Watsco (WSO) 10-K 28 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 25, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
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 Annual 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
Entity Public Float			$ 16,284
ICFR Auditor Attestation Flag	true
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Miami, FL
Document Financial Statement Error Correction [Flag]	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		34,803,110
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		5,602,300

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues	$ 7,618,317	$ 7,283,767	$ 7,274,344
Cost of sales	5,573,604	5,291,627	5,244,055
Gross profit	2,044,713	1,992,140	2,030,289
Selling, general and administrative expenses	1,293,439	1,223,507	1,221,382
Other income	30,501	26,177	22,671
Operating income	781,775	794,810	831,578
Interest (income) expense, net	(20,869)	4,920	2,165
Income before income taxes	802,644	789,890	829,413
Income taxes	166,904	155,751	125,717
Net income	635,740	634,139	703,696
Less: net income attributable to non-controlling interest	99,454	97,802	102,529
Net income attributable to Watsco, Inc.	$ 536,286	$ 536,337	$ 601,167
Earnings per share for Common and Class B common stock (collectively "common stock"):
Basic	$ 13.34	$ 13.72	$ 15.46
Diluted	$ 13.3	$ 13.67	$ 15.41

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income	$ 635,740	$ 634,139	$ 703,696
Other comprehensive (loss) income, net of tax Foreign currency translation adjustment	(26,290)	7,906	(20,305)
Other comprehensive (loss) income	(26,290)	7,906	(20,305)
Comprehensive income	609,450	642,045	683,391
Less: comprehensive income attributable to non-controlling interest	90,726	100,329	95,758
Comprehensive income attributable to Watsco, Inc.	$ 518,724	$ 541,716	$ 587,633

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 526,271	$ 210,112
Short-term cash investments	255,669	0
Accounts receivable, net	877,935	797,832
Inventories, net	1,385,436	1,347,289
Other current assets	34,670	36,698
Total current assets	3,079,981	2,391,931
Property and equipment, net	140,535	136,230
Operating lease right-of-use assets	419,138	368,748
Goodwill	451,858	457,148
Intangible assets, net	208,472	218,146
Investment in unconsolidated entity	168,611	146,238
Other assets	10,928	10,741
Total assets	4,479,523	3,729,182
Current liabilities:
Current portion of lease liabilities	110,273	100,265
Accounts payable	490,879	369,396
Accrued expenses and other current liabilities	382,749	242,351
Total current liabilities	983,901	712,012
Long-term obligations:
Borrowings under revolving credit agreement	0	15,400
Operating lease liabilities, net of current portion	321,715	276,913
Finance lease liabilities, net of current portion	15,475	12,214
Total long-term obligations	337,190	304,527
Deferred income taxes and other liabilities	94,194	96,453
Commitments and contingencies
Watsco, Inc. shareholders' equity:
Preferred stock, $0.50 par value, 10,000,000 shares authorized; no shares issued	0	0
Paid-in capital	1,472,170	1,153,459
Accumulated other comprehensive loss, net of tax	(59,893)	(42,331)
Retained earnings	1,295,972	1,183,207
Treasury stock, at cost, 4,066,978 and 4,778,988 shares of Common stock and 20,712 and 48,263 shares of Class B common stock at December 31, 2024 and 2023, respectively	(73,479)	(86,630)
Total Watsco, Inc. shareholders' equity	2,656,990	2,229,839
Non-controlling interest	407,248	386,351
Total shareholders' equity	3,064,238	2,616,190
Total liabilities and shareholders' equity	4,479,523	3,729,182
Common Stock [Member]
Watsco, Inc. shareholders' equity:
Common stock	19,431	19,353
Class B Common Stock [Member]
Watsco, Inc. shareholders' equity:
Common stock	$ 2,789	$ 2,781

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.5	$ 0.5
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common Stock [Member]
Common stock, par value	$ 0.5	$ 0.5
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares outstanding	38,861,032	38,705,586
Treasury stock, shares	4,066,978	4,778,988
Class B Common Stock [Member]
Common stock, par value	$ 0.5	$ 0.5
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares outstanding	5,578,921	5,562,945
Treasury stock, shares	20,712	48,263

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Gateway Supply Company, Inc. [Member]	Common Stock, Class B Common Stock and Preferred Stock [Member]	Common Stock, Class B Common Stock and Preferred Stock [Member] Gateway Supply Company, Inc. [Member]	Paid-In Capital [Member]	Paid-In Capital [Member] Gateway Supply Company, Inc. [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Non-controlling Interest [Member]
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	703,696							601,167		102,529
Other comprehensive income (loss)	(20,305)						(13,534)			(6,771)
Issuances of restricted shares of common stock			$ 72		(72)
Issuances of restricted shares of common stock (in shares)			143,059
Forfeitures of restricted shares of common stock			$ (7)		7
Forfeitures of restricted shares of common stock (in shares)			(13,000)
Common stock contribution to 401(k) plan	6,746		$ 11		6,735
Common stock contribution to 401(k) plan (in shares)			21,560
Stock issuances from exercise of stock options and employee stock purchase plan	20,802		$ 60		20,742
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)			120,696
Retirement of common stock	(87,488)		$ (161)		(87,327)
Retirement of common stock (in shares)			(322,060)
Share-based compensation	29,043				29,043
Dividends declared and paid on common stock	(332,447)							(332,447)
Distributions to non-controlling interest	(69,184)									(69,184)
Ending balance at Dec. 31, 2022	2,248,278		$ 21,811		973,060		(47,710)	1,029,516	(87,440)	359,041
Ending balance (in shares) at Dec. 31, 2022			38,749,887
Net income	634,139							536,337		97,802
Other comprehensive income (loss)	7,906						5,379			2,527
Issuances of restricted shares of common stock	0		$ 90		(90)
Issuances of restricted shares of common stock (in shares)			180,617
Forfeitures of restricted shares of common stock	0		$ (7)		7
Forfeitures of restricted shares of common stock (in shares)			(13,796)
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	34,003		$ 94		33,909
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)			188,464
Issuance of Class B common stock	200		$ 0		200
Issuance of Class B common stock (in shares)			632
Retirement of common stock	(7,704)		$ (12)		(7,692)
Retirement of common stock (in shares)			(25,272)
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
Common stock issued		$ 101,645		$ 140		$ 101,505
Common stock issued (in shares)				280,215
Share-based compensation	29,722				29,722
Dividends declared and paid on common stock	(382,646)							(382,646)
Investment in unconsolidated entity	570									570
Distributions to non-controlling interest	(73,589)									(73,589)
Ending balance at Dec. 31, 2023	2,616,190		$ 22,134		1,153,459		(42,331)	1,183,207	(86,630)	386,351
Ending balance (in shares) at Dec. 31, 2023			39,441,280
Net income	635,740							536,286		99,454
Other comprehensive income (loss)	(26,290)						(17,562)			(8,728)
Issuances of restricted shares of common stock	0		$ 55		(55)
Issuances of restricted shares of common stock (in shares)			110,160
Forfeitures of restricted shares of common stock	0		$ (10)		10
Forfeitures of restricted shares of common stock (in shares)			(21,215)
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	32,884		$ 71		32,813
Stock issuances from exercise of stock options and employee stock purchase plan (in shares)			142,563
Retirement of common stock	(41,473)		$ (41)		(41,432)
Retirement of common stock (in shares)			(82,377)
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	752		$ 1		751
Common stock issued (in shares)			1,904
Share-based compensation	36,075				36,075
Dividend reinvestment plan	13,224				12,893				331
Dividend reinvestment plan(in shares)			27,561
Dividends declared and paid on common stock	(423,521)							(423,521)
Distributions to non-controlling interest	(69,829)									(69,829)
Ending balance at Dec. 31, 2024	$ 3,064,238		$ 22,220		$ 1,472,170		$ (59,893)	$ 1,295,972	$ (73,479)	$ 407,248
Ending balance (in shares) at Dec. 31, 2024			40,352,263

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash dividends declared and paid, common stock	$ 10.55	$ 9.8	$ 8.55

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 635,740	$ 634,139	$ 703,696
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	40,822	35,090	31,683
Share-based compensation	35,022	30,000	28,821
Non-cash contribution to 401(k) plan	8,735	8,862	6,746
Provision for doubtful accounts	4,285	7,158	8,539
Loss (gain) on sale of property and equipment	536	(143)	(1,624)
Deferred income tax provision (benefit)	229	(7,179)	13,466
Other income from investment in unconsolidated entity	(30,501)	(26,177)	(22,671)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	(85,555)	(36,035)	(60,154)
Inventories, net	(41,678)	64,620	(259,860)
Accounts payable and other liabilities	197,765	(162,042)	121,993
Other, net	7,702	13,661	1,329
Net cash provided by operating activities	773,102	561,954	571,964
Cash flows from investing activities:
Purchases of short-term cash investments	(255,669)	0	0
Capital expenditures	(30,090)	(35,478)	(35,652)
Business acquisitions, net of cash acquired	(5,173)	(3,822)	(47)
Investment in unconsolidated entity	0	(2,849)	0
Other investment	0	(500)	0
Proceeds from sale of property and equipment	262	1,306	1,863
Net cash used in investing activities	(290,670)	(41,343)	(33,836)
Cash flows from financing activities:
Dividends on common stock	(423,521)	(382,646)	(332,447)
Repurchases of common stock to satisfy employee withholding tax obligations	(39,673)	(2,828)	(87,107)
Net (repayments) proceeds under current revolving credit agreement	(15,400)	15,400	0
Net repayments of finance lease liabilities	(6,027)	(4,045)	(3,042)
Distributions to non-controlling interest	0	(73,589)	(69,184)
Net repayments under prior revolving credit agreement	0	(56,400)	(32,600)
Payment of fees related to revolving credit agreement	0	(844)	0
Proceeds from non-controlling interest for investment in unconsolidated entity	0	570	0
Proceeds from Dividend Reinvestment Plan	13,224	0	0
Proceeds from issuances of Common stock under employee related plans	31,083	29,127	20,422
Net proceeds from the sale of Common stock	281,784	15,179	0
Net cash used in financing activities	(158,530)	(460,076)	(503,958)
Effect of foreign exchange rate changes on cash and cash equivalents	(7,743)	2,072	(4,933)
Net increase in cash and cash equivalents	316,159	62,607	29,237
Cash and cash equivalents at beginning of year	210,112	147,505	118,268
Cash and cash equivalents at end of year	$ 526,271	$ 210,112	$ 147,505

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 536,286	$ 536,337	$ 601,167

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2024
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

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have established security practices and safeguards designed to help identify and protect against intentional and unintentional misappropriation or corruption of our information technology systems, data, and operational continuity. We regularly conduct risk assessments to identify potential cybersecurity threats, which include evaluating the likelihood and potential impact of these threats, identifying system and network vulnerabilities, and assessing the effectiveness of our existing controls. As part of our overall cybersecurity program, we engage specialized third-party vendors for certain cybersecurity functions including, but not limited to, incident response, penetration testing, and security operations center monitoring of our information technology environment. Identified risks are documented and communicated to the relevant stakeholders. Upon identification and assessment of risks, we develop and implement what we believe are appropriate measures to manage these risks, which may involve enhancing security controls, implementing new technologies, training employees, or changing business processes. We maintain change management processes, monitoring practices, and data protection measures to mitigate cybersecurity risks and continuously test our systems for potential threats. Such processes and practices to assess, identify, and manage cybersecurity incidents are integrated into our overall enterprise risk assessment process. Governance A dedicated team at our corporate headquarters, which is led by our Director of Data Security (“DDS”) and composed of the Chief Technology Officer (“CTO”) and representatives from risk management, legal, internal audit, and finance departments, is responsible for assessing and managing our cybersecurity risks and data protection practices. The Audit Committee oversees the measures taken by this team to monitor material risks associated with cybersecurity threats, a role crucial to maintaining a robust and effective cybersecurity risk management approach. The DDS and CTO provide formal briefings to the Audit Committee on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, and other areas of importance at least once a year, with the Board of Directors receiving updates periodically. Regular discussions on enterprise risks are held between the Audit Committee, Board of Directors, and senior management. Our DDS has more than 20 years of expertise in the information technology sector, with 11 years specifically dedicated to cybersecurity. This experience has fostered a thorough comprehension of cyber threat landscapes, defense strategies, and security technologies.
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain change management processes, monitoring practices, and data protection measures to mitigate cybersecurity risks and continuously test our systems for potential threats. Such processes and practices to assess, identify, and manage cybersecurity incidents are integrated into our overall enterprise risk assessment process.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee oversees the measures taken by this team to monitor material risks associated with cybersecurity threats, a role crucial to maintaining a robust and effective cybersecurity risk management approach.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our DDS has more than 20 years of expertise in the information technology sector, with 11 years specifically dedicated to cybersecurity. This experience has fostered a thorough comprehension of cyber threat landscapes, defense strategies, and security technologies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	A dedicated team at our corporate headquarters, which is led by our Director of Data Security (“DDS”) and composed of the Chief Technology Officer (“CTO”) and representatives from risk management, legal, internal audit, and finance departments, is responsible for assessing and managing our cybersecurity risks and data protection practices.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization, Consolidation and Presentation 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. At December 31, 2024, we operated from 690 locations in 43 U.S. states, Canada, Mexico, and Puerto Rico with additional market coverage on an export basis to portions of Latin America and the Caribbean. The consolidated financial statements include (i) the accounts of Watsco and its wholly owned subsidiaries, (ii) the accounts of U.S. joint ventures and their subsidiaries with Carrier Global Corporation, which we refer to as Carrier, in which we have an 80% controlling interest and Carrier has a 20% non-controlling interest, (iii) the accounts of a Canadian joint venture with Carrier, in which we have a % controlling interest and Carrier has a % non-controlling interest, and (iv) a 38.4% investment in Russell Sigler, Inc. (“RSI”), owned by one of the Carrier joint ventures that is accounted for under the equity method of accounting. All significant intercompany balances and transactions have been eliminated in consolidation. Foreign Currency Translation and Transactions The functional currency of our operations in Canada is the Canadian dollar. Foreign currency denominated assets and liabilities are translated into U.S. dollars at the exchange rates in effect at the balance sheet date, and income and expense items are translated at the average exchange rates in effect during the applicable period. The aggregate effect of foreign currency translation is recorded in accumulated other comprehensive loss, net in our consolidated balance sheets. Our net investment in our Canadian operations is recorded at the historical rate and the resulting foreign currency translation adjustments are included in accumulated other comprehensive loss, net in our consolidated balance sheets. Gains or losses resulting from transactions denominated in U.S. dollars are recognized in earnings primarily within cost of sales in our consolidated statements of income. Our operations in Mexico consider their functional currency to be the U.S. dollar because the majority of their transactions are denominated in U.S. dollars. Gains or losses resulting from transactions denominated in Mexican pesos are recognized in earnings primarily within selling, general and administrative expenses in our consolidated statements of income. 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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. Cash Equivalents All highly liquid instruments purchased with original maturities of three months or less are considered to be cash equivalents. Short-Term Cash Investments Short-term cash investments consist of certificates of deposit that have varying maturities through March 2025. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily consist of trade receivables due from customers and are stated at the invoiced amount less an allowance for doubtful accounts. An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make the required payments. When preparing these estimates, we consider a number of factors, including the aging of a customer’s account, past transactions with customers, creditworthiness of specific customers, historical trends, and other information, including potential impacts of business and economic conditions. Upon determination that an account is uncollectible, the receivable balance is written off. At December 31, 2024 and 2023, the allowance for doubtful accounts totaled $15,807 and $21,528, respectively. Inventories Inventories consist of air conditioning, heating and refrigeration equipment, and related parts and supplies and are valued at the lower of cost using the first-in, first-out Vendor Rebates We have arrangements with several vendors that provide rebates payable to us when we achieve defined measures, generally related to the volume level of purchases. We account for such rebates as a reduction of inventory until we sell the product, at which time such rebates are reflected as a reduction of cost of sales in our consolidated statements of income. Throughout the year, we estimate rebates based on our estimate of purchases to date relative to the purchase levels that mark our progress toward earning the rebates. We continually revise our estimates of earned vendor rebates based on actual purchase levels. At December 31, 2024 and 2023, we had $19,171 and $18,688, respectively, of rebates recorded as a reduction of inventories. Substantially all vendor rebate receivables are collected within three months following the end of the year. Vendor rebates that are earned based on products sold are credited directly to cost of sales in our consolidated statements of income. Purchase Discounts We also have vendors that offer a cash discount when we pay their invoice within a specified period of time. We account for such cash discounts as a reduction of inventories until we sell the product at which time such cash discounts are reflected as a reduction of cost of sales in our consolidated statements of income. At December 31, 2024 and 2023, we had $14,824 and $22,628, respectively, of cash discounts recorded as a reduction of inventories. Pricing Claim Advances We have arrangements with certain suppliers that invoice us based on a list price rather than on our net buy cost for specific inventory. Because our average holding period for inventory is approximately 90 days, these suppliers provide the differential between the list price and our net buy cost Equity Securities Investments in equity securities are recorded at fair value using the specific identification method and are included in other assets in our consolidated balance sheets. Changes in the fair value of equity securities and dividend income are recognized in our consolidated statements of income. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment is computed using the straight-line method. Buildings and improvements are depreciated or amortized over estimated useful lives ranging from 3-40 3-10 3-10 5-7 Operating and Finance Leases We have operating leases for real property, vehicles and equipment, and finance leases primarily for vehicles. Operating leases are included in operating lease right-of-use assets , respectively, are included in current portion of lease liabilities and finance lease liabilities, net of current portion in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the applicable commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the commencement dates of the respective leases in determining the present value of the applicable lease payments. Operating lease ROU assets also include any lease pre-payments 1-10 non-lease Practical Expedients We elected the practical expedients related to short-term leases and separating lease components from non-lease Goodwill and Intangible Assets Goodwill is recorded when the purchase price paid for an acquisition of a business exceeds the fair value of the net identified tangible and intangible assets acquired. We evaluate goodwill for impairment annually or more frequently when an event occurs, or circumstances change that indicate that the carrying value may not be recoverable. We test goodwill for impairment by comparing the fair value of our reporting unit to its carrying value. If the fair value is determined to be less than the carrying value, an impairment charge would be recognized. On January 1, 2025, we performed our annual evaluation of goodwill impairment and determined that the estimated fair value of our reporting unit exceeded its carrying value. Intangible assets primarily consist of the value of trade names and trademarks, distributor agreements, customer relationships, and patented and unpatented technology. Indefinite lived intangibles not subject to amortization are assessed for impairment at least annually, or more frequently if events or changes in circumstances indicate they may be impaired, by comparing the fair value of the intangible asset to its carrying amount to determine if a write-down to fair value is required. Finite lived intangible assets are amortized using the straight-line method over their respective estimated useful lives. We perform our impairment tests annually and have determined there was no impairment for any of the periods presented. There were no events or circumstances identified from the date of our assessment that would require an update to our annual impairment tests. Long-Lived Assets Long-lived assets, other than goodwill and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability is evaluated by determining whether the amortization of the balance over its remaining life can be recovered through undiscounted future operating cash flows. We measure the impairment loss based on projected discounted cash flows using a discount rate reflecting the average cost of funds as compared to the asset’s carrying value. For the years ended December 31, 2024 and 2023, there were no such events or circumstances. Fair Value Measurements We carry various assets and liabilities at fair value in the consolidated balance sheets. Fair value is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are classified based on the following fair value hierarchy: Level 1 Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices such as quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; or model-driven valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs for the asset or liability. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Revenue Recognition Revenue primarily consists of sales of air conditioning, heating and refrigeration equipment, and related parts and supplies. We generate our revenue primarily from the sale of finished products to customers; therefore, the significant majority of our contracts are short-term in nature and have only a single performance obligation to deliver products. The performance obligation under such contracts is satisfied when we transfer control of the product to the customer. Some contracts contain a combination of product sales and services, the latter of which is distinct and accounted for as a separate performance obligation. We satisfy our performance obligations for services when we render the services within the agreed-upon service period. Total service revenue is not material and accounted for less than 1% of our consolidated revenues for all periods presented. Revenue is recognized when control transfers to our customers when products are picked up, or via shipment of products or delivery of services. We measure revenue as the amount of consideration we expect to be entitled to receive in exchange for those goods or services, net of any variable considerations (e.g., rights to return product, sales incentives, others) and any taxes collected from customers and subsequently remitted to governmental authorities. Revenue for shipping and handling charges is recognized when products are delivered to the customer. Product Returns We estimate product returns based on historical experience and record them on a gross basis on our balance sheets. Substantially all customer returns relate to products that are returned under manufacturers’ warranty obligations. Accrued sales returns at December 31, 2024 and 2023 of $21,293 and $21,392, respectively, were included in accrued expenses and other current liabilities in our consolidated balance sheets. Sales Incentives We estimate sales incentives expected to be paid over the terms of the programs based on the most likely amounts. Sales incentives are accounted for as a reduction in the transaction price and are generally paid on an annual basis. Practical Expedients We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within selling, general and administrative expenses. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Advertising Costs Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2024, 2023, and 2022, were $25,337, $28,236, and $25,884, respectively. Shipping and Handling Shipping and handling costs associated with inbound freight are capitalized to inventories and relieved through cost of sales as inventories are sold. Shipping and handling costs associated with the delivery of products are included in selling, general and administrative expenses. Shipping and handling costs for the years ended December 31, 2024, 2023 and 2022, were $84,762, $82,600, and $86,620, respectively. Share-Based Compensation The fair value of stock option and restricted stock awards are expensed net of estimated forfeitures on a straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in our consolidated statements of income. Tax benefits resulting from tax deductions in excess of share-based compensation expense are recognized in our provision for income taxes in our consolidated statements of income. Income Taxes We record U.S. federal, state and foreign income taxes currently payable, as well as deferred taxes due to temporary differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities reflect the temporary differences between the financial statement and income tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized as income or expense in the period that includes the enactment date. We and our eligible subsidiaries file a consolidated U.S. federal income tax return. As income tax returns are generally not filed until well after the closing process for the December 31 financial statements is complete, the amounts recorded at December 31 reflect estimates of what the final amounts will be when the actual income tax returns are filed for that calendar year. In addition, estimates are often required with respect to, among other things, the appropriate state income tax rates to use in the various states that we and our subsidiaries are required to file, the potential utilization of operating loss carryforwards, and valuation allowances required for tax assets that may not be realizable in the future. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting this threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. Earnings per Share We compute earnings per share using the two-class two-class non-forfeitable two-class two-class Diluted earnings per share reflects the dilutive effect of potentia l co Derivative Instruments and Hedging Activity We have used derivative instruments, including forward and option contracts and swaps, to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. The use of these derivative instruments modifies the exposure of these risks with the intent to reduce the risk or cost to us. We use derivative instruments as risk management tools and not for trading purposes. All derivatives, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. Cash flows from derivative instruments are classified in the consolidated statements of cash flows in the same category as the cash flows from the items subject to the designated hedge or undesignated (economic) hedge relationships. The hedging designation may be classified as one of the following: No Hedging Designation. Cash Flow Hedge. Fair Value Hedge. See Note 16 for additional information pertaining to derivative instruments. Loss Contingencies Accruals are recorded for various contingencies including self-insurance, legal proceedings, environmental matters, and other claims that arise in the normal course of business. The estimation process contains uncertainty because accruals are based on judgment, the probability of losses and, where applicable, the consideration of opinions of external legal counsel and actuarially determined estimates. Additionally, we record receivables from third party insurers when recovery has been determined to be probable. 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. The adoption of this guidance on January 1, 2024 did not have a material impact on our consolidated financial statements. See Note 20. 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, an entity will be required to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. An entity will also be required to disclose the amount of income taxes paid disaggregated by federal, state, and foreign, and by individual jurisdictions equal to or greater than five percent of total income taxes paid. This guidance is effective prospectively and is effective for annual periods beginning after December 15, 2024. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. Expense Disaggregation In November 2024, the FASB issued guidance that requires entities to disclose additional information about certain expenses in the notes to the financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact of adopting this new guidance on our consolidated financial statements.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
LEASES	2. LEASES The components of operating lease expense were as follows: Years Ended December 31, 2024 2023 2022 Lease cost $ 124,800 $ 112,195 $ 101,578 Short-term lease cost 10,869 10,102 10,226 Variable lease cost 1,673 1,773 1,840 Sublease income (346 ) (436 ) (373 ) $ 136,996 $ 123,634 $ 113,271 Supplemental balance sheet information related to operating leases were as follows: December 31, 2024 2023 ROU assets $ 419,138 $ 368,748 Current portion $ 103,978 $ 95,587 Operating lease liabilities 321,715 276,913 Total operating $ 425,693 $ 372,500 Weighted Average Remaining Lease Term 5.0 years 4.8 years Weighted Average Discount Rate 5.40 % 4.91 % Supplemental cash flow information related to operating leases were as follows: Years Ended December 31, 2024 2023 2022 Operating cash flows for the measurement of operating lease liabilities $ 121,528 $ 110,614 $ 100,092 Operating lease ROU assets obtained in exchange for operating lease obligations $ 155,223 $ 148,196 $ 140,704 At December 31, 2024, maturities of operating lease liabilities over each of the next five years and thereafter were as follows: 2025 $ 124,420 2026 109,127 2027 82,552 2028 62,721 2029 43,834 Thereafter 66,159 Total lease payments 488,813 Less imputed interest 63,120 Total lease liability $ 425,693 At December 31, above.

REVENUES

REVENUES	12 Months Ended
	Dec. 31, 2024
REVENUES	3. REVENUES Disaggregation of Revenues The following table presents our revenues disaggregated by primary geographical regions and major product lines within our single reporting segment: Years Ended December 31, 2024 2023 2022 Primary Geographical Regions: United States $ 6,860,648 $ 6,540,646 $ 6,578,897 Canada 355,797 374,659 389,119 Latin America and the Caribbean 401,872 368,462 306,328 $ 7,618,317 $ 7,283,767 $ 7,274,344 Major Product Lines: HVAC equipment 69 % 69 % 68 % Other HVAC products 27 % 27 % 28 % Commercial refrigeration products 4 % 4 % 4 % 100 % 100 % 100 %

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2024
EARNINGS PER SHARE	4. EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings per share for our common stock: Years Ended December 31, 2024 2023 2022 Basic Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 536,286 $ 536,337 $ 601,167 Less: distributed and undistributed earnings allocated to restricted common stock 37,392 36,966 51,365 Earnings allocated to Watsco, Inc. shareholders $ 498,894 $ 499,371 $ 549,802 Weighted-average common shares outstanding - Basic 37,391,461 36,406,148 35,564,203 Basic earnings per share for common stock $ 13.34 $ 13.72 $ 15.46 Allocation of earnings for Basic: Common stock $ 454,680 $ 455,186 $ 499,792 Class B common stock 44,214 44,185 50,010 $ 498,894 $ 499,371 $ 549,802 Diluted Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 536,286 $ 536,337 $ 601,167 Less: distributed and undistributed earnings allocated to restricted common stock 37,369 36,932 51,294 Earnings allocated to Watsco, Inc. shareholders $ 498,917 $ 499,405 $ 549,873 Weighted-average common shares outstanding - Basic 37,391,461 36,406,148 35,564,203 Effect of dilutive stock options 118,871 125,535 119,431 Weighted-average common shares outstanding - Diluted 37,510,332 36,531,683 35,683,634 Diluted earnings per share for common stock $ 13.30 $ 13.67 $ 15.41 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 December 31, 2024, 2023, and 2022, our outstanding Class B common stock was convertible into 3,313,787, 3,221,259, and 3,234,939 shares of our Common stock, respectively. Diluted earnings per share excluded 30,154, 18,489, and 190,462 shares for the years ended December 31, 2024, 2023, and 2022, respectively, related to stock options with an exercise price per share greater than the average market value, resulting in an anti-dilutive effect on diluted earnings per share.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2024
OTHER COMPREHENSIVE INCOME (LOSS)	5. 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: Years Ended December 31, 2024 2023 2022 Foreign currency translation adjustment: Beginning balance $ (42,331 ) $ (47,710 ) $ (34,176 ) Current period other comprehensive (loss) income (17,562 ) 5,379 (13,534 ) Ending balance $ (59,893 ) $ (42,331 ) $ (47,710 )

SUPPLIER CONCENTRATION

SUPPLIER CONCENTRATION	12 Months Ended
	Dec. 31, 2024
SUPPLIER CONCENTRATION	6. SUPPLIER CONCENTRATION Purchases from our top ten suppliers comprised 85%, 86%, and 84% of all purchases made in 2024, 2023, and 2022, respectively. Our largest supplier, Carrier and its affiliates, accounted for 62%, 65%, and 60% of all purchases made in 2024, 2023, and 2022, respectively. See Note 19. A significant interruption by Carrier, or any of our other key suppliers, in the delivery of products could impair our ability to maintain current inventory levels and could materially adversely impact our consolidated results of operations and consolidated financial position.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2024
PROPERTY AND EQUIPMENT	7. PROPERTY AND EQUIPMENT Property and equipment, net, consists of: December 31, 2024 2023 Land $ 676 $ 676 Buildings and improvements 103,394 100,086 Machinery, vehicles, and equipment 145,126 130,958 Computer hardware and software 115,022 101,311 Furniture and fixtures 25,825 24,545 390,043 357,576 Accumulated depreciation and amortization (249,508 ) (221,346 ) $ 140,535 $ 136,230 Depreciation and amortization expense related to property and equipment included in selling, general and administrative expenses for the years ended December 31, 2024, 2023, and 2022, were $35,391, $30,767, and $26,974, respectively.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
DEBT	8. DEBT We maintain an unsecured, five-year $600,000 syndicated multicurrency revolving credit agreement, which may be used for, among other things, funding seasonal working capital needs and for 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, 2024. 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 revolving 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 0.1%, plus a spread which ranges from 1.0% to 1.375% (Term SOFR and Daily Simple SOFR plus 1.0% at December 31, 2024), 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 0.5% (0 at December 31, 2024), 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 0.125% to 0.275% (0.125% at December 31, 2024). During 2023, we paid fees of $844 in connection with entering into the revolving credit agreement, which are being amortized ratably through the maturity of the facility in March 2028. At December 31, 2024, there w as outstanding balance

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
INCOME TAXES	9. INCOME TAXES The sources of income before income taxes we Years Ended December 31, 2024 2023 2022 U.S. $ 725,603 $ 710,327 $ 758,734 Foreign 77,041 79,563 70,679 $ 802,644 $ 789,890 $ 829,413 The components of income tax expense from our wholly owned operations and investments and our controlling interest in the Carrier joint ventures were as follows: Years Ended December 31, 2024 2023 2022 Current: U.S. Federal $ 115,991 $ 119,133 $ 71,475 State 30,331 29,749 27,202 Foreign 20,353 14,048 13,574 166,675 162,930 112,251 Deferred: U.S. Federal 1,392 (5,581 ) 10,766 State 377 (1,301 ) 3,695 Foreign (1,540 ) (297 ) (995 ) 229 (7,179 ) 13,466 Income tax expense $ 166,904 $ 155,751 $ 125,717 We calculate our income tax expense and our effective tax rate for % of income attributable to our wholly owned operations and for our controlling interest of income attributable to our joint ventures with Carrier, which are primarily taxed as partnerships for income tax purposes. Following is a reconciliation of the effective income tax rate: Years Ended December 31, 2024 2023 2022 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit and other 3.6 3.5 4.6 Excess tax benefits from share-based compensation (1.8 ) (1.8 ) (8.6 ) Tax effects on foreign income 1.0 0.2 0.3 FDII (0.1 ) (0.1 ) (0.1 ) Change in valuation allowance 0.2 0.3 0.4 Tax credits and other (0.4 ) (0.8 ) (0.4 ) Effective income tax rate attributable to Watsco, Inc. 23.5 22.3 17.2 Taxes attributable to non-controlling (2.7 ) (2.6 ) (2.0 ) Effective income tax rate 20.8 % 19.7 % 15.2 % The following is a summary of the significant components of our net deferred tax liabilities: December 31, 2024 2023 Deferred tax assets: Share-based compensation $ 34,215 $ 30,847 Capitalized inventory costs and adjustments 4,891 5,387 Allowance for doubtful accounts 2,636 4,096 Self-insurance reserves 1,164 1,701 Capitalized research and development costs 10,026 6,712 Other 6,562 7,678 Net operating loss carryforwards 4,804 4,584 64,298 61,005 Valuation allowance (11,554 ) (10,468 ) Total deferred tax assets 52,744 50,537 Deferred tax liabilities: Deductible goodwill (106,221 ) (104,026 ) Depreciation (21,798 ) (24,973 ) Unremitted earnings of domestic affiliates (6,563 ) (5,008 ) Other (4,466 ) (4,390 ) Total deferred tax liabilities (139,048 ) (138,397 ) Net deferred tax liabilities (1) $ (86,304 ) $ (87,860 ) (1) Net deferred tax liabilities have been included in the consolidated balance sheets in deferred income taxes and other liabilities. Provisions of the Tax Cuts and Jobs Act of 2017 (the “TCJA”), such as the one-time low-taxed non-U.S. Any additional taxes due with respect to such previously taxed earnings, if repatriated, would generally be limited to certain state income taxes and foreign withholding. Deferred taxes have been recorded for state taxes and foreign withholding taxes on certain earnings of our foreign consolidated subsidiaries expected to be repatriated. We do not intend to distribute the remaining previously taxed foreign earnings and therefore have not recorded deferred taxes for certain state income taxes and foreign withholding on such earnings. The amount of certain state income taxes and foreign withholding that might be payable on the remaining amounts at December 31, 2024 is not practicable to estimate. On March 11, 2021, the America Rescue Plan Act of 2021 (the “ARPA”) was enacted. The ARPA expanded IRC Section 162(m) to include five additional most highly compensated individuals. The expansion of Section 162(m) coverage is effective for tax years beginning after December 31, 2026. Unlike the employees subject to Section 162(m) by virtue of being the Chief Executive Officer (“CEO”), Chief Financial Officer, or three most highly compensated named executive officers, an employee who is identified as one of the “additional” five employees is not considered to be a covered employee indefinitely. The five additional employees will be subject to the annual $1,000 cap on compensation and will be determined annually. On August 16, 2022, the Inflation Reduction Act (the “IRA”) was enacted, which introduces a new 15% corporate minimum tax based on adjusted financial statement income and a 1% excise tax on stock repurchases, effective January 1, 2023, and provisions intended to mitigate climate change, including tax credit incentives for investments that reduce greenhouse gas emissions. This legislation did not have a material impact on our consolidated financial statements. The Organization for Economic Cooperation and Development has a framework to implement a global minimum corporate tax rate of 15% for companies with global revenues and profits above certain thresholds (“Pillar Two”), with certain aspects of Pillar Two effective January 1, 2024 and other aspects effective January 1, 2025. On January 20, 2025, President Trump signed an executive order effectively cancelling the United States’ commitments to the global minimum tax rules, stating that those commitments cannot have any effect in the U.S. without an act of approval of the U.S. Congress. Since we do not have significant operations in jurisdictions with tax rates below the 15% minimum, Pillar Two did not impact our global tax costs in 2024 and it is not expected to be material in future periods. We will monitor evolving tax legislation related to global minimum tax rules in the jurisdictions in which we operate for impacts on our tax provision and effective tax rate. Valuation allowances are provided to reduce the related deferred income tax assets to an amount which will, more likely than not, be realized. The valuation allowance was $11,554 and $10,468 at December 31, 2024 and 2023, respectively. The increase was primarily attributable to the impact on U.S . At December 31, 2024, there were state net operating loss carryforwards of $22,692, some of which expire in 2026, with the majority having an indefinite carryforward period. At December 31, 2024, there were foreign net operating loss carryforwards of $17,953, which expire in varying amounts from 2036 through 2044. These amounts are available to offset future taxable income. There were no federal net operating loss carryforwards at December 31, 2024. We are subject to U.S. federal income tax, income tax of multiple state jurisdictions and foreign income tax. We are subject to tax audits in the various jurisdictions until the respective statutes of limitations expire. We are no longer subject to U.S. federal tax examinations for tax years prior to 2021. For the majority of states and foreign jurisdictions, we are no longer subject to tax examinations for tax years prior to 2020. At December 31, 2024 and 2023, the total amount of gross unrecognized tax benefits (excluding the federal benefit received from state positions) was $7,783 and $7,874, respectively. Of these totals, $6,263 and $6,559, respectively, (net of the federal benefit received from state positions) represent the amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate. Our policy is to recognize penalties within selling, general and administrative expenses and interest related to income tax matters in income tax expense in the consolidated statements of income. At December 31, 2024 and 2023, the cumulative amount of estimated accrued interest and penalties resulting from such unrecognized tax benefits was $ The changes in gross unrecognized tax benefits were as follows: Balance at December 31, 2021 $ 6,727 Additions based on tax positions related to the current year 1,867 Reductions due to lapse of applicable statute of limitations (842 ) Balance at December 31, 2022 7,752 Additions based on tax positions related to the current year 1,215 Reductions due to lapse of applicable statute of limitations (1,093 ) Balance at December 31, 2023 7,874 Additions based on tax positions related to the current year 1,439 Reductions due to lapse of applicable statute of limitations (1,530 ) Balance at December 31, 2024 $ 7,783

SHARE-BASED COMPENSATION AND BE

SHARE-BASED COMPENSATION AND BENEFIT PLANS	12 Months Ended
	Dec. 31, 2024
SHARE-BASED COMPENSATION AND BENEFIT PLANS	10. SHARE-BASED COMPENSATION AND BENEFIT PLANS Share-Based Compensation Plans We have two share-based compensation plans for employees. The 2021 Incentive Compensation Plan (the “2021 Plan”) provides for the award of a broad variety of share-based compensation alternatives such as restricted stock, non-qualified non-qualified Under the 2021 Plan, the number of shares of common stock available for issuance is (i) , plus (ii) shares of common stock that remained available for grant in connection with awards under the Watsco, Inc. 2014 Incentive Compensation Plan (the “2014 Plan”) on the date on which our shareholders approved the 2021 Plan, plus (iii) shares underlying currently outstanding awards issued under the 2014 Plan, which shares become reissuable under the 2021 Plan to the extent that such underlying shares are not issued due to their forfeiture, expiration, termination or otherwise. A total of shares of common stock, net of cancellations, had been awarded under the 2021 Plan as of December 31, 2024. As of December 31, 2024, shares of common stock were reserved for future grants under the 2021 Plan. Options under the 2021 Plan vest over two to seven of service and have contractual terms of five and ten years. Awards of restricted stock, which are granted at no cost to the employee, vest upon attainment of a specified age, generally toward the end of an employee’s career at age or older. Vesting may be accelerated in certain circumstances prior to the original vesting date. Our second plan, the 2014 Plan, expired in 2021; therefore, no additional options may be granted, but awards remain outstanding in accordance with their respective terms. There were 65,850 options to p urchase two The following is a summary of stock option activity under the 2021 Plan and the 2014 Plan as of and for the year ended December 31, 2024: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at December 31, 2023 410,865 $ 260.82 Granted 41,200 431.36 Exercised (137,320 ) 222.78 Forfeited (11,250 ) 288.67 Expired (3,000 ) 164.30 Options outstanding at December 31, 2024 300,495 $ 301.50 2.50 $ 51,907 Options exercisable at December 31, 2024 78,102 $ 249.19 1.36 $ 17,560 The following is a summary of restricted stock activity as of and for the year ended December 31, 2024: Shares Weighted- Restricted stock outstanding at December 31, 2023 2,736,681 $ 124.56 Granted 110,160 428.46 Vested (199,329 ) 33.18 Forfeited (21,215 ) 261.60 Restricted stock outstanding at December 31, 2024 2,626,297 $ 143.14 The weighted-average grant date fair value of restricted stock granted during 2024, 2023, and 2022 was $428.46, $302.71, and $290.55, respectively. The fair value of restricted stock that vested during 2024, 2023, and 2022 was $102,328, $5,745, and $271,781, respectively. During 2024, 78,378 shares of common stock with an aggregate fair market value of $39,613 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of restricted stock. During 2023, 7,585 shares of common stock with an aggregate fair market value of $2,215 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of restricted stock. During 2022, 320,468 shares of Class B common stock, which include the 311,408 surrendered shares referenced below, with an aggregate fair market value of $87,049 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. 2022 Vesting of Restricted Stock Held by our CEO On October 15, 2022, 975,622 shares of Class B restricted stock previously granted to our CEO during the period from 1997 to 2011 under various performance-based incentive plans vested. The vested shares had a value of $265,106 based on the closing price of our Class B common stock as of that date, which wa our provision for income taxes in 2022 by approximately $ . This vested value constitute d in statutory withholding, which, in turn, was satisfied by the CEO through a cash payment to us of $ and by the surrendering of shares of Class B common stock. Accordingly, shares of Class B common stock were retained by the CEO, and we retired the surrendered shares. Share-Based Compensation Fair Value Assumptions The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing valuation model based on the weighted-average assumptions noted in the table below. The fair value of each stock option award, which is subject to graded vesting, is expensed, net of estimated forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the stock option. We use historical data to estimate stock option forfeitures. The expected term of stock option awards granted represents the period of time that stock option awards granted are expected to be outstanding and was calculated using the simplified method for plain vanilla options, which we believe provides a reasonable estimate of expected life based on our historical data. The risk-free rate for periods within the contractual life of the stock option award is based on the yield curve of a zero-coupon The following table presents the weighted-average assumptions used for stock options granted: Years Ended December 31, 2024 2023 2022 Expected term in years 5.16 4.25 4.25 Risk-free interest rate 4.17 % 4.11 % 3.04 % Expected volatility 24.72 % 25.38 % 23.10 % Expected dividend yield 2.55 % 3.15 % 2.84 % Grant date fair value $ 93.88 $ 67.32 $ 46.60 Exercise of Stock Options The total intrinsic value of stock options exercised during 2024, 2023, and 2022 was $32,481, $30,515, and $13,046, respectively. Cash received from the exercise of stock options during 2024, 2023, and 2022 was $28,791, $26,835, and $18,425, respectively. The tax benefit from stock option exercises during 2024, 2023, and 2022 was $7,040, $6,617, and $2,658, respectively. During 2024, 2023, and 2022, 3,999 shares of Common stock with an aggregate fair market value of $1,860, 17,687 shares of Common stock with an aggregate fair market value of $5,489 and 1,592 shares of Common stock with an aggregate fair market value of $438, respectively, were withheld as payment in lieu of cash for stock option exercises and related tax withholdings. These shares were retired upon delivery. Share-Based Compensation Expense The following table provides information on share-based compensation expense: Years Ended December 31, 2024 2023 2022 Stock options $ 3,798 $ 3,603 $ 3,856 Restricted stock 31,224 26,397 24,965 Share-based compensation expense $ 35,022 $ 30,000 $ 28,821 At December 31, 2024, there was $7,188 of unrecognized pre-tax At December 31, 2024, there was $ of unrecognized pre-tax compensation expense related to restricted stock, which is expected to be recognized over a weighted-average period of approximately years. Of this amount, approximately $ is related to awards granted to our CEO, of which approximately $ , $ , $ , and $ vest in approximately , , and years upon his attainment of age , , , and respectively, and approximately $ is related to awards granted to our President, of which approximately $ and $ vest in approximately and years upon his attainment of age and , respectively. In the event that vesting is accelerated for any circumstance, as defined in the related agreements, the remaining unrecognized share-based compensation expense would be immediately recognized as a charge to earnings with a corresponding tax benefit. At December 31, 2024, we were obligated to issue shares of restricted stock to our CEO that vest in approximately years, shares of restricted stock to our President that vest in approximately years, and an estimated shares of restricted stock to various key leaders that vest in approximately - years in connection with 2024’s performance-based incentive compensation program. Employee Stock Purchase Plan The Watsco, Inc. Fourth Amended and Restated 1996 Qualified Employee Stock Purchase Plan (the “ESPP”) provides for up to 1,500,000 shares of Common stock to be available for purchase by our full-time employees with at least 90 days of service. The ESPP allows participating employees to purchase shares of Common stock at a 5% discount to the fair market value at specified times. During 2024, 2023, and 2022, employees purchased 2,935, 4,096, and 4,101 shares of Common stock at an average price of $429.60, $306.80, and $262.57 per share, respectively. Cash dividends received by the ESPP were reinvested in Common stock and resulted in the issuance of 2,308, 3,079, and 3,365 additional shares during 2024, 2023, and 2022, respectively. We received proceeds of $2,292, $2,292, and $1,997, respectively, during 2024, 2023, and 2022, for shares of our Common stock purchased and reinvested under the ESPP. At December 31, 2024, 431,061 shares remained available for purchase under the ESPP. 401(k) Plan We have a profit sharing retirement plan for our employees that is qualified under Section 401(k) of the Internal Revenue Code. Annual matching contributions are made based on a percentage of eligible employee compensation deferrals. The contribution has historically been made with the issuance of Common stock to the plan on behalf of our employees. For the years ended December 31, 2024, 2023, and 2022, we issued 20,387, 35,533, and 21,560 shares of Common stock, respectively, to the plan, representing the Common stock discretionary matching contribution of $8,735, $8,862, and $6,746, respectively.

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITY	12 Months Ended
	Dec. 31, 2024
INVESTMENT IN UNCONSOLIDATED ENTITY	11. INVESTMENT IN UNCONSOLIDATED ENTITY Our first joint venture with Carrier, Carrier Enterprise, LLC, which we refer to as Carrier Enterprise I, has a 38.4% ownership interest in RSI, an HVAC distributor operating from 3 6 Carrier Enterprise I is a party to a shareholders’ agreement with RSI and its shareholders (the “RSI Shareholders’ Agreement”), consisting of five Sigler second generation family siblings and their affiliates, who collectively own % of RSI (the “RSI Minority Holders” and, together with the RSI Majority Holders, the “RSI Shareholders”). Pursuant to the RSI Shareholders’ Agreement, the RSI Shareholders have the right to sell, and Carrier Enterprise I has the obligation to purchase, their respective shares of RSI for a purchase price determined based on the higher of book value or a multiple of EBIT, the latter of which Carrier Enterprise I used to calculate the price for its two six On July 28, 2023, Watsco, Carrier Enterprise I, and the RSI Majority Holders entered into an agreement that (1) provides Carrier Enterprise I the discretion, but not the obligation, to fund up to % of any purchase from the RSI Majority Holders of their RSI common stock, as required under the Shareholders’ Agreement, using Watsco Common stock (the “Offered Shares”), (2) provides that any Offered Shares actually issued would be valued based on the average volume-weighted average price of Watsco’s Common stock for the ten trading days immediately preceding the payment date for the applicable RSI shares, and (3) limits the amount of RSI shares that may be collectively sold by the RSI Majority Holders to Carrier Enterprise I under the Shareholders’ Agreement to $ during any rolling 12-month period. We have not issued or sold any Offered Shares, and there is no assurance that we will issue and sell any Offered Shares, nor is the number of Offered Shares that may be issued and sold currently determinable.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2024
ACQUISITIONS	12. ACQUISITIONS Commercial Specialists, Inc. On February 1, 2024, one of our wholly owned subsidiaries acquired Commercial Specialists, Inc. (“CSI”), a distributor of HVAC products with annual sales of approximately $13,000, operating from two locations 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 were subject to a contractual restriction that generally prohibited 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 purchase price resulted in the recognition of $69,086 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 25,086 Intangibles 44,000 Other assets 86 Current portion of lease 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 (13,417 ) 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 consolidated financial statements from their respective dates of acquisition. The pro-forma effect of these acquisitions was not deemed significant to the consolidated financial statements.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2024
GOODWILL AND INTANGIBLE ASSETS	13. GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill are as follows: Balance at December 31, 2022 $ 430,711 Acquired goodwill 25,547 Foreign currency translation adjustment 890 Balance at December 31, 2023 457,148 Acquired goodwill 2,469 Adjustment to goodwill related to 2023 acquisition (12 ) Foreign currency translation adjustment (7,747 ) Balance at December 31, 2024 $ 451,858 Intangible assets are comprised of the following: December 31, Estimated Useful Lives 2024 2023 Indefinite lived intangible assets - Trade names, trademarks, and distribution rights $ 165,910 $ 174,779 Finite lived intangible assets: Customer relationships 7-18 107,149 110,489 Patented and unpatented technology 7 1,517 1,650 Trade name 10 4,293 1,150 Accumulated amortization (70,397 ) (69,922 ) Finite lived intangible assets, net 42,562 43,367 $ 208,472 $ 218,146 Amortization expense related to finite lived intangible assets included in selling, general and administrative expenses for the years ended December 31, 2024, 2023, and 2022, were $5,431, $4,323, and $4,709, respectively. Based on the finite lived intangible assets recorded at December 31, 2024, annual amortization for the next five years is expected to approximate the following: 2025 $ 5,200 2026 $ 5,100 2027 $ 3,400 2028 $ 2,500 2029 $ 2,500

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2024
SHAREHOLDERS' EQUITY	14. SHAREHOLDERS’ EQUITY Common Stock Common stock and Class B common stock share equally in earnings and are identical in most other respects except: (i) Common stock is entitled to one vote on most matters and each share of Class B common stock is entitled to ten votes; (ii) shareholders of Common stock are entitled to elect 25% of the Board of Directors (rounded up to the nearest whole number) and Class B shareholders are entitled to elect the balance of the Board of Directors; (iii) cash dividends may be paid on Common stock without paying a cash dividend on Class B common stock and no cash dividend may be paid on Class B common stock unless at least an equal cash dividend is paid on Common stock; and (iv) Class B common stock is convertible at any time into Common stock on a one-for-one Preferred Stock We are authorized to issue preferred stock with such designation, rights and preferences as may be determined from time to time by our Board of Directors. Accordingly, the Board of Directors is empowered, without shareholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of our common stock and, in certain instances, could adversely affect the market price of this stock. We had no preferred stock outstanding at December 31, 2024 or 2023. Dividend Reinvestment Plan On March 29, 2024, we implemented the Watsco, Inc. Dividend Reinvestment Plan (the “DRIP”), under which existing shareholders may, in accordance with the DRIP, acquire shares of common stock, as applicable, by reinvesting all or a portion of the cash dividends paid on such shareholders’ shares of common stock. The DRIP has been registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to our automatically effective shelf registration statement on Form S-3 No. 333-282975). shares of common stock under the DRIP. At-the-Market On August 6, 2021, we entered into a sales agreement with Robert W. Baird & Co. Inc. (“Baird”), which enabled 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, for a maximum aggregate offering amount of up to $ (the “2021 ATM Program”). During 2024, we issued and sold 712,000 shares of Common stock under the 2021 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 paid-in In aggregate, we issued and sold of Common stock under the 2021 ATM Program. On May 3, 2024, we entered into an amended and restated sales agreement with Baird (the “2024 ATM Program”), which enables the further issuance and sale of up to $ of shares of was available for sale under the 2024 ATM Program. The offer and sale of shares under the 2024 ATM Program were registered under the Securities Act pursuant to our automatically effective shelf registration statement on Form S-3 (File No. 333-282975). Company Share Repurchase Program In September 1999, our Board of Directors authorized the repurchase, at management’s discretion, of up to 7,500,000 shares of common stock in the open market or via private transactions. Shares repurchased under the program are accounted for using the cost method and result in a reduction of shareholders’ equity. No

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2024
FINANCIAL INSTRUMENTS	15. FINANCIAL INSTRUMENTS Recorded Financial Instruments Recorded financial instruments consist of cash and cash equivalents, short-term cash investments, accounts receivable, accounts payable, lease liabilities, and borrowings under our revolving credit agreement. At December 31, 2024 and 2023, the fair values of cash and cash equivalents, short-term cash investments, accounts receivable, and accounts payable approximated their carrying values due to the short-term nature of these instruments. The fair values of lease liabilities approximated their carrying values based on the present value of future lease payments. The fair values of variable rate borrowings under our revolving credit agreement also approximate their carrying value based upon interest rates available for similar instruments with consistent terms and remaining maturities. Off-Balance At December 31, 2024 and 2023, we were contingently liable under standby letters of credit for $350 and $150, respectively, which were required by leases for real property. Additionally, at December 31, 2024 and 2023, we were contingently liable under various performance bonds aggregating approximately $12,700 and $13,600, respectively, which are used as collateral to cover any contingencies related to our nonperformance under agreements with certain customers. We do not expect that any material losses or obligations will result from the issuance of the standby letter of credit or performance bonds because we expect to meet our obligations under our lease for real property and to certain customers in the ordinary course of business. Concentrations of Credit Risk Financial instruments which potentially subject us to concentrations of credit risk consist principally of accounts receivable. Concentrations of credit risk are limited due to the large number of customers comprising the customer base and their dispersion across many different geographical regions. We also have access to credit insurance programs which are used as an additional means to mitigate credit risk.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2024
DERIVATIVES	16. 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 December 31, 2024, the total notional value of which was $5,100. Such contract expired in January 2025. We recognized gains (losses) of $ ( ) ( ) respectively

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2024
FAIR VALUE MEASUREMENTS	17. 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 at December 31, 2024 Using Balance Sheet Location Level 1 Level 2 Level 3 Assets: Certificates of deposit Short-term cash investments $ 255,669 —  $ 255,669 —  Derivative financial instruments Other current assets $ 6 —  $ 6 —  Equity securities Other assets $ 1,078 $ 1,078 —  —  Private equities Other assets $ 1,500 —  —  $ 1,500 Fair Value Measurements at December 31, 2023 Using Balance Sheet Location Total 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

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES	18. 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 $6,247 and $9,747 at December 31, 2024 and 2023, respectively, were established related to such programs and are included in accrued expenses and other current liabilities in our consolidated balance sheets. Variable Interest Entity As of December 31, 2024, in conjunction with our casualty insurance programs, limited equity interests are held in a captive insurance entity. The programs permit us to self-insure a portion of losses, to gain access to a wide array of safety-related services, to pool insurance risks and resources in order to obtain more competitive pricing for administration and reinsurance and to limit risk of loss in any particular year. The entity meets the definition of Variable Interest Entity (“VIE”); however, we do not meet the requirements to include this entity in the consolidated financial statements. At December 31, 2024, the maximum exposure to loss related to our involvement with this entity is limited to approximately $7,700 and we have a cash deposit of approximately $3,800 with them as collateral to cover any contingency related to additional risk assessments pertaining to our self-insurance programs. See “Self-Insurance” above for further information on commitments associated with the insurance programs. At December 31, 2024, there were no other entities that met the definition of a VIE. Purchase Obligations At December 31, 2024, we were obligated under various non-cancelable

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
RELATED PARTY TRANSACTIONS	19. RELATED PARTY TRANSACTIONS Purchases from Carrier and its affiliates comprised 62%, 65%, and 60%, of all inventory purchases made during 2024, 2023, and 2022, respectively. At December 31, 2024 and 2023, approximately $204,000 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 consolidated statements of income for 2024, 2023, and 2022 included approximately $82,000, $110,000, and $97,000, 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 a Senior Chairman of Greenberg Traurig, P.A., which serves as our principal outside counsel for compliance and acquisition-related legal services. During 2024, 2023, and 2022, fees for services performed were $279, $192, and $186, respectively, and $32 and $3 was payable at December 31, 2024 and 2023, respectively.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	20. SEGMENT REPORTING We have one operating and reporting segment: HVAC/R distribution. This sole line of business focuses exclusively on the distribution of air conditioning, heating, and refrigeration equipment and related parts and supplies. Our single reportable segment entity is managed on a consolidated basis, with the CEO serving as the CODM. On a monthly basis the CODM reviews financial information presented on a consolidated basis, as reported in the consolidated statements of income, and uses consolidated operating income and net income to assess performance and allocate resources. Significant expenses within operating income and net income include cost of sales and selling, general and administrative expenses, which are each separately presented in the consolidated statements of income. Other segment items within net income include interest and income taxes. See Note 21 for geographical information.

INFORMATION ABOUT GEOGRAPHIC AR

INFORMATION ABOUT GEOGRAPHIC AREAS	12 Months Ended
	Dec. 31, 2024
Information About Geographic Areas [Abstract]
INFORMATION ABOUT GEOGRAPHIC AREAS	21. INFORMATION ABOUT GEOGRAPHIC AREAS Our operations are primarily within the United States, including Puerto Rico, Canada, and Mexico. Products are also sold from the United States on an export-only basis to portions of Latin America and the Caribbean Basin. The following tables set forth revenues and long-lived assets by geographical area: Years Ended December 31, 2024 2023 2022 Revenues: United States $ 6,860,648 $ 6,540,646 $ 6,578,897 Canada 355,797 374,659 389,119 Latin America and the Caribbean 401,872 368,462 306,328 Total revenues $ 7,618,317 $ 7,283,767 $ 7,274,344 Revenues are attributed to countries based on the location of the store from which the sale occurred. See Note 3 for our disaggregated revenues by major product line. December 31, 2024 2023 Long-Lived Assets: United States $ 1,222,171 $ 1,150,736 Canada 155,897 167,314 Latin America and the Caribbean 21,474 19,201 Total long-lived assets $ 1,399,542 $ 1,337,251 Long-lived assets consist primarily of goodwill and intangible assets, operating lease ROU assets, our investment in an unconsolidated entity, and property and equipment.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2024
SUPPLEMENTAL CASH FLOW INFORMATION	22. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information was as follows: Years Ended December 31, 2024 2023 2022 Interest paid $ 969 $ 10,115 $ 3,505 Income taxes net of refunds $ 124,599 $ 188,443 $ 105,736 Common stock issued for CSI $ 752 —  —  Common stock issued for GWS —  $ 101,645 —

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2024
SUBSEQUENT EVENTS	23. SUBSEQUENT EVENTS On January 3, 2025, Carrier Enterprise I acquired W.L. Lashley & Associates, Inc. (“Lashley”), a distributor of commercial HVAC supplies with annual sales of approximately $8,000, operating from one location in Houston, Texas. Consideration for the purchase consisted of $3,662 in cash, 1,036 shares of Common stock having a fair value of $493, and $838 for repayment of indebtedness. Carrier contributed $1,000 cash to Carrier Enterprise I in connection with the acquisition of Lashley. On February 14, 2025, our Board of Directors approved an increase to the annual cash dividend per share of common stock to

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation	Organization, Consolidation and Presentation 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. At December 31, 2024, we operated from 690 locations in 43 U.S. states, Canada, Mexico, and Puerto Rico with additional market coverage on an export basis to portions of Latin America and the Caribbean. The consolidated financial statements include (i) the accounts of Watsco and its wholly owned subsidiaries, (ii) the accounts of U.S. joint ventures and their subsidiaries with Carrier Global Corporation, which we refer to as Carrier, in which we have an 80% controlling interest and Carrier has a 20% non-controlling interest, (iii) the accounts of a Canadian joint venture with Carrier, in which we have a % controlling interest and Carrier has a % non-controlling interest, and (iv) a 38.4% investment in Russell Sigler, Inc. (“RSI”), owned by one of the Carrier joint ventures that is accounted for under the equity method of accounting. All significant intercompany balances and transactions have been eliminated in consolidation.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The functional currency of our operations in Canada is the Canadian dollar. Foreign currency denominated assets and liabilities are translated into U.S. dollars at the exchange rates in effect at the balance sheet date, and income and expense items are translated at the average exchange rates in effect during the applicable period. The aggregate effect of foreign currency translation is recorded in accumulated other comprehensive loss, net in our consolidated balance sheets. Our net investment in our Canadian operations is recorded at the historical rate and the resulting foreign currency translation adjustments are included in accumulated other comprehensive loss, net in our consolidated balance sheets. Gains or losses resulting from transactions denominated in U.S. dollars are recognized in earnings primarily within cost of sales in our consolidated statements of income. Our operations in Mexico consider their functional currency to be the U.S. dollar because the majority of their transactions are denominated in U.S. dollars. Gains or losses resulting from transactions denominated in Mexican pesos are recognized in earnings primarily within selling, general and administrative expenses in our consolidated statements of income.
Short Term Cash Investments.	Short-Term Cash Investments Short-term cash investments consist of certificates of deposit that have varying maturities through March 2025.
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 consolidated 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 consolidated 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 consolidated 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 consolidated 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.
Cash Equivalents	Cash Equivalents All highly liquid instruments purchased with original maturities of three months or less are considered to be cash equivalents.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily consist of trade receivables due from customers and are stated at the invoiced amount less an allowance for doubtful accounts. An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make the required payments. When preparing these estimates, we consider a number of factors, including the aging of a customer’s account, past transactions with customers, creditworthiness of specific customers, historical trends, and other information, including potential impacts of business and economic conditions. Upon determination that an account is uncollectible, the receivable balance is written off. At December 31, 2024 and 2023, the allowance for doubtful accounts totaled $15,807 and $21,528, respectively.
Inventories	Inventories Inventories consist of air conditioning, heating and refrigeration equipment, and related parts and supplies and are valued at the lower of cost using the first-in, first-out
Vendor Rebates	Vendor Rebates We have arrangements with several vendors that provide rebates payable to us when we achieve defined measures, generally related to the volume level of purchases. We account for such rebates as a reduction of inventory until we sell the product, at which time such rebates are reflected as a reduction of cost of sales in our consolidated statements of income. Throughout the year, we estimate rebates based on our estimate of purchases to date relative to the purchase levels that mark our progress toward earning the rebates. We continually revise our estimates of earned vendor rebates based on actual purchase levels. At December 31, 2024 and 2023, we had $19,171 and $18,688, respectively, of rebates recorded as a reduction of inventories. Substantially all vendor rebate receivables are collected within three months following the end of the year. Vendor rebates that are earned based on products sold are credited directly to cost of sales in our consolidated statements of income.
Purchase Discounts	Purchase Discounts We also have vendors that offer a cash discount when we pay their invoice within a specified period of time. We account for such cash discounts as a reduction of inventories until we sell the product at which time such cash discounts are reflected as a reduction of cost of sales in our consolidated statements of income. At December 31, 2024 and 2023, we had $14,824 and $22,628, respectively, of cash discounts recorded as a reduction of inventories.
Pricing Claim Advances	Pricing Claim Advances We have arrangements with certain suppliers that invoice us based on a list price rather than on our net buy cost for specific inventory. Because our average holding period for inventory is approximately 90 days, these suppliers provide the differential between the list price and our net buy cost
Equity Securities	Equity Securities Investments in equity securities are recorded at fair value using the specific identification method and are included in other assets in our consolidated balance sheets. Changes in the fair value of equity securities and dividend income are recognized in our consolidated statements of income.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment is computed using the straight-line method. Buildings and improvements are depreciated or amortized over estimated useful lives ranging from 3-40 3-10 3-10 5-7
Operating and Finance Leases	Operating and Finance Leases We have operating leases for real property, vehicles and equipment, and finance leases primarily for vehicles. Operating leases are included in operating lease right-of-use assets , respectively, are included in current portion of lease liabilities and finance lease liabilities, net of current portion in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the applicable commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the commencement dates of the respective leases in determining the present value of the applicable lease payments. Operating lease ROU assets also include any lease pre-payments 1-10 non-lease Practical Expedients We elected the practical expedients related to short-term leases and separating lease components from non-lease
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill is recorded when the purchase price paid for an acquisition of a business exceeds the fair value of the net identified tangible and intangible assets acquired. We evaluate goodwill for impairment annually or more frequently when an event occurs, or circumstances change that indicate that the carrying value may not be recoverable. We test goodwill for impairment by comparing the fair value of our reporting unit to its carrying value. If the fair value is determined to be less than the carrying value, an impairment charge would be recognized. On January 1, 2025, we performed our annual evaluation of goodwill impairment and determined that the estimated fair value of our reporting unit exceeded its carrying value. Intangible assets primarily consist of the value of trade names and trademarks, distributor agreements, customer relationships, and patented and unpatented technology. Indefinite lived intangibles not subject to amortization are assessed for impairment at least annually, or more frequently if events or changes in circumstances indicate they may be impaired, by comparing the fair value of the intangible asset to its carrying amount to determine if a write-down to fair value is required. Finite lived intangible assets are amortized using the straight-line method over their respective estimated useful lives. We perform our impairment tests annually and have determined there was no impairment for any of the periods presented. There were no events or circumstances identified from the date of our assessment that would require an update to our annual impairment tests.
Long-Lived Assets	Long-Lived Assets Long-lived assets, other than goodwill and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability is evaluated by determining whether the amortization of the balance over its remaining life can be recovered through undiscounted future operating cash flows. We measure the impairment loss based on projected discounted cash flows using a discount rate reflecting the average cost of funds as compared to the asset’s carrying value. For the years ended December 31, 2024 and 2023, there were no such events or circumstances.
Fair Value Measurements	Fair Value Measurements We carry various assets and liabilities at fair value in the consolidated balance sheets. Fair value is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are classified based on the following fair value hierarchy: Level 1 Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices such as quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; or model-driven valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs for the asset or liability. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability.
Revenue Recognition	Revenue Recognition Revenue primarily consists of sales of air conditioning, heating and refrigeration equipment, and related parts and supplies. We generate our revenue primarily from the sale of finished products to customers; therefore, the significant majority of our contracts are short-term in nature and have only a single performance obligation to deliver products. The performance obligation under such contracts is satisfied when we transfer control of the product to the customer. Some contracts contain a combination of product sales and services, the latter of which is distinct and accounted for as a separate performance obligation. We satisfy our performance obligations for services when we render the services within the agreed-upon service period. Total service revenue is not material and accounted for less than 1% of our consolidated revenues for all periods presented. Revenue is recognized when control transfers to our customers when products are picked up, or via shipment of products or delivery of services. We measure revenue as the amount of consideration we expect to be entitled to receive in exchange for those goods or services, net of any variable considerations (e.g., rights to return product, sales incentives, others) and any taxes collected from customers and subsequently remitted to governmental authorities. Revenue for shipping and handling charges is recognized when products are delivered to the customer. Product Returns We estimate product returns based on historical experience and record them on a gross basis on our balance sheets. Substantially all customer returns relate to products that are returned under manufacturers’ warranty obligations. Accrued sales returns at December 31, 2024 and 2023 of $21,293 and $21,392, respectively, were included in accrued expenses and other current liabilities in our consolidated balance sheets. Sales Incentives We estimate sales incentives expected to be paid over the terms of the programs based on the most likely amounts. Sales incentives are accounted for as a reduction in the transaction price and are generally paid on an annual basis. Practical Expedients We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within selling, general and administrative expenses. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2024, 2023, and 2022, were $25,337, $28,236, and $25,884, respectively.
Shipping and Handling	Shipping and Handling Shipping and handling costs associated with inbound freight are capitalized to inventories and relieved through cost of sales as inventories are sold. Shipping and handling costs associated with the delivery of products are included in selling, general and administrative expenses. Shipping and handling costs for the years ended December 31, 2024, 2023 and 2022, were $84,762, $82,600, and $86,620, respectively.
Share-Based Compensation	Share-Based Compensation The fair value of stock option and restricted stock awards are expensed net of estimated forfeitures on a straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in our consolidated statements of income. Tax benefits resulting from tax deductions in excess of share-based compensation expense are recognized in our provision for income taxes in our consolidated statements of income.
Income Taxes	Income Taxes We record U.S. federal, state and foreign income taxes currently payable, as well as deferred taxes due to temporary differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities reflect the temporary differences between the financial statement and income tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized as income or expense in the period that includes the enactment date. We and our eligible subsidiaries file a consolidated U.S. federal income tax return. As income tax returns are generally not filed until well after the closing process for the December 31 financial statements is complete, the amounts recorded at December 31 reflect estimates of what the final amounts will be when the actual income tax returns are filed for that calendar year. In addition, estimates are often required with respect to, among other things, the appropriate state income tax rates to use in the various states that we and our subsidiaries are required to file, the potential utilization of operating loss carryforwards, and valuation allowances required for tax assets that may not be realizable in the future. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting this threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority.
Earnings per Share	Earnings per Share We compute earnings per share using the two-class two-class non-forfeitable two-class two-class Diluted earnings per share reflects the dilutive effect of potentia l co
Derivative Instruments and Hedging Activity	Derivative Instruments and Hedging Activity We have used derivative instruments, including forward and option contracts and swaps, to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. The use of these derivative instruments modifies the exposure of these risks with the intent to reduce the risk or cost to us. We use derivative instruments as risk management tools and not for trading purposes. All derivatives, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. Cash flows from derivative instruments are classified in the consolidated statements of cash flows in the same category as the cash flows from the items subject to the designated hedge or undesignated (economic) hedge relationships. The hedging designation may be classified as one of the following: No Hedging Designation. Cash Flow Hedge. Fair Value Hedge. See Note 16 for additional information pertaining to derivative instruments.
Loss Contingencies	Loss Contingencies Accruals are recorded for various contingencies including self-insurance, legal proceedings, environmental matters, and other claims that arise in the normal course of business. The estimation process contains uncertainty because accruals are based on judgment, the probability of losses and, where applicable, the consideration of opinions of external legal counsel and actuarially determined estimates. Additionally, we record receivables from third party insurers when recovery has been determined to be probable.
Recently Adopted 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. The adoption of this guidance on January 1, 2024 did not have a material impact on our consolidated financial statements. See Note 20.
Recently Issued Accounting Standards Not Yet Adopted	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, an entity will be required to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. An entity will also be required to disclose the amount of income taxes paid disaggregated by federal, state, and foreign, and by individual jurisdictions equal to or greater than five percent of total income taxes paid. This guidance is effective prospectively and is effective for annual periods beginning after December 15, 2024. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. Expense Disaggregation In November 2024, the FASB issued guidance that requires entities to disclose additional information about certain expenses in the notes to the financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact of adopting this new guidance on our consolidated financial statements.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
Components Of Lease Expense	The components of operating lease expense were as follows: Years Ended December 31, 2024 2023 2022 Lease cost $ 124,800 $ 112,195 $ 101,578 Short-term lease cost 10,869 10,102 10,226 Variable lease cost 1,673 1,773 1,840 Sublease income (346 ) (436 ) (373 ) $ 136,996 $ 123,634 $ 113,271
Summary Of Balance Sheet Information Related To Leases	Supplemental balance sheet information related to operating leases were as follows: December 31, 2024 2023 ROU assets $ 419,138 $ 368,748 Current portion $ 103,978 $ 95,587 Operating lease liabilities 321,715 276,913 Total operating $ 425,693 $ 372,500 Weighted Average Remaining Lease Term 5.0 years 4.8 years Weighted Average Discount Rate 5.40 % 4.91 %
Summary Of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to operating leases were as follows: Years Ended December 31, 2024 2023 2022 Operating cash flows for the measurement of operating lease liabilities $ 121,528 $ 110,614 $ 100,092 Operating lease ROU assets obtained in exchange for operating lease obligations $ 155,223 $ 148,196 $ 140,704
Maturities Of Operating Lease Liabilities	At December 31, 2024, maturities of operating lease liabilities over each of the next five years and thereafter were as follows: 2025 $ 124,420 2026 109,127 2027 82,552 2028 62,721 2029 43,834 Thereafter 66,159 Total lease payments 488,813 Less imputed interest 63,120 Total lease liability $ 425,693

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Disaggregated Revenue	The following table presents our revenues disaggregated by primary geographical regions and major product lines within our single reporting segment: Years Ended December 31, 2024 2023 2022 Primary Geographical Regions: United States $ 6,860,648 $ 6,540,646 $ 6,578,897 Canada 355,797 374,659 389,119 Latin America and the Caribbean 401,872 368,462 306,328 $ 7,618,317 $ 7,283,767 $ 7,274,344 Major Product Lines: HVAC equipment 69 % 69 % 68 % Other HVAC products 27 % 27 % 28 % Commercial refrigeration products 4 % 4 % 4 % 100 % 100 % 100 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 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 stock: Years Ended December 31, 2024 2023 2022 Basic Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 536,286 $ 536,337 $ 601,167 Less: distributed and undistributed earnings allocated to restricted common stock 37,392 36,966 51,365 Earnings allocated to Watsco, Inc. shareholders $ 498,894 $ 499,371 $ 549,802 Weighted-average common shares outstanding - Basic 37,391,461 36,406,148 35,564,203 Basic earnings per share for common stock $ 13.34 $ 13.72 $ 15.46 Allocation of earnings for Basic: Common stock $ 454,680 $ 455,186 $ 499,792 Class B common stock 44,214 44,185 50,010 $ 498,894 $ 499,371 $ 549,802 Diluted Earnings per Share: Net income attributable to Watsco, Inc. shareholders $ 536,286 $ 536,337 $ 601,167 Less: distributed and undistributed earnings allocated to restricted common stock 37,369 36,932 51,294 Earnings allocated to Watsco, Inc. shareholders $ 498,917 $ 499,405 $ 549,873 Weighted-average common shares outstanding - Basic 37,391,461 36,406,148 35,564,203 Effect of dilutive stock options 118,871 125,535 119,431 Weighted-average common shares outstanding - Diluted 37,510,332 36,531,683 35,683,634 Diluted earnings per share for common stock $ 13.30 $ 13.67 $ 15.41

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2024
Schedule of Accumulated Other Comprehensive Loss	The change in accumulated other comprehensive loss, net of tax, was as follows: Years Ended December 31, 2024 2023 2022 Foreign currency translation adjustment: Beginning balance $ (42,331 ) $ (47,710 ) $ (34,176 ) Current period other comprehensive (loss) income (17,562 ) 5,379 (13,534 ) Ending balance $ (59,893 ) $ (42,331 ) $ (47,710 )

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2024
Property and Equipment, Net	Property and equipment, net, consists of: December 31, 2024 2023 Land $ 676 $ 676 Buildings and improvements 103,394 100,086 Machinery, vehicles, and equipment 145,126 130,958 Computer hardware and software 115,022 101,311 Furniture and fixtures 25,825 24,545 390,043 357,576 Accumulated depreciation and amortization (249,508 ) (221,346 ) $ 140,535 $ 136,230

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Sources of income before income taxes	The sources of income before income taxes we Years Ended December 31, 2024 2023 2022 U.S. $ 725,603 $ 710,327 $ 758,734 Foreign 77,041 79,563 70,679 $ 802,644 $ 789,890 $ 829,413
Components of Income Tax Expense	The components of income tax expense from our wholly owned operations and investments and our controlling interest in the Carrier joint ventures were as follows: Years Ended December 31, 2024 2023 2022 Current: U.S. Federal $ 115,991 $ 119,133 $ 71,475 State 30,331 29,749 27,202 Foreign 20,353 14,048 13,574 166,675 162,930 112,251 Deferred: U.S. Federal 1,392 (5,581 ) 10,766 State 377 (1,301 ) 3,695 Foreign (1,540 ) (297 ) (995 ) 229 (7,179 ) 13,466 Income tax expense $ 166,904 $ 155,751 $ 125,717
Reconciliation of Effective Income Tax Rate	Following is a reconciliation of the effective income tax rate: Years Ended December 31, 2024 2023 2022 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit and other 3.6 3.5 4.6 Excess tax benefits from share-based compensation (1.8 ) (1.8 ) (8.6 ) Tax effects on foreign income 1.0 0.2 0.3 FDII (0.1 ) (0.1 ) (0.1 ) Change in valuation allowance 0.2 0.3 0.4 Tax credits and other (0.4 ) (0.8 ) (0.4 ) Effective income tax rate attributable to Watsco, Inc. 23.5 22.3 17.2 Taxes attributable to non-controlling (2.7 ) (2.6 ) (2.0 ) Effective income tax rate 20.8 % 19.7 % 15.2 %
Significant Components of Net Deferred Tax Liabilities	The following is a summary of the significant components of our net deferred tax liabilities: December 31, 2024 2023 Deferred tax assets: Share-based compensation $ 34,215 $ 30,847 Capitalized inventory costs and adjustments 4,891 5,387 Allowance for doubtful accounts 2,636 4,096 Self-insurance reserves 1,164 1,701 Capitalized research and development costs 10,026 6,712 Other 6,562 7,678 Net operating loss carryforwards 4,804 4,584 64,298 61,005 Valuation allowance (11,554 ) (10,468 ) Total deferred tax assets 52,744 50,537 Deferred tax liabilities: Deductible goodwill (106,221 ) (104,026 ) Depreciation (21,798 ) (24,973 ) Unremitted earnings of domestic affiliates (6,563 ) (5,008 ) Other (4,466 ) (4,390 ) Total deferred tax liabilities (139,048 ) (138,397 ) Net deferred tax liabilities (1) $ (86,304 ) $ (87,860 ) (1) Net deferred tax liabilities have been included in the consolidated balance sheets in deferred income taxes and other liabilities.
Changes in Gross Unrecognized Tax Benefits	The changes in gross unrecognized tax benefits were as follows: Balance at December 31, 2021 $ 6,727 Additions based on tax positions related to the current year 1,867 Reductions due to lapse of applicable statute of limitations (842 ) Balance at December 31, 2022 7,752 Additions based on tax positions related to the current year 1,215 Reductions due to lapse of applicable statute of limitations (1,093 ) Balance at December 31, 2023 7,874 Additions based on tax positions related to the current year 1,439 Reductions due to lapse of applicable statute of limitations (1,530 ) Balance at December 31, 2024 $ 7,783

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Stock Option Activity	The following is a summary of stock option activity under the 2021 Plan and the 2014 Plan as of and for the year ended December 31, 2024: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at December 31, 2023 410,865 $ 260.82 Granted 41,200 431.36 Exercised (137,320 ) 222.78 Forfeited (11,250 ) 288.67 Expired (3,000 ) 164.30 Options outstanding at December 31, 2024 300,495 $ 301.50 2.50 $ 51,907 Options exercisable at December 31, 2024 78,102 $ 249.19 1.36 $ 17,560
Summary of Restricted Stock Activity	The following is a summary of restricted stock activity as of and for the year ended December 31, 2024: Shares Weighted- Restricted stock outstanding at December 31, 2023 2,736,681 $ 124.56 Granted 110,160 428.46 Vested (199,329 ) 33.18 Forfeited (21,215 ) 261.60 Restricted stock outstanding at December 31, 2024 2,626,297 $ 143.14
Valuation Assumptions Used for Stock Option Awards	The following table presents the weighted-average assumptions used for stock options granted: Years Ended December 31, 2024 2023 2022 Expected term in years 5.16 4.25 4.25 Risk-free interest rate 4.17 % 4.11 % 3.04 % Expected volatility 24.72 % 25.38 % 23.10 % Expected dividend yield 2.55 % 3.15 % 2.84 % Grant date fair value $ 93.88 $ 67.32 $ 46.60
Share-Based Compensation Expense	The following table provides information on share-based compensation expense: Years Ended December 31, 2024 2023 2022 Stock options $ 3,798 $ 3,603 $ 3,856 Restricted stock 31,224 26,397 24,965 Share-based compensation expense $ 35,022 $ 30,000 $ 28,821

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 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 25,086 Intangibles 44,000 Other assets 86 Current portion of lease 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 (13,417 ) Total $ 102,543

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill are as follows: Balance at December 31, 2022 $ 430,711 Acquired goodwill 25,547 Foreign currency translation adjustment 890 Balance at December 31, 2023 457,148 Acquired goodwill 2,469 Adjustment to goodwill related to 2023 acquisition (12 ) Foreign currency translation adjustment (7,747 ) Balance at December 31, 2024 $ 451,858
Indefinite and Finite Lived Intangible Assets	Intangible assets are comprised of the following: December 31, Estimated Useful Lives 2024 2023 Indefinite lived intangible assets - Trade names, trademarks, and distribution rights $ 165,910 $ 174,779 Finite lived intangible assets: Customer relationships 7-18 107,149 110,489 Patented and unpatented technology 7 1,517 1,650 Trade name 10 4,293 1,150 Accumulated amortization (70,397 ) (69,922 ) Finite lived intangible assets, net 42,562 43,367 $ 208,472 $ 218,146
Amortization Expense Related to Finite Lived Intangible Assets	Based on the finite lived intangible assets recorded at December 31, 2024, annual amortization for the next five years is expected to approximate the following: 2025 $ 5,200 2026 $ 5,100 2027 $ 3,400 2028 $ 2,500 2029 $ 2,500

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 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 at December 31, 2024 Using Balance Sheet Location Level 1 Level 2 Level 3 Assets: Certificates of deposit Short-term cash investments $ 255,669 —  $ 255,669 —  Derivative financial instruments Other current assets $ 6 —  $ 6 —  Equity securities Other assets $ 1,078 $ 1,078 —  —  Private equities Other assets $ 1,500 —  —  $ 1,500 Fair Value Measurements at December 31, 2023 Using Balance Sheet Location Total 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

INFORMATION ABOUT GEOGRAPHIC _2

INFORMATION ABOUT GEOGRAPHIC AREAS (Tables)	12 Months Ended
	Dec. 31, 2024
Revenues and Long-Lived Assets by Geographical Area	The following tables set forth revenues and long-lived assets by geographical area: Years Ended December 31, 2024 2023 2022 Revenues: United States $ 6,860,648 $ 6,540,646 $ 6,578,897 Canada 355,797 374,659 389,119 Latin America and the Caribbean 401,872 368,462 306,328 Total revenues $ 7,618,317 $ 7,283,767 $ 7,274,344 Revenues are attributed to countries based on the location of the store from which the sale occurred. See Note 3 for our disaggregated revenues by major product line. December 31, 2024 2023 Long-Lived Assets: United States $ 1,222,171 $ 1,150,736 Canada 155,897 167,314 Latin America and the Caribbean 21,474 19,201 Total long-lived assets $ 1,399,542 $ 1,337,251

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Information	Supplemental cash flow information was as follows: Years Ended December 31, 2024 2023 2022 Interest paid $ 969 $ 10,115 $ 3,505 Income taxes net of refunds $ 124,599 $ 188,443 $ 105,736 Common stock issued for CSI $ 752 —  —  Common stock issued for GWS —  $ 101,645 —

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Store State Entity	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Allowance for doubtful accounts	$ 15,807	$ 21,528
Capitalized vendor rebates	19,171	18,688
Goodwill and intangible assets impairment	0	0	$ 0
Accrued sales returns	21,293	21,392
Selling, general and administrative expense	1,293,439	1,223,507	1,221,382
Cash discounts recorded as a reduction of inventories	14,824	22,628
Finance lease ROU assets	20,972	16,328
Finance lease liabilities	$ 21,770	$ 16,892
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating Lease, Right-of-Use Asset	Operating Lease, Right-of-Use Asset
Reduction in inventories related to pricing claim advances	$ 85,301	$ 85,913
U.S. Joint Ventures and their subsidiaries with Carrier Corp. [Member]
Significant Accounting Policies [Line Items]
Number of joint ventures | Entity	5
Controlling Interest Percentage	80%
Non Controlling Interest Percentage	20%
Shipping and Handling [Member]
Significant Accounting Policies [Line Items]
Selling, general and administrative expense	$ 84,762	82,600	86,620
Advertising Expense [Member]
Significant Accounting Policies [Line Items]
Selling, general and administrative expense	$ 25,337	$ 28,236	$ 25,884
Minimum [Member]
Significant Accounting Policies [Line Items]
Operating Lease Remaining Lease Term	1 year
Maximum [Member]
Significant Accounting Policies [Line Items]
Operating Lease Remaining Lease Term	10 years
Maximum [Member] | Sales Revenue, Net [Member]
Significant Accounting Policies [Line Items]
Percentage of Service Revenue	1%	1%	1%
Buildings and Improvements [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives in years	3 years
Buildings and Improvements [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives in years	40 years
Machinery and Equipment [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives in years	3 years
Machinery and Equipment [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives in years	10 years
Computer Hardware And Software [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives in years	3 years
Computer Hardware And Software [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives in years	10 years
Furniture and Fixtures [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives in years	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives in years	7 years
Watsco, Inc. [Member]
Significant Accounting Policies [Line Items]
Number of locations from which entity operates | Store	690
Number of states in which entity operates | State	43
Carrier and Its Affiliates [Member]
Significant Accounting Policies [Line Items]
Reduction in inventories related to pricing claim advances	$ 60,234	$ 63,546
Carrier and Its Affiliates [Member] | Canadian Joint Venture [Member]
Significant Accounting Policies [Line Items]
Controlling Interest Percentage	60%
Non Controlling Interest Percentage	40%

Leases - Components of Operatin

Leases - Components of Operating Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease cost	$ 124,800	$ 112,195	$ 101,578
Short-term lease cost	10,869	10,102	10,226
Variable lease cost	1,673	1,773	1,840
Sublease income	(346)	(436)	(373)
Total operating lease cost	$ 136,996	$ 123,634	$ 113,271

Leases - Summary Of Balance She

Leases - Summary Of Balance Sheet Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
ROU assets	$ 419,138	$ 368,748
Current portion of operating lease liabilities	$ 103,978	$ 95,587
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations, Current	Long-term Debt and Capital Lease Obligations, Current
Operating lease liabilities	$ 321,715	$ 276,913
Total operating lease liabilities	$ 425,693	$ 372,500
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current	Liabilities, Current
Weighted Average Remaining Lease Term (in years)
Operating leases	5 years	4 years 9 months 18 days
Weighted Average Discount Rate
Operating leases	5.40%	4.91%

Leases - Summary Of Supplementa

Leases - Summary Of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for the measurement of operating lease liabilities	$ 121,528	$ 110,614	$ 100,092
Operating lease ROU assets obtained in exchange for operating lease obligations	$ 155,223	$ 148,196	$ 140,704

Leases - Maturities Of Operatin

Leases - Maturities Of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Maturities of Operating Lease Liabilities
Total lease liability	$ 425,693	$ 372,500
Operating Lease Liabilities [Member]
Maturities of Operating Lease Liabilities
2025	124,420
2026	109,127
2027	82,552
2028	62,721
2029	43,834
Thereafter	66,159
Total lease payments	488,813
Less imputed interest	63,120
Total lease liability	$ 425,693

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Operating leases not yet commenced	$ 20,000
Maximum [Member]
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	10 years
Minimum [Member]
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	1 year

Revenues - Summary of Disaggreg

Revenues - Summary of Disaggregated Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	100%	100%	100%
Revenues	$ 7,618,317	$ 7,283,767	$ 7,274,344
United States [Member]
Disaggregation of Revenue [Line Items]
Revenues	6,860,648	6,540,646	6,578,897
Canada [Member]
Disaggregation of Revenue [Line Items]
Revenues	355,797	374,659	389,119
Latin America and the Caribbean [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 401,872	$ 368,462	$ 306,328
HVAC Equipment [Member]
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	69%	69%	68%
Other HVAC Products [Member]
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	27%	27%	28%
Commercial Refrigeration Products [Member]
Disaggregation of Revenue [Line Items]
Revenues from product lines, percentage	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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$ 536,286	$ 536,337	$ 601,167
Basic earnings per share for common stock	$ 13.34	$ 13.72	$ 15.46
Diluted Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$ 536,286	$ 536,337	$ 601,167
Diluted earnings per share for common stock	$ 13.3	$ 13.67	$ 15.41
Class B Common Stock [Member]
Basic Earnings per Share:
Earnings allocated to Watsco, Inc. shareholders - Basic	$ 44,214	$ 44,185	$ 50,010
Common Stock [Member]
Basic Earnings per Share:
Earnings allocated to Watsco, Inc. shareholders - Basic	454,680	455,186	499,792
Common Stock [Member] | Class B Common Stock [Member]
Basic Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	536,286	536,337	601,167
Less: distributed and undistributed earnings allocated to restricted common stock	37,392	36,966	51,365
Earnings allocated to Watsco, Inc. shareholders - Basic	$ 498,894	$ 499,371	$ 549,802
Weighted-average common shares outstanding - Basic	37,391,461	36,406,148	35,564,203
Basic earnings per share for common stock	$ 13.34	$ 13.72	$ 15.46
Diluted Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$ 536,286	$ 536,337	$ 601,167
Less: distributed and undistributed earnings allocated to restricted common stock	37,369	36,932	51,294
Earnings allocated to Watsco, Inc. shareholders - Diluted	$ 498,917	$ 499,405	$ 549,873
Weighted-average common shares outstanding - Basic	37,391,461	36,406,148	35,564,203
Effect of dilutive stock options	118,871	125,535	119,431
Weighted-average common shares outstanding - Diluted	37,510,332	36,531,683	35,683,634
Diluted earnings per share for common stock	$ 13.3	$ 13.67	$ 15.41

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Line Items]
Class B common stock conversion, number of shares	3,313,787	3,221,259	3,234,939
Anti-dilutive stock options excluded from earnings per share	30,154	18,489	190,462

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (42,331)
Ending balance	(59,893)	$ (42,331)
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(42,331)	(47,710)	$ (34,176)
Current period other comprehensive income (loss)	(17,562)	5,379	(13,534)
Ending balance	$ (59,893)	$ (42,331)	$ (47,710)

Supplier Concentration - Additi

Supplier Concentration - Additional Information (Detail) - Supplier Concentration Risk [Member] - Cost of Goods, Total [Member]	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Carrier and Its Affiliates [Member]
Concentration Risk [Line Items]
Percentage of purchases from key suppliers	62%	65%	60%
Top Ten Suppliers [Member]
Concentration Risk [Line Items]
Percentage of purchases from key suppliers	85%	86%	84%

Property and Equipment, Net (De

Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 390,043	$ 357,576
Accumulated depreciation and amortization	(249,508)	(221,346)
Property and equipment, net	140,535	136,230
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	676	676
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	103,394	100,086
Machinery, Vehicles and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	145,126	130,958
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	115,022	101,311
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 25,825	$ 24,545

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 35,391	$ 30,767	$ 26,974

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Payment of fees related to revolving credit agreement	$ 0	$ 844	$ 0
Borrowings under revolving credit agreement	$ 0	15,400
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit agreement, maturity date	Mar. 16, 2028
Payment of fees related to revolving credit agreement		844
Borrowings under revolving credit agreement	$ 0	$ 15,400
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] | 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 or Term SOFR [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread	0%
Prime Rate or Term SOFR [Member] | Revolving Credit Facility [Member] | Additional Variable Interest Rate Spread One [Member]
Debt Instrument [Line Items]
Basis spread	1%
Prime Rate or Term SOFR [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread	0.50%
Prime Rate or Term SOFR [Member] | 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	0.10%
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] | 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%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Thousands			12 Months Ended
	Aug. 16, 2022	Mar. 11, 2021 USD ($) Employee	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Taxes [Line Items]
Percentage of income attributable to wholly-owned operations and investments for which income tax expense and effective tax rate calculated			100%	100%	100%
Valuation allowance			$ 11,554	$ 10,468
Gross unrecognized tax benefits			7,783	7,874	$ 7,752	$ 6,727
Unrecognized tax benefits that, if recognized, would affect the effective tax rate			6,263	6,559
Estimated accrued interest and penalties resulting from unrecognized tax benefits			1,196	$ 1,471
Foreign subsidiaries earnings			$ 168,000
Corporate minimum tax rate			20.80%	19.70%	15.20%
Pillar Two Limit [Member]
Income Taxes [Line Items]
Corporate minimum tax rate			15%
America Rescue Plan Act of 2021 [Member]
Income Taxes [Line Items]
Number Of Additional Most Highly Compensated Individuals | Employee		5
Annual Cap On Compensation		$ 1,000
Inflation Reduction Act [Member]
Income Taxes [Line Items]
Percentage of excise tax on stock repurchases	1%		1%
Corporate minimum tax rate	15%
State and other [Member]
Income Taxes [Line Items]
Net operating loss carry forwards			$ 22,692
State and other [Member] | Minimum [Member]
Income Taxes [Line Items]
State and other net operating loss carry forwards expiration date			2026
Foreign [Member]
Income Taxes [Line Items]
Net operating loss carry forwards			$ 17,953
Foreign [Member] | Maximum [Member]
Income Taxes [Line Items]
State and other net operating loss carry forwards expiration date			2044
Foreign [Member] | Minimum [Member]
Income Taxes [Line Items]
State and other net operating loss carry forwards expiration date			2036
Federal [Member]
Income Taxes [Line Items]
Net operating loss carry forwards			$ 0

Sources Of Income Before Income

Sources Of Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Sources Of Income Before Income Taxes [Line Items]
U.S.	$ 725,603	$ 710,327	$ 758,734
Foreign	77,041	79,563	70,679
Total	$ 802,644	$ 789,890	$ 829,413

Components of Income Tax Expens

Components of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
U.S. Federal	$ 115,991	$ 119,133	$ 71,475
State	30,331	29,749	27,202
Foreign	20,353	14,048	13,574
Current	166,675	162,930	112,251
Deferred:
U.S. Federal	1,392	(5,581)	10,766
State	377	(1,301)	3,695
Foreign	(1,540)	(297)	(995)
Deferred	229	(7,179)	13,466
Income tax expense	$ 166,904	$ 155,751	$ 125,717

Reconciliation of Effective Inc

Reconciliation of Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Effective Income Tax Rate [Line Items]
U.S. federal statutory rate	21%	21%	21%
State income taxes, net of federal benefit and other	3.60%	3.50%	4.60%
Excess tax benefits from share-based compensation	(1.80%)	(1.80%)	(8.60%)
Tax effects on foreign income	1%	0.20%	0.30%
FDII	(0.10%)	(0.10%)	(0.10%)
Change in valuation allowance	0.20%	0.30%	0.40%
Tax credits and other	(0.40%)	(0.80%)	(0.40%)
Effective income tax rate attributable to Watsco, Inc.	23.50%	22.30%	17.20%
Taxes attributable to non-controlling interest	(2.70%)	(2.60%)	(2.00%)
Effective income tax rate	20.80%	19.70%	15.20%

Significant Components of Net D

Significant Components of Net Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Components of Net Deferred Tax Liabilities [Line Items]
Share-based compensation		$ 34,215	$ 30,847
Capitalized inventory costs and adjustments		4,891	5,387
Allowance for doubtful accounts		2,636	4,096
Self-insurance reserves		1,164	1,701
Capitalized research and development costs		10,026	6,712
Other		6,562	7,678
Net operating loss carryforwards		4,804	4,584
Total deferred tax assets, gross		64,298	61,005
Valuation allowance		(11,554)	(10,468)
Total deferred tax assets		52,744	50,537
Deductible goodwill		(106,221)	(104,026)
Depreciation		(21,798)	(24,973)
Unremitted earnings of domestic affiliates		(6,563)	(5,008)
Other		(4,466)	(4,390)
Total deferred tax liabilities		(139,048)	(138,397)
Net deferred tax liabilities	[1]	$ (86,304)	$ (87,860)
[1]Net deferred tax liabilities have been included in the consolidated balance sheets in deferred income taxes and other liabilities.

Changes in Gross Unrecognized T

Changes in Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Beginning balance	$ 7,874	$ 7,752	$ 6,727
Additions based on tax positions related to the current year	1,439	1,215	1,867
Reductions due to lapse of applicable statute of limitations	(1,530)	(1,093)	(842)
Ending balance	$ 7,783	$ 7,874	$ 7,752

Share-Based Compensation and _3

Share-Based Compensation and Benefit Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 15, 2022 USD ($) shares	Dec. 31, 2024 USD ($) Age $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options of common stock outstanding | shares		300,495	410,865
Income tax benefit		$ 166,904	$ 155,751	$ 125,717
Payment, tax withholding, share-based payment arrangement		39,673	2,828	87,107
Common stock contribution to 401(k) plan		8,735	8,862	6,746
Current federal tax expense (benefit)		$ 115,991	$ 119,133	$ 71,475
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of common stock available for issuance | shares		1,500,000
Shares reserved for future grant | shares		431,061
Number of days of service required for an employee to purchase shares		90 days
Discount to employees to purchase shares		5%
Shares purchased under ESPP | shares		2,935	4,096	4,101
Average price of the shares purchased by employees | $ / shares		$ 429.6	$ 306.8	$ 262.57
Additional shares issued resulting from cash dividends reinvested in common stock | shares		2,308	3,079	3,365
Net proceeds from shares purchased under ESPP		$ 2,292	$ 2,292	$ 1,997
2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options of common stock outstanding | shares		65,850
2014 Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Years in which options plan vest		2 years
2014 Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Years in which options plan vest		4 years
401(k) Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock contribution to 401(k) Plan, shares | shares		20,387	35,533	21,560
Common stock contribution to 401(k) plan		$ 8,735	$ 8,862	$ 6,746
2021 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of market price that share-based compensation awards are granted at		100%
Aggregate shares of common stock available for issuance | shares		2,500,000
Shares awarded under the plan, net of cancellations | shares		211,957
Shares reserved for future grant | shares		2,295,370
Shares of common stock that remained available for issuance under the 2014 Plan | shares		7,327
2021 Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Years in which options plan vest		2 years
2021 Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Years in which options plan vest		7 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of restricted stock | $ / shares		$ 428.46	$ 302.71	$ 290.55
Market value of vested shares		$ 102,328	$ 5,745	$ 271,781
Unrecognized share-based compensation expense		$ 222,387
Weighted average vesting period for unrecognized share-based compensation expense		11 years 8 months 12 days
Number of shares vested | shares		199,329
Restricted Stock [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense		$ 45,000
Vesting period related to restricted stock obligated to issue in connection with incentive compensation agreement		8 years
Restricted stock obligated to issue in connection with incentive compensation agreement | shares		21,597
Restricted Stock [Member] | Chief Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense		$ 10,000
Weighted average vesting period for unrecognized share-based compensation expense		2 years
Age of Chief Executive Officer when restricted stock vests | Age		86
Restricted Stock [Member] | Chief Executive Officer [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense		$ 17,000
Weighted average vesting period for unrecognized share-based compensation expense		4 years
Age of Chief Executive Officer when restricted stock vests | Age		88
Restricted Stock [Member] | Chief Executive Officer [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense		$ 13,000
Weighted average vesting period for unrecognized share-based compensation expense		5 years
Age of Chief Executive Officer when restricted stock vests | Age		89
Restricted Stock [Member] | Chief Executive Officer [Member] | Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense		$ 5,000
Weighted average vesting period for unrecognized share-based compensation expense		8 years
Age of Chief Executive Officer when restricted stock vests | Age		92
Restricted Stock [Member] | President [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense		$ 56,000
Vesting period related to restricted stock obligated to issue in connection with incentive compensation agreement		19 years
Restricted stock obligated to issue in connection with incentive compensation agreement | shares		19,906
Restricted Stock [Member] | President [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense		$ 55,000
Weighted average vesting period for unrecognized share-based compensation expense		19 years
Age of president when restricted shares vests | Age		62
Restricted Stock [Member] | President [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense		$ 1,000
Weighted average vesting period for unrecognized share-based compensation expense		21 years
Age of president when restricted shares vests | Age		64
Restricted Stock [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Age of employee when restricted stock vests | Age		62
Restricted Stock [Member] | Various Key Leaders [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock obligated to issue in connection with incentive compensation agreement | shares		4,747
Restricted Stock [Member] | Various Key Leaders [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period for unrecognized share-based compensation expense		5 years
Restricted Stock [Member] | Various Key Leaders [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period for unrecognized share-based compensation expense		11 years
Restricted Stock [Member] | Common and Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld as payment for tax withholdings related to share based compensation, shares | shares		78,378	7,585
Payment, tax withholding, share-based payment arrangement		$ 39,613	$ 2,215
Restricted Stock [Member] | Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld as payment for tax withholdings related to share based compensation, shares | shares				320,468
Payment, tax withholding, share-based payment arrangement				$ 87,049
Restricted Stock [Member] | Class B Common Stock [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market value of vested shares	$ 265,106
Shares withheld as payment for tax withholdings related to share based compensation, shares | shares	311,408
Payment, tax withholding, share-based payment arrangement	$ 104,319
Cash benefit related to vesting of restricted stock previously granted to our CEO				67,000
Current federal tax expense (benefit)				49,000
Number of shares vested | shares	975,622
Shares retained net of tax withholdings | shares	664,214
Cash payment related to tax withholding for share based compensation	$ 19,700
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit		7,040	6,617	2,658
Total intrinsic value of stock options exercised		32,481	30,515	13,046
Cash received from the exercise of stock options		28,791	26,835	18,425
Unrecognized share-based compensation expense		7,188
Fair value of stock options vested		$ 4,022	$ 2,751	$ 2,721
Employee Stock Option [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld as payment for tax withholdings related to share based compensation, shares | shares		3,999	17,687	1,592
Payment, tax withholding, share-based payment arrangement		$ 1,860	$ 5,489	$ 438

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, Outstanding beginning balance | shares	410,865
Options, Granted | shares	41,200
Options, Exercised | shares	(137,320)
Options, Forfeited | shares	(11,250)
Options, Expired | shares	(3,000)
Options, Outstanding ending balance | shares	300,495
Options, Exercisable | shares	78,102
Weighted-Average Exercise Price, Outstanding beginning balance | $ / shares	$ 260.82
Weighted-Average Exercise Price, Granted | $ / shares	431.36
Weighted-Average Exercise Price, Exercised | $ / shares	222.78
Weighted-Average Exercise Price, Forfeited | $ / shares	288.67
Weighted-Average Exercise Price, Expired | $ / shares	164.3
Weighted-Average Exercise Price, Outstanding ending balance | $ / shares	301.5
Weighted-Average Exercise Price, Exercisable | $ / shares	$ 249.19
Weighted-Average Remaining Contractual Term (in years), Outstanding	2 years 6 months
Weighted-Average Remaining Contractual Term (in years), Exercisable	1 year 4 months 9 days
Aggregate Intrinsic Value, Outstanding | $	$ 51,907
Aggregate Intrinsic Value, Exercisable | $	$ 17,560

Summary of Restricted Stock Act

Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Restricted beginning balance	2,736,681
Shares, Granted	110,160
Shares, Vested	(199,329)
Shares, Forfeited	(21,215)
Shares, Restricted ending balance	2,626,297	2,736,681
Weighted-Average Grant Date Fair Value, Restricted beginning balance	$ 124.56
Weighted-Average Grant Date Fair Value, Granted	428.46	$ 302.71	$ 290.55
Weighted-Average Grant Date Fair Value, Vested	33.18
Weighted-Average Grant Date Fair Value, Forfeited	261.6
Weighted-Average Grant Date Fair Value, Restricted ending balance	$ 143.14	$ 124.56

Weighted-Average Assumptions Us

Weighted-Average Assumptions Used for Stock Options Granted (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term in years	5 years 1 month 28 days	4 years 3 months	4 years 3 months
Risk-free interest rate	4.17%	4.11%	3.04%
Expected volatility	24.72%	25.38%	23.10%
Expected dividend yield	2.55%	3.15%	2.84%
Grant date fair value	$ 93.88	$ 67.32	$ 46.6

Share-Based Compensation Expens

Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 35,022	$ 30,000	$ 28,821
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3,798	3,603	3,856
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 31,224	$ 26,397	$ 24,965

Investment in Unconsolidated _2

Investment in Unconsolidated Entity - Additional Information (Detail) $ in Thousands		12 Months Ended
	Dec. 18, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 28, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Additional equity interest in the investee acquired	0.30%
Investment in unconsolidated entity		$ 0	$ 2,849	$ 0
Proceeds from non-controlling interest for investment in unconsolidated entity		$ 0	$ 570	$ 0
Ownership percentage needed for right to purchase up to 100%		85%
Number of board members that can be appointed based on ownership		2
Total number of board members		6
Carrier Enterprise LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest		38.40%
Carrier Enterprise LLC [Member] | Shareholders Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of maximum shares eligible to fund purchase as per agreement					80%
Maximum amount eligible to be invested as per agreement					$ 125,000
Carrier Enterprise LLC [Member] | RSI Majority Holders [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest		55.40%
Carrier Enterprise LLC [Member] | RSI Minority Holders [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest		6.20%
Russell Sigler Inc [Member] | Carrier Enterprise I [Member]
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entity	$ 2,849
Contribution to investment in unconsolidated entity by controlling interest	2,279
Proceeds from non-controlling interest for investment in unconsolidated entity	$ 570
Russell Sigler Inc [Member] | Carrier Enterprise I [Member] | Ownership Interest Before Additional Ownership Interest Acquired [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	38.10%
Russell Sigler Inc [Member] | Carrier Enterprise I [Member] | Ownership Interest After Additional Ownership Interest Acquired [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	38.40%

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands	Feb. 01, 2024 USD ($) Location shares	Sep. 01, 2023 USD ($) Location shares	Mar. 03, 2023 USD ($)
Commercial Specialists Inc [Member]
Business Acquisition [Line Items]
Annual sales	$ 13,000
Number of locations in which the company operates | Location	2
Stock issued for acquisition | shares	1,904
Fair value of equity shares issued or issuable	$ 752
Repayment of indebtedness	562
Goodwill and intangibles acquired	$ 2,469
Businesss acquistion goodwill expected period of tax deduction	15 years
Cash consideration for business acquisition	$ 6,037
Cash acquired	$ 1,426
Gateway Supply Company, Inc. [Member]
Business Acquisition [Line Items]
Annual sales		$ 180,000
Stock issued for acquisition | shares		280,215
Fair value of equity shares issued or issuable		$ 101,645
Goodwill and intangibles acquired		69,086
Cash consideration for business acquisition		4,000
Cash acquired		3,102
Intangible assets acquired		$ 44,000
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]
Annual sales			$ 13,000
Repayment of indebtedness			1,851
Goodwill and intangibles acquired			$ 1,055
Businesss acquistion goodwill expected period of tax deduction			15 years
Cash consideration for business acquisition			$ 1,217
Cash acquired			144
Intangible assets acquired			606
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	Dec. 31, 2024	Dec. 31, 2023	Sep. 01, 2023
Business Acquisition [Line Items]
Operating lease ROU assets	$ 419,138	$ 368,748
Operating lease liabilities, net of current portion	$ (321,715)	$ (276,913)
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			25,086
Intangibles			44,000
Other assets			86
Current portion of llease 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			(13,417)
Total			$ 102,543

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 457,148	$ 430,711
Acquired goodwill	2,469	25,547
Adjustment to goodwill related to 2023 acquisition	(12)
Foreign currency translation adjustment	(7,747)	890
Goodwill, Ending Balance	$ 451,858	$ 457,148

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Amortization expense related to finite lived intangible assets	$ 5,431	$ 4,323	$ 4,709

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets [Line Items]
Indefinite lived intangible assets - Trade names, trademarks, and distribution rights	$ 165,910	$ 174,779
Finite lived intangible assets:
Accumulated amortization	(70,397)	(69,922)
Finite lived intangible assets, net	42,562	43,367
Intangible assets, net	208,472	218,146
Customer Relationships [Member]
Finite lived intangible assets:
Finite lived intangible assets	$ 107,149	110,489
Customer Relationships [Member] | Minimum [Member]
Intangible Assets [Line Items]
Finite lived intangible assets, Estimated Useful lives, years	7 years
Customer Relationships [Member] | Maximum [Member]
Intangible Assets [Line Items]
Finite lived intangible assets, Estimated Useful lives, years	18 years
Patented And Unpatented Technology [Member]
Intangible Assets [Line Items]
Finite lived intangible assets, Estimated Useful lives, years	7 years
Finite lived intangible assets:
Finite lived intangible assets	$ 1,517	1,650
Trade Name [Member]
Intangible Assets [Line Items]
Finite lived intangible assets, Estimated Useful lives, years	10 years
Finite lived intangible assets:
Finite lived intangible assets	$ 4,293	$ 1,150

Amortization Expense Related to

Amortization Expense Related to Finite Lived Intangible Assets (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 5,200
2026	5,100
2027	3,400
2028	2,500
2029	$ 2,500

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Aug. 06, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 03, 2024	Aug. 16, 2022	Sep. 30, 1999
Stockholders Equity Note [Line Items]
Preferred stock outstanding		0	0
Net proceeds from the sale of Common stock		$ 281,784	$ 15,179	$ 0
Number of shares authorized to be repurchased							7,500,000
Aggregate cost of common stock repurchased under the plan		$ 73,479	$ 86,630
Remaining number of shares authorized to be repurchased		1,129,087
Inflation Reduction Act [Member]
Stockholders Equity Note [Line Items]
Percentage of excise tax on stock repurchases		1%				1%
2021 ATM Program [Member]
Stockholders Equity Note [Line Items]
Maximum aggregate offering amount of stock	$ 300,000
Number of shares sold and issued under ATM		712,000	45,000
Net proceeds from the sale of Common stock		$ 281,784	$ 15,179
Direct costs		33	$ 375
Cumulative value of Common Stock sold under the 2021 ATM Program		298,455
2024 ATM Program [Member]
Stockholders Equity Note [Line Items]
Available for sale under ATM Program		$ 400,000			$ 400,000
Share Repurchase Program [Member]
Stockholders Equity Note [Line Items]
Treasury stock, shares repurchased		0	0	0
Aggregate cost of common stock repurchased under the plan		$ 114,425	$ 114,425	$ 114,425
Dividend Reinvestment Plan [Member]
Stockholders Equity Note [Line Items]
Stock issued during period, shares, dividend reinvestment plan		27,561
Class B Common Stock [Member]
Stockholders Equity Note [Line Items]
Amount of votes common stock is entitled		ten
Class B Common Stock [Member] | Share Repurchase Program [Member]
Stockholders Equity Note [Line Items]
Aggregate shares repurchased under stock repurchase plan		48,263	48,263	48,263
Common Stock [Member]
Stockholders Equity Note [Line Items]
Amount of votes common stock is entitled		one
Percentage of Board entitled to elect		25%
Common Stock [Member] | Share Repurchase Program [Member]
Stockholders Equity Note [Line Items]
Aggregate shares repurchased under stock repurchase plan		6,322,650	6,322,650	6,322,650

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Standby Letters of Credit [Member]
Financial Instrument [Line Items]
Fair value of contingent liability	$ 350	$ 150
Performance Bonds [Member]
Financial Instrument [Line Items]
Fair value of contingent liability	$ 12,700	$ 13,600

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value of derivatives	$ 5,100
Contract expiring terms	2025-01
Gain (loss) from foreign currency forward and option contracts not designated as hedging instruments	$ 3,232	$ (2,791)	$ (917)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Short-term cash investments [Member]
Assets:
Certificates of deposit	$ 255,669
Other Current Assets [Member]
Assets:
Derivative financial instruments	6	$ 5
Other assets [Member]
Assets:
Equity securities	1,078	1,044
Private equities	1,500	1,500
Fair Value Measurements, Level 1 [Member] | Other assets [Member]
Assets:
Equity securities	1,078	1,044
Fair Value Measurements, Level 2 [Member] | Short-term cash investments [Member]
Assets:
Certificates of deposit	255,669
Fair Value Measurements, Level 2 [Member] | Other Current Assets [Member]
Assets:
Derivative financial instruments	6	5
Fair Value Measurements, Level 3 [Member] | Other assets [Member]
Assets:
Private equities	$ 1,500	$ 1,500

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Line Items]
Self-insurance reserves	$ 6,247	$ 9,747
Maximum exposure to loss related to involvement with variable interest entity	7,700
Variable interest entity cash deposit to cover contingency	3,800
Non-cancelable purchase obligations for goods	44,000
Carrier and Its Affiliates [Member]
Commitments and Contingencies Disclosure [Line Items]
Non-cancelable purchase obligations for goods	$ 39,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts payable	$ 490,879	$ 369,396
Revenues	7,618,317	7,283,767	$ 7,274,344
Greenberg Traurig, P.A. [Member] | Customary Fees for Legal Services [Member]
Related Party Transaction [Line Items]
Fees for related party transaction	279	192	186
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	32	3
Carrier and Its Affiliates [Member] | Supplier Concentration Risk [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Accounts payable	204,000	100,000
Revenues	$ 82,000	$ 110,000	$ 97,000
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	62%	65%	60%

Information About Geographic _3

Information About Geographic Areas - Revenues and Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Geographic Area Information [Line Items]
Revenues	$ 7,618,317	$ 7,283,767	$ 7,274,344
Long-Lived Assets	1,399,542	1,337,251
United States [Member]
Geographic Area Information [Line Items]
Revenues	6,860,648	6,540,646	6,578,897
Long-Lived Assets	1,222,171	1,150,736
Canada [Member]
Geographic Area Information [Line Items]
Revenues	355,797	374,659	389,119
Long-Lived Assets	155,897	167,314
Latin America and Caribbean [Member]
Geographic Area Information [Line Items]
Revenues	401,872	368,462	$ 306,328
Long-Lived Assets	$ 21,474	$ 19,201

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flow Supplemental Disclosures [Line Items]
Interest paid	$ 969	$ 10,115	$ 3,505
Income taxes net of refunds	124,599	188,443	105,736
Commercial Specialists Inc [Member]
Cash Flow Supplemental Disclosures [Line Items]
Business combination shares issued	752	0	0
Gateway Supply Company, Inc. [Member]
Cash Flow Supplemental Disclosures [Line Items]
Business combination shares issued	$ 0	$ 101,645	$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ / shares in Units, $ in Thousands	Feb. 14, 2025 $ / shares	Jan. 03, 2025 USD ($) Location shares
W.L. Lashley & Associates, Inc. [Member]
Subsequent Event [Line Items]
Annual sales		$ 8,000
Number of locations in which the company operates | Location		1
Cash consideration for business acquisition		$ 3,662
Stock issued for acquisition | shares		1,036
Fair value of stock issued for acquisition		$ 493
Repayments of debt		838
Proceeds from non-controlling interest for Business Acquisition		$ 1,000
Common Stock [Member]
Subsequent Event [Line Items]
Date of Board Approval for Increase in Annual Cash Dividend Rate	Feb. 14, 2025
Effective date of increase in cash dividend rate	2025-04
Common Stock [Member] | Previous Rate [Member]
Subsequent Event [Line Items]
Cash dividend, common stock and Class B common stock current rate | $ / shares	$ 10.8
Common Stock [Member] | Current Rate [Member]
Subsequent Event [Line Items]
Cash dividend, common stock and Class B common stock current rate | $ / shares	$ 12