Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Sherwin-Williams Co. pages available for free this week:
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Analysis of Revenues
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Sherwin-Williams Co., common-size consolidated balance sheet: liabilities and stockholders’ equity
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.