641
United States [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,398,686	1,395,004
Canada [Member]
Disaggregation of Revenue [Line Items]
Revenues	79,798	81,263
Latin America and the Caribbean [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 86,507	$ 74,374
HVAC Equipment [Member]
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	67%	68%
Other HVAC Products [Member]
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	29%	28%
Commercial Refrigeration Products [Member]
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	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
	Mar. 31, 2024	Mar. 31, 2023
Basic Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$ 87,004	$ 110,073
Basic earnings per share for Common and Class B common stock	$ 2.17	$ 2.84
Diluted Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$ 87,004	$ 110,073
Diluted earnings per share for Common and Class B common stock	$ 2.17	$ 2.83
Class B Common Stock [Member]
Basic Earnings per Share:
Earnings allocated to Watsco, Inc. shareholders - Basic	$ 7,002	$ 9,170
Common Stock [Member]
Basic Earnings per Share:
Earnings allocated to Watsco, Inc. shareholders - Basic	73,166	93,489
Common Stock [Member] | Class B Common Stock [Member]
Basic Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	87,004	110,073
Less: distributed and undistributed earnings allocated to restricted common stock	6,836	7,414
Earnings allocated to Watsco, Inc. shareholders - Basic	$ 80,168	$ 102,659
Weighted-average common shares outstanding – Basic	36,875,549	36,192,597
Basic earnings per share for Common and Class B common stock	$ 2.17	$ 2.84
Diluted Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$ 87,004	$ 110,073
Less: distributed and undistributed earnings allocated to restricted common stock	6,836	7,411
Earnings allocated to Watsco, Inc. shareholders - Diluted	$ 80,168	$ 102,662
Weighted-average common shares outstanding – Basic	36,875,549	36,192,597
Effect of dilutive stock options	123,999	109,231
Weighted-average common shares outstanding – Diluted	36,999,548	36,301,828
Diluted earnings per share for Common and Class B common stock	$ 2.17	$ 2.83
Anti-dilutive stock options not included above	46,456	169,916

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Line Items]
Class B common stock conversion, number of shares	3,220,567	3,232,844

Other comprehensive (loss) in_3

Other comprehensive (loss) income - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (42,331)
Ending balance	(47,870)
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(42,331)	$ (47,710)
Current period other comprehensive (loss) income	(5,539)	170
Ending balance	$ (47,870)	$ (47,540)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands	Feb. 01, 2024 USD ($) shares	Sep. 01, 2023 USD ($) Location shares	Mar. 03, 2023 USD ($)
Commercial Specialists Inc [Member]
Business Acquisition [Line Items]
Cash consideration for business acquisition	$ 6,042
Stock issued for acquisition | shares	1,904
Fair value of equity shares issued or issuable	$ 752
Cash acquired	1,426
Repayment of indebtedness	562
Annual sales	$ 13,000
Gateway Supply Company, Inc. [Member]
Business Acquisition [Line Items]
Cash consideration for business acquisition		$ 4,000
Stock issued for acquisition | shares		280,215
Fair value of equity shares issued or issuable		$ 101,645
Goodwill and intangibles acquired		70,029
Cash acquired		3,102
Intangible assets acquired		44,000
Annual sales		$ 180,000
Stock issued for acquisition / shares subject to a contractual restriction | shares		21,228
Gateway Supply Company, Inc. [Member] | NORTH CAROLINA [Member]
Business Acquisition [Line Items]
Number of locations in which the company operates | Location		1
Gateway Supply Company, Inc. [Member] | SOUTH CAROLINA [Member]
Business Acquisition [Line Items]
Number of locations in which the company operates | Location		15
Gateway Supply Company, Inc. [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets acquired		$ 25,400
Finite-Lived Intangible Assets, Remaining Amortization Period		18 years
Gateway Supply Company, Inc. [Member] | Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets acquired		$ 18,600
Capitol District Supply Co Inc [Member]
Business Acquisition [Line Items]
Cash consideration for business acquisition			$ 1,217
Goodwill and intangibles acquired			$ 1,055
Businesss acquistion goodwill expected period of tax deduction			15 years
Cash acquired			$ 144
Intangible assets acquired			606
Repayment of indebtedness			1,851
Annual sales			13,000
Capitol District Supply Co Inc [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets acquired			$ 176
Finite-Lived Intangible Assets, Remaining Amortization Period			18 years
Capitol District Supply Co Inc [Member] | Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets acquired			$ 430

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Sep. 01, 2023
Business Acquisition [Line Items]
Operating lease ROU assets	$ 383,434	$ 368,748
Gateway Supply Company, Inc. [Member]
Business Acquisition [Line Items]
Accounts receivable			$ 21,159
Inventories			37,098
Other current assets			319
Property and equipment			3,213
Operating lease ROU assets			15,737
Goodwill			26,029
Intangibles			44,000
Other assets			86
Current portion of long-term liabilities			(3,633)
Accounts payable			(8,306)
Accrued expenses and other current liabilities			(4,934)
Operating lease liabilities, net of current portion			(12,434)
Finance lease liabilities, net of current portion			(1,431)
Other liabilities			(14,360)
Total			$ 102,543

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
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value of derivatives	$ 15,700
Contract expiring terms	2024-04
Loss from foreign currency forward and option contracts not designated as hedging instruments	$ (147)	$ (394)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Short-term cash investments [Member]
Assets:
Certificate of deposit	$ 200,000
Other Current Assets [Member]
Assets:
Derivative financial instruments	55	$ 5
Other assets [Member]
Assets:
Equity securities	1,235	1,044
Private equities	1,500	1,500
Fair Value Measurements, Level 1 [Member] | Other assets [Member]
Assets:
Equity securities	1,235	1,044
Fair Value Measurements, Level 2 [Member] | Short-term cash investments [Member]
Assets:
Certificate of deposit	200,000
Fair Value Measurements, Level 2 [Member] | Other Current Assets [Member]
Assets:
Derivative financial instruments	55	5
Fair Value Measurements, Level 3 [Member] | Other assets [Member]
Assets:
Private equities	$ 1,500	$ 1,500

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands			3 Months Ended
	May 03, 2024	Aug. 06, 2021	Mar. 31, 2024	Mar. 31, 2023
Stockholders Equity Note [Line Items]
Net proceeds from the sale of Common stock			$ 281,784	$ 0
Shares withheld as payment for tax withholdings related to share based compensation, market value			442	$ 2,216
ATM Program [Member]
Stockholders Equity Note [Line Items]
Net proceeds from the sale of Common stock			281,784
Maximum aggregate offering amount of stock		$ 300,000
Direct costs			33
Available for sale under ATM Program			$ 1,545
Number of shares sold and issued under ATM			712,000
Sales Agreement For ATM Program [Member] | Subsequent Event [Member]
Stockholders Equity Note [Line Items]
Maximum aggregate offering amount of stock	$ 400,000
Dividend Reinvestment Plan [Member]
Stockholders Equity Note [Line Items]
Stock issued during period, shares, employee stock purchase plans			0
Common and Class B Common Stock [Member] | Restricted Stock [Member]
Stockholders Equity Note [Line Items]
Shares withheld as payment for tax withholdings related to share based compensation, shares			999	6,047
Shares withheld as payment for tax withholdings related to share based compensation, market value			$ 390	$ 1,664
Common Stock [Member] | Stock Option [Member]
Stockholders Equity Note [Line Items]
Shares withheld as payment for tax withholdings related to share based compensation, shares			426	15,655
Shares withheld as payment for tax withholdings related to share based compensation, market value			$ 175	$ 4,788
Cash received from the exercise of stock options			10,040	8,168
Common Stock [Member] | Employee Stock Purchase Plan [Member]
Stockholders Equity Note [Line Items]
Net proceeds from shares purchased under ESPP			$ 583	$ 579

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Line Items]
Self-insurance reserves	$ 9,658	$ 9,747

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts payable	$ 687,637		$ 369,396
Revenues	1,564,991	$ 1,550,641
Greenberg Traurig, P.A. [Member] | Customary Fees for Legal Services [Member]
Related Party Transaction [Line Items]
Fees for related party transaction	75	13
Greenberg Traurig, P.A. [Member] | Customary Fees for Legal Services [Member] | Related Party [Member] | Accounts Payable [Member]
Related Party Transaction [Line Items]
Amount payable to related party	67		3
Carrier and Its Affiliates [Member] | Supplier Concentration Risk [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Accounts payable	202,000		$ 100,000
Revenues	$ 18,000	$ 22,000
Carrier and Its Affiliates [Member] | Supplier Concentration Risk [Member] | Cost of Goods, Total [Member]
Related Party Transaction [Line Items]
Percentage of purchases from key suppliers	58%	62%

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	May 03, 2024 USD ($)
Subsequent Event [Member] | Sales Agreement For ATM Program [Member]
Subsequent Event [Line Items]
Maximum Aggregate Offering Amount Of Stock	$ 400,000