Stock Analysis on Net
Stock Analysis on Net

Sherwin-Williams Co. (NYSE:SHW)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Sherwin-Williams Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Short-term borrowings 2.80 1.63 4.33 3.69 0.00
Accounts payable 9.53 10.09 10.78 11.63 10.38
Compensation and taxes withheld 3.57 3.76 3.47 3.47 3.69
Accrued taxes 0.74 0.86 0.87 0.78 0.90
Current portion of long-term debt 4.44 4.79 0.00 1.26 0.12
Current portion of operating lease liabilities 1.97 1.96 1.88 1.98 1.90
Current portion of finance lease liabilities 0.02 0.00 0.00 0.00 0.00
Other accruals 5.74 5.79 5.04 4.87 5.53
Current liabilities 28.81% 28.87% 26.38% 27.67% 22.52%
Long-term debt, excluding current portion 34.60 36.50 42.45 41.57 40.52
Postretirement benefits other than pensions 0.51 0.58 0.62 1.26 1.35
Deferred income taxes 2.57 2.98 3.02 3.72 4.15
Long-term operating lease liabilities, excluding current portion 6.59 6.58 6.70 7.12 7.03
Long-term finance lease liabilities, excluding current portion 0.79 0.00 0.00 0.00 0.00
Other long-term liabilities 8.99 8.31 7.11 6.87 6.73
Long-term liabilities 54.05% 54.94% 59.89% 60.53% 59.78%
Total liabilities 82.86% 83.81% 86.27% 88.21% 82.30%
Common stock, $0.33-1/3 par value 0.39 0.40 0.40 0.44 0.44
Other capital 19.36 18.27 17.54 18.35 17.11
Retained earnings 30.66 23.04 15.59 10.27 4.14
Treasury stock, at cost -29.57 -22.80 -16.71 -13.89 -0.47
Accumulated other comprehensive loss -3.70 -2.72 -3.10 -3.38 -3.52
Shareholders’ equity 17.14% 16.19% 13.73% 11.79% 17.70%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 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).

Short-term borrowings
These showed an increase from 0% in 2020 to a peak of 4.33% in 2022, followed by a decline to 2.8% in 2024, indicating some fluctuations in short-term financing reliance.
Accounts payable
The proportion of accounts payable remained relatively stable with a slight downward trend, starting at 10.38% in 2020 and gradually decreasing to 9.53% in 2024, suggesting a modest reduction in trade credit usage.
Compensation and taxes withheld
This category displayed minor fluctuations around 3.5%, peaking at 3.76% in 2023 before slightly declining to 3.57% in 2024, maintaining a fairly consistent level of accrued payroll liabilities.
Accrued taxes
Accrued taxes showed a gentle decreasing trend from 0.9% in 2020 to 0.74% in 2024, implying a slight reduction in tax-related accruals relative to total liabilities and equity.
Current portion of long-term debt
This item experienced notable variability: increasing from 0.12% in 2020 to 1.26% in 2021, then dropping to 0 in 2022, before sharply rising again to approximately 4.5% in subsequent years, indicating shifting short-term debt obligations.
Current portion of operating lease liabilities
This category remained stable between 1.88% and 1.98%, reflecting consistent short-term lease commitments.
Current portion of finance lease liabilities
Reported only in 2024 at 0.02%, indicating a newly recognized or minor finance lease obligation in the short term.
Other accruals
These maintained relative stability, fluctuating modestly between 4.87% and 5.79%, reflecting consistent other accrued liabilities.
Current liabilities
Current liabilities as a percentage of total liabilities and equity rose from 22.52% in 2020 to a peak of 28.87% in 2023, then slightly stabilized at 28.81% in 2024, showing an increase in short-term obligations overall.
Long-term debt, excluding current portion
Long-term debt hovered around 40-42% initially but decreased notably to 34.6% by 2024, suggesting a reduction in long-term borrowing or payoff of debt principal over the period.
Postretirement benefits other than pensions
These liabilities steadily declined from 1.35% in 2020 to 0.51% in 2024, indicating reduced obligation in this area or improved funding strategies.
Deferred income taxes
Deferred income tax liabilities decreased progressively from 4.15% to 2.57%, pointing to lower deferred tax obligations relative to total financing.
Long-term operating lease liabilities, excluding current portion
These liabilities remained relatively stable, around 6.5%-7%, demonstrating consistent long-term lease commitments over the years.
Long-term finance lease liabilities, excluding current portion
Reported only in 2024 at 0.79%, suggesting a new or increased recognition of long-term finance lease liabilities.
Other long-term liabilities
There was a rising trend from 6.73% to 8.99%, signifying an increase in other long-term obligations over the period.
Long-term liabilities
Long-term liabilities as a whole decreased from approximately 60% in 2020 to about 54% in 2024, reflecting a reduction in extended obligations relative to total financing.
Total liabilities
Total liabilities peaked around 88.21% in 2021 and steadily declined to 82.86% in 2024, showing a gradual decrease in total obligations relative to combined liabilities and equity.
Common stock
The proportion of common stock remained nearly flat, slightly decreasing from 0.44% to 0.39%, indicating stable issued capital.
Other capital
This component grew from 17.11% to 19.36%, showing an increase in additional paid-in capital or other equity-related items.
Retained earnings
Retained earnings showed a strong upward trend, rising from 4.14% to 30.66%, indicating consistent profitability retention and strengthening of internal financing capacity.
Treasury stock, at cost
Treasury stock increased significantly in magnitude as a negative component, moving from -0.47% to -29.57%, signaling considerable share repurchase activity over the years.
Accumulated other comprehensive loss
This item remained negative but modestly fluctuated between -3.7% and -2.72%, indicating some volatility in unrealized gains or losses recognized in equity.
Shareholders’ equity
Overall shareholders’ equity fluctuated, declining from 17.7% in 2020 to 11.79% in 2021, then steadily increasing to 17.14% by 2024, reflecting variability in equity financing components influenced by retained earnings growth and treasury stock activity.
Total liabilities and shareholders’ equity
Consistently accounted for 100%, serving as the basis for all relative percentage measurements.