Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Sherwin-Williams Co., adjusted current assets

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Current assets	5,053,700)	4,591,400)	4,631,700)	4,344,487)	4,465,840)
Adjustments
Add: Allowance for doubtful accounts	48,900)	53,500)	36,500)	45,883)	52,997)
Add: Excess of FIFO over LIFO¹	593,000)	312,100)	339,800)	436,010)	286,961)
After Adjustment
Adjusted current assets	5,695,600)	4,957,000)	5,008,000)	4,826,380)	4,805,798)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Excess of FIFO over LIFO. See details »

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Sherwin-Williams Co., adjusted total assets

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total assets	20,666,700)	20,401,600)	20,496,200)	19,134,279)	19,958,427)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	1,699,113)	1,649,766)
Add: Allowance for doubtful accounts	48,900)	53,500)	36,500)	45,883)	52,997)
Add: Excess of FIFO over LIFO²	593,000)	312,100)	339,800)	436,010)	286,961)
Less: Deferred tax assets³	62,800)	67,600)	58,300)	76,344)	64,175)
After Adjustment
Adjusted total assets	21,245,800)	20,699,600)	20,814,200)	21,238,941)	21,883,976)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Excess of FIFO over LIFO. See details »

³ Deferred tax assets. See details »

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Sherwin-Williams Co., adjusted total liabilities

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total liabilities	18,229,500)	16,790,800)	16,372,900)	15,403,534)	16,266,239)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	1,699,113)	1,649,766)
Less: Deferred tax liabilities²	768,200)	846,100)	969,900)	1,130,872)	1,434,196)
Less: Accrual for product warranty claims	35,200)	43,300)	42,300)	57,067)	151,425)
After Adjustment
Adjusted total liabilities	17,426,100)	15,901,400)	15,360,700)	15,914,708)	16,330,384)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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Sherwin-Williams Co., adjusted shareholders’ equity

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Shareholders’ equity	2,437,200)	3,610,800)	4,123,300)	3,730,745)	3,692,188)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(705,400)	(778,500)	(911,600)	(1,054,528)	(1,370,021)
Add: Allowance for doubtful accounts	48,900)	53,500)	36,500)	45,883)	52,997)
Add: Excess of FIFO over LIFO²	593,000)	312,100)	339,800)	436,010)	286,961)
Add: Accrual for product warranty claims	35,200)	43,300)	42,300)	57,067)	151,425)
After Adjustment
Adjusted shareholders’ equity	3,819,700)	4,798,200)	5,453,500)	5,324,233)	5,553,592)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Net deferred tax assets (liabilities). See details »

² Excess of FIFO over LIFO. See details »

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Sherwin-Williams Co., adjusted capitalization table

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Short-term borrowings	763,500)	100)	204,700)	328,403)	633,731)
Current portion of long-term debt	260,600)	25,100)	429,800)	307,191)	1,179)
Long-term debt, excluding current portion	8,590,900)	8,266,900)	8,050,700)	8,708,057)	9,885,745)
Total reported debt	9,615,000)	8,292,100)	8,685,200)	9,343,651)	10,520,655)
Shareholders’ equity	2,437,200)	3,610,800)	4,123,300)	3,730,745)	3,692,188)
Total reported capital	12,052,200)	11,902,900)	12,808,500)	13,074,396)	14,212,843)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	1,699,113)	1,649,766)
Add: Current portion of operating lease liabilities²	409,700)	387,300)	371,600)	—)	—)
Add: Long-term operating lease liabilities, excluding current portion³	1,470,700)	1,434,100)	1,370,700)	—)	—)
Adjusted total debt	11,495,400)	10,113,500)	10,427,500)	11,042,764)	12,170,421)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(705,400)	(778,500)	(911,600)	(1,054,528)	(1,370,021)
Add: Allowance for doubtful accounts	48,900)	53,500)	36,500)	45,883)	52,997)
Add: Excess of FIFO over LIFO⁵	593,000)	312,100)	339,800)	436,010)	286,961)
Add: Accrual for product warranty claims	35,200)	43,300)	42,300)	57,067)	151,425)
Adjusted shareholders’ equity	3,819,700)	4,798,200)	5,453,500)	5,324,233)	5,553,592)
After Adjustment
Adjusted total capital	15,315,100)	14,911,700)	15,881,000)	16,366,997)	17,724,013)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current portion of operating lease liabilities. See details »

³ Long-term operating lease liabilities, excluding current portion. See details »

⁴ Net deferred tax assets (liabilities). See details »

⁵ Excess of FIFO over LIFO. See details »

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Sherwin-Williams Co., adjusted net income

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Net income	1,864,400)	2,030,400)	1,541,300)	1,108,746)	1,772,262)
Adjustments
Add: Deferred income tax expense (benefit)¹	(80,300)	(145,300)	(131,100)	(143,378)	(606,135)
Add: Increase (decrease) in allowance for doubtful accounts	(4,600)	17,000)	(9,400)	(7,114)	12,547)
Add: Increase (decrease) in LIFO reserve²	280,900)	(27,700)	(37,300)	147,824)	33,608)
Add: Increase (decrease) in accrual for product warranty claims	(8,100)	1,000)	(14,800)	(94,358)	117,006)
Less: Net loss from discontinued operations	—)	—)	—)	—)	(41,540)
Add: Other comprehensive income (loss), net of tax	19,900)	(38,800)	(41,300)	(242,744)	155,481)
After Adjustment
Adjusted net income	2,072,200)	1,836,600)	1,307,400)	768,976)	1,526,309)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

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Sherwin-Williams Co. (NYSE:SHW)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income