Last10K.com

Sherwin Williams Co (SHW) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Sherwin Williams Co

CIK: 89800 Ticker: SHW

EXHIBIT 99

 

LOGO

NEWS:

The Sherwin-Williams Company • 101 West Prospect Avenue •

Cleveland, Ohio 44115 • (216) 566-2140

Sherwin-Williams Announces Agreement with U.S. Department of Labor

Reports Subsequent Event to 2012 Fiscal Year Results

CLEVELAND, OH, February 20, 2013 – The Sherwin-Williams Company (the “Company”) (NYSE: SHW) announced that is has reached an agreement with the U.S. Department of Labor (the “DOL”) to settle the previously disclosed investigation of transactions related to the Company’s employee stock ownership plan (“ESOP”). This agreement fully resolves all DOL claims regarding the Company’s ESOP transactions. The DOL had notified the Company, certain current and former directors of the Company, and the ESOP trustee of potential enforcement claims asserting breaches of fiduciary obligations and sought compensatory and equitable remedies, including monetary damages to the ESOP for alleged losses to the ESOP relating to third-party valuation of the Company’s convertible serial preferred stock.

The Company believes that the DOL’s claims are without merit and strongly disagrees with the allegation that ESOP plan participants sustained losses of any kind as a result of these transactions. The Company’s position is supported by internal audits and audits by an independent third-party and the DOL. Following a nine-month negotiation with the DOL, the Company’s management and Board of Directors have decided that it would be in the best interest of the Company and its shareholders to enter into this agreement to resolve these claims and avoid potentially costly litigation.

The Company agreed to resolve all ESOP related claims with the DOL by making a one-time payment of $80.0 million to the ESOP, which will result in an after-tax charge to earnings of $49.2 million ($.47 per diluted common share) in the Company’s fourth quarter and year ended December 31, 2012. In accordance with U.S. generally accepted accounting principles, the Company is required to recognize this agreement as a subsequent event in its 2012 fiscal year results because the event is related to conditions that existed at the balance sheet date of December 31, 2012. The Company’s financial results for the quarter and year ended December 31, 2012, as reported on January 31, 2013, are being revised to reflect the agreement. The revised condensed consolidated income statements are attached to this press release. As a result


The following information was filed by Sherwin Williams Co (SHW) on Thursday, February 21, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Sherwin Williams Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Sherwin Williams Co.

Continue

Assess how Sherwin Williams Co's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Sherwin Williams Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Income
Statements Of Consolidated Income (parenthetical)
Statements Of Consolidated Income Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Shareholders' Equity
Statements Of Consolidated Shareholders' Equity (parenthetical)
- Fair Value Measurements On Recurring Basis (details)
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Capital Stock
Capital Stock (details)
Capital Stock (tables)
Debt
Debt (details Textual 1)
Debt (details Textual)
Debt (details)
Debt (tables)
Exit Or Disposal Activities
Exit Or Disposal Activities (details)
Exit Or Disposal Activities (tables)
Exit Or Disposal Activities Exit Or Disposal Actiivities (textuals) (details)
Goodwill, Intangible And Long-lived Assets
Goodwill, Intangible And Long-lived Assets (details 1)
Goodwill, Intangible And Long-lived Assets (details 2)
Goodwill, Intangible And Long-lived Assets (details)
Goodwill, Intangible And Long-lived Assets (tables)
Income Taxes
Income Taxes (details 1)
Income Taxes (details Textual)
Income Taxes (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
Litigation
Litigation Litigation (details)
Net Income Per Common Share
Net Income Per Common Share (details)
Net Income Per Common Share (tables)
Operating Leases
Operating Leases (details Textual)
Operating Leases (details)
Operating Leases (table)
Other
Other (details)
Other (tables)
Other (textual) (details)
Other Long-term Liabilities
Other Long-term Liabilities (details)
Pension Health Care And Postretirement Benefits Other Than Pensions (details 5)
Pension Health Care And Postretirement Benefits Other Than Pensions (details Textual)
Pension, Health Care And Postretirement Benefits Other Than Pensions
Pension, Health Care And Postretirement Benefits Other Than Pensions (details 1)
Pension, Health Care And Postretirement Benefits Other Than Pensions (details 2)
Pension, Health Care And Postretirement Benefits Other Than Pensions (details 3)
Pension, Health Care And Postretirement Benefits Other Than Pensions (details 4)
Pension, Health Care And Postretirement Benefits Other Than Pensions (details)
Pension, Health Care And Postretirement Benefits Other Than Pensions (tables)
Reportable Segment Information
Reportable Segment Information (details Textual)
Reportable Segment Information (details)
Reportable Segment Information (tables)
Significant Accounting Policies
Significant Accounting Policies (details 2)
Significant Accounting Policies (details 3)
Significant Accounting Policies (details 4)
Significant Accounting Policies (details Textual)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Long-term Debt (details)
Significant Accounting Policies - Non-traded Investments (details Textual)
Significant Accounting Policies Accounting Policies - Warranties (details)
Stock Purchase Plan And Preferred Stock
Stock Purchase Plan And Preferred Stock (details Textual)
Stock- Based Compensation (details 1)
Stock- Based Compensation (details 2)
Stock- Based Compensation (details Textual)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)
Summary Of Quarterly Results Of Operations (details)
Summary Of Quarterly Results Of Operations (tables)
Summary Of Quarterly Results Of Operations (unaudited)
Ticker: SHW
CIK: 89800
Form Type: 10-K Annual Report
Accession Number: 0000089800-13-000046
Submitted to the SEC: Thu Feb 28 2013 11:06:52 AM EST
Accepted by the SEC: Thu Feb 28 2013
Period: Monday, December 31, 2012
Industry: Retail Building Materials Hardware Garden Supply

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/shw/0000089800-13-000046.htm