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Sherwin Williams Co (SHW) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Sherwin Williams Co

HISTORY TOOLS
CIK: 89800 Ticker: SHW
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Exhibit 99
NEWS
 The Sherwin-Williams Company•101 W. Prospect Avenue•Cleveland, Ohio 44115 • (216) 566-2000

The Sherwin-Williams Company Reports 2021 Year-End and Fourth Quarter Financial Results

CLEVELAND, January 27, 2022 - The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the year and fourth quarter ended December 31, 2021. All comparisons are to the full year and
fourth quarter of the prior year, unless otherwise noted.

SUMMARY

•Consolidated net sales increased 8.6% in the year to a record $19.94 billion
◦Net sales from stores in U.S. and Canada open more than twelve calendar months increased 6.0% in the year
◦Raw material availability issues negatively impacted full year sales by an estimated mid-single digit percentage
•Diluted net income per share decreased to $6.98 per share in the year compared to $7.36 per share in the full year 2020
◦Adjusted diluted net income per share decreased to $8.15 per share in the year compared to $8.19 per share in the full year 2020
•Fourth quarter consolidated net sales increased 6.1%; diluted net income per share was $1.15 per share and adjusted diluted net income per share was $1.34 per share
•Full year 2022 diluted net income per share guidance in the range of $8.40 to $8.80 per share, including acquisition-related amortization expense of $0.85 per share, an increase of 23.2% at the midpoint
CEO REMARKS
“Our full year and fourth quarter were marked by industry-wide supply chain disruptions, unprecedented cost inflation and ongoing challenges related to the pandemic,” said Chairman, President and Chief Executive Officer, John G. Morikis. “The 61,000 dedicated employees of Sherwin-Williams refused to use these challenges as an excuse, but rather as an opportunity to get even closer to our customers. We focused on minimizing the impact to their businesses through innovation, value-added services, and differentiated distribution. We delivered full year sales growth of 8.6%, driven by 6% U.S. and Canada same store sales growth and double-digit growth in all industrial end markets.
“While we focused on meeting customer needs, we also mitigated rising costs with pricing actions in all businesses throughout the year. Near term pressure on our margins was significant, but we remain highly confident they will recover just as they have in past cycles, as we grow the business and see commodity costs moderate over time. We also continued to invest in multiple long-term growth initiatives during the year, including opening 79 paint stores in the U.S. and Canada and hiring approximately 1,400 management trainees. We also generated strong net operating cash in the year, which enabled us to invest $2.8 billion in share repurchases, pay $587 million in dividends and announce three acquisitions.
“From a segment perspective, The Americas Group full year sales increased in all professional customer segments, including double digit percentage growth in residential repaint for the 6th consecutive year. Our Consumer Brands Group faced challenging full year comparisons but continued to focus on supporting key retail partners and growing our Pros Who Paint initiative. In the Performance Coatings Group, all businesses and all regions delivered double digit percentage full year growth.”

The following information was filed by Sherwin Williams Co (SHW) on Thursday, January 27, 2022 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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Inside Sherwin Williams Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Accumulated Other Comprehensive Loss
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Comprehensive Income (Parenthetical)
Statements Of Consolidated Income
Statements Of Consolidated Shareholders' Equity
Statements Of Consolidated Shareholders' Equity (Parenthetical)
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisitions And Divestitures
Acquisitions And Divestitures - Narrative (Details)
Capital Stock
Capital Stock (Tables)
Capital Stock - Common Shares In Treasury And Common Shares Outstanding (Details)
Capital Stock - Narrative (Details)
Debt
Debt (Tables)
Debt - Long-Term Borrowings (Details)
Debt - Long-Term Debt (Details)
Debt - Short-Term Borrowings (Details)
Derivatives And Hedging
Derivatives And Hedging (Details)
Derivatives And Hedging (Tables)
Derivatives And Hedging - Summarizes Of Unrealized Gains (Losses) (Details)
Esop
Esop (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Carrying Amount And Fair Value Of Debt (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits (Details)
Income Taxes - Reconciliation Of The Statutory Federal Income Tax Rate To The Effective Tax Rate (Details)
Income Taxes - Significant Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Significant Components Of Income Before Income Taxes As Used For Income Tax Purposes (Details)
Income Taxes - Significant Components Of The Provisions For Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Inventories - Fifo (Details)
Leases
Leases (Tables)
Leases - Additional Lease Information (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Litigation
Litigation (Details)
Long-Lived Assets, Including Goodwill And Intangible Assets
Long-Lived Assets, Including Goodwill And Intangible Assets (Tables)
Long-Lived Assets, Including Goodwill And Intangible Assets - Narrative (Details)
Long-Lived Assets, Including Goodwill And Intangible Assets - Property Plant Equipment, Net (Details)
Long-Lived Assets, Including Goodwill And Intangible Assets - Summary Of Changes In The Carrying Value Of Goodwill By Reportable Segment (Details)
Long-Lived Assets, Including Goodwill And Intangible Assets - Summary Of The Carrying Value Of Intangible Assets (Details)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Other Expense (Income)
Other Expense (Income) (Tables)
Other Expense (Income) - Narrative (Details)
Other Expense (Income) - Other Expense, Net (Details)
Other Expense (Income) - Other General Expense, Net (Details)
Other Long-Term Liabilities
Other Long-Term Liabilities (Details)
Pension, Health Care And Other Postretirement Benefits
Pension, Health Care And Other Postretirement Benefits (Tables)
Pension, Health Care And Other Postretirement Benefits - Expected Retiree Health Care Benefit Cash Payments (Details)
Pension, Health Care And Other Postretirement Benefits - Narrative (Details)
Pension, Health Care And Other Postretirement Benefits - Summary Of The Components Of Net Periodic Benefit Cost And Cumulative Other Comprehensive Loss Related To Postretirement Benefits Other Than Pensions (Details)
Pension, Health Care And Other Postretirement Benefits - Summary Of The Components Of The Net Pension Costs And Cumulative Other Comprehensive Loss Related To The Defined Benefit Pension Plans (Details)
Pension, Health Care And Other Postretirement Benefits - Summary Of The Fair Value Of The Defined Benefit Pension Plan Assets (Details)
Pension, Health Care And Other Postretirement Benefits - Summary Of The Obligation And The Assumptions Used For Postretirement Benefits Other Than Pensions (Details)
Pension, Health Care And Other Postretirement Benefits - Summary Of The Obligations, Plan Assets And Assumptions Used For Defined Benefit Pension Plans (Details)
Recently Issued Accounting Pronouncements
Reportable Segment Information
Reportable Segment Information (Tables)
Reportable Segment Information - Narrative (Details)
Reportable Segment Information - Reportable Segment Financial Information (Details)
Revenue
Revenue (Tables)
Revenue - Accounts Receivable And Current And Long-Term Contract Assets And Liabilities (Details)
Revenue - Allowance For Doubtful Accounts (Details)
Revenue - Narrative (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Changes In Product Warranty Accruals (Details)
Significant Accounting Policies - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Summary Of Non-Qualified And Incentive Stock Option Right Activity (Details)
Stock-Based Compensation - Summary Of Rsu Activity (Details)
Stock-Based Compensation - Weighted-Average Assumptions Used For Estimating The Fair Value Of Option Rights (Details)
Summary Of Quarterly Results Of Operations (Unaudited)
Summary Of Quarterly Results Of Operations (Unaudited) (Details)
Summary Of Quarterly Results Of Operations (Unaudited) (Tables)
Valuation And Qualifying Accounts And Reserves (Schedule Ii)
Valuation And Qualifying Accounts And Reserves (Schedule Ii) (Details)
Ticker: SHW
CIK: 89800
Form Type: 10-K Annual Report
Accession Number: 0000089800-22-000007
Submitted to the SEC: Thu Feb 17 2022 4:32:56 PM EST
Accepted by the SEC: Thu Feb 17 2022
Period: Friday, December 31, 2021
Industry: Retail Building Materials Hardware Garden Supply

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