XML 47 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions
 3 Months Ended
Mar. 31, 2012
Acquisitions [Abstract]  
Acquisitions
4. ACQUISITIONS

In 2011, we formed a second joint venture with Carrier that comprises the combination of two transactions. On April 29, 2011, Carrier contributed 28 of its company-owned locations in eight Northeast U.S states, and we contributed 14 locations in the Northeast U.S. On July 29, 2011, we purchased Carrier's distribution operations in Mexico, which included seven locations. We refer to the foregoing Northeast locations and the Mexico operations together as Carrier Enterprise II. We have a 60% controlling interest in Carrier Enterprise II, and Carrier has a 40% noncontrolling interest.

The unaudited pro forma financial information, combining our results of operations with the operations of Carrier Enterprise II as if the joint venture had been consummated on January 1, 2011, is as follows:

 

Quarter ended March 31,

    2011  

Revenues

    $ 587,847   

Net income

      10,656   

Less: net income attributable to noncontrolling interest

      3,662   
  

 

 

  

Net income attributable to Watsco, Inc.

    $ 6,994   
  

 

 

  

Diluted earnings per share for Common and Class B common stock

    $ 0.19   

This unaudited pro forma financial information is presented for informational purposes only. The unaudited pro forma financial information from the beginning of the period presented until the respective acquisition dates of the above-described Northeast U.S. and Mexican operations includes adjustments to record income taxes related to our portion of Carrier Enterprise II's income and amortization related to identified intangible assets with finite lives. This unaudited pro forma financial information does not include adjustments to add or remove certain corporate expenses of Carrier Enterprise II, which may not be incurred in future periods, or adjustments for depreciation or synergies that may be realized subsequent to the acquisition dates. This unaudited pro forma financial information may not necessarily reflect our future results of operations or what the results of operations would have been had we acquired our 60% controlling interest in and operated Carrier Enterprise II as of the beginning of the period presented.