Stock Analysis on Net

Sherwin-Williams Co. (NYSE:SHW)

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Sherwin-Williams Co., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in thousands

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Short-term borrowings 1,798,500 662,400 915,500 1,358,300 1,256,300 374,200 338,600 806,200 1,481,300 978,100 945,200 2,012,000 1,739,700 763,500 709,400 762,100 818,100 100 200 559,500 1,051,500
Accounts payable 2,512,900 2,253,200 2,537,700 2,493,900 2,453,900 2,315,000 2,424,800 2,489,700 2,513,600 2,436,500 2,808,400 2,992,900 2,860,800 2,403,000 2,675,400 2,502,800 2,217,000 2,117,800 2,056,200 1,848,400 1,958,400
Compensation and taxes withheld 566,700 842,800 726,000 708,600 560,200 862,700 768,300 700,500 528,000 784,500 650,600 587,600 572,300 716,600 692,100 593,100 551,200 752,700 654,500 467,300 438,000
Accrued taxes 225,900 174,300 214,500 347,100 240,000 197,400 379,800 308,000 315,100 197,400 205,300 185,600 178,200 160,300 181,300 228,800 282,600 183,500 165,200 255,700 106,500
Current portion of long-term debt 1,150,800 1,049,200 1,048,900 849,700 1,349,100 1,098,800 1,098,200 499,500 600 600 600 600 260,700 260,600 662,100 687,100 428,500 25,100 24,100 700 429,500
Current portion of operating lease liabilities 470,100 466,600 462,800 457,800 454,000 449,300 441,100 436,100 430,200 425,300 418,100 418,100 416,000 409,700 398,800 393,000 385,800 387,300 379,500 369,400 371,100
Other accruals 1,151,800 1,360,200 1,312,700 1,251,200 1,170,000 1,329,500 1,172,400 1,099,100 1,037,200 1,138,300 1,067,800 1,001,400 925,400 1,005,800 1,159,400 1,023,500 968,400 1,127,900 1,078,600 958,600 865,200
Current liabilities 7,876,700 6,808,700 7,218,100 7,466,600 7,483,500 6,626,900 6,623,200 6,339,100 6,306,000 5,960,700 6,096,000 7,198,200 6,953,100 5,719,500 6,478,500 6,190,400 5,651,600 4,594,400 4,358,300 4,459,600 5,220,200
Long-term debt, excluding current portion 7,827,100 8,176,800 8,175,300 8,130,800 8,129,500 8,377,900 8,499,200 9,095,700 9,593,100 9,591,000 9,588,900 8,593,600 8,592,300 8,590,900 7,604,900 7,603,800 7,862,400 8,266,900 8,266,900 8,289,400 8,289,200
Postretirement benefits other than pensions 120,700 120,700 133,200 133,200 133,200 133,200 139,300 139,300 139,300 139,300 256,500 257,500 258,400 259,400 271,800 273,100 274,300 275,600 262,300 262,500 262,800
Deferred income taxes 586,000 607,500 631,700 642,000 666,300 683,100 648,400 710,900 739,900 681,600 691,800 754,000 760,200 768,200 801,500 803,400 797,800 846,100 956,700 953,200 949,500
Long-term operating lease liabilities, excluding current portion 1,573,400 1,558,300 1,496,500 1,502,900 1,495,100 1,509,500 1,502,900 1,503,200 1,494,900 1,512,900 1,492,400 1,483,100 1,481,200 1,470,700 1,433,900 1,429,500 1,402,900 1,434,100 1,421,300 1,390,700 1,373,700
Other long-term liabilities 2,522,100 2,309,400 2,157,400 2,106,700 2,016,800 1,908,000 1,811,500 1,746,800 1,689,900 1,606,400 1,522,400 1,541,800 1,450,900 1,420,800 1,455,700 1,379,000 1,367,300 1,373,700 1,336,900 1,269,200 1,185,800
Long-term liabilities 12,629,300 12,772,700 12,594,100 12,515,600 12,440,900 12,611,700 12,601,300 13,195,900 13,657,100 13,531,200 13,552,000 12,630,000 12,543,000 12,510,000 11,567,800 11,488,800 11,704,700 12,196,400 12,244,100 12,165,000 12,061,000
Total liabilities 20,506,000 19,581,400 19,812,200 19,982,200 19,924,400 19,238,600 19,224,500 19,535,000 19,963,100 19,491,900 19,648,000 19,828,200 19,496,100 18,229,500 18,046,300 17,679,200 17,356,300 16,790,800 16,602,400 16,624,600 17,281,200
Common stock, $0.33-1/3 par value 92,600 92,500 92,400 92,100 92,000 91,800 91,700 91,400 91,300 91,200 91,100 91,000 91,000 90,800 90,500 90,600 90,200 89,900 120,400 120,000 119,700
Other capital 4,622,400 4,576,200 4,471,400 4,342,000 4,298,800 4,193,600 4,103,900 4,044,600 3,998,000 3,963,900 3,919,600 3,880,300 3,842,700 3,793,000 3,688,100 3,608,100 3,543,600 3,491,400 3,373,300 3,289,100 3,215,500
Retained earnings 7,549,800 7,246,300 6,946,000 6,322,300 5,611,000 5,288,300 5,087,400 4,481,500 3,844,100 3,523,200 3,292,600 2,763,300 2,341,500 2,121,700 1,961,800 1,604,800 1,102,100 844,300 8,619,500 8,036,000 7,562,700
Treasury stock, at cost (7,361,800) (6,988,600) (6,677,500) (6,227,700) (5,793,100) (5,233,600) (4,746,600) (4,335,100) (4,100,800) (3,775,600) (3,643,000) (3,595,400) (3,298,900) (2,869,900) (2,263,400) (1,761,900) (893,400) (96,500) (7,113,600) (6,708,000) (6,707,700)
Accumulated other comprehensive loss (772,900) (875,200) (676,200) (776,900) (705,000) (624,300) (756,400) (651,300) (665,800) (700,600) (1,062,500) (914,600) (742,000) (698,400) (786,700) (701,200) (763,800) (718,300) (792,300) (867,200) (901,100)
Shareholders’ equity 4,130,100 4,051,200 4,156,100 3,751,800 3,503,700 3,715,800 3,780,000 3,631,100 3,166,800 3,102,100 2,597,800 2,224,600 2,234,300 2,437,200 2,690,300 2,840,400 3,078,700 3,610,800 4,207,300 3,869,900 3,289,100
Total liabilities and shareholders’ equity 24,636,100 23,632,600 23,968,300 23,734,000 23,428,100 22,954,400 23,004,500 23,166,100 23,129,900 22,594,000 22,245,800 22,052,800 21,730,400 20,666,700 20,736,600 20,519,600 20,435,000 20,401,600 20,809,700 20,494,500 20,570,300

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Short-term borrowings
The values display significant volatility, with notable spikes at March 31, 2022 (US$1,739,700 thousand), December 31, 2024 (US$1,798,500 thousand), and March 31, 2025 (US$1,798,500 thousand). Earlier periods show much lower borrowings, especially between mid-2020 and late 2021.
Accounts payable
Accounts payable generally increased from early 2020 through March 31, 2022, reaching peaks above US$2,800,000 thousand, before declining in subsequent quarters. The trend indicates rising payables in the earlier part of the timeline, with some decrease and moderate fluctuations thereafter.
Compensation and taxes withheld
There is a pattern of strong quarterly fluctuations, with several peaks occurring toward the end of calendar years, such as December 31, 2020 and 2022. The amounts oscillate between approximately US$438,000 thousand and US$862,700 thousand, indicating variability in these obligations across quarters.
Accrued taxes
Accrued taxes reveal volatility with marked increases at certain points, for example, March 31, 2021 (US$282,600 thousand) and September 30, 2023 (US$379,800 thousand). However, the overall trend appears relatively stable with some cyclical rises and falls.
Current portion of long-term debt
This item shows irregular behavior with sharp increases in long-term debt maturing within the year starting from March 31, 2021 onward, peaking at over US$1,100,000 thousand in multiple quarters of 2023 and 2024. Earlier periods had minimal values, reflecting restructuring or refinancing activities.
Current portion of operating lease liabilities
This figure demonstrates a gradual, consistent increase over the period, moving from approximately US$371,100 thousand in March 2020 to US$470,100 thousand by March 2025, indicating expanding lease obligations.
Other accruals
Other accruals exhibit a rising trend, starting near US$865,200 thousand and increasing overall to peaks above US$1,360,200 thousand, with some quarters showing temporary declines. This reflects growing miscellaneous liabilities or provisions.
Current liabilities
Current liabilities generally increased over the observed period with fluctuations. A substantial rise is seen from December 31, 2021 to March 31, 2025, reaching nearly US$7,876,700 thousand. The trend points to increasing short-term obligations.
Long-term debt, excluding current portion
Long-term debt fluctuates, peaking at nearly US$9,600,000 thousand around late 2022 and early 2023, then declining to about US$7,827,100 thousand by March 31, 2025, suggesting active debt management and paydown in recent periods.
Postretirement benefits other than pensions
This liability gradually decreased throughout the period from US$262,800 thousand to US$120,700 thousand, indicating a reduction in postretirement benefit obligations.
Deferred income taxes
Deferred income taxes showed a declining trend from nearly US$949,500 thousand at the start to US$586,000 thousand by the end, with some variability in between, signaling changes in tax positions.
Long-term operating lease liabilities, excluding current portion
These liabilities increased steadily from approximately US$1,373,700 thousand to US$1,573,400 thousand, indicating growth in lease commitments over the longer term.
Other long-term liabilities
Other long-term liabilities consistently grew from roughly US$1,185,800 thousand to US$2,522,100 thousand, reflecting increasing obligations or contingent liabilities over time.
Long-term liabilities (total)
There is a general increase in long-term liabilities from over US$12,000,000 thousand in early periods peaking over US$13,500,000 thousand, then slightly stabilizing around US$12,600,000 thousand toward the end.
Total liabilities
Total liabilities fluctuate but trend upward from approximately US$17,281,200 thousand in early 2020 to over US$20,500,000 thousand by March 31, 2025, highlighting an overall increase in company obligations.
Common stock, $0.33-1/3 par value
Common stock remains essentially stable throughout, with a slight incremental rise from US$119,700 thousand to US$92,600 thousand due to standard share issuance or minor adjustments.
Other capital
Other capital steadily grows from US$3,215,500 thousand to US$4,622,400 thousand, indicating ongoing capital injections or retained capital accumulation.
Retained earnings
Retained earnings show a steady and significant upward trajectory from approximately US$7,562,700 thousand to US$7,549,800 thousand, suggesting consistent profitability or earnings retention despite some fluctuations.
Treasury stock, at cost
Treasury stock increases in absolute value (more negative), from roughly negative US$6,707,700 thousand to negative US$7,361,800 thousand, showing enhanced buyback activities or shares held in treasury.
Accumulated other comprehensive loss
This loss fluctuates with considerable volatility and lacks a clear direction, moving between approximately negative US$665,800 thousand to negative US$875,200 thousand, reflecting changing unrealized gains/losses or other comprehensive income components.
Shareholders’ equity
Shareholders’ equity varies but tends to increase overall from about US$3,289,100 thousand to over US$4,130,100 thousand, with some dips in between. This reflects a modest strengthening of the net asset position over the period.
Total liabilities and shareholders’ equity
There is an upward trend in total capitalization from about US$20,570,300 thousand to US$24,636,100 thousand, representing growth in the company's financing structure.