Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Sherwin-Williams Co., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	2,681,400)	2,388,800)	2,020,100)	1,864,400)	2,030,400)
Depreciation	297,400)	292,300)	264,000)	263,100)	268,000)
Non-cash lease expense	460,500)	452,700)	416,900)	400,700)	381,300)
Amortization of intangible assets	326,600)	330,200)	317,100)	309,500)	313,400)
(Gain) loss on divestiture of business	—)	(20,100)	—)	111,900)	—)
(Gain) loss on extinguishment of debt	—)	12,800)	—)	(1,400)	21,300)
Impairment	—)	57,900)	15,500)	—)	2,300)
Provisions for environmental-related matters, net	(1,300)	80,700)	(7,100)	(4,000)	37,100)
Provisions for restructuring	—)	15,300)	47,300)	—)	—)
Deferred income taxes	(74,900)	(88,900)	(144,800)	(80,300)	(145,300)
Other postretirement benefit plan net cost	(17,000)	(15,800)	(1,600)	(3,900)	—)
Stock-based compensation expense	138,100)	115,900)	99,700)	97,700)	95,900)
Amortization of non-traded investments	75,000)	65,400)	38,500)	53,600)	84,800)
(Gain) loss on sale or disposition of assets	(49,900)	900)	(10,700)	(6,100)	(9,400)
Other	6,100)	7,000)	43,900)	10,700)	7,900)
(Increase) decrease in accounts receivable	(10,700)	85,600)	(200,200)	(287,800)	10,300)
(Increase) decrease in inventories	(32,900)	323,400)	(666,700)	(228,100)	84,400)
Increase (decrease) in accounts payable	21,800)	(241,100)	46,600)	346,100)	227,200)
Increase (decrease) in accrued taxes	(14,300)	(8,900)	(38,100)	(32,700)	99,200)
Increase (decrease) in accrued compensation and taxes withheld	(7,900)	75,700)	65,800)	(10,900)	197,700)
(Increase) decrease in refundable income taxes	800)	25,800)	47,600)	(38,500)	40,600)
Other	(20,700)	306,700)	32,500)	(46,800)	(62,000)
Change in working capital accounts	(63,900)	567,200)	(712,500)	(298,700)	597,400)
Change in operating lease liabilities	(460,700)	(453,400)	(405,300)	(401,400)	(371,400)
Costs incurred for environmental-related matters	(24,100)	(35,300)	(23,800)	(41,300)	(39,000)
Adjustments to reconcile net income to net operating cash	611,900)	1,384,800)	(62,900)	410,100)	1,244,300)
Other	(140,100)	(251,700)	(37,300)	(29,900)	133,900)
Net operating cash	3,153,200)	3,521,900)	1,919,900)	2,244,600)	3,408,600)
Capital expenditures	(1,070,000)	(888,400)	(644,500)	(372,000)	(303,800)
Acquisitions of businesses, net of cash acquired	(78,900)	(264,700)	(1,003,100)	(210,900)	—)
Proceeds from divestiture of business	—)	103,700)	—)	122,500)	—)
Proceeds from sale of assets	11,600)	70,100)	33,200)	14,800)	60,700)
Other	(59,000)	(60,000)	6,800)	(30,800)	(79,300)
Net investing cash	(1,196,300)	(1,039,300)	(1,607,600)	(476,400)	(322,400)
Net increase (decrease) in short-term borrowings	288,600)	(603,900)	214,400)	763,900)	(204,600)
Proceeds from long-term debt	848,700)	—)	999,700)	994,800)	999,000)
Payments of long-term debt	(1,100,000)	(136,400)	(260,300)	(422,900)	(1,204,700)
Payments for credit facility and debt issuance costs	(8,600)	—)	(7,300)	(11,500)	(10,000)
Payments of cash dividends	(723,400)	(623,700)	(618,500)	(587,100)	(488,000)
Proceeds from stock options exercised	242,000)	111,600)	67,300)	192,800)	182,700)
Treasury stock purchased	(1,738,800)	(1,432,000)	(883,200)	(2,752,300)	(2,446,300)
Proceeds from treasury stock issued	—)	—)	22,000)	11,700)	182,400)
Proceeds from real estate financing transactions	244,200)	306,500)	207,300)	—)	—)
Other	(69,800)	(46,700)	(23,800)	(23,400)	(30,600)
Net financing cash	(2,017,100)	(2,424,600)	(282,400)	(1,834,000)	(3,020,100)
Effect of exchange rate changes on cash	(6,200)	20,000)	3,200)	4,900)	(1,300)
Net increase (decrease) in cash and cash equivalents	(66,400)	78,000)	33,100)	(60,900)	64,800)
Cash and cash equivalents at beginning of year	276,800)	198,800)	165,700)	226,600)	161,800)
Cash and cash equivalents at end of year	210,400)	276,800)	198,800)	165,700)	226,600)

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).

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Cash flow statement item	Description	The company
Net operating cash	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Sherwin-Williams Co. net operating cash increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Net investing cash	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Sherwin-Williams Co. net investing cash increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Net financing cash	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Sherwin-Williams Co. net financing cash decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Sherwin-Williams Co. (NYSE:SHW)

Cash Flow Statement