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Sherwin-Williams Co. (NYSE:SHW)


Income Statement

Beginner level

The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Sherwin-Williams Co., consolidated income statement

US$ in thousands

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12 months ended Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net sales 17,900,800  17,534,493  14,983,788  11,855,602  11,339,304 
Cost of goods sold (9,864,700) (10,115,931) (8,202,577) (5,932,851) (5,779,691)
Gross profit 8,036,100  7,418,562  6,781,211  5,922,751  5,559,613 
Selling, general and administrative expenses (5,274,900) (5,033,780) (4,785,415) (4,134,517) (3,885,668)
Provisions for environmental matters, net (23,000) (176,297) (15,443) (42,932) (31,071)
Gain (loss) on sale or disposition of assets (16,100) (12,825) (5,422) 30,564  803 
Other general expense, net (39,100) (189,122) (20,865) (12,368) (30,268)
Amortization (312,800) (318,112) (206,764) (25,404) (28,237)
Impairment of trademarks (122,100) —  (2,022) (10,688) — 
Operating income 2,287,200  1,877,548  1,766,145  1,739,774  1,615,440 
Interest expense (349,300) (366,734) (263,471) (154,088) (61,791)
Interest and net investment income 25,900  5,286  8,571  4,960  1,399 
California litigation expense 34,700  (136,333) —  —  — 
Dividend and royalty income 12,000  4,276  7,648  4,573  3,668 
Loss on extinguishment of debt (14,800) —  —  —  — 
Net expense from banking activities (10,700) (9,658) (9,843) (8,667) (11,091)
Foreign currency transaction related losses (19,700) (7,532) (450) (7,335) (9,503)
Domestic pension plan settlement expense (32,400) (37,648) —  —  — 
Miscellaneous pension income (expense) (8,000) 10,761  —  —  — 
Indirect tax credits 38,700  —  —  —  — 
Other income 32,800  32,219  32,570  25,279  23,880 
Other expense (14,600) (12,535) (12,951) (9,263) (13,036)
Other income (expense), net (16,700) (20,117) 16,974  4,587  (6,082)
Income from continuing operations before income taxes 1,981,800  1,359,650  1,528,219  1,595,233  1,548,966 
Income tax (expense) credit (440,500) (250,904) 285,583  (462,530) (495,117)
Net income from continuing operations 1,541,300  1,108,746  1,813,802  1,132,703  1,053,849 
Net loss from discontinued operations —  —  (41,540) —  — 
Net income 1,541,300  1,108,746  1,772,262  1,132,703  1,053,849 

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Sherwin-Williams Co.’s net sales increased from 2017 to 2018 and from 2018 to 2019.
Operating income The net result for the period of deducting operating expenses from operating revenues. Sherwin-Williams Co.’s operating income increased from 2017 to 2018 and from 2018 to 2019.
Income from continuing operations before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Sherwin-Williams Co.’s income from continuing operations before income taxes decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Sherwin-Williams Co.’s net income decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level.