Balance Sheet: Liabilities and Stockholders’ Equity
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.
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Sherwin-Williams Co., consolidated balance sheet: liabilities and stockholders’ equity
US$ in thousands
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
- The short-term borrowings increased sharply from 100 thousand in 2020 to 763,500 thousand in 2021, continued rising to 978,100 thousand in 2022, then decreased significantly to 374,200 thousand in 2023, before rising again to 662,400 thousand in 2024. This indicates volatility in short-term financing needs or strategies over the periods.
- Accounts payable
- Accounts payable showed a rising trend from 2,117,800 thousand in 2020 to a peak of 2,436,500 thousand in 2022, after which it gradually decreased to 2,253,200 thousand by 2024. This suggests initial growth in payables, followed by improved management or reduced liabilities.
- Compensation and taxes withheld
- Compensation and taxes withheld decreased slightly from 752,700 thousand in 2020 to 716,600 thousand in 2021, then rose steadily to 842,800 thousand in 2024, reflecting growth in payroll-related obligations over time.
- Accrued taxes
- Accrued taxes declined from 183,500 thousand in 2020 to 160,300 thousand in 2021, then increased to 197,400 thousand in 2022 and remained flat in 2023 before decreasing to 174,300 thousand in 2024, showing some fluctuations without a clear directional trend.
- Current portion of long-term debt
- This item increased sharply from 25,100 thousand in 2020 to 260,600 thousand in 2021, dropped drastically to 600 thousand in 2022, then surged to around 1,048,000 thousand combined in 2023 and 2024. The sharp fluctuations could indicate refinancing or restructuring of long-term debt obligations.
- Current portion of operating lease liabilities
- There was a steady increase in operating lease liabilities from 387,300 thousand in 2020 to 466,600 thousand in 2024, indicating a consistent rise in short-term lease obligations.
- Current portion of finance lease liabilities
- This value was reported only in 2024 at 3,700 thousand, indicating that finance lease liabilities emerged recently or were newly classified in the short-term portion.
- Other accruals
- Other accruals fluctuated somewhat but generally increased over the years, from 1,127,900 thousand in 2020 to 1,356,500 thousand in 2024, suggesting rising accrued expenses.
- Current liabilities
- Current liabilities showed a consistent upward trend from 4,594,400 thousand in 2020 to 6,808,700 thousand in 2024, reflecting growth in obligations due within one year.
- Long-term debt, excluding current portion
- Long-term debt increased steadily from 8,266,900 thousand in 2020 to 9,591,000 thousand in 2022, then declined to 8,176,800 thousand in 2024, indicating a reduction in long-term financing after a peak.
- Postretirement benefits other than pensions
- These benefits decreased consistently from 275,600 thousand in 2020 to 120,700 thousand in 2024, showing a reduction in other postretirement liabilities over time.
- Deferred income taxes
- Deferred income taxes declined steadily from 846,100 thousand in 2020 to 607,500 thousand in 2024, suggesting reduced deferred tax liabilities.
- Long-term operating lease liabilities, excluding current portion
- These lease liabilities showed a moderate increase from 1,434,100 thousand in 2020 to 1,558,300 thousand in 2024, indicating growing longer-term leasing obligations.
- Long-term finance lease liabilities, excluding current portion
- This item appeared starting in 2024 at 185,600 thousand, implying a new or reclassified finance lease liability in the long term.
- Other long-term liabilities
- Other long-term liabilities rose steadily from 1,373,700 thousand in 2020 to 2,123,800 thousand in 2024, reflecting a significant increase in non-debt long-term obligations.
- Long-term liabilities
- Long-term liabilities increased from 12,196,400 thousand in 2020 to a peak of 13,531,200 thousand in 2022, then declined to 12,772,700 thousand in 2024, showing a cycle of increasing and then moderating long-term obligations.
- Total liabilities
- Total liabilities escalated from 16,790,800 thousand in 2020 to 19,491,900 thousand in 2022, then slightly decreased and stabilized around 19,581,400 thousand in 2024, depicting overall growth and stabilization of liabilities.
- Common stock
- Common stock remained nearly constant, with a minimal increase from 89,900 thousand in 2020 to 92,500 thousand in 2024, indicating no significant new issuance.
- Other capital
- Other capital steadily increased from 3,491,400 thousand in 2020 to 4,576,200 thousand in 2024, reflecting enhanced equity beyond common stock, possibly from retained earnings or capital contributions.
- Retained earnings
- Retained earnings showed strong growth from 844,300 thousand in 2020 to 7,246,300 thousand in 2024, demonstrating substantial accumulation of profits over the periods.
- Treasury stock, at cost
- Treasury stock values became increasingly negative, from -96,500 thousand in 2020 to -6,988,600 thousand in 2024, indicating significant share repurchases or increases in treasury stock holdings over time.
- Accumulated other comprehensive loss
- Accumulated other comprehensive loss fluctuated between -718,300 thousand and -875,200 thousand, with the lowest point in 2024, reflecting variations in other comprehensive income items such as foreign currency translation or marketable securities valuations.
- Shareholders’ equity
- Shareholders' equity declined sharply from 3,610,800 thousand in 2020 to 2,437,200 thousand in 2021, then steadily increased to 4,051,200 thousand in 2024. This suggests an initial decrease possibly due to treasury stock or losses, then recovery driven by retained earnings growth.
- Total liabilities and shareholders’ equity
- The total of liabilities and shareholders’ equity increased consistently from 20,401,600 thousand in 2020 to 23,632,600 thousand in 2024, indicating overall balance sheet growth.