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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sherwin Williams | NYSE:SHW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.12 | 0.37% | 304.46 | 306.25 | 300.635 | 304.65 | 1,521,045 | 01:00:00 |
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x
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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o
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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|
|
OHIO
|
34-0526850
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
|
|
|
101 West Prospect Avenue,
Cleveland, Ohio
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44115-1075
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(Address of principal executive offices)
|
(Zip Code)
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Large accelerated filer
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x
|
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Accelerated filer
|
o
|
|
|
|
|
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Non-accelerated filer
|
o
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(Do not check if a smaller reporting company)
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Smaller reporting company
|
o
|
|
|
|
|
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Emerging growth company
|
o
|
|
|
|
|
|
|
|
|
|
|
|
EX-4.1
|
|
EX-10.1
|
|
EX-31(a)
|
|
EX-31(b)
|
|
EX-32(a)
|
|
EX-32(b)
|
|
EX-101 INSTANCE DOCUMENT
|
|
EX-101 SCHEMA DOCUMENT
|
|
EX-101 PRESENTATION LINKBASE DOCUMENT
|
|
EX-101 CALCULATION LINKBASE DOCUMENT
|
|
EX-101 LABEL LINKBASE DOCUMENT
|
|
EX-101 DEFINITION LINKBASE DOCUMENT
|
|
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Three Months Ended
March 31, |
|
||||||
|
2018
|
|
2017
|
|
||||
Net sales
|
$
|
3,965,006
|
|
|
$
|
2,761,387
|
|
|
Cost of goods sold
|
2,278,159
|
|
|
1,418,334
|
|
|
||
Gross profit
|
1,686,847
|
|
|
1,343,053
|
|
|
||
Percent to net sales
|
42.5
|
%
|
|
48.6
|
%
|
|
||
Selling, general and administrative expenses
|
1,214,565
|
|
|
1,011,021
|
|
|
||
Percent to net sales
|
30.6
|
%
|
|
36.6
|
%
|
|
||
Other general expense - net
|
2,990
|
|
|
276
|
|
|
||
Amortization
|
85,049
|
|
|
6,170
|
|
|
||
Interest expense
|
91,547
|
|
|
25,695
|
|
|
||
Interest and net investment income
|
(1,618
|
)
|
|
(1,280
|
)
|
|
||
Other income - net
|
(9,272
|
)
|
|
(5,434
|
)
|
|
||
Income before income taxes
|
303,586
|
|
|
306,605
|
|
|
||
Income taxes
|
53,459
|
|
|
67,453
|
|
|
||
|
|
|
|
|
||||
Net income
|
$
|
250,127
|
|
|
$
|
239,152
|
|
|
|
|
|
|
|
||||
Net income per common share - basic
|
$
|
2.68
|
|
|
$
|
2.58
|
|
|
|
|
|
|
|
||||
Net income per common share - diluted
|
$
|
2.62
|
|
|
$
|
2.53
|
|
|
|
|
|
|
|
||||
Average shares outstanding - basic
|
93,339,564
|
|
|
92,550,559
|
|
|
||
Average shares and equivalents outstanding - diluted
|
95,546,152
|
|
|
94,541,859
|
|
|
||
Comprehensive income
|
299,342
|
|
|
230,090
|
|
|
|
March 31,
2018 |
|
December 31,
2017 |
|
March 31,
2017 |
||||||
Assets
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
158,613
|
|
|
$
|
204,213
|
|
|
$
|
1,017,808
|
|
Accounts receivable, less allowance
|
2,326,411
|
|
|
2,104,555
|
|
|
1,356,851
|
|
|||
Inventories:
|
|
|
|
|
|
||||||
Finished goods
|
1,569,443
|
|
|
1,415,339
|
|
|
1,069,673
|
|
|||
Work in process and raw materials
|
432,187
|
|
|
386,036
|
|
|
178,015
|
|
|||
|
2,001,630
|
|
|
1,801,375
|
|
|
1,247,688
|
|
|||
Other current assets
|
400,249
|
|
|
355,697
|
|
|
254,317
|
|
|||
Total current assets
|
4,886,903
|
|
|
4,465,840
|
|
|
3,876,664
|
|
|||
Goodwill
|
6,819,976
|
|
|
6,814,345
|
|
|
1,129,783
|
|
|||
Intangible assets
|
5,956,301
|
|
|
6,002,361
|
|
|
252,934
|
|
|||
Deferred pension assets
|
298,455
|
|
|
296,743
|
|
|
224,212
|
|
|||
Other assets
|
566,046
|
|
|
502,023
|
|
|
442,215
|
|
|||
Property, plant and equipment:
|
|
|
|
|
|
||||||
Land
|
248,613
|
|
|
254,676
|
|
|
116,077
|
|
|||
Buildings
|
955,376
|
|
|
962,094
|
|
|
721,469
|
|
|||
Machinery and equipment
|
2,604,311
|
|
|
2,572,963
|
|
|
2,205,706
|
|
|||
Construction in progress
|
171,416
|
|
|
177,056
|
|
|
70,895
|
|
|||
|
3,979,716
|
|
|
3,966,789
|
|
|
3,114,147
|
|
|||
Less allowances for depreciation
|
2,139,711
|
|
|
2,089,674
|
|
|
2,051,052
|
|
|||
|
1,840,005
|
|
|
1,877,115
|
|
|
1,063,095
|
|
|||
Total Assets
|
$
|
20,367,686
|
|
|
$
|
19,958,427
|
|
|
$
|
6,988,903
|
|
|
|
|
|
|
|
||||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
||||||
Short-term borrowings
|
$
|
920,010
|
|
|
$
|
633,731
|
|
|
$
|
41,909
|
|
Accounts payable
|
1,975,323
|
|
|
1,791,552
|
|
|
1,221,778
|
|
|||
Compensation and taxes withheld
|
417,316
|
|
|
508,166
|
|
|
296,176
|
|
|||
Accrued taxes
|
113,023
|
|
|
79,901
|
|
|
158,587
|
|
|||
Current portion of long-term debt
|
1,179
|
|
|
1,179
|
|
|
700,786
|
|
|||
Other accruals
|
900,301
|
|
|
972,651
|
|
|
519,766
|
|
|||
Total current liabilities
|
4,327,152
|
|
|
3,987,180
|
|
|
2,939,002
|
|
|||
Long-term debt
|
9,891,017
|
|
|
9,885,745
|
|
|
1,211,512
|
|
|||
Postretirement benefits other than pensions
|
275,735
|
|
|
274,675
|
|
|
252,031
|
|
|||
Deferred income taxes
|
1,494,661
|
|
|
1,434,196
|
|
|
15,427
|
|
|||
Other long-term liabilities
|
689,075
|
|
|
684,443
|
|
|
505,581
|
|
|||
Shareholders’ equity:
|
|
|
|
|
|
||||||
Common stock—$1.00 par value:
|
|
|
|
|
|
||||||
93,545,689, 93,883,645 and 93,128,304 shares outstanding
|
|
|
|
|
|
||||||
at March 31, 2018, December 31, 2017 and March 31, 2017, respective
ly
|
117,875
|
|
|
117,561
|
|
|
116,775
|
|
|||
Other capital
|
2,761,207
|
|
|
2,723,183
|
|
|
2,547,621
|
|
|||
Retained earnings
|
5,674,637
|
|
|
5,502,730
|
|
|
4,209,198
|
|
|||
Treasury stock, at cost
|
(4,528,018
|
)
|
|
(4,266,416
|
)
|
|
(4,258,831
|
)
|
|||
Cumulative other comprehensive loss
|
(335,655
|
)
|
|
(384,870
|
)
|
|
(549,413
|
)
|
|||
Total shareholders' equity
|
3,690,046
|
|
|
3,692,188
|
|
|
2,065,350
|
|
|||
Total Liabilities and Shareholders’ Equity
|
$
|
20,367,686
|
|
|
$
|
19,958,427
|
|
|
$
|
6,988,903
|
|
|
Three Months Ended
|
||||||
|
March 31,
2018 |
|
March 31,
2017 |
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
250,127
|
|
|
$
|
239,152
|
|
Adjustments to reconcile net income to net operating cash:
|
|
|
|
||||
Depreciation
|
71,591
|
|
|
44,595
|
|
||
Amortization of intangible assets
|
85,049
|
|
|
6,170
|
|
||
Stock-based compensation expense
|
14,611
|
|
|
17,321
|
|
||
Amortization of credit facility and debt issuance costs
|
2,749
|
|
|
984
|
|
||
Provisions for qualified exit costs
|
3,799
|
|
|
2,856
|
|
||
Provisions for environmental-related matters
|
765
|
|
|
519
|
|
||
Defined benefit pension plans net cost
|
1,345
|
|
|
5,155
|
|
||
Net change in postretirement liability
|
996
|
|
|
1,910
|
|
||
Other
|
3,466
|
|
|
(37,367
|
)
|
||
Change in working capital accounts - net
|
(382,842
|
)
|
|
(58,402
|
)
|
||
Costs incurred for environmental-related matters
|
(4,069
|
)
|
|
(3,372
|
)
|
||
Costs incurred for qualified exit costs
|
(8,084
|
)
|
|
(996
|
)
|
||
Other
|
1,246
|
|
|
13,291
|
|
||
Net operating cash
|
40,749
|
|
|
231,816
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES
|
|
|
|
||||
Capital expenditures
|
(42,253
|
)
|
|
(41,479
|
)
|
||
Proceeds from sale of assets
|
7,352
|
|
|
34,762
|
|
||
Increase in other investments
|
(5,650
|
)
|
|
(23,194
|
)
|
||
Net investing cash
|
(40,551
|
)
|
|
(29,911
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES
|
|
|
|
||||
Net increase in short-term borrowings
|
288,866
|
|
|
326
|
|
||
Payments of long-term debt
|
(808
|
)
|
|
(71
|
)
|
||
Payments for credit facility and debt issuance costs
|
(113
|
)
|
|
(7
|
)
|
||
Payments of cash dividends
|
(81,028
|
)
|
|
(79,450
|
)
|
||
Proceeds from stock options exercised
|
21,595
|
|
|
41,762
|
|
||
Treasury stock purchased
|
(241,148
|
)
|
|
—
|
|
||
Other
|
(14,813
|
)
|
|
(22,702
|
)
|
||
Net financing cash
|
(27,449
|
)
|
|
(60,142
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash
|
(18,349
|
)
|
|
(13,748
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(45,600
|
)
|
|
128,015
|
|
||
Cash and cash equivalents at beginning of year
|
204,213
|
|
|
889,793
|
|
||
Cash and cash equivalents at end of period
|
$
|
158,613
|
|
|
$
|
1,017,808
|
|
|
|
|
|
||||
Income taxes paid
|
$
|
27,910
|
|
|
$
|
8,675
|
|
Interest paid
|
57,757
|
|
|
30,841
|
|
(Thousands of dollars except per share data)
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Net sales
|
$
|
3,965,006
|
|
|
$
|
3,708,528
|
|
Net income
|
280,110
|
|
|
124,536
|
|
||
Net income per common share:
|
|
|
|
||||
Basic
|
$
|
3.00
|
|
|
$
|
1.35
|
|
Diluted
|
$
|
2.93
|
|
|
$
|
1.32
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Thousands of dollars)
|
Foreign Currency Translation Adjustments
|
|
Pension and Other Postretirement Benefit Adjustments
|
|
Unrealized Net Gains on Available-for-Sale Securities
|
|
Unrealized Net Gains on Cash Flow Hedges
|
|
Total Cumulative Other Comprehensive (Loss) Income
|
||||||||||
Balance at December 31, 2017
|
$
|
(353,346
|
)
|
|
$
|
(84,863
|
)
|
|
$
|
2,320
|
|
|
$
|
51,019
|
|
|
$
|
(384,870
|
)
|
Amounts recognized in Other comprehensive loss
|
52,732
|
|
|
|
|
|
|
|
|
52,732
|
|
||||||||
Amounts reclassified from Other comprehensive loss
(1)
|
|
|
|
(209
|
)
|
|
(2,320
|
)
|
|
(988
|
)
|
|
(3,517
|
)
|
|||||
Net change
|
52,732
|
|
|
(209
|
)
|
|
(2,320
|
)
|
|
(988
|
)
|
|
49,215
|
|
|||||
Balance at March 31, 2018
|
$
|
(300,614
|
)
|
|
$
|
(85,072
|
)
|
|
$
|
—
|
|
|
$
|
50,031
|
|
|
$
|
(335,655
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Thousands of dollars)
|
Foreign Currency Translation Adjustments
|
|
Pension and Other Postretirement Benefit Adjustments
|
|
Unrealized Net Gains on Available-for-Sale Securities
|
|
Unrealized Net Gains (Losses) on Cash Flow Hedges
|
|
Total Cumulative Other Comprehensive (Loss) Income
|
||||||||||
Balance at December 31, 2016
|
$
|
(501,277
|
)
|
|
$
|
(125,096
|
)
|
|
$
|
1,015
|
|
|
$
|
85,007
|
|
|
$
|
(540,351
|
)
|
Amounts recognized in Other comprehensive loss
(2)
|
20,778
|
|
|
|
|
630
|
|
|
(30,754
|
)
|
|
(9,346
|
)
|
||||||
Amounts reclassified from Other comprehensive loss
(3)
|
|
|
279
|
|
|
5
|
|
|
|
|
284
|
|
|||||||
Net change
|
20,778
|
|
|
279
|
|
|
635
|
|
|
(30,754
|
)
|
|
(9,062
|
)
|
|||||
Balance at March 31, 2017
|
$
|
(480,499
|
)
|
|
$
|
(124,817
|
)
|
|
$
|
1,650
|
|
|
$
|
54,253
|
|
|
$
|
(549,413
|
)
|
(Thousands of dollars)
|
|
|
|
||||
|
2018
|
|
2017
|
||||
Balance at January 1
|
$
|
151,425
|
|
|
$
|
34,419
|
|
Charges to expense
|
6,437
|
|
|
6,076
|
|
||
Settlements
|
(4,488
|
)
|
|
(7,508
|
)
|
||
Balance at March 31
|
$
|
153,374
|
|
|
$
|
32,987
|
|
(Thousands of dollars)
|
Domestic Defined
Benefit Pension Plans
|
|
Foreign Defined
Benefit Pension Plans
|
|
Postretirement
Benefits Other than
Pensions
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Three Months Ended March 31:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
$
|
4,357
|
|
|
$
|
5,313
|
|
|
$
|
2,016
|
|
|
$
|
1,918
|
|
|
$
|
498
|
|
|
$
|
543
|
|
Interest cost
|
8,152
|
|
|
6,410
|
|
|
2,352
|
|
|
1,638
|
|
|
2,545
|
|
|
2,643
|
|
||||||
Expected return on assets
|
(14,434
|
)
|
|
(10,309
|
)
|
|
(2,685
|
)
|
|
(1,764
|
)
|
|
|
|
|
||||||||
Recognition of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrecognized prior service cost
|
379
|
|
|
341
|
|
|
—
|
|
|
|
|
|
(1,642
|
)
|
|
(1,645
|
)
|
||||||
Unrecognized actuarial loss
|
|
|
|
1,661
|
|
|
383
|
|
|
(53
|
)
|
|
581
|
|
|
11
|
|
||||||
Ongoing pension (credit) cost
|
(1,546
|
)
|
|
3,416
|
|
|
2,066
|
|
|
1,739
|
|
|
1,982
|
|
|
1,552
|
|
||||||
Curtailment expense
|
825
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||
Net pension costs (credits)
|
$
|
(721
|
)
|
|
$
|
3,416
|
|
|
$
|
2,066
|
|
|
$
|
1,739
|
|
|
$
|
1,982
|
|
|
$
|
1,552
|
|
(Thousands of dollars)
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Provisions for environmental matters - net
|
$
|
765
|
|
|
$
|
519
|
|
Loss (gain) on sale or disposition of assets
|
2,225
|
|
|
(243
|
)
|
||
Total
|
$
|
2,990
|
|
|
$
|
276
|
|
(Thousands of dollars)
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Dividend and royalty income
|
$
|
(1,451
|
)
|
|
$
|
(1,844
|
)
|
Net expense from banking activities
|
2,236
|
|
|
2,472
|
|
||
Foreign currency transaction related gains
|
(2,462
|
)
|
|
(3,586
|
)
|
||
Miscellaneous pension income
|
(3,544
|
)
|
|
(1,067
|
)
|
||
Other income
|
(7,109
|
)
|
|
(4,960
|
)
|
||
Other expense
|
3,058
|
|
|
3,551
|
|
||
Total
|
$
|
(9,272
|
)
|
|
$
|
(5,434
|
)
|
(Thousands of dollars except per share data)
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Basic
|
|
|
|
||||
Average common shares outstanding
|
93,339,564
|
|
|
92,550,559
|
|
||
Net income
|
$
|
250,127
|
|
|
$
|
239,152
|
|
Basic net income per common share
|
$
|
2.68
|
|
|
$
|
2.58
|
|
|
|
|
|
||||
Diluted
|
|
|
|
||||
Average common shares outstanding
|
93,339,564
|
|
|
92,550,559
|
|
||
Stock options and other contingently issuable shares
(1)
|
2,138,874
|
|
|
1,931,574
|
|
||
Non-vested restricted stock grants
|
67,714
|
|
|
59,726
|
|
||
Average common shares outstanding assuming dilution
|
95,546,152
|
|
|
94,541,859
|
|
||
Net income
|
$
|
250,127
|
|
|
$
|
239,152
|
|
Diluted net income per common share
|
$
|
2.62
|
|
|
$
|
2.53
|
|
(1)
|
Stock options and other contingently issuable shares for the
three months ended
March 31, 2017
excludes
40,074
shares due to their anti-dilutive effect
. There were
no
stock options and other contingently issuable shares excluded
due to their anti-dilutive effect for the
three months ended
March 31, 2018
.
|
(Thousands of dollars)
|
Three Months Ended March 31, 2018
|
||||||||||||||||||
|
The Americas
Group
|
|
Consumer Brands
Group
|
|
Performance
Coatings
Group
|
|
Administrative
|
|
Consolidated
Totals
|
||||||||||
Net external sales
|
$
|
2,080,415
|
|
|
$
|
656,379
|
|
|
$
|
1,227,775
|
|
|
$
|
437
|
|
|
$
|
3,965,006
|
|
Intersegment transfers
|
53
|
|
|
766,063
|
|
|
5,844
|
|
|
(771,960
|
)
|
|
|
||||||
Total net sales and intersegment transfers
|
$
|
2,080,468
|
|
|
$
|
1,422,442
|
|
|
$
|
1,233,619
|
|
|
$
|
(771,523
|
)
|
|
$
|
3,965,006
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment profit
|
$
|
337,392
|
|
|
$
|
74,228
|
|
|
$
|
90,766
|
|
|
|
|
$
|
502,386
|
|
||
Interest expense
|
|
|
|
|
|
|
$
|
(91,547
|
)
|
|
(91,547
|
)
|
|||||||
Administrative expenses and other
|
|
|
|
|
|
|
(107,253
|
)
|
|
(107,253
|
)
|
||||||||
Income before income taxes
|
$
|
337,392
|
|
|
$
|
74,228
|
|
|
$
|
90,766
|
|
|
$
|
(198,800
|
)
|
|
$
|
303,586
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||
|
The Americas
Group
|
|
Consumer Brands
Group |
|
Performance
Coatings Group |
|
Administrative
|
|
Consolidated
Totals
|
||||||||||
Net external sales
|
$
|
1,951,746
|
|
|
$
|
323,366
|
|
|
$
|
484,454
|
|
|
$
|
1,821
|
|
|
$
|
2,761,387
|
|
Intersegment transfers
|
2,340
|
|
|
695,838
|
|
|
3,799
|
|
|
(701,977
|
)
|
|
|
||||||
Total net sales and intersegment transfers
|
$
|
1,954,086
|
|
|
$
|
1,019,204
|
|
|
$
|
488,253
|
|
|
$
|
(700,156
|
)
|
|
$
|
2,761,387
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment profit
|
$
|
305,224
|
|
|
$
|
55,914
|
|
|
$
|
57,112
|
|
|
|
|
$
|
418,250
|
|
||
Interest expense
|
|
|
|
|
|
|
$
|
(25,695
|
)
|
|
(25,695
|
)
|
|||||||
Administrative expenses and other
|
|
|
|
|
|
|
(85,950
|
)
|
|
(85,950
|
)
|
||||||||
Income before income taxes
|
$
|
305,224
|
|
|
$
|
55,914
|
|
|
$
|
57,112
|
|
|
$
|
(111,645
|
)
|
|
$
|
306,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Thousands of dollars)
|
|
|
|
|
|
|
|
||||||
|
|
|
Quoted Prices
|
|
|
|
|
||||||
|
|
|
in Active
|
|
|
|
Significant
|
||||||
|
Fair Value at
|
|
Markets for
|
|
Significant Other
|
|
Unobservable
|
||||||
|
March 31,
|
|
Identical Assets
|
|
Observable Inputs
|
|
Inputs
|
||||||
|
2018
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||
Assets:
|
|
|
|
|
|
|
|
||||||
Deferred compensation plan assets
(1)
|
$
|
61,256
|
|
|
$
|
34,806
|
|
|
$
|
26,450
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||
Deferred compensation plan liabilities
(2)
|
$
|
70,200
|
|
|
$
|
70,200
|
|
|
|
|
|
(1)
|
The deferred compensation plan assets consist of the investment funds maintained for the future payments under the Company’s executive deferred compensation plans, which are structured as rabbi trusts. The investments are marketable securities accounted for under the Debt and Equity Securities Topic of the ASC. The level 1 investments are valued using quoted market prices multiplied by the number of shares. The level 2 investments are valued based on vendor or broker models. The cost basis of the investment funds is
$57,537
.
|
(Thousands of dollars)
|
Three Months Ended
March 31, |
|
|
|||||||
|
2018
|
|
2017
|
|
Change
|
|||||
Net Sales:
|
|
|
|
|
|
|||||
The Americas Group
|
$
|
2,080,415
|
|
|
$
|
1,951,746
|
|
|
6.6
|
%
|
Consumer Brands Group
|
656,379
|
|
|
323,366
|
|
|
103.0
|
%
|
||
Performance Coatings Group
|
1,227,775
|
|
|
484,454
|
|
|
153.4
|
%
|
||
Administrative
|
437
|
|
|
1,821
|
|
|
-76.0
|
%
|
||
Total
|
$
|
3,965,006
|
|
|
$
|
2,761,387
|
|
|
43.6
|
%
|
(Thousands of dollars)
|
Three Months Ended
March 31, |
|
|
|||||||
|
2018
|
|
2017
|
|
Change
|
|||||
Income Before Income Taxes:
|
|
|
|
|
|
|||||
The Americas Group
|
$
|
337,392
|
|
|
$
|
305,224
|
|
|
10.5
|
%
|
Consumer Brands Group
|
74,228
|
|
|
55,914
|
|
|
32.8
|
%
|
||
Performance Coatings Group
|
90,766
|
|
|
57,112
|
|
|
58.9
|
%
|
||
Administrative
|
(198,800
|
)
|
|
(111,645
|
)
|
|
-78.1
|
%
|
||
Total
|
$
|
303,586
|
|
|
$
|
306,605
|
|
|
-1.0
|
%
|
•
|
general business conditions, strengths of retail and manufacturing economies and the growth in the coatings industry;
|
•
|
changes in general domestic economic conditions such as inflation rates, interest rates, tax rates, unemployment rates, higher labor and healthcare costs, recessions, and changing government policies, laws and regulations;
|
•
|
changes in raw material and energy supplies and pricing;
|
•
|
changes in our relationships with customers and suppliers;
|
•
|
our ability to successfully integrate past and future acquisitions into our existing operations, including Valspar, as well as the performance of the businesses acquired;
|
•
|
risks inherent in the achievement of anticipated cost synergies resulting from the acquisition of Valspar and the timing thereof ;
|
•
|
competitive factors, including pricing pressures and product innovation and quality;
|
•
|
our ability to attain cost savings from productivity initiatives;
|
•
|
risks and uncertainties associated with our expansion into and our operations in Asia, Europe, South America and other foreign markets, including general economic conditions, inflation rates, recessions, foreign currency exchange rates, foreign investment and repatriation restrictions, legal and regulatory constraints, civil unrest and other external economic and political factors;
|
•
|
the achievement of growth in foreign markets, such as Asia, Europe and South America;
|
•
|
increasingly stringent domestic and foreign governmental regulations, including those affecting health, safety and the environment;
|
•
|
inherent uncertainties involved in assessing our potential liability for environmental-related activities;
|
•
|
other changes in governmental policies, laws and regulations, including changes in accounting policies and standards and taxation requirements (such as new tax laws and new or revised tax law interpretations);
|
•
|
the nature, cost, quantity and outcome of pending and future litigation and other claims, including the lead pigment and lead-based paint litigation, and the effect of any legislation and administrative regulations relating thereto; and
|
•
|
adverse weather conditions and natural disasters.
|
Period
|
Total
Number of
Shares
Purchased
|
|
Average
Price
Paid Per
Share
|
|
Number of
Shares
Purchased as
Part of a
Publicly
Announced
Plan
|
|
Number of
Shares That
May Yet Be
Purchased
Under the
Plan
|
|||||||
January 1 - January 31
|
|
|
|
|
|
|
|
|
||||||
|
Share repurchase program
(1)
|
|
|
|
|
|
|
|
11,650,000
|
|
||||
|
Employee transactions
(2)
|
|
1,000
|
|
|
$
|
422.14
|
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
February 1 - February 28
|
|
|
|
|
|
|
|
|
||||||
|
Share repurchase program
(1)
|
|
161,820
|
|
|
$
|
399.59
|
|
|
161,820
|
|
|
11,488,180
|
|
|
Employee transactions
(2)
|
|
50,769
|
|
|
$
|
401.09
|
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
March 1 - March 31
|
|
|
|
|
|
|
|
|
||||||
|
Share repurchase program
(1)
|
|
438,180
|
|
|
$
|
402.77
|
|
|
438,180
|
|
|
11,050,000
|
|
|
Employee transactions
(2)
|
|
587
|
|
|
$
|
394.47
|
|
|
|
|
N/A
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|||||
|
Share repurchase program
(1)
|
|
600,000
|
|
|
$
|
401.91
|
|
|
600,000
|
|
|
11,050,000
|
|
|
Employee transactions
(2)
|
|
52,356
|
|
|
$
|
401.42
|
|
|
|
|
NA
|
|
(1)
|
All shares were purchased through the Company’s publicly announced share repurchase program. There is no expiration date specified for the program. The Company had remaining authorization at
March 31, 2018
to purchase
11,050,000
shares.
|
(2)
|
All shares were delivered to satisfy the exercise price and/or tax withholding obligations by employees who exercised stock options or had shares of restricted stock vest.
|
|
|
THE SHERWIN-WILLIAMS COMPANY
|
|
|
|
April 25, 2018
|
By:
|
/s/ Jane M. Cronin
|
|
Jane M. Cronin
|
|
|
|
Senior Vice President -
|
|
|
Corporate Controller
|
|
|
|
April 25, 2018
|
By:
|
/s/ Allen J. Mistysyn
|
|
Allen J. Mistysyn
|
|
|
|
Senior Vice President - Finance
|
|
|
and Chief Financial Officer
|
1 Year Sherwin Williams Chart |
1 Month Sherwin Williams Chart |
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