Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Sherwin-Williams Co., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net sales	19,944,600)	18,361,700)	17,900,800)	17,534,493)	14,983,788)
Cost of goods sold	(11,401,900)	(9,679,100)	(9,864,700)	(10,115,931)	(8,202,577)
Gross profit	8,542,700)	8,682,600)	8,036,100)	7,418,562)	6,781,211)
Selling, general and administrative expenses	(5,572,500)	(5,477,900)	(5,274,900)	(5,033,780)	(4,785,415)
Provisions for environmental matters, net	4,000)	(37,100)	(23,000)	(176,297)	(15,443)
Loss on divestiture	(111,900)	—)	—)	—)	—)
Gain (loss) on sale or disposition of assets	6,100)	9,400)	(16,100)	(12,825)	(5,422)
Other general expense, net	(101,800)	(27,700)	(39,100)	(189,122)	(20,865)
Amortization	(309,500)	(313,400)	(312,800)	(318,112)	(206,764)
Impairment of trademarks	—)	(2,300)	(122,100)	—)	(2,022)
Operating income	2,558,900)	2,861,300)	2,287,200)	1,877,548)	1,766,145)
Interest expense	(334,700)	(340,400)	(349,300)	(366,734)	(263,471)
Interest and net investment income	4,900)	3,600)	25,900)	5,286)	8,571)
Investment and royalty income	30,400)	16,400)	12,000)	4,276)	7,648)
Gain (loss) on extinguishment of debt	1,400)	(21,300)	(14,800)	—)	—)
Net expense from banking activities	(10,300)	(10,400)	(10,700)	(9,658)	(9,843)
Foreign currency transaction related losses	(12,000)	(7,200)	(19,700)	(7,532)	(450)
Domestic pension plan settlement expense	—)	—)	(32,400)	(37,648)	—)
Miscellaneous pension income (expense)	(4,400)	(4,900)	(8,000)	10,761)	—)
Indirect tax credits	—)	—)	38,700)	—)	—)
California litigation expense	—)	—)	34,700)	(136,333)	—)
Other income	29,000)	44,700)	32,800)	32,219)	32,570)
Other expense	(14,600)	(22,600)	(14,600)	(12,535)	(12,951)
Other income (expense), net	19,500)	(5,300)	18,000)	(156,450)	16,974)
Income from continuing operations before income taxes	2,248,600)	2,519,200)	1,981,800)	1,359,650)	1,528,219)
Income tax (expense) credit	(384,200)	(488,800)	(440,500)	(250,904)	285,583)
Net income from continuing operations	1,864,400)	2,030,400)	1,541,300)	1,108,746)	1,813,802)
Net loss from discontinued operations	—)	—)	—)	—)	(41,540)
Net income	1,864,400)	2,030,400)	1,541,300)	1,108,746)	1,772,262)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Sherwin-Williams Co. net sales increased from 2019 to 2020 and from 2020 to 2021.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Sherwin-Williams Co. operating income increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.
Income from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Sherwin-Williams Co. income from continuing operations before income taxes increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.
Net income	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Sherwin-Williams Co. net income increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Sherwin-Williams Co. (NYSE:SHW)

Income Statement