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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Components Of Income Tax Expense

Years Ended December 31,		2011				2010				2009
U.S. Federal		$	50,197			$	44,845			$	24,308
State			6,338				5,515				2,448
Foreign			315				—				—
		$	56,850			$	50,360			$	26,756
Current		$	48,540			$	37,635			$	24,784
Deferred			8,310				12,725				1,972
		$	56,850			$	50,360			$	26,756

Reconciliation Of Effective Income Tax Rate

Years Ended December 31,		2011				2010				2009
U.S. federal statutory rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal benefit and other			3.1				3.0				2.8
Tax effects on foreign income			(0.1	)			—				—
Effective income tax rate attributable to Watsco, Inc.			38.0				38.0				37.8
Taxes attributable to noncontrolling interest			(8.8	)			(6.9	)			(3.6	)
Effective income tax rate			29.2	%			31.1	%			34.2	%

Significant Components Of Current And Long-Term Deferred Tax Assets And Liabilities

December 31,		2011				2010
Current deferred tax assets:
Capitalized inventory costs and inventory reserves		$	2,966			$	2,183
Allowance for doubtful accounts			1,634				1,122
Other current deferred tax assets			979				845
Self-insurance reserves			769				1,523
Total current deferred tax assets (1)			6,348				5,673
Long-term deferred tax assets:
Share-based compensation			11,688				9,890
Other long-term deferred tax assets			1,021				834
Net operating loss carryforwards			648				1,338
Unrealized loss on derivative instruments			—				152
			13,357				12,214
Valuation allowance			(423	)			(1,117	)
Total long-term deferred tax assets (2)			12,934				11,097
Long-term deferred tax liabilities:
Deductible goodwill			(46,057	)			(37,567	)
Depreciation			(2,500	)			(20	)
Other long-term deferred tax liabilities			(1,141	)			(1,142	)
Total long-term deferred tax liabilities (2)			(49,698	)			(38,729	)
Net deferred tax liabilities		$	(30,416	)		$	(21,959	)

(1) Current deferred tax assets have been included in the consolidated balance sheets in other current assets.

(2) Long-term deferred tax assets and liabilities have been included in the consolidated balance sheets in deferred income taxes and other liabilities.

Change In Gross Unrecognized Tax Benefits

Gross balance at January 1, 2010		$	1,990
Additions based on tax positions related to the current year			197
Reductions due to lapse of applicable statute of limitations			(298	)
Gross balance at December 31, 2010			1,889
Additions based on tax positions related to the current year			542
Reductions due to lapse of applicable statute of limitations			(7	)
Gross balance at December 31, 2011		$	2,424

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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