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Sherwin Williams Co (SHW) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Sherwin Williams Co

CIK: 89800 Ticker: SHW

EXHIBIT 99

 

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The Sherwin-Williams Company  

•     101 West Prospect Avenue

 

•     Cleveland, Ohio 44115

 

•     (216) 566-2140

The Sherwin-Williams Company Reports 2016 Year-end Financial Results

 

    Consolidated net sales for the year increased 4.6% to a record $11.86 billion

 

    The change in revenue classification increased sales 1.1%

 

    Full year diluted net income per common share increased 7.5% to a record $11.99 per share, including an $.86 per share charge for acquisition costs partially offset by a $.40 per share increase from a reduction in the income tax provision

 

    Earnings before interest, taxes, depreciation and amortization increased $137.7 million in the year to a record $1.95 billion

 

    Expecting Valspar transaction to close within 90 days at $113 per common share with minimal divestiture

 

    The Company anticipates diluted earnings per share for 2017 in the range of $13.00 to $13.20 per share, including approximately $.60 per share in net charges for acquisition costs partially offset by a reduction in the income tax provision

CLEVELAND, OHIO, January 26, 2017 - The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the year and fourth quarter ended December 31, 2016. Compared to the same periods in 2015, consolidated net sales increased $516.3 million, or 4.6%, to $11.86 billion in the year and increased $178.0 million, or 6.8%, to $2.78 billion in the quarter due primarily to higher paint sales volume in our Paint Stores Group and the impact of a change in revenue classification beginning in the third quarter related to grossing up third-party service revenue and related costs which were previously netted and immaterial in prior periods. The change in revenue classification increased sales in the year and quarter 1.1% and 2.2%, respectively. This prospective change primarily impacts the Paint Stores and Global Finishes Groups. This change had no impact on segment profit, but reduced segment profit as a percent to net sales of the affected groups. Unfavorable currency translation rate changes decreased consolidated net sales 1.4% in the year and 0.9% in the quarter.

Diluted net income per common share in the year increased to $11.99 per share, including an $.86 per share charge for costs associated with the anticipated acquisition of Valspar partially offset by an increase of $.40 per share related to a reduction in the income tax provision, from $11.15 per share in 2015. Diluted net income per common share increased in the quarter to $2.15 per share, including a $.22 per share charge for costs associated with the anticipated acquisition of Valspar partially offset by an increase of $.03 per share related to a reduction in the income tax provision, compared to $2.11 per share a year ago. The increases in full year and fourth quarter diluted net income per common share were due primarily to improved operating results of the Paint Stores and Global Finishes Groups. Unfavorable currency translation rate changes decreased diluted net income per common share by $.14 per share for the year and $.03 per share in the quarter. The change in individually significant non-operating items had essentially no impact on full year diluted net income per common share compared to a year ago and improved diluted net income per common share in total by $.03 per share in the quarter. These items include gain on sale of assets, increased provision for environmental matters, and impairment of goodwill and trademarks.

 

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The following information was filed by Sherwin Williams Co (SHW) on Thursday, January 26, 2017 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Valuation And Qualifying Accounts And Reserves (schedule Ii)
Valuation And Qualifying Accounts And Reserves (schedule Ii) (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Income
Statements Of Consolidated Shareholders' Equity
Statements Of Consolidated Shareholders' Equity (parenthetical)
Acquisitions
Acquisitions (details)
Capital Stock
Capital Stock (details)
Capital Stock (tables)
Debt
Debt (tables)
Debt - Long-term Borrowings (details)
Debt - Schedule Of Long-term Debt (details)
Debt - Short-term Borrowings (details)
Exit Or Disposal Activities
Exit Or Disposal Activities (tables)
Exit Or Disposal Activities - Narrative (details)
Exit Or Disposal Activities - Summary Of Activity And Remaining Liabilities Associated With Qualified Exit Costs (details)
Goodwill, Intangible And Long-lived Assets
Goodwill, Intangible And Long-lived Assets (tables)
Goodwill, Intangible And Long-lived Assets - Carrying Value Of Goodwill By Reportable Segment (details)
Goodwill, Intangible And Long-lived Assets - Carrying Value Of Intangible Assets (details)
Goodwill, Intangible And Long-lived Assets - Narrative (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Components Of Deferred Tax Assets And Liabilities And Provisions For Income Taxes (details)
Income Taxes - Impact Of New Accounting Pronouncements (details)
Income Taxes - Income Before Income Taxes, Effective Tax Rate Reconciliation, And Unrecognized Tax Benefits (details)
Income Taxes - Narrative (details)
Inventories
Inventories (details)
Inventories (tables)
Litigation
Litigation (details)
Net Income Per Common Share
Net Income Per Common Share (details)
Net Income Per Common Share (tables)
Operating Leases
Operating Leases (tables)
Operating Leases - Narrative (details)
Operating Leases - Schedule Of Future Minimum Lease Payments (details)
Other
Other (tables)
Other - Narrative (details)
Other - Other General Expense And Other (income) Expense (details)
Other Long-term Liabilities
Other Long-term Liabilities (details)
Pension, Health Care And Postretirement Benefits Other Than Pensions
Pension, Health Care And Postretirement Benefits Other Than Pensions (tables)
Pension, Health Care And Postretirement Benefits Other Than Pensions - Components Of Net Pension Costs And Cumulative Oci (details)
Pension, Health Care And Postretirement Benefits Other Than Pensions - Components Of Net Pension Costs And Cumulative Oci For Postretirement Benefits Other Than Pensions (details)
Pension, Health Care And Postretirement Benefits Other Than Pensions - Effects Of Trend Rate Changes And Future Benefit Cash Payments (details)
Pension, Health Care And Postretirement Benefits Other Than Pensions - Narrative (details)
Pension, Health Care And Postretirement Benefits Other Than Pensions - Obligations And Assumptions For Postretirement Benefits Other Than Pensions (details)
Pension, Health Care And Postretirement Benefits Other Than Pensions - Obligations, Plan Assets And Assumptions (details)
Reportable Segment Information
Reportable Segment Information (tables)
Reportable Segment Information - Narrative (details)
Reportable Segment Information - Reportable Segment Information (details)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Changes In Product Warranty Accruals (details)
Significant Accounting Policies - Fair Value Measurements On Recurring Basis (details)
Significant Accounting Policies - Long-term Debt (details)
Significant Accounting Policies - Major Classes Of Assets And Depreciation Rates (details)
Significant Accounting Policies - Narrative (details)
Significant Accounting Policies - Non-traded Investments (details)
Significant Accounting Policies - Useful Lives (details)
Stock Purchase Plan
Stock Purchase Plan (details)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Narrative (details)
Stock-based Compensation - Summary Of Options (details)
Stock-based Compensation - Summary Of Restricted Stock (details)
Summary Of Quarterly Results Of Operations (unaudited)
Summary Of Quarterly Results Of Operations (unaudited) (details)
Summary Of Quarterly Results Of Operations (unaudited) (tables)
Ticker: SHW
CIK: 89800
Form Type: 10-K Annual Report
Accession Number: 0000089800-17-000005
Submitted to the SEC: Wed Feb 22 2017 2:13:20 PM EST
Accepted by the SEC: Wed Feb 22 2017
Period: Saturday, December 31, 2016
Industry: Retail Building Materials Hardware Garden Supply

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