Stock Analysis on Net

Sherwin-Williams Co. (NYSE:SHW)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Sherwin-Williams Co., adjusted current assets

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Current assets 5,400,800 5,512,900 5,907,700 5,053,700 4,591,400
Adjustments
Add: Allowance for current expected credit losses 60,400 59,600 56,600 48,900 53,500
Add: Excess of FIFO over LIFO1 630,200 668,000 792,700 593,000 312,100
After Adjustment
Adjusted current assets 6,091,400 6,240,500 6,757,000 5,695,600 4,957,000

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Excess of FIFO over LIFO. See details »


Adjustments to Total Assets

Sherwin-Williams Co., adjusted total assets

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Total assets 23,632,600 22,954,400 22,594,000 20,666,700 20,401,600
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowance for current expected credit losses 60,400 59,600 56,600 48,900 53,500
Add: Excess of FIFO over LIFO2 630,200 668,000 792,700 593,000 312,100
Less: Deferred tax assets3 67,500 77,000 77,000 62,800 67,600
After Adjustment
Adjusted total assets 24,255,700 23,605,000 23,366,300 21,245,800 20,699,600

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Excess of FIFO over LIFO. See details »

3 Deferred tax assets. See details »


Adjustments to Total Liabilities

Sherwin-Williams Co., adjusted total liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Total liabilities 19,581,400 19,238,600 19,491,900 18,229,500 16,790,800
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred tax liabilities2 607,500 683,100 681,600 768,200 846,100
Less: Accrual for product warranty claims 46,400 40,400 36,200 35,200 43,300
Less: Restructuring Plan 41,700
After Adjustment
Adjusted total liabilities 18,927,500 18,515,100 18,732,400 17,426,100 15,901,400

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Sherwin-Williams Co., adjusted shareholders’ equity

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Shareholders’ equity 4,051,200 3,715,800 3,102,100 2,437,200 3,610,800
Adjustments
Less: Net deferred tax assets (liabilities)1 (540,000) (606,100) (604,600) (705,400) (778,500)
Add: Allowance for current expected credit losses 60,400 59,600 56,600 48,900 53,500
Add: Excess of FIFO over LIFO2 630,200 668,000 792,700 593,000 312,100
Add: Accrual for product warranty claims 46,400 40,400 36,200 35,200 43,300
Add: Restructuring Plan 41,700
After Adjustment
Adjusted shareholders’ equity 5,328,200 5,089,900 4,633,900 3,819,700 4,798,200

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Net deferred tax assets (liabilities). See details »

2 Excess of FIFO over LIFO. See details »


Adjustments to Capitalization Table

Sherwin-Williams Co., adjusted capitalization table

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Short-term borrowings 662,400 374,200 978,100 763,500 100
Current portion of long-term debt 1,049,200 1,098,800 600 260,600 25,100
Current portion of finance lease liabilities 3,700
Long-term debt, excluding current portion 8,176,800 8,377,900 9,591,000 8,590,900 8,266,900
Long-term finance lease liabilities, excluding current portion 185,600
Total reported debt 10,077,700 9,850,900 10,569,700 9,615,000 8,292,100
Shareholders’ equity 4,051,200 3,715,800 3,102,100 2,437,200 3,610,800
Total reported capital 14,128,900 13,566,700 13,671,800 12,052,200 11,902,900
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Current portion of operating lease liabilities2 466,600 449,300 425,300 409,700 387,300
Add: Long-term operating lease liabilities, excluding current portion3 1,558,300 1,509,500 1,512,900 1,470,700 1,434,100
Adjusted total debt 12,102,600 11,809,700 12,507,900 11,495,400 10,113,500
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 (540,000) (606,100) (604,600) (705,400) (778,500)
Add: Allowance for current expected credit losses 60,400 59,600 56,600 48,900 53,500
Add: Excess of FIFO over LIFO5 630,200 668,000 792,700 593,000 312,100
Add: Accrual for product warranty claims 46,400 40,400 36,200 35,200 43,300
Add: Restructuring Plan 41,700
Adjusted shareholders’ equity 5,328,200 5,089,900 4,633,900 3,819,700 4,798,200
After Adjustment
Adjusted total capital 17,430,800 16,899,600 17,141,800 15,315,100 14,911,700

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current portion of operating lease liabilities. See details »

3 Long-term operating lease liabilities, excluding current portion. See details »

4 Net deferred tax assets (liabilities). See details »

5 Excess of FIFO over LIFO. See details »


Adjustments to Reported Income

Sherwin-Williams Co., adjusted net income

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Net income 2,681,400 2,388,800 2,020,100 1,864,400 2,030,400
Adjustments
Add: Deferred income tax expense (benefit)1 (74,900) (88,900) (144,800) (80,300) (145,300)
Add: Increase (decrease) in allowance for current expected credit losses 800 3,000 7,700 (4,600) 17,000
Add: Increase (decrease) in LIFO reserve2 (37,800) (124,700) 199,700 280,900 (27,700)
Add: Increase (decrease) in accrual for product warranty claims 6,000 4,200 1,000 (8,100) 1,000
Add: Increase (decrease) in restructuring Plan (41,700) 41,700
Add: Other comprehensive income (loss), net of tax (250,900) 76,300 (2,200) 19,900 (38,800)
After Adjustment
Adjusted net income 2,324,600 2,217,000 2,123,200 2,072,200 1,836,600

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Deferred income tax expense (benefit). See details »

2 Increase (decrease) in LIFO reserve. See details »