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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	2,388,800)	2,020,100)	1,864,400)	2,030,400)	1,541,300)
Depreciation	292,300)	264,000)	263,100)	268,000)	262,100)
Non-cash lease expense	452,700)	416,900)	400,700)	381,300)	370,800)
Amortization of intangible assets	330,200)	317,100)	309,500)	313,400)	312,800)
(Gain) loss on divestiture of business	(20,100)	—)	111,900)	—)	—)
(Gain) loss on extinguishment of debt	12,800)	—)	(1,400)	21,300)	14,800)
Impairment	57,900)	15,500)	—)	2,300)	122,100)
Provisions for environmental-related matters	80,700)	(7,100)	(4,000)	37,100)	23,000)
Provisions for restructuring	15,300)	47,300)	—)	—)	—)
Deferred income taxes	(88,900)	(144,800)	(80,300)	(145,300)	(131,100)
Other postretirement benefit plan net cost	(15,800)	(1,600)	(3,900)	—)	—)
Stock-based compensation expense	115,900)	99,700)	97,700)	95,900)	101,700)
Amortization of non-traded investments	65,400)	38,500)	53,600)	84,800)	82,300)
(Gain) loss on sale or disposition of assets	900)	(10,700)	(6,100)	(9,400)	16,100)
Other	7,000)	43,900)	10,700)	7,900)	62,500)
(Increase) decrease in accounts receivable	85,600)	(200,200)	(287,800)	10,300)	(73,200)
(Increase) decrease in inventories	323,400)	(666,700)	(228,100)	84,400)	(75,500)
Increase (decrease) in accounts payable	(241,100)	46,600)	346,100)	227,200)	36,200)
Increase (decrease) in accrued taxes	(8,900)	(38,100)	(32,700)	99,200)	5,100)
Increase (decrease) in accrued compensation and taxes withheld	75,700)	65,800)	(10,900)	197,700)	49,600)
(Increase) decrease in refundable income taxes	25,800)	47,600)	(38,500)	40,600)	(47,800)
Other	306,700)	32,500)	(46,800)	(62,000)	(40,800)
Change in working capital accounts	567,200)	(712,500)	(298,700)	597,400)	(146,400)
Change in operating lease liabilities	(453,400)	(405,300)	(401,400)	(371,400)	(368,400)
Costs incurred for environmental-related matters	(35,300)	(23,800)	(41,300)	(39,000)	(26,100)
Adjustments to reconcile net income to net operating cash	1,384,800)	(62,900)	410,100)	1,244,300)	696,200)
Other	(251,700)	(37,300)	(29,900)	133,900)	83,800)
Net operating cash	3,521,900)	1,919,900)	2,244,600)	3,408,600)	2,321,300)
Capital expenditures	(888,400)	(644,500)	(372,000)	(303,800)	(328,900)
Acquisitions of businesses, net of cash acquired	(264,700)	(1,003,100)	(210,900)	—)	(77,300)
Proceeds from divestiture of business	103,700)	—)	122,500)	—)	—)
Proceeds from sale of assets	70,100)	33,200)	14,800)	60,700)	6,900)
Other	(60,000)	6,800)	(30,800)	(79,300)	(63,300)
Net investing cash	(1,039,300)	(1,607,600)	(476,400)	(322,400)	(462,600)
Net increase (decrease) in short-term borrowings	(603,900)	214,400)	763,900)	(204,600)	(122,800)
Proceeds from long-term debt	—)	999,700)	994,800)	999,000)	1,332,800)
Payments of long-term debt	(136,400)	(260,300)	(422,900)	(1,204,700)	(1,875,800)
Payments for credit facility and debt issuance costs	—)	(7,300)	(11,500)	(10,000)	(13,600)
Payments of cash dividends	(623,700)	(618,500)	(587,100)	(488,000)	(420,800)
Proceeds from stock options exercised	111,600)	67,300)	192,800)	182,700)	154,600)
Treasury stock purchased	(1,432,000)	(883,200)	(2,752,300)	(2,446,300)	(778,800)
Proceeds from treasury stock issued	—)	22,000)	11,700)	182,400)	—)
Proceeds from real estate financing transactions	306,500)	207,300)	—)	—)	7,200)
Other	(46,700)	(23,800)	(23,400)	(30,600)	(129,200)
Net financing cash	(2,424,600)	(282,400)	(1,834,000)	(3,020,100)	(1,846,400)
Effect of exchange rate changes on cash	20,000)	3,200)	4,900)	(1,300)	(6,000)
Net increase (decrease) in cash and cash equivalents	78,000)	33,100)	(60,900)	64,800)	6,300)
Cash and cash equivalents at beginning of year	198,800)	165,700)	226,600)	161,800)	155,500)
Cash and cash equivalents at end of year	276,800)	198,800)	165,700)	226,600)	161,800)

Based on: 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), 10-K (reporting date: 2019-12-31).

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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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
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 decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
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 increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Sherwin-Williams Co. (NYSE:SHW)

Cash Flow Statement